10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

þ	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2015

or

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from__________ to __________

Commission File Number: 001-13779

W. P. CAREY INC.

(Exact name of registrant as specified in its charter) 

Maryland	45-4549771
(State of incorporation)	(I.R.S. Employer Identification No.)
50 Rockefeller Plaza
New York, New York	10020
(Address of principal executive offices)	(Zip Code)

Investor Relations (212) 492-8920

(212) 492-1100

(Registrant’s telephone numbers, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of exchange on which registered
Common Stock, $0.001 Par Value	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ	Accelerated filer o	Non-accelerated filer o	Smaller reporting company o
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of last business day of the registrant’s most recently completed second fiscal quarter: $6.1 billion.

As of February 18, 2016 there were 104,529,350 shares of Common Stock of registrant outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

The registrant incorporates by reference its definitive Proxy Statement with respect to its 2016 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of its fiscal year, into Part III of this Annual Report on Form 10-K.

INDEX

		Page No.
PART I
Item 1.	Business	3
Item 1A.	Risk Factors	8
Item 1B.	Unresolved Staff Comments	28
Item 2.	Properties	28
Item 3.	Legal Proceedings	28
Item 4.	Mine Safety Disclosures	28
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	29
Item 6.	Selected Financial Data	31
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	72
Item 8.	Financial Statements and Supplementary Data	75
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	164
Item 9A.	Controls and Procedures	164
Item 9B.	Other Information	164
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	165
Item 11.	Executive Compensation	165
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	165
Item 13.	Certain Relationships and Related Transactions, and Director Independence	165
Item 14.	Principal Accounting Fees and Services	165
PART IV
Item 15.	Exhibits and Financial Statement Schedules	166
SIGNATURES

W. P. Carey 2015 10-K– 1

Forward-Looking Statements

This Annual Report on Form 10-K, or this Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of Part II of this Report, contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements include, but are not limited to, statements regarding our review of strategic alternatives; capital markets; tenant credit quality; general economic overview; our expected range of Adjusted funds from operations, or AFFO; our corporate strategy; our capital structure; our portfolio lease terms; our international exposure and acquisition volume; our expectations about tenant bankruptcies and interest coverage; statements regarding estimated or future economic performance and results, including our underlying assumptions, occupancy rate, credit ratings, and possible new acquisitions by us and our investment management programs; the Managed Programs discussed herein, including their earnings; statements that we make regarding our ability to remain qualified for taxation as a real estate investment trust, or REIT; the amount and timing of any future dividends; our existing or future leverage and debt service obligations; our ability to sell shares under our “at the market” program and the use of any such proceeds from that program; our future prospects for growth; our projected assets under management; our future capital expenditure levels; our historical and anticipated funds from operations; our future financing transactions; our estimates of growth; and our plans to fund our future liquidity needs. These statements are based on the current expectations of our management. It is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on our business, financial condition, liquidity, results of operations, AFFO, and prospects. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties, and other factors that may materially affect our future results, performance, achievements, or transactions. Information on factors that could impact actual results and cause them to differ from what is anticipated in the forward-looking statements contained herein is included in this Report as well as in our other filings with the Securities and Exchange Commission, or the SEC, including but not limited to those described in Item 1A. Risk Factors of this Report. Moreover, because we operate in a very competitive and rapidly changing environment, new risks are likely to emerge from time to time. Given these risks and uncertainties, potential investors are cautioned not to place undue reliance on these forward-looking statements as a prediction of future results, which speak only as of the date of this presentation, unless noted otherwise. Except as required by federal securities laws and the rules and regulations of the SEC, we do not undertake to revise or update any forward-looking statements.

All references to “Notes” throughout the document refer to the footnotes to the consolidated financial statements of the registrant in Part II, Item 8. Financial Statements and Supplementary Data.

W. P. Carey 2015 10-K– 2

PART I

Item 1. Business.

General Development of Business

Overview

W. P. Carey Inc., or W. P. Carey, is, together with our consolidated subsidiaries and predecessors, a self-managed diversified REIT and a leading global owner and manager of commercial real estate, primarily net leased to companies on a long-term basis. The majority of our revenues are lease revenues, which are derived from our owned real estate portfolio. In addition, we earn fee revenue by acting as an advisor to a series of income-oriented, non-traded REITs through our investment management business.

Our owned real estate portfolio, which we believe is diversified by property type, tenant, tenant industry, and geographic location, is comprised primarily of single-tenant office, industrial, warehouse, and retail facilities that are essential to our corporate tenants’ operations. We have 222 corporate tenants and own 869 properties in 19 countries. As of December 31, 2015, approximately 64.0% of our contractual minimum annualized base rent, or ABR, was generated by properties located in the United States and approximately 36.0% was generated by properties located outside the United States, primarily in Western and Northern European countries.

The vast majority of our leases specify a base rent with scheduled rent increases, either fixed or tied to an inflation-related index, and require our tenants to pay substantially all of the costs associated with operating and maintaining the property, including the real estate taxes, insurance, and maintenance of the facilities. See Our Portfolio below for more information on the characteristics of our properties. Furthermore, we actively manage our owned real estate portfolio to try to mitigate risk with respect to changes in tenant credit quality and the likelihood of lease renewal.

Originally founded in 1973, we operated primarily as a sponsor of and advisor to a series of income-generating investment programs under the Corporate Property Associates, or CPA^®, brand name until we reorganized as a REIT in September 2012 in connection with our merger with Corporate Property Associates 15 Incorporated, or CPA^®:15, referred to as the CPA^®:15 Merger. On January 31, 2014, Corporate Property Associates 16 – Global Incorporated, or CPA^®:16 – Global, merged with and into us, based on a merger agreement dated as of July 25, 2013, referred to as the CPA^®:16 Merger (Note 3).

Our shares of common stock are listed on the New York Stock Exchange under the ticker symbol “WPC”.

Headquartered in New York, we also have offices in Dallas, London, Amsterdam, and Shanghai. At December 31, 2015, we employed 314 individuals.

Financial Information About Segments

Our business operates in two segments – Real Estate Ownership and Investment Management, as described below.

Narrative Description of Business

Business Objectives and Strategy

Our primary business objective is to increase stockholder value through accretive acquisitions for our owned real estate portfolio and to grow the assets managed by our investment management operations, which in turn will allow us to grow earnings and to maintain or increase our dividend.

Our investment strategy primarily focuses on owning and actively managing a diverse portfolio of commercial real estate that is net leased to credit-worthy companies globally. We believe that many companies prefer to lease rather than own their corporate real estate. We structure long-term financing for our corporate tenants primarily in the form of sale-leaseback transactions, through which we acquire what we believe is a company’s essential real estate and then lease it back to them on a long-term net lease basis, which typically produces a more predictable income stream compared to other types of real estate investments and requires minimal capital expenditures.

W. P. Carey 2015 10-K– 3

We actively manage our real estate portfolio to mitigate risk with respect to any changes in tenant credit quality and probability of lease renewal. We believe that diversification with respect to property type, tenant, tenant industry, and geographic location is an important component of portfolio risk management and that we own a portfolio of real estate that is well-diversified across each of these categories.

In addition to managing our owned real estate portfolio, we currently act as the advisor to a series of publicly-owned, non-traded REITsfor which we raise equity capital through public offerings of their shares, invest those funds, and manage their assets in return for fee revenue as specified in our advisory agreements with them. Since 1979, we have sponsored a series of 17 income-generating investment programs under the CPA^® brand name that invest primarily in commercial real estate properties net leased to single tenants. At December 31, 2015, we were the advisor to Corporate Property Associates 17 – Global Incorporated, or CPA^®:17 – Global, and Corporate Property Associates 18 – Global Incorporated, or CPA^®:18 – Global. We were the advisor to CPA^®:16 – Global until the CPA^®:16 Merger on January 31, 2014. We refer to CPA^®:16 – Global, CPA^®:17 – Global, and CPA^®:18 – Global together as the CPA^® REITs.

At December 31, 2015, we were also the advisor to Carey Watermark Investors Incorporated, referred to as CWI 1, and Carey Watermark Investors 2 Incorporated, or CWI 2, two publicly-owned, non-traded REITs that invest in lodging and lodging-related properties. We refer to CWI 1 and CWI 2 together as the CWI REITs, and, together with the CPA^® REITs, as the Managed REITs (Note 4). At December 31, 2015, we also served as the advisor to Carey Credit Income Fund, or CCIF, a business development company, or BDC, which is the master fund in a master/feeder fund structure. We refer to CCIF and the two feeder funds of CCIF, or the CCIF Feeder Funds, collectively as the Managed BDCs and, together with the Managed REITs, as the Managed Programs. See Significant Developments in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for a summary of the funds we have raised on behalf of the Managed Programs.

We believe that our owned real estate investments provide our stockholders with a stable, growing source of income, primarily from lease revenues. We also believe that the fee income we generate from our advisory contracts with the Managed Programs provides our stockholders with attractive sources of additional income, a portion of which is more variable in nature.

We have two primary reportable segments, Real Estate Ownership and Investment Management. These segments are each described below.

Real Estate Ownership

We own and invest in commercial real estate properties primarily located in the United States and Europe and leased on a triple-net lease basis, which requires the tenant to pay substantially all of the costs associated with operating and maintaining the property (Note 17). We earn revenues or equity income from:

• our wholly-owned commercial real estate investments;

• our co-owned commercial real estate investments;

• our investments in the shares of the Managed REITs; and

• our participation in the cash flows of the Managed REITs.

Investment Management

We earn revenue as the advisor to the Managed Programs. Under the advisory agreements with the Managed Programs, we perform various services, including but not limited to the day-to-day management of the Managed Programs and transaction-related services, for which we earn revenues as follows:

• We earn dealer manager fees in connection with the public offerings of the Managed Programs;

• We structure and negotiate investments and debt placement transactions for the Managed REITs, for which we earn structuring revenue;

• We manage the portfolios of the Managed REITs’ real estate investments and the loans made by CCIF, for which we earn asset-based management revenue;

• The Managed Programs reimburse us for certain costs that we incur on their behalf, consisting primarily of broker-dealer commissions and marketing costs while we are raising funds for their public offerings, and certain personnel and overhead costs; and

• We may also earn incentive and disposition revenue and receive other compensation in connection with providing liquidity alternatives to the Managed Programs’ stockholders.

W. P. Carey 2015 10-K– 4

Our business strategy includes exploring alternatives for expanding our investment management operations beyond advising the existing Managed Programs. Any such expansion could involve the purchase of properties or other investments as principal, either for our owned portfolio or with the intention of transferring such investments to a newly-created fund.

Investment Strategies

In analyzing potential investments for our owned real estate portfolio and the CPA^® REITs, we review various aspects of a transaction, including tenant and real estate fundamentals, to determine whether a potential investment and lease will satisfy our investment criteria. In evaluating net-lease transactions, we generally consider, among other things, the following aspects of each transaction:

Tenant/Borrower Evaluation — We evaluate each potential tenant or borrower for its creditworthiness, typically considering factors such as management experience, industry position and fundamentals, operating history, and capital structure, as well as other factors that may be relevant to a particular investment. We seek opportunities in which we believe the tenant may have a stable or improving credit profile or credit potential that has not been fully recognized by the market. Whether a prospective tenant or borrower is creditworthy is determined by our investment department and our independent investment committee, as described below. We define creditworthiness as a risk-reward relationship appropriate to our investment strategies, which may or may not coincide with ratings issued by the credit rating agencies. As such, creditworthy does not mean “investment grade,” as defined by the credit rating agencies.

We generally seek investments in facilities that we believe are critical to a tenant’s current business and that we believe have a low risk of tenant default. We rate each asset based on the asset’s market and liquidity and also based on how critical the asset is to the tenant’s operations. We also assess the relative risk of the portfolio quarterly. We evaluate the credit quality of our tenants utilizing an internal five-point credit rating scale, with one representing the highest credit quality (investment grade or equivalent) and five representing the lowest (bankruptcy or foreclosure). Investment grade ratings are provided by third-party rating agencies such as Standard & Poor’s Ratings Services or Moody’s Investors Service, although we may determine that a tenant is equivalent to investment grade even if the credit rating agencies have not made that determination. As of December 31, 2015, we had 38 tenants that were rated investment grade. Ratings for other tenants are generated internally utilizing metrics such as interest coverage and debt-to-earnings before interest, taxes, depreciation, and amortization, or EBITDA. These metrics are computed internally based on financial statements obtained from each tenant on a quarterly basis. Under the terms of our lease agreements, tenants are generally required to provide us with periodic financial statements. As of December 31, 2015, we had 184 non-investment grade tenants, with a weighted-average credit rating of 3.2.

Properties Critical to Tenant/Borrower Operations — We generally focus on properties that we believe are critical to the ongoing operations of the tenant. We believe that these properties provide better protection generally as well as in the event of a bankruptcy, since a tenant/borrower is less likely to risk the loss of a critically important lease or property in a bankruptcy proceeding or otherwise.

Diversification — We attempt to diversify our owned and managed portfolios to avoid dependence on any one particular tenant, borrower, collateral type, geographic location, or tenant/borrower industry. By diversifying the portfolios, we seek to reduce the adverse effect of a single under-performing investment or a downturn in any particular industry or geographic region. While we have not endeavored to maintain any particular standard of diversity in our owned portfolio, we believe that it is reasonably well-diversified.

Lease Terms — Generally, the net-leased properties in which we invest will be leased on a full-recourse basis to the tenants or their affiliates. In addition, we seek to include a clause in each lease that provides for increases in rent over the term of the lease. These increases are fixed or tied generally to increases in indices such as the Consumer Price Index, or CPI, or other similar index in the jurisdiction in which the property is located, but may contain caps or other limitations, either on an annual or overall basis. In the case of retail stores and hotels, the lease may provide for participation in gross revenues of the tenant above a stated level, which we refer to as a percentage rent. Alternatively, a lease may provide for mandated rental increases on specific dates.

Real Estate Evaluation — We review and evaluate the physical condition of the property and the market in which it is located. We consider a variety of factors, including current market rents, replacement cost, residual valuation, property operating history, demographic characteristics of the location and accessibility, competitive properties, and suitability for re-leasing. We obtain third-party environmental and engineering reports and market studies, if needed. When considering an investment outside the United States, we will also consider factors particular to foreign countries, including those mentioned in Item 1A. Risk Factors, in addition to the risks normally associated with real property investments.

W. P. Carey 2015 10-K– 5

Transaction Provisions to Enhance and Protect Value — We attempt to include provisions in the leases that we believe may help protect an investment from changes in the operating and financial characteristics of a tenant that may affect the tenant’s ability to satisfy its obligations to us or reduce the value of the investment. Such provisions include requiring our consent to specified tenant activity, requiring the tenant to provide indemnification protections, requiring the tenant to provide security deposits, and requiring the tenant to satisfy specific operating tests. We may also seek to enhance the likelihood of a tenant’s lease obligations being satisfied through a guaranty of obligations from the tenant’s corporate parent or other entity, security deposits, or through a letter of credit. This credit enhancement, if obtained, provides us with additional financial security. However, in markets where competition for net-lease transactions is strong, some or all of these provisions may be difficult to obtain. In addition, in some circumstances, tenants may retain the right to repurchase the property leased by the tenant. The option purchase price is generally the greater of the contract purchase price or the fair market value of the property at the time the option is exercised.

Other Equity Enhancements — We may attempt to obtain equity enhancements in connection with transactions. These equity enhancements may involve warrants exercisable at a future time to purchase stock of the tenant or borrower or their parent. If warrants are obtained and become exercisable, and if the value of the stock subsequently exceeds the exercise price of the warrant, equity enhancements can help us to achieve our goal of increasing investor returns.

Investment Committee — We have an independent investment committee that provides services to us and to the CPA^® REITs. Our investment department, under the oversight of our chief investment officer, is primarily responsible for evaluating, negotiating, and structuring potential investment opportunities. The investment committee is not directly involved in originating or negotiating potential investments, but instead functions as a separate and final step in the investment process. We place special emphasis on having experienced individuals serve on our investment committee. The investment committee retains the authority to identify categories of transactions that may be entered into without its prior approval.

Financing Strategies

We seek to maintain a conservative capital structure that enhances equity returns, maintains financial flexibility, and enables us to effectively match our assets and liabilities. Historically, we entered into secured debt such as mortgage financings collateralized by individual property assets to finance our business. We are actively reducing our reliance on secured debt and increasing the level of unencumbered assets on our balance sheet by paying off individual mortgage loans as they mature. In January 2014, we recast our unsecured line of credit and increased the amounts available to borrow thereunder, as compared to the prior facility, subject to certain covenants (Note 11). In addition to funding our working capital needs, this increased line of credit capacity will assist with our transition to becoming more of an unsecured borrower by enhancing our ability to repay a portion of our mortgage debt. During 2014 and 2015, we also issued corporate bonds (Note 11) and shares of our common stock (Note 13) in separate public offerings. We expect to continue to have access to a wide variety of capital sources, including the public debt and equity markets, although there can be no assurance that such access will be available to us at all times.

Asset Management

We believe that effective management of our assets is essential to maintain and enhance property values. Important aspects of asset management include entering into new or modified transactions to meet the evolving needs of current tenants, re-leasing properties, refinancing debt, and selling properties.

We monitor, on an ongoing basis, compliance by tenants with their lease obligations and other factors that could affect the financial performance of any of our real estate investments. Monitoring involves receiving assurances that each tenant has paid real estate taxes, assessments, and other expenses relating to the properties it occupies and confirming that appropriate insurance coverage is being maintained by the tenant. For international compliance, we often engage third-party asset managers. We review financial statements of tenants and undertake regular physical inspections of the condition and maintenance of properties. Additionally, we periodically analyze each tenant’s financial condition, the industry in which each tenant operates, and each tenant’s relative strength in its industry.

W. P. Carey 2015 10-K– 6

Our Portfolio

At December 31, 2015, our portfolio had the following characteristics:

• Number of properties – full or partial ownership interests in 869 net-leased properties, two hotels, and one self-storage property;

• Total net-leased square footage – 90.1 million; and

• Occupancy rate – approximately 98.8%.

For more information about our portfolio, please see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Portfolio Overview.

Tenant/Lease Information

At December 31, 2015, our tenants/leases had the following characteristics:

• Number of tenants – 222;

• Investment-grade tenants – 23%;

• Weighted-average remaining lease term – 9.0 years;

• 95% of our leases provide rent adjustments as follows:

◦ CPI and similar – 70%

◦ fixed – 25%

Competition

We face active competition in both our Real Estate Ownership segment and our Investment Management segment from many sources for investment opportunities in commercial properties net leased to tenants both domestically and internationally. In general, we believe that our management’s experience in real estate, credit underwriting, and transaction structuring should allow us to compete effectively for commercial properties. However, competitors may be willing to accept rates of return, lease terms, other transaction terms, or levels of risk that we may find unacceptable.

In our Investment Management segment, we face active competition in raising funds for the Managed Programs, from other funds with similar investment objectives such as publicly-registered non-traded funds, publicly-traded funds, and private funds, including hedge funds. In addition, we face broad competition from other forms of investment. Currently, we raise substantially all of the funds for investment by the Managed Programs from investors within the United States.

Environmental Matters

We and the Managed REITs have invested, and expect to continue to invest, in properties currently or historically used as industrial, manufacturing, and commercial properties. Under various federal, state, and local environmental laws and regulations, current and former owners and operators of property may have liability for the cost of investigating, cleaning up, or disposing of hazardous materials released at, on, under, in, or from the property. These laws typically impose responsibility and liability without regard to whether the owner or operator knew of or was responsible for the presence of hazardous materials or contamination, and liability under these laws is often joint and several. Third parties may also make claims against owners or operators of properties for personal injuries and property damage associated with releases of hazardous materials. As part of our efforts to mitigate these risks, we typically engage third parties to perform assessments of potential environmental risks when evaluating a new acquisition of property, and we frequently require sellers to address them before closing or obtain contractual protection (indemnities, cash reserves, letters of credit, or other instruments) from property sellers, tenants, a tenant’s parent company, or another third party to address known or potential environmental issues. With respect to our hotels and self-storage investments, which are not subject to net lease arrangements, there is no tenant of the property to provide indemnification, so we may be liable for costs associated with environmental contamination in the event any such circumstances arise after we acquire the property.

Financial Information About Geographic Areas

See Our Portfolio above and Note 17 for financial information pertaining to our geographic operations.

W. P. Carey 2015 10-K– 7

Available Information

We will supply to any stockholder, upon written request and without charge, a copy of this Report as filed with the SEC. All filings we make with the SEC, including this Report, our quarterly reports on Form 10-Q, and our current reports on Form 8-K, and any amendments to those reports, are available for free on our website, http://www.wpcarey.com, as soon as reasonably practicable after they are filed with or furnished to the SEC. We are providing our website address solely for the information of investors. We do not intend our website to be an active link or to otherwise incorporate the information contained on our website into this Report or other filings with the SEC. Our SEC filings are available to be read or copied at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. Information regarding the operation of the Public Reference Room can be obtained by calling the SEC at 1-800-SEC-0330. Our filings can also be obtained for free on the SEC’s website at http://www.sec.gov. Our Code of Business Conduct and Ethics, which applies to all employees, including our Chief Executive Officer and Chief Financial Officer, is available on our website at http://www.wpcarey.com. We intend to make available on our website any future amendments or waivers to our Code of Business Conduct and Ethics within four business days after any such amendments or waivers. Generally, we also post the dates of our upcoming scheduled financial press releases, telephonic investor calls, and investor presentations on the Investor Relations portion of our website at least ten days prior to the event. Our investor calls are open to the public and remain available on our website for at least two weeks thereafter.

Item 1A. Risk Factors.

Our business, results of operations, financial condition, and ability to pay dividends could be materially adversely affected by various risks and uncertainties, including those enumerated below. These risk factors may have affected, and in the future could affect, our actual operating and financial results and could cause such results to differ materially from those in any forward-looking statements. You should not consider this list exhaustive. New risk factors emerge periodically and we cannot assure you that the factors described below list all risks that may become material to us at any later time.

Risks Related to Our Business

Adverse changes in general economic conditions can negatively affect our business.

Our success is dependent upon general economic conditions in the United States and in the international geographic areas where a substantial number of our investments are located. Adverse changes in economic conditions in the United States or these countries or regions would likely have a negative impact on real estate values and, accordingly, our financial performance, the market prices of our securities, and our ability to pay dividends.

Changes in investor preferences or market conditions could limit our ability to raise funds or make new investments on behalf of the Managed Programs.

In order to raise funds on behalf of the Managed Programs, we have relied predominantly on sales of the Managed Programs’ publicly-registered, non-traded securities to individual investors through participating selected dealers. Although we have diversified the selected dealers we use for fundraising on behalf of the Managed Programs, the majority of our fundraising efforts remain channeled through three major selected dealers. If this capital raising method were to become less available as a result of changes in market receptivity to non-liquid investments with high selected dealer fees, regulatory scrutiny, or other reasons, our ability to raise funds and make investments on behalf of the Managed Programs could be adversely affected. While we are not limited to raising funds through selected dealers (for example, some of the Managed Programs have obtained credit facilities for investment), our experience with other fundraising methods is limited.

The U.S. Department of Labor’s proposed regulation expanding the definition of fiduciary investment advice under ERISA could adversely affect our financial condition and results of operations.

On April 14, 2015, the U.S. Department of Labor, or the DOL, issued its re-proposed regulation addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement account is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974, or ERISA, and the Internal Revenue Code. The new proposal offers a broader definition of fiduciary investment advice covering specific recommendations on investments, investment management, the selection of persons to provide investment advice or management, and appraisals in connection with investment decisions, thereby expanding the group that would be considered investment advice fiduciaries under ERISA. The public comment period for the proposed regulation has ended and on January 28, 2016, the DOL submitted its final rule proposal to the Office of Management and Budget’s Office of Information and Regulatory Affairs. We cannot predict when or whether the regulation may be finalized, or how any final regulation may differ from the proposed regulation. If the final

W. P. Carey 2015 10-K– 8

regulation is finalized as proposed, it could (i) have negative implications on our ability to raise capital from potential investors, including those investing through individual retirement accounts and (ii) impact our ability to raise funds on behalf of the Managed Programs through their public offerings and their operations, as well as the fees we earn by serving as their advisor, which could adversely affect our financial condition and results of operations.

The implementation of changes to investor account statements for the Managed Programs described in Financial Industry Regulatory Authority, or FINRA, Regulatory Notice 15-02 may impact our ability to raise funds on behalf of the Managed Programs.

As described in FINRA Regulatory Notice 15-02, recent amendments to FINRA Rule 2310 and National Association of Securities Dealers Rule 2340 will, among other things, require investor account statements for unlisted REITs, including the Managed Programs, to reflect an estimated value per share (as determined based on either the net investment method or appraised value method) beginning on April 11, 2016. The rule changes will also require that account statements include additional disclosure regarding the sources of distributions to shareholders of unlisted entities. The implementation of these rules could adversely affect market demand for shares of unlisted REITs and unlisted BDCs and impact our ability to raise funds on behalf of the Managed Programs through their public offerings, which could in turn affect their operations and the fees we earn by serving as their advisor, impacting our financial condition and results of operations.

We face active competition for investments.

We face active competition for our investments from many sources, including insurance companies, credit companies, pension funds, private individuals, financial institutions, finance companies, and investment companies. These institutions may accept greater risk or lower returns, allowing them to offer more attractive terms to prospective tenants. In addition, when evaluating acceptable rates of return on behalf of the CPA^® REITs, we consider a variety of factors, such as the cost of raising capital, the amount of revenue we can earn, and the performance hurdle rates of the relevant REIT. These factors may limit the number of investments that we make on behalf of the CPA^® REITs, which will in turn restrict revenue growth from our investment management operations. We believe that the investment community remains risk averse and that the net lease financing market is perceived as a relatively conservative investment vehicle. Accordingly, we expect increased competition for investments, both domestically and internationally. Further capital inflows into our marketplace will place additional pressure on the returns that we can generate from our investments, as well as our willingness and ability to execute transactions. In addition, the majority of our and the CPA^® REITs’ current investments are in single-tenant commercial properties that are subject to triple-net leases. Many factors, including changes in tax laws or accounting rules, may make these types of sale-leaseback transactions less attractive to potential sellers and lessees, which could negatively affect our ability to increase the amount of assets of this type under management.

A significant amount of our leases will expire within the next five years and we may have difficulty re-leasing or selling our properties if tenants do not renew their leases.

Within the next five years, approximately 25% of our leases, based on our ABR as of December 31, 2015, are due to expire. If these leases are not renewed, or if the properties cannot be re-leased on terms that yield comparable payments, then our lease revenues could be substantially adversely affected. In addition, if the current tenants choose to vacate, we may incur substantial costs in attempting to re-lease such properties. The terms of any new or renewed leases will depend on market conditions prevailing at the time of lease expiration. We may also seek to sell these properties, in which event we may incur losses, depending upon market conditions prevailing at the time of sale. Some of our net leases involve properties that are designed for the particular needs of a tenant. With these properties, we may be required to renovate or make rent concessions in order to lease the property to another tenant. In addition, if we are forced to sell these properties, we may have difficulty selling it to a party other than the tenant due to the property’s unique design. Real estate investments are generally less liquid than many other financial assets, which may limit our ability to quickly adjust our portfolio in response to changes in economic or other conditions. These and other limitations may affect our ability to re-lease or sell properties without adversely affecting returns to stockholders.

W. P. Carey 2015 10-K– 9

There may be competition among us and the Managed REITs for business opportunities.

We currently manage, and may in the future manage, REITs and other entities that have investment and/or rate of return objectives similar to our own. Those entities may be in competition with us with respect to properties, potential purchasers, sellers and lessees of properties, and mortgage financing opportunities. We have agreed to implement certain procedures to help manage any perceived or actual conflicts among us and the Managed REITs, including the following:

• allocating funds based on numerous factors, including available cash, diversification/concentration, transaction size, tax, leverage, and fund life;

• all transactions where we co-invest with a Managed REIT are subject to the approval of the independent directors of the applicable Managed REIT;

• investment allocations are reviewed as part of the annual advisory contract renewal process of each CPA^® REIT; and

• quarterly review of all of our investment activities and the investment activities of the CPA^® REITs by the independent directors of the CPA^® REITs.

We are not required to meet any diversification standards; therefore, our investments may become subject to concentration risks.

Subject to our intention to maintain our qualification as a REIT, there are no limitations on the number or value of particular types of investments that we may make. We are not required to meet any diversification standards, including geographic diversification standards. Therefore, our investments may become concentrated in type or geographic location, which could subject us to significant concentration risks with potentially adverse effects on our investment objectives.

Because we invest in properties located outside the United States, we are exposed to additional risks.

We have invested, and may continue to invest, in properties located outside the United States. At December 31, 2015, our directly-owned real estate properties located outside of the United States represented 36% of current ABR. These investments may be affected by factors particular to the local jurisdiction where the property is located and may expose us to additional risks, including:

• enactment of laws relating to the foreign ownership of property (including expropriation of investments) or laws and regulations relating to our ability to repatriate invested capital, profits, or cash and cash equivalents back to the United States;

• legal systems where the ability to enforce contractual rights and remedies may be more limited than under U.S. law;

• difficulty in complying with conflicting obligations in various jurisdictions and the burden of complying with a wide variety of foreign laws, which may be more stringent than U.S. laws, including land use, zoning, and environmental laws;

• tax requirements vary by country and existing foreign tax laws and interpretations may change, which may result in additional taxes on our international investments;

• changes in operating expenses, including real estate and other tax rates, in particular countries;

• adverse market conditions caused by changes in national or local economic or political conditions;

• changing laws or governmental rules and policies; and

• changes in relative interest rates and the availability, cost, and terms of mortgage funds resulting from varying national economic policies.

In addition, the lack of publicly available information in certain jurisdictions in accordance with U.S. generally accepted accounting principles, or GAAP, could impair our ability to analyze transactions and may cause us to forego an investment opportunity for ourselves or the CPA^® REITs. It may also impair our ability to receive timely and accurate financial information from tenants necessary to meet reporting obligations to financial institutions or governmental or regulatory agencies. Certain of these risks may be greater in emerging markets and less developed countries. Further, our expertise to date is primarily in the United States and certain countries in Europe and Asia. We have less experience in other international markets and may not be as familiar with the potential risks to our and the CPA^® REITs’ investments in these areas, which could cause us to incur losses as a result.

We may engage third-party asset managers in international jurisdictions to monitor compliance with legal requirements and lending agreements with respect to properties we own or manage on behalf of the CPA^® REITs. Failure to comply with applicable requirements may expose us or our operating subsidiaries to additional liabilities.

W. P. Carey 2015 10-K– 10

We are also subject to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar (our principal foreign currency exposure is to the euro). Since we have historically placed both our debt obligations and tenants’ rental obligations to us in the same currency, our results of foreign operations are adversely affected by a stronger U.S. dollar relative to foreign currencies (i.e., absent other considerations, a stronger U.S. dollar will reduce both our revenues and our expenses).

Our participation in joint ventures creates additional risk.

From time to time, we participate in joint ventures to purchase assets together with the Managed REITs and may do so as well with third parties. There are additional risks involved in joint venture transactions. As a co-investor in a joint venture, we may not be in a position to exercise sole decision-making authority relating to the property, joint venture, or our investment partner. In addition, there is the potential that our investment partner may become bankrupt or that we may have diverging or inconsistent economic or business interests. These diverging interests could, among other things, expose us to liabilities in the joint venture in excess of our proportionate share of those liabilities. The partition rights of each owner in a jointly-owned property could reduce the value of each portion of the divided property. In addition, the fiduciary obligation that members of our board may owe to our partner in an affiliated transaction may make it more difficult for us to enforce our rights.

If we recognize substantial impairment charges on our properties or investments, our net income may be reduced.

We recognized impairment charges totaling $29.9 million for the year ended December 31, 2015. In the future, we may incur substantial impairment charges, which we are required to recognize: (i) whenever we sell a property for less than its carrying value or we determine that the carrying amount of the property is not recoverable and exceeds its fair value; (ii) for direct financing leases, whenever the unguaranteed residual value of the underlying property has declined on an other-than-temporary basis; and (iii) for equity investments, whenever the estimated fair value of the investment’s underlying net assets in comparison with the carrying value of our interest in the investment has declined on an other-than-temporary basis. By their nature, the timing or extent of impairment charges are not predictable. We may incur non-cash impairment charges in the future, which may reduce our net income.

Because we use debt to finance investments, our cash flow could be adversely affected.

Historically, most of our investments have been made by borrowing a portion of the total investment and securing the loan with a mortgage on the property. We generally borrowed on a non-recourse basis to limit our exposure on any property to the amount of equity invested in the property. If we are unable to make our debt payments as required, a lender could foreclose on the property or properties securing its debt. Additionally, lenders for our international mortgage loan transactions typically incorporate various covenants and other provisions that can cause a technical loan default, including loan to value ratio, debt service coverage ratio, and material adverse changes in the borrower’s or tenant’s business. Accordingly, if the real estate value declines or the tenant defaults, the lender would have the right to foreclose on its security. If any of these events were to occur, it could cause us to lose part or all of our investment, which could reduce the value of our portfolio and revenues available for distribution to our stockholders.

Some of our financing may also require us to make a balloon payment at maturity. Our ability to make such balloon payments may depend upon our ability to refinance the obligation, invest additional equity, or sell the underlying property. When a balloon payment is due, however, we may be unable to refinance the balloon payment on terms as favorable as the original loan, make the payment with existing cash or cash resources, or sell the property at a price sufficient to cover the payment. Our ability to accomplish these goals will be affected by various factors existing at the relevant time, such as the state of national and regional economies, local real estate conditions, available mortgage or interest rates, availability of credit, our equity in the mortgaged properties, our financial condition, the operating history of the mortgaged properties, and tax laws. A refinancing or sale could affect the rate of return to stockholders and the projected disposition timeline of our assets.

W. P. Carey 2015 10-K– 11

Our level of indebtedness and the limitations imposed on us by our debt agreements could have significant adverse consequences.

Our consolidated indebtedness as of December 31, 2015 was approximately $4.5 billion, representing a leverage ratio (total debt less cash to EBITDA) of approximately 6.3. This consolidated indebtedness was comprised of (i) $1.5 billion in Senior Unsecured Notes (which includes $500.0 million of our 4.6% Senior Notes, which were issued in March 2014, and €500.0 million of our 2.0% Senior Euro Notes and $450.0 million of our 4.0% Senior Notes, each of which were issued in January 2015), (ii) $2.3 billion in non-recourse mortgages, and (iii) $735.0 million outstanding under our Senior Unsecured Credit Facility. Our level of indebtedness and the limitations imposed by our debt agreements could have significant adverse consequences, including the following:

• it may increase our vulnerability to general adverse economic conditions and limiting our flexibility in planning for, or reacting to, changes in our business and industry;

• we may be required to use a substantial portion of our cash flow from operations for the payment of principal and interest on indebtedness, thereby reducing our ability to use our cash flow to fund working capital, acquisitions, capital expenditures, and general corporate requirements;

• we may be at a disadvantage compared to our competitors with comparatively less indebtedness;

• it could cause us to violate restrictive covenants in our debt agreements, which would entitle lenders and other debtholders to accelerate the maturity of such debt;

• debt service requirements and financial covenants relating to our indebtedness may limit our ability to maintain our REIT qualification;

• we may be unable to hedge our debt, counterparties may fail to honor their obligations under any of our hedge agreements, our hedge agreements may not effectively protect us from interest rate or currency fluctuation risk, and we will be exposed to existing, and potentially volatile, interest or currency exchange rates upon the expiration of any of our hedge agreements;

• because a portion of our debt bears interest at variable rates, increases in interest rates could materially increase our interest expense;

• we may be forced to dispose of one or more of our properties, possibly on disadvantageous terms, in order to service our debt or if we fail to meet our debt service obligations, in whole or in part;

• upon any default on our secured indebtedness, lenders may foreclose on the properties or our interests in the entities that own the properties securing such indebtedness and receive an assignment of rents and leases; and

• we may be unable to raise additional funds as needed or on favorable terms, which could, among other things, adversely affect our ability to capitalize upon acquisition opportunities or meet operational needs.

If any one of these events were to occur, our business, financial condition, liquidity, results of operations, earnings, and prospects, as well as our ability to satisfy all of our debt obligations (including those under our Senior Unsecured Credit Facility, our Senior Unsecured Notes, or other similar debt securities that we may issue in the future), could be materially and adversely affected. Furthermore, foreclosures could create taxable income without accompanying cash proceeds, a circumstance that could hinder our ability to meet the REIT distribution requirements imposed by the Internal Revenue Code.

We may not be able to generate sufficient cash flow to meet all of our existing or potential future debt service obligations.

Our ability to meet all of our existing or potential future debt service obligations (including those under our Senior Unsecured Credit Facility and our Senior Unsecured Notes, or other similar debt securities that we may issue in the future), to refinance our existing or potential future indebtedness, and to fund our operations, working capital, acquisitions, capital expenditures, and other important business uses, depends on our ability to generate sufficient cash flow in the future. Our future cash flow is subject to, among other factors, general economic, industry, financial, competitive, operating, legislative, and regulatory conditions, many of which are beyond our control.

We cannot assure you that our business will generate sufficient cash flow from operations or that future sources of cash will be available to us on favorable terms, or at all, in amounts sufficient to enable us to meet all of our existing or potential future debt service obligations, or to fund our other important business uses or liquidity needs. Furthermore, if we incur additional indebtedness in connection with future acquisitions or development projects or for any other purpose, our existing or potential future debt service obligations could increase significantly and our ability to meet those obligations could depend, in large part, on the returns from such acquisitions or projects, as to which no assurance can be given.

W. P. Carey 2015 10-K– 12

We may need to refinance all or a portion of our indebtedness at or prior to maturity. Our ability to refinance our indebtedness or obtain additional financing will depend on, among other things, (i) our business, financial condition, liquidity, results of operations, AFFO, prospects, and then-current market conditions; and (ii) restrictions in the agreements governing our indebtedness. As a result, we may not be able to refinance any of our indebtedness or obtain additional financing on favorable terms, or at all.

If we do not generate sufficient cash flow from operations and additional borrowings or refinancings are not available to us, we may be unable to meet all of our existing or potential future debt service obligations. As a result, we would be forced to take other actions to meet those obligations, such as selling properties, raising equity, or delaying capital expenditures, any of which could have a material adverse effect on us. Furthermore, we cannot assure you that we will be able to effect any of these actions on favorable terms, or at all.

The effective subordination of our Senior Unsecured Notes, or other similar debt securities that we may issue in the future, may limit our ability to meet all of our debt service obligations.

Our Senior Unsecured Notes are unsecured and unsubordinated obligations and rank equally in right of payment with each other and with all of our unsecured and unsubordinated indebtedness. However, our Senior Unsecured Notes are effectively subordinated in right of payment to all of our secured indebtedness to the extent of the value of the collateral securing such indebtedness. As of December 31, 2015, we had $2.3 billion of secured consolidated indebtedness outstanding. While the indenture governing our Senior Unsecured Notes limits our ability to incur secured indebtedness in the future, it does not prohibit us from incurring such indebtedness if we and our subsidiaries are in compliance with certain financial ratios and other requirements at the time of incurrence. In the event of a bankruptcy, liquidation, dissolution, reorganization, or similar proceeding with respect to us, the holders of any secured indebtedness will be entitled to proceed directly against the collateral that secures such indebtedness. Therefore, the collateral will not be available for satisfaction of any amounts owed under our unsecured indebtedness, including our Senior Unsecured Notes or similar debt securities that we may issue in the future, until such secured indebtedness is satisfied in full.

Our Senior Unsecured Notes are also effectively subordinated to all liabilities, whether secured or unsecured, and any preferred equity of our subsidiaries, which is particularly important because we have no significant operations or assets other than our equity interests in our subsidiaries. In the event of a bankruptcy, liquidation, dissolution, reorganization, or similar proceeding with respect to any of our subsidiaries, we (as a common equity owner of such subsidiary), and therefore holders of our debt (including our Senior Unsecured Notes or similar debt securities that we may issue in the future), will be subject to the prior claims of such subsidiary's creditors, including trade creditors and preferred equity holders. As of December 31, 2015, our subsidiaries had approximately $3.3 billion of indebtedness and other liabilities outstanding and no preferred equity.

Despite our substantial outstanding indebtedness, we may still incur significantly more indebtedness in the future, which would exacerbate any or all of the risks described herein.

We may incur substantial additional indebtedness in the future. Although the agreements governing our indebtedness do limit our ability to incur additional indebtedness, these restrictions are subject to a number of qualifications and exceptions and, under certain circumstances, debt incurred in compliance with these restrictions could be substantial. To the extent that we incur substantial additional indebtedness in the future, the risks associated with our substantial leverage described herein, including our inability to meet all of our debt service obligations, would be exacerbated.

The indenture governing our Senior Unsecured Notes contains restrictive covenants that may limit our ability to expand or fully pursue our business strategies.

The indenture governing our Senior Unsecured Notes contains financial and operating covenants that, among other things, may limit our ability to take specific actions, even if we believe them to be in our best interest (e.g. subject to certain exceptions, our ability to consummate a merger, consolidation, or a transfer of all or substantially all of our consolidated assets to another person is restricted).

In addition, our current debt agreements require us to meet specified financial ratios and the indenture governing our Senior Unsecured Notes requires us to (i) limit the amount of our total debt and the amount of our secured debt before incurring new debt, (ii) maintain at all times a specified ratio of unencumbered assets to unsecured debt, and (iii) meet a debt service coverage ratio before incurring new debt. These covenants may restrict our ability to expand or fully pursue our business strategies. Our ability to comply with these and other provisions of our debt agreements may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments, or other events

W. P. Carey 2015 10-K– 13

beyond our control. The breach of any of these covenants could result in a default under our indebtedness, which could result in the acceleration of the maturity of such indebtedness and potentially other indebtedness. If any of our indebtedness is accelerated prior to maturity, we may not be able to repay such indebtedness or refinance such indebtedness on favorable terms, or at all.

The market price of our Senior Unsecured Notes may be volatile.

The market price of our Senior Unsecured Notes may be highly volatile and subject to wide fluctuations. The market price of our Senior Unsecured Notes may fluctuate as a result of factors, such as changes in interest rates, that are beyond our control or unrelated to our historical and projected business, financial condition, liquidity, results of operations, earnings, or prospects. It is impossible to assure investors that the market price of our Senior Unsecured Notes will not fall in the future and it may be difficult for investors to resell our Senior Unsecured Notes at prices they find attractive, or at all. Furthermore, while the 2.0% Senior Euro Notes have been listed on the New York Stock Exchange, no assurance can be given that such listing can be maintained or that it will ensure an active trading market for the 2.0% Senior Euro Notes. In addition, there is currently no public market for the other Senior Unsecured Notes. Therefore, if an active trading market does not exist for our Senior Unsecured Notes, investors may not be able to resell them on favorable terms when desired, or at all. The liquidity of the trading market, if any, and the future market price of our Senior Unsecured Notes will depend on many factors, including, among other things, prevailing interest rates; our business, financial condition, liquidity, results of operations, AFFO, and prospects; the market for similar securities; and the state of the overall securities market. It is possible that the market for the Senior Unsecured Notes will be subject to disruptions, which may have a negative effect on the holders of our Senior Unsecured Notes, regardless of our business, financial condition, liquidity, results of operations, AFFO, or prospects.

Volatility and disruption in capital markets could materially and adversely impact us.

The capital markets may experience extreme volatility and disruption, which could make it more difficult to raise capital. If we cannot access the capital markets or if we cannot access capital upon favorable terms, we may be required to liquidate one or more investments in properties at times that may not permit us to realize the maximum return on those investments (which could also result in adverse tax consequences and affect our ability to capitalize on acquisition opportunities and/or meet operational needs). Moreover, market turmoil could lead to decreased consumer confidence and widespread reduction of business activity, which may materially and adversely impact us, including our ability to acquire and dispose of properties.

A downgrade in our credit ratings could materially adversely affect our business and financial condition as well as the market price of our Senior Unsecured Notes.

We plan to manage our operations to maintain investment grade status with a capital structure consistent with our current profile, but there can be no assurance that we will be able to maintain our current credit ratings. Our credit ratings could change based upon, among other things, our historical and projected business, financial condition, liquidity, results of operations, AFFO, and prospects. These ratings are subject to ongoing evaluation by credit rating agencies and we cannot provide any assurance that our ratings will not be changed or withdrawn by a rating agency in the future. If any of the credit rating agencies that have rated us downgrades or lowers our credit rating, or if any credit rating agency indicates that it has placed our rating on a “watch list” for a possible downgrading or lowering, or otherwise indicates that its outlook for our rating is negative, it could have a material adverse effect on our costs and availability of capital, which could in turn have a material adverse effect on us and on our ability to satisfy our debt service obligations (including those under our Senior Unsecured Credit Facility, our Senior Unsecured Notes, or other similar debt securities that we may issue in the future) and to pay dividends on our common stock. Furthermore, any such action could negatively impact the market price of our Senior Unsecured Notes.

Our leases may permit tenants to purchase a property at a predetermined price, which could limit our realization of any appreciation or result in a loss.

In some circumstances, we may grant tenants a right to repurchase the properties they lease from us. The purchase price may be a fixed price or it may be based on a formula or the market value at the time of exercise. If a tenant exercises its right to purchase the property and the property’s market value has increased beyond that price, we would not be able to fully realize the appreciation on that property. Additionally, if the price at which the tenant can purchase the property is less than our carrying value (e.g., where the purchase price is based on an appraised value), we may incur a loss.

W. P. Carey 2015 10-K– 14

Our ability to fully control the management of our net-leased properties may be limited.

The tenants or managers of net-leased properties are responsible for maintenance and other day-to-day management of the properties. If a property is not adequately maintained in accordance with the terms of the applicable lease, we may incur expenses for deferred maintenance expenditures or other liabilities once the property becomes free of the lease. While our leases generally provide for recourse against the tenant in these instances, a bankrupt or financially-troubled tenant may be more likely to defer maintenance and it may be more difficult to enforce remedies against such a tenant. In addition, to the extent tenants are unable to successfully conduct their operations, their ability to pay rent may be adversely affected. Although we endeavor to monitor, on an ongoing basis, compliance by tenants with their lease obligations and other factors that could affect the financial performance of our properties, such monitoring may not always ascertain or forestall deterioration either in the condition of a property or the financial circumstances of a tenant.

The value of our real estate is subject to fluctuation.

We are subject to all of the general risks associated with the ownership of real estate. While the revenues from our leases are not directly dependent upon the value of the real estate owned, significant declines in real estate values could adversely affect us in many ways, including a decline in the residual values of properties at lease expiration, possible lease abandonments by tenants, and a decline in the attractiveness of triple-net lease transactions to potential sellers. We also face the risk that lease revenue will be insufficient to cover all corporate operating expenses and debt service payments we incur. General risks associated with the ownership of real estate include:

• adverse changes in general or local economic conditions;

• changes in the supply of, or demand for, similar or competing properties;

• changes in interest rates and operating expenses;

• competition for tenants;

• changes in market rental rates;

• inability to lease or sell properties upon termination of existing leases;

• renewal of leases at lower rental rates;

• inability to collect rents from tenants due to financial hardship, including bankruptcy;

• changes in tax, real estate, zoning, or environmental laws that adversely impact the value of real estate;

• uninsured property liability, property damage, or casualty losses;

• unexpected expenditures for capital improvements or to bring properties into compliance with applicable federal, state, and local laws;

• exposure to environmental losses;

• changes in foreign exchange rates; and

• force majeure and other factors beyond the control of our management.

In addition, the initial appraisals that we obtain on our properties are generally based on the value of the properties when they are leased. If the leases on the properties terminate, the value of the properties may fall significantly below the appraised value, which could result in impairment charges on the properties.

Because most of our properties are occupied by a single tenant, our success is materially dependent upon the tenant’s financial stability.

Most of our properties are occupied by a single tenant; therefore, the success of our investments is materially dependent on the financial stability of these tenants. Revenues from several of our tenants/guarantors constitute a significant percentage of our lease revenues. Our top ten tenants accounted for approximately 31.6% of total ABR at December 31, 2015. Lease payment defaults by tenants could negatively impact our net income and reduce the amounts available for distribution to stockholders. As some of our tenants may not have a recognized credit rating, these tenants may have a higher risk of lease defaults than tenants with a recognized credit rating. In addition, the bankruptcy or default of a tenant could cause the loss of lease payments as well as an increase in the costs incurred to carry the property until it can be re-leased or sold. We have had, and may in the future have, tenants file for bankruptcy protection. In the event of a default, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting the investment and re-leasing the property. If a lease is terminated, there is no assurance that we will be able to re-lease the property for the rent previously received or sell the property without incurring a loss.

W. P. Carey 2015 10-K– 15

The bankruptcy or insolvency of tenants or borrowers may cause a reduction in our revenue and an increase in our expenses.

Bankruptcy or insolvency of a tenant or borrower could cause: the loss of lease or interest and principal payments; an increase in the costs incurred to carry the property; litigation; a reduction in the value of our shares; and/or a decrease in amounts available for distribution to our stockholders.

Under U.S. bankruptcy law, a tenant that is the subject of bankruptcy proceedings has the option of assuming or rejecting any unexpired lease. If the tenant rejects the lease, any resulting claim we have for breach of the lease (excluding collateral securing the claim) will be treated as a general unsecured claim. The maximum claim will be capped at the amount owed for unpaid rent prior to the bankruptcy (unrelated to the termination), plus the greater of one year’s lease payments or 15% of the remaining lease payments payable under the lease (but no more than three years’ lease payments). In addition, due to the long-term nature of our leases and, in some cases, terms providing for the repurchase of a property by the tenant, a bankruptcy court could recharacterize a net lease transaction as a secured lending transaction. If that were to occur, we would not be treated as the owner of the property, but we might have rights as a secured creditor. Those rights would not include a right to compel the tenant to timely perform its obligations under the lease but may instead entitle us to “adequate protection,” a bankruptcy concept that applies to protect against a decrease in the value of the property if the value of the property is less than the balance owed to us.

Insolvency laws outside the United States may not be as favorable to reorganization or the protection of a debtor’s rights as in the United States. Our right to terminate a lease for default may be more likely to be enforced in foreign jurisdictions where a debtor/tenant or its insolvency representative lacks the right to force the continuation of a lease without our consent. Nonetheless, such laws may permit a tenant or an appointed insolvency representative to terminate a lease if it so chooses.

In addition, in circumstances where the bankruptcy laws of the United States are considered to be more favorable to debtors and/or their reorganization, entities that are not ordinarily perceived as U.S. entities may seek to take advantage of U.S. bankruptcy laws (an entity would be eligible to be a debtor under the U.S. bankruptcy laws if it had a domicile (state of incorporation or registration), place of business, or assets in the United States). If a tenant became a debtor under U.S. bankruptcy laws, it would then have the option of assuming or rejecting any unexpired lease. As a general matter, after the commencement of bankruptcy proceedings and prior to assumption or rejection of an expired lease, U.S. bankruptcy laws provide that, until such unexpired lease is assumed or rejected, the tenant or its trustee must perform the tenant’s obligations under the lease in a timely manner. However, under certain circumstances, the time period for performance of such obligations may be extended by an order of the bankruptcy court. We and certain of the CPA^® REITs have had tenants file for bankruptcy protection and have been involved in bankruptcy-related litigation (including with several international tenants). Historically, four of the seventeen CPA^® programs temporarily reduced the rate of distributions to their investors as a result of adverse developments involving tenants.

Similarly, if a borrower under one of our loan transactions declares bankruptcy, there may not be sufficient funds to satisfy its payment obligations to us, which may adversely affect our revenue and distributions to our stockholders. The mortgage loans that we may invest in may also be subject to delinquency, foreclosure, and loss, which could result in losses to us.

Because we are subject to possible liabilities relating to environmental matters, we could incur unexpected costs and our ability to sell or otherwise dispose of a property may be negatively impacted.

We own commercial properties and are subject to the risk of liabilities under federal, state, and local environmental laws. These responsibilities and liabilities also exist for properties owned by the Managed REITs, and if they become liable for these costs, their ability to pay for our services could be materially affected. Some of these laws could impose the following on us:

• responsibility and liability for the cost of investigation and removal or remediation (including at appropriate disposal facilities) of hazardous or toxic substances in, on, or migrating from our property, generally without regard to our knowledge of, or responsibility for, the presence of these contaminants;

• liability for claims by third parties based on damages to natural resources or property, personal injuries, or costs of removal or remediation of hazardous or toxic substances in, on, or migrating from our property;

• responsibility for managing asbestos-containing building materials and third-party claims for exposure to those materials; and

• claims being made against us by the Managed REITs for inadequate due diligence.

W. P. Carey 2015 10-K– 16

Our costs of investigation, remediation, or removal of hazardous or toxic substances, or for third-party claims for damages, may be substantial. The presence of hazardous or toxic substances at any of our properties, or the failure to properly remediate a contaminated property, could give rise to a lien in favor of the government for costs it may incur to address the contamination or otherwise adversely affect our ability to sell or lease the property or to borrow using the property as collateral. In addition, environmental liabilities, or costs or operating limitations imposed on a tenant by environmental laws, could affect its ability to make rental payments to us. And although we endeavor to avoid doing so, we may be required, in connection with any future divestitures of property, to provide buyers with indemnifications against potential environmental liabilities.

Revenue and earnings from our investment management operations are subject to volatility, which may cause our investment management revenue to fluctuate.

Growth in revenue from our investment management operations is dependent in large part on (i) future capital raising in existing or future managed entities and (ii) our ability to make investments that meet the investment criteria of these entities, both of which are subject to uncertainty with respect to capital market and real estate market conditions. This uncertainty creates volatility in our earnings because of the resulting fluctuation in transaction-based revenue. Asset management revenue may be affected by factors that include not only our ability to increase the Managed REITs’ portfolio of properties under management, but also changes in valuation of those properties and sales of the Managed REIT properties. In addition, revenue from our investment management operations, as well as the value of our interests in the Managed REITs and dividend income from those interests, may be significantly affected by the results of operations of the Managed REITs. Each of the CPA^® REITs has invested the majority of its assets (other than short-term investments) in triple-net leased properties substantially similar to those we hold. Consequently, the results of operations of, and cash available for distribution by, each of the CPA^® REITs are likely to be substantially affected by the same market conditions, and are subject to the same risk factors, as the properties we own. Historically, four of the seventeen CPA^® programs temporarily reduced the rate of distributions to their investors as a result of adverse developments involving tenants.

Each of the Managed REITs that we currently manage may incur significant debt that, either due to liquidity problems or restrictive covenants contained in their borrowing agreements, could restrict their ability to pay revenue owed to us when due. In addition, the revenue payable under each of our current investment advisory agreements is subject to a variable annual cap based on a formula tied to the assets and income of that Managed REIT. This cap may limit the growth of our investment management revenue. Furthermore, our ability to earn revenue related to the disposition of properties is primarily tied to providing liquidity events for the Managed REIT investors. Our ability to provide such liquidity, and to do so under circumstances that will satisfy the applicable subordination requirements, will depend on market conditions at the relevant time, which may vary considerably over a period of years. In any case, liquidity events typically occur several years apart, and income from our investment management operations is likely to be significantly higher in years when such events occur.

Because the revenue streams from the advisory agreements we have with the ManagedREITs are subject to limitation or cancellation, any such termination could have a material adverse effect on our business, results of operations, and financial condition.

The advisory agreements under which we provide services to the Managed REITs are renewable annually and may generally be terminated by each Managed REIT upon 60 days’ notice, with or without cause. Unless otherwise renewed, the advisory agreement with each of the CPA^® REITs is scheduled to expire on March 31, 2016 and the advisory agreement with each of CWI 1 and CWI 2 is scheduled to expire on December 31, 2016. There can be no assurance that these agreements will not expire or be terminated. CPA^®:17 – Global, CPA^®:18 – Global, CWI 1, and CWI 2 each have the right, but not the obligation, upon certain terminations to repurchase our interests in their operating partnerships at fair market value. If such right is not exercised, we would remain as a limited partner of the respective operating partnerships. Nonetheless, any such termination would have a material adverse effect on our business, results of operations, and financial condition.

W. P. Carey 2015 10-K– 17

A potential change in U.S. accounting standards regarding operating leases may make the leasing of facilities less attractive to our potential domestic tenants, which could reduce overall demand for our leasing services.

A lease is classified by a tenant as a capital lease if the significant risks and rewards of ownership are considered to reside with the tenant. This situation is generally considered to be met if, among other things, the non-cancelable lease term is more than 75% of the useful life of the asset or if the present value of the minimum lease payments equals 90% or more of the leased property’s fair value at lease inception. Under capital lease accounting for a tenant, both the leased asset and liability are reflected on their balance sheet. If the lease does not meet any of the criteria for a capital lease, the lease is considered an operating lease by the tenant and the obligation does not appear on the tenant’s balance sheet; rather, the contractual future minimum payment obligations are only disclosed in the footnotes thereto. Thus, entering into an operating lease can appear to enhance a tenant’s balance sheet in comparison to direct ownership. In November 2015, the Financial Accounting Standards Board directed the staff to draft a final Accounting Standards Update, or ASU, on leases for vote by written ballot. In addition, the Financial Accounting Standards Board decided that for (i) public business entities, (ii) a not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an-over-the-counter market, and (iii) an employee benefit plan that files or furnishes statements with or to the SEC (collectively referred to as “public business entities”), the final leases standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; for all other entities, the final leases standard will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities upon issuance of the final standard. In the first quarter of 2016, the International Accounting Standards Board and the Financial Accounting Standards Board finalized their standards, which bring most leases on the balance sheet for lessees under a single model. For lessors, however, the accounting remains largely unchanged and the distinction between operating and finance leases is retained. Both standards are effective for annual reporting periods beginning on or after January 1, 2019. Changes to the accounting guidance could affect both our and the CPA^® REITs’ lease accounting, as well as that of our and the CPA^® REITs’ tenants. These changes would impact most companies, but are particularly applicable to those that are significant users of real estate. The standards outline a completely new model for accounting by lessees, whereby their rights and obligations under most leases, existing and new, would be capitalized and recorded on the balance sheet. For some companies, the new accounting guidance may influence whether or not, or the extent to which, they may enter into the type of sale-leaseback transactions in which we specialize.

The BDCs are subject to extensive regulation.

We sponsor three closed-end funds in a master/feeder fund structure that have each elected to be treated as a BDC. These BDCs are subject to certain provisions of the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, collectively referred to herein as the Investment Company Act. We also serve as the investment adviser for the master fund, CCIF, and are subject to the Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder. Failure to comply with such rules and regulations could result in liability and/or adversely affect the operation of the BDCs and our ability to successfully raise funds for the BDCs or to generate revenue as the advisor to CCIF.

Our investment advisory agreement with CCIF may be terminated upon short notice.

The management and incentive fees that we are paid for managing CCIF are subject to the right of CCIF’s board of trustees under the investment advisory agreement to terminate our management of CCIF on as little as 60 days' prior notice. There can be no assurance that our investment advisory agreement with CCIF will not be terminated. Upon our termination as CCIF’s advisor, CCIF may terminate our interest in their revenues, expenses, income, losses, distributions, and capital by paying us an amount equal to the then-present fair market value of our interest (excluding any interest we may have in CCIF’s common or preferred stock), as determined between us and CCIF. Any such termination would diminish our ability to generate revenue from the BDCs, which could have a material adverse effect on our business, results of operations, and financial condition.

The BDCs may be affected by poor investment performance by portfolio companies in which CCIF invests.

Poor investment returns for the portfolio companies in which CCIF invests may reduce the amount of management and incentive fees that we earn. CCIF may experience poor returns due to general market conditions, insufficient fundraising, or underperformance by portfolio companies in which it invests. These factors may also affect CCIF’s ability to invest in new portfolio companies or reinvest in existing portfolio companies. If such factors continue to persist, CCIF may be forced to liquidate its position in a portfolio company at an inopportune time.

W. P. Carey 2015 10-K– 18

Our operations could be restricted if we become subject to the Investment Company Act and your investment return, if any, may be reduced if we are required to register as an investment company under the Investment Company Act.

A person will generally be deemed to be an “investment company” for purposes of the Investment Company Act if:

• it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities; or

• it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis.

We believe that we and our subsidiaries are engaged primarily in the business of acquiring and owning interests in real estate. We do not hold ourselves out as being engaged primarily in the business of investing, reinvesting, or trading in securities. Accordingly, we do not believe that we are an investment company as defined under the Investment Company Act. If we were required to register as an investment company, we would have to comply with a variety of substantive requirements under the Investment Company Act that impose, among other things, (i) limitations on our capital structure (including our ability to use leverage), (ii) restrictions on specified investments, (iii) prohibitions on proposed transactions with “affiliated persons” (as defined in the Investment Company Act), and (iv) compliance with reporting, record keeping, voting, proxy disclosure, and other rules and regulations that would significantly increase our operating expenses.

Although we intend to monitor our portfolio, there can be no assurance that we will be able to maintain an exclusion or exemption from registration as an investment company under the Investment Company Act. In order to maintain compliance with an Investment Company Act exemption or exclusion, we may be unable to sell assets that we would otherwise want to sell and may need to sell assets we would otherwise wish to retain. In addition, we may have to acquire additional income or loss generating assets that we might not otherwise have acquired, or may have to forego opportunities to acquire interests in companies that we would otherwise want to acquire and that would be important to our investment strategy. If we were required to register as an investment company, we may be prohibited from engaging in our business as currently conducted because, among other things, the Investment Company Act imposes significant limitations on an investment company’s leverage. Furthermore, if we fail to comply with the Investment Company Act, criminal and civil actions could be brought against us, our contracts could be unenforceable, and a court could appoint a receiver to take control of us and liquidate our business. Were any of these results to occur, your investment return, if any, may be reduced.

We are not currently registered as an Investment Advisor and our failure to do so could subject us to civil and/or criminal penalties.

If the SEC determines that we are an investment advisor, we will have to register as an investment adviser with the SEC pursuant to the Investment Advisers Act of 1940, or Investment Advisers Act. Registration requirements for investment advisers are significant and burdensome. In addition, if we are deemed to be an investment advisor and are required to register with the SEC as an investment adviser, we will become subject to the requirements of the Investment Advisers Act. The Investment Advisers Act requires: (i) fiduciary duties to clients; (ii) substantive prohibitions and requirements; (iii) contractual requirements; (iv) record-keeping requirements; and (v) administrative oversight by the SEC, primarily by inspection. Requirements and obligations imposed on investment advisers can be burdensome and costly. If it is deemed that we are out of compliance with such rules and regulations, we may be subject to civil and/or criminal penalties.

Expansion into international markets increases our operational, regulatory and other risks.

We have increased our international business activities. As a result of such expansion, we face increased operational, regulatory, compliance and reputational risks. The failure of our compliance and internal control systems to properly mitigate such additional risks, or of our operating infrastructure to support such expansion, could result in operational failures and regulatory fines or sanctions. Our operations in the United Kingdom, the European Economic Area, or the EEA, Australia, and other countries are subject to significant compliance, disclosure, and other obligations. The European Union Alternative Investment Fund Managers Directive, or the Directive, as transposed into national law within the states of the EEA, established a new EEA regulatory regime for alternative investment fund managers, including private equity and hedge fund managers. The Directive generally applies to managers with a registered office in the EEA managing one or more alternative investments funds. Compliance with the requirements of the Directive will impose additional compliance burdens and expense for us and could reduce our operating flexibility and fundraising opportunities. The Directive may also limit our operating flexibility and impact our ability to expand in EEA or other markets. Activity in international markets also exposes us to fluctuations in currency exchange rates, which may adversely affect the U.S. dollar value of revenues, expenses and assets associated with our business

W. P. Carey 2015 10-K– 19

activities outside the United States. Actual and anticipated changes in current exchange rates may also negatively impact our operations.

We depend on key personnel for our future success, and the loss of key personnel or inability to attract and retain personnel could harm our business.

Our future success depends in large part on our ability to hire and retain a sufficient number of qualified personnel, including our executive officers. The nature of our executive officers’ experience and the extent of the relationships they have developed with real estate professionals and financial institutions are important to the success of our business. We cannot provide any assurances regarding their continued employment with us. The loss of the services of certain of our executive officers could detrimentally affect our business and prospects.

Our accounting policies and methods are fundamental to how we record and report our financial position and results of operations, and they require management to make estimates, judgments, and assumptions about matters that are inherently uncertain.

Our accounting policies and methods are fundamental to how we record and report our financial position and results of operations. We have identified several accounting policies as being critical to the presentation of our financial position and results of operations because they require management to make particularly subjective or complex judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts would be recorded under different conditions or using different assumptions. Because of the inherent uncertainty of the estimates, judgments, and assumptions associated with these critical accounting policies, we cannot provide any assurance that we will not make subsequent significant adjustments to our consolidated financial statements. If our judgments, assumptions, and allocations prove to be incorrect, or if circumstances change, our business, financial condition, revenues, operating expense, results of operations, liquidity, ability to pay dividends, or stock price may be materially adversely affected.

Our charter and Maryland law contain provisions that may delay or prevent a change of control transaction.

Our charter contains 7.9% ownership limits. Our charter, subject to certain exceptions, authorizes our directors to take such actions as are necessary and desirable to limit any person to beneficial or constructive ownership of (i) 7.9%, in either value or number of shares, whichever is more restrictive, of our aggregate outstanding shares of common and preferred stock (excluding any outstanding shares of our common or preferred stock not treated as outstanding for federal income tax purposes) or (ii) 7.9%, in either value or number of shares, whichever is more restrictive, of our aggregate outstanding shares of common stock (excluding any of our outstanding shares of common stock not treated as outstanding for federal income tax purposes). Our board of directors, in its sole discretion, may exempt a person from such ownership limits, provided that they obtain such representations, covenants, and undertakings as appropriate to determine that the exemption would not affect our REIT status. Our board of directors may also increase or decrease the common stock ownership limit and/or the aggregate stock ownership limit so long as the change would not result in five or fewer persons beneficially owning more than 49.9% in value of our outstanding stock. The ownership limits and other stock ownership restrictions contained in our charter may delay or prevent a transaction or change of control that might involve a premium price for our common stock or otherwise be in the best interests of our stockholders.

Our board of directors may modify our authorized shares of stock of any class or series and may create and issue a class or series of common stock or preferred stock without stockholder approval.

Our charter empowers our board of directors to, without stockholder approval, increase or decrease the aggregate number of shares of our stock or the number of shares of stock of any class or series that we have authority to issue; classify any unissued shares of common stock or preferred stock; reclassify any previously classified, but unissued, shares of common stock or preferred stock into one or more classes or series of stock; and issue such shares of stock so classified or reclassified. Our board of directors may determine the relative rights, preferences, and privileges of any class or series of common stock or preferred stock issued. As a result, we may issue series or classes of common stock or preferred stock with preferences, dividends, powers, and rights (voting or otherwise) senior to the rights of current holders of our common stock. The issuance of any such classes or series of common stock or preferred stock could also have the effect of delaying or preventing a change of control transaction that might otherwise be in the best interests of our stockholders.

W. P. Carey 2015 10-K– 20

Certain provisions of Maryland law could inhibit changes in control.

Certain provisions of the Maryland General Corporation Law may have the effect of inhibiting a third party from making a proposal to acquire us or impeding a change of control that could provide our stockholders with the opportunity to realize a premium over the then-prevailing market price of our common stock, including:

• “business combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our outstanding voting stock), or an affiliate thereof, for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter imposes special appraisal rights and supermajority voting requirements on these combinations; and

• “control share” provisions that provide that holders of “control shares” of our company (defined as voting shares which, when aggregated with all other shares owned or controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of issued and outstanding “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.

The statute permits various exemptions from its provisions, including business combinations that are exempted by a board of directors prior to the time that the “interested stockholder” becomes an interested stockholder. Our board of directors has, by resolution, exempted any business combination between us and any person who is an existing, or becomes in the future, an “interested stockholder.” Consequently, the five-year prohibition and the supermajority vote requirements will not apply to business combinations between us and any such person. As a result, such person may be able to enter into business combinations with us that may not be in the best interest of our stockholders, without compliance with the supermajority vote requirements and the other provisions of the statute. Additionally, this resolution may be altered, revoked, or repealed in whole or in part at any time and we may opt back into the business combination provisions of the Maryland General Corporation Law. If this resolution is revoked or repealed, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer. In the case of the control share provisions of the Maryland General Corporation Law, we have elected to opt out of these provisions of the Maryland General Corporation Law pursuant to a provision in our bylaws.

Additionally, Title 3, Subtitle 8 of the Maryland General Corporation Law permits our board of directors, without stockholder approval and regardless of what is currently provided in our charter or our bylaws, to implement certain governance provisions, some of which we do not currently have. We have opted out of Section 3-803 of the Maryland General Corporation Law, which permits a board of directors to be divided into classes pursuant to Title 3, Subtitle 8 of the Maryland General Corporation Law. Any amendment or repeal of this resolution must be approved in the same manner as an amendment to our charter. The remaining provisions of Title 3, Subtitle 8 of the Maryland General Corporation Law may have the effect of inhibiting a third party from making an acquisition proposal for our company or of delaying, deferring, or preventing a change in control of our company under circumstances that otherwise could provide the holders of our common stock with the opportunity to realize a premium over the then-current market price. Our charter, our Bylaws, and Maryland law also contain other provisions that may delay, defer, or prevent a transaction or a change of control that might involve a premium price for our common stock or otherwise be in the best interests of our stockholders.

Future issuances of debt securities (which would rank senior to our common stock upon our liquidation) and equity securities (which would dilute the holdings of our existing common stockholders and may be senior to our common stock for the purposes of making distributions) may negatively affect the market price of our common stock.

We may issue debt or equity securities or incur additional borrowings in the future. Upon our liquidation, holders of our debt securities and other loans and preferred stock will receive a distribution of our available assets before common stockholders. If we incur debt in the future, our future interest costs could increase and adversely affect our liquidity, AFFO, and results of operations.

W. P. Carey 2015 10-K– 21

The issuance or sale (either directly by us or in the secondary market) of substantial amounts of our common stock; the perception that such issuances or sales of common stock could occur; or the availability for future issuance or sale of our common stock, or securities convertible into or exchangeable or exercisable for our common stock; could materially and adversely affect the market price of our common stock and our ability to raise capital through future offerings of equity or equity-related securities. However, our future growth will depend, in part, upon our ability to raise additional capital, including through the issuance of equity securities. In September 2014, we issued 4,600,000 shares of our common stock in a public offering, which we refer to as the Equity Offering (Note 13), which raised total net proceeds of $282.2 million. In addition, on June 3, 2015, we launched an at-the-market, or ATM, offering program, pursuant to which we may periodically offer shares of our common stock up to an aggregate gross sales price of $400.0 million (we have not issued any shares pursuant to this ATM program as of December 31, 2015). We also issued shares of our common stock to the former stockholders of CPA^®:16 – Global (excluding us and our subsidiaries) as merger consideration in the CPA^®:16 Merger. Additional common stock issuances (directly or through convertible or exchangeable securities, warrants, or options) to raise additional capital or upon the exercise of outstanding options or pursuant to stock incentive plans, will dilute the holdings of our existing common stockholders. We are not required to offer any additional equity securities to existing common stockholders on a preemptive basis and our charter empowers our board of directors to make significant changes to our stock without stockholder approval. See the risk factor above titled “Our board of directors may modify our authorized shares of stock of any class or series and may create and issue a class or series of common stock or preferred stock without stockholder approval.” Our preferred stock, if any are issued, would likely have a preference on distribution payments, periodically or upon liquidation, which could eliminate or otherwise limit our ability to make distributions to common stockholders.

Because our decision to issue additional debt or equity securities or incur additional borrowings in the future will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing, nature, or success of our future capital raising efforts. Thus, common stockholders bear the risk that our future issuances of debt or equity securities or our incurrence of additional borrowings will negatively affect the market price of our common stock.

The trading volume and market price of shares of our common stock may fluctuate or be adversely impacted by various factors.

Our current or historical trading volume and share prices are not indicative of the number of shares of our common stock that will trade going forward or how the market will value shares of our common stock in the future. One factor that may influence the price of our common stock will be our dividend yield relative to yields on other financial instruments (e.g., if an increase in market interest rates results in higher yields on other financial instruments, the market price of our common stock could be adversely affected). In addition, our use of taxable REIT subsidiaries, or TRSs, may cause the market to value our common stock differently than the shares of other REITs, which may not use TRSs as extensively as we currently expect to do. In addition, the trading volume and market price of our common stock may fluctuate significantly and be adversely impacted in response to a number of factors, including:

• actual or anticipated variations in our operating results, earnings, or liquidity, or those of our competitors;

• changes in our dividend policy;

• publication of research reports about us, our competitors, our tenants, or the REIT industry;

• changes in market valuations of similar companies;

• speculation in the press or investment community;

• our failure to meet, or the lowering of, our earnings estimates, or those of any securities analysts;

• increases in market interest rates, which may lead investors to demand a higher dividend yield for our common stock and would result in increased interest expense on our debt;

• adverse market reaction to the amount of maturing debt in the near and medium term and our ability to refinance such debt and the terms thereof;

• adverse market reaction to any additional indebtedness we incur or equity or equity-related securities we issue in the future;

• changes in our credit ratings;

• actual or perceived conflicts of interest;

• additions or departures of key management personnel;

• our compliance with GAAP and its policies;

• our compliance with the listing requirements of the New York Stock Exchange;

• the financial condition, liquidity, results of operations, and prospects of our tenants;

• failure to maintain our REIT qualification;

• actions by institutional stockholders;

• general market and economic conditions, including the current state of the credit and capital markets; and

W. P. Carey 2015 10-K– 22

• the realization of any of the other risk factors presented in this Report or in subsequent reports that we file with the SEC.

Compliance or failure to comply with the Americans with Disabilities Act and other similar regulations could result in substantial costs.

Under the Americans with Disabilities Act, places of public accommodation must meet certain federal requirements related to access and use by disabled persons. Noncompliance could result in the imposition of fines by the federal government or the award of damages to private litigants. If we are required to make unanticipated expenditures to one or more of our properties in order to comply with the Americans with Disabilities Act, our cash flow and the amounts available for dividends to our stockholders may be adversely affected. We have not conducted a compliance audit or investigation of all of our or the Managed REITs’ properties and we cannot predict the ultimate cost of compliance with the Americans with Disabilities Act or similar legislation.

Our properties are also subject to various federal, state, and local regulatory requirements, such as state and local fire and life-safety requirements. We could incur fines or private damage awards if we fail to comply with these requirements. While we believe that our properties are currently in material compliance with these regulatory requirements, the requirements may change or new requirements may be imposed that could require significant unanticipated expenditures by us that will affect our cash flow and results of operations.

The occurrence of cyber incidents, or a deficiency in our cyber security, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results.

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity, or availability of our information resources. More specifically, a cyber incident is an intentional attack that can include gaining unauthorized access to systems to disrupt operations, corrupt data, or steal confidential information, or an unintentional accident or error. As our reliance on technology has increased, so have the risks posed to our systems, both internal and those we have outsourced. We may also store or come into contact with sensitive information and data. If, in handling this information, we or our partners fail to comply with applicable privacy or data security laws, we could face significant legal and financial exposure to claims of governmental agencies and parties whose privacy is compromised. The three primary risks that could directly result from the occurrence of a cyber incident include operational interruption, damage to our relationship with our tenants, and private data exposure. We maintain insurance intended to cover some of these risks, but it may not be sufficient to cover the losses from any future breaches of our systems. We have implemented processes, procedures, and controls to help mitigate these risks, but these measures, as well as our increased awareness of a risk of a cyber incident, do not guarantee that our financial results will not be negatively impacted by such an incident.

Potential impairment of goodwill may adversely affect our results of operations.

Potential impairment of goodwill could adversely affect our financial condition and results of operations. We assess our goodwill and other intangible assets for impairment at least annually and more frequently when required by GAAP. We are required to record an impairment charge if circumstances indicate that the asset carrying values exceed their fair values. Our assessment of goodwill or other intangible assets could indicate that an impairment of the carrying value of such assets may have occurred, resulting in a material, non-cash write-down of such assets, which could have a material adverse effect on our results of operations and future earnings. We are also required to write off a portion of goodwill whenever we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill. We allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business for the reporting unit.

W. P. Carey 2015 10-K– 23

There can be no assurance that we will be able to maintain cash dividends, and certain agreements relating to our indebtedness may prohibit or otherwise restrict our ability to pay dividends to holders of our common stock.

Our ability to continue to pay dividends in the future may be adversely affected by the risk factors described in this Report. More specifically, while we expect to continue our current dividend practices, we can give no assurance that we will be able to maintain dividend levels in the future for various reasons, including the following:

• there is no assurance that rents from our properties will increase or that future acquisitions will increase our cash available for distribution to stockholders, and we may not have enough cash to pay such dividends due to changes in our cash requirements, capital plans, cash flow, or financial position;

• decisions on whether, when, and in which amounts to make any future distributions will remain at all times entirely at the discretion of our board of directors, which reserves the right to change our dividend practices at any time and for any reason, including but not limited to, our earnings, our financial condition, maintaining our REIT status, contractual limitations relating to our indebtedness, Maryland law, and other factors relevant from time to time; and

• the amount of dividends that our subsidiaries may distribute to us may be subject to restrictions imposed by state law or regulators, as well as the terms of any current or future indebtedness that these subsidiaries may incur.

Furthermore, certain agreements relating to our borrowings may, under certain circumstances, prohibit or otherwise restrict our ability to pay dividends to our common stockholders. Future dividends, if any, are expected to be based upon our earnings, financial condition, cash flows and liquidity, debt service requirements, capital expenditure requirements for our properties, financing covenants, and applicable law. If we do not have sufficient cash available to pay dividends, we may need to fund the shortage out of working capital or revenues from future acquisitions, if any, or borrow to provide funds for such dividends, which would reduce the amount of funds available for investment and increase our future interest costs. Our inability to pay dividends, or to pay dividends at expected levels, could adversely impact the market price of our common stock.

Our board of directors, in its sole discretion, determines our dividend rate on a quarterly basis; therefore, our cash distributions are not guaranteed and may fluctuate.

Our board of directors, in its sole discretion, will determine on a quarterly basis the amount of cash to be distributed to our stockholders based on a number of factors, including, but not limited to, our results of operations, cash flow and capital requirements, economic conditions, tax considerations, borrowing capacity, applicable provisions of the Maryland General Corporation Law, and other factors (including debt covenant restrictions that may impose limitations on cash payments and future acquisitions and divestitures). Consequently, our distribution levels are not guaranteed and may fluctuate.

Risks Related to REIT Structure

While we believe that we are properly organized as a REIT in accordance with applicable law, we cannot guarantee that the Internal Revenue Service will find that we have qualified as a REIT.

We believe that we are organized in conformity with the requirements for qualification as a REIT under the Internal Revenue Code beginning with our 2012 taxable year and that our current and anticipated investments and plan of operation will enable us to meet and continue to meet the requirements for qualification and taxation as a REIT. Investors should be aware, however, that the Internal Revenue Service or any court could take a position different from our own. Given the highly complex nature of the rules governing REITs, the ongoing importance of factual determinations, and the possibility of future changes in our circumstances, no assurance can be given that we will qualify as a REIT for any particular year.

Furthermore, our qualification and taxation as a REIT will depend on our satisfaction of certain asset, income, organizational, distribution, stockholder ownership, and other requirements on a continuing basis. Our ability to satisfy the quarterly asset tests under applicable Internal Revenue Code provisions and Treasury Regulations will depend in part upon our board of directors’ good faith analysis of the fair market values of our assets, some of which are not susceptible to a precise determination. Our compliance with the REIT income and quarterly asset requirements also depends upon our ability to successfully manage the composition of our income and assets on an ongoing basis. While we believe that we will satisfy these tests, we cannot guarantee that this will be the case on a continuing basis.

W. P. Carey 2015 10-K– 24

If we fail to remain qualified as a REIT, we would be subject to federal income tax at corporate income tax rates and would not be able to deduct distributions to stockholders when computing our taxable income.

If, in any taxable year, we fail to qualify for taxation as a REIT and are not entitled to relief under the Internal Revenue Code, we will:

• not be allowed a deduction for distributions to stockholders in computing our taxable income;

• be subject to federal and state income tax, including any applicable alternative minimum tax, on our taxable income at regular corporate rates; and

• be barred from qualifying as a REIT for the four taxable years following the year when we were disqualified.

Any such corporate tax liability could be substantial and would reduce the amount of cash available for distributions to our stockholders, which in turn could have an adverse impact on the value of our common stock. This adverse impact could last for five or more years because, unless we are entitled to relief under certain statutory provisions, we will be taxed as a corporation beginning the year in which the failure occurs and for the following four years.

If we fail to qualify for taxation as a REIT, we may need to borrow funds or liquidate some investments to pay the additional tax liability. Were this to occur, funds available for investment would be reduced. REIT qualification involves the application of highly technical and complex provisions of the Internal Revenue Code to our operations, as well as various factual determinations concerning matters and circumstances not entirely within our control. There are limited judicial or administrative interpretations of these provisions. Although we plan to continue to operate in a manner consistent with the REIT qualification rules, we cannot assure you that we will qualify in a given year or remain so qualified.

If we fail to make required distributions, we may be subject to federal corporate income tax.

We intend to declare regular quarterly distributions, the amount of which will be determined, and is subject to adjustment, by our board of directors. To continue to qualify and be taxed as a REIT, we will generally be required to distribute at least 90% of our REIT taxable income (determined without regard to the dividends-paid deduction and excluding net capital gain) each year to our stockholders. Generally, we expect to distribute all, or substantially all, of our REIT taxable income. If our cash available for distribution falls short of our estimates, we may be unable to maintain the proposed quarterly distributions that approximate our taxable income and we may fail to qualify for taxation as a REIT. In addition, our cash flows from operations may be insufficient to fund required distributions as a result of differences in timing between the actual receipt of income and the recognition of income for federal income tax purposes or the effect of nondeductible expenditures (e.g. capital expenditures, payments of compensation for which Section 162(m) of the Internal Revenue Code denies a deduction, the creation of reserves, or required debt service or amortization payments). To the extent we satisfy the 90% distribution requirement, but distribute less than 100% of our REIT taxable income, we will be subject to federal corporate income tax on our undistributed taxable income. We will also be subject to a 4.0% nondeductible excise tax if the actual amount that we pay out to our stockholders for a calendar year is less than a minimum amount specified under the Internal Revenue Code. In addition, in order to continue to qualify as a REIT, any C-corporation earnings and profits to which we succeed must be distributed as of the close of the taxable year in which we accumulate or acquire such C-corporation’s earnings and profits.

Because certain covenants in our debt instruments may limit our ability to make required REIT distributions, we could be subject to taxation.

Our existing debt instruments include, and our future debt instruments may include, covenants that limit our ability to make required REIT distributions. If the limits set forth in these covenants prevent us from satisfying our REIT distribution requirements, we could fail to qualify for federal income tax purposes as a REIT. If the limits set forth in these covenants do not jeopardize our qualification for taxation as a REIT, but prevent us from distributing 100% of our REIT taxable income, we will be subject to federal corporate income tax, and potentially a nondeductible excise tax, on the retained amounts.

Because we will be required to satisfy numerous requirements imposed upon REITs, we may be required to borrow funds, sell assets, or raise equity on terms that are not favorable to us.

In order to meet the REIT distribution requirements and maintain our qualification and taxation as a REIT, we may need to borrow funds, sell assets, or raise equity, even if the then-prevailing market conditions are not favorable for such transactions. If our cash flows are not sufficient to cover our REIT distribution requirements, it could adversely impact our ability to raise short- and long-term debt, sell assets, or offer equity securities in order to fund the distributions required to maintain our

W. P. Carey 2015 10-K– 25

qualification and taxation as a REIT. Furthermore, the REIT distribution requirements may increase the financing we need to fund capital expenditures, future growth, and expansion initiatives, which would increase our total leverage.

In addition, if we fail to comply with certain asset ownership tests at the end of any calendar quarter, we must generally correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification. As a result, we may be required to liquidate otherwise attractive investments. These actions may reduce our income and amounts available for distribution to our stockholders.

Because the REIT rules require us to satisfy certain rules on an ongoing basis, our flexibility or ability to pursue otherwise attractive opportunities may be limited.

To qualify as a REIT for federal income tax purposes, we must continually satisfy tests concerning, among other things, the sources of our income, the nature and diversification of our assets, the amounts we distribute to our stockholders, and the ownership of our common stock. Compliance with these tests will require us to refrain from certain activities and may hinder our ability to make certain attractive investments, including the purchase of non-qualifying assets, the expansion of non-real estate activities, and investments in the businesses to be conducted by our TRSs, thereby limiting our opportunities and the flexibility to change our business strategy. Furthermore, acquisition opportunities in domestic and international markets may be adversely affected if we need or require target companies to comply with certain REIT requirements prior to closing on acquisitions.

To meet our annual distribution requirements, we may be required to distribute amounts that may otherwise be used for our operations, including amounts that may be invested in future acquisitions, capital expenditures, or debt repayment; and it is possible that we might be required to borrow funds, sell assets, or raise equity to fund these distributions, even if the then-prevailing market conditions are not favorable for such transactions.

Because the REIT provisions of the Internal Revenue Code limit our ability to hedge effectively, the cost of our hedging may increase, and we may incur tax liabilities.

The REIT provisions of the Internal Revenue Code limit our ability to hedge assets and liabilities that are not incurred to acquire or carry real estate. Generally, income from hedging transactions that have been properly identified for tax purposes (which we enter into to manage interest rate risk with respect to borrowings to acquire or carry real estate assets) and income from certain currency hedging transactions related to our non-U.S. operations, do not constitute “gross income” for purposes of the REIT gross income tests (such a hedging transaction is referred to as a “qualifying hedge”). In addition, for taxable years beginning after December 31, 2015, if we enter into a qualifying hedge, but dispose of the underlying property (or a portion thereof) or the underlying debt (or a portion thereof) is extinguished, we can enter into a hedge of the original qualifying hedge, and income from the subsequent hedge will also not constitute “gross income” for purposes of the REIT gross income tests. To the extent that we enter into other types of hedging transactions, the income from those transactions is likely to be treated as non-qualifying income for purposes of the REIT gross income tests. As a result of these rules, we may need to limit our use of advantageous hedging techniques or implement those hedges through a TRS. This could increase the cost of our hedging activities because our TRSs could be subject to tax on income or gains resulting from such hedges or expose us to greater interest rate risks than we would otherwise want to bear. In addition, losses in any of our TRSs generally will not provide any tax benefit, except for being carried forward for use against future taxable income in the TRSs.

Because the REIT rules limit our ability to receive distributions from TRSs, our ability to fund distribution payments using cash generated through our TRSs may be limited.

Our ability to receive distributions from our TRSs is limited by the rules we must comply with in order to maintain our REIT status. In particular, at least 75% of our gross income for each taxable year as a REIT must be derived from real estate-related sources, which principally includes gross income from the leasing of our properties. Consequently, no more than 25% of our gross income may consist of dividend income from our TRSs and other non-qualifying income types. Thus, our ability to receive distributions from our TRSs is limited and may impact our ability to fund distributions to our stockholders using cash flows from our TRSs. Specifically, if our TRSs become highly profitable, we might be limited in our ability to receive net income from our TRSs in an amount required to fund distributions to our stockholders commensurate with that profitability.

We intend to use TRSs, which may cause us to fail to qualify as a REIT.

To qualify as a REIT for federal income tax purposes, we plan to hold our non-qualifying REIT assets and conduct our non-qualifying REIT income activities in or through one or more TRSs. The net income of our TRSs is not required to be distributed

W. P. Carey 2015 10-K– 26

to us and income that is not distributed to us will generally not be subject to the REIT income distribution requirement. However, there may be limitations on our ability to accumulate earnings in our TRSs and the accumulation or reinvestment of significant earnings in our TRSs could result in adverse tax treatment. In particular, if the accumulation of cash in our TRSs causes the fair market value of our TRS interests and certain other non-qualifying assets to exceed 25% of the fair market value of our assets, we would lose tax efficiency and could potentially fail to qualify as a REIT.

Our ownership of TRSs will be subject to limitations that could prevent us from growing our investment management business and our transactions with our TRSs could cause us to be subject to a 100% penalty tax on certain income or deductions if those transactions are not conducted on an arm’s-length basis.

Overall, (i) for taxable years beginning prior to January 1, 2018, no more than 25% of the value of a REIT’s gross assets, and (ii) for taxable years beginning after December 31, 2017, no more than 20% of the value of a REIT’s gross assets, may consist of interests in TRSs; compliance with this limitation could limit our ability to grow our investment management business. In addition, the Internal Revenue Code limits the deductibility of interest paid or accrued by a TRS to its parent REIT to assure that the TRS is subject to an appropriate level of corporate taxation. The Internal Revenue Code also imposes a 100% excise tax on certain transactions between a TRS and its parent REIT that are not conducted on an arm’s-length basis. We will monitor the value of investments in our TRSs in order to ensure compliance with TRS ownership limitations and will structure our transactions with our TRSs on terms that we believe are arm’s-length to avoid incurring the 100% excise tax described above. There can be no assurance, however, that we will be able to comply with the TRS ownership limitation or be able to avoid application of the 100% excise tax.

Because distributions payable by REITs generally do not qualify for reduced tax rates, the value of our common stock could be adversely affected.

Certain distributions payable by domestic or qualified foreign corporations to individuals, trusts, and estates in the United States are currently eligible for federal income tax at a maximum rate of 20%. Distributions payable by REITs, in contrast, are generally not eligible for this reduced rate, unless the distributions are attributable to dividends received by the REIT from other corporations that would otherwise be eligible for the reduced rate. This more favorable tax rate for regular corporate distributions could cause qualified investors to perceive investments in REITs to be less attractive than investments in the stock of corporations that pay distributions, which could adversely affect the value of REIT stocks, including our common stock.

Even if we continue to qualify as a REIT, certain of our business activities will be subject to corporate level income tax and foreign taxes, which will continue to reduce our cash flows, and we will have potential deferred and contingent tax liabilities.

Even if we qualify for taxation as a REIT, we may be subject to certain (i) federal, state, local, and foreign taxes on our income and assets, including alternative minimum taxes, (ii) taxes on any undistributed income and state, local, or foreign income, and (iii) franchise, property, and transfer taxes. In addition, we could be required to pay an excise or penalty tax under certain circumstances in order to utilize one or more relief provisions under the Internal Revenue Code to maintain qualification for taxation as a REIT, which could be significant in amount.

Any TRS assets and operations would continue to be subject, as applicable, to federal and state corporate income taxes and to foreign taxes in the jurisdictions in which those assets and operations are located. Any of these taxes would decrease our earnings and our cash available for distributions to stockholders.

We will also be subject to a federal corporate level tax at the highest regular corporate rate (35% for year 2016) on all or a portion of the gain recognized from a sale of assets formerly held by any C corporation that we acquire on a carry-over basis transaction occurring within a five-year period after we acquire such assets, to the extent the built-in gain based on the fair market value of those assets on the effective date of the REIT election is in excess of our then tax basis. The tax on subsequently sold assets will be based on the fair market value and built-in gain of those assets as of the beginning of our holding period. Gains from the sale of an asset occurring after the specified period will not be subject to this corporate level tax. We expect to have only a de minimis amount of assets subject to these corporate tax rules and do not expect to dispose of any significant assets subject to these corporate tax rules.

W. P. Carey 2015 10-K– 27

Because dividends received by foreign stockholders are generally taxable, we may be required to withhold a portion of our distributions to such persons.

Ordinary dividends received by foreign stockholders that are not effectively connected with the conduct of a U.S. trade or business are generally subject to U.S. withholding tax at a rate of 30%, unless reduced by an applicable income tax treaty. Additional rules with respect to certain capital gain distributions will apply to foreign stockholders that own more than 10% of our common stock.

The ability of our board of directors to revoke our REIT election, without stockholder approval, may cause adverse consequences for our stockholders.

Our organizational documents permit our board of directors to revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines that it is no longer in our best interest to continue to qualify as a REIT. If we cease to be a REIT, we will not be allowed a deduction for dividends paid to stockholders in computing our taxable income and we will be subject to federal income tax at regular corporate rates and state and local taxes, which may have adverse consequences on the total return to our stockholders.

Federal and state income tax laws governing REITs and related interpretations may change at any time, and any such legislative or other actions affecting REITs could have a negative effect on us and our stockholders.

Federal and state income tax laws governing REITs or the administrative interpretations of those laws may be amended at any time. Federal, state, and foreign tax laws are under constant review by persons involved in the legislative process, at the Internal Revenue Service and the U.S. Department of the Treasury, and at various state and foreign tax authorities. Changes to tax laws, regulations, or administrative interpretations, which may be applied retroactively, could adversely affect us or our stockholders. We cannot predict whether, when, in what forms, or with what effective dates, the tax laws, regulations, and administrative interpretations applicable to us or our stockholders may be changed. Accordingly, we cannot assure you that any such change will not significantly affect our ability to qualify for taxation as a REIT or the federal income tax consequences to you or us.

Item 1B. Unresolved Staff Comments.

None.

Item 2. Properties.

Our principal corporate offices are located at 50 Rockefeller Plaza, New York, NY 10020, and our primary international investment offices are located in London and Amsterdam. We have additional office space domestically in New York and Dallas, Texas, and internationally in Shanghai. We lease all of these offices and believe these leases are suitable for our operations for the foreseeable future.

See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Portfolio Overview — Net-Leased Portfolio for a discussion of the properties we hold for rental operations and Part II, Item 8. Financial Statements and Supplementary Data — Schedule III — Real Estate and Accumulated Depreciation for a detailed listing of such properties.

Item 3. Legal Proceedings.

Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.

Item 4.Mine Safety Disclosures.

Not applicable.

W. P. Carey 2015 10-K– 28

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Mattersand Issuer Purchases of Equity Securities.

Common Stock and Distributions

Our common stock is listed on the New York Stock Exchange under the ticker symbol “WPC.” At February 18, 2016 there were 9,711 holders of record of our common stock. The following table shows the high and low prices per share and quarterly cash distributions declared for the past two fiscal years:

	2015						2014
Period	High		Low		Cash Distributions Declared		High		Low		Cash Distributions Declared
First quarter	$	73.88	$	65.46	$	0.9525	$	64.96	$	55.23	$	0.8950
Second quarter	69.47		58.15		0.9540		65.85		59.05		0.9000
Third quarter	62.55		56.01		0.9550		70.04		63.33		0.9400
Fourth quarter	65.19		57.25		0.9646		72.88		63.53		0.9500

Our Senior Unsecured Credit Facility (as described in Item 7) contains covenants that restrict the amount of distributions that we can pay.

Stock Price Performance Graph

The graph below provides an indicator of cumulative total stockholder returns for our common stock for the period December 31, 2010 to December 31, 2015 compared with the S&P 500 Index and the FTSE NAREIT Equity REITs Index. The graph assumes a $100 investment on December 31, 2010, together with the reinvestment of all dividends.

W. P. Carey 2015 10-K– 29

	At December 31,
	2010		2011		2012		2013		2014		2015
W. P. Carey Inc. (a)	$	100.00	$	138.33	$	185.29	$	229.85	$	277.90	$	248.99
S&P 500 Index	100.00		102.11		118.45		156.82		178.28		180.75
FTSE NAREIT Equity REITs Index	100.00		108.29		127.85		131.01		170.49		175.94

___________

(a) Prices in the tables above reflect the price of the Listed Shares of our predecessor through the date of the CPA^®:15 Merger and our REIT conversion on September 28, 2012 and the price of our common stock thereafter.

The stock price performance included in this graph is not necessarily indicative of future stock price performance.

Securities Authorized for Issuance Under Equity Compensation Plans

This information will be contained in our definitive proxy statement for the 2016 Annual Meeting of Stockholders, to be filed within 120 days following the end of our fiscal year, and is incorporated by reference.

W. P. Carey 2015 10-K– 30

Item 6. Selected Financial Data.

The following selected financial data should be read in conjunction with the consolidated financial statements and related notes in Item 8 (in thousands, except per share data):

	Years Ended December 31,
	2015			2014			2013			2012			2011
Operating Data
Revenues from continuing operations (a) (b) (c) (d)	$	938,383		$	908,446		$	489,851		$	352,361		$	309,711
Income from continuing operations (a) (b) (c) (e)	185,227			212,751			93,985			87,514			153,041
Net income (a) (e)	185,227			246,069			132,165			62,779			139,138
Net (income) loss attributable to noncontrolling interests	(12,969		)	(6,385		)	(32,936		)	(607		)	1,864
Net loss (income) attributable to redeemable noncontrolling interests	—			142			(353		)	(40		)	(1,923		)
Net income attributable to W. P. Carey (a) (e)	172,258			239,826			98,876			62,132			139,079
Basic Earnings Per Share:
Income from continuing operations attributable to W. P. Carey	1.62			2.08			1.22			1.83			3.78
Net income attributable to W. P. Carey	1.62			2.42			1.43			1.30			3.44
Diluted Earnings Per Share:
Income from continuing operations attributable to W. P. Carey	1.61			2.06			1.21			1.80			3.76
Net income attributable to W. P. Carey	1.61			2.39			1.41			1.28			3.42
Cash distributions declared per share (f)	3.8261			3.6850			3.5000			2.4420			2.1850
Balance Sheet Data
Total assets (d)	$	8,754,673		$	8,648,479		$	4,678,950		$	4,609,042		$	1,462,623
Net investments in real estate	5,826,544			5,656,555			2,803,634			2,675,573			679,182
Non-recourse debt, net	2,271,204			2,532,683			1,492,410			1,715,397			356,209
Senior credit facilities and Senior Unsecured Notes, net (g)	2,221,589			1,555,863			575,000			253,000			233,160
Other Information
Net cash provided by operating activities	$	477,277		$	399,092		$	207,908		$	80,643		$	80,116
Cash distributions paid	403,555			347,902			220,395			113,867			85,814
Payments of mortgage principal (h)	181,888			425,810			391,764			54,964			25,327

__________

(a) The years ended December 31, 2015 and 2014 include the impact of the CPA^®:16 Merger, which was completed on January 31, 2014 (Note 3). The years ended December 31, 2015, 2014, 2013, and 2012 include the impact of the CPA^®:15 Merger, which was completed on September 28, 2012.

(b) The year ended December 31, 2011 includes $52.5 million of incentive, termination and subordinated disposition revenue recognized in connection with the merger between CPA^®:16 – Global and Corporate Property Associates 14 Incorporated, or CPA^®:14, in May 2011.

(c) Amounts for the years ended December 31, 2015 and 2014 include the operating results of properties sold or held for sale. Prior to 2014, operating results of properties sold or held for sale were included in income from discontinued operations (Note 16).

(d) Certain prior period amounts have been reclassified to conform to the current period presentation.

(e) Amount for the year ended December 31, 2014 includes a Gain on change in control of interests of $105.9 million recognized in connection with the CPA^®:16 Merger (Note 3).

(f) The year ended December 31, 2013 includes a special distribution of $0.110 per share paid in January 2014 to stockholders of record at December 31, 2013.

W. P. Carey 2015 10-K– 31

(g) The year ended December 31, 2015 includes our €500.0 million 2.0% Senior Euro Notes and our $450.0 million 4.0% Senior Notes. The years ended December 31, 2015 and 2014 include our $500.0 million 4.6% Senior Notes. The year ended December 31, 2013 includes the $300.0 million unsecured term loan obtained in July 2013, or the Unsecured Term Loan, and the year ended December 31, 2012 includes the $175.0 million term loan facility (Note 11), which was drawn down in full in connection with the CPA^®:15 Merger.

(h) Represents scheduled payments of mortgage principal and prepayments of mortgage principal. Prepayments of mortgage principal were $91.6 million and $220.8 million for the years ended December 31, 2015 and 2014, respectively.

W. P. Carey 2015 10-K– 32

Item 7. Management’s Discussion and Analysis of Financial Condition and Resultsof Operations.

Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to provide the reader with information that will assist in understanding our financial statements and the reasons for changes in certain key components of our financial statements from period to period. Management’s Discussion and Analysis of Financial Condition and Results of Operations also provides the reader with our perspective on our financial position and liquidity, as well as certain other factors that may affect our future results. The discussion also provides information about the financial results of the segments of our business to provide a better understanding of how these segments and their results affect our financial condition and results of operations.

The following discussion should be read in conjunction with our consolidated financial statements included in Item 8 of this Report and the matters described under Item 1A. Risk Factors.

Business Overview

We provide long-term financing via sale-leaseback and build-to-suit transactions for companies worldwide and, as of December 31, 2015, manage a global investment portfolio of 1,336 properties, including 869 net-leased properties and three operating properties within our owned real estate portfolio. Our business operates in two segments – Real Estate Ownership and Investment Management, as described below.

Real Estate Ownership— We own and invest in commercial properties, primarily in the United States and Europe, that are then leased to companies, primarily on a triple-net lease basis, which requires the tenant to pay substantially all of the costs associated with operating and maintaining the property. We earn lease revenues from our wholly-owned and co-owned real estate investments that we control. In addition, we generate equity earnings through our investments in the shares of the Managed REITs and certain co-owned real estate investments that we do not control. In addition, through our ownership of special member interests in the operating partnerships of the Managed REITs, we participate in the cash flows of those REITs. 

Investment Management— We earn revenue as the advisor to the Managed Programs. Under the advisory agreements with the Managed Programs, we perform various services, including but not limited to the day-to-day management of the Managed Programs and transaction-related services. We earn dealer manager fees in connection with the public offerings of the Managed Programs. We structure and negotiate investments and debt placement transactions for the Managed REITs, for which we earn structuring revenue, and we manage their portfolios of real estate investments, for which we earn asset-based management revenue. In addition, we generate equity earnings (losses) through our investment in the shares of CCIF. The Managed Programs reimburse us for certain costs that we incur on their behalf, consisting primarily of broker-dealer commissions and marketing costs while we are raising funds for their public offerings, and certain personnel and overhead costs.

Economic Overview

In the United States, the overall economic environment was marked by very moderate growth during 2015. Gross domestic product expanded 2.4% and inflation, as measured by the CPI, finished the year relatively flat, up 0.7%, in part due to the negative impact from declining energy prices. The labor market continued to gain momentum as the unemployment rate ended the year at 5.0%. Progress in the job market contributed to the decision by the Federal Reserve System to raise interest rates for the first time in nearly a decade. In December 2015, the Federal Reserve System raised its key interest rate 0.25%. While interest rates finished the year slightly up from 2014, they remained at historically low levels. The movement in rates coupled with widening spreads and receding equity valuations led to an increase in the cost of capital for many domestic REITs during the year. However, strong demand for commercial properties from investors kept commercial property yields, or capitalization rates, at compressed levels as competition for assets, including net-leased properties, remained high. Additionally, development levels in certain sectors increased over prior years as public and private investors sought additional yield. Despite increased development starts, new supply remains at relatively low levels historically.

In Europe, the economic recovery continued to be slow in most northern and western European countries despite stimulus efforts by the European Central Bank. Inflation remained relatively unchanged, with the Harmonized Index of Consumer Prices up 0.2% year-over-year. The United Kingdom and Germany experienced better growth and lower unemployment figures relative to most of their European peers and Spain’s economy continued to gain momentum. However, similar to 2014, many other European countries, including those considered emerging economies, operated at recessionary levels consisting of negative economic growth and high unemployment. In December 2015, the European Central Bank lowered the depository facility rate to -0.3% and announced the extension of its quantitative easing program to help spur economic growth and inflation. The divergent monetary policies between the Federal Reserve System and the European Central Bank have led to

W. P. Carey 2015 10-K– 33

more attractive long-term borrowing rates in Europe and a further weakening of the euro against the U.S. dollar. From December 31, 2014 to December 31, 2015, the euro depreciated by approximately 10% against the U.S. dollar. Consistent with 2014, higher capitalization rates on commercial properties with similar risk profiles to those in the United States in conjunction with lower borrowing rates have created a favorable climate for investing in net-lease assets in Europe. However, the commercial property market gained traction in Europe as investment volumes increased, causing overall capitalization rates to experience some compression during the year.

Significant Developments

Change in Management

On February 10, 2016, we announced that Mark J. DeCesaris, a member of our board of directors, was appointed Chief Executive Officer, effective immediately. Mr. DeCesaris succeeded Trevor P. Bond, who resigned as Chief Executive Officer and as a director to pursue other interests. Mr. DeCesaris has served on our board of directors since 2012 and previously served in various capacities for W. P. Carey from 2005 until 2013, including as our Chief Financial Officer (Note 19).

Strategic Alternatives

On February 10, 2016, we announced that we are continuing to review a range of strategic alternatives and are being advised by J.P. Morgan Securities LLC in this process.

Real Estate Ownership

Investment Transactions

During 2015, we acquired seven foreign investments totaling $605.7 million and two domestic investments totaling $83.0 million, inclusive of acquisition-related costs (Note 5), which included:

• one investment in 73 auto dealership properties in various locations in the United Kingdom;

• a logistics facility in Rotterdam, the Netherlands;

• a retail facility in Bad Fischau, Austria;

• a logistics facility in Oskarshamn, Sweden;

• an office building in Sunderland, United Kingdom;

• one investment in three truck and bus service facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria;

• one investment in six hotel properties in various locations in the United States;

• one investment in ten car dealerships in various locations in the Netherlands; and

• an office facility in Irvine, California.

We have an active capital recycling program, with a goal of extending our average lease term and improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. As part of our capital recycling program, we sold 12 domestic properties and two international properties during 2015 for total gross proceeds of $38.5 million (Note 16).

Financing Transactions

Since January 1, 2015, we increased our unsecured borrowings and our borrowing capacity by more than $1.5 billion in the aggregate (Note 11), as follows:

• On January 15, 2015, we exercised the accordion feature on our Senior Unsecured Credit Facility, which increased the maximum borrowing capacity under our Revolver from $1.0 billion to $1.5 billion. We also amended the Senior Unsecured Credit Facility as follows: (i) established a new $500.0 million accordion feature that, if exercised, subject to lender commitments, would increase our maximum borrowing capacity under our Revolver to $2.0 billion and bring the Senior Unsecured Credit Facility to $2.25 billion, and (ii) increased the amount under our Revolver that may be borrowed in certain currencies other than the U.S. dollar from the equivalent of $500.0 million to $750.0 million.

• On January 21, 2015, we issued €500.0 million ($591.7 million) of 2.0% Senior Euro Notes, at a price of 99.22% of par value, in a registered public offering. These 2.0% Senior Euro Notes have an eight-year term and are scheduled to mature on January 20, 2023.

W. P. Carey 2015 10-K– 34

• On January 26, 2015, we issued $450.0 million of 4.0% Senior Notes, at a price of 99.372% of par value, in a registered public offering. These 4.0% Senior Notes have a ten-year term and are scheduled to mature on February 1, 2025.

• On January 29, 2016, we exercised our option to extend the maturity of our Term Loan Facility by an additional year to January 31, 2017.

Foreign Currency Fluctuation

We own investments outside the United States, primarily in Europe, Australia, and Asia, and as a result, are subject to risk from exchange rate fluctuations in various foreign currencies, primarily the euro. The average exchange rate of the U.S. dollar in relation to the euro decreased by approximately 16.5% during 2015 compared to 2014, resulting in a negative impact on the results of operations for our euro-denominated investments during 2015 compared to 2014. We try to manage our exposure related to fluctuations in exchange rates of the U.S. dollar relative to the respective currencies of our foreign operations by entering into hedging arrangements utilizing derivatives instruments such as foreign currency forward contracts and collars. We also try to manage our exposure related to fluctuations in the exchange rate between the U.S. dollar and the euro by incurring debt denominated in the euro, including euro-denominated non-recourse debt, the Senior Euro Notes, and our ability to draw down on our Revolver in euros (as well as other currencies).

At-The-Market Equity Offering Program

On June 3, 2015, we filed a prospectus supplement with the SEC pursuant to which we may offer and sell shares of our common stock, up to an aggregate gross sales price of $400.0 million through our ATM offering program (Note 13). As of the date of this Report, we have not issued any shares pursuant to this ATM program.

Investment Management

During 2015, we managed CPA^®:17 – Global, CPA^®:18 – Global, CWI 1, CWI 2, and CCIF.

Investment Transactions

During 2015, we earned $92.1 million in structuring revenue related to the following transactions on behalf of the Managed Programs:

• We structured investments in 12 properties, two loans receivable, and one equity investment for an aggregate of $366.9 million, inclusive of acquisition-related costs, on behalf of CPA^®:17 – Global. Approximately $205.2 million was invested in Europe and $161.7 million was invested in the United States.

• We structured investments in 66 properties for an aggregate of $1.1 billion, inclusive of acquisition-related costs, on behalf of CPA^®:18 – Global. Approximately $571.4 million was invested in the United States and $565.2 million was invested internationally.

• We structured investments in seven domestic hotels for a total of $706.9 million, inclusive of acquisition-related costs, on behalf of CWI 1. One of these investments is jointly-owned with CWI 2.

• We structured investments in three domestic hotels for a total of $323.5 million, inclusive of acquisition-related costs, on behalf of CWI 2. One of these investments is jointly-owned with CWI 1.

Financing Transactions

• During 2015, we arranged mortgage financing totaling $170.2 million for CPA^®:17 – Global, $566.7 million for CPA^®:18 – Global, $317.9 million for CWI 1, and $142.0 million for CWI 2.

• In August 2015, we arranged a credit agreement for CPA^®:17 – Global, which provides for a $200.0 million senior unsecured revolving credit facility and a $50.0 million delayed-draw term loan facility. As a result, our board of directors terminated its previous authorization to provide loans of up to $75.0 million to CPA^®:17 – Global for the purpose of facilitating acquisitions (Note 4).

• In December 2015, we arranged a credit agreement for CWI 1, which provides for a $50.0 million senior unsecured revolving credit facility. As a result, our board of directors terminated its previous authorization to provide loans to CWI 1 for the purpose of facilitating acquisitions (Note 4).

• In December 2015, we arranged a credit agreement for CCIF, which provides for a $175.0 million senior unsecured term loan credit facility.

W. P. Carey 2015 10-K– 35

Investor Capital Inflows

During 2015, we earned $4.8 million in Dealer manager fees related to the following offerings on behalf of the Managed Programs:

• CPA^®:18 – Global commenced its initial public offering in May 2013 and, through the termination of its offering in April 2015, raised approximately $1.2 billion, of which $100.4 million was raised during 2015.

• CWI 2 commenced its initial public offering in the first quarter of 2015 and began to admit new stockholders on May 15, 2015 (Note 2). Through December 31, 2015, CWI 2 had raised approximately $247.0 million through its offering.

• In July 2015, the registration statements on Form N-2 for the CCIF Feeder Funds were each declared effective by the SEC. The registration statements enable the CCIF Feeder Funds to sell common shares up to $1.0 billion and to invest that equity capital into CCIF, which is the master fund in a master-feeder structure. The CCIF Feeder Funds intend to invest the proceeds that they raise through their respective public offerings into the master fund, CCIF. The advisor to CCIF is wholly owned by us. Through December 31, 2015, the Feeder Funds have invested $2.0 million in CCIF.

Proposed Regulatory Changes

The SEC has approved amendments to the rules of the Financial Industry Regulatory Authority, Inc. applicable to securities of unlisted REITs, such as the Managed REITs, and direct participation programs, such as the Managed BDCs. The amendments are scheduled to become effective on April 11, 2016. The rule changes provide, among other things, that: (i) Financial Industry Regulatory Authority, Inc. members, such as our broker dealer subsidiary, Carey Financial, LLC, include in customer account statements the net asset value per share, of the unlisted entity that have been developed using a methodology reasonably designed to ensure the net asset value per share’s reliability; and (ii) net asset value per share disclosed from and after 150 days following the second anniversary of the admission of shareholders of the unlisted entity's public offering be based on an appraised valuation developed by, or with the material assistance of, a third-party expert and updated on at least an annual basis, which is consistent with our current practice regarding our Managed REITs. The rule changes also propose that account statements include additional disclosure regarding the sources of distributions to shareholders of unlisted entities. It is not practicable at this time to determine whether these rules will adversely affect market demand for shares of unlisted REITs and direct participation programs. We will continue to assess the potential impact of the rule changes on our Investment Management business.

In April 2015, the DOL issued a proposed regulation that would substantially expand the range of activities that would be considered to be fiduciary investment advice under ERISA and the Internal Revenue Code. Since the proposal’s issuance, the DOL has received extensive commentary from industry participants and other regulatory authorities. In addition, there have been requests from Congress for greater cooperation with the SEC and the Financial Industry Regulatory Authority, Inc. to eliminate regulatory conflict within the existing proposal. The DOL has made public statements indicating that it intends to make modifications to the recent proposal. It is difficult to assess what the final form of the proposal will be and if it will ultimately be adopted. As a result, we are unable to determine at this time whether this proposed regulation will adversely affect our role as advisors to the Managed Programs or impact the operations of our Managed Programs. We will continue to monitor developments regarding the proposed regulation.

New Tax Legislation

The Protecting Americans from Tax Hikes Act of 2015, or the PATH Act, was enacted on December 18, 2015. The PATH Act makes significant changes to the Internal Revenue Code and contains various provisions that affect us, including several pertaining to REIT qualification and taxation, as summarized below:

• For taxable years beginning after December 31, 2017, the PATH Act reduces the limit for which the value of our assets may consist of stock or securities of one or more TRSs to 20% from 25%;

• Effective December 18, 2015, the PATH Act increases the maximum ownership permitted under the exemption from the Foreign Investment in Real Property Tax Act of 1980, or FIRPTA, for publicly-traded REITs from 5% to 10%;

• For distributions made in taxable years beginning after December 31, 2014, the preferential dividend rules no longer apply to publicly-offered REITs. A dividend is preferential unless it is distributed pro rata, with no preference to any share of stock compared to other shares of the same class of stock;

• Effective for taxable years beginning after December 31, 2015, the PATH Act conforms tax deductibility with deductibility for computing “earnings and profits.” A REIT’s current earnings and profits are not reduced by any amount unless the REIT can deduct such amount from its current year’s taxable income.

W. P. Carey 2015 10-K– 36

• Effective for taxable years beginning after December 31, 2015, the PATH Act expands the safe harbor that allows a REIT to sell property with an aggregate tax basis or fair market value up to 20% of its aggregate tax basis, as compared to 10% previously. REITs may be subject to a prohibited transaction tax if the REIT engages in frequent property sales. A safe-harbor applies if, among other requirements, the tax basis or fair market value of the property sold by the REIT in any given year does not exceed 10% of the aggregate tax basis, or aggregate fair market values of all of the REIT assets as of the beginning of the year;

• The PATH Act extends the deductibility of “bonus depreciation” until December 31, 2019. The tax deduction for bonus depreciation pertains to all businesses, which are permitted to immediately deduct 50 percent of certain investment costs; and

• Effective for taxable years beginning after December 31, 2015, the PATH Act permanently extends the 15-year straight-line cost recovery period for qualified leasehold improvements, which had previously ended on December 31, 2014. Without the qualification, the tax deductible recovery period for leasehold improvements is up to 39 years.

Financial Highlights

Our results for the year ended December 31, 2015 as compared to 2014 included the following significant items:

• Lease revenues from properties acquired during 2015 were $32.5 million;

• Lease revenues and property level contribution from properties acquired in the CPA^®:16 Merger on January 31, 2014 increased by $9.7 million and $3.3 million, respectively, for the full year ended December 31, 2015 as compared to the 11 months ended December 31, 2014;

• We recognized an aggregate of $22.8 million in lease termination income, including $15.0 million related to a property classified as held for sale (Note 16) during 2015;

• Structuring revenue increased by $20.9 million for 2015 as compared to 2014, primarily due to higher investment volume for CPA^®:17 – Global and CPA^®:18 – Global. We also recognized structuring revenue from CWI 2 in 2015, which completed its first acquisition in May 2015;

• Asset management revenue increased by $11.9 million for 2015 as compared to 2014, primarily as a result of the growth in assets under management due to investment volume for CPA^®:17 – Global, CPA^®:18 – Global, CWI 1, and CWI 2;

• We reversed $25.0 million of liabilities for German real estate transfer taxes (Note 7) in 2015, which is reflected in Merger, property acquisition, and other expenses in the consolidated financial statements;

• We recognized impairment charges totaling $29.9 million on 12 properties and a parcel of vacant land and an allowance for credit losses of $8.7 million on a direct financing lease during 2015 (Note 6, Note 9); and

• We incurred expenses of $5.7 million related to our review of a range of strategic alternatives during 2015, as described above.

Our results for the year ended December 31, 2014 as compared to 2013 included the following significant items:

• Lease revenues and property level contribution from properties acquired in the CPA^®:16 Merger on January 31, 2014 were $250.5 million and $142.6 million, respectively, for the period through December 31, 2014, including the impact of properties subsequently sold during 2014 and 2015;

• We recognized a Gain on change in control of interests of $105.9 million in connection with the CPA^®:16 Merger during 2014 (Note 3);

• We received an aggregate of $13.5 million in lease termination income in connection with the early termination of two leases during the second quarter of 2014;

• Asset management revenue from CPA^®:16 – Global decreased by $16.3 million for 2014 as compared to 2013 due to the cessation of asset management fees from CPA^®:16 – Global upon completion of the CPA^®:16 Merger on January 31, 2014;

• We incurred interest expense on our 4.6% Senior Notes issued in March 2014 of $18.5 million during 2014 (Note 11);

• We incurred costs in connection with the CPA^®:16 Merger of $30.5 million during 2014;

• We issued 30,729,878 shares on January 31, 2014 to stockholders of CPA^®:16 – Global as part of the merger consideration in connection with the CPA^®:16 Merger;

• We paid cash distributions on shares issued in connection with the CPA^®:16 Merger totaling $84.0 million during 2014; and

• We issued 4,600,000 shares in the Equity Offering in September 2014.

W. P. Carey 2015 10-K– 37

(in thousands, except shares)

	Years Ended December 31,
	2015			2014			2013
Real estate revenues (excluding reimbursable tenant costs)	$	712,616		$	620,521		$	302,651
Investment management revenues (excluding reimbursable costs from affiliates)	147,098			132,851			100,314
Total revenues (excluding reimbursable costs)	859,714			753,372			402,965
Net income attributable to W. P. Carey (a)	172,258			239,826			98,876
Cash distributions paid	403,555			347,902			220,395
Net cash provided by operating activities	477,277			399,092			207,908
Net cash used in investing activities	(645,185		)	(640,226		)	(6,374		)
Net cash provided by (used in) financing activities	152,537			343,140			(210,588		)
Supplemental financial measure:
Adjusted funds from operations attributable to W. P. Carey (AFFO) (b)	531,202			480,466			294,151
Diluted weighted-average shares outstanding (c) (d)	106,507,652			99,827,356			69,708,008

__________

(a) Amount for the year ended December 31, 2014 includes a Gain on change in control of interests of $105.9 million recognized in connection with the CPA^®:16 Merger (Note 3).

(b) We consider the performance metrics listed above, including Adjusted funds from operations, previously referred to as Funds from operations – as adjusted, or AFFO, a supplemental measure that is not defined by GAAP, referred to as a non-GAAP measure, to be important measures in the evaluation of our results of operations and capital resources. We evaluate our results of operations with a primary focus on the ability to generate cash flow necessary to meet our objective of funding distributions to stockholders. See Supplemental Financial Measures below for our definition of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.

(c) Amount for the year ended December 31, 2014 includes the dilutive impact of the 4,600,000 shares issued in the Equity Offering on September 30, 2014 and the 30,729,878 shares issued to stockholders of CPA^®:16 – Global in connection with the CPA^®:16 Merger on January 31, 2014.

(d) Amount for the year ended December 31, 2013 includes the dilutive impact of the 28,170,643 shares issued to stockholders of CPA^®:15 in connection with the CPA^®:15 Merger on September 28, 2012.

Consolidated Results

Revenues and Net Income Attributable to W. P. Carey

2015vs.2014 — Total revenues increased in 2015 as compared to 2014, primarily due to increases within our Real Estate Ownership segment. The growth in revenues within our Real Estate Ownership segment was generated substantially from the nine investments we acquired during 2015 (Note 5) and the properties we acquired in the CPA^®:16 Merger on January 31, 2014, which we owned for the full year ended December 31, 2015 (Note 3). Additionally, total revenues within our Investment Management segment improved as a result of increases in structuring revenue and asset management revenue, due to higher investment volume on behalf of the Managed REITs in 2015 as compared to 2014, which increased our assets under management. These increases were partially offset by the impact of the decrease in the average exchange rate of the U.S. dollar in relation to foreign currencies (primarily the euro) during 2015 as compared to 2014. Net income attributable to W. P. Carey decreased in 2015 as compared to 2014, primarily due to a Gain on change in control of interests of $105.9 million recognized in connection with the CPA^®:16 Merger during 2014 (Note 3), income from properties in discontinued operations recognized during 2014, and an increase in interest expense described below in Results of Operations, partially offset by the increase in total revenues during 2015 as compared to 2014 described above, the reversal of liabilities for German real estate transfer taxes recognized in 2015 (Note 7), lease termination income related to a domestic property classified as held for sale (Note 16), and an increase in the distributions of Available Cash we received from the Managed REITs, which was driven by growth in assets under management (Note 4).

W. P. Carey 2015 10-K– 38

2014 vs. 2013 — Total revenues and Net income attributable to W. P. Carey increased significantly in 2014 as compared to 2013, primarily due to increases within our Real Estate Ownership Segment. The growth in revenues and income within our Real Estate Ownership segment was generated substantially from the properties we acquired in the CPA^®:16 Merger on January 31, 2014 (Note 3). Additionally, total revenues and Net income within our Investment Management segment increased as a result of a significant increase in structuring revenue due to higher investment volume on behalf of the Managed REITs in 2014 as compared to 2013.

Net Cash Provided by Operating Activities

2015vs.2014 — Net cash provided by operating activities increased in 2015 as compared to 2014, primarily due to operating cash flow generated from properties we acquired during 2014 and 2015 and the properties we acquired in the CPA^®:16 Merger in January 2014, as well as increases in structuring revenue and asset management revenue received in cash from the Managed REITs.

2014 vs. 2013 — Net cash provided by operating activities increased significantly in 2014 as compared to 2013, primarily due to operating cash flow generated from the properties we acquired in the CPA^®:16 Merger, which was partially offset by a decrease in cash received for providing asset-based management services to the Managed REITs because we no longer provided such services to CPA^®:16 – Global after the completion of the CPA^®:16 Merger.

AFFO

2015vs.2014 — AFFO increased in 2015 as compared to 2014, primarily due to income generated from the nine investments we acquired during 2015, the full year effect of the CPA^®:16 Merger, the increases in structuring revenue and asset management revenue described above, and the increase in distributions of Available Cash we received from the Managed REITs, partially offset by the impact of the decrease in the average exchange rate of the U.S. dollar in relation to foreign currencies (primarily the euro) during 2015 as compared to 2014.

2014 vs. 2013 — AFFO increased significantly in 2014 as compared to 2013, primarily due to income generated from the properties we acquired in the CPA^®:16 Merger and an increase in Structuring revenue due to higher investment volume on behalf of the Managed REITs in 2014, partially offset by the cessation of asset management revenue received from CPA^®:16 – Global after the completion of the CPA^®:16 Merger.

Portfolio Overview

We intend to continue to acquire a diversified portfolio of income-producing commercial real estate properties and other real estate-related assets. We expect to make these investments both domestically and internationally. Portfolio information is provided on a pro rata basis, unless otherwise noted below, to better illustrate the economic impact of our various net-leased jointly-owned investments. See Terms and Definitions below for a description of pro rata amounts.

Portfolio Summary

	As of December 31,
	2015			2014			2013
Number of net-leased properties (a)	869			783			418
Number of operating properties (b)	3			4			2
Number of tenants (net-leased properties)	222			219			128
Total square footage (net-leased properties, in thousands)	90,120			87,300			39,500
Occupancy (net-leased properties)	98.8		%	98.6		%	98.9		%
Weighted-average lease term (net-leased properties, in years)	9.0			9.1			8.1
Number of countries	19			18			10
Total assets (consolidated basis, in thousands)	$	8,754,673		$	8,648,479		$	4,678,950
Net investments in real estate (consolidated basis, in thousands)	5,826,544			5,656,555			2,803,634

W. P. Carey 2015 10-K– 39

	Years Ended December 31,
	2015			2014			2013
Financing obtained (in millions, pro rata amount equals consolidated amount) (c)	$	1,541.7		$	1,750.0		$	415.6
Acquisition volume (in millions, pro rata amount equals consolidated amount) (d)	688.7			906.9			347.1
New equity investments (in millions)	—			25.0			—
Average U.S. dollar/euro exchange rate (e)	1.1099			1.3295			1.3284
Change in the U.S. CPI (f)	0.7		%	0.8		%	1.5		%
Change in the German CPI (f)	0.3		%	0.2		%	1.4		%
Change in the French CPI (f)	0.2		%	0.1		%	0.7		%
Change in the Spanish CPI (f)	0.1		%	(1.0		)%	0.3		%
Change in the Finnish CPI (f)	(0.2		)%	0.5		%	1.6		%

__________

(a) Net-leased properties as of December 31, 2015 and 2014 included 335 properties acquired from CPA^®:16 – Global in the CPA^®:16 Merger in January 2014 with a total fair value of approximately $3.7 billion (Note 3), eight of which were sold during 2015 and 11 of which were sold during 2014.

(b) At December 31, 2015, operating properties included one self-storage property with an occupancy of 90.8%, as well as two hotel properties acquired from CPA^®:16 – Global in the CPA^®:16 Merger with an average occupancy of 80.9% for 2015. During 2015, we sold one self-storage property (Note 16). At December 31, 2014, operating properties included two self-storage properties and the two hotel properties acquired from CPA^®:16 – Global in the CPA^®:16 Merger. At December 31, 2013, operating properties were held within one consolidated investment in 20 self-storage properties, which was jointly-owned with an unrelated third-party and two employees, as well as a hotel and a wholly-owned self-storage property. We sold 19 of the jointly-owned self-storage properties and the hotel in the fourth quarter of 2013.

(c) The amount for 2015 represents the exercise of the accordion feature under our Senior Unsecured Credit Facility in January 2015, which increased our borrowing capacity under our Revolver by $500.0 million, and the issuances of the €500.0 million 2.0% Senior Euro Notes and $450.0 million 4.0% Senior Notes in January 2015. The amount for 2014 includes our $500.0 million 4.6% Senior Notes and our $1.25 billion Senior Unsecured Credit Facility. The amount for 2013 includes a $300.0 million Unsecured Term Loan, which was repaid in full and terminated on January 31, 2014 when we entered into our Senior Unsecured Credit Facility (Note 11).

(d) Amounts for 2015 and 2014 include acquisition-related costs, certain of which were expensed in the consolidated financial statements.

(e) The average exchange rate for the U.S. dollar in relation to the euro decreased during 2015 as compared to 2014 and increased during 2014 as compared to 2013, resulting in a negative impact on earnings in 2015 and a positive impact on earnings in 2014 from our euro-denominated investments.

(f) Many of our lease agreements include contractual increases indexed to changes in the CPI or similar indices in the jurisdictions in which the properties are located.

W. P. Carey 2015 10-K– 40

Net-Leased Portfolio

The tables below represent information about our net-leased portfolio at December 31, 2015 on a pro rata basis and, accordingly, exclude all operating properties. See Terms and Definitions below for a description of pro rata amounts and ABR.

Top Ten Tenants by ABR

(in thousands, except percentages)

Tenant/Lease Guarantor	Property Type	Tenant Industry	Location	Number of Properties	ABR		Percent
Hellweg Die Profi-Baumärkte GmbH & Co. KG (a)	Retail	Retail Stores	Germany	53	$	33,016	4.8	%
U-Haul Moving Partners Inc. and Mercury Partners, LP	Self Storage	Cargo Transportation, Consumer Services	Various U.S.	78	31,853		4.6	%
Carrefour France SAS (a)	Warehouse	Retail Stores	France	16	26,972		3.9	%
State of Andalucia (a)	Office	Sovereign and Public Finance	Spain	70	25,697		3.7	%
Pendragon Plc (a)	Retail	Retail Stores, Consumer Services	United Kingdom	73	24,405		3.5	%
Marriott Corporation	Hotel	Hotel, Gaming and Leisure	Various U.S.	18	19,774		2.9	%
True Value Company	Warehouse	Retail Stores	Various U.S.	7	15,071		2.2	%
OBI Group (a)	Retail	Retail Stores	Poland	18	14,818		2.1	%
UTI Holdings, Inc.	Learning Center	Consumer Services	Various U.S.	6	14,638		2.1	%
Advanced Micro Devices, Inc.	Office	High Tech Industries	Sunnyvale, CA	1	12,769		1.8	%
Total				340	$	219,013	31.6	%

__________

(a) ABR amounts are subject to fluctuations in foreign currency exchange rates.

W. P. Carey 2015 10-K– 41

Portfolio Diversification by Geography

(in thousands, except percentages)

Region	ABR		Percent		Square Footage	Percent
United States
East
New Jersey	$	25,969	3.8	%	1,724	2.0	%
North Carolina	19,486		2.8	%	4,518	5.0	%
Pennsylvania	18,327		2.6	%	2,526	2.8	%
New York	17,742		2.6	%	1,178	1.3	%
Massachusetts	14,786		2.1	%	1,390	1.5	%
Virginia	7,992		1.2	%	1,093	1.2	%
Other (a)	22,745		3.3	%	4,703	5.2	%
Total East	127,047		18.4	%	17,132	19.0	%
West
California	57,426		8.3	%	3,624	4.0	%
Arizona	25,916		3.8	%	2,928	3.3	%
Colorado	10,304		1.5	%	1,268	1.4	%
Utah	7,198		1.0	%	960	1.1	%
Other (a)	20,135		2.9	%	2,297	2.5	%
Total West	120,979		17.5	%	11,077	12.3	%
South
Texas	47,377		6.8	%	6,811	7.6	%
Georgia	24,817		3.6	%	3,065	3.4	%
Florida	17,977		2.6	%	1,855	2.1	%
Tennessee	13,440		1.9	%	1,804	2.0	%
Other (a)	8,122		1.2	%	1,848	2.1	%
Total South	111,733		16.1	%	15,383	17.2	%
Midwest
Illinois	26,092		3.8	%	3,741	4.2	%
Michigan	11,662		1.7	%	1,380	1.5	%
Indiana	9,141		1.3	%	1,418	1.6	%
Ohio	7,234		1.0	%	1,647	1.8	%
Missouri	7,003		1.0	%	1,305	1.4	%
Other (a)	21,956		3.2	%	3,584	4.0	%
Total Midwest	83,088		12.0	%	13,075	14.5	%
United States Total	442,847		64.0	%	56,667	63.0	%
International
Germany	58,425		8.5	%	7,131	7.9	%
France	41,649		6.0	%	7,836	8.7	%
United Kingdom	40,510		5.8	%	2,681	2.9	%
Spain	27,200		3.9	%	2,927	3.2	%
Finland	19,301		2.8	%	1,979	2.2	%
Poland	16,662		2.4	%	2,189	2.4	%
The Netherlands	14,056		2.0	%	2,233	2.5	%
Australia	10,014		1.4	%	3,160	3.5	%
Other (b)	21,956		3.2	%	3,317	3.7	%
International Total	249,773		36.0	%	33,453	37.0	%
Total	$	692,620	100.0	%	90,120	100.0	%

W. P. Carey 2015 10-K– 42

Portfolio Diversification by Property Type

(in thousands, except percentages)

Property Type	ABR		Percent		Square Footage	Percent
Office	$	207,956	30.0	%	14,000	15.5	%
Industrial	170,616		24.6	%	34,075	37.8	%
Warehouse	119,847		17.3	%	24,834	27.6	%
Retail	108,327		15.7	%	9,912	11.0	%
Self Storage	31,853		4.6	%	3,536	3.9	%
Other Properties (c)	54,021		7.8	%	3,763	4.2	%
Total	$	692,620	100.0	%	90,120	100.0	%

__________

(a) Other properties in the East include assets in Connecticut, South Carolina, Kentucky, Maryland, New Hampshire, and West Virginia. Other properties in the West include assets in Washington, New Mexico, Nevada, Oregon, Wyoming, and Alaska. Other properties in the South include assets in Louisiana, Alabama, Arkansas, Mississippi, and Oklahoma. Other properties in the Midwest include assets in Minnesota, Kansas, Wisconsin, Nebraska, and Iowa.

(b) Includes assets in Norway, Austria, Hungary, Sweden, Belgium, Canada, Mexico, Thailand, Malaysia, and Japan.

(c) Includes ABR from tenants within the following property types: learning center, hotel, theater, sports facility, and residential.

W. P. Carey 2015 10-K– 43

Portfolio Diversification by Tenant Industry

(in thousands, except percentages)

Industry Type	ABR		Percent		Square Footage	Percent
Retail Stores	$	139,973	20.2	%	20,943	23.2	%
Consumer Services	58,927		8.5	%	5,008	5.5	%
High Tech Industries	46,070		6.7	%	3,225	3.6	%
Automotive	39,116		5.6	%	6,599	7.3	%
Sovereign and Public Finance	38,522		5.6	%	3,408	3.8	%
Beverage, Food and Tobacco	33,807		4.9	%	7,371	8.2	%
Hotel, Gaming and Leisure	33,759		4.9	%	2,254	2.5	%
Healthcare and Pharmaceuticals	31,434		4.5	%	2,173	2.4	%
Cargo Transportation	30,866		4.5	%	4,229	4.7	%
Media: Advertising, Printing and Publishing	29,825		4.3	%	1,895	2.1	%
Containers, Packaging and Glass	26,644		3.8	%	5,326	5.9	%
Capital Equipment	26,295		3.8	%	4,932	5.4	%
Construction and Building	19,834		2.9	%	4,224	4.7	%
Business Services	17,794		2.6	%	1,849	2.1	%
Telecommunications	16,743		2.4	%	1,188	1.3	%
Wholesale	14,370		2.1	%	2,806	3.1	%
Durable Consumer Goods	10,990		1.6	%	2,485	2.8	%
Aerospace and Defense	10,508		1.5	%	1,183	1.3	%
Grocery	10,347		1.5	%	1,260	1.4	%
Chemicals, Plastics and Rubber	9,840		1.4	%	1,088	1.2	%
Metals and Mining	9,623		1.4	%	1,413	1.6	%
Oil and Gas	7,737		1.1	%	368	0.4	%
Non-Durable Consumer Goods	7,667		1.1	%	1,883	2.1	%
Banking	7,202		1.0	%	596	0.7	%
Other (a)	14,727		2.1	%	2,414	2.7	%
Total	$	692,620	100.0	%	90,120	100.0	%

__________

(a) Includes ABR from tenants in the following industries: insurance; electricity; media: broadcasting and subscription; forest products and paper; environmental industries; and consumer transportation. Also includes square footage for vacant properties.

W. P. Carey 2015 10-K– 44

Lease Expirations

(in thousands, except percentages and number of leases)

Year of Lease Expiration (a)	Number of Leases Expiring	ABR		Percent		Square Footage	Percent
December 31, 2015 (b)	4	$	6,350	0.9	%	269	0.3	%
2016 (c)	14	18,052		2.6	%	1,870	2.1	%
2017	15	12,749		1.9	%	2,420	2.7	%
2018	29	56,393		8.2	%	8,106	9.0	%
2019	26	42,470		6.1	%	3,990	4.4	%
2020	24	35,998		5.2	%	3,548	3.9	%
2021	79	41,524		6.0	%	6,682	7.4	%
2022	36	61,812		8.9	%	8,443	9.4	%
2023	14	37,034		5.3	%	4,882	5.4	%
2024	43	92,278		13.3	%	11,689	13.0	%
2025	44	34,169		4.9	%	3,645	4.0	%
2026	22	21,128		3.1	%	3,118	3.5	%
2027	25	41,968		6.1	%	6,277	7.0	%
2028	10	23,140		3.3	%	2,987	3.3	%
2029	13	23,387		3.4	%	3,534	3.9	%
Thereafter	85	144,168		20.8	%	17,590	19.5	%
Vacant	—	—		—	%	1,070	1.2	%
Total	483	$	692,620	100.0	%	90,120	100.0	%

__________

(a) Assumes tenant does not exercise any renewal option.

(b) Reflects ABR for leases that expired on December 31, 2015

(c) A month-to-month lease with ABR of $0.1 million is included in 2016 ABR.

Terms and Definitions

Pro Rata Metrics—The portfolio information above contains certain metrics prepared under the pro rata consolidation method.We refer to these metrics as pro rata metrics. We have a number of investments, usually with our affiliates, in which our economic ownership is less than 100%. Under the full consolidation method, we report 100% of the assets, liabilities, revenues, and expenses of those investments that are deemed to be under our control or for which we are deemed to be the primary beneficiary, even if our ownership is less than 100%. Also, for all other jointly-owned investments, we report our net investment and our net income or loss from that investment. Under the pro rata consolidation method, we generally present our proportionate share, based on our economic ownership of these jointly-owned investments, of the assets, liabilities, revenues, and expenses of those investments.

ABR —ABR represents contractual minimum annualized base rent for our net-leased properties. ABR is not applicable to operating properties.

W. P. Carey 2015 10-K– 45

Results of Operations

We have two reportable segments: Real Estate Ownership and Investment Management. We evaluate our results of operations with a primary focus on increasing and enhancing the value, quality and number of properties in our Real Estate Ownership segment as well as assets owned by the Managed Programs, which are managed by our Investment Management segment. We focus our efforts on improving underperforming assets through re-leasing efforts, including negotiation of lease renewals, or selectively selling assets in order to increase value in our real estate portfolio. The ability to increase assets under management by structuring investments on behalf of the Managed Programs is affected, among other things, by our ability to raise capital on behalf of the Managed Programs and our ability to identify and enter into appropriate investments and related financing on their behalf.

W. P. Carey 2015 10-K– 46

Real Estate Ownership

The following table presents the comparative results of our Real Estate Ownership segment (in thousands):

	Years Ended December 31,
	2015			2014			Change			2014			2013			Change
Revenues
Lease revenues	$	656,956		$	573,829		$	83,127		$	573,829		$	299,624		$	274,205
Operating property revenues	30,515			28,925			1,590			28,925			956			27,969
Lease termination income and other	25,145			17,767			7,378			17,767			2,071			15,696
Reimbursable tenant costs	22,832			24,862			(2,030		)	24,862			13,314			11,548
	735,448			645,383			90,065			645,383			315,965			329,418
Operating Expenses
Depreciation and amortization:
Net-leased properties	271,985			229,210			42,775			229,210			117,271			111,939
Operating properties	4,251			3,889			362			3,889			178			3,711
	276,236			233,099			43,137			233,099			117,449			115,650
Property expenses:
Net-leased properties	23,039			13,244			9,795			13,244			5,213			8,031
Reimbursable tenant costs	22,832			24,862			(2,030		)	24,862			13,314			11,548
Operating property expenses	22,119			20,847			1,272			20,847			577			20,270
Property management fees	7,041			3,634			3,407			3,634			2,292			1,342
	75,031			62,587			12,444			62,587			21,396			41,191
General and administrative	47,676			38,797			8,879			38,797			18,993			19,804
Impairment charges	29,906			23,067			6,839			23,067			4,741			18,326
Merger, property acquisition, and other expenses	(9,908		)	34,465			(44,373		)	34,465			9,230			25,235
Stock-based compensation expense	7,873			12,659			(4,786		)	12,659			7,153			5,506
	426,814			404,674			22,140			404,674			178,962			225,712
Segment Net Operating Income	308,634			240,709			67,925			240,709			137,003			103,706
Other Income and Expenses
Interest expense	(194,326		)	(178,122		)	(16,204		)	(178,122		)	(103,728		)	(74,394		)
Equity in earnings of equity method investments in the Managed REITs and real estate	52,972			44,116			8,856			44,116			52,731			(8,615		)
Other income and (expenses)	1,952			(14,505		)	16,457			(14,505		)	8,420			(22,925		)
Gain on change in control of interests	—			105,947			(105,947		)	105,947			—			105,947
	(139,402		)	(42,564		)	(96,838		)	(42,564		)	(42,577		)	13
Income from continuing operations before income taxes	169,232			198,145			(28,913		)	198,145			94,426			103,719
(Provision for) benefit from income taxes	(17,948		)	916			(18,864		)	916			(4,703		)	5,619
Income from continuing operations before gain on sale of real estate	151,284			199,061			(47,777		)	199,061			89,723			109,338
Income from discontinued operations, net of tax	—			33,318			(33,318		)	33,318			38,180			(4,862		)
Gain (loss) on sale of real estate, net of tax	6,487			1,581			4,906			1,581			(332		)	1,913
Net Income from Real Estate Ownership	157,771			233,960			(76,189		)	233,960			127,571			106,389
Net income attributable to noncontrolling interests	(10,961		)	(5,573		)	(5,388		)	(5,573		)	(33,056		)	27,483
Net Income from Real Estate Ownership Attributable to W. P. Carey	$	146,810		$	228,387		$	(81,577	)	$	228,387		$	94,515		$	133,872

W. P. Carey 2015 10-K– 47

Lease Composition and Leasing Activities

As of December 31, 2015, 94.9% of our net leases, based on ABR, have rent increases, of which 70.2% have adjustments based on CPI or similar indices and 24.7% have fixed rent increases. CPI and similar rent adjustments are based on formulas indexed to changes in the CPI, or other similar indices for the jurisdiction in which the property is located, some of which have caps and/or floors. Over the next 12 months, fixed rent escalations are scheduled to increase ABR by an average of 2.6%. We own international investments and, therefore, lease revenues from these investments are subject to exchange rate fluctuations in various foreign currencies, primarily the euro.

The following discussion presents a summary of rents on existing properties arising from leases with new tenants, or second generation leases, and renewed leases with existing tenants for the periods presented and, therefore, does not include new acquisitions for our portfolio during that period. For a discussion about our leasing activities for the prior periods presented in this Report, please see our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC on March 2, 2015, as amended by a Form 10-K/A filed with the SEC on March 17, 2015.

During 2015, we entered into 14 new leases for a total of approximately 1.6 million square feet of leased space. The average rent for the leased space is $6.74 per square foot. We provided a tenant improvement allowance on seven of these leases totaling $7.1 million. In addition, during 2015, we extended 16 leases with existing tenants for a total of approximately 3.6 million square feet of leased space. The estimated average new rent for the leased space is $5.25 per square foot, and the average in place former rent was $5.54 per square foot, reflecting current market conditions. We provided a tenant improvement allowance on three of these leases totaling $5.8 million.

W. P. Carey 2015 10-K– 48

Property Level Contribution

Property level contribution includes lease and operating property revenues, less property expenses, and depreciation and amortization. When a property is leased on a net-lease basis, reimbursable tenant costs are recorded as both income and property expense and, therefore, have no impact on the property level contribution. The following table presents the property level contribution for our consolidated net-leased and operating properties as well as a reconciliation to Segment net operating income (in thousands):

	Years Ended December 31,
	2015			2014			Change			2014			2013			Change
Existing Net-Leased Properties
Lease revenues	$	266,442		$	281,132		$	(14,690	)	$	281,132		$	279,765		$	1,367
Property expenses	(3,228		)	(1,050		)	(2,178		)	(1,050		)	(2,038		)	988
Depreciation and amortization	(100,327		)	(105,895		)	5,568			(105,895		)	(106,276		)	381
Property level contribution	162,887			174,187			(11,300		)	174,187			171,451			2,736
Net-Leased Properties Acquired in the CPA®:16 Merger
Lease revenues	258,219			248,470			9,749			248,470			—			248,470
Property expenses	(12,618		)	(5,802		)	(6,816		)	(5,802		)	—			(5,802		)
Depreciation and amortization	(99,913		)	(100,298		)	385			(100,298		)	—			(100,298		)
Property level contribution	145,688			142,370			3,318			142,370			—			142,370
Recently Acquired Net-Leased Properties
Lease revenues	117,073			30,263			86,810			30,263			6,455			23,808
Property expenses	(6,738		)	(2,615		)	(4,123		)	(2,615		)	(260		)	(2,355		)
Depreciation and amortization	(56,700		)	(14,584		)	(42,116		)	(14,584		)	(3,169		)	(11,415		)
Property level contribution	53,635			13,064			40,571			13,064			3,026			10,038
Properties Sold or Held for Sale
Lease revenues	15,222			13,964			1,258			13,964			13,404			560
Operating revenues	327			491			(164		)	491			443			48
Property expenses	(636		)	(4,015		)	3,379			(4,015		)	(3,154		)	(861		)
Depreciation and amortization	(15,102		)	(8,515		)	(6,587		)	(8,515		)	(7,906		)	(609		)
Property level contribution	(189		)	1,925			(2,114		)	1,925			2,787			(862		)
Operating Properties
Revenues	30,188			28,434			1,754			28,434			513			27,921
Property expenses	(21,938		)	(20,609		)	(1,329		)	(20,609		)	(338		)	(20,271		)
Depreciation and amortization	(4,194		)	(3,807		)	(387		)	(3,807		)	(98		)	(3,709		)
Property level contribution	4,056			4,018			38			4,018			77			3,941
Property Level Contribution	366,077			335,564			30,513			335,564			177,341			158,223
Add: Lease termination income and other	25,145			17,767			7,378			17,767			2,071			15,696
Less other expenses:
General and administrative	(47,676		)	(38,797		)	(8,879		)	(38,797		)	(18,993		)	(19,804		)
Impairment charges	(29,906		)	(23,067		)	(6,839		)	(23,067		)	(4,741		)	(18,326		)
Merger, property acquisition, and other expenses	9,908			(34,465		)	44,373			(34,465		)	(9,230		)	(25,235		)
Stock-based compensation expense	(7,873		)	(12,659		)	4,786			(12,659		)	(7,153		)	(5,506		)
Property management fees	(7,041		)	(3,634		)	(3,407		)	(3,634		)	(2,292		)	(1,342		)
Segment Net Operating Income	$	308,634		$	240,709		$	67,925		$	240,709		$	137,003		$	103,706

W. P. Carey 2015 10-K– 49

Existing Net-Leased Properties

Existing net-leased properties are those that we acquired or placed into service prior to January 1, 2013 and that were not sold during the periods presented. For the periods presented, there were 320 existing net-leased properties.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, property level contribution from existing net-leased properties decreased by $11.3 million, primarily due to a decrease of $7.6 million as a result of the decrease in the average exchange rate of the U.S. dollar in relation to foreign currencies (primarily the euro) between the years. In addition, property level contribution from existing net-leased properties decreased by $3.8 million as a result of lease restructurings, which reduced lease revenues earned from these properties.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, property level contribution from existing net-leased properties increased by $2.7 million, primarily due to an increase of $2.7 million as a result of scheduled rent increases at several properties. This increase was partially offset by a decrease of $1.4 million as a result of the restructuring of leases at several properties.

Net-Leased Properties Acquired in the CPA^®:16 Merger

For the periods presented, there were 314 net-leased properties acquired in the CPA^®:16 Merger in January 2014 (Note 3).

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, property level contribution from net-leased properties acquired in the CPA^®:16 Merger increased by $3.3 million, primarily due to an increase of $23.7 million representing activity for the 12 months ended December 31, 2015 as compared to activity for the 11 months ended December 31, 2014. This increase was partially offset by a decrease of $11.7 million as a result of the decrease in the average exchange rate of the U.S. dollar in relation to foreign currencies (primarily the euro) between the periods. In addition, during the year ended December 31, 2015, we recorded an allowance for credit losses of $8.7 million on a direct financing lease due to a decline in the estimated amount of future payments we will receive from the tenant, including the possible early termination of the direct financing lease (Note 6), which reduced the property level contribution recognized from this investment.

Recently Acquired Net-Leased Properties

Recently acquired net-leased properties are those that we acquired or placed into service subsequent to December 31, 2012, excluding those acquired in the CPA^®:16 Merger. During 2015, we acquired nine investments with total ABR of approximately $47.2 million. During 2014, we acquired ten investments with total ABR of approximately $55.4 million. During 2013, we acquired seven investments with total ABR of approximately $22.4 million.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, property level contribution from recently acquired net-leased properties increased by $40.6 million, primarily due to an increase of $45.1 million as a result of new investments we acquired during 2015 and 2014, partially offset by a decrease of $4.5 million a result of the decrease in the average exchange rate of the U.S. dollar in relation to foreign currencies (primarily the euro) between the years.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, property level contribution from recently acquired net-leased properties increased by $10.0 million as a result of new investments we acquired during 2014 and 2013.

Properties Sold or Held for Sale

Properties sold or held for sale discussed in this section represent only those properties that did not qualify for classification as discontinued operations. In addition to the impact on property level contribution related to properties we sold or classified as held for sale during the periods presented, we recognized gains and losses on sale of real estate, lease termination income, impairment charges, and a loss on extinguishment of debt. The impact of these transactions is described in further detail below. We discuss properties sold or held-for sale that did qualify for classification as discontinued operations under Other Revenues and Expenses, and Income from Discontinued Operations, Net of Tax, below and in Note 16.

In the fourth quarter of 2015, we executed a lease amendment with a tenant in a domestic office building. The amendment extended the lease term an additional 15 years to January 31, 2037 and provided a one-time rent payment of $25.0 million, which was paid to us on December 18, 2015. The lease amendment also provided an option to terminate the lease effective February 29, 2016, with additional lease termination fees of $22.2 million to be paid to us on or five days before February 29, 2016 upon exercise of the option. The tenant exercised the option on January 1, 2016. The aggregate of the additional rent

W. P. Carey 2015 10-K– 50

payment of $25.0 million and the lease termination fees of $22.2 million are being amortized to lease termination income from the lease amendment date on December 4, 2015 through the end of the lease term on February 29, 2016, resulting in $15.0 million recognized during the year ended December 31, 2015 within Lease termination income and other in the consolidated financial statements. In connection with the lease amendment, we defeased the mortgage loan encumbering the property with a principal balance of $36.5 million, and recognized a loss on extinguishment of debt of $5.3 million, which was included in Other income and (expenses) in the consolidated financial statements. In addition, during the fourth quarter of 2015 we entered into an agreement to sell the property to a third party, and the buyer placed a deposit of $12.7 million for the purchase of the property that is being held in escrow. At December 31, 2015, this property was classified as held for sale (Note 16).

During the year ended December 31, 2015, we sold 14 properties. At December 31, 2015, we had two properties classified as held for sale, including the property described above. Property level contribution from properties sold or held for sale for the year ended December 31, 2015 was $0.2 million. As a result of the lease termination for the domestic property described above, lease revenues increased by $6.8 million for the year ended December 31, 2015 as compared to 2014, due to accelerated amortization of below-market rent intangibles, which is recorded as an adjustment to lease revenues. In addition, for the same property, depreciation and amortization increased by $9.1 million for the year ended December 31, 2015 as compared to 2014, due to accelerated amortization of in-place lease intangibles, which is included in depreciation and amortization.

During the year ended December 31, 2014, we sold 13 properties, including a property subject to a direct financing lease that we acquired in the CPA^®:16 Merger and a parcel of land that was conveyed to the local government. At December 31, 2014, we also had four properties classified as held for sale. Property level contribution from properties sold or held for sale for the year ended December 31, 2014 was $1.9 million.

During the year ended December 31, 2013, we sold one investment in a property subject to a direct financing lease. Property level contribution from properties sold or held for sale for the year ended December 31, 2013 was $2.8 million.

Operating Properties

Operating properties consist of our investments in two hotels acquired in the CPA^®:16 Merger for 2015 and 2014, and one self-storage property for all periods presented.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, property level contribution from operating properties was substantially the same.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, property level contribution from operating properties increased by $3.9 million, primarily as a result of the two hotels we acquired in the CPA^®:16 Merger.

Other Revenues and Expenses

Lease Termination Income and Other

2015 — For the year ended December 31, 2015, lease termination income and other was $25.1 million, primarily consisting of:

• $15.0 million of lease termination income related to a domestic property classified as held for sale (Note 16);

• $2.7 million in lease termination income related to a tenant paying us at the end of the lease term for costs associated with repairs the tenant was required to make under the terms of the lease;

• $2.4 million of other income in connection with the termination by the buyer of a purchase and sale agreement on one of our properties; and

• $2.7 million of lease termination income due to the early termination of two leases during the first quarter of 2015.

2014 — For the year ended December 31, 2014, lease termination income and other was $17.8 million, primarily consisting of lease termination income from the early termination of three leases.

2013 — For the year ended December 31, 2013, lease termination income and other was $2.1 million, primarily consisting of miscellaneous tenant income.

W. P. Carey 2015 10-K– 51

General and Administrative

As discussed in Note 4, certain personnel costs (i.e., those not related to our senior management, our legal transactions team, or our investments team) and overhead costs are charged to the CPA^® REITs and our Real Estate Ownership Segment based on the trailing 12-month reported revenues of the Managed REITs and us. Personnel costs related to our senior management, our legal transactions team, and our investments team are allocated to our Real Estate Ownership Segment based on the trailing 12-month investment volume. We began to allocate personnel and overhead costs to the CWI REITs on January 1, 2014 and to the Managed BDCs on October 8, 2015 based on the time incurred by our personnel.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, general and administrative expenses in the Real Estate Ownership segment increased by $8.9 million, primarily due to an increase of $5.5 million in general and

administrative expenses related to a shift in expenses allocable to our Real Estate Ownership segment as a result of the

CPA^®:16 Merger, in accordance with the allocation formula outlined above. In addition, commissions to investment officers

related to our real estate acquisitions increased by $3.4 million due to higher acquisition volume in our owned portfolio during 2015.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, general and administrative expenses in the Real Estate Ownership segment increased by $19.8 million, primarily due to higher compensation costs and professional fees. Compensation costs increased by $15.0 million primarily due to the increased allocation of personnel costs to the Real Estate Ownership segment resulting from the increased revenues in that segment after the CPA^®:16 Merger. Additionally, total compensation costs were higher due to an increase in both headcount and acquisition-related commissions. Professional fees increased by $3.8 million primarily due to consulting fees associated with the planned implementation of our new accounting software system, which occurred in the first quarter of 2015.

Impairment Charges

Where the undiscounted cash flows for an asset are less than the asset’s carrying value when considering and evaluating the various alternative courses of action that may occur, we recognize an impairment charge to reduce the carrying value of the asset to its estimated fair value. Further, when we classify an asset as held for sale, we carry the asset at the lower of its current carrying value or its fair value, less estimated cost to sell. Our impairment charges are more fully described in Note 9.

2015 — For the year ended December 31, 2015, we recognized impairment charges totaling $29.9 million to reduce the carrying values of certain assets to their estimated fair values, consisting of the following:

• $8.7 million recognized on a property due to the expected expiration of its related lease;

• $6.9 million recognized on a property that will be demolished in accordance with a plan to redevelop the property;

• $6.9 million recognized on two properties and a parcel of vacant land that are expected to be sold;

• $4.1 million recognized on three properties that were sold or classified as held for sale (Note 16); and

• $3.3 million recognized on five properties as a result of other-than-temporary declines in the estimated fair values of the buildings’ residual values.

2014 — For the year ended December 31, 2014, we recognized impairment charges totaling $23.1 million to reduce the carrying values of certain assets to their estimated fair values, consisting of the following:

• $14.0 million recognized on a property as a result of the tenant not renewing its lease;

• $8.5 million recognized on 13 properties that were sold; and

• $0.6 million recognized on two properties as a result of other-than-temporary declines in the estimated fair values of the buildings’ residual values.

2013 — For the year ended December 31, 2013, we recognized an impairment charge of $4.7 million on a property in France that was sold. This impairment was the result of writing down the property’s carrying value to its estimated fair value in connection with the tenant vacating the property.

See Equity in earnings of equity method investments in the Managed Programs and real estate and Income from Discontinued Operations below for additional impairment charges incurred.

W. P. Carey 2015 10-K– 52

Merger, Property Acquisition, and Other Expenses

Property acquisition expenses consist primarily of acquisition-related costs incurred on investments that were accounted for as business combinations, which were required to be expensed under current accounting guidance.

2015— For the year ended December 31, 2015, Merger, property acquisition, and other expenses included a reversal of $25.0 million of liabilities for German real estate transfer taxes that were previously recorded in connection with both the CPA^®:15 Merger in September 2012 and the restructuring of a German investment, Hellweg Die Profi-Baumärkte GmbH & Co. KG, or Hellweg 2, in October 2013 (Note 7). Based on the German tax authority’s revocation of its previous position on the application of a ruling in Federal German tax court, the obligation to pay the transfer taxes in connection with these transactions was no longer deemed probable of occurring. This benefit was partially offset by property acquisition expenses of $11.5 million and expenses of $3.6 million incurred related to our continuing review of a range of strategic alternatives, as discussed in Significant Developments above.

2014— For the year ended December 31, 2014, Merger, property acquisition, and other expenses were $34.5 million, which consisted of merger-related expenses of $30.5 million and property acquisition expenses of $4.0 million. Merger-related expenses during 2014 represent costs incurred in connection with the CPA^®:16 Merger, which was completed on January 31, 2014.

2013— For the year ended December 31, 2013, Merger, property acquisition, and other expenses were $9.2 million, which consisted of merger-related expenses of $5.0 million and property acquisition expenses of $4.2 million. Merger-related expenses during 2013 represent costs incurred in connection with the CPA^®:16 Merger, the agreement for which was announced in July 2013.

Stock-based Compensation Expense

For a description of our equity plans and awards, please see Note 14.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, stock-based compensation expense allocated to the Real Estate Ownership segment decreased by $4.8 million, primarily due to the higher value of restricted share unit, or RSU, and performance share unit, or PSU, awards that vested in 2014 as compared to the RSU and PSU awards granted in 2015.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, stock-based compensation expense allocated to the Real Estate Ownership segment increased by $5.5 million, primarily due to an increase in owned real estate as a result of the CPA^®:16 Merger.

Interest Expense

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, interest expense increased by $16.2 million as a result of an increase in average outstanding borrowings, partially offset by a lower weighted-average interest rate and the impact of the weakening of foreign currencies (primarily the euro) in relation to the U.S. dollar. Average outstanding indebtedness increased to $4.6 billion during 2015 as compared to $3.7 billion during 2014. Our weighted-average interest rate decreased to 4.2% during 2015 as compared to 4.6% during 2014. The decrease in the average exchange rate of the U.S. dollar in relation to foreign currencies between the years resulted in an $8.2 million decrease in interest expense in 2015 as compared to 2014. During 2014, interest expense included $8.0 million related to the amortization of a mortgage loan premium related to an international mortgage loan that matured in December 2014.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, interest expense increased by $74.4 million, primarily due to an increase of $71.0 million as a result of mortgage loans assumed in connection with our acquisition of properties from CPA^®:16 – Global in the CPA^®:16 Merger. In addition, interest expense increased by $18.5 million as a result of the issuance of the 4.6% Senior Notes in March 2014 (Note 11). These increases were partially offset by decreases in interest expense of $12.2 million as a result of repayments of several non-recourse mortgage loans, as part of our plan to become a primarily unsecured borrower, during the years ended December 31, 2014 and 2013 (Note 11), and $2.4 million as a result of refinancing several mortgage loans at lower interest rates during 2013.

W. P. Carey 2015 10-K– 53

Equity in Earnings of Equity Method Investments in the Managed REITs and Real Estate

Equity in earnings of equity method investments in the Managed REITs and real estate is recognized in accordance with the investment agreement for each of our equity method investments. In addition, we are entitled to receive distributions of Available Cash (Note 3) from the operating partnerships of each of the Managed REITs. The net income of our unconsolidated investments fluctuates based on the timing of transactions, such as new leases and property sales, as well as the level of impairment charges. The following table presents the details of our Equity in earnings of equity method investments in the Managed REITs and real estate (in thousands):

	Years Ended December 31,
	2015		2014			2013
Equity in earnings of equity method investments in the Managed REITs:
Equity in earnings of equity method investments in the Managed REITs (a)	$	692	$	1,694		$	2,886
Other-than-temporary impairment charges on the Special Member Interest in CPA®:16 – Global’s operating partnership, net of related deferred revenue earned (a) (b)	—		(28		)	(6,891		)
Distributions of Available Cash: (b)
CPA®:16 – Global	—		4,751			15,182
CPA®:17 – Global	24,668		20,427			16,899
CPA®:18 – Global	6,317		1,778			92
CWI 1	7,120		4,096			1,948
CWI 2	301		—			—
Equity in earnings of equity method investments from the Managed REITs	39,098		32,718			30,116
Equity in earnings of other equity method investments in real estate:
Equity investments acquired in the CPA®:16 Merger (a) (c)	9,509		8,306			4,048
Existing equity investments (d)	3,090		1,300			1,428
Recently acquired equity investment (e)	1,275		1,018			—
Equity investments sold (f)	—		82			17,486
Equity investments consolidated after the CPA®:16 Merger (g)	—		692			(347		)
Total equity in earnings of other equity method investments in real estate	13,874		11,398			22,615
Total equity in earnings of equity method investments in the Managed REITs and real estate	$	52,972	$	44,116		$	52,731

__________

(a) In May 2011, we acquired a special member interest, or the Special Member Interest, in CPA^®:16 – Global’s operating partnership, which we recorded as an equity investment at fair value with an equal amount recorded as deferred revenue (Note 3). On January 31, 2014, we acquired all the remaining interests in CPA^®:16 – Global through the CPA^®:16 Merger, and as a result, we now consolidate the operating partnership. See Gain on Change in Control of Interests below for discussion on the gain recognized.

(b) We are entitled to receive distributions of our share of earnings up to 10% of the Available Cash from the operating partnerships of each of the Managed REITs, as defined in their respective operating partnership agreements. Distributions of Available Cash received and earned from the Managed REITs increased primarily as a result of new investments that they entered into during 2015 and 2014.

(c) We acquired our interests or additional interests in these investments in the CPA^®:16 Merger in January 2014 (Note 3). Amount for 2013 includes our $8.4 million share of the German real estate transfer tax recorded by the Hellweg 2 investment (Note 7).

(d) Represents equity investments we held prior to January 1, 2013. Equity income on a jointly-owned German investment increased by $2.1 million during the year ended December 31, 2015, representing our share of the bankruptcy proceeds received (Note 7).

(e) During the year ended December 31, 2014, we received a preferred equity position in Beach House JV, LLC, as part of a sale of a property. The preferred equity, redeemable on March 13, 2019, provides us with a preferred rate of return of 8.5% (Note 7).

(f) We sold one equity investment in the second quarter of 2013 and recognized a gain on the sale of $19.5 million (Note 7). We also sold another equity investment in the fourth quarter of 2013.

W. P. Carey 2015 10-K– 54

(g) We acquired additional interests in these investments from CPA^®:16 – Global in the CPA^®:16 Merger. Subsequent to the CPA^®:16 Merger, we consolidate these majority-owned or wholly-owned investments.

Other Income and (Expenses)

Other income and (expenses) primarily consists of gains and losses on foreign currency transactions, derivative instruments, and extinguishment of debt. We and certain of our foreign consolidated subsidiaries have intercompany debt and/or advances that are not denominated in the functional currency of those subsidiaries. When the short-term intercompany debt or accrued interest thereon is remeasured against the functional currency of the respective subsidiaries, an unrealized gain or loss on foreign currency translation may result. We also recognize gains or losses on foreign currency transactions when we repatriate cash from our foreign investments. In addition, we have certain derivative instruments, including common stock warrants and foreign currency contracts, that are not designated as hedges for accounting purposes, for which realized and unrealized gains and losses are included in earnings. The timing and amount of such gains or losses cannot always be estimated and are subject to fluctuation.

2015 — For the year ended December 31, 2015, net other income was $2.0 million, primarily due to realized gains of $8.0 million related to foreign currency forward contracts, unrealized gains of $4.0 million recognized on interest swaps that did not qualify for hedge accounting, and interest income of $1.7 million recognized on our deposits. These gains were partially offset by net realized and unrealized losses of $6.3 million recognized on foreign currency transactions as a result of changes in foreign currency exchange rates and a net loss on extinguishment of debt of $5.6 million primarily related to the disposition of a property and defeasance of a loan encumbering a property classified as held for sale (Note 16).

2014 — For the year ended December 31, 2014, net other expenses were $14.5 million, primarily due to net realized and unrealized losses of $9.0 million related to changes in foreign currency rates applied to remeasure certain advances to foreign subsidiaries. In addition, we recognized a net loss on extinguishment of debt of $6.9 million in connection with the prepayment of several non-recourse mortgage loans (Note 10). These losses were partially offset by unrealized gains of $3.7 million on the interest rate swaps we acquired from CPA^®:15 in the CPA^®:15 Merger that did not qualify for hedge accounting.

2013 — For the year ended December 31, 2013, net other income was $8.4 million, primarily due to unrealized gains of $5.1 million recognized on the interest rate swaps acquired from CPA^®:15 in the CPA^®:15 Merger that did not qualify for hedge accounting, as well as net realized gains of $1.5 million on foreign currency transactions as a result of changes in foreign currency exchange rates on notes receivable from international subsidiaries. We also recognized a $1.2 million net gain on extinguishment of debt in connection with the settlement of several mortgage loans on properties disposed of during the year.

Gain on Change in Control of Interests

2014 — In connection with the CPA^®:16 Merger, we recognized a gain on change in control of interests of $75.7 million related to the difference between the carrying value and the preliminary estimated fair value of our previously-held equity interest in shares of CPA^®:16 – Global’s common stock (Note 3) during 2014.

The CPA^®:16 Merger also resulted in our acquisition of the remaining interests in nine investments in which we already had a joint interest and accounted for under the equity method. Due to the change in control of the nine jointly-owned investments that occurred, we recorded a gain on change in control of interests of $30.2 million related to the difference between our carrying values and the preliminary estimated fair values of our previously-held equity interests on January 31, 2014. Subsequent to the CPA^®:16 Merger, we consolidate these wholly-owned investments (Note 3). During the year ended December 31, 2014, one of these investments was sold.

(Provision for) Benefit from Income Taxes

2015vs.2014— For the year ended December 31, 2015, we recorded a provision for income taxes of $17.9 million, compared to a benefit from income taxes of $0.9 million recognized during 2014. Current income taxes increased by $10.3 million primarily due to increases in taxable income on foreign properties resulting from the reversal of prior deductions for German real estate transfer taxes and taxable income generated by foreign investments acquired during the fourth quarter of 2014. In addition, during 2014, we reversed a reserve of $3.3 million for unrecognized tax benefits due to expirations of the statutes of limitations. Deferred income taxes increased by $5.3 million due to changes in basis differences on certain foreign properties.

2014 vs. 2013 — For the year ended December 31, 2014, we recognized a benefit from income taxes of $0.9 million, compared to a provision for income taxes of $4.7 million recognized during 2013, primarily due to an increase in benefit from income

W. P. Carey 2015 10-K– 55

taxes of $3.3 million as a result of the expirations of the statutes of limitations on unrecognized tax benefits. In addition, we recognized an increase of $1.7 million of deferred tax benefit associated with basis differences on certain foreign properties, and a decrease of $0.7 million in current federal, foreign, and state franchise taxes recognized on our domestic TRSs and foreign properties.

Income from Discontinued Operations, Net of Tax

The results of operations for properties that have been classified as held for sale or that have been sold prior to January 1, 2014 and the properties that were acquired as held for sale in the CPA^®:16 Merger, and with which we have no continuing involvement, are reflected in the consolidated financial statements as discontinued operations. During 2014, we sold nine properties that were classified as held for sale prior to January 1, 2014. In connection with the CPA^®:16 Merger, we acquired ten properties that were classified as held for sale from CPA^®:16 – Global, all of which were sold during the year ended December 31, 2014. During 2013, we sold 27 properties and reclassified nine properties to Assets held for sale. Results of operations for these properties are included within discontinued operations in the consolidated financial statements for all periods presented.

2014 — For the year ended December 31, 2014, income from discontinued operations, net of tax was $33.3 million, primarily due to a net gain on the sale of 19 properties of $27.7 million and income generated from the operations of these properties of $6.9 million in the aggregate. The income was partially offset by a net loss on extinguishment of debt of $1.2 million recognized in connection with the repayment of several mortgage loans on six of the disposed properties.

2013 — For the year ended December 31, 2013, income from discontinued operations, net of tax was $38.2 million, primarily due to a net gain on the sale of properties of $40.0 million, including a net gain of $39.6 million on the sale of 19 self-storage properties (Note 16), and income generated from the operations of discontinued properties of $9.0 million in the aggregate. The income was partially offset by impairment charges of $8.4 million recorded on several properties to reduce their carrying values to their expected selling prices (Note 9) and a net loss on extinguishment of debt of $2.4 million in connection with the repayment of several mortgage loans on the aforementioned disposed properties.

Gain (Loss) on Sale of Real Estate, Net of Tax

Gain (loss) on sale of real estate, net of tax consists of gain (loss) on the sale of properties that were sold or classified as held for sale and that did not qualify for classification as discontinued operations (Note 16). Properties that were sold in 2014 that were not classified as held for sale at December 31, 2013 or upon acquisition in the CPA^®:16 Merger did not qualify for classification as discontinued operations. In addition, properties sold in 2013 that were subject to direct financing leases did not qualify for classification as discontinued operations under current accounting guidance.

2015 — For the year ended December 31, 2015, gain on sale of real estate, net of tax was $6.5 million. During the year ended December 31, 2015, we sold 13 properties and recognized a net gain on these sales, net of tax of $5.9 million. In addition, during July 2015, a domestic vacant property was foreclosed upon and sold, and we recognized a gain of $0.6 million in connection with that disposition.

2014 — For the year ended December 31, 2014, gain on sale of real estate, net of tax was $1.6 million, primarily due to a $6.7 million gain recognized on a property in France that was foreclosed upon and sold, partially offset by a total of $5.1 million of net losses recognized on 13 properties that were sold. During the year ended December 31, 2014, we sold 16 properties, three of which were foreclosed upon, that did not qualify for classification as discontinued operations.

2013 — For the year ended December 31, 2013, loss on sale of real estate, net of tax was $0.3 million reflecting the sale of one property that did not qualify for classification as discontinued operations.

Net Income Attributable to Noncontrolling Interests

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, net income attributable to noncontrolling interests increased by $5.4 million, primarily due to the noncontrolling interest holder’s portion of the reversal of reserves for German real estate transfer tax liabilities discussed above.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, net income attributable to noncontrolling interests decreased by $27.5 million, primarily due to $23.2 million of net income attributable to noncontrolling interests as a result of a net gain recognized in connection with selling 19 self-storage properties during 2013 (Note 16). Net income

W. P. Carey 2015 10-K– 56

attributable to noncontrolling interests also decreased by $3.4 million as a result of acquiring from CPA^®:16 – Global in the CPA^®:16 Merger the remaining interests in 12 less-than-wholly-owned investments that we had already consolidated.

Net Income from Real Estate Ownership Attributable to W. P. Carey

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, the resulting net income from Real Estate Ownership attributable to W. P. Carey decreased by $81.6 million.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, the resulting net income from Real Estate Ownership attributable to W. P. Carey increased by $133.9 million.

W. P. Carey 2015 10-K– 57

Investment Management

We earn revenue as the advisor to the Managed Programs. For the periods presented (except as noted), we acted as advisor to the following affiliated, publicly-owned, non-listed Managed Programs: CPA^®:16 – Global (through January 31, 2014), CPA^®:17 – Global, CPA^®:18 – Global (since May 7, 2013), CWI 1, CWI 2 (since February 9, 2015), and CCIF (since February 27, 2015).

The following tables present other operating data that management finds useful in evaluating results of operations (dollars in millions):

	As of December 31,
	2015		2014		2013
Total properties — Managed REITs (a)	602		519		789
Assets under management — Managed Programs (b)	$	11,045.3	$	9,231.8	$	9,728.4
Cumulative funds raised — CPA®:17 – Global offerings (c) (d)	2,884.5		2,884.5		2,884.5
Cumulative funds raised — CPA®:18 – Global offering (d) (e)	1,243.5		1,143.1		237.3
Cumulative funds raised — CWI 1 offerings (d) (f)	1,153.2		1,153.2		575.8
Cumulative funds raised — CWI 2 offering (d) (g)	247.0		—		—
Cumulative funds raised — CCIF (h)	2.0		—		—

	For the Years Ended December 31,
	2015		2014		2013
Financings structured — Managed REITs	$	1,196.9	$	968.0	$	1,012.0
Investments structured — Managed REITs	2,533.9		1,880.1		1,425.0
Funds raised — CPA®:17 – Global offerings (c) (d)	—		—		1.3
Funds raised — CPA®:18 – Global offering (d) (e)	100.4		905.8		237.3
Funds raised — CWI 1 offerings (d) (f)	—		577.4		418.3
Funds raised — CWI 2 offering (d) (g)	247.0		—		—
Funds raised — CCIF (h)	2.0		—		—

__________

(a) Includes properties owned by CPA^®:16 – Global, CPA^®:17 – Global, and CPA^®:18 – Global at December 31, 2013. Includes properties owned by CPA^®:17 – Global and CPA^®:18 – Global at December 31, 2015 and 2014. Includes hotels owned by CWI 1 for all periods. Includes hotels owned by CWI 2 at December 31, 2015.

(b) Represents the estimated fair value of the real estate assets owned by the Managed REITs, which was calculated by us as the advisor to the Managed REITs based in part upon third-party appraisals, plus cash and cash equivalents, less distributions payable. Amount as of December 31, 2015 also included the fair value of the investment assets, plus cash and cash equivalents, owned by CCIF.

(c) The follow-on offering of CPA^®:17 – Global closed in January 2013.

(d) Excludes reinvested distributions through each entity’s distribution reinvestment plan.

(e) Reflects funds raised from CPA^®:18 – Global’s initial public offering, which commenced in May 2013 and closed on April 2, 2015.

(f) Reflects funds raised in CWI 1’s initial public offering, which closed on September 15, 2013, and CWI 1’s follow-on offering, which commenced on December 20, 2013 and closed on December 31, 2014.

(g) Reflects funds raised since the commencement of CWI 2’s initial public offering, which began to admit new stockholders on May 15, 2015.

(h) We began to raise funds on behalf of the CCIF Feeder Funds in the fourth quarter of 2015. Amount represents funding from the Feeder Funds to CCIF.

W. P. Carey 2015 10-K– 58

Below is a summary of comparative results of our Investment Management segment (in thousands):

	Years Ended December 31,
	2015			2014			Change			2014			2013			Change
Revenues
Structuring revenue	$	92,117		$	71,256		$	20,861		$	71,256		$	46,589		$	24,667
Reimbursable costs	55,837			130,212			(74,375		)	130,212			73,572			56,640
Asset management revenue	49,984			38,063			11,921			38,063			42,670			(4,607		)
Dealer manager fees	4,794			23,532			(18,738		)	23,532			10,856			12,676
Incentive, termination and subordinated disposition revenue	203			—			203			—			199			(199		)
	202,935			263,063			(60,128		)	263,063			173,886			89,177
Operating Expenses
Reimbursable costs from affiliates	55,837			130,212			(74,375		)	130,212			73,572			56,640
General and administrative	55,496			52,791			2,705			52,791			48,070			4,721
Stock-based compensation expense	13,753			18,416			(4,663		)	18,416			30,042			(11,626		)
Dealer manager fees and expenses	11,403			21,760			(10,357		)	21,760			13,028			8,732
Subadvisor fees	11,303			5,501			5,802			5,501			4,106			1,395
Depreciation and amortization	4,079			4,024			55			4,024			4,373			(349		)
Strategic alternative expenses	2,144			—			2,144			—			—			—
Impairment charge	—			—			—			—			553			(553		)
	154,015			232,704			(78,689		)	232,704			173,744			58,960
Other Income and Expenses
Equity in loss of equity method investment in Carey Credit Income Fund	(1,952		)	—			(1,952		)	—			—			—
Other income and (expenses)	161			275			(114		)	275			1,001			(726		)
	(1,791		)	275			(2,066		)	275			1,001			(726		)
Income from continuing operations before income taxes	47,129			30,634			16,495			30,634			1,143			29,491
(Provision for) benefit from income taxes	(19,673		)	(18,525		)	(1,148		)	(18,525		)	3,451			(21,976		)
Net Income from Investment Management	27,456			12,109			15,347			12,109			4,594			7,515
Net (income) loss attributable to noncontrolling interests	(2,008		)	(812		)	(1,196		)	(812		)	120			(932		)
Net loss (income) attributable to redeemable noncontrolling interest	—			142			(142		)	142			(353		)	495
Net Income from Investment Management attributable to W. P. Carey	$	25,448		$	11,439		$	14,009		$	11,439		$	4,361		$	7,078

Structuring Revenue

We earn structuring revenue when we structure investments and debt placement transactions for the Managed REITs. Structuring revenue is dependent on investment activity, which is subject to significant period-to-period variation.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, structuring revenue increased by $20.9 million, primarily due to increases of $7.6 million and $5.3 million in structuring revenue earned from CPA^®:18 – Global and CPA^®:17 – Global, respectively, as a result of higher investment volume in 2015 as compared to 2014. We also recognized $8.1 million of structuring revenue during 2015 from CWI 2, which completed its first acquisition on April 1, 2015.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, structuring revenue increased by $24.7 million, primarily due to an increase of $37.0 million in structuring revenue earned from CPA^®:18 – Global as a result of higher investment volume in 2014 as compared to 2013. This increase was partially offset by decreases of $9.9 million and $2.2

W. P. Carey 2015 10-K– 59

million in structuring revenue earned from CPA^®:17 – Global and CWI 1, respectively, as a result of lower investment volumes for each in 2014 as compared to 2013.

Reimbursable Costs

Reimbursable costs represent costs incurred by us on behalf of the Managed Programs, consisting primarily of broker-dealer commissions and marketing and personnel costs, which are reimbursed by the Managed Programs and are reflected as a component of both revenues and expenses.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, reimbursable costs decreased by $74.4 million, primarily due to decreases of $53.2 million in commissions paid to broker-dealers related to the CPA^®:18 – Global initial public offering, which closed on April 2, 2015. In addition, commissions paid to broker-dealers related to CWI 1’s follow-on offering, which closed on December 31, 2014, were $46.4 million during 2014. These decreases were partially offset by $16.3 million of commissions paid to broker-dealers during 2015 related to CWI 2’s initial public offering, which commenced on May 15, 2015, and increases in personnel costs reimbursed by the Managed REITs of $4.4 million during 2015 as compared to 2014, primarily due to additional headcount.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, reimbursable costs increased by $56.6 million, primarily due to an increase of $48.6 million in commissions paid to broker-dealers related to the CPA^®:18 – Global initial public offering, which commenced in May 2013, and an increase of $13.1 million in commissions paid to broker-dealers related to the CWI 1 public offerings due to the corresponding increase in funds raised in 2014 compared to 2013. These increases were partially offset by a decrease of $4.3 million in personnel costs reimbursed to us by the Managed REITs as a result of the cessation of reimbursements from CPA^®:16 – Global after the CPA^®:16 Merger.

Asset Management Revenue

We earn asset management revenue from the Managed REITs based on the value of their real estate-related and lodging-related assets under management. We also earn asset management revenue from CCIF based on the average of its gross assets at fair value. This asset management revenue may increase or decrease depending upon (i) increases in the Managed Programs’ asset bases as a result of new investments; (ii) decreases in the Managed Programs’ asset bases as a result of sales of investments; (iii) increases or decreases in the appraised value of the real estate-related and lodging-related assets in the Managed REIT investment portfolios; and (iv) increases or decreases in the fair value of CCIF’s investment portfolio.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, asset management revenue increased by $11.9 million. Asset management revenue from CPA^®:18 – Global increased by $5.0 million, asset management revenue from CWI 1 increased by $4.5 million, and asset management revenue from CPA^®:17 – Global increased by $2.6 million, all as a result of the growth in assets under management due to investment volume during 2015. Additionally, asset management revenue from CWI 2 was $1.0 million during 2015 as a result of new investments that it entered into since the commencement of its offering in February 2015. Asset management revenue from CCIF was $0.4 million during 2015. These increases were partially offset by a decrease of $1.4 million as a result of the cessation of asset management revenue earned from CPA^®:16 – Global after the CPA^®:16 Merger on January 31, 2014.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, asset management revenue decreased by $4.6 million. Asset management revenue decreased by $16.3 million as a result of the cessation of asset management revenue earned from CPA^®:16 – Global after the CPA^®:16 Merger on January 31, 2014. This decrease was partially offset by increases of $4.7 million and $4.5 million in 2014 as compared to 2013 from CPA^®:17 – Global and CWI 1, respectively, as a result of new investments that these entities entered into during 2013 and 2014. Asset management revenue from CPA^®:18 – Global also increased by $2.5 million as a result of new investments that it entered into since the commencement of its offering in May 2013.

Dealer Manager Fees

As discussed in Note 4, we earned a dealer manager fee of $0.35 per share sold in connection with CPA^®:17 – Global’s follow-on offering, which closed on January 31, 2013. We also earn a dealer manager fee, depending on the class of common stock sold, of $0.30 or $0.26 per share sold, for the class A common stock and class T common stock, respectively, in connection with CWI 2’s initial public offering, which began to admit new stockholders on May 15, 2015. We also earned a $0.30 dealer manager fee per share sold in connection with CWI 1’s follow-on offering, which began in December 2013 and terminated in December 2014. In addition, we received dealer manager fees, depending on the class of common stock sold, of $0.30 or $0.21

W. P. Carey 2015 10-K– 60

per share sold, for the class A common stock and class C common stock, respectively, in connection with CPA^®:18 – Global’s initial public offering, which commenced in May 2013 and closed in April 2015. We also received dealer manager fees of 2.75% - 3.0% based on the selling price of each share sold in connection with the offerings of the CCIF Feeder Funds, whichbegan in the fourth quarter of 2015. We may re-allow a portion of the dealer manager fees to selected dealers in the offerings. Dealer manager fees that were not re-allowed were classified as Dealer manager fees from affiliates in the consolidated financial statements. Dealer manager fees earned are generally offset by costs incurred in connection with the offerings, which are included in Dealer manager fees and expenses in the consolidated financial statements.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, dealer manager fees decreased by $18.7 million, substantially due to a decrease of $12.8 million in fees earned in connection with the sale of CPA^®:18 – Global shares in its initial public offering, primarily resulting from the cessation of sales of its class A shares in June 2014 as well as the closing of the offering on April 2, 2015. In addition, dealer manager fees earned in connection with CWI 1’s follow-on offering, which was closed in December 2014, were $9.4 million during the year ended December 31, 2014. These decreases were partially offset by $3.4 million of commissions paid to broker-dealers related to CWI 2’s initial public offering during the year ended December 31, 2015.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, dealer manager fees increased by $12.7 million, primarily due to an increase of $10.3 million in fees earned from CPA^®:18 – Global in connection with the sale of its shares in its initial public offering, which commenced in May 2013. Dealer manager fees also increased by $2.4 million as a result of an increase in the fees earned from CWI 1 in connection with its follow-on offering, which commenced on December 20, 2013, due to the higher level of shares sold in 2014 as compared to the shares sold in its initial public offering through its termination on September 15, 2013.

General and Administrative

As discussed in Note 4, during the periods presented certain personnel and overhead costs were charged to the CPA^® REITs and our Real Estate Ownership Segment based on the trailing 12-month reported revenues of the Managed REITs and us. Personnel costs related to our senior management, our legal transactions team, and our investments team are allocated to our Real Estate Ownership Segment based on the trailing 12-month investment volume. For our legal transactions team, overhead costs are charged to the Managed REITs according to a fee schedule. We began to allocate personnel and overhead costs to the CWI REITs on January 1, 2014 and to the Managed BDCs on October 8, 2015 based on the time incurred by our personnel.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, general and administrative expenses increased by $2.7 million, primarily due to an increase in compensation expense for the Investment Management segment of $6.0 million resulting from additional headcount attributable to increased activities of the Managed Programs. This increase was partially offset by a decrease of $2.8 million in other general and administrative expenses allocable to the Investment Management segment resulting from the CPA^®:16 Merger.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, general and administrative expenses increased by $4.7 million, primarily due to (i) an increase of $5.6 million in commissions paid to investment officers as a result of higher investment volume on behalf of the CPA^® REITs in 2014 as compared to 2013; (ii) an increase of $4.9 million in professional fees primarily related to consulting fees incurred in connection with the implementation of the software system used in our accounting, tax, and financial reporting functions, which occurred in the first quarter of 2015; (iii) an increase of $3.3 million in bonus expense as a result of increased headcount in 2014 as compared to 2013; and (iv) an increase of $1.4 million in office expense as a result of additional office space obtained during 2013. These increases were partially offset by an increase of $10.1 million in personnel and overhead costs allocated to the Real Estate Ownership segment due to its increased revenues after the CPA^®:16 Merger on January 31, 2014.

W. P. Carey 2015 10-K– 61

Stock-based Compensation Expense

For a description of our equity plans and awards, please see Note 14.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, stock-based compensation expense decreased by $4.7 million, primarily due to the higher value of RSU and PSU awards that vested in 2014 as compared to the RSU and PSU awards granted in February 2015.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, stock-based compensation expense decreased by $11.6 million, partially due to lower expense on stock awards granted in 2014, as compared to the expense on stock awards granted in 2011, which were substantially vested as of December 31, 2013. In addition, stock-based compensation expense allocated to the Investment Management segment decreased by $4.7 million in 2014 due to the CPA^®:16 Merger, which reduced our managed real estate portfolio and increased our owned real estate portfolio.

Dealer Manager Fees and Expenses

Dealer manager fees earned in the public offerings that we manage for the Managed Programs are generally offset by costs incurred in connection with the offerings, which are included in Dealer manager fees and expenses in the consolidated financial statements.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, dealer manager fees and expenses decreased by $10.4 million, primarily due to a decrease of $11.7 million in expenses paid in connection with the sale of CPA^®:18 – Global shares in its initial public offering as a result of a corresponding decrease in funds raised, substantially due to the cessation of sales of its class A shares in June 2014, as well as the closing of its offering on April 2, 2015. In addition, expenses paid in connection with the sale of CWI 1 shares in its follow-on offering, which was closed in December 31, 2014, totaled $7.1 million during 2014. These decreases were partially offset by $8.3 million in expenses paid in connection with the CWI 2 initial public offering, which began to admit new stockholders on May 15, 2015.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, dealer manager fees and expenses increased by $8.7 million, primarily due to an increase of $7.3 million in expenses paid in connection with the sale of CPA^®:18 – Global shares in its initial public offering, which commenced in May 2013. Dealer manager fees and expenses also increased by $1.5 million as a result of an increase in expenses paid in connection with the sale of CWI 1 shares in its follow-on offering, which commenced in December 2013, and its initial public offering, which closed in September 2013, as a result of a corresponding increase in funds raised.

Subadvisor Fees

As discussed in Note 4, we earn investment management revenue from CWI 1, CWI 2, and CPA^®:18 – Global. Pursuant to the terms of the subadvisory agreements we have with the third-party subadvisors in connection with both CWI 1 and CWI 2, we pay a subadvisory fee equal to 20% of the amount of fees paid to us by CWI 1 and 25% of the amount of fees paid to us by CWI 2, including but not limited to: acquisition fees, asset management fees, loan refinancing fees, property management fees, and subordinated disposition fees, each as defined in the advisory agreements we have with each of CWI 1 and CWI 2. We also pay to the subadvisor 20% and 25% of the net proceeds resulting from any sale, financing, or recapitalization or sale of securities of CWI 1 and CWI 2, respectively, by us, the advisor. In addition, in connection with the multi-family properties acquired on behalf of CPA^®:18 – Global, we entered into agreements with third-party advisors for the acquisition and day-to-day management of the properties, for which we pay 0.75% of the acquisition fees and 0.5% of asset management fees paid to us by CPA^®:18 – Global.

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, subadvisor fees increased by $5.8 million, primarily as a result of $2.7 million of fees incurred related to CPA^®:18 – Global’s acquisitions of several multi-family properties during 2015 and $2.5 million of fees incurred related to CWI 2’s acquisitions and operations, which commenced in April 2015.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, subadvisor fees increased by $1.4 million. Subadvisor fees increased by $0.8 million as a result of an increase in fees earned from CWI 1 as a result of investments CWI 1 entered into during 2014 and 2013, which increased the asset management fees we earned from CWI 1 and the resulting asset management-related fees we paid to the subadvisor. Additionally, subadvisor fees increased by $0.6 million as a result of fees

W. P. Carey 2015 10-K– 62

paid to the third-party advisors in connection with the acquisitions of multi-family and multi-tenant properties that we structured on behalf of CPA^®:18 – Global during 2014.

Strategic Alternative Expenses

2015 — For the year ended December 31, 2015, we recorded strategic alternative expenses of $2.1 million, representing advisory expenses incurred in connection with our review of a range of strategic alternatives, as discussed in Significant Developments above.

Impairment Charge

During the year ended December 31, 2013, we recognized an other-than-temporary impairment charge of $0.6 million on an investment in an equity fund. During the fourth quarter of 2013, we received information indicating that the fair value of the equity fund was less than its carrying value. Since the fund is being wound down and the remaining investments have fair values less than their cost, this impairment was deemed other-than-temporary and the carrying value was written down to the estimated fair value (Note 9).

Equity in Loss of Equity Method Investment in Carey Credit Income Fund

In December 2014, we acquired a $25.0 million noncontrolling interest in CCIF (Note 7). The $2.0 million equity in loss of equity method investment in Carey Credit Income Fund recognized during the year ended December 31, 2015 represents our portion of the net loss incurred by CCIF.

(Provision for)Benefit fromIncome Taxes

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, provision for income taxes increased by $1.1 million. Higher pre-tax income recognized by the TRSs in our Investment Management segment resulted in a $5.9 million increase in provision for income taxes. This increase was partially offset by $4.8 million of income taxes recognized during the year ended December 31, 2014 as a result of the recognition of taxable income 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.

2014 vs. 2013 — For the year ended December 31, 2014, we recorded a provision for income taxes of $18.5 million, compared to a benefit from income taxes of $3.5 million recognized during 2013, primarily due to $21.1 million in pre-tax income recognized by our TRSs in the Investment Management segment. In addition, provision for income taxes increased by $4.8 million due to the recognition of taxable income in connection with the CPA^®:16 Merger described above. The benefit from income taxes for the year ended December 31, 2013 was primarily due to losses recognized by our TRSs in the Investment Management segment in 2013.

Net Income from Investment Management Attributable to W. P. Carey

2015vs.2014 — For the year ended December 31, 2015 as compared to 2014, the resulting net income from Investment Management attributable to W. P. Carey increased by $14.0 million.

2014 vs. 2013 — For the year ended December 31, 2014 as compared to 2013, the resulting net income from Investment Management attributable to W. P. Carey increased by $7.1 million.

Liquidity and Capital Resources

Sources and Uses of Cash During the Year

We use the cash flow generated from our investments primarily to meet our operating expenses, service debt, and fund distributions to stockholders. Our cash flows fluctuate periodically due to a number of factors, which may include, among other things: the timing of our equity and debt offerings; the timing of purchases and sales of real estate; the timing of the receipt of proceeds from, and the repayment of, mortgage loans and receipt of lease revenues; the receipt of the annual installment of deferred acquisition revenue and interest thereon from the CPA^® REITs; the receipt of the asset management fees in either shares of the Managed Programs’ common stock or cash, the timing and characterization of distributions from equity investments in real estate and the Managed Programs, the receipt of distributions of Available Cash from the Managed REITs, and changes in foreign currency exchange rates. Despite these fluctuations, we believe that we will generate sufficient cash

W. P. Carey 2015 10-K– 63

from operations and from equity distributions in excess of equity income in real estate to meet our normal recurring short-term and long-term liquidity needs. We may also use existing cash resources, the proceeds of mortgage loans, unused capacity under our Revolver, net contributions from noncontrolling interests, and the issuance of additional debt or equity securities to meet these needs. We assess our ability to access capital on an ongoing basis. Our sources and uses of cash during the year are described below.

2015

Operating Activities — Net cash provided by operating activities increased by $78.2 million during 2015 as compared to 2014, primarily due to operating cash flow generated from properties we acquired during 2014 and 2015, including the properties we acquired in the CPA^®:16 Merger in January 2014, as well as increases in structuring revenue and asset management revenue received in cash from the Managed REITs.

Investing Activities — Our investing activities are generally comprised of real estate-related transactions (purchases and sales) and capitalized property-related costs.

During 2015, we used $674.8 million to acquire nine investments and $28.0 million primarily to fund a build-to-suit transaction. We sold 13 properties for net proceeds of $35.6 million. Net funds that were invested in and released from lender-held investment accounts totaled $26.6 million. We used $185.4 million to fund loans to the Managed Programs (Note 4), all of which were repaid during 2015. We received $10.4 million from the repayment of a note receivable from a third party. We also received $8.2 million in distributions from equity investments in the Managed Programs and real estate in excess of cumulative equity income and made $16.2 million in contributions to jointly-owned investments to repay the related non-recourse mortgage loans.

Financing Activities — During 2015, gross borrowings under our Senior Unsecured Credit Facility were $1.0 billion and repayments were $1.3 billion. We received $1.0 billion in net proceeds from the issuances of the 2.0% Senior Euro Notes and 4.0% Senior Notes in January 2015, which we used primarily to pay off the outstanding balance on our Revolver at that time (Note 11). In connection with the issuances of the aforementioned notes, and the exercise of the existing accordion feature under the Senior Unsecured Credit Facility at that time (Note 11), we incurred financing costs totaling $10.9 million. During 2015, we also made scheduled and prepaid mortgage loan principal payments of $90.3 million and $91.6 million, respectively, and drew down $22.7 million on a construction loan in relation to a build-to-suit transaction. We paid distributions to stockholders of $403.6 million, related to the fourth quarter of 2014 and the first, second, and third quarters of 2015, and also paid distributions of $14.7 million to affiliates who hold noncontrolling interests in various entities with us. We recognized windfall tax benefits of $12.5 million in connection with the exercise of employee stock options and the vesting of PSUs and RSUs, which reduced our tax liability to various taxing authorities.

2014

Operating Activities — Net cash provided by operating activities increased by $191.2 million during 2014 as compared to 2013, primarily due to operating cash flow generated from the properties we acquired in the CPA^®:16 Merger in January 2014.

Investing Activities — Our investing activities are generally comprised of real estate-related transactions (purchases and sales) and capitalized property-related costs. In connection with the CPA^®:16 Merger, we paid $1.3 million, representing the cash portion of the merger consideration paid to CPA^®:16 – Global stockholders, and acquired $65.4 million of cash.

During 2014, we sold 32 properties for net proceeds of $285.7 million. We used $898.2 million to acquire 109 properties. Net funds that were invested in escrow accounts totaled $23.7 million. We funded $20.6 million related to a build-to-suit transaction and $5.8 million to make capital improvements to various properties. We also used $18.3 million for corporate capital expenditures, including $14.6 million related to the implementation of the new software system used in our accounting, tax, and financial reporting functions commencing in 2015. We used $7.7 million to purchase marketable securities for defeasance of a mortgage loan. We also funded $25.0 million to acquire our interest in CCIF. We also received $13.1 million in distributions from equity investments in the Managed Programs and real estate in excess of cumulative equity income.

Financing Activities — During 2014, gross borrowings under our Senior Unsecured Credit Facility were $1.8 billion and repayments were $1.4 billion, inclusive of the repayment of a $170.0 million line of credit facility assumed in the CPA^®:16 Merger. We received $498.2 million in net proceeds from the issuance of the 4.6% Senior Notes, which we used to pay off the outstanding balance on the Revolver at that time (Note 11). In connection with the Second Amended and Restated Credit Agreement and the issuance of the 4.6% Senior Notes, we paid financing costs totaling $12.3 million. During the year ended

W. P. Carey 2015 10-K– 64

December 31, 2014, in connection with our long-term plan to become a primarily unsecured borrower, we used $220.8 million to prepay 20 non-recourse mortgage loans. We also made scheduled mortgage loan principal payments of $205.0 million and drew down $20.4 million on a construction loan in relation to a build-to-suit transaction. We received $282.2 million in net proceeds from the issuance of shares in the Equity Offering, which we used in part to pay down a portion of the outstanding balance on the Revolver at that time. We paid distributions to stockholders of $347.9 million related to the fourth quarter of 2013 and the first, second, and third quarters of 2014, and in 2014 we also paid distributions of $20.6 million to affiliates who hold noncontrolling interests in various entities with us. We recognized windfall tax benefits of $5.6 million in 2014 in connection with the exercise of employee stock options and the vesting of PSUs and RSUs, which reduced our tax liability to various taxing authorities.

Summary of Financing

The table below summarizes our non-recourse debt, our Senior Unsecured Notes, and our Senior Unsecured Credit Facility (dollars in thousands):  

	December 31,
	2015			2014
Carrying Value
Fixed rate:
Non-recourse mortgages	$	1,904,469		$	2,174,604
Senior Unsecured Notes (a)	1,486,568			498,345
	3,391,037			2,672,949
Variable rate:
Revolver	485,021			807,518
Term Loan Facility	250,000			250,000
Non-recourse debt:
Amount subject to interest rate swaps and cap	283,810			320,220
Non-recourse mortgages	43,491			24,299
Amount of fixed-rate debt subject to interest rate reset features	39,434			13,560
	1,101,756			1,415,597
	$	4,492,793		$	4,088,546
Percent of Total Debt
Fixed rate	75		%	65		%
Variable rate	25		%	35		%
	100		%	100		%
Weighted-Average Interest Rate at End of Year
Fixed rate	4.8		%	5.4		%
Variable rate (b)	2.2		%	2.0		%

____________

(a) In January 2015, we issued the 2.0% Senior Euro Notes and the 4.0% Senior Notes (Note 11).

(b) The impact of our derivative instruments is reflected in the weighted-average interest rates.

W. P. Carey 2015 10-K– 65

Senior Unsecured Credit Facility

Our Senior Unsecured Credit Facility is more fully described in Note 11. A summary of our Senior Unsecured Credit Facility is provided below (in thousands):

	December 31, 2015				December 31, 2014
	Outstanding Balance		Maximum Available		Outstanding Balance		Maximum Available
Revolver	$	485,021	$	1,500,000	$	807,518	$	1,000,000
Term Loan Facility	250,000		250,000		250,000		250,000

Cash Resources

At December 31, 2015, our cash resources consisted of the following:

• Cash and cash equivalents totaling $157.2 million. Of this amount, $70.8 million, at then-current exchange rates, was held in foreign subsidiaries and we could be subject to restrictions or significant costs should we decide to repatriate these amounts;

• Our Revolver, with unused capacity of $1.0 billion, excluding amounts reserved for outstanding letters of credit; and

• Unleveraged properties that had an aggregate carrying value of $2.7 billion at December 31, 2015, although there can be no assurance that we would be able to obtain financing for these properties.

We also have the ability to access the capital markets, in the form of additional bond and equity offerings, such as our $400.0 million ATM program, if necessary.

Cash Requirements

During the next 12 months, we expect that our cash requirements will include payments to acquire new investments, funding capital commitments such as build-to-suit projects, paying distributions to our stockholders and to our affiliates that hold noncontrolling interests in entities we control, making scheduled interest payments on our Senior Unsecured Notes and scheduled mortgage loan principal payments, including mortgage balloon payments totaling $326.2 million on our consolidated mortgage loan obligations, as well as other normal recurring operating expenses.

We expect to fund future investments, build-to-suit commitments, any capital expenditures on existing properties, scheduled debt maturities on non-recourse mortgage loans, and any loans to certain of the Managed Programs (Note 4) through cash generated from operations, the use of our cash reserves or unused amounts on our Revolver, and/or additional equity or debt offerings.

Our liquidity would be adversely affected by unanticipated costs and greater-than-anticipated operating expenses. To the extent that our working capital reserve is insufficient to satisfy our cash requirements, additional funds may be provided from cash from operations and from equity distributions in excess of equity income in real estate to meet our normal recurring short-term and long-term liquidity needs. We may also use existing cash resources, the proceeds of mortgage loans, unused capacity on our Revolver, net contributions from noncontrolling interests, and the issuance of additional debt or equity securities to meet these needs.

W. P. Carey 2015 10-K– 66

Off-Balance Sheet Arrangements and Contractual Obligations

The table below summarizes our debt, off-balance sheet arrangements and other contractual obligations (primarily our capital commitments and lease obligations) at December 31, 2015 and the effect that these arrangements and obligations are expected to have on our liquidity and cash flow in the specified future periods (in thousands):

	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Non-recourse debt — principal (a)	$	2,266,977	$	398,344	$	963,661	$	318,747	$	586,225
Senior Unsecured Notes — principal (a)(b)	1,494,350		—		—		—		1,494,350
Senior Unsecured Credit Facility — principal (c)	735,021		250,000		485,021		—		—
Interest on borrowings (d)	858,567		175,772		253,288		190,715		238,792
Operating and other lease commitments (e)	174,775		5,072		17,679		15,898		136,126
Tenant expansion allowance (f)	12,241		—		12,241		—		—
Property improvement commitments	5,265		5,265		—		—		—
	$	5,547,196	$	834,453	$	1,731,890	$	525,360	$	2,455,493

___________

(a) Excludes the unamortized discount on the Senior Unsecured Notes of $7.8 million and the unamortized fair market value adjustment of $4.2 million resulting from the assumption of property-level debt in connection with the CPA^®:15 Merger and CPA^®:16 Merger (Note 11).

(b) Our Senior Unsecured Notes are scheduled to mature from 2023 through 2025.

(c) Our Revolver is scheduled to mature on January 31, 2018 and our Term Loan Facility was scheduled to mature on January 31, 2016. However, on January 29, 2016, we exercised our option to extend the maturity of our Term Loan Facility by an additional year to January 31, 2017 (Note 11).

(d) Interest on unhedged variable-rate debt obligations was calculated using the applicable annual variable interest rates and balances outstanding at December 31, 2015.

(e) Operating and other lease commitments consist primarily of rental obligations under ground leases and the future minimum rents payable on the leases for our principal offices. Pursuant to their respective advisory agreements with us, we are reimbursed by the Managed REITs for their share of overhead costs, which includes a portion of those future minimum rent amounts. Our operating lease commitments are presented net of $6.2 million, based on the allocation percentages as of December 31, 2015, which we estimate the Managed REITs will reimburse us for in full.

(f) Represents a tenant expansion allowance of $12.2 million we committed to fund in connection with an investment in Australia. Amounts are based on the exchange rate of the Australian dollar at December 31, 2015.

Amounts in the table above that relate to our foreign operations are based on the exchange rate of the local currencies at December 31, 2015, which consisted primarily of the euro. At December 31, 2015, we had no material capital lease obligations for which we were the lessee, either individually or in the aggregate.

W. P. Carey 2015 10-K– 67

Equity Method Investments

We have interests in unconsolidated investments that own single-tenant properties net leased to companies. Generally, the underlying investments are jointly-owned with our affiliates. Summarized financial information for these investments and our ownership interest in the investments at December 31, 2015 is presented below. Cash requirements with respect to our share of these debt obligations are discussed above under Cash Requirements. Summarized financial information provided represents the total amounts attributable to the investments and does not represent our proportionate share (dollars in thousands):

	Ownership Interest at			Total Third-
Lessee	December 31, 2015	Total Assets		Party Debt		Maturity Date
Wanbishi Archives Co. Ltd (a)	3%	$	33,251	$	21,596	12/2017
The New York Times Company	45%	251,371		107,483		4/2018
C1000 Logistiek Vastgoed B. V. (b)	15%	143,650		72,532		3/2020
Frontier Spinning Mills, Inc.	40%	37,262		—		N/A
Actebis Peacock GmbH (b)	30%	32,313		—		N/A
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH (b)	33%	31,872		—		N/A
		$	529,719	$	201,611

___________

(a) Dollar amounts shown are based on the exchange rate of the Japanese yen at December 31, 2015.

(b) Dollar amounts shown are based on the exchange rate of the euro at December 31, 2015.

Environmental Obligations

In connection with the purchase of many of our properties, we required the sellers to perform environmental reviews. We believe, based on the results of these reviews, that our properties were in substantial compliance with federal, state, and foreign environmental statutes at the time the properties were acquired. However, portions of certain properties have been subject to some degree of contamination, principally in connection with leakage from underground storage tanks, surface spills, or other on-site activities. In most instances where contamination has been identified, tenants are actively engaged in the remediation process and addressing identified conditions. Sellers are generally subject to environmental statutes and regulations regarding the discharge of hazardous materials and any related remediation obligations, and we frequently require sellers to address them before closing or obtain contractual protection (e.g. indemnities, cash reserves, letters of credit, or other instruments) from sellers when we acquire a property. In addition, our leases generally require tenants to indemnify us from all liabilities and losses related to the leased properties and the provisions of such indemnifications specifically address environmental matters. The leases generally include provisions that allow for periodic environmental assessments, paid for by the tenant, and allow us to extend leases until such time as a tenant has satisfied its environmental obligations. Certain of our leases allow us to require financial assurances from tenants, such as performance bonds or letters of credit, if the costs of remediating environmental conditions are, in our estimation, in excess of specified amounts. With respect to our operating properties, which are not subject to net-lease arrangements, there is no tenant to provide for indemnification, so we may be liable for costs associated with environmental contamination in the event any such circumstances arise. However, we believe that the ultimate resolution of environmental matters should not have a material adverse effect on our financial condition, liquidity, or results of operations.

Critical Accounting Estimates

Our significant accounting policies are described in Note 2. Many of these accounting policies require judgment and the use of estimates and assumptions when applying these policies in the preparation of our consolidated financial statements. On a quarterly basis, we evaluate these estimates and judgments based on historical experience as well as other factors that we believe to be reasonable under the circumstances. These estimates are subject to change in the future if underlying assumptions or factors change. Certain accounting policies, while significant, may not require the use of estimates. Those accounting policies that require significant estimation and/or judgment are described under Critical Accounting Policies and Estimates in Note 2. The proposed accounting changes that may potentially impact our business are described under Proposed Accounting Changes in Note 2.

W. P. Carey 2015 10-K– 68

Supplemental Financial Measures

In the real estate industry, analysts and investors employ certain non-GAAP supplemental financial measures in order to facilitate meaningful comparisons between periods and among peer companies. Additionally, in the formulation of our goals and in the evaluation of the effectiveness of our strategies, we use Funds from Operations, or FFO, and AFFO, which are supplemental non-GAAP measures defined by our management. We believe that these measures are useful to investors to consider because they may assist them to better understand and measure the performance of our business over time and against similar companies. A description of FFO and AFFO and reconciliations of FFO and AFFO to the most directly comparable GAAP measures are provided below.

Adjusted Funds from Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc., or NAREIT, an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to nor a substitute for net income or loss as determined under GAAP.

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as revised in February 2004. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from sales of property, impairment charges on real estate, and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly-owned investments. Adjustments for unconsolidated partnerships and jointly-owned investments are calculated to reflect FFO. Our FFO calculation complies with NAREIT’s policy described above.

We modify the NAREIT computation of FFO to include other adjustments to GAAP net income to adjust for certain non-cash charges such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rents, stock compensation, gains or losses from extinguishment of debt and deconsolidation of subsidiaries and unrealized foreign currency exchange gains and losses. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses such as merger, property acquisition, and other expenses which includes costs recorded related to the CPA^®:16 Merger, the restructuring of the Hellweg 2 investment, the reversal of liabilities for German real estate transfer taxes that were previously recorded in connection with the CPA^®:15 Merger, and expenses related to our review of a range of strategic alternatives. We also exclude realized gains/losses on foreign exchange transactions, other than those realized on the settlement of foreign currency derivatives, which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income as they are not the primary drivers in our decision making process and excluding those items provides investors a view of our portfolio performance over time and make it more comparable to other REITs which are currently not engaged in acquisitions, mergers and restructuring which are not part of our normal business operations. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies, and determine executive compensation.

We believe that AFFO is a useful supplemental measure for investors to consider as we believe it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net earnings computed under GAAP or as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs.

W. P. Carey 2015 10-K– 69

FFO and AFFO were as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Net income attributable to W. P. Carey	$	172,258		$	239,826		$	98,876
Adjustments:
Depreciation and amortization of real property	274,358			232,692			121,730
Impairment charges	29,906			23,067			13,156
Gain on sale of real estate, net	(6,487		)	(34,079		)	(39,711		)
Proportionate share of adjustments for noncontrolling interests to arrive at FFO	(11,510		)	(11,808		)	5,783
Proportionate share of adjustments to equity in net income of partially-owned entities to arrive at FFO:
Depreciation and amortization of real property	5,142			5,381			10,588
Gain on sale of real estate, net	—			—			(16,456		)
Total adjustments	291,409			215,253			95,090
FFO attributable to W. P. Carey — as defined by NAREIT	463,667			455,079			193,966
Adjustments:
Above- and below-market rent intangible lease amortization, net	43,964			59,050			29,197
Straight-line and other rent adjustments (a)	(25,397		)	(17,116		)	(8,019		)
Stock-based compensation	21,626			31,075			37,195
Allowance for credit losses	8,748			—			—
Merger, property acquisition, and other expenses (b) (c) (d) (e)	(7,764		)	48,333			9,104
Loss on extinguishment of debt	5,645			9,835			1,189
Amortization of deferred financing costs	5,616			4,077			4,069
Other amortization and non-cash items (f)	(2,001		)	10,343			779
Tax expense (benefit) — deferred and other non-cash charges	1,617			(22,582		)	(19,370		)
Realized losses (gains) on derivatives and other (g)	818			(95		)	717
Gain on change in control of interests (h)	—			(105,947		)	—
Other, net (i)	—			5,369			(462		)
Proportionate share of adjustments to equity in net income of partially-owned entities to arrive at AFFO:
AFFO adjustments to equity earnings from equity investments	9,177			6,190			41,587
Straight-line and other rent adjustments	(774		)	(359		)	(516		)
Other amortization and non-cash items (f)	408			196			691
Above- and below-market rent intangible lease amortization, net	(139		)	24			1,086
Deferred tax benefit	(79		)	—			—
Hellweg 2 restructuring (b)	—			—			8,357
Impairment charge	—			—			553
Proportionate share of adjustments for noncontrolling interests to arrive at AFFO (j)	6,070			(3,006		)	(5,972		)
Total adjustments	67,535			25,387			100,185
AFFO attributable to W. P. Carey	$	531,202		$	480,466		$	294,151
Summary
FFO attributable to W. P. Carey — as defined by NAREIT	$	463,667		$	455,079		$	193,966
AFFO attributable to W. P. Carey	$	531,202		$	480,466		$	294,151

__________

W. P. Carey 2015 10-K– 70

(a) Amount for the year ended December 31, 2015 includes an adjustment of $15.0 million related to lease termination income recognized from a tenant in a domestic property, which has been determined to be non-core income (Note 16).

(b) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes, of which $7.9 million was previously recorded as merger expenses in connection with the CPA^®:15 Merger in September 2012 and $17.1 million was previously recorded in connection with the restructuring of a German investment, Hellweg 2, in October 2013 (Note 7). At the time of the restructuring, we owned an equity interest in the Hellweg 2 investment, which we jointly owned with CPA^®:16 – Global. In connection with the CPA^®:16 Merger, we acquired CPA^®:16 – Global’s controlling interest in the investment. Therefore, the reversal related to the Hellweg 2 investment has been recorded in Merger, property acquisition, and other expenses in the consolidated financial statements for the year ended December 31, 2015, since we now consolidate the Hellweg 2 investment.

(c) Amount for the year ended December 31, 2014 includes reported merger costs as well as income tax expense incurred in connection with the CPA^®:16 Merger. Income tax expense incurred in connection with the CPA^®:16 Merger represents the current portion of income tax expense including the permanent difference incurred upon recognition of deferred revenue associated with the accelerated vesting of shares previously issued to us by CPA^®:16 – Global for asset management and performance fees.

(d) Prior to the second quarter of 2013, property acquisition expenses were insignificant and therefore not included in the AFFO calculation.

(e) Amount for the year ended December 31, 2015 includes expenses related to our review of strategic alternatives of $5.7 million, as described in Significant Developments above.

(f) Represents primarily unrealized gains and losses from foreign currency exchange and derivatives, as well as amounts for the amortization of contracts.

(g) Effective January 1, 2015, we no longer adjust for realized gains or losses on foreign currency derivatives. For the years ended December 31, 2014 and 2013, realized gains on foreign exchange derivatives were $0.3 million and realized losses on foreign exchange derivatives were $0.5 million, respectively.

(h) Gain on change in control of interests for the year ended December 31, 2014 represents a gain of $75.7 million recognized on our previously-held interest in shares of CPA^®:16 – Global common stock and a gain of $30.2 million recognized on the purchase of the remaining interests in nine investments from CPA^®:16 – Global (Note 3).

(i) Other, net for the year ended December 31, 2014 primarily consists of proceeds from the bankruptcy settlement claim with U.S. Aluminum of Canada, a former CPA^®:16 – Global tenant that was acquired as part of the CPA^®:16 Merger on January 1, 2014.

(j) Amount for the year ended December 31, 2015 includes CPA^®:17 – Global’s $6.3 million share of the reversal of liabilities for German real estate transfer taxes, as described above.

While we believe that FFO and AFFO are important supplemental measures, they should not be considered as alternatives to net income as an indication of a company’s operating performance. These non-GAAP measures should be used in conjunction with net income as defined by GAAP. FFO and AFFO, or similarly titled measures disclosed by other REITs, may not be comparable to our FFO and AFFO measures.

W. P. Carey 2015 10-K– 71

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Market Risk

Market risk is the exposure to loss resulting from changes in interest rates, foreign currency exchange rates, and equity prices. The primary risks that we are exposed to are interest rate risk and foreign currency exchange risk. We are also exposed to further market risk as a result of tenant concentrations in certain industries and/or geographic regions, since adverse market factors can affect the ability of tenants in a particular industry/region to meet their respective lease obligations. In order to manage this risk, we view our collective tenant roster as a portfolio, and we attempt to diversify such portfolio so that we are not overexposed to a particular industry or geographic region.

Generally, we do not use derivative instruments to hedge credit/market risks or for speculative purposes. However, from time to time, we may enter into foreign currency forward contracts to hedge our foreign currency cash flow exposures.

Interest Rate Risk

The values of our real estate, related fixed-rate debt obligations, and our note receivable investments are subject to fluctuations based on changes in interest rates. The value of our real estate is also subject to fluctuations based on local and regional economic conditions and changes in the creditworthiness of lessees, which may affect our ability to refinance property-level mortgage debt when balloon payments are scheduled, if we do not choose to repay the debt when due. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political conditions, and other factors beyond our control. An increase in interest rates would likely cause the fair value of our owned and managed assets to decrease, which would create lower revenues from managed assets and lower investment performance for the Managed REITs. Increases in interest rates may also have an impact on the credit profile of certain tenants.

We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we historically attempted to obtain non-recourse mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our joint investment partners have obtained, and may in the future obtain, variable-rate non-recourse mortgage loans and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with lenders. Interest rate swap agreements effectively convert the variable-rate debt service obligations of a loan to a fixed rate, while interest rate cap agreements limit the underlying interest rate from exceeding a specified strike rate. Interest rate swaps are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flows over a specific period, and interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. These interest rate swaps and caps are derivative instruments that, where applicable, are designated as cash flow hedges on the forecasted interest payments on the debt obligation. The face amount on which the swaps or caps are based is not exchanged. Our objective in using these derivatives is to limit our exposure to interest rate movements. At December 31, 2015, we estimated that the total fair value of our interest rate swaps and caps, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, was in a net liability position of $7.4 million (Note 10).

At December 31, 2015, a significant portion (approximately 82.7%) of our long-term debt either bore interest at fixed rates, was swapped or capped to a fixed rate, or bore interest at fixed rates that were scheduled to convert to then-prevailing market fixed rates at certain future points during their term. The annual interest rates on our fixed-rate debt at December 31, 2015 ranged from 2.0% to 8.7%. The contractual annual interest rates on our variable-rate debt at December 31, 2015 ranged from 0.9% to 7.6%. Our debt obligations are more fully described under Liquidity and Capital Resources — Summary of Financing in Item 7 above. The following table presents principal cash flows based upon expected maturity dates of our debt obligations outstanding at December 31, 2015 (in thousands):

	2016		2017		2018		2019		2020		Thereafter		Total		Fair value
Fixed-rate debt (a)	$	343,796	$	642,484	$	132,117	$	85,768	$	172,262	$	2,017,050	$	3,393,477	$	3,387,170
Variable-rate debt (a) (b)	$	304,548	$	55,265	$	618,815	$	13,985	$	46,733	$	63,525	$	1,102,871	$	1,100,938

__________

(a) Amounts are based on the exchange rate at December 31, 2015, as applicable.

(b) Includes $250.0 million outstanding under our Term Loan Facility at December 31, 2015, which was scheduled to mature on January 31, 2016. However, on January 29, 2016, we exercised our option to extend our Term Loan Facility by an additional year to January 31, 2017 (Note 19).

W. P. Carey 2015 10-K– 72

The estimated fair value of our fixed-rate debt and our variable-rate debt that currently bears interest at fixed rates or has effectively been converted to a fixed rate through the use of interest rate swaps, or that has been subject to interest rate caps is affected by changes in interest rates. A decrease or increase in interest rates of 1% would change the estimated fair value of this debt at December 31, 2015 by an aggregate increase of $72.5 million or an aggregate decrease of $77.6 million, respectively. Annual interest expense on our unhedged variable-rate debt at December 31, 2015 would increase or decrease by $7.8 million for each respective 1% change in annual interest rates. As more fully described under Liquidity and Capital Resources — Summary of Financing in Item 7 above, a portion of the debt classified as variable-rate debt in the tables above bore interest at fixed rates at December 31, 2015 but has interest rate reset features that will change the fixed interest rates to then-prevailing market fixed rates at certain points during their term. This debt is generally not subject to short-term fluctuations in interest rates.

Foreign Currency Exchange Rate Risk

We own international investments, primarily in Europe, Asia, and Australia, and as a result are subject to risk from the effects of exchange rate movements in various foreign currencies, primarily the euro, the British pound sterling, and the Australian dollar, which may affect future costs and cash flows. We manage foreign currency exchange rate movements by generally placing our debt service obligation to the lender and the tenant’s rental obligation to us in the same currency. This reduces our overall exposure to the net cash flow from that investment. In addition, we may use currency hedging to further reduce the exposure to our equity cash flow. We are generally a net receiver of these currencies (we receive more cash than we pay out), therefore our foreign operations benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar, relative to the foreign currency. As part of our investment strategy, we make intercompany loans to a number of our foreign subsidiaries, most of which do not have the U.S. dollar as their functional currency. Remeasurement of foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and short term loans, are included in the determination of net income. For the year ended December 31, 2015, we recognized net foreign currency transaction losses (included in Other income and (expenses) in the consolidated financial statements) of $6.6 million, primarily due to the strengthening of the U.S. dollar relative to the euro during the period. The end-of-period rate for the U.S. dollar in relation to the euro at December 31, 2015decreased by 10.4% to $1.0887 from $1.2156 at December 31, 2014.

We enter into foreign currency forward contracts and collars to hedge certain of our foreign currency cash flow exposures. A foreign currency forward contract is a commitment to deliver a certain amount of foreign currency at a certain price on a specific date in the future. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. By entering into forward contracts and holding them to maturity, we are locked into a future currency exchange rate for the term of the contract. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. The estimated fair value of our foreign currency forward contracts and collars, which are included in Other assets, net in the consolidated financial statements, was in an asset position of $46.7 million at December 31, 2015. We have obtained, and may in the future obtain, non-recourse mortgage financing in local currencies. We have also issued the 2.0% Senior Euro Notes, which are denominated in euro, and have borrowed under our Revolver in foreign currencies, including the euro and the British pound sterling. To the extent that currency fluctuations increase or decrease rental revenues, as translated to U.S. dollars, the change in debt service, as translated to U.S. dollars, will partially offset the effect of fluctuations in revenue and, to some extent, mitigate the risk from changes in foreign currency exchange rates.

Scheduled future minimum rents, exclusive of renewals, under non-cancelable operating leases, for our consolidated foreign operations as of December 31, 2015, during each of the next five calendar years and thereafter, are as follows (in thousands):

Lease Revenues (a)	2016		2017		2018		2019		2020		Thereafter		Total
Euro (b)	$	196,811	$	188,231	$	175,971	$	158,863	$	154,387	$	1,237,959	$	2,112,222
British pound sterling (c)	40,636		40,584		40,692		40,895		41,070		369,170		573,047
Australian dollar (d)	10,035		10,007		10,007		10,007		10,035		138,512		188,603
Other foreign currencies (e)	13,941		14,061		14,202		14,584		14,758		147,873		219,419
	$	261,423	$	252,883	$	240,872	$	224,349	$	220,250	$	1,893,514	$	3,093,291

W. P. Carey 2015 10-K– 73

Scheduled debt service payments (principal and interest) for mortgage notes payable for our consolidated foreign operations as of December 31, 2015, during each of the next five calendar years and thereafter, are as follows (in thousands):

Debt service (a) (f)	2016		2017		2018		2019		2020		Thereafter		Total
Euro (b)	$	241,131	$	371,015	$	537,565	$	20,868	$	60,948	$	605,122	$	1,836,649
British pound sterling (c)	6,439		931		931		931		931		13,776		23,939
Other foreign currencies (e)	2,737		6,873		9,202		656		3,371		—		22,839
	$	250,307	$	378,819	$	547,698	$	22,455	$	65,250	$	618,898	$	1,883,427

__________

(a) Amounts are based on the applicable exchange rates at December 31, 2015. Contractual rents and debt obligations are denominated in the functional currency of the country of each property.

(b) We estimate that, for a 1% increase or decrease in the exchange rate between the euro and the U.S. dollar, there would be a corresponding change in the projected estimated property level cash flow at December 31, 2015 of $2.8 million. Amounts included the equivalent of $393.0 million borrowed in euro under our Revolver, which is scheduled to mature on January 31, 2018 unless extended pursuant to its terms (Note 11), and the equivalent of $544.4 million of 2.0% Senior Euro Notes outstanding maturing in January 2023 (Note 11).

(c) We estimate that, for a 1% increase or decrease in the exchange rate between the British pound sterling and the U.S. dollar, there would be a corresponding change in the projected estimated property level cash flow at December 31, 2015 of $5.5 million.

(d) We estimate that, for a 1% increase or decrease in the exchange rate between the Australian dollar and the U.S. dollar, there would be a corresponding change in the projected estimated property level cash flow at December 31, 2015 of $1.9 million. There is no related mortgage loan on this investment.

(e) Other foreign currencies consist of the Canadian dollar, the Malaysian ringgit, the Swedish krona, the Norwegian krone, and the Thai baht.

(f) Interest on unhedged variable-rate debt obligations was calculated using the applicable annual interest rates and balances outstanding at December 31, 2015.

As a result of scheduled balloon payments on certain of our international non-recourse mortgage loans, projected debt service obligations exceed projected lease revenues in 2017 and 2018. In 2017, balloon payments totaling $333.2 million are due on ten non-recourse mortgage loans that are collateralized by properties that we own with affiliates. In 2018, balloon payments totaling $127.8 million are due on five non-recourse mortgage loans that are collateralized by properties that we own with affiliates. We currently anticipate that, by their respective due dates, we will have repaid these loans using our cash resources, including unused capacity on our Revolver.

Concentration of Credit Risk

Concentrations of credit risk arise when a number of tenants are engaged in similar business activities or have similar economic risks or conditions that could cause them to default on their lease obligations to us. We regularly monitor our portfolio to assess potential concentrations of credit risk. While we believe our portfolio is reasonably well diversified, it does contain concentrations in excess of 10%, based on the percentage of our ABR as of December 31, 2015, in certain areas.

The majority of our directly owned real estate properties and related loans are located in the United States (64%), and no individual foreign country represented a significant geographic concentration greater than 10% of our ABR at December 31, 2015. No individual tenant accounted for more than 10% of our ABR at December 31, 2015. At December 31, 2015, our directly-owned real estate properties contain significant concentrations in the following asset types: office (30%), industrial (25%), warehouse (17%), and retail (16%); and in the following tenant industry: retail stores (20%).

W. P. Carey 2015 10-K– 74

Item 8. Financial Statements and Supplementary Data.

TABLE OF CONTENTS	Page No.
Report of Independent Registered Public Accounting Firm	76
Consolidated Balance Sheets	77
Consolidated Statements of Income	78
Consolidated Statements of Comprehensive Income	79
Consolidated Statements of Equity	80
Consolidated Statements of Cash Flows	82
Notes to Consolidated Financial Statements	84
Schedule II — Valuation and Qualifying Accounts	150
Schedule III — Real Estate and Accumulated Depreciation	151
Notes to Schedule III	162
Schedule IV — Mortgage Loans on Real Estate	163
Notes to Schedule IV	163

Financial statement schedules other than those listed above are omitted because the required information is given in the financial statements, including the notes thereto, or because the conditions requiring their filing do not exist.

W. P. Carey 2015 10-K– 75

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of W. P. Carey Inc.:

In our opinion, the consolidated financial statements listed in the accompanying index appearing under Item 8 present fairly, in all material respects, the financial position of W. P. Carey Inc. and its subsidiaries (the “Company”) at December 31, 2015 and December 31, 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedules listed in the index appearing under Item 8 present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for these financial statements and financial statement schedules, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements, on the financial statement schedules, and on the Company’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

The Company adopted accounting standards update (“ASU”) No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changed the criteria for reporting discontinued operations in 2014.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 26, 2016

W. P. Carey 2015 10-K– 76

W. P. CAREY INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	December 31,
	2015			2014
Assets
Investments in real estate:
Real estate, at cost (inclusive of $256,573 and $184,417, respectively, attributable to variable interest entities, or VIEs)	$	5,309,925		$	5,006,682
Operating real estate, at cost (inclusive of $38,714 and $38,714, respectively, attributable to VIEs)	82,749			84,885
Accumulated depreciation (inclusive of $27,451 and $19,982, respectively, attributable to VIEs)	(381,529		)	(258,493		)
Net investments in properties	5,011,145			4,833,074
Net investments in direct financing leases (inclusive of $57,709 and $61,609, respectively, attributable to VIEs)	756,353			816,226
Assets held for sale	59,046			7,255
Net investments in real estate	5,826,544			5,656,555
Equity investments in the Managed Programs and real estate	275,473			249,403
Cash and cash equivalents (inclusive of $1,672 and $2,652, respectively, attributable to VIEs)	157,227			198,683
Due from affiliates	62,218			34,477
In-place lease and tenant relationship intangible assets, net (inclusive of $27,541 and $21,267, respectively, attributable to VIEs)	902,848			993,819
Goodwill	681,809			692,415
Above-market rent intangible assets, net (inclusive of $11,801 and $13,767, respectively, attributable to VIEs)	475,072			522,797
Other assets, net (inclusive of $19,771 and $18,603, respectively, attributable to VIEs)	373,482			300,330
Total assets	$	8,754,673		$	8,648,479
Liabilities and Equity
Liabilities:
Non-recourse debt, net (inclusive of $115,691 and $125,226, respectively, attributable to VIEs)	$	2,271,204		$	2,532,683
Senior Unsecured Notes, net	1,486,568			498,345
Senior Unsecured Credit Facility - Revolver	485,021			807,518
Senior Unsecured Credit Facility - Term Loan	250,000			250,000
Accounts payable, accrued expenses and other liabilities (inclusive of $9,268 and $5,573, respectively, attributable to VIEs)	342,374			293,846
Below-market rent and other intangible liabilities, net (inclusive of $8,619 and $9,305, respectively, attributable to VIEs)	154,315			175,070
Deferred income taxes (inclusive of $598 and $587, respectively, attributable to VIEs)	86,104			94,133
Distributions payable	102,715			100,078
Total liabilities	5,178,301			4,751,673
Redeemable noncontrolling interest	14,944			6,071
Commitments and contingencies (Note 12)
Equity:
W. P. Carey stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—			—
Common stock, $0.001 par value, 450,000,000 shares authorized; 104,448,777 and 104,040,653 shares, respectively, issued and outstanding	104			104
Additional paid-in capital	4,282,042			4,293,450
Distributions in excess of accumulated earnings	(738,652		)	(497,730		)
Deferred compensation obligation	56,040			30,624
Accumulated other comprehensive loss	(172,291		)	(75,559		)
Total W. P. Carey stockholders’ equity	3,427,243			3,750,889
Noncontrolling interests	134,185			139,846
Total equity	3,561,428			3,890,735
Total liabilities and equity	$	8,754,673		$	8,648,479

 See Notes to Consolidated Financial Statements.

W. P. Carey 2015 10-K– 77

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share amounts)

	Years Ended December 31,
	2015			2014			2013
Revenues
Real estate revenues:
Lease revenues	$	656,956		$	573,829		$	299,624
Operating property revenues	30,515			28,925			956
Lease termination income and other	25,145			17,767			2,071
Reimbursable tenant costs	22,832			24,862			13,314
	735,448			645,383			315,965
Revenues from the Managed Programs:
Structuring revenue	92,117			71,256			46,589
Reimbursable costs	55,837			130,212			73,572
Asset management revenue	49,984			38,063			42,670
Dealer manager fees	4,794			23,532			10,856
Incentive, termination and subordinated disposition revenue	203			—			199
	202,935			263,063			173,886
	938,383			908,446			489,851
Operating Expenses
Depreciation and amortization	280,315			237,123			121,822
General and administrative	103,172			91,588			67,063
Reimbursable tenant and affiliate costs	78,669			155,074			86,886
Property expenses, excluding reimbursable tenant costs	52,199			37,725			8,082
Impairment charges	29,906			23,067			5,294
Stock-based compensation expense	21,626			31,075			37,195
Dealer manager fees and expenses	11,403			21,760			13,028
Subadvisor fees	11,303			5,501			4,106
Merger, property acquisition, and other expenses	(7,764		)	34,465			9,230
	580,829			637,378			352,706
Other Income and Expenses
Interest expense	(194,326		)	(178,122		)	(103,728		)
Equity in earnings of equity method investments in the Managed Programs and real estate	51,020			44,116			52,731
Other income and (expenses)	2,113			(14,230		)	9,421
Gain on change in control of interests	—			105,947			—
	(141,193		)	(42,289		)	(41,576		)
Income from continuing operations before income taxes and gain (loss) on sale of real estate	216,361			228,779			95,569
Provision for income taxes	(37,621		)	(17,609		)	(1,252		)
Income from continuing operations before gain (loss) on sale of real estate	178,740			211,170			94,317
Income from discontinued operations, net of tax	—			33,318			38,180
Gain (loss) on sale of real estate, net of tax	6,487			1,581			(332		)
Net Income	185,227			246,069			132,165
Net income attributable to noncontrolling interests	(12,969		)	(6,385		)	(32,936		)
Net loss (income) attributable to redeemable noncontrolling interest	—			142			(353		)
Net Income Attributable to W. P. Carey	$	172,258		$	239,826		$	98,876
Basic Earnings Per Share
Income from continuing operations attributable to W. P. Carey	$	1.62		$	2.08		$	1.22
Income from discontinued operations attributable to W. P. Carey	—			0.34			0.21
Net Income Attributable to W. P. Carey	$	1.62		$	2.42		$	1.43
Diluted Earnings Per Share
Income from continuing operations attributable to W. P. Carey	$	1.61		$	2.06		$	1.21
Income from discontinued operations attributable to W. P. Carey	—			0.33			0.20
Net Income Attributable to W. P. Carey	$	1.61		$	2.39		$	1.41
Weighted-Average Shares Outstanding
Basic	105,675,692			98,764,164			68,691,046
Diluted	106,507,652			99,827,356			69,708,008
Amounts Attributable to W. P. Carey
Income from continuing operations, net of tax	$	172,258		$	206,329		$	84,637
Income from discontinued operations, net of tax	—			33,497			14,239
Net Income	$	172,258		$	239,826		$	98,876

See Notes to Consolidated Financial Statements.

W. P. Carey 2015 10-K– 78

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

	Years Ended December 31,
	2015			2014			2013
Net Income	$	185,227		$	246,069		$	132,165
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	(125,447		)	(117,938		)	21,835
Realized and unrealized gain on derivative instruments	24,053			21,085			20
Change in unrealized gain (loss) on marketable securities	15			(10		)	—
	(101,379		)	(96,863		)	21,855
Comprehensive Income	83,848			149,206			154,020
Amounts Attributable to Noncontrolling Interests
Net income	(12,969		)	(6,385		)	(32,936		)
Foreign currency translation adjustments	4,647			5,977			(1,883		)
Comprehensive income attributable to noncontrolling interests	(8,322		)	(408		)	(34,819		)
Amounts Attributable to Redeemable Noncontrolling Interest
Net loss (income)	—			142			(353		)
Foreign currency translation adjustments	—			(9		)	13
Comprehensive loss (income) attributable to redeemable noncontrolling interest	—			133			(340		)
Comprehensive Income Attributable to W. P. Carey	$	75,526		$	148,931		$	118,861

See Notes to Consolidated Financial Statements.

W. P. Carey 2015 10-K– 79

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF EQUITY

Years Ended December 31, 2015, 2014, and 2013

(in thousands, except share and per share amounts)

	W. P. Carey Stockholders
							Distributions					Accumulated
	Common Stock			Additional			in Excess of			Deferred		Other			Total
	$0.001 Par Value			Paid-in			Accumulated			Compensation		Comprehensive			W. P. Carey			Noncontrolling
	Shares	Amount		Capital			Earnings			Obligation		(Loss) Income			Stockholders			Interests			Total
Balance at January 1, 2015	104,040,653	$	104	$	4,293,450		$	(497,730	)	$	30,624	$	(75,559	)	$	3,750,889		$	139,846		$	3,890,735
Contributions from noncontrolling interests															—			730			730
Exercise of stock options and employee purchases under the employee share purchase plan	11,524	—		515											515						515
Grants issued in connection with services rendered	331,252	—		(15,493		)									(15,493		)				(15,493		)
Shares issued under share incentive plans	65,348	—		(3,250		)									(3,250		)				(3,250		)
Deferral of vested shares				(20,740		)				20,740					—						—
Windfall tax benefits - share incentive plans				12,522											12,522						12,522
Amortization of stock-based compensation expense				21,626											21,626						21,626
Redemption value adjustment				(8,873		)									(8,873		)				(8,873		)
Distributions to noncontrolling interests															—			(14,713		)	(14,713		)
Distributions declared ($3.8261 per share)				2,285			(413,180		)	4,676					(406,219		)				(406,219		)
Net income							172,258								172,258			12,969			185,227
Other comprehensive (loss) income:
Foreign currency translation adjustments												(120,800		)	(120,800		)	(4,647		)	(125,447		)
Realized and unrealized gain on derivative instruments												24,053			24,053						24,053
Change in unrealized gain on marketable securities												15			15						15
Balance at December 31, 2015	104,448,777	$	104	$	4,282,042		$	(738,652	)	$	56,040	$	(172,291	)	$	3,427,243		$	134,185		$	3,561,428

Balance at January 1, 2014	68,266,570		$	68	$	2,228,031		$	(350,374	)	$	11,354	$	15,336		$	1,904,415		$	298,316		$	2,202,731
Shares issued to stockholders of CPA®:16 – Global in connection with the CPA®:16 Merger	30,729,878		31		1,815,490											1,815,521						1,815,521
Shares issued in public offering	4,600,000		5		282,157											282,162						282,162
Purchase of the remaining interests in less-than-wholly-owned investments that we already consolidate in connection with the CPA®:16 Merger					(41,374		)									(41,374		)	(239,562		)	(280,936		)
Purchase of noncontrolling interests in connection with the CPA®:16 Merger																—			99,757			99,757
Contributions from noncontrolling interests																—			570			570
Exercise of stock options and employee purchases under the employee share purchase plan	39,655		—		1,890											1,890						1,890
Grants issued in connection with services rendered	368,347		—		(15,737		)									(15,737		)				(15,737		)
Shares issued under share incentive plans	47,240		—		(1,428		)									(1,428		)				(1,428		)
Deferral of vested shares					(15,428		)				15,428					—						—
Windfall tax benefits - share incentive plans					5,641											5,641						5,641
Amortization of stock-based compensation expense					31,075											31,075						31,075
Redemption value adjustment					306											306						306
Distributions to noncontrolling interests																—			(19,719		)	(19,719		)
Distributions declared ($3.6850 per share)					3,178			(386,855		)	3,842					(379,835		)				(379,835		)
Repurchase of shares	(11,037	)	—		(351		)	(327		)						(678		)				(678		)
Foreign currency translation																—			76			76
Net income								239,826								239,826			6,385			246,211
Other comprehensive (loss) income:
Foreign currency translation adjustments													(111,970		)	(111,970		)	(5,977		)	(117,947		)
Realized and unrealized gain on derivative instruments													21,085			21,085						21,085
Change in unrealized gain on marketable securities													(10		)	(10		)				(10		)
Balance at December 31, 2014	104,040,653		$	104	$	4,293,450		$	(497,730	)	$	30,624	$	(75,559	)	$	3,750,889		$	139,846		$	3,890,735

(Continued)

W. P. Carey 2015 10-K– 80

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Continued)

Years Ended December 31, 2015, 2014, and 2013

(in thousands, except share and per share amounts)

	W. P. Carey Stockholders
									Distributions					Accumulated
	Common Stock					Additional			in Excess of			Deferred		Other			Total
	$0.001 Par Value					Paid-in			Accumulated			Compensation		Comprehensive			W. P. Carey			Noncontrolling
	Shares		Amount			Capital			Earnings			Obligation		(Loss) Income			Stockholders			Interests			Total
Balance at January 1, 2013	68,485,525		$	69		$	2,166,896		$	(183,528	)	$	8,358	$	(4,649	)	$	1,987,146		$	270,177		$	2,257,323
Reclassification of Estate Shareholders’ shares from temporary equity to permanent equity						40,000											40,000						40,000
Exercise of stock options and employee purchases under the employee share purchase plan	55,423		—			2,312											2,312						2,312
Grants issued in connection with services rendered	295,304		—														—						—
Shares issued under share incentive plans	47,289		—			(9,183		)									(9,183		)				(9,183		)
Contributions from noncontrolling interests																	—			65,145			65,145
Windfall tax benefits - share incentive plans						12,817											12,817						12,817
Amortization of stock-based compensation expense						34,737						2,459					37,196						37,196
Distributions to noncontrolling interests																	—			(71,820		)	(71,820		)
Distributions declared ($3.3900 per share)									(245,271		)	537					(244,734		)				(244,734		)
Repurchase of shares	(616,971	)	(1		)	(19,548		)	(20,451		)						(40,000		)				(40,000		)
Foreign currency translation																	—			(5		)	(5		)
Net income									98,876								98,876			32,936			131,812
Other comprehensive income:
Foreign currency translation adjustments														19,965			19,965			1,883			21,848
Realized and unrealized gain on derivative instruments														20			20						20
Balance at December 31, 2013	68,266,570		$	68		$	2,228,031		$	(350,374	)	$	11,354	$	15,336		$	1,904,415		$	298,316		$	2,202,731

See Notes to Consolidated Financial Statements.

W. P. Carey 2015 10-K– 81

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Years Ended December 31,
	2015			2014			2013
Cash Flows — Operating Activities
Net income	$	185,227		$	246,069		$	132,165
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	287,835			248,549			140,316
Impairment charges	29,906			23,067			13,709
Management income received in shares of Managed REITs and other	(23,266		)	(39,866		)	(33,572		)
Stock-based compensation expense	21,626			31,075			37,195
Straight-line rent, amortization of rent-related intangibles, and deferred rental revenue	16,071			44,843			21,333
Allowance for credit losses	8,748			—			—
Gain on sale of real estate	(6,487		)	(29,250		)	(39,711		)
Realized and unrealized (gain) loss on foreign currency transactions, derivatives, extinguishment of debt, and other	(1,978		)	3,012			(6,154		)
Deferred income taxes	1,476			(18,565		)	(19,465		)
Equity in losses (earnings) of equity method investments in the Managed Programs and real estate in excess of distributions received	415			(1,307		)	(10,177		)
Gain on change in control of interests	—			(105,947		)	—
Amortization of deferred other revenue	—			(786		)	(9,436		)
Changes in assets and liabilities:
Increase in structuring revenue receivable	(29,327		)	(23,713		)	(13,788		)
Deferred acquisition revenue received	23,469			15,724			18,633
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options	(18,742		)	(17,165		)	(11,476		)
Net changes in other operating assets and liabilities	(17,696		)	23,352			(11,664		)
Net Cash Provided by Operating Activities	477,277			399,092			207,908
Cash Flows — Investing Activities
Purchases of real estate	(674,808		)	(898,162		)	(265,383		)
Funding of short-term loans to affiliates	(185,447		)	(11,000		)	(15,000		)
Proceeds from repayment of short-term loans to affiliates	185,447			11,000			15,000
Proceeds from sale of real estate	35,557			285,742			171,300
Investment in real estate under construction	(28,040		)	(20,647		)	—
Change in investing restricted cash	26,610			(23,731		)	43,067
Capital contributions to equity investments in real estate	(16,229		)	(25,468		)	(1,945		)
Proceeds from repayment of note receivable	10,441			1,915			—
Value added taxes paid in connection with acquisition of real estate	(10,401		)	(7,036		)	(502		)
Value added taxes refunded in connection with acquisition of real estate	9,997			—			121
Distributions received from equity investments in the Managed Programs and real estate in excess of equity income	8,200			13,101			58,018
Capital expenditures on owned real estate	(4,415		)	(5,757		)	(6,906		)
Capital expenditures on corporate assets	(4,321		)	(18,262		)	(7,133		)
Other investing activities, net	2,224			1,652			2,989
Cash acquired in connection with the CPA®:16 Merger	—			65,429			—
Purchase of securities	—			(7,664		)	—
Cash paid to stockholders of CPA®:16 – Global in the CPA®:16 Merger	—			(1,338		)	—
Net Cash Used in Investing Activities	(645,185		)	(640,226		)	(6,374		)
Cash Flows — Financing Activities
Repayments of Senior Unsecured Credit Facility	(1,330,122		)	(1,415,000		)	(413,000		)
Proceeds from Senior Unsecured Credit Facility	1,044,767			1,757,151			735,000
Proceeds from issuance of Senior Unsecured Notes	1,022,303			498,195			—
Distributions paid	(403,555		)	(347,902		)	(220,395		)
Prepayments of mortgage principal	(91,560		)	(220,786		)	—
Scheduled payments of mortgage principal	(90,328		)	(205,024		)	(391,764		)
Proceeds from mortgage financing	22,667			20,354			115,567
Distributions paid to noncontrolling interests	(14,713		)	(20,646		)	(72,059		)
Windfall tax benefit associated with stock-based compensation awards	12,522			5,641			12,817
Payment of financing costs	(10,878		)	(12,321		)	(2,368		)
Change in financing restricted cash	(9,811		)	(588		)	(1,843		)
Contributions from noncontrolling interests	730			693			65,145
Proceeds from exercise of stock options and employee purchases under the employee share purchase plan	515			1,890			2,312
Proceeds from issuance of shares in public offering	—			282,162			—
Repurchase of shares	—			(679		)	(40,000		)
Net Cash Provided by (Used in) Financing Activities	152,537			343,140			(210,588		)
Change in Cash and Cash Equivalents During the Year
Effect of exchange rate changes on cash	(26,085		)	(20,842		)	2,669
Net (decrease) increase in cash and cash equivalents	(41,456		)	81,164			(6,385		)
Cash and cash equivalents, beginning of year	198,683			117,519			123,904
Cash and cash equivalents, end of year	$	157,227		$	198,683		$	117,519

See Notes to Consolidated Financial Statements.

W. P. Carey 2015 10-K– 82

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Continued)

Supplemental Non-Cash Investing and Financing Activities:

2014 —On January 31, 2014, CPA^®:16 – Global merged with and into us in the CPA^®:16 Merger (Note 3). The following table summarizes estimated fair values of the assets acquired and liabilities assumed in the CPA^®:16 Merger (in thousands):

Total Consideration
Fair value of W. P. Carey shares of common shares issued	$	1,815,521
Cash consideration for fractional shares	1,338
Fair value of our equity interest in CPA®:16 – Global prior to the CPA®:16 Merger	349,749
Fair value of our equity interest in jointly-owned investments with CPA®:16 – Global prior to the CPA®:16 Merger	172,720
Fair value of noncontrolling interests acquired	(278,187		)
	2,061,141
Assets Acquired at Fair Value
Net investments in real estate	1,970,175
Net investments in direct financing leases	538,225
Equity investments in real estate	74,367
Assets held for sale	133,415
Goodwill	346,642
In-place lease intangible assets	553,723
Above-market rent intangible assets	395,824
Other assets	85,567
Liabilities Assumed at Fair Value
Non-recourse debt and line of credit	(1,768,288		)
Accounts payable, accrued expenses and other liabilities	(118,389		)
Below-market rent and other intangible liabilities	(57,569		)
Deferred tax liability	(58,347		)
Amounts attributable to noncontrolling interests	(99,633		)
Net assets acquired excluding cash	1,995,712
Cash acquired on acquisition of subsidiaries	$	65,429

2013 — On November 27, 2013, we purchased a domestic office building for $33.6 million (Note 5). This transaction consisted of the acquisition and assumption of certain assets and liabilities, respectively, as detailed in the table below (in thousands).

Cash Consideration	$	13,748
Assets Acquired at Fair Value
Net investments in real estate	$	33,625
In-place lease intangible assets, net	872
Above-market rent intangible assets, net	722
Other assets	1,170
Liabilities Assumed at Fair Value
Non-recourse debt	(21,023		)
Below-market rent and other intangible liabilities	(1,618		)
Net assets acquired	$	13,748

Supplemental Cash Flow Information

(In thousands)

	Years Ended December 31,
	2015		2014		2013
Interest paid	$	174,504	$	156,335	$	98,599
Income taxes paid	$	61,697	$	25,247	$	14,405

See Notes to Consolidated Financial Statements.

W. P. Carey 2015 10-K– 83

W. P. CAREY INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Business and Organization

W. P. Carey Inc., or W. P. Carey, is, together with its consolidated subsidiaries and predecessors, a REIT that provides long-term financing via sale-leaseback and build-to-suit transactions for companies worldwide and manages a global investment portfolio. We invest primarily in commercial properties domestically and internationally. We earn revenue principally by leasing the properties we own to single corporate tenants, primarily on a triple-net lease basis, which generally requires each tenant to pay substantially all of the costs associated with operating and maintaining the property.

Originally founded in 1973, we reorganized as a REIT in September 2012 in connection with our merger with Corporate Property Associates 15 Incorporated. We refer to that merger as the CPA^®:15 Merger. On January 31, 2014, Corporate Property Associates 16 – Global Incorporated, or CPA^®:16 – Global, merged with and into us (Note 3), which we refer to as the CPA^®:16 Merger. Our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.”

We have elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code. As a REIT, we are not generally subject to United States federal income taxation other than from our taxable REIT subsidiaries, or TRSs, as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We hold all of our real estate assets attributable to our Real Estate Ownership segment under the REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs.

Through our TRSs we also earn revenue as the advisor to publicly-owned, non-listed REITs, which are sponsored by us under the Corporate Property Associates, or CPA^®,brand name that invest in similar properties. At December 31, 2015, we were the advisor to Corporate Property Associates 17 – Global Incorporated, or CPA^®:17 – Global, and Corporate Property Associates 18 – Global Incorporated, or CPA^®:18 – Global. We were also the advisor to CPA^®:16 – Global until its merger with us on January 31, 2014. We refer to CPA^®:16 – Global, CPA^®:17 – Global, and CPA^®:18 – Global together as the CPA^® REITs. At December 31, 2015, we were also the advisor to Carey Watermark Investors Incorporated, referred to as CWI 1, and Carey Watermark Investors 2 Incorporated, or CWI 2, two publicly-owned, non-listed REITs that invest in lodging and lodging-related properties. We refer to CWI 1 and CWI 2 together as the CWI REITs and, together with the CPA^® REITs, as the Managed REITs (Note 4). At December 31, 2015, we also served as the advisor to Carey Credit Income Fund, or CCIF, a business development company, or BDC (Note 7).

In July 2015, two registration statements on Form N-2 for two feeder funds of CCIF, or the CCIF Feeder Funds, were declared effective by the SEC. The CCIF Feeder Funds intend to invest the proceeds that they raise in their respective public offerings into the master fund, CCIF. The advisor to CCIF is wholly owned by us. We refer to CCIF and the CCIF Feeder Funds collectively as the Managed BDCs and, together with the Managed REITs, as the Managed Programs.

Reportable Segments

Real Estate Ownership — We own and invest in commercial properties principally in the United States, Europe, and Asia that are then leased to companies, primarily on a triple-net lease basis. We have also invested in several operating properties, such as lodging and self-storage properties. We earn lease revenues from our wholly-owned and co-owned real estate investments that we control. In addition, we generate equity income through co-owned real estate investments that we do not control and through our ownership of shares of the Managed Programs (Note 7). Through our special member interests in the operating partnerships of the Managed REITs, we also participate in their cash flows (Note 4). At December 31, 2015, our owned portfolio was comprised of our full or partial ownership interests in 869 properties, totaling approximately 90.1 million square feet (unaudited), substantially all of which were net leased to 222 tenants, with an occupancy rate of 98.8%.

Investment Management — Through our TRSs, we structure and negotiate investments and debt placement transactions for the Managed REITs, for which we earn structuring revenue, and manage their portfolios of real estate investments, for which we earn asset-based management revenue. We also earn asset management revenue from CCIF based on the average of its gross assets at fair value. We may earn disposition revenue when we negotiate and structure the sale of properties on behalf of the Managed REITs, and we may also earn incentive revenue and receive other compensation in connection with providing liquidity events for the Managed REITs’ stockholders. At December 31, 2015, CPA^®:17 – Global and CPA^®:18 – Global collectively owned all or a portion of 428 properties, including certain properties in which we have an ownership interest. Substantially all of these properties, totaling approximately 49.6 million square feet (unaudited), were net leased to 201 tenants, with an average occupancy rate of approximately 99.9%. The Managed REITs also had interests in 174 operating properties,

W. P. Carey 2015 10-K– 84

Notes to Consolidated Financial Statements

totaling approximately 19.7 million square feet (unaudited). We continue to explore alternatives for expanding our investment management operations by raising funds beyond advising the existing Managed Programs. Any such expansion could involve the purchase of properties or other investments as principal, either for our owned portfolio or with the intention of transferring such investments to a newly-created fund, as well as the sponsorship of one or more funds to make investments other than primarily net lease investments, such as the CWI REITs and the Managed BDCs. These new funds could invest primarily in assets other than net-lease real estate and could include funds raised through private placements or publicly-traded vehicles, either in the United States or internationally.

Note 2. Summary of Significant Accounting Policies

Critical Accounting Policies and Estimates

Accounting for Acquisitions

In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations.

Purchase Price Allocation of Tangible Assets —When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes a value for tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale.

Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following:

• a discount rate or internal rate of return;

• the marketing period necessary to put a lease in place;

• carrying costs during the marketing period;

• leasing commissions and tenant improvement allowances;

• market rents and growth factors of these rents; and

• a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term.

The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including:

• the creditworthiness of the lessees;

• industry surveys;

• property type;

• property location and age;

• current lease rates relative to market lease rates; and

• anticipated lease duration.

In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value.

W. P. Carey 2015 10-K– 85

Notes to Consolidated Financial Statements

Where a property is deemed to have excess land, the discounted cash flow analysis includes the estimated excess land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property adjusted for estimated market growth rates through the year of lease expiration.

The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded.

Purchase Price Allocation of Intangible Assets —We record above- and below-market lease intangible values for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated and in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date.

We evaluate the specific characteristics of each tenant’s lease and any pre-existing relationship with each tenant in determining the value of in-place lease intangibles. To determine the value of in-place lease intangibles, we consider the following:

• estimated market rent;

• estimated lease term, including renewal options at rental rates below estimated market rental rates;

• estimated carrying costs of the property during a hypothetical expected lease-up period; and

• current market conditions and costs to execute similar leases, including tenant improvement allowances and rent concessions.

Estimated carrying costs of the property include real estate taxes, insurance, other property operating costs, and estimates of lost rentals at market rates during the market participants’ expected lease-up periods, based on assessments of specific market conditions.

We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms.

We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements. We include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements.

The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building.

If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense.

W. P. Carey 2015 10-K– 86

Notes to Consolidated Financial Statements

Purchase Price Allocation of Debt —When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate.

Purchase Price Allocation of Goodwill —In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. Goodwill acquired in the CPA^®:15 Merger and the CPA^®:16 Merger was attributed to the Real Estate Ownership segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. All or a portion of the goodwill may be attributed to foreign deferred tax liabilities assumed in the business combination. The deferred tax liability results from the excess of basis under GAAP over the tax basis of the asset in the taxing jurisdiction.

Impairments

We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets, may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on marketable securities and goodwill. Our policies and estimates for evaluating whether these assets are impaired are presented below.

Real Estate —For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value.

As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value.

Assets Held for Sale —We classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then compare the asset’s fair value (less estimated cost to sell) to its carrying value, and if the fair value, less estimated cost to sell, is less than the property’s carrying value, we reduce the carrying value to the fair value, less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted.

W. P. Carey 2015 10-K– 87

Notes to Consolidated Financial Statements

Direct Financing Leases —We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates, where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value.

When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, and therefore the asset’s holding period is reduced, we assess the carrying amount for recoverability and if as a result of the decreased expected cash flows we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value.

Equity Investments in the Managed Programs and Real Estate —We evaluate our equity investments in the Managed Programs and real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values. For certain investments in the Managed REITs, we calculate the estimated fair value of our investment using the most recently published net asset value per share of each Managed REIT, which for CPA^®:18 – Global is deemed to be the most recent public offering price through December 31, 2015, multiplied by the number of shares owned.

Goodwill —We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, that could impact our goodwill impairment calculations. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge.

We calculate the estimated fair value of the Investment Management reporting unit by applying a price-to-EBITDA multiple to earnings. For the Real Estate Ownership reporting unit, we calculate its estimated fair value by applying an AFFO multiple. For both reporting units, the multiples are based on comparable companies. The selection of the comparable companies to be used in our evaluation process could have a significant impact on the fair value of our reporting units and possible impairments. The testing did not indicate any goodwill impairment as each of the reporting units with goodwill had fair value that was substantially in excess of the carrying value.

For the second step, if it were required, we compare the implied fair value of the goodwill for each reporting unit with its respective carrying amount and record an impairment charge equal to the excess of the carrying amount over the implied fair value. We would determine the implied fair value of the goodwill by allocating the estimated fair value of the reporting unit to its assets and liabilities. The excess of the estimated fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of the goodwill.

The goodwill recorded in our Investment Management and Real Estate Ownership reporting units is evaluated during the fourth quarter of every year. In connection with the CPA^®:16 Merger and the CPA^®:15 Merger, we recorded goodwill in our Real Estate Ownership reporting unit. Prior to the CPA^®:15 Merger, there was no goodwill recorded in our Real Estate Ownership reporting unit.

Other Accounting Policies

Basis of Consolidation —Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries and our tenancy-in-common interest as described below. The portion of equity in a consolidated subsidiary that is

W. P. Carey 2015 10-K– 88

Notes to Consolidated Financial Statements

not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

At December 31, 2015, we had an investment in a tenancy-in-common interest in various underlying international properties. Consolidation of this investment is not required as such interest does not qualify as a VIE and does not meet the control requirement for consolidation. Accordingly, we account for this investment using the equity method of accounting. We use the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides us with significant influence on the operating and financial decisions of this investment. We also had certain investments in other wholly-owned tenancy-in-common interests, which we now consolidate after we obtained the remaining interests in the CPA^®:16 Merger.

When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we should be deemed to be the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease as well as certain decision-making rights within a loan or joint-venture agreement can cause us to consider an entity a VIE. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.

At December 31, 2015, we consolidated 20 VIEs. In connection with the CPA^®:16 Merger, we acquired 12 VIEs. We consider these entities VIEs because the leases have certain features such as fixed price purchase or renewal options.

For an entity that is not considered to be a VIE but rather a voting interest entity, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (i) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (ii) substantive participating rights, the limited partners’ rights overcome the presumption of control by a general partner of the limited partnership, and, therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting.

Additionally, we own interests in single-tenant, net-leased properties leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control, but over which we exercise significant influence. We account for these investments under the equity method of accounting. At times, the carrying value of our equity investments may fall below zero for certain investments. We intend to fund our share of the jointly-owned investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. At December 31, 2015, one of our equity investments was a VIE and none had carrying values below zero.

Reclassifications —Certain prior period amounts have been reclassified to conform to the current period presentation.

Share Repurchases— During the year ended December 31, 2015, we determined that our presentation of common shares repurchased should be classified as a reduction to Common stock, for the par amount of the common stock repurchase, Additional paid-in capital, and Distributions in excess of accumulated earnings, and included as shares unissued within the consolidated financial statements. We previously classified common shares repurchased as Treasury stock. We repurchased 416,408 shares in 2012, 616,971 shares in 2013, and 11,037 shares in 2014. We evaluated the impact of this correction on previously-issued financial statements and concluded that they were not materially misstated. In order to conform previously-issued financial statements to the current period, we elected to revise previously-issued financial statements the next time such financial statements are filed. The accompanying consolidated balance sheet as of December 31, 2014 and the consolidated statements of equity for the years ended December 31, 2014 and 2013 have been revised accordingly. In addition, we will revise the consolidated statements of equity for the periods ended March 31, 2015, June 30, 2015, and September 30, 2015, as those financial statements are presented in future filings.

W. P. Carey 2015 10-K– 89

Notes to Consolidated Financial Statements

The correction eliminates Treasury stock of $60.9 million and results in corresponding reductions of Common stock, Additional paid-in capital of $28.8 million, and Distributions in excess of accumulated earnings of $32.1 million, which results in no change in Total equity within the consolidated balance sheets as of December 31, 2014 and consolidated statements of equity for the years ended December 31, 2014 and 2013. The misclassification had no impact on the previously-reported consolidated statements of income, consolidated statements of comprehensive income, or consolidated statements of cash flows.

Real Estate and Operating Real Estate —We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred.

Assets Held for Sale —We classify those assets that are associated with operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated costs to sell. Prior to January 1, 2014, the results of operations and the related gain or loss on sale of properties that have been sold or that were classified as held for sale and in which we will have no significant continuing involvement are included in discontinued operations (Note 16).

If circumstances arise that we previously considered unlikely and, as a result, we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell.

We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property.

Notes Receivable —For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. Our notes receivable are included in Other assets, net in the consolidated financial statements.

Cash and Cash Equivalents —We consider all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.

Internal-Use Software Development Costs —We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage, including the costs associated with software that allows for the conversion of our old data to our new system. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Capitalized costs are amortized on a straight-line basis over the software’s estimated useful life, which isthreetoseven years. Periodically, we reassess the useful life considering technology, obsolescence, and other factors.

W. P. Carey 2015 10-K– 90

Notes to Consolidated Financial Statements

Other Assets and Liabilities —We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets and notes receivable in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, and deferred revenue in Other liabilities. Deferred charges are costs incurred in connection with mortgage financings, refinancings, issuance of corporate bonds, and the amendment of our credit facility that are amortized over the terms of the debt and included in Interest expense in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term, and rent recognized on a straight-line basis.

Allowance for Doubtful Accounts —We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms, and the amount can be reasonably estimated.

Revenue Recognition, Real Estate Leased to Others —We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. For the years ended December 31, 2015, 2014, and 2013, our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $57.7 million, $59.8 million, and $37.3 million, respectively.

Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented.

For our operating leases, we record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred (Note 5). We record leases accounted for under the direct financing method as a net investment (Note 6). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease.

Revenue Recognition, Investment Management Operations —We earn structuring revenue and asset management revenue in connection with providing services to the Managed Programs. We earn structuring revenue for services we provide in connection with the analysis, negotiation, and structuring of transactions, including acquisitions and dispositions and the placement of mortgage financing obtained by the Managed REITs. Asset management revenue is earned from property management, leasing, and advisory services performed. Receipt of the incentive revenue portion of the asset management revenue or performance revenue, however, was subordinated to the achievement of specified cumulative return requirements by the stockholders of those CPA^® REITs. At our option, the performance revenue could be collected in cash or shares of the CPA^® REIT (Note 4). In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties. We may also earn termination revenue in connection with the termination of the advisory agreements for the Managed REITs.

We recognize all revenue as earned. We earn structuring revenue upon the consummation of a transaction and asset management revenue when services are performed. We recognize revenue subject to subordination only when the performance criteria of the Managed REIT is achieved and contractual limitations are not exceeded.

We may earn termination revenue if a liquidity event is consummated by any of the Managed REITs. As a condition of the CPA^®:16 Merger, we waived the subordinated disposition and termination fees that we would have been entitled to receive from CPA^®:16 – Global upon its liquidation pursuant to the terms of our advisory agreement with CPA^®:16 – Global (Note 4).

We are also reimbursed for certain costs incurred in providing services, including broker-dealer commissions paid and annual distribution and shareholder servicing fees incurred on behalf of the Managed Programs, marketing costs, and the cost of personnel provided for the administration of the Managed Programs. We record reimbursement income as the expenses are incurred, subject to limitations on a Managed Program’s ability to incur offering costs or limitations imposed by the advisory agreements.

W. P. Carey 2015 10-K– 91

Notes to Consolidated Financial Statements

Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability.

In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.

Depreciation —We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life.

Stock-Based Compensation —We have granted stock options, restricted stock awards, or RSAs, restricted shares units, or RSUs, and performance share units, or PSUs, to certain employees and independent directors. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. We recognize these compensation costs for only those shares expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. We include stock-based compensation within the Additional paid-in capital caption of equity.

Foreign CurrencyTranslation and Transaction Gains and Losses —We have interests in real estate investments primarily in the European Union, the United Kingdom, and Australia for which the functional currency is the euro, the British pound sterling, and the Australian dollar, respectively. We perform the translation from the euro, the British pound sterling, or the Australian dollar to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income when we have substantially exited from all investments in the related currency.

A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of short-term subordinated intercompany debt with scheduled principal payments, are included in the determination of net income.

Intercompany foreign currency transactions of a long term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity.

Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. For the years ended December 31, 2015, 2014, and 2013, we recognized net realized losses on such transactions of $0.8 million, $0.4 million, and $0.2 million, respectively.

W. P. Carey 2015 10-K– 92

Notes to Consolidated Financial Statements

Derivative Instruments —We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive (loss) income into earnings when the hedged investment is either sold or substantially liquidated.

We use the portfolio exception in Accounting Standards Codification, 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements.

Income Taxes —We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT.

We conduct business in various states and municipalities within the United States, Europe, and Asia and, as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state, and local taxes and a provision for such taxes is included in the consolidated financial statements.

We elect to treat certain of our corporate subsidiaries as TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. One of our TRS subsidiaries owns a hotel that is managed on our behalf by a third-party hotel management company.

Deferred income taxes are recorded for the corporate subsidiaries TRS and for the foreign taxes in those respective jurisdictions based on earnings reported. The current provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities (Note 15).

Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained.

Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and foreign properties and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors.

We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than

W. P. Carey 2015 10-K– 93

Notes to Consolidated Financial Statements

for U.S. GAAP purposes as described in Note 15). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).

We derive most of our REIT income from our real estate operations under our Real Estate Ownership segment. As such, our real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state, local, and foreign taxes, as applicable. We conduct our Investment Management operations primarily through TRSs. These operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations.

During the year ended December 31, 2015, we revised our December 31, 2014 consolidated balance sheet to correct the misclassification of certain deferred tax assets that were previously netted in deferred income tax liabilities. Such deferred income tax assets of approximately $11.2 million are included in Other assets, net in the revised consolidated balance sheet as of December 31, 2014.

Earnings Per Share —Basic earnings per share is calculated by dividing net income available to common stockholders, as adjusted for unallocated earnings attributable to the unvested RSUs and RSAs by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflects potentially dilutive securities (options and PSUs) using the treasury stock method, except when the effect would be anti-dilutive.

Use of Estimates —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Recent Accounting Requirements

The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board, or FASB, are applicable to us:

ASU 2015-16, Business Combinations (Topic 805) —ASU 2015-16 requires that an acquirer recognize adjustments identified during the business combination measurement period in the reporting period in which the adjustment amounts are determined. The effects on earnings due to changes in depreciation, amortization, or other income effects as a result of the change are also recognized in the same period’s financial statements. ASU 2015-16 also requires that acquirers present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, early adoption is permitted, and prospective application is required for adjustments that are identified after the effective date of this update. We elected to early adopt ASU 2015-16 and implemented the standard prospectively beginning July 1, 2015. The adoption and implementation of the standard did not have a material impact on our financial statements.

ASU 2015-03, Interest-Imputation of Interest(Subtopic 835-30) — ASU 2015-03 changes the presentation of debt issuance costs, which are currently recognized as a deferred charge (that is, an asset) and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 does not affect the recognition and measurement guidance for debt issuance costs. ASU 2015-03 is effective for periods beginning after December 15, 2015, early adoption is permitted and retrospective application is required. We are currently evaluating the impact of ASU 2015-03 on our consolidated financial statements and expect to reclassify $12.6 million of deferred financing costs, net from Other assets, net to Non-recourse debt, net, Senior Unsecured Credit Facility - Term Loan, and Senior Unsecured Notes, net as of January 1, 2016.

ASU 2015-02, Consolidation (Topic 810) —We will adopt ASU 2015-02 on January 1, 2016 and are currently in the process of evaluating its impact on the consolidated financial statements. We are evaluating our joint ventures, as well as existing leases that create VIEs based on lease terms, including a fixed-price purchase option or fixed-price renewal option. We generally create our joint ventures as partnerships in the form of a limited liability company or a limited partnership. ASU 2015-02 requires an entity to classify a limited liability company or a limited partnership as a VIE unless the partnership provides partners with either substantive kick-out rights or substantive participating rights over the managing member or general partner.

W. P. Carey 2015 10-K– 94

Notes to Consolidated Financial Statements

Since a majority of our partnerships lack kick-out rights or substantive participating rights over the managing member or general partner, the impact of this new guidance for us is primarily a change in classification from voting interest entity to VIE. This ASU does not change the criteria regarding which party consolidates a VIE. Thus, the change in classification will require us to include additional entities as part of our VIE disclosures. However, there is not expected to be an impact to our consolidated balance sheets or results of operations for any of the periods presented.

ASU 2014-12, Compensation - Stock Compensation (Topic 718) —ASU 2014-12 provides guidance on share-based payment awards, in which a performance target that affects vesting and that could be achieved after the requisite vesting period be treated as a performance condition. ASU 2014-12 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2014-12 on our consolidated financial statements.

ASU 2014-09, Revenue from Contracts with Customers (Topic 606) — ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but will apply to reimbursed tenant costs and revenues generated from our operating properties and our Investment Management business. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017, the original public company effective date.We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard.

Proposed Accounting Change

The following proposed accounting change may potentially impact our Real Estate Ownership and Investment Management segments if the outcome has a significant influence on sale-leaseback demand in the marketplace:

The FASB previously issued an Exposure Draft on a joint proposal with the International Accounting Standards Board, or IASB, that would significantly transform lease accounting from the existing model. These changes would impact most companies but are particularly applicable to those that are significant users of real estate. The proposal outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet.

In November 2015, the FASB directed the staff to draft a final ASU on leases for vote by written ballot. In addition, the FASB decided that for (i) public business entities, (ii) a not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an-over-the-counter market, and (iii) an employee benefit plan that files or furnishes statements with or to the SEC (collectively referred to as “public business entities”), the final leases standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; for all other entities, the final leases standard will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities upon issuance of the final standard.

In the first quarter of 2016, the IASB and FASB finalized their lease standards, which brings most leases on the balance sheet for lessees under a single model. For lessors, however, the accounting remains largely unchanged and the distinction between operating and finance leases is retained. Both standards are effective for annual reporting periods beginning on or after January 1, 2019.

For some companies, the new accounting guidance may influence whether or not, or the extent to which, they may enter into the type of sale-leaseback transactions in which we specialize.

We are evaluating the impact of the new standards and have not determined if they will have a material impact on our business.

Note 3.Merger with CPA^®:16 – Global

On July 25, 2013, we and CPA^®:16 – Global entered into a definitive agreement pursuant to which CPA^®:16 – Global would merge with and into one of our wholly-owned subsidiaries, subject to the approval of our stockholders and the stockholders of CPA^®:16 – Global. On January 24, 2014, our stockholders and the stockholders of CPA^®:16 – Global each approved the CPA^®:16 Merger, and the CPA^®:16 Merger closed on January 31, 2014.

In the CPA^®:16 Merger, CPA^®:16 – Global stockholders received 0.1830 shares of our common stock in exchange for each share of CPA^®:16 – Global stock owned, pursuant to an exchange ratio based upon a value of $11.25 per share of CPA^®:16 – Global and the volume weighted-average trading price of our common stock for the five consecutive trading days ending on the third trading day preceding the closing of the transaction on January 31, 2014. CPA^®:16 – Global stockholders received cash in lieu of any fractional shares in the CPA^®:16 Merger. We paid total merger consideration of approximately $1.8 billion,

W. P. Carey 2015 10-K– 95

Notes to Consolidated Financial Statements

including the issuance of 30,729,878 shares of our common stock with a fair value of $1.8 billion based on the closing price of our common stock on January 31, 2014, of $59.08 per share, to the stockholders of CPA^®:16 – Global in exchange for the 168,041,772 shares of CPA^®:16 – Global common stock that we and our affiliates did not previously own, and cash of $1.3 million paid in lieu of issuing any fractional shares, or collectively, the Merger Consideration. As a condition of the CPA^®:16 Merger, we waived the subordinated disposition and termination fees that we would have been entitled to receive from CPA^®:16 – Global upon its liquidation pursuant to the terms of our advisory agreement with CPA^®:16 – Global (Note 4).

Immediately prior to the CPA^®:16 Merger, CPA^®:16 – Global’s portfolio was comprised of the consolidated full or partial interests in 325 leased properties, substantially all of which were triple-net leased with an average remaining life of 10.4 years and an estimated contractual minimum annualized base rent, or ABR, totaling $300.1 million, and two hotel properties. The related property-level debt was comprised of 92 fixed-rate and 18 variable-rate non-recourse mortgage loans with an aggregate fair value of approximately $1.8 billion and a weighted-average annual interest rate of 5.6% at that date. Additionally, CPA^®:16 – Global had a line of credit with an outstanding balance of $170.0 million on the date of the closing of the CPA^®:16 Merger. In addition, CPA^®:16 – Global had equity interests in 18 unconsolidated investments, 11 of which were consolidated by us prior to the CPA^®:16 Merger, five of which were consolidated by us subsequent to the CPA^®:16 Merger, and two of which were jointly-owned with CPA^®:17 – Global. These investments owned 140 properties, substantially all of which were triple-net leased with an average remaining life of 8.6 years and an estimated ABR totaling $63.9 million, as of January 31, 2014. The debt related to these equity investments was comprised of 17 fixed-rate and five variable-rate non-recourse mortgage loans with an aggregate fair value of approximately $0.3 billion and a weighted-average annual interest rate of 4.8% on January 31, 2014. The lease revenues and income from continuing operations from the properties acquired from the date of the CPA^®:16 Merger through December 31, 2014 were $251.5 million and $91.1 million (inclusive of $2.4 million attributable to noncontrolling interests), respectively.

During 2014, we sold all ten of the properties that were classified as held for sale upon acquisition in connection with the CPA^®:16 Merger (Note 16). The results of operations for all ten of these properties have been included in Income from discontinued operations, net of tax in the consolidated financial statements. In addition, we sold one property subject to a direct financing lease that we acquired in the CPA^®:16 Merger. The results of operations for this property have been included in Income from continuing operations before income taxes in the consolidated financial statements.

Purchase Price Allocation

We accounted for the CPA^®:16 Merger as a business combination under the acquisition method of accounting. After consideration of all applicable factors pursuant to the business combination accounting rules, we were considered the “accounting acquirer” due to various factors, including the fact that our stockholders held the largest portion of the voting rights in us upon completion of the CPA^®:16 Merger. Costs related to the CPA^®:16 Merger of $30.5 million and $5.0 million were expensed as incurred for the years ended December 31, 2014 and 2013, respectively, and classified within Merger, property acquisition, and other expenses in the consolidated financial statements. In addition, CPA^®:16 – Global incurred a total of $10.6 million of merger expenses prior to January 31, 2014.

Equity Investments and Noncontrolling Interests

During the first quarter of 2014, we recognized a gain on change in control of interests of approximately $73.1 million, which was the difference between the carrying value of approximately $274.1 million and the preliminary estimated fair value of approximately $347.2 million of our previously-held equity interest in 38,229,294 shares of CPA^®:16 – Global’s common stock. During 2014, we identified certain measurement period adjustments that impacted the provisional accounting, which increased the estimated fair value of our previously-held equity interest in shares of CPA^®:16 – Global’s common stock by $2.6 million, resulting in an increase of $2.6 million in Gain on change in control of interests. In accordance with Accounting Standards Codification, or ASC, 805-10-25, we did not record the measurement period adjustments during the periods they occurred. Rather, such amounts are reflected in the financial statements for the three months ended March 31, 2014.

The CPA^®:16 Merger also resulted in our acquisition of the remaining interests in nine investments in which we already had a joint interest and accounted for under the equity method. Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for the acquisitions of these interests utilizing the purchase method of accounting. Due to the change in control of the nine jointly-owned investments that occurred, we recorded a gain on change in control of interests of approximately $30.2 million during the first quarter of 2014, which was the difference between our carrying values and the estimated fair values of our previously-held equity interests on the acquisition date of approximately $142.5 million and approximately $172.7 million, respectively. Subsequent to the CPA^®:16 Merger, we consolidate these wholly-owned investments.

W. P. Carey 2015 10-K– 96

Notes to Consolidated Financial Statements

In connection with the CPA^®:16 Merger, we also acquired the remaining interests in 12 less-than-wholly-owned investments that we already consolidate and recorded an adjustment to additional paid-in-capital of approximately $42.0 million during the first quarter of 2014 related to the difference between our carrying values and the preliminary estimated fair values of our previously-held noncontrolling interests on the acquisition date of approximately $236.8 million and $278.2 million, respectively. During 2014, we identified certain measurement period adjustments that impacted the provisional accounting, which increased the fair value of our previously-held noncontrolling interests on the acquisition date by $0.6 million, resulting in a reduction of $0.6 million to additional paid-in-capital.

Pro Forma Financial Information (Unaudited)

The following unaudited consolidated pro forma financial information has been presented as if the CPA^®:16 Merger had occurred on January 1, 2013 for the years ended December 31, 2014 and 2013. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA^®:16 Merger occurred on that date, nor does it purport to represent the results of operations for future periods.

(in thousands, except share and per share amounts)

	Years Ended December 31,
	2014			2013
Pro forma total revenues	$	931,309		$	780,578
Pro forma net income from continuing operations, net of tax	$	139,698		$	146,525
Pro forma net income attributable to noncontrolling interests	(5,380		)	10,963
Pro forma net loss (income) attributable to redeemable noncontrolling interest	142			(1,909		)
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey (a)	$	134,460		$	155,579
Pro forma earnings per share: (a)
Basic	$	1.32		$	1.56
Diluted	$	1.31		$	1.54
Pro forma weighted-average shares: (b)
Basic	101,296,847			99,420,924
Diluted	102,360,038			100,437,886

__________

(a) The pro forma income attributable to W. P. Carey for the year ended December 31, 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 December 31, 2014, (ii) an aggregate gain on change in control of interests, and (iii) an income tax expense 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 years ended December 31, 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.

W. P. Carey 2015 10-K– 97

Notes to Consolidated Financial Statements

Note 4. Agreements and Transactions with Related Parties

Advisory Agreements with the Managed Programs

We have advisory agreements with each of the Managed Programs, pursuant to which we earn fees and are entitled to receive reimbursement for fund management expenses, as well as cash distributions. We also earn fees for serving as the dealer-manager of the public offerings of the Managed Programs. Unless otherwise renewed, the advisory agreement with each of the CPA^® REITs is scheduled to expire on March 31, 2016 and the advisory agreement with each of the CWI REITs is scheduled to expire on December 31, 2016. The advisory agreement with CCIF, which commenced February 27, 2015, is subject to renewal on or before February 26, 2017 unless otherwise renewed.

The following tables present a summary of revenue earned and/or cash received from the Managed Programs for the periods indicated, included in the consolidated financial statements. Asset management revenue excludes amounts received from third parties (in thousands):

	Years Ended December 31,
	2015		2014		2013
Structuring revenue	$	92,117	$	71,256	$	46,589
Reimbursable costs from affiliates	55,837		130,212		73,592
Asset management revenue	49,892		37,970		42,579
Distributions of Available Cash	38,406		31,052		34,121
Dealer manager fees	4,794		23,532		10,856
Interest income on deferred acquisition fees and loans to affiliates	1,639		684		949
Incentive, termination and subordinated disposition revenue	203		—		199
Deferred revenue earned	—		786		8,492
	$	242,888	$	295,492	$	217,377

	Years Ended December 31,
	2015		2014		2013
CPA®:16 – Global	$	—	$	7,999	$	53,166
CPA®:17 – Global	81,740		68,710		69,275
CPA®:18 – Global	85,431		129,642		29,293
CWI 1	44,712		89,141		65,643
CWI 2	30,340		—		—
CCIF	665		—		—
	$	242,888	$	295,492	$	217,377

The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands):

	December 31,
	2015		2014
Deferred acquisition fees receivable	$	33,386	$	26,913
Accounts receivable	15,711		2,680
Reimbursable costs	5,579		301
Current acquisition fees receivable	4,909		2,463
Asset management fee receivable	2,172		—
Organization and offering costs	461		2,120
	$	62,218	$	34,477

W. P. Carey 2015 10-K– 98

Notes to Consolidated Financial Statements

Asset Management Revenue

Under the advisory agreements with the Managed Programs, we earn asset management revenue for managing their investment portfolios. The following table presents a summary of our asset management fee arrangements with the Managed Programs:

Managed Program	Rate	Payable	Description
CPA®:16 – Global	0.5%	2013 in shares of its common stock through July 31, 2013; in cash thereafter; 2014 in cash; 2015 N/A	Rate is based on adjusted invested assets
CPA®:17 – Global	0.5% - 1.75%	2013 and 2014 in shares of its common stock; 2015 50% in cash and 50% in shares of its common stock	Rate depends on the type of investment and is based on the average market or average equity value, as applicable
CPA®:18 – Global	0.5% - 1.5%	2013, 2014, and 2015 in shares of its class A common stock	Rate depends on the type of investment and is based on the average market or average equity value, as applicable
CWI 1	0.5%	2013 and 2014 in shares of its common stock; 2015 in cash	Rate is based on the average market value of the investment; we are required to pay 20% of the asset management revenue we receive to the subadvisor
CWI 2	0.55%	2013 and 2014 N/A; 2015 in shares of its class A common stock	Rate is based on the average market value of the investment; we are required to pay 25% of the asset management revenue we receive to the subadvisor
CCIF	1.75% - 2.00%	2013 and 2014 N/A; 2015 in cash	Based on the average of gross assets at fair value; we are required to pay 50% of the asset management revenue we receive to the subadvisor

Incentive Fees

We are entitled to receive a quarterly incentive fee on income from CCIF equal to 100% of quarterly net investment income, before incentive fee payments, in excess of 1.875% of CCIF’s average adjusted capital up to a limit of 2.344%, plus 20% of net investment income, before incentive fee payments, in excess of 2.344% of average adjusted capital. We are also entitled to receive from CCIF an incentive fee on realized capital gains of 20%, net of (i) all realized capital losses and unrealized depreciation on a cumulative basis, and (ii) the aggregate amount, if any, of previously paid incentive fees on capital gains since inception.

Upon completion of the CPA^®:16 Merger on January 31, 2014, the advisory agreement with CPA^®:16 – Global terminated. Pursuant to the terms of the merger agreement, the incentive or termination fee that we would have been entitled to receive from CPA^®:16 – Global pursuant to the terms of its advisory agreement was waived upon the completion of the CPA^®:16 Merger.

W. P. Carey 2015 10-K– 99

Notes to Consolidated Financial Statements

Structuring Revenue

Under the terms of the advisory agreements, we earn revenue for structuring and negotiating investments and related financing for the Managed REITs. We do not earn any structuring revenue from the Managed BDCs. The following table presents a summary of our structuring fee arrangements with the Managed REITs:

Managed Program	Rate	Payable	Description
CPA®:17 – Global	1% - 1.75%, 4.5%	In cash; for non net-lease investments, 1% - 1.75% upon completion; for net-lease investments, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments	Based on the total aggregate cost of the net-lease investments made; also based on the total aggregate cost of the non net-lease investments made; total limited to 6% of the contract prices in aggregate
CPA®:18 – Global	4.5%	In cash; for all investments other than readily marketable real estate securities for which we will not receive any acquisition fees, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments	Based on the total aggregate cost of the investments made; total limited to 6% of the contract prices in aggregate
CWI REITs	2.5%	In cash upon completion	Based on the total aggregate cost of the lodging investments made; loan refinancing transactions up to 1% of the principal amount; total limited to 6% of the contract prices in aggregate

Reimbursable Costs from Affiliates

The Managed Programs reimburse us for certain costs that we incur on their behalf, which consist primarily of broker-dealer commissions, marketing costs, an annual distribution and shareholder servicing fee, or Shareholder Servicing Fee, and certain personnel and overhead costs, as applicable. The following tables present summaries of such fee arrangements:

Broker-Dealer Selling Commissions

Managed Program	Rate	Payable	Description
CPA®:18 – Global and CWI 2 Class A Shares, and CWI 1 Common Stock	$0.70	In cash upon share settlement; 100% re-allowed to broker-dealers	Per share sold
CPA®:18 – Global Class C Shares	$0.14	In cash upon share settlement; 100% re-allowed to broker-dealers	Per share sold
CWI 2 Class T Shares	$0.19	In cash upon share settlement; 100% re-allowed to broker-dealers	Per share sold
CCIF Feeder Funds	0% - 3%	In cash upon share settlement; 100% re-allowed to broker-dealers	Based on the selling price of each share sold

W. P. Carey 2015 10-K– 100

Notes to Consolidated Financial Statements

Dealer Manager Fees

Managed Program	Rate	Payable	Description
CPA®:18 – Global and CWI 2 Class A Shares, and CWI 1 Common Stock	$0.30	Per share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers
CPA®:18 – Global Class C Shares	$0.21	Per share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers
CWI 2 Class T Shares	$0.26	Per share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers
CCIF Feeder Funds	2.75% - 3.0%	Based on the selling price of each share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers

Annual Distribution and Shareholder Servicing Fee

Managed Program	Rate	Payable	Description
CPA®:18 – Global Class C Shares	1.0%	Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers	Based on the purchase price per share sold or, once reported, the NAV; cease paying when underwriting compensation from all sources equals 10% of gross offering proceeds
CWI 2 Class T Shares	1.0%	Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers	Based on the purchase price per share sold or, once reported, the NAV; limited to six years and 10% of gross offering proceeds

Personnel and Overhead Costs

Managed Program	Payable	Description
CPA®:17 – Global and CPA®:18 – Global	In cash	Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to the CPA® REITs based on the average of the trailing 12-month aggregate reported revenues of the Managed REITs and us, and for 2015, are capped at 2.4% of each CPA® REIT’s pro rata lease revenues; for the legal transactions group, costs are charged according to a fee schedule
CWI 1	2013 N/A; 2014 in shares of its common stock; 2015 in cash	Actual expenses incurred; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter
CWI 2	2013 and 2014 N/A; 2015 in cash	Actual expenses incurred; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter
CCIF and CCIF Feeder Funds	2013 and 2014 N/A; 2015 in cash	Actual expenses incurred

Organization and Offering Costs

Managed Program	Payable	Description
CPA®:18 – Global and CWI 2	In cash; within 60 days after the end of the quarter in which the offering terminates	Actual costs incurred from 1.5% through 4.0% of the gross offering proceeds, depending on the amount raised
CWI 1	In cash; within 60 days after the end of the quarter in which the offering terminates	Actual costs incurred up to 4.0% of the gross offering proceeds
CCIF and CCIF Feeder Funds	In cash; payable monthly	Up to 1.5% of the gross offering proceeds

W. P. Carey 2015 10-K– 101

Notes to Consolidated Financial Statements

For CCIF, total reimbursements to us for personnel and overhead costs and organization and offering costs may not exceed 18% of total Front End Fees, as defined in its Declaration of Trust, so that total funds available for investment may not be lower than 82% of total gross proceeds.

Expense Support and Conditional Reimbursements

Under the expense support and conditional reimbursement agreement we have with each of the CCIF Feeder Funds, we and the CCIF subadvisor are obligated to reimburse the CCIF Feeder Fund 50% of the excess of the cumulative distributions paid to the CCIF Feeder Funds’ shareholders over the available operating funds on a monthly basis. Following any month in which the available operating funds exceed the cumulative distributions paid to its shareholders, the excess operating funds are used to reimburse us and the CCIF subadvisor for any expense payment we made within three years prior to the last business day of such month that have not been previously reimbursed by the CCIF Feeder Fund, up to the lesser of (i) 1.75% of each CCIF Feeder Fund’s average net assets or (ii) the percentage of each CCIF Feeder Fund’s average net assets attributable to its common shares represented by other operating expenses during the fiscal year in which such expense support payment from us and the CCIF’s subadvisor was made, provided that the effective rate of distributions per share at the time of reimbursement is not less than such rate at the time of expense payment.

Distributions of Available Cash and Deferred Revenue Earned

We are entitled to receive distributions of up to 10% of the Available Cash (as defined in the respective advisory agreements) from the operating partnerships of each of the Managed REITs, as described in their respective operating partnership agreements, payable quarterly in arrears.

In May 2011, we acquired a special member interest, or the Special Member Interest, in CPA^®:16 – Global’s operating partnership. We initially recorded this Special Member Interest at its fair value, and amortized it into earnings as deferred revenue through the date of the CPA^®:16 Merger. Cash distributions of our proportionate share of earnings from the Managed REITs’ operating partnerships, as well as deferred revenue earned from our Special Member Interest in CPA^®:16 – Global’s operating partnership, are recorded as Equity in earnings of equity method investments in the Managed Programs and real estate within the Real Estate Ownership segment.

Other Transactions with Affiliates

Loans to Affiliates

During 2015 and 2014, our board of directors approved unsecured loans from us to CPA^®:17 – Global of up to $75.0 million, CPA^®:18 – Global of up to $100.0 million, CWI 1 and CWI 2 of up to $110.0 million in the aggregate, and CCIF of up to $50.0 million, with each loan at a rate equal to the rate at which we are able to borrow funds under our senior credit facility (Note 11), for the purpose of facilitating acquisitions approved by their respective investment committees.

During 2015 and 2014, various loans aggregating $185.4 million and $11.0 million, respectively, were made to the Managed Programs, all of which were repaid during the same year. All of the loans were made at an interest rate equal to the London Interbank Offered Rate, or LIBOR, as of the issue date, plus 1.1%. During 2015, we arranged a credit agreement for each of CPA^®:17 – Global, CWI 1, and CCIF, and our board of directors terminated its previous authorizations to provide loans to CPA^®:17 – Global and CWI 1.

Share Purchase Agreement

In July 2012, we entered into a Share Purchase Agreement with the Estate of Wm. Polk Carey, our Chairman and founder who passed away on January 2, 2012, pursuant to which we agreed to purchase, at the option of the Estate, up to an aggregate amount of $85.0 million of our common stock beneficially owned by the Estate. The Estate had three sale options. We exercised the first two sale options during 2012. On March 28, 2013, we received an irrevocable notice from the Estate of Wm. Polk Carey to exercise its final sale option. On April 4, 2013, we repurchased 616,971 shares of our common stock for $40.0 million from the Estate at a price of $64.83 per share, which was recorded as a reduction to Common stock, Additional paid-in capital, and Distributions in excess of accumulated earnings in our consolidated financial statements.

Because the Share Purchase Agreement contained put options that, if exercised, would obligate us to settle the transactions in cash, we accounted for the shares of our common stock owned by the Estate as redeemable securities in accordance with

W. P. Carey 2015 10-K– 102

Notes to Consolidated Financial Statements

Accounting Standards Codification 480 “Distinguishing Liabilities from Equity” and Accounting Series Release No. 268, “Presentation in Financial Statements of Redeemable Preferred Stocks.” Accounting Series Release No. 268 requires us to reclassify a portion of our permanent equity to redeemable equity in order to reflect the future cash obligations that could arise if the Estate were to exercise the put options requiring us to purchase its shares. During 2013, when we purchased our common stock in connection with the Estate’s exercise of the third and final sale option, we reclassified $40.0 million from Redeemable securities – related party to stockholders’ equity.

Share Repurchases

In February 2014, we repurchased 11,037 shares of our common stock for $0.7 million in cash from the former independent directors of CPA^®:16 – Global at a price per share equal to the volume weighted-average trading price of our stock utilized in the CPA^®:16 Merger. These shares were issued to them as their portion of the Merger Consideration in exchange for their shares of CPA^®:16 – Global common stock (Note 3) and were repurchased by agreement in order to satisfy the independence requirements set forth in the organizational documents of the remaining CPA^® REITs, for which these individuals also serve as independent directors.

Other

As discussed in Note 16, in November 2013, an entity in which we, two of our employees, and a third party owned38.3%,1.7%, and60.0%, respectively, and which we consolidated, sold19of its20self-storage properties. In connection with the sale, we made distributions aggregating$3.8 millionto thetwoemployees, representing their share of the net proceeds from the sale.

At December 31, 2015, we owned interests ranging from 3% to 90% in jointly-owned investments, including a jointly-controlled tenancy-in-common interest in several properties, with the remaining interests generally held by affiliates, and stock of each of the Managed REITs and CCIF. We consolidate certain of these investments and account for the remainder under the equity method of accounting (Note 7).

Note 5. Net Investments in Properties

Real Estate

Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, and real estate under construction, is summarized as follows (in thousands):

	December 31,
	2015			2014
Land	$	1,160,567		$	1,146,704
Buildings	4,147,644			3,829,981
Real estate under construction	1,714			29,997
Less: Accumulated depreciation	(372,735		)	(253,627		)
	$	4,937,190		$	4,753,055

During 2015, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro at December 31, 2015decreased by 10.4% to $1.0887 from $1.2156 at December 31, 2014. As a result, the carrying value of our Real estate decreased by $177.3 million from December 31, 2014 to December 31, 2015.

Depreciation expense, including the effect of foreign currency translation, on our real estate and operating real estate for the years ended December 31, 2015, 2014, and 2013 was $141.5 million, $117.6 million, and $59.6 million respectively.

W. P. Carey 2015 10-K– 103

Notes to Consolidated Financial Statements

Acquisitions of Real Estate During 2015 – We entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, at a total cost of $561.6 million, including land of $89.5 million, buildings of $382.6 million, and net lease intangibles of $89.5 million (Note 8):

• an investment of $345.9 million for 73 auto dealership properties in various locations in the United Kingdom on January 28, 2015;

• an investment of $42.4 million for a logistics facility in Rotterdam, the Netherlands on February 11, 2015;

• an investment of $23.2 million for a retail facility in Bad Fischau, Austria on April 10, 2015;

• an investment of $26.3 million for a logistics facility in Oskarshamn, Sweden on June 17, 2015;

• an investment of $41.2 million for three truck and bus service facilities in Gersthofen and Senden, Germany on August 12, 2015 and Leopoldsdorf, Austria on August 24, 2015;

• an investment of $51.7 million for six hotel properties in Iowa, Louisiana, Missouri, New Jersey, North Carolina, and Texas on October 15, 2015; and

• an investment of $30.9 million for an office building in Irvine, California on December 22, 2015.

In connection with these transactions, we also expensed acquisition-related costs totaling $11.1 million, which are included in Merger, property acquisition, and other expenses in the consolidated financial statements.

We also entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and simultaneously entered into new leases in connection with the acquisitions, at a total cost of $116.0 million, including land of $8.6 million, buildings of $68.1 million, net lease intangibles of $39.4 million (Note 8), and acquisition-related costs of $3.9 million, which were capitalized:

• an investment of $53.5 million for an office building in Sunderland, United Kingdom on August 6, 2015; and

• an investment of $62.5 million for ten auto dealership properties in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands on November 11, 2015.

Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisitions, as applicable.

Acquisitions of Real Estate During 2014 – We entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, at a total cost of $366.9 million, including land of $33.1 million, buildings of $278.1 million, and net lease intangibles of $55.7 million:

• an investment of $41.9 million for an office building in Chandler, Arizona on March 26, 2014;

• an investment of $47.2 million for a warehouse facility in University Park, Illinois on May 15, 2014;

• an investment of $117.7 million for an office building in Stavanger, Norway on August 6, 2014. Because we acquired stock in a subsidiary of the seller to complete the acquisition, we assumed the tax basis of the entity that we purchased and recorded an estimated deferred tax liability of $14.7 million. In connection with this business combination, we recorded goodwill of $11.1 million (Note 8);

• an investment of $46.0 million for an office building in Westborough, Massachusetts on August 22, 2014;

• an investment of $56.0 million for an office building in Andover, Massachusetts on October 7, 2014;

• an investment of $29.1 million for an office building in Newport, United Kingdom on October 13, 2014; and

• an investment of $29.0 million for a light-industrial/distribution center in Opole, Poland on December 12, 2014.

In connection with these transactions, we also expensed acquisition-related costs totaling $3.3 million, which are included in Merger, property acquisition, and other expenses in the consolidated financial statements. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisition, as applicable.

We also entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and simultaneously entered into new leases in connection with the acquisitions, at a total cost of $536.7 million, including land of $83.9 million, buildings of $366.6 million, net lease intangibles of $82.9 million, a property classified as a net investment in direct financing lease of $3.3 million (Note 6), and acquisition-related costs of $17.8 million, which were capitalized:

• an investment of $138.3 million for 10 industrial and 21 agricultural properties in various locations in Australia on October 28, 2014. We also committed to fund a tenant expansion allowance of $14.8 million;

• an investment of $19.8 million for a manufacturing facility in Lewisburg, Ohio on November 4, 2014; and

W. P. Carey 2015 10-K– 104

Notes to Consolidated Financial Statements

• an investment of $378.5 million for 70 office buildings in various locations in Spain on December 19, 2014.

Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisitions, as applicable.

As discussed in Note 3, we acquired 225 properties subject to existing operating leases in the CPA^®:16 Merger, which increased the carrying value of our real estate by $2.0 billion during the year ended December 31, 2014. We reclassified properties with an aggregate carrying value of $13.7 million from Net investments in direct financing leases to Real estate during the year ended December 31, 2014, in connection with the extensions of the underlying leases (Note 6).

Acquisitions of Real Estate During 2013 – We entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and simultaneously entered into new leases in connection with the acquisitions, at a total cost of $124.4 million, including land of $20.7 million, buildings of $77.2 million, net lease intangibles of $26.5 million, and acquisition-related costs of $1.5 million, which were capitalized:

• an investment of $72.4 million for an office building in Northfield, Illinois on January 11, 2013; and

• an investment of $52.1 million for an office facility and research and development facility in Tampere, Finland on June 4, 2013.

We also entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, at a total cost of $157.7 million, including land of $17.2 million, buildings of $99.0 million, and net lease intangibles of $41.5 million:

• an investment of $35.3 million for a logistics facility in Venlo, Netherlands on April 15, 2013;

• an investment of $25.5 million for an office building in Quincy, Massachusetts on June 7, 2013;

• an investment of $63.3 million for an office building in Salford, United Kingdom on September 9, 2013; and

• an investment of $33.6 million for an office building in Lone Tree, Colorado on November 27, 2013. We also committed to funding a tenant improvement allowance of $5.2 million.

In connection with these business combinations, we also expensed aggregate acquisition-related costs of $4.2 million, which are included in Merger, property acquisition, and other expenses in the consolidated financial statements. Dollar amounts are based on the exchange rate of the euro and the British pound sterling on the dates of acquisition, as applicable.

Real Estate Under Construction

On December 4, 2013, we entered into a build-to-suit transaction for the construction of an office building located in Mönchengladbach, Germany for a total projected cost of up to $65.0 million, including acquisition expenses, which was based on the exchange rate of the euro on that date. During the years ended December 31, 2015 and 2014, we funded approximately $28.0 million and $20.6 million, respectively. The building was placed in service in September 2015 at a cost totaling $53.2 million and we have no further funding commitment as of December 31, 2015.

Scheduled Future Minimum Rents

Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments under non-cancelable operating leases, at December 31, 2015 are as follows (in thousands): 

Years Ending December 31,	Total
2016	$	611,361
2017	600,116
2018	573,110
2019	527,494
2020	484,060
Thereafter	2,887,773
Total	$	5,683,914

W. P. Carey 2015 10-K– 105

Notes to Consolidated Financial Statements

Operating Real Estate

At December 31, 2015, Operating real estate consisted of our investments in two hotels and one self-storage property. During the year ended December 31, 2015, we sold one self-storage property (Note 16). At December 31, 2014, Operating real estate consisted of our investments in two hotels and two self-storage properties. Below is a summary of our Operating real estate (in thousands): 

	December 31,
	2015			2014
Land	$	6,578		$	7,074
Buildings	76,171			77,811
Less: Accumulated depreciation	(8,794		)	(4,866		)
	$	73,955		$	80,019

Assets Held for Sale

Below is a summary of our properties held for sale (in thousands):

	December 31,
	2015		2014
Real estate, net	$	59,046	$	5,969
Above-market rent intangible assets, net	—		838
In-place lease intangible assets, net	—		448
Assets held for sale	$	59,046	$	7,255

At December 31, 2015, we had two properties classified as Assets held for sale (Note 16). There can be no assurance that the properties will be sold at the contracted prices, or at all. At December 31, 2014, we had four properties classified as Assets held for sale, all of which were sold during the year ended December 31, 2015.

Note 6. Finance Receivables

Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in direct financing leases, notes receivable, and deferred acquisition fees. Operating leases are not included in finance receivables as such amounts are not recognized as an asset in the consolidated financial statements. Our notes receivable are included in Other assets, net in the consolidated financial statements. Earnings from our note receivable are included in Lease termination income and other in the consolidated financial statements.

Net Investments in Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):

	December 31,
	2015			2014
Minimum lease payments receivable	$	797,736		$	904,788
Unguaranteed residual value	760,448			818,334
	1,558,184			1,723,122
Less: unearned income	(801,831		)	(906,896		)
	$	756,353		$	816,226

2015—Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $74.4 million for the year ended December 31, 2015. During the year ended December 31, 2015, the U.S. dollar strengthened against the euro, resulting in a $43.7 million decrease in the carrying value of Net investments in direct financing leases from December 31, 2014 to December 31, 2015. We also recognized impairment charges totaling $3.3 million on five properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary

W. P. Carey 2015 10-K– 106

Notes to Consolidated Financial Statements

decline in the estimated fair values of the properties’ residual values (Note 9). At December 31, 2015, Other assets, net included accounts receivable of $1.2 million related to amounts billed under these direct financing leases.

2014—Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $78.8 million for the year ended December 31, 2014. In connection with the CPA^®:16 Merger in January 2014, we acquired 98 properties subject to direct financing leases with a total fair value of $538.2 million (Note 3), of which one was sold during the year ended December 31, 2014 (Note 16). In connection with our acquisition of an investment in Australia, we acquired one property subject to a direct financing lease for $3.3 million. During the year ended December 31, 2014, we reclassified properties with a carrying value of $13.7 million from Net investments in direct financing leases to Real estate in connection with the extensions of the underlying leases. We also recognized impairment charges totaling $1.3 million on eight properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair values of the properties’ residual values (Note 9). At December 31, 2014, Other assets, net included accounts receivable of $1.4 million related to amounts billed under these direct financing leases.

2013—Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $37.3 million for the year ended December 31, 2013. We reclassified $14.0 million of properties from Net investments in direct financing leases to Real estate in connection with the restructuring of six leases. Additionally, during 2013, we sold a net investment in a direct financing lease, which we acquired in the CPA^®:15 Merger, for $5.5 million, net of selling costs, and recognized a loss on the sale of $0.3 million. We also recognized an impairment charge of $0.1 million on a property accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair value of the property’s residual value.

Scheduled Future Minimum Rents

Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2015 are as follows (in thousands):

Years Ending December 31,	Total
2016	$	75,613
2017	75,378
2018	75,449
2019	72,929
2020	72,390
Thereafter	425,977
Total	$	797,736

Notes Receivable

At December 31, 2015 and 2014, we had a note receivable with an outstanding balance of $10.7 million and $10.9 million, respectively, representing the expected future payments under a sales type lease, which was included in Other assets, net in the consolidated financial statements.

At December 31, 2014, we had a B-note with an outstanding balance of $10.0 million. In February 2015, the B-note was repaid in full to us for $10.0 million.

Deferred Acquisition Fees Receivable

As described in Note 5, we earn revenue in connection with structuring and negotiating investments and related mortgage financing for the CPA^® REITs. A portion of this revenue is due in equal annual installments over three years, provided the CPA^® REITs meet their respective performance criteria. Unpaid deferred installments, including accrued interest, from the CPA^® REITs were included in Due from affiliates in the consolidated financial statements.

Credit Quality of Finance Receivables

We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant default. During the year ended December 31, 2015, we established an allowance for credit losses of $8.7 million on a

W. P. Carey 2015 10-K– 107

Notes to Consolidated Financial Statements

direct financing lease due to a decline in the estimated amount of future payments we will receive from the tenant, including the possible early termination of the direct financing lease, which was recorded in Property expenses, excluding reimbursable tenant costs in the consolidated financial statements. At both December 31, 2015 and 2014, none of the balances of our finance receivables were past due. Other than the lease extensions noted under Net Investment in Direct Financing Leases above, there were no modifications of finance receivables during the years endedDecember 31, 2015 or 2014. We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. The credit quality evaluation of our finance receivables was last updated in the fourth quarter of 2015. We believe the credit quality of our deferred acquisition fees receivable falls under category one, as the CPA^® REITs are expected to have the available cash to make such payments.

A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands):

	Number of Tenants / Obligors at December 31,		Carrying Value at December 31,
Internal Credit Quality Indicator	2015	2014	2015		2014
1	2	3	$	90,818	$	79,343
2	3	4	53,492		37,318
3	23	22	512,724		592,631
4	6	7	110,002		127,782
5	—	—	—		—
			$	767,036	$	837,074

Note 7. Equity Investments in the Managed Programs and Real Estate

We own interests in certain unconsolidated real estate investments with the Managed Programs and also own interests in the Managed Programs. We account for our interests in these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences).

The following table presents Equity in earnings of equity method investments in the Managed Programs and real estate, which represents our proportionate share of the income or losses of these investments, as well as certain adjustments related to other-than-temporary impairment charges and amortization of basis differences related to purchase accounting adjustments (in thousands):

	Years Ended December 31,
	2015			2014			2013
Distributions of Available Cash (Note 4)	$	38,406		$	31,052		$	34,121
Amortization of basis differences on equity investments in the Managed Programs	(806		)	(810		)	(5,115		)
Proportionate share of (losses) earnings from equity investments in the Managed Programs	(454		)	2,425			7,057
Deferred revenue earned (Note 4)	—			786			9,436
Other-than-temporary impairment charges on the Special Member Interest in CPA®:16 – Global’s operating partnership	—			(735		)	(15,383		)
Total equity earnings from the Managed Programs	37,146			32,718			30,116
Equity earnings from other equity investments	17,559			14,828			26,928
Amortization of basis differences on other equity investments	(3,685		)	(3,430		)	(4,313		)
Equity in earnings of equity method investments in the Managed Programs and real estate	$	51,020		$	44,116		$	52,731

Managed Programs

We own interests in the Managed Programs and account for these interests under the equity method, because, as their advisor and through our ownership of their common stock, we do not exert control over, but we do have the ability to exercise significant influence on, the Managed Programs. Operating results of the Managed REITs are included in the Real Estate Ownership segment and operating results of CCIF are included in the Investment Management segment.

W. P. Carey 2015 10-K– 108

Notes to Consolidated Financial Statements

The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands):

	% of Outstanding Shares Owned at				Carrying Amount of Investment at
	December 31,				December 31,
Fund	2015		2014		2015		2014
CPA®:17 – Global	3.087	%	2.676	%	$	87,912	$	79,429
CPA®:17 – Global operating partnership	0.009	%	0.009	%	—		—
CPA®:18 – Global	0.735	%	0.221	%	9,279		2,784
CPA®:18 – Global operating partnership	0.034	%	0.034	%	209		209
CWI 1	1.131	%	1.088	%	12,619		13,940
CWI 1 operating partnership	0.015	%	0.015	%	—		—
CWI 2	0.379	%	—	%	949		—
CWI 2 operating partnership	0.015	%	—	%	300		—
CCIF	47.882	%	50.000	%	22,214		25,000
					$	133,482	$	121,362

CPA^®:17 – Global— The carrying value of our investment in CPA^®:17 – Global at December 31, 2015 includes asset management fees receivable, for which 128,392 shares of CPA^®:17 – Global common stock were issued during the first quarter of 2016. We received distributions from this investment during the years ended December 31, 2015, 2014, and 2013 of $5.9 million, $4.6 million, and $3.0 million, respectively. We received distributions from our investment in the CPA^®:17 – Global operating partnership during the years ended December 31, 2015, 2014, and 2013 of $24.7 million, $20.4 million, and $16.9 million, respectively.

CPA^®:18 – Global— The carrying value of our investment in CPA^®:18 – Global at December 31, 2015 includes asset management fees receivable, for which 81,338 shares of CPA^®:18 – Global class A common stock were issued during the first quarter of 2016. We received distributions from our investment in the CPA^®:18 – Global operating partnership during the years ended December 31, 2015, 2014, and 2013 of $6.3 million, $1.8 million, and $0.1 million, respectively.

CWI 1—We received distributions from our investment in the CWI 1 operating partnership during the years ended December 31, 2015, 2014, and 2013 of $7.1 million, $4.1 million, and $1.9 million, respectively.

CWI 2—On May 30, 2014, we purchased 22,222 shares of CWI 2’s class A common stock, par value $0.001 per share, for an aggregate purchase price of $0.2 million. On May 15, 2015, upon CWI 2 reaching its minimum offering proceeds and admitting new stockholders, we began to account for our interest in CWI 2 under the equity method of accounting after consolidating this investment since its inception in June 2014. As of December 31, 2015, we had not received any distributions from this investment. The carrying value of our investment in CWI 2 at December 31, 2015 includes asset management fees receivable, for which 18,022 shares of class A common stock of CWI 2 were issued during the first quarter of 2016. On March 27, 2015, we purchased a 0.015% special general partnership interest in the CWI 2 operating partnership for $0.3 million. This special general partnership interest entitles us to receive distributions of our proportionate share of earnings up to 10% of the Available Cash from CWI 2’s operating partnership (Note 4). During the year ended December 31, 2015, we received $0.3 million of distributions from this investment.

CCIF— We received $0.8 million of distributions from our CCIF investment during the year ended December 31, 2015.

CPA^®:16 – Global—During the year ended December 31, 2013, equity income from CPA^®:16 – Global and CPA^®:16 – Global’s operating partnership exceeded 20% of our net income from continuing operations before income taxes. Therefore, the audited consolidated financial statements of CPA^®:16 – Global are incorporated by reference in this Report.

At December 31, 2015 and 2014, the aggregate unamortized basis differences on our equity investments in the Managed Programs were $27.4 million and $20.2 million, respectively.

W. P. Carey 2015 10-K– 109

Notes to Consolidated Financial Statements

The following tables present estimated combined summarized financial information for the Managed Programs. Amounts provided are expected total amounts attributable to the Managed Programs and do not represent our proportionate share (in thousands):

	December 31,
	2015			2014
Real estate, net	$	6,886,709		$	5,969,011
Other assets	2,426,189			2,293,065
Total assets	9,312,898			8,262,076
Debt	(4,432,082		)	(3,387,795		)
Accounts payable, accrued expenses and other liabilities	(612,974		)	(496,857		)
Total liabilities	(5,045,056		)	(3,884,652		)
Noncontrolling interests	(253,020		)	(170,249		)
Stockholders’ equity	$	4,014,822		$	4,207,175

	Years Ended December 31,
	2015			2014			2013
Revenues	$	1,157,432		$	825,405		$	796,637
Expenses	(1,120,090		)	(816,630		)	(669,554		)
Income from continuing operations	$	37,342		$	8,775		$	127,083
Net (loss) income attributable to the Managed Programs (a) (b)	$	(6,450	)	$	(12,695	)	$	104,342

__________

(a) Inclusive of impairment charges recognized by the Managed Programs totaling $1.0 million, $1.3 million, and $25.6 million during the years ended December 31,2015, 2014, and 2013, respectively. These impairment charges reduced our income earned from these investments by less than $0.1 million, less than $0.1 million, and $4.7 million during the years ended December 31,2015, 2014, and 2013, respectively.

(b) Amounts included net gains on sale of real estate recorded by the Managed REITs totaling $8.9 million, $13.3 million, and $7.7 million for the years ended December 31,2015, 2014, and 2013, respectively. These net gains on sale of real estate increased our income earned from these investments by $0.1 million, $0.4 million, and $0.1 million during the years ended December 31,2015, 2014, and 2013, respectively

Interests in Other Unconsolidated Real Estate Investments

We own equity interests in single-tenant net-leased properties that are generally leased to companies through noncontrolling interests (i) in partnerships and limited liability companies that we do not control but over which we exercise significant influence or (ii) as tenants-in-common subject to common control. Generally, the underlying investments are jointly-owned with affiliates. We account for these investments under the equity method of accounting. Earnings for each investment are recognized in accordance with each respective investment agreement. Investments in unconsolidated investments are required to be evaluated periodically. We periodically compare an investment’s carrying value to its estimated fair value and recognize an impairment charge to the extent that the carrying value exceeds fair value and such decline is determined to be other than temporary.

W. P. Carey 2015 10-K– 110

Notes to Consolidated Financial Statements

The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands):

		Ownership Interest at	Carrying Value at December 31,
Lessee	Co-owner	December 31, 2015	2015		2014
Existing Equity Investments (a)
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH	CPA®:17 – Global	33%	$	9,507	$	6,949
C1000 Logistiek Vastgoed B.V.	CPA®:17 – Global	15%	9,381		11,192
Wanbishi Archives Co. Ltd.	CPA®:17 – Global	3%	335		341
			19,223		18,482
Equity Investments Acquired in the CPA®:16 Merger
The New York Times Company	CPA®:17 – Global	45%	70,976		72,476
Frontier Spinning Mills, Inc.	CPA®:17 – Global	40%	24,288		15,609
Actebis Peacock GmbH	CPA®:17 – Global	30%	12,186		6,369
			107,450		94,454
Recently Acquired Equity Investment
Beach House JV, LLC	Third Party	N/A	15,318		15,105
			$	141,991	$	128,041

__________

(a) Represents equity investments we acquired prior to January 1, 2013.

Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH—The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. In the second quarter of 2015, we recognized equity income of approximately $2.1 million, representing our share of the bankruptcy proceeds received by the jointly-owned investment. The proceeds were used to repay the mortgage loan encumbering the two properties owned by the jointly-owned investment in the amount of $14.3 million, of which our share was $4.7 million, in the third quarter of 2015.

C1000 Logistiek Vastgoed B.V. — The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. This investment represents a tenancy-in-common interest, whereby the property is encumbered by the debt for which we are jointly and severally liable. For this investment, the co-obligor is CPA^®:17 – Global and the amount due under the arrangement was approximately $72.5 million at December 31, 2015. Of this amount, $10.9 million represents the amount we agreed to pay and is included within the carrying value of the investment at December 31, 2015.

Wanbishi Archives Co. Ltd.— The carrying value of this investment is affected by fluctuations in the exchange rate of the yen.

Frontier Spinning Mills, Inc.—We made a contribution of $8.6 million in the second quarter of 2015 to this jointly-owned investment to repay the related non-recourse mortgage loan.

Actebis Peacock GmbH—The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. We made a contribution of $6.2 million in the third quarter of 2015 to this jointly-owned investment to repay the related non-recourse mortgage loan.

Beach House JV, LLC— In March 2014, we received a preferred equity position in Beach House JV, LLC as part of the sale of the Soho House investment. During the year ended December 31, 2015, we received $1.1 million of distributions and recognized $1.3 million of income from this investment.

W. P. Carey 2015 10-K– 111

Notes to Consolidated Financial Statements

The following tables present combined summarized financial information of our equity investments, excluding the Managed Programs. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands):

	December 31,
	2015			2014
Real estate, net	$	464,730		$	486,858
Other assets	64,989			81,232
Total assets	529,719			568,090
Debt	(201,611		)	(278,012		)
Accounts payable, accrued expenses and other liabilities	(9,394		)	(10,057		)
Total liabilities	(211,005		)	(288,069		)
Noncontrolling interests	(355		)	(355		)
Stockholders’ equity	$	318,359		$	279,666

	Years Ended December 31,
	2015			2014			2013
Revenues	$	61,887		$	64,294		$	117,278
Expenses	(21,124		)	(27,801		)	(50,907		)
Income from continuing operations	$	40,763		$	36,493		$	66,371
Net income attributable to the jointly-owned investments	$	40,763		$	36,493		$	15,762

We received aggregate distributions of $13.3 million, $12.5 million, and $25.9 million from our other unconsolidated real estate investments for the years endedDecember 31, 2015, 2014, and 2013, respectively. At December 31, 2015 and 2014, the aggregate unamortized basis differences on our unconsolidated real estate investments were $5.7 million and $5.8 million, respectively.

Hellweg 2 Restructuring

In 2007, CPA^®:14, CPA^®:15, and CPA^®:16 – Global, acquired a 33%, 40%, and 27% interest, respectively, in an entity, or Purchaser, for purposes of acquiring a 25% interest in a property holding company, or PropCo, that owns 37 do-it-yourself stores located in Germany. This is referred to as the Hellweg 2 transaction. The remaining 75% interest in PropCo was owned by a third party, or the Partner. In November 2010, CPA^®:14, CPA^®:15, and CPA^®:16 – Global obtained a 70% additional interest in PropCo from the Partner, resulting in Purchaser owning approximately 95% of PropCo. In 2011, CPA^®:17 – Global acquired CPA^®:14’s interests, and in 2012, through the CPA^®:15 Merger, we acquired CPA^®:15’s interests. We had previously accounted for our investment under the equity method of accounting. In January 2014 in connection with the CPA^®:16 Merger, we acquired CPA^®:16 – Global’s interests in the investment. Subsequent to the acquisition, we consolidate this investment.

In October 2013, the Partner’s remaining 5% equity interest in PropCo was acquired by CPA^®:17 – Global, which resulted in PropCo recording a German real estate transfer tax of $22.1 million, of which our share was approximately $8.4 million and was reflected within Equity in earnings of equity method investments in the Managed Programs and real estate in our consolidated financial statements for the year ended December 31, 2013. In connection with the CPA^®:16 Merger, we acquired CPA^®:16 – Global’s controlling interest in the Hellweg 2 investment. During the fourth quarter of 2015, the German tax authority revoked its previous position on the application of a ruling in a Federal German tax court. Based on this change in position, the obligation to pay the German real estate transfer taxes recorded in connection with the Hellweg 2 restructuring, as well as those recorded in connection with the CPA^®:15 Merger, were no longer deemed probable of occurring. As a result, we reversed liabilities totaling $25.0 million, including $17.1 million recorded in connection with the Hellweg 2 restructuring and $7.9 million recorded in connection with the CPA^®:15 Merger, which is reflected in Merger, property acquisition, and other expenses in the consolidated financial statements for the year ended December 31, 2015.

Disposition of Unconsolidated Real Estate Investments During 2013

In June 2013, we contributed $2.9 million to partially repay the existing $17.1 million mortgage loan on our U.S. Airways investment. We refinanced the remaining mortgage loan with new financing of $13.9 million. Immediately after the refinancing, we sold our interest in the investment to a third party for $28.4 million, net of closing costs and our contribution to partially

W. P. Carey 2015 10-K– 112

Notes to Consolidated Financial Statements

repay the loan, and recognized a gain on sale of $19.5 million. The gain was included in Equity in earnings of equity method investments in the Managed Programs and real estate in the consolidated financial statements.

In October 2013, an entity in which we and CPA^®:16 – Global held 30% and 70% interests, respectively, sold the five properties it owned for $41.4 million and recognized a net gain on sale of $0.5 million, of which our share was $0.2 million. The gain was included in Equity in earnings of equity method investments in the Managed Programs and real estate in the consolidated financial statements. The entity used a portion of the proceeds to repay the related mortgage loan, which had a carrying value of $25.7 million on the date of sale. Amounts presented are total amounts attributable to the whole entity and do not represent our proportionate share. In connection with the sale, the entity made a distribution of $4.2 million to us, representing our share of the net proceeds from the sale.

Note 8.Goodwill and Other Intangibles

In connection with our acquisitions of properties, we have recorded net lease intangibles that are being amortized over periods ranging from one year to 43 years. In addition, we have several ground lease intangibles that are being amortized over periods of up to 99 years. In-place lease and tenant relationship intangibles are included in In-place lease and tenant relationship intangible assets, net in the consolidated financial statements. Above-market rent intangibles are included in Above-market rent intangible assets, net in the consolidated financial statements. Below-market ground lease (as lessee), trade name, management contracts, and software license intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent, above-market ground lease (as lessee), and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements.

In connection with our investment activity during 2015, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands):

	Weighted-Average Life	Amount
Amortizable Intangible Assets
In-place lease	13.4	$	92,012
Above-market rent	15.3	32,739
Below-market ground lease	63.1	9,997
Indefinite-Lived Intangible Asset
Below-market ground lease	N/A	881
		$	135,629
Amortizable Intangible Liabilities
Below-market rent	14.6	$	(6,798	)

W. P. Carey 2015 10-K– 113

Notes to Consolidated Financial Statements

In connection with the CPA^®:16 Merger and the CPA^®:15 Merger, we recorded goodwill as a result of the merger considerations exceeding the fair values of the assets acquired and liabilities assumed (Note 3). The goodwill was attributed to our Real Estate Ownership reporting unit as it relates to the real estate assets we acquired in the CPA^®:16 Merger and CPA^®:15 Merger. The following table presents a reconciliation of our goodwill (in thousands):

	Real Estate Ownership			Investment Management		Total
Balance at January 1, 2013	$	265,525		$	63,607	$	329,132
Adjustments related to deferred foreign income taxes (a)	32,715			—		32,715
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	(13,118		)	—		(13,118		)
Adjustment to purchase price allocation for the CPA®:15 Merger (b)	1,479			—		1,479
Balance at December 31, 2013	286,601			63,607		350,208
Acquisition of CPA®:16 – Global	346,642			—		346,642
Foreign currency translation adjustments and other	(14,258		)	—		(14,258		)
Other business combinations (c)	13,585			—		13,585
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	(3,762		)	—		(3,762		)
Balance at December 31, 2014	628,808			63,607		692,415
Foreign currency translation adjustments and other	(10,548		)	—		(10,548		)
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	(1,762		)	—		(1,762		)
Other business combinations	1,704			—		1,704
Balance at December 31, 2015	$	618,202		$	63,607	$	681,809

___________

(a) In 2013, we identified an error in the consolidated financial statements related to accounting for deferred foreign income taxes. We concluded that this adjustment was not material to our financial position or results of operations for 2013 or any of the prior periods. As such, in the fourth quarter of 2013 we recorded an out-of-period adjustment related to the error, which included an adjustment to goodwill.

(b) In the fourth quarter of 2013, we recorded an immaterial out-of-period adjustment to correct the purchase price allocation for theCPA^®:15 Merger.

(c) Primarily relates to acquisition of an investment in Norway (Note 5).

Current accounting guidance requires that we test for the recoverability of goodwill at the reporting unit level. The test for recoverability must be conducted at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. We performed our annual test for impairment during the fourth quarter of 2015 for goodwill recorded in both segments, and no impairment was indicated.

W. P. Carey 2015 10-K– 114

Notes to Consolidated Financial Statements

Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):

	December 31,
	2015									2014
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
Management contracts	$	32,765		$	(32,765	)	$	—		$	32,765		$	(32,765	)	$	—
Internal-use software development costs	18,188			(2,038		)	16,150			17,584			(26		)	17,558
	50,953			(34,803		)	16,150			50,349			(32,791		)	17,558
Lease Intangibles:
In-place lease and tenant relationship	1,205,585			(302,737		)	902,848			1,185,692			(191,873		)	993,819
Above-market rent	649,035			(173,963		)	475,072			639,370			(116,573		)	522,797
Below-market ground lease	25,403			(889		)	24,514			17,771			(435		)	17,336
	1,880,023			(477,589		)	1,402,434			1,842,833			(308,881		)	1,533,952
Unamortizable Goodwill and Indefinite-Lived Intangible Assets
Goodwill	681,809			—			681,809			692,415			—			692,415
Trade name	3,975			—			3,975			3,975			—			3,975
Below-market ground lease	895			—			895			—			—			—
	686,679			—			686,679			696,390			—			696,390
Total intangible assets	$	2,617,655		$	(512,392	)	$	2,105,263		$	2,589,572		$	(341,672	)	$	2,247,900
Amortizable Intangible Liabilities
Below-market rent	$	(171,199	)	$	44,873		$	(126,326	)	$	(169,231	)	$	23,039		$	(146,192	)
Above-market ground lease	(13,052		)	1,774			(11,278		)	(13,311		)	1,144			(12,167		)
	(184,251		)	46,647			(137,604		)	(182,542		)	24,183			(158,359		)
Unamortizable Intangible Liabilities
Below-market purchase option	(16,711		)	—			(16,711		)	(16,711		)	—			(16,711		)
Total intangible liabilities	$	(200,962	)	$	46,647		$	(154,315	)	$	(199,253	)	$	24,183		$	(175,070	)

Net amortization of intangibles, including the effect of foreign currency translation, was $180.8 million, $174.0 million, and $86.1 million for the years ended December 31, 2015, 2014, and 2013, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues; amortization of management contracts, in-place lease and tenant relationship intangibles is included in Depreciation and amortization; and amortization of above-market ground lease and below-market ground lease intangibles is included in Property expenses.

Based on the intangible assets and liabilities recorded at December 31, 2015, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands):

Years Ending December 31,	Net Decrease in Lease Revenues		Increase to Amortization/ Property Expenses		Total
2016	$	36,464	$	125,954	$	162,418
2017	51,494		103,062		154,556
2018	48,639		99,392		148,031
2019	44,715		90,574		135,289
2020	37,053		82,126		119,179
Thereafter	130,381		431,126		561,507
Total	$	348,746	$	932,234	$	1,280,980

W. P. Carey 2015 10-K– 115

Notes to Consolidated Financial Statements

Note 9. Fair Value Measurements

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency forward contracts; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Items Measured at Fair Value on a Recurring Basis

The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs along with their weighted-average ranges.

Money Market Funds — Our money market funds, which are included in Cash and cash equivalents in the consolidated financial statements, are comprised of government securities and U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values.

Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of an interest rate cap, interest rate swaps, stock warrants, foreign currency forward contracts, and foreign currency collars (Note 10). The interest rate cap, interest rate swaps, foreign currency forward contracts, and foreign currency forward collars were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The stock warrants were measured at fair value using internal valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market.

Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps (Note 10). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Redeemable Noncontrolling Interest — We account for the noncontrolling interest in W. P. Carey International, LLC, or WPCI, held by a third party as a redeemable noncontrolling interest (Note 14). We determined the valuation of redeemable noncontrolling interest using widely accepted valuation techniques, including comparable transaction analysis, comparable public company analysis, and discounted cash flow analysis. We classified this liability as Level 3. At December 31, 2015, unobservable inputs for determining the estimated fair value of WPCI included, but were not limited to, a discount for lack of marketability, a discount rate, revenue, EBITDA (including normalized and run-rate EBITDA), and termination multiples with weighted-average ranges, across all valuation techniques utilized, as applicable, of 10% - 20%, 14% - 16%, 1.1x - 8.8x, 3.2x - 18.8x, and 5.5x - 7.5x, respectively. Significant increases or decreases in any one of these inputs in isolation would result in significant changes in the fair value measurement.

We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during either the years endedDecember 31, 2015 or 2014.

W. P. Carey 2015 10-K– 116

Notes to Consolidated Financial Statements

Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):

		December 31, 2015				December 31, 2014
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt, net (a)	3	$	2,271,204	$	2,293,542	$	2,532,683	$	2,574,437
Senior Unsecured Notes, net (b)	2	1,486,568		1,459,544		498,345		527,029
Senior Unsecured Credit Facility (c)	2	735,021		735,022		1,057,518		1,057,519
Deferred acquisition fees receivable (d)	3	33,386		32,919		26,913		28,027
Notes receivable (a)	3	10,689		10,610		20,848		19,604

__________

(a) We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, where applicable, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity and the current market interest rate.

(b) We determined the estimated fair value of the Senior Unsecured Notes (Note 11) using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, we determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.

(c) We determined the estimated fair value of our Senior Unsecured Credit Facility (Note 11) using a discounted cash flow model with rates that take into account the market-based credit spread and our credit rating.

(d) We determined the estimated fair value of our deferred acquisition fees receivable based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread of 203 - 213 basis points and an illiquidity adjustment of 75 basis points at December 31, 2015. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.

We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both December 31, 2015 and 2014.

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. For investments in real estate held for use for which an impairment indicator is identified, we follow a two-step process to determine whether the investment is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the future undiscounted net cash flows that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. If this amount is less than the carrying value, the property’s asset group is considered to be not recoverable. We then measure the impairment charge as the excess of the carrying value of the property’s asset group over the estimated fair value of the property’s asset group, which is primarily determined using market information such as recent comparable sales, broker quotes or third-party appraisals. If relevant market information is not available or is not deemed appropriate, we perform a future net cash flow analysis, discounted for inherent risk associated with each investment. We determined that the significant inputs used to value these investments fall within Level 3 for fair value reporting. As a result of our assessments, we calculated impairment charges based on market conditions and assumptions that existed at the time. The valuation of real estate is subject to significant judgment and actual results may differ materially if market conditions or the underlying assumptions change.

W. P. Carey 2015 10-K– 117

Notes to Consolidated Financial Statements

The following table presents information about our other assets that were measured at fair value on a non-recurring basis (in thousands):

	Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges inContinuing Operations
Real estate	$	63,027	$	26,597	$	26,503	$	21,738	$	15,495	$	4,673
Net investments in direct financing leases	65,132		3,309		39,158		1,329		891		68
Equity investments in real estate	—		—		—		735		5,111		19,256
Marketable security	—		—		—		—		483		553
			29,906				23,802				24,550
Impairment Charges inDiscontinued Operations
Real estate	—		—		—		—		19,413		6,192
Operating real estate	—		—		—		—		3,709		1,071
			—				—				7,263
			$	29,906			$	23,802			$	31,813

Impairment charges, and their related triggering events and fair value measurements, recognized during 2015, 2014, and 2013 were as follows:

Real Estate

2015 — During the year ended December 31, 2015, we recognized impairment charges totaling $26.6 million on seven properties and a parcel of vacant land in order to reduce the carrying values of the properties to their estimated fair values. The fair value measurements for five of the properties and the parcel of vacant land approximated their estimated selling prices, and we recognized impairment charges totaling $10.9 million on these properties.

We reduced the estimated holding period for another property due to the expected expiration of its related lease within one year after December 31, 2015 and recognized an impairment charge of $8.7 million on the property. The fair value measurement related to the impairment charge was determined by estimating discounted cash flows using three significant unobservable inputs, which are the cash flow discount rate, the residual discount rate, and the residual capitalization rate equal to 9.25%, 9.75%, and 8.5%, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.

The building located on another property will be demolished in accordance with a plan to redevelop the property, and the fair value of the building was reduced to zero. We recognized an impairment charge of $6.9 million on this property.

2014 — During the year ended December 31, 2014, we recognized impairment charges totaling $7.8 million on 13 properties in order to reduce the carrying values of the properties to their estimated fair values, which approximated their estimated selling prices.

Additionally, we recognized an impairment charge of $14.0 million on a property during the year ended December 31, 2014 as result of the tenant vacating the property. The fair value measurements relating to the $14.0 million impairment charge were determined by a direct cap approach and market approach and utilizing the average of these two approaches, as the property has potential utility as both a commercial net lease building (direct cap approach) and a redeveloped residential structure (market approach). The fair value under the market approach was determined by comparing the property to similar properties that have been sold or offered for sale, with adjustments made for differences in date of sale, age, condition, size, location, land/building ratio, local tax policies, and other physical characteristics and circumstances influencing the sale. The fair value under the direct cap approach was determined by estimating future net operating income of the leased up asset utilizing comparable market rents that have been leased or offered for lease, capitalizing the resulting net operating income utilizing a residual capitalization rate of 8.0%, offset by the leasing capital required to secure a tenant and the market vacancy assumptions. Significant increases

W. P. Carey 2015 10-K– 118

Notes to Consolidated Financial Statements

or decreases to the inputs utilized for the market approach and income approach in isolation would result in a significant change in the fair value measurement.

2013 — During the year ended December 31, 2013, we recognized an impairment charge of $4.7 million on a property in France. This impairment was the result of writing down the property’s carrying value to its estimated fair value in connection with the tenant vacating the property. The fair value measurements related to the impairment charge were determined by estimating discounted cash flows using three significant unobservable inputs, which are the cash flow discount rate, the residual discount rate, and the residual capitalization rate equal to 12.75%, 11.75%, and 10.00%, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.

Net Investments in Direct Financing Leases

The fair value measurements related to the impairment charges recognized on our Net investments in direct financing leases during 2015 and 2014 were determined by estimating market rents at the time the leases expire, taking into account the following factors related to the properties and their locations: (i) estimated rent growth in property location; (ii) the quality of the property relative to other properties nearby; and (iii) the number of vacant properties nearby.

2015 — During the year ended December 31, 2015, we recognized impairment charges totaling $3.3 million on five properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair values of the buildings’ residual values.

2014 — During the year ended December 31, 2014, we recognized impairment charges totaling $1.3 million on eight properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair values of the buildings’ residual values.

2013 — During the year ended December 31, 2013, we recognized an impairment charge of $0.1 million on a property accounted for as Net investments in direct financing leases in order to reduce the carrying value of the property to its estimated fair value, which approximated its estimated selling price.

Equity Investments in Real Estate

During the years ended December 31, 2014 and 2013, we recognized other-than-temporary impairment charges totaling $0.7 million and $15.4 million, respectively, on the Special Member Interest in CPA^®:16 – Global’s operating partnership to reduce its carrying value to its estimated fair value, which had declined. The estimated fair value was computed by estimating discounted cash flows using two significant unobservable inputs, which are the discount rate and the estimated general and administrative costs as a percentage of assets under management with a weighted-average range of 12.75% - 15.75%and35-45basis points, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. The valuation was also dependent upon the estimated date of a liquidity event for CPA^®:16 – Global because cash flows attributable to this investment would cease upon such event.

During the year ended December 31, 2013, we recognized an other-than-temporary impairment charge of $3.9 million on a jointly-owned investment to reduce the carrying value of our investment to its estimated fair value, which was based on the contracted selling price of the properties held by the jointly-owned investment. The properties were sold in October 2013.

Properties Included in Discontinued Operations

During the year ended December 31, 2013, we recognized impairment charges on properties sold that are included in discontinued operations, including a hotel, totaling $7.3 million to reduce the carrying values of the properties to their selling prices. These impairment charges, which are included in discontinued operations, were the result of reducing these properties’ carrying values to their estimated fair values (Note 16), which approximated their estimated selling prices, in connection with anticipated sales. The fair value measurement related to these impairment charges, other than the fair value of the hotel, was determined in part by third-party sources, subject to our corroboration for reasonableness. The fair value of the hotel property was obtained using an estimate of discounted cash flows using three significant inputs, which are capitalization rate, cash flow discount rate, and residual discount rate of9.5%,7.5%, and10.0%, respectively.

W. P. Carey 2015 10-K– 119

Notes to Consolidated Financial Statements

Note 10. Risk Management and Use of Derivative Financial Instruments

Risk Management

In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including the Senior Unsecured Credit Facility and Senior Unsecured Notes (Note 11), at December 31, 2015. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other securities and the shares we hold in the Managed REITs due to changes in interest rates or other market factors. We own investments in Europe, Asia, and Australia and are subject to risks associated with fluctuating foreign currency exchange rates.

Derivative Financial Instruments

When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts and we may be granted common stock warrants by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include a counterparty to a hedging arrangement defaulting on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities.

We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. For a derivative designated, and that qualified, as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) income into earnings when the hedged investment is either sold or substantially liquidated. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings.

W. P. Carey 2015 10-K– 120

Notes to Consolidated Financial Statements

The following table sets forth certain information regarding our derivative instruments (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
		December 31, 2015		December 31, 2014		December 31, 2015			December 31, 2014
Foreign currency forward contracts	Other assets, net	$	38,975	$	16,307	$	—		$	—
Foreign currency collars	Other assets, net	7,718		—		—			—
Interest rate swaps	Other assets, net	—		285		—			—
Interest rate cap	Other assets, net	—		3		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(4,762		)	(5,660		)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	3,618		3,753		—			—
Interest rate swaps (a)	Other assets, net	9		—		—			—
Interest rate swaps (a)	Accounts payable, accrued expenses and other liabilities	—		—		(2,612		)	(7,496		)
Total derivatives		$	50,320	$	20,348	$	(7,374	)	$	(13,156	)

__________

(a) These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt.

All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2015 and 2014, no cash collateral had been posted nor received for any of our derivative positions.

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

	Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) (a)
	Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2015			2014			2013
Foreign currency forward contracts	$	15,949		$	23,167		$	(5,211	)
Foreign currency collars	7,769			—			—
Interest rate swaps	(284		)	(2,628		)	4,720
Interest rate caps	64			290			(15		)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency forward contracts	5,819			2,566			—
Total	$	29,317		$	23,395		$	(506	)

		Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion) (c)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2015			2014			2013
Foreign currency forward contracts	Other income and (expenses)	$	7,272		$	(103	)	$	(537	)
Interest rate swaps and caps	Interest expense	(2,291		)	(2,691		)	(1,745		)
Foreign currency collars	Other income and (expenses)	357			—			—
Total		$	5,338		$	(2,794	)	$	(2,282	)

__________

W. P. Carey 2015 10-K– 121

Notes to Consolidated Financial Statements

(a) Excludes net gains of $0.6 million, $0.3 million, and $0.5 million recognized on unconsolidated jointly-owned investments for the years ended December 31, 2015, 2014, and 2013, respectively.

(b) The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income until the underlying investment is sold, at which time we reclassify the gain or loss to earnings.

(c) Excludes net gains recognized on unconsolidated jointly-owned investments of $0.4 million and $0.5 million for the years ended December 31, 2014 and 2013, respectively. There were no such gains or losses recognized for the year ended December 31, 2015.

Amounts reported in Other comprehensive (loss) income related to interest rate swaps will be reclassified to Interest expense as interest payments are made on our variable-rate debt. Amounts reported in Other comprehensive (loss) income related to foreign currency derivative contracts will be reclassified to Other income and (expenses) when the hedged foreign currency contracts are settled. As of December 31, 2015, we estimate that an additional $1.8 million and $9.3 million will be reclassified as interest expense and other income, respectively, during the next 12 months.

		Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives Not in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2015			2014		2013
Interest rate swaps	Interest expense	$	4,164		$	3,186	$	5,249
Foreign currency collars	Other income and (expenses)	514			—		—
Foreign currency forwards	Other income and (expenses)	(296		)	—		—
Stock warrants	Other income and (expenses)	(134		)	134		440
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	649			761		(20		)
Foreign currency forward contracts	Other income and (expenses)	45			—		—
Foreign currency collars	Other income and (expenses)	23			—		—
Total		$	4,965		$	4,081	$	5,669

__________

(a) Relates to the ineffective portion of the hedging relationship.

See below for information on our purposes for entering into derivative instruments and for information on derivative instruments owned by unconsolidated investments, which are excluded from the tables above.

Interest Rate Swaps and Cap

We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain variable-rate, non-recourse mortgage loans and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The face amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements.

W. P. Carey 2015 10-K– 122

Notes to Consolidated Financial Statements

The interest rate swaps and cap that our consolidated subsidiaries had outstanding at December 31, 2015 are summarized as follows (currency in thousands):

	Number of Instruments	Notional Amount		Fair Value of Asset (Liability) at December 31, 2015 (a)
Interest Rate Derivatives
Designated as Cash Flow Hedging Instruments
Interest rate swaps	13	122,159	USD	$	(4,154	)
Interest rate swap	1	6,011	EUR	(608		)
Interest rate cap (b)	1	41,372	EUR	—
Not Designated as Cash Flow Hedging Instruments
Interest rate swaps (c)	2	105,110	EUR	(2,612		)
Interest rate swap (c)	1	3,127	USD	9
				$	(7,365	)

__________

(a) Fair value amounts are based on the exchange rate of the euro at December 31, 2015, as applicable.

(b) The applicable interest rate of the related debt was 0.9%, which was below the strike price of the cap of 3.0% at December 31, 2015.

(c) These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt.

Foreign Currency Contracts and Collars

We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling, the Australian dollar, and certain other currencies. We manage foreign currency exchange rate movements by generally placing our debt service obligation on an investment in the same currency as the tenant’s rental obligation to us. This reduces our overall exposure to the net cash flow from that investment. However, we are subject to foreign currency exchange rate movements to the extent that there is a difference in the timing and amount of the rental obligation and the debt service. Realized and unrealized gains and losses recognized in earnings related to foreign currency transactions are included in Other income and (expenses) in the consolidated financial statements.

In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency forward contracts and collars. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. By entering into forward contracts and holding them to maturity, we are locked into a future currency exchange rate for the term of the contract. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices.

The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2015, which were designated as cash flow hedges (currency in thousands):

	Number of Instruments	Notional Amount		Fair Value at December 31, 2015 (a)
Foreign Currency Derivatives
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	52	127,747	EUR	$	27,754
Foreign currency collars	25	90,100	EUR	4,441
Foreign currency collars	22	48,300	GBP	3,277
Foreign currency forward contracts	16	20,302	AUD	2,258
Foreign currency forward contracts	12	6,420	GBP	578
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	5	84,522	AUD	8,385
				$	46,693

__________

(a) Fair value amounts are based on the applicable exchange rate of the foreign currency at December 31, 2015.

W. P. Carey 2015 10-K– 123

Notes to Consolidated Financial Statements

Credit Risk-Related Contingent Features

We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2015. At December 31, 2015, our total credit exposure and the maximum exposure to any single counterparty was $44.9 million and $26.3 million, respectively.

Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 2015, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $8.2 million and $14.2 million at December 31, 2015 and 2014, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2015 or 2014, we could have been required to settle our obligations under these agreements at their aggregate termination value of $8.3 million and $14.5 million, respectively.

Net Investment Hedges

At December 31, 2015 and December 31, 2014, the amounts borrowed in euro outstanding under our Revolver (Note 11) were €361.0 million and €345.0 million, respectively, and the amounts borrowed in British pounds sterling were none and £40.0 million, respectively. Additionally, we have issued senior notes denominated in euro with a principal amount of €500.0 million (Note 11). These borrowings are designated as, and are effective as, economic hedges of our net investments in foreign entities. Variability in the exchange rates of the foreign currencies with respect to the U.S. dollar impacts our financial results as the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of changes in the foreign currencies to U.S. dollar exchange rates being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, the borrowings in euro and British pounds sterling under our Revolver are recorded at cost in the consolidated financial statements and all changes in the value related to changes in the spot rates will be reported in the same manner as a translation adjustment, which is recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment.

At December 31, 2015, we had foreign currency forward contracts that were designated as net investment hedges, as discussed in“Derivative Financial Instruments” above.

W. P. Carey 2015 10-K– 124

Notes to Consolidated Financial Statements

Note 11. Debt

Senior Unsecured Credit Facility

At December 31, 2014, we had a senior credit facility that provided for a $1.0 billion unsecured revolving credit facility, or our Revolver, and a $250.0 million term loan facility, or our Term Loan Facility, which we refer to collectively as the Senior Unsecured Credit Facility. At December 31, 2014, the Senior Unsecured Credit Facility also permitted (i) up to $500.0 million under our Revolver to be borrowed in certain currencies other than the U.S. dollar, (ii) swing line loans of up to $50.0 million under our Revolver, and (iii) the issuance of letters of credit under our Revolver in an aggregate amount not to exceed $50.0 million. The Senior Unsecured Credit Facility is being used for working capital needs, to refinance our existing indebtedness, for new investments, and for other general corporate purposes.

The Senior Unsecured Credit Facility also contained an accordion feature, which allowed us to increase the maximum borrowing capacity of our Revolver from $1.0 billion to $1.5 billion. We exercised this accordion feature on January 15, 2015. At that time, we also amended the Senior Unsecured Credit Facility as follows: (i) established a new $500.0 million accordion feature that, if exercised, subject to lender commitments, would increase our maximum borrowing capacity under our Revolver to $2.0 billion and under the Senior Unsecured Credit Facility in the aggregate to $2.25 billion, and (ii) increased the amount under our Revolver that may be borrowed in certain currencies other than the U.S. dollar to the equivalent of $750.0 million from $500.0 million. All other existing terms of the Senior Unsecured Credit Facility remained unchanged. In connection with the exercise of the accordion feature and the amendment of the Senior Unsecured Credit Facility in January 2015, we incurred financing costs totaling $3.1 million, which are included in Other assets, net in the consolidated financial statements, and are being amortized to Interest expense over the remaining terms of the facilities.

At December 31, 2015, our Revolver had unused capacity of $1.0 billion, excluding amounts reserved for outstanding letters of credit. As of December 31, 2015, our lenders had issued letters of credit totaling $1.6 million on our behalf in connection with certain contractual obligations, which reduce amounts that may be drawn under our Revolver by the same amount. We also incurred a facility fee of 0.20% of the total commitment on our Revolver during the year ended December 31, 2015. On January 29, 2016, we exercised our option to extend our Term Loan Facility by an additional year to January 31, 2017 (Note 19). We have options to extend the maturity date of the Revolver and Term Loan Facility by another year, subject to the conditions provided in the Second Amended and Restated Credit Agreement.

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in millions):

	Interest Rate at December 31, 2015 (a)		Outstanding Balance at December 31,
Senior Unsecured Credit Facility		Maturity Date	2015		2014
Revolver:
Revolver - borrowing in euros	LIBOR + 1.10%	1/31/2018	$	393.0	$	419.4
Revolver - borrowing in U.S. dollars (b)	LIBOR + 1.10%; EURIBOR + 1.10%	1/31/2018	92.0		326.0
Revolver - borrowing in British pounds sterling	N/A	1/31/2018	—		62.1
			485.0		807.5
Term Loan Facility (c)	LIBOR + 1.25%	1/31/2016	250.0		250.0
			$	735.0	$	1,057.5

__________

(a) Interest rate at December 31, 2015 is based on our credit rating of BBB/Baa2.

(b) EURIBOR means Euro Interbank Offered Rate.

(c) Our Term Loan Facility was scheduled to mature on January 31, 2016. However, on January 29, 2016, we exercised our option to extend the maturity of our Term Loan Facility by an additional year to January 31, 2017 (Note 19).

W. P. Carey 2015 10-K– 125

Notes to Consolidated Financial Statements

Senior Unsecured Notes

Since January 1, 2014, we have issued senior unsecured notes in three separate registered public offerings with an aggregate carrying amount of $1.5 billion as of December 31, 2015, which we refer to collectively as the Senior Unsecured Notes. Interest on the Senior Unsecured Notes is payable in arrears, annually for foreign notes and semi-annually for domestic notes. The Senior Unsecured Notes can be redeemed at par within three months of maturity, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon a rate of the applicable government bond yield plus 30 basis points for the 2.0% Senior Euro Notes and the 4.6% Senior Notes, and 35 basis points for the 4.0% Senior Notes. The following table presents a summary of our Senior Unsecured Notes (currency in millions):

													Carrying Value at December 31,
Senior Unsecured Notes	Issue Date	Principal Amount		Price of Par Value		Discount		Effective Interest Rate		Coupon Rate		Maturity Date	2015		2014
4.6% Senior Notes	3/14/2014	$	500.0	99.639	%	$	1.8	4.645	%	4.6	%	4/1/2024	$	496.0	$	498.3
2.0% Senior Euro Notes	1/21/2015	€	500.0	99.220	%	$	4.6	2.107	%	2.0	%	1/20/2023	540.6		—
4.0% Senior Notes	1/26/2015	$	450.0	99.372	%	$	2.8	4.077	%	4.0	%	2/1/2025	450.0		—
													$	1,486.6	$	498.3

Proceeds from the issuances of these notes were used primarily to partially pay down the amounts then outstanding under our Revolver. In connection with these offerings, we incurred financing costs totaling $7.8 million and $4.2 million during the years ended December 31,2015 and 2014, respectively, which are included in Other assets, net in the consolidated financial statements, and are being amortized to Interest expense over the respective terms of the Senior Unsecured Notes.

The Senior Unsecured Credit Facility and the Senior Unsecured Notes include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. The Senior Unsecured Credit Facility also contains various customary affirmative and negative covenants applicable to us and our subsidiaries, subject to materiality and other qualifications, baskets, and exceptions as outlined in the Second Amended and Restated Credit Agreement.

We are required to ensure that the total Restricted Payments (as defined in the Second Amended and Restated Credit Agreement) in an aggregate amount in any fiscal year does not exceed the greater of (i) 95% of Adjusted Funds from Operations (as defined in the Second Amended and Restated Credit Agreement) and (ii) the amount of Restricted Payments required in order for us to maintain our REIT status. Restricted Payments include quarterly dividends and the total amount of shares repurchased by us, if any, in excess of $100.0 million per year.

Obligations under the Senior Unsecured Credit Facility may be declared immediately due and payable upon the occurrence of certain events of default as defined in the Second Amended and Restated Credit Agreement, including failure to pay any principal when due and payable, failure to pay interest within five business days after becoming due, failure to comply with any covenant, representation or condition of any loan document, any change of control, cross-defaults, and certain other events as set forth in the Second Amended and Restated Credit Agreement, with grace periods in some cases.

The Second Amended and Restated Credit Agreement stipulates several financial covenants that require us to maintain certain ratios and benchmarks at the end of each quarter as defined in the Second Amended and Restated Credit Agreement. We were in compliance with all of these covenants at December 31, 2015.

Unsecured Term Loan

In July 2013, we entered into a credit agreement for an Unsecured Term Loan of up to $300.0 million, which we drew down in full on that date. On January 31, 2014, the Unsecured Term Loan was repaid in full using a portion of the amounts drawn down under the Senior Unsecured Credit Facility on that date.

Non-Recourse Debt

Non-recourse debt consists of mortgage notes payable, which are collateralized by the assignment of real estate properties with an aggregate carrying value of $3.0 billion and $3.3 billion at December 31, 2015 and 2014, respectively. At December 31, 2015, our mortgage notes payable bore interest at fixed annual rates ranging from 2.0% to 8.7% and variable contractual annual rates ranging from 0.9% to 7.6%, with maturity dates ranging from January 2016 to 2038.

W. P. Carey 2015 10-K– 126

Notes to Consolidated Financial Statements

Foreign Currency Exchange Rate Impact

During the year ended December 31, 2015, the U.S. dollar strengthened against the euro, resulting in an aggregate decrease of $166.0 million in the aggregate carrying values of our Non-recourse debt, Senior Unsecured Credit Facility, and 2.0% Senior Euro Notes from December 31, 2014 to December 31, 2015.

Scheduled Debt Principal Payments

Scheduled debt principal payments during each of the next five calendar years following December 31, 2015 and thereafter are as follows (in thousands):

Years Ending December 31,	Total(a)
2016	$	648,344
2017	697,749
2018	750,932
2019	99,753
2020	218,995
Thereafter through 2038	2,080,575
	4,496,348
Unamortized discount, net (b)	(3,555		)
Total	$	4,492,793

__________

(a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2015.

(b) Represents the unamortized discount on the Senior Unsecured Notes of $7.8 million partially offset by unamortized premium of $4.2 million in the aggregate resulting from the assumption of property-level debt in connection with the CPA^®:15 Merger and CPA^®:16 Merger.

W. P. Carey 2015 10-K– 127

Notes to Consolidated Financial Statements

Note 12. Commitments and Contingencies

On December 31, 2013, Mr. Ira Gaines and entities affiliated with him commenced a purported class action (Ira Gaines, et al. v. Corporate Property Associates 16 – Global Incorporated, Index. No. 650001/2014, N.Y. Sup. Ct., N.Y. County) against us, WPC REIT Merger Sub Inc., CPA^®:16 – Global, and the directors of CPA^®:16 – Global regarding the CPA^®:16 Merger. On April 11, 2014, we and the other defendants filed a motion to dismiss the complaint, as amended, in its entirety, and on October 15, 2014, the judge granted that motion to dismiss. The plaintiffs filed a Notice of Appeal on November 24, 2014 and had until August 24, 2015 to file that appeal. On August 21, 2015, plaintiffs withdrew with prejudice their Notice of Appeal. As a result, the decision that the trial court rendered in our favor on October 15, 2014 is now final, and the case has been dismissed.

Various other claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.

Note 13. Equity

Common Stock

Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents distributions per share, declared and paid during the years ended December 31, 2015 and 2014, reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e):

	Distributions Paid
	During the Years Ended December 31,
	2015		2014		2013
Ordinary income	$	3.5497	$	3.6566	$	3.1701
Return of capital	0.2618		0.0584		0.0099
Total distributions paid	$	3.8115	$	3.7150	$	3.1800

During the fourth quarter of 2015, we declared a quarterly distribution of $0.9646 per share, which was paid on January 15, 2016 to stockholders of record on December 31, 2015, in the amount of $102.7 million.

W. P. Carey 2015 10-K– 128

Notes to Consolidated Financial Statements

Earnings Per Share

Under current authoritative guidance for determining earnings per share, all nonvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Our nonvested RSUs and RSAs contain rights to receive non-forfeitable distribution equivalents or distributions, respectively, and therefore we apply the two-class method of computing earnings per share. The calculation of earnings per share below excludes the income attributable to the nonvested RSUs and RSAs from the numerator and such nonvested shares in the denominator. The following table summarizes basic and diluted earnings (in thousands, except share amounts):

	Years Ended December 31,
	2015			2014			2013
Net income attributable to W. P. Carey	$	172,258		$	239,826		$	98,876
Allocation of distribution equivalents paid on nonvested RSUs and RSAs in excess of income	(579		)	(1,007		)	(743		)
Net income – basic	171,679			238,819			98,133
Income effect of dilutive securities, net of taxes	—			(77		)	187
Net income – diluted	$	171,679		$	238,742		$	98,320
Weighted-average shares outstanding – basic	105,675,692			98,764,164			68,691,046
Effect of dilutive securities	831,960			1,063,192			1,016,962
Weighted-average shares outstanding – diluted	106,507,652			99,827,356			69,708,008

Securities totaling 114,919 shares associated with the Redeemable noncontrolling interest were excluded from the earnings per share computation above as their effect would have been anti-dilutive for the year ended December 31, 2013. There were no such anti-dilutive securities for the years ended December 31, 2015 and 2014.

At-The-Market Equity Offering Program

On June 3, 2015, we filed a prospectus supplement with the SEC pursuant to which we may offer and sell shares of our common stock, up to an aggregate gross sales price of $400.0 million, through an “at-the-market,” or ATM, offering program with a consortium of banks acting as sales agents. We intend to use the net proceeds from any such ATM offering to reduce indebtedness, which may include amounts outstanding under our Revolver, to fund potential future acquisitions, and for general corporate purposes. Through December 31, 2015, we had not issued any shares pursuant to this ATM program.

Equity Offering

In September 2014, we completed a public offering of 4,600,000 shares of our common stock, $0.001 par value per share, at a price of $64.00 per share, or the Equity Offering, which includes the full exercise of the underwriters’ option to purchase an additional 600,000 shares of our common stock. The net proceeds of $282.2 million from the Equity Offering were intended to repay certain indebtedness, including amounts outstanding under our Senior Unsecured Credit Facility, to fund potential future acquisitions and for general corporate purposes. We utilized $225.8 million of the net proceeds from the Equity Offering to pay down a portion of the amount then outstanding under our Revolver.

Noncontrolling Interests

Redeemable Noncontrolling Interest

We account for the noncontrolling interest in WPCI held by a third party as a redeemable noncontrolling interest, as we have an obligation to redeem the interest at fair value, subject to certain conditions pursuant to a put option held by the third party. This obligation is required to be settled in shares of our common stock. On October 1, 2013, we received a notice from the holder of the noncontrolling interest in WPCI regarding the exercise of the put option, pursuant to which we are required to purchase the third party’s 7.7% interest in WPCI. Pursuant to the terms of the related put agreement, the value of that interest was

W. P. Carey 2015 10-K– 129

Notes to Consolidated Financial Statements

determined based on a third-party valuation as of October 31, 2013, which is the end of the month that the put option was exercised. We cannot currently determine when the redemption will occur.

The following table presents a reconciliation of redeemable noncontrolling interest (in thousands):

	Years Ended December 31,
	2015		2014			2013
Beginning balance	$	6,071	$	7,436		$	7,531
Redemption value adjustment	8,873		(306		)	—
Net income	—		(142		)	353
Distributions	—		(926		)	(435		)
Change in other comprehensive income	—		9			(13		)
Ending balance	$	14,944	$	6,071		$	7,436

Transfers to Noncontrolling Interests

The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands):

	Years Ended December 31,
	2015		2014			2013
Net income attributable to W. P. Carey	$	172,258	$	239,826		$	98,876
Transfers to noncontrolling interest
Decrease in W. P. Carey’s additional paid-in capital for purchases of less-than-wholly-owned investments in connection with the CPA®:16 Merger	—		(41,374		)	—
Net transfers to noncontrolling interest	—		(41,374		)	—
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest	$	172,258	$	198,452		$	98,876

W. P. Carey 2015 10-K– 130

Notes to Consolidated Financial Statements

Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

The following tables present a reconciliation of changes in Accumulated other comprehensive (loss) income by component for the periods presented (in thousands):

	Gains and Losses on Derivative Instruments			Foreign Currency Translation Adjustments			Gains and Losses on Marketable Securities			Total
Balance at January 1, 2013	$	(7,508	)	$	2,828		$	31		$	(4,649	)
Other comprehensive income (loss) before reclassifications	(2,793		)	21,835			—			19,042
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	1,745			—			—			1,745
Other income and (expenses)	537			—			—			537
Equity in earnings of equity method investments in the Managed Programs and real estate	531			—			—			531
Total	2,813			—			—			2,813
Net current period other comprehensive income (loss)	20			21,835			—			21,855
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest	—			(1,870		)	—			(1,870		)
Balance at December 31, 2013	(7,488		)	22,793			$	31		$	15,336
Other comprehensive income (loss) before reclassifications	17,911			(117,938		)	(10		)	(100,037		)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	2,691			—			—			2,691
Other income and (expenses)	103			—			—			103
Equity in earnings of equity method investments in the Managed Programs and real estate	380			—			—			380
Total	3,174			—			—			3,174
Net current period other comprehensive income (loss)	21,085			(117,938		)	(10		)	(96,863		)
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest	—			5,968			—			5,968
Balance at December 31, 2014	13,597			(89,177		)	21			(75,559		)
Other comprehensive income (loss) before reclassifications	29,391			(125,447		)	15			(96,041		)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	2,291			—			—			2,291
Other income and (expenses)	(7,629		)	—			—			(7,629		)
Total	(5,338		)	—			—			(5,338		)
Net current period other comprehensive (loss) income	24,053			(125,447		)	15			(101,379		)
Net current period other comprehensive gain attributable to noncontrolling interests	—			4,647			—			4,647
Balance at December 31, 2015	$	37,650		$	(209,977	)	$	36		$	(172,291	)

W. P. Carey 2015 10-K– 131

Notes to Consolidated Financial Statements

Note 14. Stock-Based and Other Compensation

Stock-Based Compensation

At December 31, 2015, we maintained several stock-based compensation plans as described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $21.6 million, $31.1 million, and $37.2 million for the years ended December 31, 2015, 2014, and 2013, respectively, all of which are included in Stock-based compensation expense in the consolidated financial statements. The tax benefit recognized by us related to these awards totaled $12.5 million, $17.3 million, and $18.4 million for the years ended December 31, 2015, 2014, and 2013, respectively.

2009 Incentive Plan

We maintain the W. P. Carey Inc. 2009 Share Incentive Plan, or the 2009 Incentive Plan, which as amended currently authorizes the issuance of up to 5,900,000 shares of our common stock. At December 31, 2015, there were 2,361,843 shares available for issuance under the 2009 Share Incentive Plan. The 2009 Incentive Plan provides for the grant of (i) stock options, (ii) RSUs, (iii) PSUs, and (iv) dividend equivalent rights. The vesting of grants under both plans is accelerated upon a change in our control and under certain other conditions.

In December 2007, the Compensation Committee approved the long-term incentive plan, or LTIP, and terminated further contributions to the Partnership Equity Unit Plan described below. During the years ended December 31, 2015, 2014, and 2013, we awarded RSUs totaling 173,741, 172,460, and 171,804, respectively, and PSUs totaling 75,277, 89,653, and 85,900, respectively, to key employees. PSUs are reflected at 100% of target but may settle at up to three times the target amount shown or less. PSUs awarded during each of the years ended December 31, 2015, 2014, and 2013 include 10,000 PSUs awarded for which the undetermined terms and conditions of the grant were finalized in subsequent years.

2009 Non-Employee Directors Incentive Plan

We maintain the W. P. Carey, Inc. 2009 Non-Employee Directors’ Incentive Plan, or the 2009 Directors’ Plan, which authorizes the issuance of 325,000 shares of our common stock in the aggregate. In the discretion of our board of directors, the awards may be in the form of RSUs, share options, or RSAs, or any combination of the permitted awards.In July 2013, we issued13,211RSAs, with a total value of$0.9 million, to our directors under the 2009 Directors’ Plan in lieu of the RSUs that hadbeen granted in previous years, as permitted under the terms of that plan. In July 2014, we issued 16,159 RSAs with a total value of $1.0 million to our directors. In July 2015, we issued 16,152 RSAs with a total value of $1.0 million to our directors. These RSAs are scheduled to vest one year from the date of grant. At December 31, 2015, there were 199,553 shares that remained available for issuance under this plan.

Employee Share Purchase Plan

We sponsor an employee share purchase plan, or ESPP, pursuant to which eligible employees may contribute up to 10% of compensation, subject to certain limits, to purchase our common stock. During the year ended December 31, 2015, employees were entitled to purchase stock through the ESPP semi-annually at a price equal to 90% of the fair market value at certain plan defined dates. During the years ended December 31, 2014 and 2013, employees were entitled to purchase stock through the ESPP semi-annually at a price equal to 85% of the fair market value at certain plan defined dates. Compensation expense under this plan for the years ended December 31, 2015, 2014, and 2013 was less than $0.1 million, $0.3 million, and $1.2 million, respectively.

W. P. Carey 2015 10-K– 132

Notes to Consolidated Financial Statements

Partnership Equity Unit Plan

During 2003, we adopted a non-qualified deferred compensation plan, called the Partnership Equity Plan, or PEP, under which a portion of any participating officer’s cash compensation in excess of designated amounts was deferred and the officer was awarded Partnership Equity Plan Units, or PEP Units. Each of the PEPs is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation and subject to liability award accounting. The value of each PEP Unit is adjusted to reflect the underlying appraised value of the designated CPA^® REIT. Additionally, each PEP Unit is entitled to distributions equal to the distribution rate of the CPA^® REIT. All issuances of PEP Units, changes in the fair value of PEP Units and distributions paid are included in our compensation expense. On December 16, 2013, we paid $0.2 million in cash to the remaining holders of the PEP Units issued under the initial PEP, which was equal to the per-share 2012 merger consideration received by CPA^®:15 stockholders or the net asset value per share of CPA^®:16 – Global, as applicable.

The plans are carried at fair value each quarter and are subject to changes in the fair value of the PEP units. Further contributions to the second PEP were terminated at December 31, 2007; however, this termination did not affect any awardees’ rights pursuant to awards granted under this plan. In December 2008, participants in the PEPs were required to make an election to either (i) remain in the PEPs, (ii) receive cash for their PEP Units (available to former employees only) or (iii) convert their PEP Units to fully vested RSUs (available to current employees only) to be issued under the 1997 Share Incentive Plan, or as amended, the 1997 Incentive Plan, on June 15, 2009. Substantially all of the PEP participants elected to receive cash or convert their existing PEP Units to RSUs. The PEP participants electing to receive RSUs were required to defer receipt of the underlying shares of our common stock for a minimum of two years. While employed by us, these participants are entitled to receive dividend equivalents equal to the amount of dividends paid on the underlying common stock during the deferral period. At December 31, 2015 and 2014, we were obligated to issue 40,904 and 41,074 shares, respectively, of our common stock underlying these RSUs, which were recorded within W. P. Carey members’ equity as a Deferred compensation obligation of $1.1 million and $1.1 million, respectively. The remaining PEP liability pertaining to participants who elected to remain in the plans was $0.7 million at both December 31, 2015 and 2014. Those PEP Units are scheduled to be paid between 2017 and 2019.

W. P. Carey 2015 10-K– 133

Notes to Consolidated Financial Statements

Restricted and Conditional Awards

Nonvested RSAs, RSUs, and PSUs at December 31, 2015 and changes during the years ended December 31, 2015,2014, and2013were as follows:

	RSA and RSU Awards				PSU Awards
	Shares		Weighted-Average Grant Date Fair Value		Shares		Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2013	594,194		$	37.15	999,513		$	34.55
Granted	185,015		57.69		86,189		84.33
Vested (a)	(233,098	)	36.76		(324,161	)	39.48
Forfeited	(26,503	)	43.05		(30,108	)	50.52
Adjustment (b)	—		—		489,287		67.22
Nonvested at December 31, 2013	519,608		45.19		1,220,720		28.28
Granted	188,619		61.08		89,653		76.05
Vested (a)	(264,724	)	43.35		(881,388	)	51.00
Forfeited	(1,001	)	59.45		(78	)	54.31
Adjustment (b)	—		—		448,734		55.91
Nonvested at December 31, 2014	442,502		53.03		877,641		32.06
Granted (c)	189,893		69.92		75,277		83.68
Vested (a)	(264,628	)	49.69		(792,465	)	56.77
Forfeited	(10,996	)	66.46		—		—
Adjustment (b)	—		—		179,905		49.70
Nonvested at December 31, 2015 (d)	356,771		$	64.09	340,358		$	52.26

__________

(a) The total fair value of shares vested during the years ended December 31, 2015, 2014, and 2013 was $58.1 million, $56.4 million, and $21.4 million, respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date, pursuant to previously-made deferral elections. At December 31, 2015 and 2014, we had an obligation to issue 1,395,907 and 848,788 shares, respectively, of our common stock underlying such deferred awards, which is recorded within W. P. Carey stockholders’ equity as a Deferred compensation obligation of $55.0 million and $29.6 million, respectively.

(b) Vesting and payment of the PSUs is conditioned upon certain company and market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest.

(c) The grant date fair values of RSAs and RSUs reflect our stock price on the date of grant. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate a range of possible future stock prices for both us and the plan defined peer index over the three-year performance period. To estimate the fair value of PSUs granted during the year ended December 31, 2015, we used a risk-free interest rate of 1.0% and an expected volatility rate of 20.2% (the plan defined peer index assumes 13.5%) and assumed a dividend yield of zero.

(d) At December 31, 2015, total unrecognized compensation expense related to these awards was approximately $20.1 million, with an aggregate weighted-average remaining term of 1.7 years.

At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest based upon the extent to which we have met and expect to meet the performance goals and where appropriate, revise our estimate and associated expense. We do not adjust the associated expense for revision on PSUs expected to vest based on market performance. Upon vesting, the RSUs and PSUs may be converted into shares of our common stock. Both the RSUs and PSUs carry dividend equivalent rights. Dividend equivalent rights on RSUs are paid in cash on a quarterly basis whereas dividend equivalent rights on PSUs accrue during the performance period and may be converted into additional shares of common stock at the conclusion of the performance period to the extent the PSUs vest. Dividend equivalent rights are accounted for as a reduction to retained earnings to the extent that the awards are expected to vest. For awards that are not expected to vest or do not ultimately vest, dividend equivalent rights are accounted for as additional compensation expense.

W. P. Carey 2015 10-K– 134

Notes to Consolidated Financial Statements

Stock Options

Option activity and changes for all periods presented were as follows:

	Year Ended December 31, 2015
	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding – beginning of year	475,765		$	29.95
Exercised	(213,479	)	28.57
Canceled / Expired	(3,499	)	28.71
Outstanding – end of year	258,787		$	31.10	1.06	$	7,220,287
Vested and expected to vest – end of year	258,787		$	31.10	1.06	$	7,220,287
Exercisable – end of year	236,112		$	30.99	0.99	$	6,613,542

	Years Ended December 31,
	2014					2013
	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)
Outstanding – beginning of year	619,601		$	30.30		794,210		$	30.32
Exercised	(140,718	)	31.41			(169,412	)	30.43
Canceled / Expired	(3,118	)	32.99			(5,197	)	29.84
Outstanding – end of year	475,765		$	29.95	1.75	619,601		$	30.30	2.59
Exercisable – end of year	421,656		$	29.75		511,811		$	30.18

Options granted under the 1997 Incentive Plan generally have a ten-year term and generally vested in four equal annual installments. Options granted under the 1997 Directors’ Plan have a ten-year term and generally vested over three years from the date of grant. We have not issued option awards since 2008. Our options will be fully expired in February 2018. The total intrinsic value of options exercised during the years ended December 31, 2015, 2014, and 2013 was $7.4 million, $4.9 million, and $5.7 million, respectively. The tax benefit recognized by us related to these awards totaled $3.4 million during the year ended December 31, 2015.

At December 31, 2015, all of our options were fully vested and all related compensation expense has been previously recognized; however certain options had exercise limitations.

We have the ability and intent to issue shares upon stock option exercises. Historically, we have issued authorized but unissued common stock to satisfy such exercises. Cash received from stock option exercises and purchases under the ESPP during the years ended December 31, 2015, 2014, and 2013 was $0.5 million, $1.9 million, and $2.3 million, respectively.

Other Compensation

Profit-Sharing Plan

We sponsor a qualified profit-sharing plan and trust that generally permits all employees, as defined by the plan, to make pre-tax contributions into the plan. We are under no obligation to contribute to the plan and the amount of any contribution is determined by and at the discretion of our board of directors. Our board of directors can authorize contributions to a maximum of15%of an eligible participant’s compensation, limited to$26,500 annually per participant. In December 2014, our board of directors determined that the contribution to the plan for 2015 and 2014 would be 10% of an eligible participant’s compensation, up to a maximum of $26,500 for 2015 and $26,000 for 2014. For the years ended December 31, 2015, 2014, and 2013, amounts expensed for contributions to the trust were $4.1 million, $3.5 million, and $4.5 million, respectively, which were included in General and administrative expenses in the accompanying consolidated financial statements. The profit-

W. P. Carey 2015 10-K– 135

Notes to Consolidated Financial Statements

sharing plan is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation.

Other

We have employment contracts with certain senior executives. In connection with entering into these employment contracts, we awarded RSUs totaling 10,500 and 20,250 to the senior executives during the years ended December 31, 2014 and 2013, respectively. There were no such RSUs issued during the year ended December 31, 2015. These contracts also provide for severance payments in the event of termination under certain conditions including a change of control (Note 19). During the years ended December 31, 2015, 2014, and 2013, we recognized severance costs totaling approximately $0.8 million, $1.0 million, and $0.7 million, respectively, related to several former employees who did not have employment contracts. Such costs are included in General and administrative expenses in the accompanying consolidated financial statements.

Note 15. Income Taxes

Income Tax Provision

The components of our provision for income taxes attributable to continuing operations for the periods presented are as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Federal
Current	$	10,551		$	19,545		$	8,274
Deferred	1,901			(7,609		)	(13,029		)
	12,452			11,936			(4,755		)
State and Local
Current	9,075			13,422			4,970
Deferred	1,158			(4,693		)	(3,665		)
	10,233			8,729			1,305
Foreign
Current	16,656			6,869			7,144
Deferred	(1,720		)	(9,925		)	(2,442		)
	14,936			(3,056		)	4,702
Total Provision	$	37,621		$	17,609		$	1,252

W. P. Carey 2015 10-K– 136

Notes to Consolidated Financial Statements

A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the year ended December 31, 2015 is as follows (in thousands, except percentages):

	Year Ended December 31, 2015
Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests	$	209,879
Pre-tax income attributable to pass-through subsidiaries	(137,536		)
Pre-tax income attributable to taxable subsidiaries	$	72,343
Federal provision at statutory tax rate (35%)	$	25,244		35.0	%
Rate differential	(10,589		)	(14.6	)%
Change in valuation allowance	9,074			12.5	%
Non-deductible expense	6,982			9.6	%
State and local taxes, net of federal benefit	6,151			8.4	%
Exempt income	(5,475		)	(7.6	)%
Other	1,053			1.5	%
Tax provision — taxable subsidiaries	32,440			44.8	%
Non-income taxes	5,181
Total provision	$	37,621

A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (in thousands, except percentages):

	Years Ended December 31,
	2014					2013
Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests	$	223,938				$	85,889
Pre-tax income attributable to pass-through subsidiaries	(202,807		)			(96,314		)
Pre-tax income (loss) attributable to taxable subsidiaries	$	21,131				$	(10,425	)
Federal provision at statutory tax rate (35%)	$	7,396		35.0	%	$	(3,649	)	(35.0	)%
Recognition of taxable income as a result of the CPA®:16 Merger (a)	4,833			22.9	%	—			—	%
State and local taxes, net of federal benefit	2,296			10.9	%	(166		)	(1.6	)%
Interest	2,111			10.0	%	—			—	%
Dividend income from Managed REITs	939			4.4	%	—			—	%
Amortization of intangible assets	—			—	%	492			4.7	%
Other	893			4.2	%	(302		)	(2.9	)%
Tax provision — taxable subsidiaries	18,468			87.4	%	(3,625		)	(34.8	)%
Deferred foreign tax benefit (b)	(9,925		)			(2,442		)
Current foreign taxes	6,869					7,144
Other state and local taxes	2,197					175
Total provision	$	17,609				$	1,252

__________

(a) Represents income tax expense due to a permanent difference from the recognition of deferred revenue as a result of the accelerated vesting of shares previously issued by CPA^®:16 – Global for asset management and performance fees and the payment of deferred acquisition fees in connection with the CPA^®:16 Merger.

(b) Represents deferred tax benefit associated with basis differences on certain foreign properties acquired.

W. P. Carey 2015 10-K– 137

Notes to Consolidated Financial Statements

Deferred Income Taxes

Deferred income taxes at December 31, 2015 and 2014 consist of the following (in thousands):

	At December 31,
	2015			2014
Deferred Tax Assets
Unearned and deferred compensation	$	35,525		$	36,955
Net operating loss carryforwards	19,553			16,627
Basis differences — foreign investments	6,975			6,576
Other	3,788			3,272
Total deferred tax assets	65,841			63,430
Valuation allowance	(29,746		)	(20,672		)
Net deferred tax assets	36,095			42,758
Deferred Tax Liabilities
Basis differences — foreign investments	(81,058		)	(95,619		)
Basis differences — equity investees	(19,925		)	(19,044		)
Deferred revenue	(8,654		)	(8,546		)
Total deferred tax liabilities	(109,637		)	(123,209		)
Net Deferred Tax Liability	$	(73,542	)	$	(80,451	)

Our deferred tax assets and liabilities are primarily the result of temporary differences related to the following:

• Basis differences between tax and U.S. GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, we assume the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the U.S. GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets;

• Timing differences generated by differences in the U.S. GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets, as well as unearned and deferred compensation;

• Basis differences in equity investments represents fees earned in shares recognized under U.S. GAAP into income and deferred for U.S. taxes based upon a share vesting schedule; and

• Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions, that may be realized in future periods if the respective subsidiary generates sufficient taxable income.

During the fourth quarter of 2013, we recorded an out-of-period adjustment to reflect deferred tax assets net of valuation allowances and deferred tax liabilities of $2.3 million and $37.5 million, respectively, associated with basis differences on certain foreign properties acquired in prior periods. In addition, this out-of-period adjustment included the recognition of a deferred tax provision of $2.0 million (Note 8).

As of December 31, 2015 and 2014, our taxable subsidiaries have recorded deferred tax assets of $19.6 million and $16.6 million, respectively, in connection with U.S. federal, state and local, and foreign net operating loss carryforwards. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction. If not utilized, our federal and state and local net operating losses will begin to expire in 2034 and our foreign net operating losses began expiring in 2012. As of December 31, 2015 and 2014, we recorded a valuation allowance of $29.7 million and $20.7 million, respectively, related to these net operating loss carryforwards and basis difference in U.S. and foreign jurisdictions.

Included in Other assets, net in the consolidated balance sheet at December 31, 2015 and 2014 is deferred tax assets of $12.6 million and $13.7 million, respectively.

Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A

W. P. Carey 2015 10-K– 138

Notes to Consolidated Financial Statements

liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements.

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands):

	Years Ended December 31,
	2015			2014
Beginning balance	$	2,055		$	109
Addition based on tax positions related to the current year	1,510			1,946
Addition based on tax positions related to prior years	1,447			—
Decrease due to lapse in statute of limitations	(572		)	—
Foreign currency translation adjustments	(136		)	—
Ending balance	$	4,304		$	2,055

At December 31, 2015 and 2014, we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2015, we had approximately $0.7 million of accrued interest related to uncertain tax positions.

Real Estate Ownership Operations

Effective February 15, 2012, we elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. As a REIT, we expect to derive most of our REIT income from our real estate operations under our Real Estate Ownership segment.

Investment Management Operations

We conduct our investment management services in our Investment Management segment through TRSs. A TRS is a subsidiary of a REIT that is subject to corporate federal, state, local, and foreign taxes, as applicable. Our use of TRSs enables us to engage in certain businesses while complying with the REIT qualification requirements and also allows us to retain income generated by these businesses for reinvestment without the requirement to distribute those earnings. We conduct business in the United States, Europe, and Asia, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. Certain of our inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation. Periodically, shares in the Managed REITs that are payable to our TRSs in consideration of services rendered are distributed from TRSs to us.

Tax authorities in the relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2009 through 2015 remain open to adjustment in the major tax jurisdictions. The U.S. Federal examination of Carey Asset Management for the year ended December 31, 2011 was finalized through the IRS appeals process, but we are awaiting the final closing agreement.

W. P. Carey 2015 10-K– 139

Notes to Consolidated Financial Statements

Note 16. Property Dispositions and Discontinued Operations

From time to time, we may decide to sell a property. We have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may make a decision to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. For those properties sold or classified as held for sale prior to January 1, 2014, we classify current and prior period results of operations of the property as discontinued operations in accordance with our adoption of ASU 2014-08. All property dispositions are recorded within our Real Estate Ownership segment.

Property Dispositions Included in Continuing Operations

The results of operations for properties that have been sold or classified as held for sale that did not qualify for discontinued operations are included within continuing operations in the consolidated financial statements and are summarized as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Revenues	$	32,416		$	21,427		$	15,762
Expenses	(19,306		)	(17,707		)	(15,872		)
Gain (loss) on sale of real estate	6,487			1,338			(332		)
Impairment charges	(4,071		)	(8,537		)	(4,741		)
(Loss) gain on extinguishment of debt	(3,179		)	—			113
(Provision for) benefit from income taxes	(227		)	1,347			465
Income (loss) from continuing operations from properties sold or classified as held for sale, net of income taxes (a)	$	12,120		$	(2,132	)	$	(4,605	)

__________

(a) Amounts for the years ended December 31, 2014 and 2013 included net losses of $0.1 million and $2.7 million, respectively, attributable to noncontrolling interests.

2015 — During the year ended December 31, 2015, we sold 13 properties for total proceeds of $35.7 million, net of selling costs, and we recognized a net gain on these sales of $5.9 million. We recognized impairment charges (Note 9) on these properties totaling $6.0 million, of which $2.7 million and $3.3 million were recognized during 2015 and 2014, respectively, and a gain on extinguishment of debt of $2.1 million in 2015. In addition, during July 2015, a domestic vacant property was foreclosed upon and sold for $1.4 million. We recognized a gain on sale of $0.6 million in connection with that disposition. In connection with those sales that constituted businesses, during the year ended December 31, 2015 we allocated goodwill totaling $1.7 million to the cost basis of the properties for our Real Estate Ownership segment, based on the relative fair value at the time of the sale (Note 8).

In the fourth quarter of 2015, we executed a lease amendment with a tenant in a domestic office building. The amendment extended the lease term an additional 15 years to January 31, 2037 and provided a one-time rent payment of $25.0 million, which was paid to us on December 18, 2015. The lease amendment also provided an option to terminate the lease effective February 29, 2016, with additional lease termination fees of $22.2 million to be paid to us on or five days before February 29, 2016 upon exercise of the option. The tenant exercised the option on January 1, 2016. The aggregate of the additional rent payment of $25.0 million and the lease termination fees of $22.2 million are being amortized to lease termination income from the lease amendment date on December 4, 2015 through the end of the lease term on February 29, 2016, resulting in $15.0 million recognized during the year ended December 31, 2015 within Lease termination income and other in the consolidated financial statements. In connection with the lease amendment, we defeased the mortgage loan encumbering the property with a principal balance of $36.5 million, and recognized a loss on extinguishment of debt of $5.3 million, which was included in Other income and (expenses) in the consolidated financial statements. In addition, during the fourth quarter of 2015 we entered

W. P. Carey 2015 10-K– 140

Notes to Consolidated Financial Statements

into an agreement to sell the property to a third party, and the buyer placed a deposit of $12.7 million for the purchase of the property that is being held in escrow. At December 31, 2015, this property was classified as held for sale (Note 5).

In addition, we had an international property classified as held for sale, and it is probable that these two properties will be sold within one year from December 31, 2015 (Note 5). We are actively pursuing the sale of the international property, which management and the lender have approved. There can be no assurance that the properties will be sold at the contracted prices, or at all. At December 31, 2015, the domestic property had a carrying value of $55.2 million, and the international property had a carrying value of $3.9 million, reflecting an impairment charge of $1.4 million (Note 9) recognized during the year ended December 31, 2015.

2014 — During the year ended December 31, 2014, we sold 13 properties for total proceeds of $45.6 million, net of selling costs, and we recognized a net loss on these sales of $5.1 million, excluding impairment charges totaling $1.8 million, of which $1.7 million and $0.1 million were recognized in 2014 and 2013, respectively. These sales included a manufacturing facility for which the contractual minimum sale price of $5.8 million was not met. The third-party purchaser paid $1.4 million, with the difference of $4.4 million being paid by the vacating tenant. We also recorded a receivable of $5.5 million from the tenant representing the present value of the termination fee from the tenant, which will be paid over 5.7 years. The total amount paid and to be paid was recorded as lease termination income, which was partially offset by the $8.4 million loss recognized on the sale of the property.

During the year ended December 31, 2014, two domestic properties were foreclosed upon and sold for a total of $8.3 million. The proceeds from the sales were used to repay mortgage loans encumbering these properties. At the time of the sales, the properties had a total carrying value of $8.3 million and the related mortgage loans on the properties had a total outstanding balance of $8.5 million. We recognized a net loss on the sales of $0.1 million, excluding an impairment charge of $3.5 million recognized in 2014.

In December 2014, we transferred ownership of a property in France and the related non-recourse mortgage loan to a third-party property manager for net proceeds of €1. As of the date of transfer, the property had a carrying value of $14.5 million, reflecting the impact of an impairment charge of $4.7 million recognized during 2013, and the related non-recourse mortgage loan had an outstanding balance of $19.4 million. In connection with the transfer, we recognized a net gain on sale of $6.7 million.

During the year ended December 31, 2014, we entered into contracts to sell four properties for a total of $10.0 million. In connection with these potential sales, we recognized an impairment charge of $1.3 million during the year ended December 31, 2014 to reduce the carrying values of the properties to their estimated selling prices. At December 31, 2014, these properties were classified as Assets held for sale in the consolidated financial statements (Note 5). We completed the sale of these properties during the year ended December 31, 2015.

In connection with those sales that constituted businesses during the year ended December 31, 2014, we allocated goodwill totaling $2.7 million to the cost basis of the properties, for our Real Estate Ownership segment, based on the relative fair value at the time of the sale (Note 8).

2013 — During the year ended December 31, 2013, we sold an investment in a direct financing lease for $5.5 million, net of selling costs, and recognized a loss on the sale of $0.3 million. The results of operations for this investment are included within continuing operations in the consolidated financial statements for the year ended December 31, 2013.

W. P. Carey 2015 10-K– 141

Notes to Consolidated Financial Statements

Property Dispositions Included in Discontinued Operations

The results of operations for properties that have been classified as held for sale or have been sold prior to January 1, 2014 and the properties that were acquired as held for sale in the CPA^®:16 Merger are reflected in the consolidated financial statements as discontinued operations, net of tax and are summarized as follows (in thousands):

	Years Ended December 31,
	2015		2014			2013
Revenues	$	—	$	8,931		$	28,951
Expenses	—		(2,039		)	(19,984		)
Loss on extinguishment of debt	—		(1,244		)	(2,415		)
Gain on sale of real estate	—		27,670			40,043
Impairment charges	—		—			(8,415		)
Income from discontinued operations	$	—	$	33,318		$	38,180

2014 — At December 31, 2013, we had nine properties classified as held for sale, all of which were sold during the year ended December 31, 2014. The properties were sold for a total of $116.4 million, net of selling costs, and we recognized a net gain on these sales of $28.0 million, excluding impairment charges totaling $3.1 million previously recognized during 2013. We used a portion of the proceeds to repay a related mortgage loan obligation of $11.4 million and recognized a loss on extinguishment of debt of $0.1 million.

In connection with those sales of properties accounted for as businesses for the year ended December 31, 2014, we allocated goodwill totaling $7.0 million to the cost basis of the properties, for our Real Estate Ownership segment based on the relative fair value at the time of the sale.

In connection with the CPA^®:16 Merger in January 2014, we acquired ten properties, including five properties held by one jointly-owned investment, that were classified as Assets held for sale with a total fair value of $133.4 million. We sold all of these properties during the six months ended June 30, 2014 for a total of $123.4 million, net of selling costs, including seller financing of $15.0 million, and recognized a net loss on these sales of $0.3 million. We used a portion of the proceeds to repay the related mortgage loan obligations totaling $18.9 million and recognized a loss on extinguishment of debt of $1.2 million. We did not allocate any goodwill to these properties since they qualified as held for sale at the time of acquisition and were not considered to have been integrated into the relevant reporting unit.

2013 — At December 31, 2012, we had seven properties classified as held for sale, all of which were sold during the year ended December 31, 2013. The properties were sold for a total of $22.7 million, net of selling costs, and we recognized a net gain on these sales of $0.6 million, excluding impairment charges totaling $3.9 million previously recognized during 2013. We used a portion of the proceeds to repay the related mortgage loan obligation of $5.7 million and recognized a gain on extinguishment of debt of $0.1 million.

Additionally, during the year ended December 31, 2013, an entity in which we, two of our employees (Note 4), and a third party owned 38.3%, 1.7%, and 60.0% respectively, and which we consolidated, sold 19 of its 20 self-storage properties for a total of $112.3 million, net of selling costs, and recognized a net gain on the sale of $39.6 million, inclusive of amounts attributable to noncontrolling interests of $24.4 million. In connection with the sale, we used a portion of the proceeds to repay the aggregate related mortgage loan obligations of $45.1 million and recognized a net loss on extinguishment of debt of $2.5 million, inclusive of amounts attributable to noncontrolling interests of $1.5 million. In connection with the sale, we made a distribution to noncontrolling interest holders of $40.8 million, representing their share of the net proceeds from the sale.

During the year ended December 31, 2013, we also sold a hotel for $3.7 million, net of selling costs, and recognized a net loss on the sale of $0.2 million, excluding impairment charges of $1.1 million previously recognized during 2013.

During the year ended December 31, 2013, we entered into contracts to sell nine properties for a total of $117.5 million. In connection with these potential sales, we recognized impairment charges totaling $3.4 million during the year ended December 31, 2013 to reduce the carrying values of the properties to their selling prices. At December 31, 2013, these properties were classified as Assets held for sale in the consolidated financial statements. We completed the sale of these properties in 2014.

W. P. Carey 2015 10-K– 142

Notes to Consolidated Financial Statements

In connection with those sales of properties accounted for as businesses for the year ended December 31, 2013, we allocated goodwill totaling $13.1 million to the cost basis of the properties, for our Real Estate Ownership segment based on the relative fair value at the time of sale or when contracted for sale (Note 8).

W. P. Carey 2015 10-K– 143

Notes to Consolidated Financial Statements

Note 17. Segment Reporting

We evaluate our results from operations by our two major business segments — Real Estate Ownership and Investment Management (Note 1). The following tables present a summary of comparative results and assets for these business segments (in thousands):

	Years Ended December 31,
	2015			2014			2013
Real Estate Ownership
Revenues (a)	$	735,448		$	645,383		$	315,965
Operating expenses (a) (b) (c) (d)	(426,814		)	(404,674		)	(178,962		)
Interest expense	(194,326		)	(178,122		)	(103,728		)
Other income and expenses, excluding interest expense (e)	54,924			135,558			61,151
(Provision for) benefit from income taxes	(17,948		)	916			(4,703		)
Gain (loss) on sale of real estate, net of tax	6,487			1,581			(332		)
Net income attributable to noncontrolling interests	(10,961		)	(5,573		)	(33,056		)
Net (loss) income attributable to noncontrolling interests of discontinued operations	—			(179		)	23,941
Income from continuing operations attributable to W. P. Carey	$	146,810		$	194,890		$	80,276
Investment Management
Revenues (a)	$	202,935		$	263,063		$	173,886
Operating expenses (a) (c) (d)	(154,015		)	(232,704		)	(173,744		)
Other income and expenses, excluding interest expense	(1,791		)	275			1,001
(Provision for) benefit from income taxes	(19,673		)	(18,525		)	3,451
Net (income) loss attributable to noncontrolling interests	(2,008		)	(812		)	120
Net loss (income) attributable to redeemable noncontrolling interests	—			142			(353		)
Income from continuing operations attributable to W. P. Carey	$	25,448		$	11,439		$	4,361
Total Company
Revenues (a)	$	938,383		$	908,446		$	489,851
Operating expenses (a) (b) (c) (d)	(580,829		)	(637,378		)	(352,706		)
Interest expense	(194,326		)	(178,122		)	(103,728		)
Other income and expenses, excluding interest expense (e)	53,133			135,833			62,152
Provision for income taxes	(37,621		)	(17,609		)	(1,252		)
Gain (loss) on sale of real estate, net of tax	6,487			1,581			(332		)
Net income attributable to noncontrolling interests	(12,969		)	(6,385		)	(32,936		)
Net (loss) income attributable to noncontrolling interests of discontinued operations	—			(179		)	23,941
Net loss (income) attributable to redeemable noncontrolling interests	—			142			(353		)
Income from continuing operations attributable to W. P. Carey	$	172,258		$	206,329		$	84,637

	Total Long-Lived Assets (f) at December 31,				Total Assets at December 31,
	2015		2014		2015		2014
Real Estate Ownership	$	6,079,803	$	5,880,958	$	8,550,128	$	8,459,406
Investment Management	22,214		25,000		204,545		189,073
Total Company	$	6,102,017	$	5,905,958	$	8,754,673	$	8,648,479

__________

(a) Included in revenues and operating expenses are reimbursable tenant and affiliate costs totaling $78.7 million, $155.1 million, and $86.9 million for the years endedDecember 31, 2015, 2014, and 2013, respectively.

W. P. Carey 2015 10-K– 144

Notes to Consolidated Financial Statements

(b) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7), which is reflected in Merger, property acquisition, and other expenses in the consolidated financial statements. Amount for the years endedDecember 31, 2014 and 2013 includes expenses incurred of $30.5 million and $5.0 million, respectively, related to the CPA^®:16 Merger.

(c) Includes Stock-based compensation expense of $21.6 million, $31.1 million, and $37.2 million for the years endedDecember 31, 2015, 2014, and 2013, respectively, of which $13.8 million, $18.4 million, and $30.0 million, respectively, were included in the Investment Management segment.

(d) Includes expenses related to our review of strategic alternatives of $5.7 million for the year ended December 31, 2015, of which $2.1 million was included in the Investment Management segment.

(e) Amount for the year ended December 31, 2014 includes a net Gain on change in control of interests of $105.9 million recognized in connection with the CPA^®:16 Merger (Note 3).

(f) Consists of Net investments in real estate and Equity investments in the Managed Programs and real estate. Total long-lived assets for our Investment Management segment consists of our equity investment in CCIF (Note 7).

W. P. Carey 2015 10-K– 145

Notes to Consolidated Financial Statements

Our portfolio is comprised of domestic and international investments. At December 31, 2015, our international investments within our Real Estate Ownership segment were comprised of investments in Germany, France, the United Kingdom, Spain, Finland, Poland, the Netherlands, Norway, Austria, Hungary, Sweden, Belgium, Australia, Thailand, Malaysia, Japan, Canada, and Mexico. There are no investments in foreign jurisdictions within our Investment Management segment. Other than Germany, no country or tenant individually comprised more than 10% of our total lease revenues for the years ended December 31, 2015, 2014, or 2013, or more than 10% of total long-lived assets at December 31, 2015 or 2014. The following tables present the geographic information (in thousands):

	Years Ended December 31,
	2015			2014			2013
Domestic
Revenues	$	468,703		$	426,578		$	218,758
Operating expenses	(296,265		)	(284,362		)	(126,493		)
Interest expense	(153,219		)	(117,603		)	(65,970		)
Other income and expenses, excluding interest expense	50,891			146,156			88,593
(Provision for) benefit from income taxes	(6,219		)	(3,238		)	13
Gain (loss) on sale of real estate, net of tax	2,941			(5,119		)	(332		)
Net income attributable to noncontrolling interests	(5,358		)	(4,233		)	(34,321		)
Net (loss) income attributable to noncontrolling interests in discontinued operations	—			(179		)	23,941
Income from continuing operations attributable to W. P. Carey	$	61,474		$	158,000		$	104,189
Germany
Revenues	$	65,777		$	72,978		$	20,221
Operating benefits (expenses) (a)	818			(40,847		)	(3,011		)
Interest expense	(15,432		)	(18,880		)	(5,020		)
Other income and expenses, excluding interest expense	4,175			(10,698		)	(29,284		)
(Provision for) benefit from income taxes	(4,357		)	3,163			(1,693		)
Gain on sale of real estate, net of tax	21			—			—
Net income attributable to noncontrolling interests	(5,537		)	(1,017		)	(3,188		)
Income (loss) from continuing operations attributable to W. P. Carey	$	45,465		$	4,699		$	(21,975	)
Other International
Revenues	$	200,968		$	145,827		$	76,986
Operating expenses	(131,367		)	(79,465		)	(49,458		)
Interest expense	(25,675		)	(41,639		)	(32,738		)
Other income and expenses, excluding interest expense	(142		)	100			1,842
(Provision for) benefit from income taxes	(7,372		)	991			(3,023		)
Gain on sale of real estate, net of tax	3,525			6,700			—
Net (income) loss attributable to noncontrolling interests	(66		)	(323		)	4,453
Income (loss) from continuing operations attributable to W. P. Carey	$	39,871		$	32,191		$	(1,938	)
Total
Revenues	$	735,448		$	645,383		$	315,965
Operating expenses	(426,814		)	(404,674		)	(178,962		)
Interest expense	(194,326		)	(178,122		)	(103,728		)
Other income and expenses, excluding interest expense	54,924			135,558			61,151
(Provision for) benefit from income taxes	(17,948		)	916			(4,703		)
Gain (loss) on sale of real estate, net of tax	6,487			1,581			(332		)
Net income attributable to noncontrolling interests	(10,961		)	(5,573		)	(33,056		)
Net (loss) income attributable to noncontrolling interests in discontinued operations	—			(179		)	23,941
Income from continuing operations attributable to W. P. Carey	$	146,810		$	194,890		$	80,276

W. P. Carey 2015 10-K– 146

Notes to Consolidated Financial Statements

	December 31,
	2015		2014
Domestic
Long-lived assets (b)	$	3,794,232	$	3,804,430
Total assets	5,447,818		5,567,383
Germany
Long-lived assets (b)	$	581,283	$	609,739
Total assets	790,890		875,840
Other International
Long-lived assets (b)	$	1,704,288	$	1,466,789
Total assets	2,311,420		2,016,183
Total
Long-lived assets (b)	$	6,079,803	$	5,880,958
Total assets	8,550,128		8,459,406

__________

(a) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7).

(b) Consists of Net investments in real estate and Equity investments in the Managed Programs and real estate, excluding our equity investment in CCIF (Note 7).

W. P. Carey 2015 10-K– 147

Notes to Consolidated Financial Statements

Note 18. Selected Quarterly Financial Data (Unaudited)

(dollars in thousands, except per share amounts)

	Three Months Ended
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Revenues (a)	$	220,388		$	238,079		$	214,666		$	265,250
Expenses (a)	140,479			130,382			159,066			150,902
Net income (a)	38,582			66,923			23,578			56,144
Net income attributable to noncontrolling interests	(2,466		)	(3,575		)	(1,833		)	(5,095		)
Net income attributable to redeemable noncontrolling interests	—			—			—			—
Net income attributable to W. P. Carey (a)	$	36,116		$	63,348		$	21,745		$	51,049
Earnings per share attributable to W. P. Carey:
Basic	$	0.34		$	0.60		$	0.20		$	0.48
Diluted	$	0.34		$	0.59		$	0.20		$	0.48
Distributions declared per share	$	0.9525		$	0.9540		$	0.9550		$	0.9646

	Three Months Ended
	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Revenues	$	209,195		$	253,414		$	197,006		$	248,831
Expenses	171,605			161,360			128,174			176,239
Net income (b)	117,318			66,972			28,316			33,463
Net income attributable to noncontrolling interests	(1,578		)	(2,344		)	(993		)	(1,470		)
Net (income) loss attributable to redeemable noncontrolling interests	(262		)	111			14			279
Net income attributable to W. P. Carey	$	115,478		$	64,739		$	27,337		$	32,272
Earnings per share attributable to W. P. Carey (c):
Basic	$	1.29		$	0.64		$	0.27		$	0.31
Diluted	$	1.27		$	0.64		$	0.27		$	0.30
Distributions declared per share	$	0.8950		$	0.9000		$	0.9400		$	0.9500

__________

(a) Amount for the three months ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7) and $15.0 million of termination income related to a domestic property classified as held for sale (Note 16).

(b) Amount for the three months ended March 31, 2014 includes a net Gain on change in control of interests of $105.9 million recognized in connection with the CPA^®:16 Merger (Note 3).

(c) For the year ended December 31, 2014, total quarterly basic and diluted earnings per share were $0.09 higher than the corresponding earnings per share as computed on an annual basis, as a result of the change in the shares outstanding for each of the periods, primarily due to the issuance of shares in the CPA^®:16 Merger (Note 3) and the Equity Offering (Note 13).

Note 19. Subsequent Events

Issuance of Stock-Based Compensation Awards

During the first quarter of 2016 and through the date of this Report, in connection with our annual LTIP award program (Note 14), we issued 210,249 RSUs and 184,755 PSUs to key employees, which will have a dilutive impact on our future earnings per share calculations.

W. P. Carey 2015 10-K– 148

Notes to Consolidated Financial Statements

Change in Management

On February 10, 2016, we announced that Mark J. DeCesaris, a member of our board of directors, was appointed Chief Executive Officer, effective immediately. Mr. DeCesaris succeeded Trevor P. Bond, who resigned as Chief Executive Officer and as a director to pursue other interests. Mr. DeCesaris has served on our board of directors since 2012 and previously served in various capacities for W. P. Carey from 2005 until 2013, including as our Chief Financial Officer.

In connection with his resignation, we and Mr. Bond entered into a letter agreement, dated February 10, 2016. Under the terms of the agreement, subject to certain conditions, Mr. Bond will be entitled to receive the severance benefits provided for in his employment agreement and, subject to satisfaction of applicable performance conditions and proration, vesting of his outstanding unvested performance stock units in accordance with their terms. In addition, previously-granted restricted stock units that were scheduled to vest on February 15, 2016 vested in accordance with their terms. In connection with the separation agreement, we will record approximately $5.1 million of severance-related expense in our consolidated financial statements during the three months ended March 31, 2016 (Note 14).

Senior Unsecured Credit Facility

On January 29, 2016, we exercised our option to extend our Term Loan Facility (Note 11) by an additional year to January 31, 2017. In connection with the extension, we incurred financing costs of $0.3 million.

W. P. Carey 2015 10-K– 149

W. P. CAREY INC.

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2015, 2014, and 2013

(in thousands)

Description	Balance at Beginning of Year		Other Additions		Deductions			Balance at End of Year
Year Ended December 31, 2015
Valuation reserve for deferred tax assets	$	20,672	$	10,001	$	(927	)	$	29,746
Year Ended December 31, 2014
Valuation reserve for deferred tax assets	$	18,214	$	2,458	$	—		$	20,672
Year Ended December 31, 2013
Valuation reserve for deferred tax assets	$	15,133	$	3,081	$	—		$	18,214

W. P. Carey 2015 10-K– 150

W. P. CAREY INC.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2015

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which  Carried at Close of Period (c)						Accumulated Depreciation (c)		Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances		Land		Buildings							Land		Buildings		Total
Real Estate Under Operating Leases
Industrial facilities in Erlanger, KY	$	11,107	$	1,526	$	21,427	$	2,966	$	141		$	1,526	$	24,534	$	26,060	$	11,396	1979; 1987	Jan. 1998	40 yrs.
Industrial facilities in Thurmont, MD and Farmington, NY	—		729		5,903		—		—			729		5,903		6,632		663		1964; 1983	Jan. 1998	15 yrs.
Retail facility in Montgomery, AL	—		855		6,762		277		(6,978		)	142		774		916		471		1987	Jan. 1998	40 yrs.
Warehouse facilities in Anchorage, AK and Commerce, CA	—		4,905		11,898		—		12			4,905		11,910		16,815		3,421		1948; 1975	Jan. 1998	40 yrs.
Industrial facility in Toledo, OH	—		224		2,408		—		—			224		2,408		2,632		1,304		1966	Jan. 1998	40 yrs.
Industrial facility in Goshen, IN	—		239		940		—		—			239		940		1,179		274		1973	Jan. 1998	40 yrs.
Office facility in Raleigh, NC	—		1,638		2,844		187		(2,554		)	828		1,287		2,115		666		1983	Jan. 1998	20 yrs.
Office facility in King of Prussia, PA	—		1,219		6,283		1,295		—			1,219		7,578		8,797		3,248		1968	Jan. 1998	40 yrs.
Industrial facility in Pinconning, MI	—		32		1,692		—		—			32		1,692		1,724		761		1948	Jan. 1998	40 yrs.
Industrial facilities in San Fernando, CA	6,658		2,052		5,322		—		(1,889		)	1,494		3,991		5,485		1,814		1962; 1979	Jan. 1998	40 yrs.
Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas	—		9,382		—		238		3,371			9,210		3,781		12,991		668		Various	Jan. 1998	15 yrs.
Land in Glendora, CA	—		1,135		—		—		17			1,152		—		1,152		—		N/A	Jan. 1998	N/A
Land in Doraville, GA	—		3,288		9,864		1,546		(11,410		)	3,288		—		3,288		—		N/A	Jan. 1998	N/A
Office facilities in Collierville, TN and warehouse facility in Corpus Christi, TX	48,320		3,490		72,497		—		(15,609		)	288		60,090		60,378		9,853		1989; 1999	Jan. 1998	40 yrs.
Land in Irving and Houston, TX	—		9,795		—		—		—			9,795		—		9,795		—		N/A	Jan. 1998	N/A
Industrial facility in Chandler, AZ	9,891		5,035		18,957		7,435		541			5,035		26,933		31,968		11,313		1989	Jan. 1998	40 yrs.
Office facility in Bridgeton, MO	—		842		4,762		2,523		71			842		7,356		8,198		2,566		1972	Jan. 1998	40 yrs.
Retail facilities in Drayton Plains, MI and Citrus Heights, CA	—		1,039		4,788		202		193			1,039		5,183		6,222		1,438		1972	Jan. 1998	35 yrs.
Warehouse facility in Memphis, TN	—		1,882		3,973		255		(3,893		)	328		1,889		2,217		834		1969	Jan. 1998	15 yrs.
Retail facility in Bellevue, WA	—		4,125		11,812		393		(123		)	4,371		11,836		16,207		5,219		1994	Apr. 1998	40 yrs.
Office facility in Houston, TX	—		3,260		22,574		1,628		(23,754		)	211		3,497		3,708		2,620		1982	Jun. 1998	40 yrs.
Office facility in Rio Rancho, NM	7,313		1,190		9,353		1,742		—			1,467		10,818		12,285		4,550		1999	Jul. 1998	40 yrs.
Office facility in Moorestown, NJ	—		351		5,981		1,470		43			351		7,494		7,845		3,430		1964	Feb. 1999	40 yrs.
Office facility in Norcross, GA	26,951		5,200		25,585		11,822		(28,152		)	2,646		11,809		14,455		481		1975	Jun. 1999	40 yrs.
Office facility in Illkirch, France	7,322		—		18,520		6		1,041			—		19,567		19,567		9,224		2001	Dec. 2001	40 yrs.

W. P. Carey 2015 10-K– 151

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Industrial facilities in Lenexa, KS and Winston-Salem, NC	—	1,860	12,539	2,875	(1,067	)	1,725	14,482	16,207	4,279	1968; 1980; 1983	Sep. 2002	40 yrs.
Office facilities in Playa Vista and Venice, CA	46,741	2,032	10,152	52,817	1		5,889	59,113	65,002	8,184	1991; 1999	Sep. 2004; Sep. 2012	40 yrs.
Warehouse facility in Greenfield, IN	—	2,807	10,335	223	(8,383	)	967	4,015	4,982	1,282	1995	Sep. 2004	40 yrs.
Warehouse facilities in Birmingham, AL	—	1,256	7,704	—	—		1,256	7,704	8,960	2,175	1995	Sep. 2004	40 yrs.
Industrial facility in Scottsdale, AZ	1,102	586	46	—	—		586	46	632	13	1988	Sep. 2004	40 yrs.
Retail facility in Hot Springs, AR	—	850	2,939	2	(2,614	)	—	1,177	1,177	333	1985	Sep. 2004	40 yrs.
Warehouse facilities in Apopka, FL	—	362	10,855	783	(155	)	337	11,508	11,845	3,091	1969	Sep. 2004	40 yrs.
Land in San Leandro, CA	—	1,532	—	—	—		1,532	—	1,532	—	N/A	Dec. 2006	N/A
Sports facility in Austin, TX	2,664	1,725	5,168	—	—		1,725	5,168	6,893	1,647	1995	Dec. 2006	29 yrs.
Retail facility in Wroclaw, Poland	6,544	3,600	10,306	—	(4,061	)	2,722	7,123	9,845	1,430	2007	Dec. 2007	40 yrs.
Office facility in Fort Worth, TX	31,870	4,600	37,580	—	—		4,600	37,580	42,180	5,558	2003	Feb. 2010	40 yrs.
Warehouse facility in Mallorca, Spain	—	11,109	12,636	—	(2,104	)	10,106	11,535	21,641	1,606	2008	Jun. 2010	40 yrs.
Office facilities in San Diego, CA	32,661	7,247	29,098	1,214	(5,514	)	4,762	27,283	32,045	5,376	1989	May 2011	40 yrs.
Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA	22,000	5,646	12,367	—	—		5,646	12,367	18,013	1,085	2005; 2007	Sep. 2012	40 yrs.
Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA	137,717	32,680	198,999	—	—		32,680	198,999	231,679	17,801	1989; 1990	Sep. 2012	34 - 37 yrs.
Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH	7,597	4,403	20,298	—	(3,870	)	2,589	18,242	20,831	1,442	1968; 1979; 1995	Sep. 2012; Jan. 2014	30 yrs.
Land in Irvine, CA	1,625	4,173	—	—	—		4,173	—	4,173	—	N/A	Sep. 2012	N/A
Industrial facility in Alpharetta, GA	7,197	2,198	6,349	—	—		2,198	6,349	8,547	688	1997	Sep. 2012	30 yrs.
Office facility in Clinton, NJ	22,947	2,866	34,834	—	—		2,866	34,834	37,700	3,776	1987	Sep. 2012	30 yrs.
Office facilities in St. Petersburg, FL	—	3,280	24,627	—	—		3,280	24,627	27,907	2,662	1980; 1996; 1999	Sep. 2012	30 yrs.
Movie theater in Baton Rouge, LA	9,524	4,168	5,724	—	—		4,168	5,724	9,892	621	2003	Sep. 2012	30 yrs.
Office facilities in San Diego, CA	—	7,804	16,729	1,656	—		7,804	18,385	26,189	1,969	2002	Sep. 2012	30 yrs.
Industrial facilities in Richmond, CA	—	895	1,953	—	—		895	1,953	2,848	212	1987; 1999	Sep. 2012	30 yrs.

W. P. Carey 2015 10-K– 152

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

				Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
		Initial Cost to Company
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Industrial and warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX	58,262	16,386	84,668	—	—		16,386	84,668	101,054	9,103	Various	Sep. 2012	30 yrs.
Warehouse facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France	—	15,779	89,421	—	(16,139	)	13,359	75,702	89,061	8,191	Various	Sep. 2012	30 yrs.
Industrial facilities in Orlando, FL; Rocky Mount, NC, and Lewisville, TX	—	2,163	17,715	—	—		2,163	17,715	19,878	1,920	Various	Sep. 2012	30 yrs.
Industrial facilities in Chattanooga, TN	—	558	5,923	—	—		558	5,923	6,481	635	1974; 1989	Sep. 2012	30 yrs.
Industrial facility in Mooresville, NC	5,077	756	9,775	—	—		756	9,775	10,531	1,045	1997	Sep. 2012	30 yrs.
Industrial facility in McCalla, AL	—	960	14,472	6,350	—		960	20,822	21,782	2,450	2004	Sep. 2012	31 yrs.
Office facility in Lower Makefield Township, PA	9,549	1,726	12,781	—	—		1,726	12,781	14,507	1,363	2002	Sep. 2012	30 yrs.
Industrial facility in Fort Smith, AZ	—	1,063	6,159	—	—		1,063	6,159	7,222	651	1982	Sep. 2012	30 yrs.
Retail facilities in Greenwood, IN and Buffalo, NY	8,755	—	19,990	—	—		—	19,990	19,990	2,092	2003; 2004	Sep. 2012	30 - 31 yrs.
Industrial facilities in Bowling Green, KY and Jackson, TN	6,391	1,492	8,182	—	—		1,492	8,182	9,674	863	1989; 1995	Sep. 2012	31 yrs.
Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA	32,553	14,006	33,683	—	(1,961	)	12,045	33,683	45,728	3,422	1988; 2004	Sep. 2012	31 - 32 yrs.
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA	10,146	6,559	19,078	—	—		6,559	19,078	25,637	1,996	Various	Sep. 2012	31 yrs.
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY	12,339	6,080	23,424	—	—		6,080	23,424	29,504	2,431	1990; 1994; 2000	Sep. 2012	31 yrs.
Land in Kahl, Germany	—	6,694	—	—	(1,027	)	5,667	—	5,667	—	N/A	Sep. 2012	N/A
Sports facilities in Englewood, CO; Memphis TN; and Bedford, TX	7,925	4,877	4,258	—	4,823		4,877	9,081	13,958	993	1990; 1995; 2001	Sep. 2012	31 yrs.
Office facilities in Mons, Belgium	7,820	1,505	6,026	653	(1,285	)	1,274	5,625	6,899	543	1982; 1983	Sep. 2012	32 yrs.
Warehouse facilities in Oceanside, CA and Concordville, PA	3,667	3,333	8,270	—	—		3,333	8,270	11,603	861	1989; 1996	Sep. 2012	31 yrs.
Self-storage facilities located throughout the United States	—	74,551	319,186	—	(50	)	74,501	319,186	393,687	32,867	Various	Sep. 2012	31 yrs.
Warehouse facility in La Vista, NE	21,137	4,196	23,148	—	—		4,196	23,148	27,344	2,247	2005	Sep. 2012	33 yrs.
Office facility in Pleasanton, CA	10,478	3,675	7,468	—	—		3,675	7,468	11,143	767	2000	Sep. 2012	31 yrs.
Office facility in San Marcos, TX	—	440	688	—	—		440	688	1,128	71	2000	Sep. 2012	31 yrs.
Office facilities in Espoo, Finland	40,826	40,555	15,662	—	(20,107	)	26,980	9,130	36,110	79	1972	Sep. 2012	31 yrs.

W. P. Carey 2015 10-K– 153

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

				Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
		Initial Cost to Company
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Office facility in Chicago, IL	14,217	2,169	19,010	—	—		2,169	19,010	21,179	1,937	1910	Sep. 2012	31 yrs.
Industrial facility in Louisville, CO	7,997	5,342	8,786	1,849	—		5,481	10,496	15,977	1,220	1993	Sep. 2012	31 yrs.
Industrial facilities in Hollywood and Orlando, FL	—	3,639	1,269	—	—		3,639	1,269	4,908	129	1996	Sep. 2012	31 yrs.
Warehouse facility in Golden, CO	—	808	4,304	77	—		808	4,381	5,189	489	1998	Sep. 2012	30 yrs.
Industrial facilities in Texarkana, TX and Orem, UT	—	1,755	4,493	—	—		1,755	4,493	6,248	458	1991; 1997	Sep. 2012	31 yrs.
Industrial facility in Eugene, OR	4,460	2,286	3,783	—	—		2,286	3,783	6,069	385	1980	Sep. 2012	31 yrs.
Industrial facility in Neenah, WI	—	438	4,954	64	—		438	5,018	5,456	506	1993	Sep. 2012	31 yrs.
Industrial facility in South Jordan, UT	12,246	2,183	11,340	—	—		2,183	11,340	13,523	1,156	1995	Sep. 2012	31 yrs.
Warehouse facility in Ennis, TX	2,333	478	4,087	145	—		478	4,232	4,710	499	1989	Sep. 2012	31 yrs.
Retail facility in Braintree, MA	3,127	2,409	—	6,184	(1,403	)	1,006	6,184	7,190	380	1994	Sep. 2012	30 yrs.
Office facility in Helsinki, Finland	58,756	26,560	20,735	92	(7,256	)	22,485	17,646	40,131	1,770	1969	Sep. 2012	32 yrs.
Office facility in Paris, France	58,508	23,387	43,450	—	(10,255	)	19,799	36,783	56,582	3,653	1975	Sep. 2012	32 yrs.
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland	114,073	26,564	72,866	—	(15,255	)	22,488	61,687	84,175	8,412	Various	Sep. 2012	23 - 34 yrs.
Office facility in Laupheim, Germany	—	2,072	8,339	—	(1,598	)	1,754	7,059	8,813	1,149	1960	Sep. 2012	20 yrs.
Industrial facilities in Danbury, CT and Bedford, MA	10,144	3,519	16,329	—	—		3,519	16,329	19,848	1,776	1965; 1980	Sep. 2012	29 yrs.
Warehouse facilities in Venlo, Netherlands	—	10,154	18,590	—	(4,678	)	8,501	15,565	24,066	1,224	Various	Apr. 2013	35 yrs.
Industrial and office facilities in Tampere, Finland	—	2,309	37,153	—	(6,506	)	1,904	31,052	32,956	2,561	2012	Jun. 2013	40 yrs.
Office facility in Quincy, MA	—	2,316	21,537	—	—		2,316	21,537	23,853	1,493	1989	Jun. 2013	40 yrs.
Office facility in Salford, United Kingdom	—	—	30,012	—	(1,553	)	—	28,459	28,459	1,704	1997	Sep. 2013	40 yrs.
Office facility in Lone Tree, CO	—	4,761	28,864	1,377	—		4,761	30,241	35,002	1,738	2001	Nov. 2013	40 yrs.
Office facility in Mönchengladbach, Germany	29,449	2,154	6,917	44,205	(1,241	)	2,091	49,944	52,035	415	2015	Dec. 2013	40 yrs.
Sports facility in Houston, TX	3,340	2,430	2,270	—	—		2,430	2,270	4,700	194	1995	Jan. 2014	23 yrs.
Sports facility in St. Charles, MO	—	1,966	1,368	80	—		1,966	1,448	3,414	101	1987	Jan. 2014	27 yrs.
Sports facility in Salt Lake City, UT	2,918	856	2,804	—	—		856	2,804	3,660	208	1999	Jan. 2014	26 yrs.
Land in Scottsdale, AZ	10,599	22,300	—	—	—		22,300	—	22,300	—	N/A	Jan. 2014	N/A
Industrial facility in Aurora, CO	3,056	737	2,609	—	—		737	2,609	3,346	158	1985	Jan. 2014	32 yrs.
Office facilities in Sunnyvale, CA	52,922	43,489	73,035	—	—		43,489	73,035	116,524	5,626	1993; 1995	Jan. 2014	25 yrs.

W. P. Carey 2015 10-K– 154

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Warehouse facility in Burlington, NJ	—	3,989	6,213	—	—		3,989	6,213	10,202	468	1999	Jan. 2014	26 yrs.
Industrial facility in Albuquerque, NM	—	2,467	3,476	606	—		2,467	4,082	6,549	270	1993	Jan. 2014	27 yrs.
Industrial facilities in Robbinsville, NJ; North Salt Lake, UT; and Radford, VA	1,472	10,601	17,626	—	(6,780	)	7,894	13,553	21,447	991	1981; 1995; 1998	Jan. 2014	26 yrs.
Industrial facilities in Murrysville, PA and Wylie, TX	—	2,185	12,058	—	1		2,185	12,059	14,244	859	1940; 2001	Jan. 2014	27 - 28 yrs.
Industrial facility in Welcome, NC	—	980	11,230	—	—		980	11,230	12,210	774	1995	Jan. 2014	28 yrs.
Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD	26,453	4,005	44,192	—	—		4,005	44,192	48,197	3,547	1911; 1967; 1982	Jan. 2014	24 yrs.
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN	20,142	8,451	25,457	—	298		8,451	25,755	34,206	1,716	1978; 1979; 1986	Jan. 2014	17 - 34 yrs.
Retail facility in Torrance, CA	24,188	8,412	12,241	1,213	—		8,412	13,454	21,866	982	1973	Jan. 2014	25 yrs.
Office facility in Houston, TX	3,503	6,578	424	—	—		6,578	424	7,002	13	1978	Jan. 2014	27 yrs.
Land in Doncaster, United Kingdom	—	4,257	4,248	—	(7,767	)	738	—	738	—	N/A	Jan. 2014	N/A
Warehouse facility in Norwich, CT	11,450	3,885	21,342	—	2		3,885	21,344	25,229	1,446	1960	Jan. 2014	28 yrs.
Warehouse facility in Norwich, CT	—	1,437	9,669	—	—		1,437	9,669	11,106	655	2007	Jan. 2014	28 yrs.
Retail facility in Johnstown, PA and warehouse facility in Whitehall, PA	—	7,435	9,093	—	17		7,435	9,110	16,545	755	1986; 1992	Jan. 2014	23 yrs.
Retail facilities in York, PA	8,860	3,776	10,092	—	—		3,776	10,092	13,868	623	1992	Jan. 2014	26 - 34 yrs.
Industrial facility in Pittsburgh, PA	—	1,151	10,938	—	—		1,151	10,938	12,089	845	1991	Jan. 2014	25 yrs.
Warehouse facilities in Atlanta, GA and Elkwood, VA	—	5,356	4,121	—	(2,104	)	4,284	3,089	7,373	215	1958; 1975	Jan. 2014	28 yrs.
Warehouse facility in Harrisburg, NC	—	1,753	5,840	—	(111	)	1,642	5,840	7,482	428	2000	Jan. 2014	26 yrs.
Learning center in Nashville, TN	5,402	1,098	7,043	816	—		1,098	7,859	8,957	478	1988	Jan. 2014	31 yrs.
Warehouse facilities in Boé, Carpiquet, Lagnieu, Le Mans, Lunéville, and Saint-Germain-du-Puy, France and land in Le Mans and Vendin-le-Vieil, France	38,350	62,183	26,928	—	(19,517	)	48,253	21,341	69,594	1,440	Various	Jan. 2014	28 yrs.
Industrial facility in Chandler, AZ; industrial, office, and warehouse facilities in Englewood, CO; and land in Englewood, CO	5,456	4,306	7,235	—	3		4,306	7,238	11,544	458	Various	Jan. 2014	30 yrs.
Industrial facility in Cynthiana, KY	2,556	1,274	3,505	176	(107	)	1,274	3,574	4,848	219	1967	Jan. 2014	31 yrs.
Industrial facility in Columbia, SC	10,387	2,843	11,886	—	—		2,843	11,886	14,729	1,007	1962	Jan. 2014	23 yrs.
Land in Midlothian, VA	1,390	2,824	—	—	—		2,824	—	2,824	—	N/A	Jan. 2014	N/A
Residential facility in Laramie, WY	16,125	1,966	18,896	—	—		1,966	18,896	20,862	2,160	2007	Jan. 2014	33 yrs.

W. P. Carey 2015 10-K– 155

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Office facility in Greenville, SC	8,784	562	7,916	—	43		562	7,959	8,521	607	1972	Jan. 2014	25 yrs.
Warehouse facilities in Mendota, IL; Toppenish and Yakima, WA; and Plover, WI	9,729	1,444	21,208	—	—		1,444	21,208	22,652	1,810	1996	Jan. 2014	23 yrs.
Industrial facility in Allen, TX and office facility in Sunnyvale, CA	11,259	9,297	24,086	—	—		9,297	24,086	33,383	1,491	1981; 1997	Jan. 2014	31 yrs.
Industrial facilities in Hampton, NH	9,641	8,990	7,362	—	—		8,990	7,362	16,352	464	1976	Jan. 2014	30 yrs.
Industrial facilities located throughout France	20,481	36,306	5,212	—	(8,312	)	29,038	4,168	33,206	349	Various	Jan. 2014	23 yrs.
Retail facility in Fairfax, VA	5,114	3,402	16,353	—	—		3,402	16,353	19,755	1,188	1998	Jan. 2014	26 yrs.
Retail facility in Lombard, IL	5,114	5,087	8,578	—	—		5,087	8,578	13,665	623	1999	Jan. 2014	26 yrs.
Warehouse facility in Plainfield, IN	20,529	1,578	29,415	—	—		1,578	29,415	30,993	1,856	1997	Jan. 2014	30 yrs.
Retail facility in Kennesaw, GA	4,111	2,849	6,180	—	—		2,849	6,180	9,029	449	1999	Jan. 2014	26 yrs.
Retail facility in Leawood, KS	9,094	1,487	13,417	—	—		1,487	13,417	14,904	975	1997	Jan. 2014	26 yrs.
Office facility in Tolland, CT	8,158	1,817	5,709	—	11		1,817	5,720	7,537	399	1968	Jan. 2014	28 yrs.
Warehouse facilities in Lincolnton, NC and Mauldin, SC	9,946	1,962	9,247	—	—		1,962	9,247	11,209	630	1988; 1996	Jan. 2014	28 yrs.
Retail facilities located throughout Germany	272,225	81,109	153,927	—	(47,054	)	64,871	123,111	187,982	8,306	Various	Jan. 2014	Various
Office facility in Southfield, MI	—	1,726	4,856	—	—		1,726	4,856	6,582	301	1985	Jan. 2014	31 yrs.
Office facility in The Woodlands, TX	20,705	3,204	24,997	—	—		3,204	24,997	28,201	1,519	1997	Jan. 2014	32 yrs.
Industrial facility in Guelph, Canada	4,472	2,151	1,750	—	(760	)	1,732	1,409	3,141	83	2002	Jan. 2014	34 yrs.
Industrial facilities in Shah Alam, Malaysia	5,021	—	10,429	—	(2,340	)	—	8,089	8,089	519	1989; 1992	Jan. 2014	30 yrs.
Warehouse facilities in Lam Luk Ka and Bang Pa-in, Thailand	10,751	13,054	19,497	—	(2,723	)	11,962	17,866	29,828	1,098	Various	Jan. 2014	31 yrs.
Warehouse facilities in Valdosta, GA and Johnson City, TN	8,444	1,080	14,998	—	—		1,080	14,998	16,078	1,079	1978; 1998	Jan. 2014	27 yrs.
Industrial facility in Amherst, NY	8,227	674	7,971	—	—		674	7,971	8,645	680	1984	Jan. 2014	23 yrs.
Industrial and warehouse facilities in Westfield, MA	—	1,922	9,755	—	9		1,922	9,764	11,686	682	1954; 1997	Jan. 2014	28 yrs.
Warehouse facilities in Kottka, Finland	—	—	8,546	—	(1,711	)	—	6,835	6,835	599	1999; 2001	Jan. 2014	21 - 23 yrs.
Office facility in Bloomington, MN	—	2,942	7,155	—	—		2,942	7,155	10,097	483	1988	Jan. 2014	28 yrs.
Warehouse facility in Gorinchem, Netherlands	3,816	1,143	5,648	—	(1,360	)	914	4,517	5,431	305	1995	Jan. 2014	28 yrs.
Retail facility in Cresskill, NJ	6,138	2,366	5,482	—	19		2,366	5,501	7,867	338	1975	Jan. 2014	31 yrs.
Retail facility in Livingston, NJ	5,309	2,932	2,001	—	14		2,932	2,015	4,947	142	1966	Jan. 2014	27 yrs.

W. P. Carey 2015 10-K– 156

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Retail facility in Maplewood, NJ	1,662	845	647	—	4		845	651	1,496	46	1954	Jan. 2014	27 yrs.
Retail facility in Montclair, NJ	4,445	1,905	1,403	—	6		1,905	1,409	3,314	99	1950	Jan. 2014	27 yrs.
Retail facility in Morristown, NJ	10,815	3,258	8,352	—	26		3,258	8,378	11,636	590	1973	Jan. 2014	27 yrs.
Retail facility in Summit, NJ	2,695	1,228	1,465	—	8		1,228	1,473	2,701	104	1950	Jan. 2014	27 yrs.
Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany	—	2,789	8,750	—	(2,269	)	2,231	7,039	9,270	553	1898; 1956; 1978	Jan. 2014	24 yrs.
Industrial facilities in Georgetown, TX and Woodland, WA	3,099	965	4,113	—	—		965	4,113	5,078	233	1998; 2001; 2005	Jan. 2014	33 - 35 yrs.
Learning centers in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX	—	5,365	7,845	—	5		5,365	7,850	13,215	540	Various	Jan. 2014	28 yrs.
Industrial facility in Ylämylly, Finland	7,066	1,669	6,034	—	(1,542	)	1,335	4,826	6,161	271	1999	Jan. 2014	34 yrs.
Industrial facility in Salisbury, NC	6,398	1,499	8,185	—	—		1,499	8,185	9,684	564	2000	Jan. 2014	28 yrs.
Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH	3,763	2,831	10,565	—	—		2,831	10,565	13,396	744	1970; 1991; 1995	Jan. 2014	26 - 27 yrs.
Industrial facility in Cambridge, Canada	—	1,849	7,371	—	(1,796	)	1,489	5,935	7,424	364	2001	Jan. 2014	31 yrs.
Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN	12,252	2,962	17,832	—	—		2,962	17,832	20,794	1,092	Various	Jan. 2014	31 yrs.
Industrial facility in Ramos Arizpe, Mexico	—	1,059	2,886	—	—		1,059	2,886	3,945	176	2000	Jan. 2014	31 yrs.
Industrial facilities in Salt Lake City, UT	4,863	2,783	3,773	—	—		2,783	3,773	6,556	231	Various	Jan. 2014	31 - 33 yrs.
Residential facility in Blairsville, PA	12,143	1,631	23,163	—	—		1,631	23,163	24,794	2,384	2005	Jan. 2014	33 yrs.
Industrial facility in Nashville, TN	—	1,078	5,619	—	—		1,078	5,619	6,697	504	1962	Jan. 2014	21 yrs.
Office facility in Lafayette, LA	1,748	1,048	1,507	—	—		1,048	1,507	2,555	106	1995	Jan. 2014	27 yrs.
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA	54,099	6,488	77,192	—	—		6,488	77,192	83,680	5,178	1959; 1962; 1991	Jan. 2014	23 - 33 yrs.
Warehouse facilities in Flora, MS and Muskogee, OK	3,410	554	4,353	—	—		554	4,353	4,907	254	1992; 2002	Jan. 2014	33 yrs.
Industrial facility in Richmond, MO	4,842	2,211	8,505	—	—		2,211	8,505	10,716	590	1996	Jan. 2014	28 yrs.
Warehouse facility in Dallas, TX	6,066	468	8,042	—	—		468	8,042	8,510	652	1997	Jan. 2014	24 yrs.
Industrial facility in Tuusula, Finland	—	6,173	10,321	—	(3,302	)	4,937	8,255	13,192	619	1975	Jan. 2014	26 yrs.
Office facility in Turku, Finland	23,852	5,343	34,106	—	(7,898	)	4,273	27,278	31,551	1,875	1981	Jan. 2014	28 yrs.
Industrial facility in Turku, Finland	4,412	1,105	10,243	—	(2,257	)	884	8,207	9,091	566	1981	Jan. 2014	28 yrs.
Industrial facility in Baraboo, WI	—	917	10,663	—	—		917	10,663	11,580	1,558	1988	Jan. 2014	13 yrs.
Warehouse facility in Phoenix, AZ	18,972	6,747	21,352	—	—		6,747	21,352	28,099	1,472	1996	Jan. 2014	28 yrs.

W. P. Carey 2015 10-K– 157

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Land in Calgary, Canada	—	3,721	—	—	(725	)	2,996	—	2,996	—	N/A	Jan. 2014	N/A
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX	2,398	955	4,779	—	—		955	4,779	5,734	295	1950; 1986; 1996	Jan. 2014	31 yrs.
Industrial facility in Buffalo Grove, IL	7,322	1,492	12,233	—	—		1,492	12,233	13,725	757	1996	Jan. 2014	31 yrs.
Warehouse facility in Spanish Fork, UT	7,055	991	7,901	—	—		991	7,901	8,892	463	2001	Jan. 2014	33 yrs.
Industrial, office, and warehouse facilities in Perris, CA; Eugene, OR; West Jordan, UT; and Tacoma, WA	—	8,989	5,435	—	8		8,989	5,443	14,432	371	Various	Jan. 2014	28 yrs.
Office facility in Carlsbad, CA	—	3,230	5,492	—	—		3,230	5,492	8,722	445	1999	Jan. 2014	24 yrs.
Land in Pensacola, FL	1,026	1,746	—	—	—		1,746	—	1,746	—	N/A	Jan. 2014	N/A
Movie theater in Port St. Lucie, FL	5,393	4,654	2,576	—	—		4,654	2,576	7,230	180	2000	Jan. 2014	27 yrs.
Movie theater in Hickory Creek, TX	—	1,693	3,342	—	—		1,693	3,342	5,035	239	2000	Jan. 2014	27 yrs.
Industrial facility in Nurieux-Volognat, France	—	121	5,328	—	(994	)	96	4,359	4,455	258	2000	Jan. 2014	32 yrs.
Warehouse facility in Suwanee, GA	15,278	2,330	8,406	—	—		2,330	8,406	10,736	476	1995	Jan. 2014	34 yrs.
Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS	7,336	1,878	8,579	—	—		1,878	8,579	10,457	701	Various	Jan. 2014	24 yrs.
Industrial facilities in Fort Dodge, IN and Menomonie and Oconomowoc, WI	8,649	1,403	11,098	—	—		1,403	11,098	12,501	1,306	1996	Jan. 2014	16 yrs.
Industrial facility in Mesa, AZ	4,768	2,888	4,282	—	—		2,888	4,282	7,170	301	1991	Jan. 2014	27 yrs.
Industrial facility in North Amityville, NY	7,735	3,486	11,413	—	—		3,486	11,413	14,899	840	1981	Jan. 2014	26 yrs.
Warehouse facilities in Greenville, SC	—	567	10,217	—	15		567	10,232	10,799	950	1960	Jan. 2014	21 yrs.
Industrial facility in Fort Collins, CO	7,532	821	7,236	—	—		821	7,236	8,057	422	1993	Jan. 2014	33 yrs.
Office facility in Piscataway, NJ	—	4,984	34,165	31,616	—		4,984	65,781	70,765	3,004	1968	Jan. 2014	31 yrs.
Land in Elk Grove Village, IL	1,711	4,037	—	—	—		4,037	—	4,037	—	N/A	Jan. 2014	N/A
Office facilities in Washington, MI	26,757	4,085	7,496	—	—		4,085	7,496	11,581	438	1987; 1990	Jan. 2014	33 yrs.
Office facility in Houston, TX	—	522	7,448	227	—		522	7,675	8,197	542	1999	Jan. 2014	27 yrs.
Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX	6,623	4,049	13,021	—	133		4,049	13,154	17,203	1,347	Various	Jan. 2014	12 - 22 yrs.
Learning center in Sacramento, CA	27,284	—	13,715	—	—		—	13,715	13,715	786	2005	Jan. 2014	34 yrs.
Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX	—	5,138	8,387	—	43		5,138	8,430	13,568	582	1969; 1974; 1984	Jan. 2014	27 yrs.
Office facility in Tinton Falls, NJ	6,869	1,958	7,993	—	—		1,958	7,993	9,951	500	2001	Jan. 2014	31 yrs.

W. P. Carey 2015 10-K– 158

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which  Carried at Close of Period (c)						Accumulated Depreciation (c)		Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances		Land		Buildings							Land		Buildings		Total
Industrial facility in Woodland, WA	—		707		1,562		—		—			707		1,562		2,269		85		2009	Jan. 2014	35 yrs.
Warehouse facilities in Gyál and Herceghalom, Hungary	33,523		14,601		21,915		—		(7,310		)	11,678		17,528		29,206		1,642		2002; 2004	Jan. 2014	21 yrs.
Industrial facility in Windsor, CT	—		453		637		—		—			453		637		1,090		37		1999	Jan. 2014	33 yrs.
Industrial facility in Aurora, CO	2,823		574		3,999		—		—			574		3,999		4,573		195		2012	Jan. 2014	40 yrs.
Office facility in Chandler, AZ	—		5,318		27,551		—		—			5,318		27,551		32,869		1,400		2008	Mar. 2014	40 yrs.
Warehouse facility in University Park, IL	—		7,962		32,756		221		—			7,962		32,977		40,939		1,544		2008	May 2014	40 yrs.
Office facility in Stavanger, Norway	—		10,296		91,744		—		(30,185		)	7,320		64,535		71,855		2,336		1975	Aug. 2014	40 yrs.
Office facility in Westborough, MA	—		3,409		37,914		—		—			3,409		37,914		41,323		1,416		1992	Aug. 2014	40 yrs.
Office facility in Andover, MA	—		3,980		45,120		—		—			3,980		45,120		49,100		1,481		1999	Oct. 2014	40 yrs.
Office facility in Newport, United Kingdom	—		—		22,587		—		(1,751		)	—		20,836		20,836		656		2014	Oct. 2014	40 yrs.
Industrial facilities located throughout Australia	—		30,455		94,724		53		(20,810		)	25,272		79,150		104,422		6,110		Various	Oct. 2014	Various
Industrial facility in Lewisburg, OH	—		1,627		13,721		—		—			1,627		13,721		15,348		448		2014	Nov. 2014	40 yrs.
Industrial facility in Opole, Poland	—		2,151		21,438		—		(2,934		)	1,884		18,771		20,655		579		2014	Dec. 2014	38 yrs.
Office facilities located throughout Spain	—		51,778		257,624		—		(33,636		)	48,938		226,828		275,766		6,102		Various	Dec. 2014	Various
Retail facilities located throughout the United Kingdom	—		66,319		230,113		—		(6,623		)	64,837		224,972		289,809		6,914		Various	Jan. 2015	20 - 40 yrs.
Warehouse facility in Rotterdam, Netherlands	—		—		33,935		—		(1,383		)	—		32,552		32,552		774		2014	Feb. 2015	40 yrs.
Retail facility in Bad Fischau, Austria	—		2,855		18,829		—		224			2,884		19,024		21,908		453		1998	Apr. 2015	40 yrs.
Industrial facility in Oskarshamn, Sweden	—		3,090		18,262		—		(453		)	3,025		17,874		20,899		266		2015	Jun. 2015	40 yrs.
Office facility in Sunderland, United Kingdom	—		2,912		30,140		—		(1,591		)	2,771		28,690		31,461		337		2007	Aug. 2015	40 yrs.
Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria	—		9,449		15,838		—		(557		)	9,241		15,489		24,730		204		2008; 2010	Aug. 2015	40 yrs.
Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX	—		—		49,190		—		—			—		49,190		49,190		310		1988; 1989; 1990	Oct. 2015	38 - 40 yrs.
Retail facilities located in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands	—		5,698		38,130		—		597			5,775		38,650		44,425		167		Various	Nov. 2015	30 - 40 yrs.
Office facility in Irvine, CA	—		7,626		16,137		—		—			7,626		16,137		23,763		12		1977	Dec. 2015	40 yrs.
	$	2,080,307	$	1,279,611	$	4,268,407	$	189,559	$	(429,366	)	$	1,160,567	$	4,147,644	$	5,308,211	$	372,735

W. P. Carey 2015 10-K– 159

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which Carried at Close of Period Total		Date of Construction	Date Acquired
Description	Encumbrances		Land		Buildings
Direct Financing Method
Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, North Carolina, and Texas	$	—	$	—	$	16,416	$	—	$	(4,164	)	$	12,252	Various	Jan. 1998
Industrial facilities in Glendora, CA and Romulus, MI	—		454		13,251		9		(3,477		)	10,237		1950; 1970	Jan. 1998
Industrial facilities in Irving and Houston, TX	—		—		27,599		—		(3,952		)	23,647		1978	Jan. 1998
Retail facility in Freehold, NJ	8,088		—		17,067		—		(108		)	16,959		2004	Sep. 2012
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX	4,277		2,089		14,211		—		(329		)	15,971		1969; 1996; 2000	Sep. 2012
Retail facilities in Osnabruck, Borken, Bunde, Arnstadt, Dorsten, Duisburg, Freiberg, Leimbach-Kaiserro, Monheim, Oberhausen, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, Wuppertal, and Monheim, Germany	—		28,734		145,854		—		(27,070		)	147,518		Various	Sep. 2012
Warehouse facility in Brierley Hill, United Kingdom	—		2,147		12,357		—		(574		)	13,930		1996	Sep. 2012
Warehouse and industrial facilities in Mesquite, TX	6,337		2,851		15,899		—		(1,254		)	17,496		1961; 1972; 1975	Sep. 2012
Industrial facility in Rochester, MN	4,074		881		17,039		—		(1,520		)	16,400		1997	Sep. 2012
Office facility in Irvine, CA	6,428		—		17,027		—		(522		)	16,505		1981	Sep. 2012
Industrial facility in Brownwood, TX	—		722		6,268		—		(1		)	6,989		1964	Sep. 2012
Office facility in Scottsdale, AZ	20,559		—		43,570		—		(315		)	43,255		1977	Jan. 2014
Retail facilities in El Paso, Fabens, and Socorro, TX	12,170		4,777		17,823		—		(6		)	22,594		Various	Jan. 2014
Industrial facility in Dallas, TX	—		3,190		10,010		—		—			13,200		1968	Jan. 2014
Industrial facility in Eagan, MN	7,111		—		11,548		—		(77		)	11,471		1975	Jan. 2014
Industrial facilities in Albemarle and Old Fort, NC; Holmesville, OH; and Springfield, TN	8,982		6,542		20,668		—		(1,185		)	26,025		Various	Jan. 2014
Movie theater in Midlothian, VA	8,244		—		16,546		—		201			16,747		2000	Jan. 2014
Industrial facilities located throughout France	14,036		—		27,270		—		(4,752		)	22,518		Various	Jan. 2014
Retail facility in Gronau, Germany	5,674		281		4,401		—		(937		)	3,745		1989	Jan. 2014
Industrial and office facilities in Marktheidenfeld, Germany	—		1,629		22,396		—		(5,310		)	18,715		2002	Jan. 2014
Industrial and warehouse facilities in Newbridge, United Kingdom	11,952		6,851		22,868		—		(3,467		)	26,252		1998	Jan. 2014
Learning center in Mooresville, NC	3,759		1,795		15,955		—		2			17,752		2002	Jan. 2014
Industrial facility in Mount Carmel, IL	—		135		3,265		—		(1		)	3,399		1896	Jan. 2014
Industrial, office, and warehouse facilities in Bad Hersfeld, Germany	19,257		15,287		29,292		—		(8,920		)	35,659		Various	Jan. 2014
Retail facility in Vantaa, Finland	—		5,291		15,522		—		(4,166		)	16,647		2004	Jan. 2014
Retail facility in Linkoping, Sweden	—		1,484		9,402		—		(2,508		)	8,378		2004	Jan. 2014
Industrial facility in Calgary, Canada	—		—		7,076		—		(1,375		)	5,701		1965	Jan. 2014
Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV	10,791		5,780		40,860		—		(98		)	46,542		Various	Jan. 2014
Industrial and office facilities in Leeds, United Kingdom	—		2,712		16,501		—		(10,262		)	8,951		1950; 1960; 1980	Jan. 2014
Movie theater in Pensacola, FL	7,397		—		13,034		—		(442		)	12,592		2001	Jan. 2014
Industrial facility in Monheim, Germany	—		2,939		7,379		—		(2,130		)	8,188		1981	Jan. 2014

W. P. Carey 2015 10-K– 160

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which Carried at Close of Period Total		Date of Construction	Date Acquired
Description	Encumbrances		Land		Buildings
Industrial facility in Göppingen, Germany	—		10,717		60,120		—		(14,787		)	56,050		1930	Jan. 2014
Warehouse facility in Elk Grove Village, IL	3,334		—		7,863		—		1			7,864		1980	Jan. 2014
Industrial facility in Sankt Ingbert, Germany	—		2,786		26,902		—		(6,190		)	23,498		1960	Jan. 2014
Industrial facility in New South Wales, Australia	—		283		2,978		—		(555		)	2,706		1970	Oct. 2014
	$	162,470	$	110,357	$	756,237	$	9	$	(110,250	)	$	756,353

			Initial Cost to Company						Costs  Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which Carried  at Close of Period (c)												Life on which Depreciation in Latest Statement of Income is Computed
Description	Encumbrances		Land		Buildings		Personal Property							Land		Buildings		Personal Property		Total		Accumulated Depreciation(c)		Date of Construction	Date Acquired
Operating Real Estate – Hotels
Bloomington, MN	$	18,798	$	3,810	$	29,126	$	3,622	$	531	$	—		$	3,874	$	29,237	$	3,978	$	37,089	$	3,226	2008	Jan. 2014	34 yrs.
Memphis, TN	27,183		2,120		36,594		3,647		111		—			2,167		36,670		3,635		42,472		4,687		1985	Jan. 2014	22 yrs.
Operating Real Estate – Self-Storage Facility
Taunton, MA	—		4,300		12,274		—		303		(13,689		)	537		2,651		—		3,188		881		2001	Dec. 2006	25 yrs.
	$	45,981	$	10,230	$	77,994	$	7,269	$	945	$	(13,689	)	$	6,578	$	68,558	$	7,613	$	82,749	$	8,794

__________

(a) Consists of the cost of improvements and acquisition costs subsequent to acquisition, including legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded.

(b) The increase (decrease) in net investment was primarily due to (i) the amortization of unearned income from net investment in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received, (ii) sales of properties, (iii) impairment charges, (iv) allowances for credit loss, and (v) changes in foreign currency exchange rates.

(c) A reconciliation of real estate and accumulated depreciation follows:

W. P. Carey 2015 10-K– 161

W. P. CAREY INC.

NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

(in thousands)

	Reconciliation of Real Estate Subject to Operating Leases
	Years Ended December 31,
	2015			2014			2013
Beginning balance	$	4,976,685		$	2,506,804		$	2,331,613
Additions	548,521			2,785,863			216,422
Improvements	24,014			18,474			7,422
Dispositions	(19,597		)	(137,018		)	(8,347		)
Foreign currency translation adjustment	(181,064		)	(157,262		)	26,729
Reclassification to assets held for sale	(63,494		)	(33,162		)	(72,827		)
Reclassification from real estate under construction	55,362			—			2,875
Impairment charges	(25,773		)	(20,677		)	(11,035		)
Write-off of fully-depreciated assets	(6,443		)	—			—
Reclassification from direct financing lease	—			13,663			13,952
Ending balance	$	5,308,211		$	4,976,685		$	2,506,804

	Reconciliation of Accumulated Depreciation for Real Estate Subject to Operating Leases
	Years Ended December 31,
	2015			2014			2013
Beginning balance	$	253,627		$	168,076		$	116,075
Depreciation expense	137,144			112,758			60,470
Dispositions	(1,566		)	(20,740		)	(533		)
Write-off of fully-depreciated assets	(6,443		)	—			—
Foreign currency translation adjustment	(6,159		)	(5,318		)	1,194
Reclassification to assets held for sale	(3,868		)	(1,149		)	(9,130		)
Ending balance	$	372,735		$	253,627		$	168,076

	Reconciliation of Operating Real Estate
	Years Ended December 31,
	2015			2014		2013
Beginning balance	$	84,885		$	6,024	$	99,703
Additions	—			78,423		—
Improvements	527			438		706
Dispositions	(2,663		)	—		(93,314		)
Impairment charges	—			—		(1,071		)
Ending balance	$	82,749		$	84,885	$	6,024

	Reconciliation of Accumulated Depreciation for Operating Real Estate
	Years Ended December 31,
	2015			2014		2013
Beginning balance	$	4,866		$	882	$	19,993
Depreciation expense	4,275			3,984		2,242
Dispositions	(347		)	—		(21,353		)
Ending balance	$	8,794		$	4,866	$	882

At December 31, 2015, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $7.5 billion.

W. P. Carey 2015 10-K– 162

W. P. CAREY INC.

SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE

December 31, 2015

(dollars in thousands)

	Interest Rate	Final Maturity Date	Fair Value		Carrying Amount
Description
Note receivable — Production Resource Group - Las Vegas	7.9%	Mar. 2029	$	10,610	$	10,689

W. P. CAREY INC.

NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE

(in thousands)

	Reconciliation of Mortgage Loans on Real Estate
	Years Ended December 31,
	2015			2014			2013
Balance at beginning of year	$	20,848		$	—		$	—
Additions (a)	—			21,060			—
Amortization and accretion	63			(212		)	—
Repayments (a)	(10,222		)	—			—
Ending balance	$	10,689		$	20,848		$	—

__________

(a) We acquired two notes at a discount of $0.3 million in the CPA^®:16 Merger. One of the notes was repaid in full to us in 2015 (Note 6).

W. P. Carey 2015 10-K– 163

Item 9. Changes in and Disagreements With Accountants on Accounting andFinancial Disclosure.

None.

Item 9A. Controls and Procedures.

Disclosure Controls and Procedures

Our disclosure controls and procedures include internal controls and other procedures designed to provide reasonable assurance that information required to be disclosed in this and other reports filed under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is recorded, processed, summarized, and reported within the required time periods specified in the SEC’s rules and forms; and that such information is accumulated and communicated to management, including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosures. It should be noted that no system of controls can provide complete assurance of achieving a company’s objectives and that future events may impact the effectiveness of a system of controls.

Our chief executive officer and chief financial officer, after conducting an evaluation, together with members of our management, of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2015, have concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective as of December 31, 2015 at a reasonable level of assurance.

Management’s Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.

Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.

We assessed the effectiveness of our internal control over financial reporting at December 31, 2015. In making this assessment, we used criteria set forth in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment, we concluded that, at December 31, 2015, our internal control over financial reporting is effective based on those criteria.

The effectiveness of our internal control over financial reporting as of December 31, 2015 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report in Item 8.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Item 9B. Other Information.

None.

W. P. Carey 2015 10-K– 164

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

This information will be contained in our definitive proxy statement for the 2016 Annual Meeting of Stockholders, to be filed within 120 days following the end of our fiscal year, and is incorporated herein by reference.

Item 11. Executive Compensation.

This information will be contained in our definitive proxy statement for the 2016 Annual Meeting of Stockholders, to be filed within 120 days following the end of our fiscal year, and is incorporated herein by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Managementand Related Stockholder Matters.

This information will be contained in our definitive proxy statement for the 2016 Annual Meeting of Stockholders, to be filed within 120 days following the end of our fiscal year, and is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions, and DirectorIndependence.

This information will be contained in our definitive proxy statement for the 2016 Annual Meeting of Stockholders, to be filed within 120 days following the end of our fiscal year, and is incorporated herein by reference.

Item 14. Principal Accounting Fees and Services.

This information will be contained in our definitive proxy statement for the 2016 Annual Meeting of Stockholders, to be filed within 120 days following the end of our fiscal year, and is incorporated herein by reference.

W. P. Carey 2015 10-K– 165

PART IV

Item 15. Exhibits and Financial Statement Schedules.

(1) and (2) — Financial statements and schedules — see index to financial statements and schedules included in Item 8.

Other Financial Statements:

Corporate Property Associates 16 – Global Incorporated (Incorporated by reference to Exhibit 99.2 of the Annual Report on Form 10-K filed March 3, 2014 by W. P. Carey Inc.)

(3)Exhibits:

The following exhibits are filed with this Report. Documents other than those designated as being filed herewith are incorporated herein by reference.

Exhibit No.	Description	Method of Filing
3.1	Articles of Amendment and Restatement	Incorporated by reference to Exhibit 3.1 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
3.2	Articles Supplementary	Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed January 28, 2015
3.3	Third Amended and Restated Bylaws of W. P. Carey Inc.	Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed January 22, 2016
4.1	Form of Common Stock Certificate	Incorporated by reference to Exhibit 4.1 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
4.2	Indenture dated as of March 14, 2014, by and between W. P. Carey Inc., as issuer and U.S. Bank National Association, as trustee	Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed March 14, 2014
4.3	First Supplemental Indenture dated as of March 14, 2014, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee	Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed March 14, 2014
4.4	Form of Global Note Representing $500,000,000 Aggregate Principal Amount of 4.60% Senior Notes due 2024	Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed March 14, 2014
4.5	Second Supplemental Indenture, dated as of January 21, 2015, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee	Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed January 21, 2015
4.6	Form of Note representing €500 Million Aggregate Principal Amount of 2.000% Senior Notes due 2023	Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed January 21, 2015
4.7	Third Supplemental Indenture, dated January 26, 2015, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee	Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed January 26, 2015
4.8	Form of Note representing $450 Million Aggregate Principal Amount of 4.000% Senior Notes due 2025	Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed January 26, 2015
10.1	W. P. Carey Inc. 1997 Non-Employee Directors’ Incentive Plan, as amended *	Incorporated by reference to Exhibit 10.1 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
10.2	W. P. Carey Inc. 1997 Share Incentive Plan, as amended *	Incorporated by reference to Exhibit 10.2 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
10.3	W. P. Carey Inc. (formerly W. P. Carey & Co. LLC) Long-Term Incentive Program as amended and restated effective as of September 28, 2012 *	Incorporated by reference to Exhibit 10.3 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
10.4	W. P. Carey Inc. Amended and Restated Deferred Compensation Plan for Employees *	Incorporated by reference to Exhibit 10.4 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013

W. P. Carey 2015 10-K– 166

Exhibit No.	Description	Method of Filing
10.5	Amended and Restated W. P. Carey Inc. 2009 Share Incentive Plan *	Incorporated by reference to Appendix A of Schedule 14A filed April 30, 2013
10.6	Form of Share Option Agreement under the 2009 Share Incentive Plan *	Incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed August 6, 2009
10.7	Form of Restricted Share Agreement under the 2009 Share Incentive Plan *	Incorporated by reference to Exhibit 10.3 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed August 6, 2009
10.8	Form of Restricted Share Unit Agreement under the 2009 Share Incentive Plan *	Incorporated by reference to Exhibit 10.8 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
10.9	Form of Long-Term Performance Share Unit Award Agreement under the 2009 Share Incentive Plan *	Incorporated by reference to Exhibit 10.5 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed August 7, 2015
10.10	W. P. Carey Inc. 2009 Non-Employee Directors’ Incentive Plan (the “2009 Directors Plan”) *	Incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 filed August 6, 2013
10.11	Form of Restricted Share Agreement under the 2009 Directors Plan *	Incorporated by reference to Exhibit 10.3 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 filed August 6, 2013
10.12	Amended and Restated Advisory Agreement dated as of January 1, 2015 among Corporate Property Associates 17 – Global Incorporated, CPA:17 Limited Partnership and Carey Asset Management Corp.	Incorporated by reference to Exhibit 10.12 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
10.13	Amended and Restated Asset Management Agreement dated as of May 13, 2015 between Corporate Property Associates 17 – Global Incorporated, CPA:17 Limited Partnership and W. P. Carey & Co. B. V.	Incorporated by reference to Exhibit 10.3 to Corporate Property Associates 17 - Global Incorporated’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed May 15, 2015
10.14	Amended and Restated Advisory Agreement, dated as of January 1, 2016, by and among Carey Watermark Investors Incorporated, CWI OP, LP, and Carey Lodging Advisors, LLC	Filed herewith
10.15	Amended and Restated Advisory Agreement, dated as of January 1, 2015 by and among Corporate Property Associates 18 – Global Incorporated, CPA:18 Limited Partnership and Carey Asset Management Corp.	Incorporated by reference to Exhibit 10.15 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
10.16	Dealer Manager Agreement, dated as of May 7, 2013, by and between Corporate Property Associates 18 – Global Incorporated and Carey Financial, LLC	Incorporated by reference to Exhibit 10.3 to Quarterly Report on Form 10-Q filed by Corporate Property Associates 18 – Global Incorporated on June 20, 2013
10.17	Second Amended and Restated Credit Agreement, dated as January 31, 2014 (the “Senior Unsecured Credit Facility”), by and among W. P. Carey, as Borrower, certain Subsidiaries of W. P. Carey identified therein, from time to time as Guarantors, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.	Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on February 3, 2014
10.18	Third amendment to the Senior Unsecured Credit Facility dated as of January 15, 2015	Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on January 20, 2015
10.19	Employment Agreement dated as of January 15, 2015, by and among W. P. Carey Inc. and Trevor P. Bond*	Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on January 16, 2015
10.20	Employment Agreement dated as of November 13, 2012, by and among W. P. Carey Inc. and Catherine D. Rice*	Incorporated by reference to Exhibit 10.21 to Annual Report on Form 10-K for the year ended December 31, 2012, filed on February 26, 2013

W. P. Carey 2015 10-K– 167

Exhibit No.	Description	Method of Filing
10.21	Amended and Restated Asset Management Agreement dated as of May 13, 2015, by and among, Corporate Property Associates 18 - Global Incorporated, CPA:18 Limited Partnership and W. P. Carey & Co. B.V.	Incorporated by reference to Exhibit 10.3 to Corporate Property Associates 18 - Global Incorporated's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed May 15, 2015
10.22	Advisory Agreement, dated as of February 9, 2015, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC	Incorporated by reference to Exhibit 10.25 to Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 2, 2015
10.23	First Amendment to Advisory Agreement, dated as of June 30, 2015, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC	Incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed August 7, 2015
10.24	Form of Dealer Manager Agreement dated as of February 9, 2015 by and between Carey Watermark Investors 2 Incorporated and Carey Financial, LLC	Incorporated by reference to Exhibit 10.26 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
10.25	Investment Advisory Agreement, dated as of February 27, 2015, between Carey Credit Income Fund and Carey Credit Advisors, LLC	Incorporated by reference to Exhibit 99(g)(1) filed with Pre-Effective Amendment No. 3 to Carey Credit Income Fund 2015 T’s registration statement on Form N-2 filed on May 4, 2015
10.26	Investment Sub-Advisory Agreement, dated as of February 27, 2015, among Carey Credit Advisors, LLC, Guggenheim Partners Investment Management LLC and Carey Credit Income Fund	Incorporated by reference to Exhibit 99(g)(2) filed with Pre-Effective Amendment No. 3 to Carey Credit Income Fund 2015 T’s registration statement on Form N-2 filed on May 4, 2015
10.27	Separation Agreement, dated February 10, 2016, by and between W. P. Carey Inc. and Trevor P. Bond	Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed February 10, 2016
12	Computations of Ratios of Earnings to Fixed Charges for the years ended December 31, 2015, 2014, 2013, 2012, and 2011	Filed herewith
18.1	Preferability letter of Independent Registered Public Accounting Firm	Incorporated by reference to Exhibit 18.1 to Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 filed November 5, 2013
21.1	List of Registrant Subsidiaries	Filed herewith
23.1	Consent of PricewaterhouseCoopers LLP	Filed herewith
31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
31.2	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
99.1	Director and Officer Indemnification Policy	Incorporated by reference to Exhibit 99.1 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
99.2	Financial Statements of Corporate Property Associates 16 – Global Incorporated	Incorporated by reference to Exhibit 99.2 to Annual Report on Form 10-K for the year ended December 31, 2013 filed March 3, 2014

W. P. Carey 2015 10-K– 168

Exhibit No.	Description	Method of Filing
101	The following materials from W. P. Carey Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at December 31, 2015 and 2014, (ii) Consolidated Statements of Income for the years ended December 31, 2015, 2014, and 2013, (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014, and 2013, (iv) Consolidated Statements of Equity for the years ended December 31, 2015, 2014, and 2013, (v) Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014, and 2013, (vi) Notes to Consolidated Financial Statements, (vii) Schedule II — Valuation and Qualifying Accounts, (viii) Schedule III — Real Estate and Accumulated Depreciation, (ix) Notes to Schedule III — Real Estate and Accumulated Depreciation, (x) Schedule IV — Mortgage Loans on Real Estate, and (xi) Notes to Schedule IV — Mortgage Loans on Real Estate.	Filed herewith

______________________

*The referenced exhibit is a management contract or compensation plan or arrangement required to be filed as an exhibit pursuant to Item 15 (a)(3) of Form 10-K.

W. P. Carey 2015 10-K– 169

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			W. P. Carey Inc.
Date:	February 26, 2016
		By:	/s/ Hisham A. Kader
			Hisham A. Kader
			Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Mark J. DeCesaris	Director and Chief Executive Officer	February 26, 2016
Mark J. DeCesaris	(Principal Executive Officer)
/s/ Hisham A. Kader	Chief Financial Officer	February 26, 2016
Hisham A. Kader	(Principal Financial Officer)
/s/ ToniAnn Sanzone	Chief Accounting Officer	February 26, 2016
ToniAnn Sanzone	(Principal Accounting Officer)
/s/ Benjamin H. Griswold, IV	Chairman of the Board and Director	February 26, 2016
Benjamin H. Griswold, IV
/s/ Nathaniel S. Coolidge	Director	February 26, 2016
Nathaniel S. Coolidge
/s/ Axel K.A. Hansing	Director	February 26, 2016
Axel K.A. Hansing
/s/ Jean Hoysradt	Director	February 26, 2016
Jean Hoysradt
/s/ Dr. Karsten von Köller	Director	February 26, 2016
Dr. Karsten von Köller
/s/ Richard C. Marston	Director	February 26, 2016
Richard C. Marston
/s/ Robert E. Mittelstaedt, Jr.	Director	February 26, 2016
Robert E. Mittelstaedt, Jr.
/s/ Nicolaas J.M. van Ommen	Director	February 26, 2016
Nicolaas J.M. van Ommen
/s/ Charles E. Parente	Director	February 26, 2016
Charles E. Parente
/s/ Mary M. VanDeWeghe	Director	February 26, 2016
Mary M. VanDeWeghe
/s/ Reginald Winssinger	Director	February 26, 2016
Reginald Winssinger

W. P. Carey 2015 10-K– 170

EXHIBIT INDEX

The following exhibits are filed with this Report. Documents other than those designated as being filed herewith are incorporated herein by reference.

Exhibit No.	Description	Method of Filing
3.1	Articles of Amendment and Restatement	Incorporated by reference to Exhibit 3.1 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
3.2	Articles Supplementary	Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed January 28, 2015
3.3	Third Amended and Restated Bylaws of W. P. Carey Inc.	Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed January 22, 2016
4.1	Form of Common Stock Certificate	Incorporated by reference to Exhibit 4.1 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
4.2	Indenture dated as of March 14, 2014, by and between W. P. Carey Inc., as issuer and U.S. Bank National Association, as trustee	Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed March 14, 2014
4.3	First Supplemental Indenture dated as of March 14, 2014, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee	Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed March 14, 2014
4.4	Form of Global Note Representing $500,000,000 Aggregate Principal Amount of 4.60% Senior Notes due 2024	Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed March 14, 2014
4.5	Second Supplemental Indenture, dated as of January 21, 2015, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee	Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed January 21, 2015
4.6	Form of Note representing €500 Million Aggregate Principal Amount of 2.000% Senior Notes due 2023	Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed January 21, 2015
4.7	Third Supplemental Indenture, dated January 26, 2015, by and between W. P. Carey Inc., as issuer, and U.S. Bank National Association, as trustee	Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed January 26, 2015
4.8	Form of Note representing $450 Million Aggregate Principal Amount of 4.000% Senior Notes due 2025	Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed January 26, 2015
10.1	W. P. Carey Inc. 1997 Non-Employee Directors’ Incentive Plan, as amended *	Incorporated by reference to Exhibit 10.1 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
10.2	W. P. Carey Inc. 1997 Share Incentive Plan, as amended *	Incorporated by reference to Exhibit 10.2 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
10.3	W. P. Carey Inc. (formerly W. P. Carey & Co. LLC) Long-Term Incentive Program as amended and restated effective as of September 28, 2012 *	Incorporated by reference to Exhibit 10.3 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
10.4	W. P. Carey Inc. Amended and Restated Deferred Compensation Plan for Employees *	Incorporated by reference to Exhibit 10.4 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013

Exhibit No.	Description	Method of Filing
10.5	Amended and Restated W. P. Carey Inc. 2009 Share Incentive Plan *	Incorporated by reference to Appendix A of Schedule 14A filed April 30, 2013
10.6	Form of Share Option Agreement under the 2009 Share Incentive Plan *	Incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed August 6, 2009
10.7	Form of Restricted Share Agreement under the 2009 Share Incentive Plan *	Incorporated by reference to Exhibit 10.3 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed August 6, 2009
10.8	Form of Restricted Share Unit Agreement under the 2009 Share Incentive Plan *	Incorporated by reference to Exhibit 10.8 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
10.9	Form of Long-Term Performance Share Unit Award Agreement under the 2009 Share Incentive Plan *	Incorporated by reference to Exhibit 10.5 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed August 7, 2015
10.10	W. P. Carey Inc. 2009 Non-Employee Directors’ Incentive Plan (the “2009 Directors Plan”) *	Incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 filed August 6, 2013
10.11	Form of Restricted Share Agreement under the 2009 Directors Plan *	Incorporated by reference to Exhibit 10.3 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 filed August 6, 2013
10.12	Amended and Restated Advisory Agreement dated as of January 1, 2015 among Corporate Property Associates 17 – Global Incorporated, CPA:17 Limited Partnership and Carey Asset Management Corp.	Incorporated by reference to Exhibit 10.12 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
10.13	Amended and Restated Asset Management Agreement dated as of May 13, 2015 between Corporate Property Associates 17 – Global Incorporated, CPA:17 Limited Partnership and W. P. Carey & Co. B. V.	Incorporated by reference to Exhibit 10.3 to Corporate Property Associates 17 - Global Incorporated’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed May 15, 2015
10.14	Amended and Restated Advisory Agreement, dated as of January 1, 2016, by and among Carey Watermark Investors Incorporated, CWI OP, LP, and Carey Lodging Advisors, LLC	Filed herewith
10.15	Amended and Restated Advisory Agreement, dated as of January 1, 2015 by and among Corporate Property Associates 18 – Global Incorporated, CPA:18 Limited Partnership and Carey Asset Management Corp.	Incorporated by reference to Exhibit 10.15 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
10.16	Dealer Manager Agreement, dated as of May 7, 2013, by and between Corporate Property Associates 18 – Global Incorporated and Carey Financial, LLC	Incorporated by reference to Exhibit 10.3 to Quarterly Report on Form 10-Q filed by Corporate Property Associates 18 – Global Incorporated on June 20, 2013
10.17	Second Amended and Restated Credit Agreement, dated as January 31, 2014 (the “Senior Unsecured Credit Facility”), by and among W. P. Carey, as Borrower, certain Subsidiaries of W. P. Carey identified therein, from time to time as Guarantors, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.	Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on February 3, 2014
10.18	Third amendment to the Senior Unsecured Credit Facility dated as of January 15, 2015	Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on January 20, 2015
10.19	Employment Agreement dated as of January 15, 2015, by and among W. P. Carey Inc. and Trevor P. Bond*	Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on January 16, 2015
10.20	Employment Agreement dated as of November 13, 2012, by and among W. P. Carey Inc. and Catherine D. Rice*	Incorporated by reference to Exhibit 10.21 to Annual Report on Form 10-K for the year ended December 31, 2012, filed on February 26, 2013

Exhibit No.	Description	Method of Filing
10.21	Amended and Restated Asset Management Agreement dated as of May 13, 2015, by and among, Corporate Property Associates 18 - Global Incorporated, CPA:18 Limited Partnership and W. P. Carey & Co. B.V.	Incorporated by reference to Exhibit 10.3 to Corporate Property Associates 18 - Global Incorporated's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed May 15, 2015
10.22	Advisory Agreement, dated as of February 9, 2015, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC	Incorporated by reference to Exhibit 10.25 to Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 2, 2015
10.23	First Amendment to Advisory Agreement, dated as of June 30, 2015, by and among Carey Watermark Investors 2 Incorporated, CWI 2 OP, LP and Carey Lodging Advisors, LLC	Incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed August 7, 2015
10.24	Form of Dealer Manager Agreement dated as of February 9, 2015 by and between Carey Watermark Investors 2 Incorporated and Carey Financial, LLC	Incorporated by reference to Exhibit 10.26 to Annual Report on Form 10-K for the year ended December 31, 2014 filed March 2, 2015
10.25	Investment Advisory Agreement, dated as of February 27, 2015, between Carey Credit Income Fund and Carey Credit Advisors, LLC	Incorporated by reference to Exhibit 99(g)(1) filed with Pre-Effective Amendment No. 3 to Carey Credit Income Fund 2015 T’s registration statement on Form N-2 filed on May 4, 2015
10.26	Investment Sub-Advisory Agreement, dated as of February 27, 2015, among Carey Credit Advisors, LLC, Guggenheim Partners Investment Management LLC and Carey Credit Income Fund	Incorporated by reference to Exhibit 99(g)(2) filed with Pre-Effective Amendment No. 3 to Carey Credit Income Fund 2015 T’s registration statement on Form N-2 filed on May 4, 2015
10.27	Separation Agreement, dated February 10, 2016, by and between W. P. Carey Inc. and Trevor P. Bond	Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed February 10, 2016
12	Computations of Ratios of Earnings to Fixed Charges for the years ended December 31, 2015, 2014, 2013, 2012, and 2011	Filed herewith
18.1	Preferability letter of Independent Registered Public Accounting Firm	Incorporated by reference to Exhibit 18.1 to Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 filed November 5, 2013
21.1	List of Registrant Subsidiaries	Filed herewith
23.1	Consent of PricewaterhouseCoopers LLP	Filed herewith
31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
31.2	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
99.1	Director and Officer Indemnification Policy	Incorporated by reference to Exhibit 99.1 to Annual Report on Form 10-K for the year ended December 31, 2012 filed February 26, 2013
99.2	Financial Statements of Corporate Property Associates 16 – Global Incorporated	Incorporated by reference to Exhibit 99.2 to Annual Report on Form 10-K for the year ended December 31, 2013 filed March 3, 2014

Exhibit No.	Description	Method of Filing
101	The following materials from W. P. Carey Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at December 31, 2015 and 2014, (ii) Consolidated Statements of Income for the years ended December 31, 2015, 2014, and 2013, (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014, and 2013, (iv) Consolidated Statements of Equity for the years ended December 31, 2015, 2014, and 2013, (v) Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014, and 2013, (vi) Notes to Consolidated Financial Statements, (vii) Schedule II — Valuation and Qualifying Accounts, (viii) Schedule III — Real Estate and Accumulated Depreciation, (ix) Notes to Schedule III — Real Estate and Accumulated Depreciation, (x) Schedule IV — Mortgage Loans on Real Estate, and (xi) Notes to Schedule IV — Mortgage Loans on Real Estate.	Filed herewith

______________________

*The referenced exhibit is a management contract or compensation plan or arrangement required to be filed as an exhibit pursuant to Item 15 (a)(3) of Form 10-K.

EX-10.14

Exhibit 10.14

EXECUTION VERSION

AMENDED AND RESTATED

ADVISORY AGREEMENT

OF

CAREY WATERMARK INVESTORS INCORPORATED

AMR-260573-v7 80-40343427

CONTENTS
	Page

1.Definitions    1

2.Appointment    7

3.Duties of the Advisor    7

4.Authority of Advisor    10

5.Bank Accounts    11

6.Records; Access    11

7.Limitations on Activities    11

8.Relationship with Directors    13

9.Fees    13

10.Expenses.    15

11.Other Services    17

12.Fidelity Bond    17

13.Limitation on Expenses    17

14.Other Activities of the Advisor.    18

15.Relationship of Advisor and CWI 1    19

16.Term; Termination of Agreement    19

17.Termination by CWI 1    19

18.Termination by Either Party    19

19.Assignment Prohibition    19

20.Payments to and Duties of Advisor Upon Termination    20

21.Non-Solicitation and Non-Hire Following Termination    21

22.Indemnification by CWI 1 and the Operating Partnership    21

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23.Indemnification by Advisor    21

24.Joint and Several Obligations    21

25.Notices    21

26.Modification    22

27.Severability    22

28.Construction    22

29.Entire Agreement    22

30.Indulgences, Not Waivers    22

31.Gender    23

32.Titles Not to Affect Interpretation    23

33.Execution in Counterparts    23

34.Initial Investment    23

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AMENDED AND RESTATED

ADVISORY AGREEMENT

THIS AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of January 1, 2016, is among CAREY WATERMARK INVESTORS INCORPORATED, a Maryland corporation ("CWI 1"), CWI OP, LP, a Delaware limited partnership, of which CWI 1 is the general partner (the "Operating Partnership"), and CAREY LODGING ADVISORS, LLC, a Delaware limited liability company (the "Advisor").

W I T N E S S E T H:

WHEREAS, CWI 1, through its interest in the Operating Partnership, intends to acquire, own, dispose of, and, through its Advisor, manage a portfolio consisting primarily of lodging and other lodging related investments; and

WHEREAS, CWI 1 intends to qualify as a REIT (as defined below), and the Operating Partnership intends to qualify as a partnership, in each case for U.S. federal income tax purposes; and

WHEREAS, CWI 1 and its subsidiaries, including the Operating Partnership, desire to avail themselves of the experience, sources of information, advice and assistance of, and certain facilities available to, the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board of Directors of CWI 1, all as provided herein; and

WHEREAS, the Advisor is willing to render such services, subject to the supervision of the Board of Directors of CWI 1, on the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

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1.Definitions. As used in this Agreement, the following terms have the definitions hereinafter indicated:

"2%/25% Guidelines." The requirement, as provided for in Section 13 hereof, that, in the 12‑month period ending on the last day of any fiscal quarter, Operating Expenses not exceed the greater of two percent of Average Invested Assets during such 12‑month period or 25% of CWI 1’s Adjusted Net Income over the same 12‑month period.

"Acquisition Expenses." To the extent not paid or to be paid by the seller, lessee, borrower or any other party involved in the transaction, those expenses, including, but not limited to, travel and communications expenses, the cost of appraisals, title insurance, nonrefundable option payments on Investments not acquired, legal fees and expenses, accounting fees and expenses, and miscellaneous expenses related to selection, acquisition and origination of Investments, whether or not a particular Investment is ultimately made. Acquisition Expenses shall not include Acquisition Fees.

"Acquisition Fees." Any fee or commission paid by CWI 1 or its subsidiaries to the Advisor, or, with respect to Clause 9(b)(ii), by CWI 1 or its subsidiaries to any party, in connection with the making of Investments, including, without limitation, the purchase, development or construction of Properties. A Development Fee or Construction Fee paid to a Person not affiliated with the Sponsor in connection with the actual development or construction of a project after acquisition of the Property by CWI 1 shall not be deemed an Acquisition Fee. Included in the computation of such fees or commissions shall be any real estate commission, selection fee, Development Fee or Construction Fee (other than as described above), non‑recurring management fees, loan fees, points or any fee of a similar nature, however designated. Acquisition Fees shall not include Acquisition Expenses.

"Adjusted Net Income." For any period, the total consolidated revenues recognized in such period by CWI 1, less the total consolidated expenses of CWI 1 recognized in such period, excluding additions to reserves for depreciation and amortization, bad debts or other similar non-cash reserves; provided, however, that Adjusted Net Income for purposes of calculating total allowable Operating Expenses under the 2%/25% Guidelines shall exclude any gains, losses or writedowns from the sale of CWI 1’s assets.

"Affiliate." An Affiliate of another Person shall include any of the following: (i) any Person directly or indirectly owning, controlling, or holding, with power to vote ten percent or more of the outstanding voting securities of such other Person; (ii) any Person ten percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; or (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

"Agreement." This Amended and Restated Advisory Agreement.

"Appraised Value." Value according to an appraisal made by an Independent Appraiser, which may take into consideration any factor deemed appropriate by such Independent Appraiser, including, but not limited to, current market and property conditions, any unique attributes of the property or its operations, current and anticipated income and expense trends, forecasts of stabilized operations, repositioning opportunities and conditions in the credit and investment markets. The Appraised Value of a Property may be greater than the construction cost or the replacement cost of the Property.

"Asset Management Fee." The Asset Management Fee as defined in Section 9(a) hereof.

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"Average Invested Assets." The average during any period of the aggregate book value of CWI 1’s Investments, before deducting reserves for depreciation, bad debts, impairments, amortization and all other non-cash reserves, computed by taking the average of such values at the end of each month during such period.

"Average Market Value." The Total Investment Cost paid by CWI 1 for an Investment, less Acquisition Fees, provided that, if a later Appraised Value is obtained for the Investment, that later Appraised Value, adjusted for other net assets and liabilities that have economic value and are associated with that Investment, shall become the Average Market Value for the Investment.

"Board or Board of Directors." The Board of Directors of CWI 1.

"Bylaws." The bylaws of CWI 1, as amended from time to time.

"Cause." With respect to the termination of this Agreement, means the occurrence of any of the following: (a) the transfer of W. P. Carey Inc.’s interests in the Advisor to one or more entities other than to one or more controlled subsidiaries of W. P. Carey Inc., (b) fraud, criminal conduct, willful misconduct or willful or negligent breach of fiduciary duty by the Advisor that, in each case, is determined by a majority of the Independent Directors to be materially adverse to CWI 1, or (c) a breach of a material term or condition of this Agreement by the Advisor and the Advisor has not cured such breach within 30 days of written notice thereof or, in the case of any breach that cannot be cured within 30 days by reasonable effort, has not taken all necessary action within a reasonable time period to cure such breach.

"Charter." The Charter of CWI 1 under the Maryland General Corporation Law, as amended from time to time, pursuant to which CWI 1 is organized.

"Code." Internal Revenue Code of 1986, as amended.

"Competitive Real Estate Commission." The real estate or brokerage commission paid for the purchase or sale of an Investment that is reasonable, customary and competitive in light of the size, type and location or other relevant characteristics of the Investment.

"Construction Fee." A fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitations on a Property.

"Contract Purchase Price." The amount actually paid for, or allocated (as of the date of purchase) to, the purchase, development, construction or improvement of an Investment or, in the case of an originated Loan, the principal amount of such Loan, in each case exclusive of Acquisition Fees and Acquisition Expenses.

"Contract Sales Price." The total consideration received by CWI 1 for the sale of an Investment.

"Control." The possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "Controlling" and "Controlled" have meanings correlative thereto.

"CWI 1." Carey Watermark Investors Incorporated, together with its consolidated subsidiaries, including the Operating Partnership, unless in the context of a particular reference, it is clear that such reference refers to Carey Watermark Investors Incorporated excluding its consolidated subsidiaries. Unless

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the context otherwise requires, any reference to financial measures of CWI 1 shall be calculated by reference to the consolidated financial statements of CWI 1 and its subsidiaries, including, without limitation, the Operating Partnership, prepared in accordance with GAAP.

"CWI 2." Carey Watermark Investors 2 Incorporated, a Maryland corporation.

"Dealer Manager." Carey Financial, LLC.

"Development Fee." A fee for the packaging of a Property including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the specific Property, either initially or at a later date.

"Directors." The persons holding such office, as of any particular time, under the Charter, whether they be the directors named therein or additional or successor directors.

"Disposition Fee." The Disposition Fee as defined in Section 9(d) hereof.

"Distributions." Distributions declared by the Board.

"GAAP." Generally accepted accounting principles, as applied in the United States.

"Good Reason." With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any successor to CWI 1 or the Operating Partnership to assume and agree to perform CWI 1’s or the Operating Partnership’s, as applicable, obligations under this Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by CWI 1 or the Operating Partnership; provided that (a) such breach is of a material term or condition of this Agreement and (b) CWI 1 or the Operating Partnership, as applicable, has not cured such breach within 30 days of written notice thereof or, in the case of any breach that cannot be cured within 30 days by reasonable effort, has not taken all necessary action within a reasonable time period to cure such breach.

"Gross Offering Proceeds." The aggregate purchase price of Shares sold in any Offering.

"Guidelines." The Investment Allocation Guidelines set forth in Schedule A.

"Incentive Plans." CWI 1's 2010 Equity Incentive Plan and CWI 1's Directors' Incentive Plan.

"Independent Appraiser." A qualified appraiser of real estate as determined by the Board, who has no material current or prior business or personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by CWI 1. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of such qualification (but not of independence).

"Independent Director." A Director of CWI 1 who meets the criteria for an Independent Director specified in the Charter.

"Individual." Any natural person and those organizations treated as individuals in Section 542(a) of the Code.

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"Investment." An investment made by CWI 1, directly or indirectly, in a Property, Loan or Other Permitted Investment Asset.

"Investment Committee." The committee of individuals responsible for reviewing Investments on behalf of CWI 1.

"Investment Opportunity." With respect to the limitations set forth in Section 14 hereof, the opportunityto lease, sublease, purchase or to offer to purchase any asset or investment originated by, presented to or otherwise identified by the Subadvisor, the Advisor, or any of their respective Affiliates, as applicable, relating to (i) Lodging Facilities or (ii) Lodging Loans. "Investment Opportunity" shall not include any opportunity to purchase or to offer to purchase any asset or investment if the purchase price of such asset or investment does not exceed $4,000,000.00.

"Loans." The notes and other evidences of indebtedness or obligations acquired, originated or entered into, directly or indirectly, by CWI 1 as lender, noteholder, participant, note purchaser or other capacity, including but not limited to first or subordinate mortgage loans, construction loans, development loans, loan participations, B notes, loans secured by capital stock or any other assets or form of equity interest and any other type of loan or financial arrangement, such as providing or arranging for letters of credit, providing guarantees of obligations to third parties, or providing commitments for loans. The term "Loans" shall not include leases which are not recognized as leases for federal income tax reporting purposes.

"Loan Refinancing Fee." A fee payable to the Advisor in respect of the refinancing of a loan secured by an Investment.

"Lodging Facility or Lodging Facilities." With respect to an Investment Opportunity (1) a hotel, motel or other mixed-use establishment of which more than one-half (1/2) of its dwelling units are used on a transient basis or (2) equity interests in an entity that derives at least 30% of its earnings before interest, taxes, depreciation and amortization (or "EBITDA") from owning, operating or managing facilities of the type described in clause (1) of this definition.

"Lodging Loans." With respect to an Investment Opportunity (1) Loans fully or partially secured by Lodging Facilities or equity interests in entities that own, directly or indirectly, Lodging Facilities; (2) unsecured Loans to entities that derive at least 30% of their EBITDA from interests in Lodging Facilities, or (3) participations in any of the Loans described in clauses (1) or (2) of this definition.

"Offering." The offering of Shares pursuant to a Prospectus.

"Operating Expenses." All consolidated operating, general and administrative expenses paid or incurred by CWI 1, as determined under GAAP, except the following (insofar as they would otherwise be considered operating, general and administrative expenses under GAAP): (i) interest and discounts and other cost of borrowed money; (ii) taxes (including state, Federal and foreign income tax, property taxes and assessments, franchise taxes and taxes of any other nature); (iii) expenses of raising capital, including Organization and Offering Expenses, printing, engraving, and other expenses, and taxes incurred in connection with the issuance and distribution of CWI 1’s Shares and Securities; (iv) Acquisition Expenses, real estate commissions on resale of property and other expenses connected with the acquisition, disposition, origination, ownership and operation of Investments, including the costs of foreclosure, insurance premiums, legal services, brokerage and sales commissions, and the maintenance, repair and improvement of property; (v) Acquisition Fees or Disposition Fees payable to the Advisor or any other party; (vi) distributions paid by the Operating Partnership to the Special General Partner under the agreement of limited partnership of the Operating Partnership in respect of gains realized on dispositions of Investments and other capital

5

transactions; (vii) amounts paid to effect a redemption or repurchase of the special general partner interest held by the Special General Partner pursuant to the agreement of limited partnership of the Operating Partnership; and (viii) non-cash items, such as depreciation, amortization, depletion, and additions to reserves for depreciation, amortization, depletion, losses and bad debts. Notwithstanding anything herein to the contrary, Operating Expenses shall include the Asset Management Fee and any Loan Refinancing Fee and, solely for the purposes of determining compliance with the 2%/25% Guidelines, (1) distributions of available cash generated by operations and investments made by the Operating Partnership to the Special General Partner pursuant to the agreement of limited partnership of the Operating Partnership, which, for the avoidance of doubt, does not include distributions described in clauses (vi) and (vii) of this definition and (2) Disposition Fees paid in respect of non-real property Investments.

"Operating Partnership." CWI OP, LP, a Delaware limited partnership, through which CWI 1 owns Investments.

"Organization and Offering Expenses." Those expenses payable by CWI 1 and the Operating Partnership in connection with the formation, qualification and registration of CWI 1 and in marketing and distributing Shares, including, but not limited to: (i) the preparation, printing, filing and delivery of any registration statement or Prospectus (including any amendments thereof or supplements thereto) and the preparing and printing of contractual agreements among CWI 1, the Operating Partnership, the Dealer Manager and the Selected Dealers (including copies thereof); (ii) the preparing and printing of the Charter and Bylaws, other solicitation material and related documents and the filing and/or recording of such documents necessary to comply with the laws of the State of Maryland for the formation of a corporation and thereafter for the continued good standing of a corporation; (iii) the qualification or registration of the Shares under state securities or "Blue Sky" laws; (iv) any escrow arrangements, including any compensation to an escrow agent; (v) the filing fees payable to the SEC and to the Financial Industry Regulatory Authority; (vi) reimbursement for the reasonable and identifiable out-of-pocket expenses of the Dealer Manager and the Selected Dealers, including the cost of their counsel; (vii) the fees of CWI 1’s counsel and accountants; (viii) all advertising expenses incurred in connection with an Offering, including the cost of all sales literature and the costs related to investor and broker-dealer sales and information meetings and marketing incentive programs; and (ix) selling commissions, dealer manager fees, selected dealer fees, marketing fees, incentive fees and due diligence fees incurred in connection with the sale of the Shares.

"Other Permitted Investment Asset." An asset, other than cash, cash equivalents, short term bonds, auction rate securities and similar short term investments, acquired by CWI 1 for investment purposes that is not a Loan or a Property and is consistent with the investment objectives and policies of CWI 1.

"Person." An Individual, corporation, partnership, joint venture, association, company, trust, bank, or other entity, or government or any agency or political subdivision of a government.

"Property or Properties." CWI 1’s partial or entire interest in real property (including leasehold interests) and personal or mixed property connected therewith. An Investment that obligates CWI 1 to acquire a Property will be treated as a Property for purposes of this Agreement.

"Property Management Fee." Subject to CWI 1’s intention to qualify as a REIT for U.S. federal income tax purposes, a fee for property management services rendered by the Advisor or its Affiliates in connection with Properties acquired directly or through foreclosure.

"Prospectus." Any prospectus or offering document pursuant to which CWI 1 offers Shares in a public or private offering, as the same may at any time and from time to time be amended or supplemented, after the effective date of the registration statement in which it is included.

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"REIT." A real estate investment trust, as defined in Sections 856-860 of the Code.

"Securities." Any stock, shares (other than currently outstanding Shares and subsequently issued Shares), or other evidence of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise or in general any instruments commonly known as "securities" or any certificate of interest, shares or participation in temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire any of the foregoing.

"Selected Dealers." Broker-dealers who are members of the Financial Industry Regulatory Authority and who have executed an agreement with the Dealer Manager in which the Selected Dealers agree to participate with the Dealer Manager in the Offering.

"Shareholders." Those Persons who, at the time any calculation hereunder is to be made, are shown as holders of record of Shares on the books and records of CWI 1 or its transfer agent.

"Shares." The shares of CWI 1’s common stock, par value $0.001.

"Special General Partner." Carey Watermark Holdings, LLC and any permitted transferee of the special general partnership interest under the agreement of limited partnership of the Operating Partnership.

"Sponsor." W. P. Carey Inc. and any other Person directly or indirectly instrumental in organizing, wholly or in part, CWI 1, or any person who will control, manage or participate in the management of CWI 1, and any Affiliate of any such person. Sponsor does not include a person whose only relationship to CWI 1 is that of an independent property manager and whose only compensation is as such. Sponsor also does not include wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services.

"Subadvisor." CWA, LLC, an Illinois limited liability company.

"Subadvisory Agreement." The Subadvisory Agreement, dated as of September 15, 2010 (as amended from time to time), between the Advisor and the Subadvisor.

"Termination Date." The effective date of any termination of this Agreement.

"Total Investment Cost." With regard to any Investment, an amount equal to the sum of the Contract Purchase Price of such Investment plus the Acquisition Fees and Acquisition Expenses paid in connection with such Investment and other fees and costs approved by the Independent Directors relating to the initial capitalization of the Investment.

2.Appointment. CWI 1 hereby appoints the Advisor to serve as its advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment.

3.Duties of the Advisor. Subject to Section 14, the Advisor undertakes to use its best efforts to present to CWI 1 potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of CWI 1 as determined and adopted from time to time by the Board. The Advisor will follow the Guidelines when allocating Investment opportunities among CWI 1, other entities managed by the Advisor and its Affiliates, and the Advisor and its Affiliates for their own account. The Guidelines shall not be amended without the prior approval of at least a majority of the Independent Directors. In performance of the foregoing undertakings, subject to the supervision of

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the Board and consistent with the provisions of the Charter and Bylaws of CWI 1 and any Prospectus pursuant to which Shares are offered, the Advisor shall, either directly or by engaging an Affiliate or the Subadvisor:

(a)serve as CWI 1’s investment and financial advisor and provide research and economic and statistical data in connection with CWI 1’s assets and investment policies;

(b)provide the daily management of CWI 1 and perform and supervise the various administrative functions reasonably necessary for the management of CWI 1, the Operating Partnership and the Investments;

(c)investigate, select, and, on behalf of CWI 1, engage, oversee and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagors, franchisors, independent property operators and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of CWI 1 with any of the foregoing;

(d)consult with Directors and assist the Board in the formulation and implementation of CWI 1’s policies; and furnish the Board with such information, advice and recommendations as they may request or as otherwise may be necessary to enable them to discharge their fiduciary duties with respect to matters coming before the Board;

(e)subject to the provisions of Sections 3(h) and 4 hereof: (i) locate, analyze and select potential Investments and deliver to the Investment Committee, as applicable, such information as it may request or as otherwise may be necessary to enable the Investment Committee to evaluate potential Investments; (ii) structure and negotiate the terms and conditions of transactions pursuant to which Investments will be made, purchased or acquired by CWI 1; (iii) make Investments on behalf of CWI 1; (iv) arrange for financing and refinancing of, make other changes in the asset or capital structure of, dispose of, reinvest the proceeds from the sale of, or otherwise deal with the Investments; (v) enter into service contracts for Properties and, to the extent necessary, perform all other operational functions for the maintenance and administration of such; (vi) oversee such non-affiliated property managers and other non-affiliated Persons who perform services for CWI 1; and (vii) undertake accounting and other record-keeping functions at the Investment level;

(f)provide the Board with periodic reports regarding prospective Investments and with periodic reports, no less than quarterly, of new Investments made during the prior fiscal quarter;

(g)assist the Board in its evaluation of potential liquidity transactions for CWI 1 and take such actions as may be requested by the Board or as may otherwise be necessary or desirable to execute any liquidity transaction approved by the Board;

(h)obtain the prior approval of the Board (including a majority of the Independent Directors) for any and all investments in Properties which do not meet all of the requirements set forth in Section 4(b) hereof;

(i)negotiate on behalf of CWI 1 with banks or lenders for loans to be made to CWI 1, and negotiate on behalf of CWI 1 with investment banking firms and broker-dealers or negotiate private

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sales of Shares and Securities or obtain loans for CWI 1, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of CWI 1;

(j)obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of Investments or contemplated Investments;

(k)obtain for, or provide to, CWI 1 such services as may be required in acquiring, managing and disposing of Investments, including, but not limited to: (i) the negotiation, making and servicing of Investments; (ii) the disbursement and collection of Company monies; (iii) the payment of debts of and fulfillment of the obligations of CWI 1; and (iv) the handling, prosecuting and settling of any claims of or against CWI 1, including, but not limited to, foreclosing and otherwise enforcing mortgages and other liens securing Loans;

(l)from time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of services to CWI 1 under this Agreement;

(m)communicate on behalf of CWI 1 with Shareholders as required to satisfy the reporting and other requirements of any governmental bodies or agencies to Shareholders and third parties and otherwise as requested by CWI 1;

(n) provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to CWI 1’s business and operations;

(o)provide CWI 1 with such accounting data and any other information requested by CWI 1 concerning the investment activities of CWI 1 as shall be required to prepare and to file all periodic financial reports and returns required to be filed with the Securities and Exchange Commission and any other regulatory agency, including annual financial statements;

(p)maintain the books and records of CWI 1;

(q)supervise the performance of such ministerial and administrative functions as may be necessary in connection with the daily operations of the Investments;

(r)provide CWI 1 with all necessary cash management services;

(s)provide asset management services including, without limitation, oversight and strategic guidance to independent property operators that handle day-to-day operations of CWI 1’s Properties;

(t)do all things necessary to assure its ability to render the services described in this Agreement;

(u)perform such other services as may be required from time to time for management and other activities relating to the assets of CWI 1 as the Advisor shall deem advisable under the particular circumstances;

(v)arrange to obtain on behalf of CWI 1 as requested by the Board, and deliver to or maintain on behalf of CWI 1 copies of, all appraisals obtained in connection with Investments;

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(w)if a transaction, proposed transaction or other matter requires approval by the Board or by the Independent Directors, deliver to the Board or the Independent Directors, as the case may be, all documentation reasonably requested by them to properly evaluate such transaction, proposed transaction or other matter; and

(x)on an annual basis, no later than 90 days prior to the end of each term of this Agreement, provide the Independent Directors with a report on (1) the Advisor's performance during the past year, (2) the compensation paid to the Advisor during such year and (3) any proposed changes to the compensation to be paid to the Advisor during the upcoming year if the Agreement is renewed. The Advisor's report shall address, among other things, (a) those matters identified in CWI 1's organizational documents as matters which the Independent Directors must review each year with respect to the Advisor’s performance and compensation; (b) whether any Triggering Event occurred with respect to an Investment made during the past year; and (c) the "dead deal" costs incurred by CWI 1 during the past year. In addition, the Independent Directors may request that the Advisor refund certain of the "dead deal" costs incurred by CWI 1 if, in light of the circumstances under which such costs were incurred, the Independent Directors determine that CWI 1 should not bear such costs.

4.Authority of Advisor.

(a)Pursuant to the terms of this Agreement (and subject to the restrictions included in Paragraphs (b), (c) and (d) of this Section 4 and in Section 7 hereof), and subject to the continuing and exclusive authority of the Board over the management of CWI 1, the Board hereby delegates to the Advisor the authority to: (1) locate, analyze and select Investment opportunities; (2) structure and negotiate the terms and conditions of transactions pursuant to which Investments will be made, purchased or acquired for CWI 1; (3) make Investments on behalf of CWI 1 in compliance with the investment objectives and policies of CWI 1; (4) arrange for financing or refinancing, or make changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with, Investments; (5) enter into the Subadvisory Agreement; (6) enter into servicecontracts, contracts with independent property operators and franchisors and perform other property level operations; (7) oversee such non-affiliated property managers and other non-affiliated Persons who perform services for CWI 1; and (8) undertake accounting and other record-keeping functions at the Investment level.

(b)The consideration paid for an Investment acquired by CWI 1 shall ordinarily be based on the fair market value thereof. Consistent with the foregoing provision, the Advisor may, without further approval by the Board (except with respect to transactions subject to paragraphs (c) and (d) of this Section 4) invest on behalf of CWI 1 in an Investment so long as, in the Advisor’s good faith judgment, (i) the Total Investment Cost of such Investment does not exceed the fair market value thereof, and in the case of an Investment that is a Property, shall in no event exceed the Appraised Value of such Property and (ii) the Investment, in conjunction with CWI 1’s other Investments and proposed Investments, at the time CWI 1 is committed to purchase or originate the Investment, is reasonably expected to fulfill CWI 1’s investment objectives and policies as established by the Board and then in effect. For purposes of the foregoing, the Total Investment Cost shall be measured at the date the Investment is made and shall exclude future commitments to fund improvements. Investments not meeting the foregoing criteria must be approved in advance by the Board.

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(c)Notwithstanding anything to the contrary contained in this Agreement, the Advisor shall not cause CWI 1 to make Investments that do not comply with Article IX (Investment Objectives and Limitations) of the Charter and related sections of the Bylaws.

(d)The prior approval of the Board, including a majority of the Independent Directors and a majority of the Directors not interested in the transaction, will be required for: (i) Investments made through co-investment or joint venture arrangements with the Sponsor, the Advisor, one or more Directors or any of their Affiliates; (ii) Investments which are not contemplated by the terms of a Prospectus; (iii) transactions that present issues which involve conflicts of interest for the Advisor, its members or Affiliates (other than conflicts involving the payment of fees or the reimbursement of expenses); (iv) the purchase or lease of assets from or to any Director, any Sponsor, the Advisor, the member of the Advisor or any of their Affiliates; (v) any purchase or sale of an Investment from or to the Advisor, its members, one or more Directors or their Affiliates; and (vi) the retention of any Affiliate of the Advisor to provide services to CWI 1 not expressly contemplated by this Agreement and the terms of such services by such Affiliate. In addition, the Advisor shall comply with any further approval requirements set forth in the Bylaws.

(e)The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4. If and to the extent the Board so modifies or revokes the authority contained herein, the Advisor shall henceforth comply with such modification or revocation, providedhowever, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed CWI 1 prior to the date of receipt by the Advisor of such notification.

5.Bank Accounts. The Advisor may establish and maintain one or more bank accounts in its own name for the account of CWI 1 or in the name of CWI 1 and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of CWI 1, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and to the auditors of CWI 1.

6.Records; Access. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board and by counsel, auditors and authorized agents of CWI 1, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of CWI 1.

7.Limitations on Activities. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (i) adversely affect the status of CWI 1 as a REIT or of the Operating Partnership as a partnership for Federal income tax purposes, (ii) subject CWI 1 or the Operating Partnership to regulation under the Investment Company Act of 1940, as amended, or (iii) would violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over CWI 1, its Shares or its Securities, or otherwise not be permitted by the Charter or Bylaws or agreement of limited partnership of the Operating Partnership, except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor's judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given.

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(a)Notwithstanding the foregoing, the Company shall indemnify and hold harmless the the Advisor, its shareholders, members, directors, officers and employees, and partners, shareholders, directors and officers of the Advisor's shareholders and Affiliates of any of them for any loss or liability suffered by them, and the Advisor, its shareholders, members, directors, officers and employees, and partners, shareholders, directors and officers of the Advisor's shareholders and Affiliates of any of them, shall not be liable to CWI 1, the Operating Partnership, the Directors or the Shareholders for any act or omission by theAdvisor, its shareholders, members, directors, officers and employees, or partners, shareholders, directors or officers of the Advisor's shareholders andAffiliatesof any of them,if in each case the following conditions are met:

(i)the Advisor, its shareholders, members, directors, officers and employees, and partners, shareholders, directors and officers of the Advisor's shareholders and Affiliates of any of them have determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of CWI 1;

(ii)the Advisor, its shareholders, members, directors, officers and employees, and partners, shareholders, directors and officers of the Advisor's shareholders and Affiliates of any of them were acting on behalf of or performing services for CWI 1; and

(iii)such liability or loss was not the result of negligence or misconduct by the Advisor, its shareholders, members, directors, officers and employees, and partners, shareholders, directors and officers of the Advisor's shareholders or Affiliates of any of them.

(b)Notwithstanding the foregoing, the Advisor and its Affiliates shall not be indemnified by CWI 1 or the Operating Partnership for any losses, liabilities or expenses arising from or out of the alleged violation of federal or state securities laws unless one or more of the following conditions are met:

(i)there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee;

(ii)such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or

(iii)a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of CWI 1 were offered or sold as to indemnification for violation of securities laws.

(c)CWI 1 and the Operating Partnership shall advance funds to the Advisor or its Affiliates for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought only if all of the following conditions are satisfied:

(i)The legal action relates to acts or omissions with respect to the performance of duties or services on behalf of CWI 1;

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(ii)The Advisor or the Affiliate has provided CWI 1 or the Operating Partnership with a written affirmation of his, her or its good faith belief that the standard of conduct necessary for indemnification has been met;

(iii)The legal action is initiated by a third party who is not a Shareholder or the legal action is initiated by a Shareholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and

(iv)The Advisor or the Affiliate undertakes to repay the advanced funds to CWI 1, together with the applicable legal rate of interest thereon, in cases in which such Advisor or Affiliate is found not to be entitled to indemnification.

(d)Notwithstanding the foregoing, the Advisor shall not be entitled to indemnification or be held harmless pursuant to this Section 7 for any activity which the Advisor shall be required to indemnify or hold harmless CWI 1 pursuant to Section 23 hereof.

(e)Any amounts paid pursuant to this Section 7 shall only be recoverable or paid out of the net assets of CWI 1 and not from the Shareholders.

8.Relationship with Directors. There shall be no limitation on any shareholder, member, director, officer, or employee of the Advisor or its Affiliates serving as a Director or an officer of CWI 1, except that no employee of the Advisor or its Affiliates who is also a Director or officer of CWI 1 shall receive any compensation from CWI 1 for serving as a Director or officer other than for (a) reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board and (b) awards made pursuant to the Incentive Plans; for the avoidance of doubt, the limitations of this Section 8 shall not apply to any compensation paid by the Advisor or any Affiliate for which CWI 1 reimbursed the Advisor or Affiliate in accordance with Section 10 hereof. However, an employee of the Advisor who is also an officer of CWI 1 is eligible to receive restricted stock units as provided under the Incentive Plans.

9.Fees.

(a)Asset Management Fee. The Operating Partnership shall pay to the Advisor as compensation for the advisory services rendered hereunder an asset management fee (the "Asset Management Fee") in an amount equal to 0.50% of the aggregate Average Market Value of Investments. The Asset Management Fee with respect to an Investment will be calculated monthly, beginning with the month in which CWI 1 first makes the Investment, and shall be pro rated for the number of days during a month that CWI 1 owns the Investment. The aggregate Asset Management Fees calculated with respect to each month shall be payable on the first business day following such month.

(b)Acquisition Fee.

(i)The Advisor may receive as compensation for services rendered in connection with the investigation, selection, acquisition or origination (by purchase, investment or exchange) of any Investment, an acquisition fee (an "Acquisition Fee") payable by the Operating Partnership. The Acquisition Fee payable to the Advisor in respect of an Investment shall be payable at the time such Investment is acquired in an amount equal to 2.50% of the Total Investment Cost.

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(ii)The total amount of all Acquisition Fees, whether payable to the Advisor or a third party, and Acquisition Expenses payable by the Operating Partnership may not exceed 6% of the aggregate Contract Purchase Price of all Investments, measured for the period beginning with the initial acquisition of an Investment and ending on (A) December 31 of the year in which CWI 1 has invested 90% of the net proceeds of its initial Offering (excluding the net proceeds from the sale of Shares pursuant to CWI 1’s dividend reinvestment program) and (B) each December 31 thereafter, unless a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in any transaction approves the excess as being commercially competitive, fair and reasonable to CWI 1.

(c)Property Management Fee; Loan Refinancing Fee.

(i)No Property Management Fee shall be paid unless approved by a majority of the Independent Directors.

(ii)The Advisor shall receive as compensation for services rendered in connection with a qualifying refinancing of a Loan secured by a Property (the "Refinanced Loan"), a loan refinancing fee (a "Loan Refinancing Fee") payable by the Operating Partnership. A refinancing will qualify for a Loan Refinancing Fee only if (A) the maturity date of the Refinanced Loan is less than one year from the date of the refinancing and the new loan has a term of at least five years, (B) in the judgment of the Independent Directors, the terms of the new loan represent an improvement over the Refinanced Loan, or (C) the new loan is approved by the Independent Directors as being in the best interest of CWI 1. The Loan Refinancing Fee payable to the Advisor in respect of a Refinanced Loan shall be payable at upon the funding of the related mortgage loan or as soon thereafter as is reasonably practicable in an amount up to 1.00% of the principal amount of the Refinanced Loan.

(d)Disposition Fee.

(i)If the Advisor or an Affiliate provides a substantial amount of services in the sale of an Investment, the Advisor or such Affiliate shall be entitled to receive a disposition fee (the "Disposition Fee") at the time of such disposition, in an amount equal to the lesser of (1) 50% of the Competitive Real Estate Commission (if applicable) and (2) 1.5% of the Contract Sales Price of the Investment.

(ii)The total real estate commissions and Disposition Fees CWI 1 pays to all Persons shall not exceed an amount equal to the lesser of: (1) 6% of the Contract Sales Price of the Investment and (2) the Competitive Real Estate Commission. The Advisor shall present to the Independent Directors such information as they may reasonably request to review the level of services provided by the Advisor in connection with a disposition and the basis for the calculation of the amount of the Disposition Fees on a quarterly basis. No payment of Disposition Fees shall be made prior to review and approval of such information by the Independent Directors.

(e)Loans From Affiliates. CWI 1 shall not borrow funds from the Advisor or its Affiliates unless (A) the transaction is approved by a majority of the Independent Directors and a majority of the Directors who are not interested in the transaction as being fair, competitive and commercially reasonable, (B) the interest and other financing charges or fees received by the Advisor or its Affiliates do not exceed the amount which would be charged by non-affiliated lending institutions and (C) the

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terms are not less favorable than those prevailing for comparable arm's-length loans for the same purpose. CWI 1 will not borrow on a long-term basis from the Advisor or its Affiliates unless it is to provide the debt portion of a particular investment and CWI 1 is unable to obtain a permanent loan at that time or in the judgment of the Board, it is not in CWI 1’s best interest to obtain a permanent loan at the interest rates then prevailing and the Board has reason to believe that CWI 1 will be able to obtain a permanent loan on or prior to the end of the loan term provided by the Advisor or its Affiliates.

(f)Changes To Fee Structure. In the event the Shares are listed on a national securities exchange, CWI 1 and the Advisor shall negotiate in good faith to establish a fee structure appropriate for an entity with a perpetual life. A majority of the Independent Directors must approve the new fee structure negotiated with the Advisor. In negotiating a new fee structure, the Independent Directors may consider any of the factors they deem relevant, including but not limited to: (a) the size of the advisory fee in relation to the size, composition and profitability of CWI 1’s portfolio; (b) the success of the Advisor in generating opportunities that meet the investment objectives of CWI 1; (c) the rates charged to other REITs and to investors other than REITs by advisors performing similar services; (d) additional revenues realized by the Advisor and its Affiliates through their relationship with CWI 1, including loan administration, underwriting or broker commissions, servicing, engineering, inspection and other fees, whether paid by CWI 1 or by others with whom CWI 1 does business; (e) the quality and extent of service and advice furnished by the Advisor; (f) the performance of the investment portfolio of CWI 1, including income, conservation or appreciation of capital, frequency of problem investments and competence in dealing with distress situations; and (g) the quality of the portfolio of CWI 1 in relationship to the investments generated by the Advisor for the account of other clients. The Independent Directors shall not approve any new fee structure that is in their judgment more favorable (taken as a whole) to the Advisor than the current fee structure.

(g)Payment. Compensation payable to the Advisor pursuant to this Section 9 shall be paid in cash; provided, however, that any fee payable pursuant to this Section 9 may be paid, at the option of the Advisor, in the form of: (i) cash, (ii) restricted stock of CWI 1, or (iii) a combination of cash and restricted stock. The Advisor shall notify CWI 1 in writing annually of the form in which the fee shall be paid. Such notice shall be provided no later than January 15 of each year. If no such notice is provided, the fee shall be paid in cash. For purposes of the payment of compensation to the Advisor in the form of stock, the value of each share of restricted stock shall be: (i) the Net Asset Value per Share as determined based on the most recent appraisal of CWI 1’s assets performed by an Independent Appraiser, or (ii) if a public offering of CWI 1 common stock is then ongoing, the price to the public per share, including selling commissions and fees. If shares are being offered to the public at the time a fee is paid with stock, the value shall be the price of the stock without commissions. The Net Asset Value determined on the basis of such appraisal may be adjusted on a quarterly or other basis by the Board to account for significant capital transactions. Stock issued by CWI 1 to the Advisor in payment of fees hereunder shall be governed by the terms set forth in Schedule B hereto, or such other terms as the Advisor and CWI 1 may from time to time agree.

10.Expenses.

(a)Subject to the limitations set forth in Section 9(b), to the extent applicable, in addition to the compensation paid to the Advisor pursuant to Section 9 hereof, the Operating Partnership shall pay directly or reimburse the Advisor for the following expenses:

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(iii)Organization and Offering Expenses; provided however, that within 60 days after the end of the quarter in which any Offering terminates, the Advisor shall reimburse the Operating Partnership for any Organization and Offering Expense reimbursements received by the Advisor pursuant to this Section 10 to the extent that such reimbursements, when added to the balance of the Organization and Offering Expenses (excluding selling commissions and dealer manager fees) paid directly by the Operating Partnership, exceed four percent of the Gross Offering Proceeds; provided further, that the Advisor shall be responsible for the payment of all Organization and Offering Expenses (excluding such commissions and such fees and expense reimbursements) in excess of four percent of the Gross Offering Proceeds;

(iv)all Acquisition Expenses;

(v)to the extent not included in Acquisition Expenses, all expenses of whatever nature reasonably incurred and directly connected with the proposed acquisition of any Investment that does not result in the actual acquisition of the Investment, including, without limitation, personnel costs;

(vi)expenses other than Acquisition Expenses incurred in connection with the investment of the funds of CWI 1, including, without limitation, business development expenses, costs of retaining industry or economic consultants and finder's fees and similar payments, to the extent not paid by the seller of the Investment or another third party, regardless of whether such expenses were incurred in transactions where a fee is not payable to the Advisor;

(vii)interest and other costs for borrowed money, including discounts, points and other similar fees;

(viii)taxes and assessments on income of CWI 1, to the extent paid or advanced by the Advisor, or on Investments and taxes as an expense of doing business;

(ix)costs associated with insurance required in connection with the business of CWI 1 or by the Directors;

(x)expenses of managing and operating Investments owned by CWI 1, whether payable to an Affiliate of the Advisor or a non-affiliated Person;

(xi)fees and expenses of legal counsel for CWI 1;

(xii)fees and expenses of auditors and accountants for CWI 1;

(xiii)all expenses in connection with payments to the Directors and meetings of the Directors and Shareholders;

(xiv)all expenses in connection with payments to the non-director members of the Investment Committee for CWI 1’s Investments and meetings of the Investment Committee;

(xv)expenses associated with listing the Shares and Securities on a securities exchange, if requested by the Board;

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(xvi)expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Board to the Shareholders;

(xvii)expenses of organizing, revising, amending, converting, modifying or terminating CWI 1, the Operating Partnership or their respective governing instruments;

(xviii)expenses of maintaining communications with Shareholders, including the cost of preparation, printing and mailing annual reports and other Shareholder reports, proxy statements and other reports required by governmental entities; and

(xix)all other Operating Expenses and other expenses the Advisor incurs in connection with providing services to CWI 1, including reimbursement to the Advisor or its Affiliates for the costs of rent, goods, materials and personnel incurred by them based upon the compensation of the Persons involved and an appropriate share of overhead allocable to those Persons as reasonably determined by the Advisor on a basis approved annually by the Board (including a majority of the Independent Directors).

(b)Expenses described in clause (xvii) of Section 10(a) and any other expenses described in Section 10(a) that are shared expenses of CWI 1 and CWI 2, shall be allocated between them based upon the percentage that CWI 1's or CWI 2's, as applicable, total pro rata hotel revenues for the most recently completed quarter represent of the combined total pro rata hotel revenues for such period of CWI 1 and CWI 2, or such other methodology as may be approved by the Board (including a majority of the Independent Directors). No reimbursement shall be made for the cost of personnel to the extent that such personnel are used in transactions for which the Advisor receives a separate transaction fee.

(c)Expenses incurred by the Advisor on behalf of CWI 1 and payable pursuant to this Section 10 shall be reimbursed quarterly to the Advisor within 60 days after the end of each quarter, subject to the provisions of Section 13 hereof. The Advisor shall prepare a statement documenting the Operating Expenses of CWI 1 within 45 days after the end of each quarter.

11.Other Services. Should the Board request that the Advisor or any Affiliate, shareholder or employee thereof render services for CWI 1 other than as set forth in Section 3 hereof, such services shall be separately compensated and shall not be deemed to be services pursuant to the terms of this Agreement.

12.Fidelity Bond. The Advisor shall maintain a fidelity bond for the benefit of CWI 1, which bond shall insure CWI 1 from losses of up to $5,000,000 and shall be of the type customarily purchased by entities performing services similar to those provided to CWI 1 by the Advisor.

13.Limitation on Expenses.

(a)If Operating Expenses during the 12-month period ending on the last day of any fiscal quarter of CWI 1 exceed the greater of (i) two percent of the Average Invested Assets during the same 12-month period or (ii) 25% of the Adjusted Net Income of CWI 1 over the same 12-month period (the "2%/25% Guidelines"), then subject to paragraph (b) of this Section 13, such excess amount shall be the sole responsibility of the Advisor and neither the Operating Partnership nor CWI 1 shall be liable for payment therefor. CWI 1 may defer the payment or distribution to the Advisor and the Special General Partner of fees, expenses and distributions that would, if paid or distributed, cause Operating Expenses during such 12-month period to exceed the foregoing limitations; provided, however, that in determining which items shall be paid and which may be deferred, priority

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will be given to the payment of distributions to the Special General Partner over the payment to the Advisor of amounts due under this Agreement.

(b)Notwithstanding the foregoing, to the extent that the Advisor becomes responsible for any excess amount as provided in paragraph (a), if a majority of the Independent Directors finds such excess amount or a portion thereof justified based on such unusual and non-recurring factors as they deem sufficient, the Operating Partnership shall reimburse the Advisor in future quarters for the full amount of such excess, or any portion thereof, but only to the extent such reimbursement would not cause the Operating Expenses to exceed the 2%/25% Guidelines in the 12-month period ending on the last day of such quarter. In no event shall the Operating Expenses payable by the Operating Partnership in any 12-month period ending at the end of a fiscal quarter exceed the 2%/25% Guidelines.

(c)Within 60 days after the end of any 12‑month period referred to in paragraph (a), the Advisor shall reimburse CWI 1 for any amounts expended by CWI 1 in such 12‑month period that exceeds the limitations provided in paragraph (a) unless the Independent Directors determine that such excess expenses are justified, as provided in paragraph (b), and provided the Operating Expenses for such later quarter would not thereby exceed the 2%/25% Guidelines.

(d)All computations made under paragraphs (a) and (b) of this Section 13 shall be determined in accordance with GAAP applied on a consistent basis.

(e)If the Special General Partner receives distributions pursuant to the agreement of limited partnership of the Operating Partnership in respect of realized gains on the disposition of an Investment, Adjusted Net Income, for purposes of calculating the Operating Expenses, shall exclude the gain from the disposition of such Investment.

14.Other Activities of the Advisor.

(a)Subject to the Guidelines, nothing herein contained shall prevent the Advisor from engaging in other activities, including without limitation, direct investment by the Advisor and its Affiliates in assets that would be suitable for CWI 1, the rendering of advice to other investors (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of the Advisor or any of its Affiliates or of any director, member, officer, employee or shareholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. The Advisor may, with respect to any investment in which CWI 1 is a participant, also render advice and service to each other participant therein. Without limiting the generality of the foregoing, CWI 1 acknowledges that (i) affiliates of the Advisor provide or will provide services to the CPA^® REIT funds, (ii) W. P. Carey Inc. owns investments in lodging properties that were not contributed to CWI 1, which it will continue to own and manage, (iii) the Advisor and its Affiliates may provide services to other programs sponsored or managed by W. P. Carey Inc. whether now in existence or formed hereafter, and (iv) W. P. Carey Inc. and its Affiliates may make future investments for their own account. The Advisor shall be responsible for promptly reporting to the Board the existence of any actual or potential conflict of interest that arises that may affect its performance of its duties under this Agreement. If the Sponsor, Advisor, Director or Affiliates thereof has or have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as CWI 1, it shall be the duty of

18

the Advisor to allocate investments in a fair and equitable manner and in accordance with the Guidelines.

(b)The Advisor shall be required to use its best efforts to present a continuing and suitable investment program to CWI 1 that is consistent with the investment objectives and policies of CWI 1, but subject to the last sentence of the preceding paragraph, neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment Opportunity to CWI 1 even if the opportunity is of character which, if presented to CWI 1, could be taken by CWI 1. If an Investment Opportunity is presented to, and rejected by, CWI 1’s Investment Committee, the Advisor shall be free to allocate such Investment Opportunity to itself or to another entity managed by it or its Affiliates.

(c)Once each quarter, senior representatives of the Advisor will meet with at least a majority of the Independent Directors for the purpose of reviewing the Advisor's compliance with the Guidelines with respect to all Investments allocated among W. P. Carey Inc., CWI 1 and each other REIT and investment program managed by an Affiliate of W. P. Carey Inc. (each, together with its Affiliates, an "Investment Entity," and collectively, the "Investment Entities") during the most recently completed fiscal quarter. The quarterly review will take place at the regularly scheduled quarterly meeting of the Board of Directors, or at another time and place that are mutually determined by the Advisor and the Independent Directors, and may include representatives of other Investment Entities. The Advisor will use its best efforts to distribute a report reasonably in advance of each quarterly review meeting containing a list of all Investments allocated to the Investment Entities, the particular Investment Entity to which each Investment was allocated, a brief description of the Investment, the purchase price of each Investment and acquisition fees (if any) paid to the Advisor and its Affiliates in connection with each Investment. Representatives of the Advisor shall be prepared to discuss each Investment and the reasons for its allocation to particular Investment Entities at the quarterly review meeting.

(d)The Advisor shall not consent to any material amendment of Section 4(a) of the Subadvisory Agreement without the prior approval of a majority of the Independent Directors.

15.Relationship of Advisor and CWI 1. CWI 1 and the Advisor agree that they have not created and do not intend to create by this Agreement a joint venture or partnership relationship between them and nothing in this Agreement shall be construed to make them partners or joint venturers or impose any liability as partners or joint venturers on either of them.

16.Term; Termination of Agreement. This Agreement, as amended and restated, shall continue in force until December 31, 2016 or until 60 days after the date on which the Independent Directors shall have notified the Advisor of their determination either to renew this Agreement for an additional one-year period or terminate this Agreement, as required by the Charter.

17.Termination by CWI 1. At the sole option of the Board (including a majority of the Independent Directors), this Agreement may be terminated immediately by written notice of termination from CWI 1 to the Advisor upon the occurrence of events which would constitute Cause or if any of the following events occur:

(a)If the Advisor shall be adjudged bankrupt or insolvent by a court of competent jurisdiction, or an order shall be made by a court of competent jurisdiction for the appointment of a receiver, liquidator, or trustee of the Advisor, for all or substantially all of its property by reason of the foregoing, or if a court of competent jurisdiction approves any petition filed against the Advisor

19

for reorganization, and such adjudication or order shall remain in force or unstayed for a period of 30 days; or

(b)If the Advisor shall institute proceedings for voluntary bankruptcy or shall file a petition seeking reorganization under the federal bankruptcy laws, or for relief under any law for relief of debtors, or shall consent to the appointment of a receiver for itself or for all or substantially all of its property, or shall make a general assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts, generally, as they become due.

Any notice of termination under Section 16 or 17 hereof shall be effective on the date specified in such notice, which may be the day on which such notice is given or any date thereafter. The Advisor agrees that if any of the events specified in this Section 17(a) or (b) shall occur, it shall give written notice thereof to the Board within 15 days after the occurrence of such event.

18.Termination by Either Party. This Agreement may be terminated immediately without penalty (but subject to the requirements of Section 20 hereof) by the Advisor by written notice of termination to CWI 1 upon the occurrence of events which would constitute Good Reason or by CWI 1 without cause or penalty (but subject to the requirements of Section 20 hereof) by action of the Directors, a majority of the Independent Directors or by action of a majority of the Shareholders, in each case upon 60 days' written notice.

19.Assignment Prohibition. This Agreement may not be assigned by the Advisor without the prior written approval of the Board (including a majority of the Independent Directors); provided, however, that such approval shall not be required in the case of an assignment to a corporation, partnership, association, trust or organization which takes over the assets and carries on the affairs of the Advisor, provided: (i) that at the time of such assignment, such successor organization shall be owned substantially by an entity directly or indirectly controlled by the Advisor and only if such entity has a net worth of at least $5,000,000, and (ii) that the board of directors of the Advisor shall deliver to the Board a statement in writing indicating the ownership structure and net worth of the successor organization and a certification from the new Advisor as to its net worth. Such an assignment shall bind the assignees hereunder in the same manner as the Advisor is bound by this Agreement. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement may not be assigned by CWI 1 or the Operating Partnership without the prior written consent of the Advisor except in case of an assignment to a corporation or other organization which is a successor to CWI 1 or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as CWI 1 or the Operating Partnership is bound by this Agreement.

20.Payments to and Duties of Advisor Upon Termination.

(a)After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder, but shall be entitled to receive from CWI 1 the following:

(i)all unpaid reimbursements of Organization and Offering Expenses and of Operating Expenses payable to the Advisor;

(ii)all earned but unpaid Asset Management Fees payable to the Advisor prior to the Termination Date;

(iii)all earned but unpaid Acquisition Fees payable to the Advisor relating to the acquisition of any Property prior to the Termination Date;

20

(iv)all earned but unpaid Disposition Fees payable to the Advisor relating to the sale of any Investment prior to the Termination Date; and

(v)all earned but unpaid Property Management Fees and Loan Refinancing Fees, if any, payable to the Advisor or its Affiliates relating to the management of any property prior to the termination of this Agreement.

(b)Notwithstanding the foregoing, if this Agreement is terminated by CWI 1 for Cause, or by the Advisor for other than Good Reason, the Advisor will not be entitled to receive the sums in Clauses 20(a)(ii) through (v) above.

(c)Any and all amounts payable to the Advisor pursuant to Section 20(a) hereof that, irrespective of the termination, were payable on a current basis prior to the Termination Date either because they were not subordinated or all conditions to their payment had been satisfied, shall be paid within 90 days after the Termination Date. All other amounts shall be paid in a manner determined by the Board, but in no event on terms less favorable to the Advisor than those represented by a note (i) maturing upon the liquidation of CWI 1 or the Operating Partnership or three years from the Termination Date, whichever is earlier, (ii) with no less than twelve equal quarterly installments and (iii) bearing a fair, competitive and commercially reasonable interest rate (the "Note"). The Note, if any, may be prepaid by the Operating Partnership at any time prior to maturity with accrued interest to the date of payment but without premium or penalty. Notwithstanding the foregoing, any amounts that relate to Investments (A) shall be an amount which provides compensation to the Advisor only for that portion of the holding period for the respective Investments during which the Advisor provided services to CWI 1, (B) shall not be due and payable until the Property, Loan or Other Permitted Investment Asset to which such amount relates is sold or refinanced, and (C) shall not bear interest until the Property, Loan or Other Permitted Investment Asset to which such amount relates is sold or refinanced. A portion of the amount shall be paid as each Investment owned by CWI 1 on the Termination Date is sold. The portion of such amount payable upon each such sale shall be equal to (X) such amount multiplied by (Y) the percentage calculated by dividing the fair value (at the Termination Date) of the Investment sold by CWI 1 divided by the total fair value (at the Termination Date) of all Investments owned by CWI 1 on the Termination Date.

(d)The Advisor shall promptly upon termination:

(i)pay over to the Operating Partnership all money collected and held for the account of CWI 1 pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;

(ii)deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

(iii)deliver to the Board all assets, including the Properties, Loans, and Other Permitted Investment Assets, and documents of CWI 1 then in the custody of the Advisor; and

(iv)cooperate with CWI 1 to provide an orderly management transition.

21

21.Non-Solicitation and Non-Hire Following Termination. None of CWI 1 or any of its Affiliates will, for a period of 24 months after the termination of this Agreement for any reason, solicit for employment or employ, solicit for engagement or engage, including as an advisor, subadvisor, consultant or independent contractor, (i) any officer, director or management employee, or any other employee with whom CWI 1 or its Affiliates came into contact in connection with the services to be provided under this Agreement and the Subadvisory Agreement, in each case of the Advisor or the Subadvisor or any of their respective Affiliates (each a "Restricted Person") or (ii) any Affiliate of a Restricted Person.

22.Indemnification by CWI 1 and the Operating Partnership. Neither CWI 1 nor the Operating Partnership shall indemnify the Advisor or any of its Affiliates for any loss or liability suffered by the Advisor or the Affiliate, or hold the Advisor or the Affiliate harmless for any loss or liability suffered by CWI 1, except as permitted under Section 7 hereof.

23.Indemnification by Advisor. The Advisor shall indemnify and hold harmless CWI 1 and the Operating Partnership from liability, claims, damages, taxes or losses and related expenses including attorneys' fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor's bad faith, fraud, willful misfeasance, misconduct, negligence or reckless disregard of its duties.

24.Joint and Several Obligations. Any obligations of CWI 1 shall be construed as the joint and several obligations of CWI 1 and the Operating Partnership, unless otherwise specifically provided in this Agreement.

25.Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein:

22

To the Board and to CWI 1:	Carey Watermark Investors Incorporated 50 Rockefeller Plaza New York, NY 10020
To the Operating Partnership:	c/o Carey Watermark Investors Incorporated 50 Rockefeller Plaza New York, NY 10020
To the Advisor:	Carey Lodging Advisors, LLC 50 Rockefeller Plaza New York, NY 10020 With a copy to: Carey Asset Management Corp. 50 Rockefeller Plaza New York, NY 10020 and During the term of the Subadvisory Agreement, with a copy to: CWA, LLC c/o Watermark Capital Partners, LLC 272 East Deerpath Road, Suite 320 Lake Forest, IL 60045

Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this Section 25.

26.Modification. This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees.

27.Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.

28.Construction. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of New York.

29.Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.

30.Indulgences, Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege

23

with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

31.Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.

32.Titles Not to Affect Interpretation. The titles of Sections and subsections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.

33.Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

34.Initial Investment. The Advisor has contributed to CWI 1 $200,000 in exchange for 22,222 Shares (the "Initial Investment"). The Advisor or its Affiliates may not sell any of the Shares purchased with the Initial Investment during the term of this Agreement. The restrictions included above shall not continue to apply to any Shares other than the Shares acquired through the Initial Investment acquired by the Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns or hereafter acquires in any vote for the election of Directors or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates.

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IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Advisory Agreement as of the day and year first above written.

CAREY WATERMARK INVESTORS INCORPORATED
By:	/s/ Susan C. Hyde
	Name: Susan C. Hyde
	Title: Managing Director and Secretary

CWI OP, LP By: CAREY WATERMARK INVESTORS INCORPORATED, its general partner
By:	/s/ Hisham A. Kader
	Name: Hisham A. Kader
	Title: Chief Financial Officer and Chief Accounting Officer

CAREY LODGING ADVISORS, LLC By: CAREY ASSET MANAGEMENT CORP., its sole member
By:	/s/ Thomas E. Zacharias
	Name: Thomas E. Zacharias
	Title: Managing Director and Chief Operating Officer

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SCHEDULE A

Investment Allocation Guidelines

CWI 1 invests primarily in lodging and lodging related assets. CWI 1's investment objectives and investment strategy are set forth in its public filings with the Securities and Exchange Commission and are subject to change from time to time with the approval of the Board.

The Advisor shall consider the following factors, together with such other factors as it deems relevant in the exercise of its reasonable judgment, when deciding how to allocate Investment Opportunities between CWI 1, on the one hand, and the Advisor and its Affiliates and other entities managed by the Advisor and its Affiliates in a fair and equitable manner

• whether an entity is still in its fundraising and acquisition stage, or has substantially invested the proceeds from its fundraising stage;

• the amount of funds available for investment by an entity and the length of time that such funds have been available for investment;

• the effect of the Investment on the diversification of an entity's portfolio;

• the effect of the Investment on the profile of an entity's mortgage maturity profile;

• the ability of an entity to service any debt associated with the Investment;

• the effect of the Investment on the ability of the entity to comply with any restrictions on investments and indebtedness contained in the Investment Entity's governing documents and public SEC filings, in any contract or in any law or regulation applicable to the Investment Entity;

• whether an entity was formed for the purpose of making a particular type of investment;

• the financial attributes of the Investment;

• the future capital expenditures and other investments planned for the Investment;

• the effect of the Investment on the Investment Entity's intention to qualify as a REIT, partnership or other type of entity for tax purposes; and

• the effect of the Investment on an Investment Entity's intention not to be subject to regulation under the Investment Company Act of 1940, as amended.

The Advisor and the Subadvisor shall make investment allocation decisions without regard to the relative fees or other compensation that would be paid to the Advisor or the Subadivisor and their respective Affiliates in connection with the applicable Investments.

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SCHEDULE B

This Schedule B sets forth the terms governing any Shares issued by CWI 1 to the Advisor in payment of advisory fees set forth in the Agreement. Capitalized terms used herein and not defined herein shall have the meanings ascribed to them in the Agreement.

1. Restrictions. The Shares are subject to vesting over a five-year period. The Shares shall vest ratably over a five-year period with 20% of the Shares paid in each payment vesting on each of the first through fifth anniversary of the date hereof. Prior to the vesting of the ownership of the Shares in the Advisor, the Shares may not be transferred by the Advisor.

2. Immediate Vesting. Upon the expiration or termination of the Agreement for any reason other than a termination for Cause under Section 17 of the Agreement or upon a "Change of Control" of CWI 1 (as defined below), all Shares granted to the Advisor pursuant to Section 9(g) of the Agreement shall vest immediately and all restrictions shall lapse. For purposes of this Schedule B, a "Change of Control" of CWI 1 shall be deemed to have occurred if there has been a change in the ownership of CWI 1 of a nature that would be required to be reported in response to the disclosure requirements of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as enacted and in force on the date hereof, whether or not CWI 1 is then subject to such reporting requirements; provided, however, that, without limitation, a "Change of Control" shall be deemed to have occurred if:

(i)any "person," as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than CWI 1, any of its subsidiaries, any trustee, fiduciary or other person or entity holding securities under any employee benefit plan of CWI 1 or any of its subsidiaries), together with all "affiliates" and "associates" (as such terms are defined in Rule 14b-2 under the Exchange Act) of such person, shall become the "beneficial owner" (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of CWI 1 representing 25 % or more of either (A) the combined voting power of CWI 1’s then outstanding securities having the right to vote in an election of the Board ("Voting Securities") or (B) the Shares then outstanding (in either such case other than as a result of acquisition of securities directly from CWI 1);

(ii)persons who, as of the date hereof, constitute the Board (the "Incumbent Directors") cease for any reason, including without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board, provided that any person becoming a director of CWI 1 subsequent to the date hereof whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors shall be considered an Incumbent Director; or

(iii)the stockholders of CWI 1 shall approve (A) any consolidation or merger of CWI 1 or any subsidiary where the stockholders of CWI 1, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50 % or more of the voting equity of the entity issuing cash or securities in the consolidation or merger (or of its ultimate parent entity, if any), (B) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of CWI 1 or (C) any plan or proposal for the liquidation or dissolution of CWI 1.

27

Notwithstanding the foregoing, a Change of Control shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by CWI 1 which, by reducing the number of Shares outstanding, increases (A) the proportionate number of Shares beneficially owned by any person to 25% or more of the Shares then outstanding, or (B) the proportionate voting power represented by the Shares beneficially owned by any person to 25% or more of the combined voting power of all then outstanding Voting Securities; provided, however, that if any person referred to in clause (A) or (B) of this sentence shall thereafter become the beneficial owner of any additional Shares or other Voting Securities (other than pursuant to a Share split, Share dividend, or similar transaction), then a Change of Control shall be deemed to have occurred for purposes of the foregoing clause (i).

3. Exception. Notwithstanding anything else in the Agreement to the contrary, the Shares shall continue to vest according to the vesting schedule in this Schedule B regardless of: (a) the expiration of the Agreement for any reason other than a termination by CWI 1 for Cause or a resignation by the Advisor for other than Good Reason, (b) the merger of CWI 1 and an Affiliate of CWI 1, or (c) any Change of Control of CWI 1 in connection with a merger of CWI 1 with an Affiliate of CWI 1.

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EX-12.0

Exhibit 12

COMPUTATION OF RATIOS

For purposes of calculating the ratio of earnings to fixed charges, the term “earnings” is the amount resulting from adding (i) pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees, (ii) fixed charges, (iii) amortization of capitalized interest, and (iv) distributed income of equity investees, reduced by (i) interest capitalized and (ii) the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. “Fixed charges” consist of (i) interest expensed and capitalized, (ii) amortized premiums, discounts, and capitalized expenses related to indebtedness, and (iii) an estimate of the interest within rental expense.

The following table sets forth information regarding our ratio of earnings to fixed charges for the periods shown.

(Dollars in thousands)

	Years Ended December 31,
	2015			2014			2013			2012			2011
Income from continuing operations before income taxes and adjustments for income from partially-owned entities	$	222,848		$	230,360		$	95,237		$	94,287		$	190,254
Fixed charges	196,694			180,558			110,204			52,213			23,648
Distributed income of equity investees	(42,820		)	(31,015		)	5,287			(16,098		)	(30,421		)
Capitalized interest	(32		)	(18		)	—			—			—
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges	(1,658		)	(664		)	(3,457		)	(1,319		)	(2,734		)
Earnings	$	375,032		$	379,221		$	207,271		$	129,083		$	180,747
Interest expense	$	194,326		$	178,462		$	108,193		$	50,709		$	22,366
Capitalized interest	32			18			—			—			—
1/3 of rental expense - interest factor	2,336			2,078			2,011			1,504			1,282
Fixed Charges	$	196,694		$	180,558		$	110,204		$	52,213		$	23,648
Ratio of Earnings to Fixed Charges	1.91			2.10			1.88			2.47			7.64

EX-21.1

Exhibit 21.1

W. P. CAREY INC.

SUBSIDIARIES OF REGISTRANT

Name of Subsidiary	Ownership		State or Country of Incorporation
(CA) Ads, LLC	100	%	Delaware
(CA) CHC LP	100	%	Delaware
24 HR TX (TX) Limited Partnership	100	%	Delaware
24 HR-TX (MD) Business Trust	100	%	Maryland
24 HR-TX GP (TX) QRS 12-66, Inc.	100	%	Delaware
308 Route 38 LLC	100	%	Delaware
620 Eighth Investor NYT (NY) QRS 16-150, Inc.	100	%	Delaware
620 Eighth Lender NYT (NY) Limited Partnership	45	%	Delaware
620 Eighth NYT (NY) Limited Partnership	45	%	Delaware
ACT (GER) QRS 15-58, Inc.	100	%	Delaware
ACT Grundstücksverwaltungs GmbH & Co. KG	100	%	Germany
ACT Grundstücksverwaltungs Management GmbH & Co. KG	100	%	Germany
ADCIR (CO) QRS 16-60, Inc.	100	%	Delaware
ADCIR EXP (CO) LLC	100	%	Delaware
ADS2 (CA) QRS 11-41, Inc.	100	%	California
ADVA 15 (GA) LLC	100	%	Delaware
ADV-QRS 15 (GA) QRS 15-4, Inc.	100	%	Delaware
Aerobic (MO) LLC	100	%	Delaware
AFD (MN) LLC	100	%	Delaware
AIR (IL) QRS 14-48, Inc.	100	%	Delaware
Alum (Alberta) ULC	100	%	Canada
Alum (Canada) QRS 16-103, Inc.	100	%	Delaware
ALUSA (TX) DE Limited Partnership	100	%	Delaware
ALUSA-GP (TX) QRS 16-72, Inc.	100	%	Delaware
ALUSA-LP (TX) QRS 16-73, Inc.	100	%	Delaware
Amln (CA) QRS 14-107, Inc.	100	%	Delaware
Amln Landlord LLC	100	%	Delaware
Amln Member (CA) QRS 14-108, Inc.	100	%	Delaware
Amtoll (NM) QRS 14-39, Inc.	100	%	Delaware
ANTH Campus (CA) LLC	100	%	Delaware
ANT-LM LLC	100	%	Delaware
Applied Four (DE) QRS 14-75, Inc.	100	%	Delaware
Applied Utah (UT) QRS 14-76, Inc.	100	%	Delaware
Asiainvest LLC	92	%	Delaware
Assembly (MD)	100	%	Maryland
Auto (FL) QRS 11-39, Inc.	100	%	Florida
Autopress (GER) LLC	100	%	Delaware
Autosafe Airbag 14 (CA) LP	100	%	Delaware
AW WPC (KY) LLC	100	%	Delaware
AZO Driver (DE) LLC	100	%	Delaware
AZO Mechanic (DE) LLC	100	%	Delaware
AZO Navigator (DE) LLC	100	%	Delaware
AZO Valet (DE) LLC	100	%	Delaware
AZO-A L.P.	100	%	Delaware
AZO-B L.P.	100	%	Delaware

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
AZO-C L.P.	100	%	Delaware
AZO-D L.P.	100	%	Delaware
Bbrands (Multi) QRS 16-137, Inc.	100	%	Delaware
BDF (CT) QRS 16-82, Inc.	100	%	Delaware
Beaver MM (POL) QRS 15-86, INC.	100	%	Delaware
Belgov (DE) QRS 15-66, Inc.	100	%	Delaware
Beverage (GER) QRS 16-141 LLC	100	%	Delaware
BFS (DE) LP	100	%	Delaware
BFS (DE) QRS 14-74, Inc.	100	%	Delaware
Bill CD LLC	100	%	Delaware
Bill-GP (TX) QRS 14-56, Inc.	100	%	Delaware
Bill-MC 14 LP	90	%	Delaware
BM-LP (TX) QRS 14-57, Inc.	100	%	Delaware
BN (MA) QRS 11-58, Inc.	100	%	Delaware
BOBS (CT) QRS 16-25, Inc.	100	%	Delaware
Bolder (CO) QRS 11-44, Inc.	100	%	Delaware
Bolt (DE) Limited Partnership	100	%	Delaware
Bolt (DE) QRS 15-26, Inc.	100	%	Delaware
Bolt (DE) Trust	100	%	Maryland
Bone (DE) LLC	100	%	Delaware
Bone (DE) QRS 15-12, Inc.	100	%	Delaware
Bone Manager, Inc.	100	%	Delaware
Borneo Agencies Ltd.	100	%	Thailand
BOS West (MA) LLC	100	%	Delaware
Bplast 16 Manager (DE) QRS 16-129, Inc.	100	%	Delaware
Bplast 16 Member (DE) QRS 16-128, Inc.	100	%	Delaware
Bplast Landlord (DE) LLC	50	%	Delaware
Bplast Two Landlord (IN) LLC	50	%	Delaware
Bplast Two Manager (IN) QRS 16-152, Inc.	100	%	Delaware
Bplast Two Member (IN) QRS 16-151, Inc.	100	%	Delaware
Brassington Limited	100	%	Hong Kong
Brelade Holdings Ltd.	100	%	Cyprus
Brilliant 437 GMBH	100	%	Germany
BRY-PL (DE) Limited Partnership	100	%	Delaware
BRY-PL (MD) Trust	100	%	Maryland
BRY-PL GP (DE) QRS 15-57, Inc.	100	%	Delaware
BSL Caldwell (NC) LLC	100	%	Delaware
BST Torrance Landlord (CA) QRS 14-109, Inc.	100	%	Delaware
BT (PA) QRS 12-25, INC.	100	%	Pennsylvania
BT-YORK (PA)	100	%	Pennsylvania
Build (CA) QRS 12-24, Inc.	100	%	California
Call LLC	100	%	Delaware
Can (WI) QRS 12-34, Inc.	100	%	Wisconsin
Can-Two (DE) QRS 12-67, Inc.	100	%	Delaware
CAR-4 I SARL	100	%	France

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
CAR-4 II SARL	100	%	France
Car-4 SCI	100	%	France
Cards (CA) QRS 11-37, Inc.	100	%	Delaware
Cards (CA) QRS 12-12, Inc.	100	%	Delaware
Cards Limited Liability Company	100	%	Delaware
Carey Asset Management Corp.	100	%	Delaware
Carey Asset Management Dallas LLC	100	%	Delaware
Carey Credit Advisors, LLC	100	%	Delaware
Carey Credit Income Fund	50	%	Delaware
Carey Financial, LLC	100	%	Delaware
Carey Lodging Advisors, LLC	100	%	Delaware
Carey Management LLC	100	%	Delaware
Carey REIT II, Inc.	100	%	Maryland
Carey Self-Storage Participation, LLC	100	%	Delaware
Carey Storage Asset Management LLC	100	%	Delaware
Carey Storage Management LLC	100	%	Delaware
Carey Storage Mezzanine I, LLC	100	%	Delaware
Carey Storage TRS (DE) 16-155, Inc.	100	%	Delaware
Carey Watermark 1 LLC	100	%	Delaware
Carey Watermark Holdings, LLC	80	%	Delaware
Carey Watermark Holdings 2, LLC	100	%	Delaware
Carey/HUSREFIV Self-Storage Holdings LLC	40	%	Delaware
Carey/HUSREFIV Self-Storage Services, Inc.	100	%	Delaware
Carlog I SARL	100	%	France
Carlog II SARL	100	%	France
Carlog SCI	100	%	France
Casting Landlord (GER) QRS 16-109 LLC	100	%	Delaware
Casting Member (GER) QRS 16-108 LLC	100	%	Delaware
CBS (PA) QRS 14-12, Inc.	100	%	Delaware
CD UP LP	100	%	Delaware
Champion Edge SND BHD	100	%	Malaysia
Chassis (DE) Limited Partnership	100	%	Delaware
Chassis (GER) QRS 16-118, Inc.	100	%	Delaware
CIP Acquisition Incorporated	100	%	Maryland
Citrus Heights (CA) GP, LLC	100	%	Delaware
CLA Holdings, LLC	100	%	Delaware
Clean (KY) LLC	100	%	Delaware
Clean (KY) QRS 16-22, Inc.	100	%	Delaware
Coco (WY) QRS 16-51, Inc.	100	%	Delaware
Coco-Dorm (PA) QRS 16-52, Inc.	100	%	Delaware
Coco-Dorm (PA) Trust	100	%	Maryland
Coco-Dorm (PA), LP	100	%	Delaware
Comquest West (AZ) 11-68, Inc.	100	%	Delaware
Conductor (CA) QRS 14-11, Inc.	100	%	Delaware
Consys (SC) QRS 16-66, Inc.	100	%	Delaware

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
Consys-9 (SC) LLC	100	%	Delaware
Container Finance (Finland) QRS 16-62, Inc.	100	%	Delaware
Containers (DE) Limited Partnership	100	%	Delaware
Containers (DE) QRS 15-36, Inc.	100	%	Delaware
Corporate Property Associates	100	%	California
Corporate Property Associates 15 Incorporated	100	%	Maryland
Corporate Property Associates 4-A California Limited Partnership	100	%	California
Corporate Property Associates 6-A California Limited Partnership	100	%	California
Corporate Property Associates 9-A Delaware Limited Partnership	100	%	Delaware
CP GAL (IN) QRS 16-61, Inc.	100	%	Delaware
CP GAL Fairfax, LLC	100	%	Delaware
CP GAL Kennesaw, LLC	100	%	Delaware
CP GAL Leawood, LLC	100	%	Delaware
CP GAL Lombard, LLC	100	%	Delaware
CP GAL Plainfield, LLC	55	%	Delaware
CPA 14 (UK) Finance Company	100	%	Delaware
CPA 15 Merger Sub Inc.	100	%	Maryland
CPA 16 LLC	100	%	Delaware
CPA 16 Merger Sub Inc.	100	%	Maryland
CPA Paper, Inc.	100	%	Delaware
CPA16 German (DE) Limited Partnership	100	%	Delaware
CPA16 German GP (DE) QRS-155, Inc.	100	%	Delaware
Crate (GER) QRS 16-142 LLC	100	%	Delaware
CRI (AZ-CO) QRS 16-4, Inc.	100	%	Delaware
Cups (DE) LP	100	%	Delaware
Dan (FL) QRS 15-7, Inc.	100	%	Delaware
DCNETH Landlord (NL) LLC	100	%	Delaware
DCNETH Member (NL) QRS 15-102, Inc	100	%	Delaware
Delaware Chip LLC	100	%	Delaware
Delaware Frame (TX), LP	100	%	Delaware
Deliver (TN) QRS 14-49, Inc.	100	%	Delaware
Delmo (DE) QRS 11/12-1, Inc.	100	%	Delaware
Delmo (PA) QRS 11-36	100	%	Pennsylvania
Delmo (PA) QRS 12-10	100	%	Pennsylvania
Delmo 11/12 (DE) LLC	100	%	Delaware
DES-Tech (TN) Limited Partnership	100	%	Delaware
DES-Tech GP (TN) QRS 16-49, Inc.	100	%	Delaware
DES-Tech LP (TN) QRS 16-50, Inc.	100	%	Delaware
Develop (TX) LP	100	%	Delaware
Dfence (Belgium) 15 Sprl	100	%	Belgium
Dfence (Belgium) 15-16 Sprl	100	%	Belgium
Dfence (Belgium) 16 Sprl	100	%	Belgium
Dfend 15 LLC	100	%	Delaware
Dfend 16 LLC	100	%	Delaware
DIY (Poland) Sp. Zoo	100	%	Poland

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
Dough (DE) QRS 14-77, Inc.	100	%	Delaware
Dough (MD)	100	%	Maryland
Dough Lot (DE) QRS 14-110, Inc.	100	%	Delaware
Dough Lot (MD)	100	%	Maryland
DP WPC (TX) LLC	100	%	Delaware
Drayton Plains (MI), LLC	100	%	Delaware
Drill (DE) Trust	100	%	Maryland
Drill GmbH & Co. KG	95	%	Germany
Drug (AZ) QRS 14-42, Inc.	100	%	Delaware
DSG (IN) QRS 15-44, Inc.	100	%	Delaware
DSG GP (PA) QRS 14-103, Inc.	100	%	Delaware
DSG Landlord (PA) L.P.	100	%	Delaware
DSG LP (PA) Trust	100	%	Maryland
Dyne (DE) LP	100	%	Delaware
ELL (GER) QRS 16-37, Inc.	100	%	Delaware
Energy (NJ) QRS 15-10, Inc.	100	%	Delaware
Eros (ESP) CR QRS Inc.	100	%	Delaware
Eros II Spain 17-16 B.V.	70	%	The Netherlands
Fabric (DE) GP	100	%	Delaware
Fair-QB (DE) LLC	100	%	Delaware
Fast (DE) QRS 14-22, Inc.	100	%	Delaware
Faur WPC (OH) LLC	100	%	Delaware
Film (FL) QRS 14-44, Inc.	100	%	Delaware
Finistar (CA-TX) Limited Partnership	100	%	Delaware
Finistar GP (CA-TX) QRS 16-21, Inc.	100	%	Delaware
Finistar LP (DE) QRS 16-29, Inc.	100	%	Delaware
Finit (FI) LLC	100	%	Delaware
Finnestadveien 44 II AS	100	%	Norway
Fit (CO) QRS 15-59, Inc.	100	%	Delaware
Fit (TX) GP QRS 12-60, Inc.	100	%	Delaware
Fit (TX) LP	100	%	Delaware
Fit (TX) Trust	100	%	Maryland
Fit (UT) QRS 14-92, Inc.	100	%	Delaware
Food (DE) QRS 12-49, Inc.	100	%	Delaware
Foss (NH) QRS 16-3, Inc.	100	%	Delaware
Four World Landlord (GA) LLC	100	%	Delaware
Four World Manager (GA) LLC	100	%	Delaware
Frame (TX) QRS 14-25, Inc.	100	%	Delaware
Freight (IL) LLC	100	%	Delaware
FRO 16 (NC) LLC	100	%	Delaware
FRO Spin (NC) LLC	40	%	Delaware
GAL III (IN) QRS 15-49, Inc.	100	%	Delaware
GAL III (NJ) QRS 15-45, Inc.	100	%	Delaware
GAL III (NY) QRS 15-48, Inc.	100	%	Delaware
GB-ACT (GER) Limited Partnership	100	%	Delaware

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
Gearbox (GER) QRS 15-95, Inc.	100	%	Delaware
GERB TOLLAND QRS (CT) 16 Inc.	100	%	Delaware
Gibson Mass Member Two LLC	100	%	Delaware
Gibson Plus Member Two LLC	100	%	Delaware
Goldyard S.L.	70	%	Spain
GRC (TX) Limited Partnership	100	%	Delaware
GRC (TX) QRS 15-47, Inc.	100	%	Delaware
GRC (TX) Trust	100	%	Maryland
GRC-II (TX) Limited Partnership	100	%	Delaware
GRC-II (TX) QRS 15-80, Inc.	100	%	Delaware
GRC-II (TX) Trust	100	%	Maryland
Greens (Finland) QRS 16-14, Inc.	100	%	Delaware
Greens Shareholder (Finland) QRS 16-16, Inc.	100	%	Delaware
Guitar Mass (TN) QRS 14-36, Inc.	100	%	Delaware
Guitar Plus (TN) QRS 14-37, Inc.	100	%	Delaware
H2 Investor (GER) QRS 15-91, Inc.	100	%	Delaware
H2 Investor (GER) QRS 16-100, Inc.	100	%	Delaware
Hammer (DE) Limited Partnership	100	%	Delaware
Hammer (DE) LP QRS 12-65, Inc.	100	%	Delaware
Hammer (DE) LP QRS 14-100, Inc.	100	%	Delaware
Hammer (DE) LP QRS 15-33, Inc.	100	%	Delaware
Hammer (DE) QRS 15-32, Inc.	100	%	Delaware
Hammer (DE) Trust	100	%	Maryland
HEF (NC-SC) QRS 14-86, Inc.	100	%	Delaware
Hellweg GmbH & Co. Vermögensverwaltungs KG	64	%	Germany
Hibbett (AL) 11-41, Inc.	100	%	Delaware
HLWG B Note Purchaser (DE) LLC	67	%	Delaware
HLWG Two (GER) LLC	67	%	Delaware
HM Benefits (MI) QRS 16-18, Inc.	100	%	Delaware
Hoe Management GmbH	64	%	Germany
Hotel (MN) QRS 16-84, Inc.	100	%	Delaware
Hotel Operator (MN) TRS 16-87, Inc.	100	%	Delaware
Hum (DE) QRS 11-45, Inc.	100	%	Delaware
Huntwood (TX) Limited Partnership	100	%	Delaware
Huntwood (TX) QRS 16-8, Inc.	100	%	Delaware
Ice (TX) QRS 12-29, Inc.	100	%	Texas
ICG (TX) Limited Partnership	100	%	Delaware
ICG-GP (TX) QRS 15-3, Inc.	100	%	Delaware
ICG-LP (TX) Trust	100	%	Maryland
Ijobbers (DE) QRS 14-41, Inc.	100	%	Delaware
Ijobbers LLC	100	%	Delaware
Illkinvest SAS	100	%	France
Image (NY) QRS 16-67, Inc.	100	%	Delaware
Initiator (CA) QRS 14-62, Inc.	100	%	Delaware
Inversiones Holmes, S.L.	100	%	Spain

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
Jamesinvest Sprl	100	%	Belgium
Jen (MA) QRS 12-54, Inc.	100	%	Delaware
JPCentre (TX) LLC	100	%	Delaware
Kabushiki Kaisha Mure Property	100	%	Japan
KF WPC Owner (IL) LLC	100	%	Delaware
Kiinteisto Oy Tietoie 6	100	%	Finland
Kiinteisto Oy Tietokilo 1-2	100	%	Finland
Kiinteistöosakeyhtiö Ruskontie 55	100	%	Finland
King Arthur Properties SARL	100	%	Luxembourg
KPH (UK) QRS 16-42, Inc.	100	%	Delaware
KSM Cresskill (NJ) QRS 16-80, Inc.	100	%	Delaware
KSM Livingston (NJ) QRS 16-76, INC.	100	%	Delaware
KSM Maplewood (NJ) QRS 16-77, INC.	100	%	Delaware
KSM Montclair (NJ) QRS 16-78, INC.	100	%	Delaware
KSM Morristown (NJ) QRS 16-79, INC.	100	%	Delaware
KSM Summit (NJ) QRS 16-75, Inc.	100	%	Delaware
Labels-Ben (DE) QRS 16-28, Inc.	100	%	Delaware
Labrador (AZ) LP	100	%	Delaware
Learn (IL) QRS 11-53, Inc.	100	%	Delaware
Leather (DE) QRS 14-72, Inc.	100	%	Delaware
Lei (GER) QRS 16-134 LLC	100	%	Delaware
Lincoln (DE) LP	100	%	Delaware
Linden (GER) LLC	100	%	Delaware
Longboom (Finland) QRS 16-131, Inc.	100	%	Delaware
Longboom Finance (Finland) QRS 16-130, Inc.	100	%	Delaware
Longboom Landlord (Finland) LLC	100	%	Delaware
LPD (CT) QRS 16-132, Inc.	100	%	Delaware
LPORT (WA-TX) QRS 16-92, Inc.	100	%	Delaware
LPORT 2 (WA) QRS 16-147, Inc.	100	%	Delaware
LTI (DE) QRS 14-81, Inc.	100	%	Delaware
LTI Trust (MD)	100	%	Maryland
Mag-Info (SC) QRS 16-74, Inc.	100	%	Delaware
MAGS (UK) QRS 16-2, INC.	100	%	Delaware
Mala-IDS (DE) QRS 16-71, Inc.	100	%	Delaware
Mallika PBJ LLC	100	%	Delaware
Mapi Invest SPRL	100	%	Belgium
Mapinvest Delaware LLC	100	%	Delaware
Marcourt Investments Incorporated	100	%	Maryland
Master (DE) QRS 15-71, Inc.	100	%	Delaware
Mauritius International I LLC	100	%	Delaware
MBM-Beef (DE) QRS 15-18, Inc.	100	%	Delaware
MCM (TN) LLC	100	%	Delaware
MCM Manager (TN) QRS 16-115, Inc.	100	%	Delaware
MCM Member (TN) QRS 16-116, Inc.	100	%	Delaware
MCPA Mass (TN) Associates	100	%	Tennessee

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
MCPA Plus (TN) Associates	100	%	Tennessee
Mechanic (AZ) QRS 15-41, Inc.	100	%	Delaware
Medi (PA) Limited Partnership	100	%	Delaware
Medi (PA) QRS 15-21, Inc.	100	%	Delaware
Medi (PA) Trust	100	%	Maryland
Memphis Hotel Operator (TN) TRS 16-121, Inc.	100	%	Delaware
Memphis Hotel Owner (TN) QRS 16-122, Inc.	100	%	Delaware
Meri (NC) LLC	100	%	Delaware
Meri (NC) MM QRS 14-98, Inc.	100	%	Delaware
MET WST (UT) QRS 16-97, Inc.	100	%	Delaware
Metal (DE) QRS 14-67, Inc.	100	%	Delaware
Metal (GER) QRS 15-94, Inc.	100	%	Delaware
Metaply (MI) LLC	100	%	Delaware
Micro (CA) QRS 11-43, Inc.	100	%	Delaware
MK (Mexico) QRS 16-48, Inc.	100	%	Delaware
MK (NY) Trust	100	%	New York
MK GP BEN (DE) QRS 16-45, Inc.	100	%	Delaware
MK Landlord (DE) Limited Partnership	100	%	Delaware
MK LP Ben (DE) QRS 16-46, Inc.	100	%	Delaware
MK-Ben (DE) Limited Partnership	100	%	Delaware
MK-GP (DE) QRS 16-43, Inc.	100	%	Delaware
MK-LP (DE) QRS 16-44, Inc.	100	%	Delaware
MK-Nom (ONT) Inc.	100	%	Canada
MM (UT) QRS 11-59, Inc.	100	%	Delaware
Module (DE) Limited Partnership	100	%	Delaware
Mons (DE) QRS 15-68, Inc.	100	%	Delaware
More Applied Four (DE) LLC	100	%	Delaware
More Applied Utah (UT) LLC	100	%	Delaware
Movie (VA) QRS 14-24, Inc.	100	%	Delaware
MPH (UK) QRS 16-41, Inc.	100	%	Delaware
Nail (DE) Trust	100	%	Maryland
Neonatal Finland, Inc.	100	%	Delaware
Neoserv (CO) QRS 10-13, Inc.	100	%	Colorado
Neoserv (CO) QRS 11-8, Inc.	100	%	Colorado
New Option-QB (DE) LLC	100	%	Delaware
Nord (GA) QRS 16-98, Inc.	100	%	Delaware
Nord B Note (DE) QRS 16-126, Inc.	100	%	Delaware
NR (LA) QRS 14-95, Inc.	100	%	Delaware
Olimpia Investments Sp. z o.o.	100	%	Poland
Optical (CA) QRS 15-8, Inc.	100	%	Delaware
Orb (MO) QRS 12-56, Inc.	100	%	Delaware
Overtape (CA) QRS 15-14, Inc.	100	%	Delaware
OX (AL) LLC	100	%	Delaware
OX-GP (AL) QRS 15-15, Inc.	100	%	Delaware
Pacpress (IL-MI) QRS 16-114, Inc.	100	%	Delaware

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
Pallet (FRA) SARL	100	%	France
Panel (UK) QRS 14-54, Inc.	100	%	Delaware
Paper Limited Liability Company	100	%	Delaware
Parts (DE) QRS 14-90, Inc.	100	%	Delaware
Pem (MN) QRS 15-39, Inc.	100	%	Delaware
Pet (TX) GP QRS 11-62, INC.	100	%	Delaware
Pet (TX) LP	100	%	Delaware
Pet (TX) Trust	100	%	Maryland
PF (GER) QRS 16-96 LLC	100	%	Delaware
PG (Multi-16) L.P.	100	%	Delaware
PG (Multi-16) QRS 16-7, Inc.	100	%	Delaware
PG (Multi-16) Trust	100	%	Maryland
PG Calgary (DE) Trust	100	%	New York
PG-Ben (CAN) QRS 16-9, Inc.	100	%	Delaware
PG-Nom Alberta, Inc.	100	%	Canada
Pilbara Investments Limited	100	%	Cyprus
Pipes (UK) QRS 16-59, Inc.	100	%	Delaware
Plants (Sweden) QRS 16-13, Inc.	100	%	Delaware
Plants Shareholder (Sweden) QRS 16-15, Inc.	100	%	Delaware
Plastic (DE) Limited Partnership	100	%	Delaware
Plastic (DE) QRS 15-56, Inc.	100	%	Delaware
Plastic (DE) Trust	100	%	Maryland
Plastic II (IL) LLC	100	%	Delaware
Plastic II (IL) QRS 16-27, Inc.	100	%	Delaware
Plates (DE) QRS 14-63, Inc.	100	%	Delaware
Plex (WI) QRS 11-56, Inc.	100	%	Delaware
Plex Trust (MD)	100	%	Maryland
Pliers (DE) Trust	100	%	Maryland
Plum (DE) QRS 15-67, Inc.	100	%	Delaware
Pohj Landlord (Finland) LLC	100	%	Delaware
Pohj Managing Member (Finland) QRS 16-20, Inc.	100	%	Delaware
Pohj Member (Finland) QRS 15-82, Inc.	100	%	Delaware
Pol (NC) QRS 15-25, Inc.	100	%	Delaware
Pol-Beaver LLC	100	%	Delaware
Pold (GER) QRS 16-133 LLC	100	%	Delaware
Polkinvest Sprl	100	%	Belgium
Poly (Multi) Limited Partnership	100	%	Delaware
Poly GP (Multi) QRS 16-35, Inc.	100	%	Delaware
Poly LP (MD) Trust	100	%	Maryland
Popcorn (TX) QRS 14-43, Inc.	100	%	Delaware
Ports (Finland) LLC	100	%	Delaware
Ports (Finland) QRS 16-63, Inc.	100	%	Delaware
PRA (OH) LLC	100	%	Delaware
Primo (MS) QRS 16-94, Inc.	100	%	Delaware
Print (WI) QRS 12-40, Inc.	100	%	Wisconsin

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
Prints (UK) QRS 16-1, Inc.	100	%	Delaware
Projector (FL) QRS 14-45, Inc.	100	%	Delaware
Provo (UT) QRS 16-85, Inc.	100	%	Delaware
Pump (MO) QRS 14-52, Inc.	100	%	Delaware
PWE (Multi) QRS 14-85, Inc.	100	%	Delaware
QRS 10-1 (ILL) Inc.	100	%	Illinois
QRS 10-18 (FL), LLC	100	%	Delaware
QRS 11-2 (AR), LLC	100	%	Delaware
QRS 11-41 (AL), LLC	100	%	Delaware
QS ARK (DE) QRS 15-38, Inc.	100	%	Delaware
Quest-US West (AZ) QRS 11-68, LLC	100	%	Delaware
Rad-Mon (VA-IN) LLC	100	%	Delaware
Rails (UK) QRS 15-54, Inc.	100	%	Delaware
Randolph/Clinton Limited Partnership	100	%	Delaware
REIT Brickan AB	100	%	Sweden
RI(CA) QRS 12-59, Inc.	100	%	Delaware
RII (CA) QRS 15-2, Inc.	100	%	Delaware
RRC (TX) GP QRS 12-61, Inc.	100	%	Delaware
RRC (TX) LP	100	%	Delaware
RRC (TX) Trust	100	%	Maryland
Rubbertex (TX) QRS 16-68, Inc.	100	%	Delaware
Rush It LLC	100	%	Delaware
Salted Peanuts (LA) QRS 15-13, Inc.	100	%	Delaware
Scan (OR) QRS 11-47, Inc.	100	%	Delaware
SCHNEI-ELEC (MA) LLC	100	%	Delaware
Schobi (Ger-Pol) LLC	100	%	Delaware
Sealtex (DE) QRS 16-69, Inc.	100	%	Delaware
Semi (CA) QRS 12-45, Inc.	100	%	Delaware
SF (TX) GP QRS 11-61, INC.	100	%	Delaware
SF (TX) LP	100	%	Delaware
SF (TX) Trust	100	%	Maryland
SFC (TN) QRS 11-21, Inc.	100	%	Tennessee
SFCO (GA) QRS 16-127, Inc.	100	%	Delaware
Shaq (DE) QRS 15-75, Inc.	100	%	Delaware
Shep (KS-OK) QRS 16-113, Inc.	100	%	Delaware
SHO Member (FL) LLC	100	%	Delaware
Shovel Management GmbH	67	%	Germany
SM (NY) QRS 14-93, Inc.	100	%	Delaware
South East Asian Pacific Holdings Ltd.	100	%	British Virgin Islands
Speed (NC) QRS 14-70, Inc.	100	%	Delaware
ST (TX) GP QRS 11-63, INC.	100	%	Delaware
ST (TX) LP	100	%	Delaware
ST (TX) Trust	100	%	Maryland
Steels (UK) QRS 16-58, Inc.	100	%	Delaware
Stor-Move UH 15 Business Trust	100	%	Massachusetts

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
Stor-Move UH 16 Business Trust	100	%	Massachusetts
Sun (SC) QRS 12-68, Inc.	100	%	Delaware
Sun Two (SC) QRS 12-69, Inc.	100	%	Delaware
Sunny Chip 14 LLC	100	%	Delaware
Sunny Chip 15 LLC	100	%	Delaware
Suspension (DE) QRS 15-1, Inc.	100	%	Delaware
Tech (GER) QRS 16-144, Inc.	100	%	Delaware
Tech Landlord (GER) LLC	30	%	Delaware
Teeth Finance (Finland) QRS 16-106, Inc.	100	%	Delaware
Teeth Landlord (Finland) LLC	100	%	Delaware
Teeth Member (Finland) QRS 16-107, Inc.	100	%	Delaware
Telc (NJ) QRS 16-30, Inc.	100	%	Delaware
Telegraph (MO) LLC	100	%	Delaware
Telegraph Manager (MO) WPC, Inc.	100	%	Delaware
Terrier (AZ) QRS 14-78, Inc.	100	%	Delaware
Tfarma (CO) QRS 16-93, Inc.	100	%	Delaware
Theatre (DE) QRS 14-14, Inc.	100	%	Delaware
Thids (DE) QRS 16-17, Inc.	100	%	Delaware
Thids 16 Company Limited	100	%	Thailand
Three Aircraft Seats (DE) Limited Partnership	100	%	Delaware
Three Cabin Seats (DE) LLC	100	%	Delaware
Tissue SARL	100	%	France
Tito (FI) QRS 15-81, Inc.	100	%	Delaware
Tito (FI) QRS 16-6, Inc.	100	%	Delaware
Toner (DE) QRS 14-96, Inc.	100	%	Delaware
Tower (DE) QRS 14-89, Inc.	100	%	Delaware
Tower 14 (MD)	100	%	Maryland
Toys (NE) QRS 15-74, Inc.	100	%	Delaware
Trinity WPC (Manchester) Limited	100	%	United Kingdom
Trinity WPC (UK) Limited	100	%	United Kingdom
Trinity WPC (UK) LLC	100	%	Delaware
Trucks (France) SARL	100	%	France
TR-VSS (MI) QRS 16-90. Inc.	100	%	Delaware
TSO-Hungary KFT	51	%	Hungary
UH Storage (DE) Limited Partnership	88	%	Delaware
UH Storage GP (DE) QRS 15-50, Inc.	100	%	Delaware
UK Panel LLC	100	%	Delaware
Uni-Tech (CA) QRS 15-64, Inc.	100	%	Delaware
Unitech (IL) LLC	100	%	Delaware
Uni-Tech (PA) QRS 15-51, Inc.	100	%	Delaware
Uni-Tech (PA) QRS 15-63, Inc.	100	%	Delaware
Uni-Tech (PA) Trust	100	%	Maryland
Uni-Tech (PA), L.P.	100	%	Delaware
UP CD LLC	100	%	Delaware
URubber (TX) Limited Partnership	100	%	Delaware

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
UTI-SAC (CA) QRS 16-34, Inc.	100	%	Delaware
Valves Germany (DE) QRS 16-64 LLC	100	%	Delaware
Valves Member Germany (DE) QRS 16-65 LLC	100	%	Delaware
Venice (CA) LP	100	%	Delaware
Vinyl (DE) QRS 14-71, Inc.	100	%	Delaware
W. P. Carey & Co. B.V.	100	%	Netherlands
W. P. Carey & Co. Limited	100	%	United Kingdom
W. P. Carey Equity Investment Management (Shanghai) Co., Ltd.	100	%	China
W. P. Carey Holdings, LLC	100	%	Delaware
W. P. Carey International LLC	100	%	Delaware
W.P.C.I. Holdings I LLC	92	%	Delaware
W.P.C.I. Holdings II LLC	92	%	Delaware
Wadd-II (TN) LP	100	%	Delaware
Wadd-II General Partner (TN) QRS 15-19, INC.	100	%	Delaware
Wals (IN) LLC	100	%	Delaware
Weg (GER) QRS 15-83, Inc.	100	%	Delaware
Wegell GmbH & Co. KG	100	%	Germany
Wegell Verwaltungs GmbH	100	%	Germany
WGN (GER) LLC	33	%	Delaware
WGN 15 Holdco (GER) QRS 15-98, Inc.	100	%	Delaware
WGN 15 Member (GER) QRS 15-99, Inc.	100	%	Delaware
WGS (Multi) LLC	100	%	Delaware
Windough (DE) LP	100	%	Delaware
Windough Lot (DE) LP	100	%	Delaware
Wisco (WI) Limited Partnership	100	%	Delaware
Wolv (DE) Limited Partnership	100	%	Delaware
Wolv Trust, a Maryland Business Trust	100	%	Maryland
Work (GER) QRS 16-117, Inc.	100	%	Delaware
WPC Australia 1 Trust	100	%	Australia
WPC CM6-Hotel Manager, LLC	100	%	Delaware
WPC Crown Colony (MA) LLC	100	%	Delaware
WPC Holdco LLC	100	%	Maryland
WPC Hornbachplatz 1 GmbH	100	%	Austria
WPC International Holding and Financing LLC	100	%	Delaware
WPC MAN-Strasse 1 GmbH	100	%	Austria
WPC Pan-European Holding Cooperatief U.A.	100	%	Netherlands
WPC Pola Sp. z o.o.	100	%	Poland
WPC PR6 (CO) LLC	100	%	Delaware
WPC PR6 OPT (CO) LLC	100	%	Delaware
WPC QBE Manager, LLC	100	%	Delaware
WPC REIT 1 B.V.	100	%	Netherlands
WPC REIT ADMIR 8 B.V.	100	%	Netherlands
WPC REIT Cargo 4 B.V.	100	%	Netherlands
WPC REIT Horn 11 B.V.	100	%	Netherlands
WPC REIT MAN 16 B.V.	100	%	Netherlands

SUBSIDIARIES OF REGISTRANT (Continued)

Name of Subsidiary	Ownership		State or Country of Incorporation
WPC REIT Merger Sub Inc.	100	%	Maryland
WPC REIT Nipp 13 B.V.	100	%	Netherlands
WPC REIT Npow 17 B.V.	100	%	Netherlands
WPC REIT PD 12 B.V.	100	%	Netherlands
WPC REIT Pend 14 B.V.	100	%	Netherlands
WPC REIT Sant 5 B.V.	100	%	Netherlands
WPC REIT STER B.V.	100	%	Netherlands
WPC REIT Tot 7 B.V.	100	%	Netherlands
WPC Smucker Manager, LLC	100	%	Delaware
WPC Sub Trust No. 1	100	%	Australia
WPC TOT 1 AS	100	%	Norway
WPC TOT 2 AS	100	%	Norway
WPC TOT 3 AS	100	%	Norway
WPC-CPA:18 Holdings, LLC	100	%	Delaware
Wrench (DE) Limited Partnership	100	%	Delaware
Wrench (DE) QRS 15-31, Inc.	100	%	Delaware
Wrench (DE) Trust	100	%	Maryland
XPD (NJ) LLC	100	%	Delaware
XPD Member (NJ) QRS 16-12, Inc.	100	%	Delaware

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S‑8 (Nos.333-160078, 333-160079, 333-64549, 333-56121, 333-189999; 333-187729 and 333-90880) and Form S-3 (No.333-194389) of W. P. Carey Inc. of our report dated February 26, 2016 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form 10‑K.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 26, 2016

EX-31.1

Exhibit 31.1

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Mark J. DeCesaris, certify that:

1. I have reviewed this Annual Report on Form 10-K of W. P. Carey Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 26, 2016

/s/ Mark J. DeCesaris    

Mark J. DeCesaris

Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Hisham A. Kader, certify that:

1. I have reviewed this Annual Report on Form 10-K of W. P. Carey Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 26, 2016

/s/ Hisham A. Kader    

Hisham A. Kader

Chief Financial Officer

EX-32.0

Exhibit 32

Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report of W. P. Carey Inc. on Form 10-K for the period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of W. P. Carey Inc., does hereby certify, to the best of such officer’s knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of W. P. Carey Inc.

Date: February 26, 2016

/s/ Mark J. DeCesaris    

Mark J. DeCesaris

Chief Executive Officer

Date: February 26, 2016

/s/ Hisham A. Kader    

Hisham A. Kader

Chief Financial Officer

The certification set forth above is being furnished as an exhibit solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report as a separate disclosure document of W. P. Carey Inc. or the certifying officers.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to W. P. Carey Inc. and will be retained by W. P. Carey Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 18, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	W. P. Carey Inc.
Entity Central Index Key	0001025378
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 6.1
Entity Common Stock, Shares Outstanding		104,529,350

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments in real estate:
Real estate, at cost (inclusive of $256,573 and $184,417, respectively, attributable to variable interest entities, or VIEs)	$ 5,309,925	$ 5,006,682
Operating real estate, at cost (inclusive of $38,714 and $38,714, respectively, attributable to VIEs)	82,749	84,885
Accumulated depreciation (inclusive of $27,451 and $19,982, respectively, attributable to VIEs)	(381,529)	(258,493)
Net investments in properties	5,011,145	4,833,074
Net investments in direct financing leases (inclusive of $57,709 and $61,609, respectively, attributable to VIEs)	756,353	816,226
Assets held for sale	59,046	7,255
Net investments in real estate	5,826,544	5,656,555
Equity investments in the Managed Programs and real estate	275,473	249,403
Cash and cash equivalents (inclusive of $1,672 and $2,652, respectively, attributable to VIEs)	157,227	198,683
Due from affiliates	62,218	34,477
In-place lease and tenant relationship intangible assets, net (inclusive of $27,541 and $21,267, respectively, attributable to VIEs)	902,848	993,819
Goodwill	681,809	692,415
Above-market rent intangible assets, net (inclusive of $11,801 and $13,767, respectively, attributable to VIEs)	475,072	522,797
Other assets, net (inclusive of $19,771 and $18,603, respectively, attributable to VIEs)	373,482	300,330
Total assets	8,754,673	8,648,479
Liabilities:
Non-recourse debt, net (inclusive of $115,691 and $125,226, respectively, attributable to VIEs)	2,271,204	2,532,683
Senior Unsecured Notes, net	1,486,568	498,345
Senior Unsecured Credit Facility - Revolver	485,021	807,518
Senior Unsecured Credit Facility - Term Loan	250,000	250,000
Accounts payable, accrued expenses and other liabilities (inclusive of $9,268 and $5,573, respectively, attributable to VIEs)	342,374	293,846
Below-market rent and other intangible liabilities, net (inclusive of $8,619 and $9,305, respectively, attributable to VIEs)	154,315	175,070
Deferred income taxes (inclusive of $598 and $587, respectively, attributable to VIEs)	86,104	94,133
Distributions payable	102,715	100,078
Total liabilities	5,178,301	4,751,673
Redeemable noncontrolling interest	$ 14,944	$ 6,071
Commitments and contingencies (Note 12)
W. P. Carey stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	$ 0	$ 0
Common stock, $0.001 par value, 450,000,000 shares authorized; 104,448,777 and 104,040,653 shares, respectively, issued and outstanding	104	104
Additional paid-in capital	4,282,042	4,293,450
Distributions in excess of accumulated earnings	(738,652)	(497,730)
Deferred compensation obligation	56,040	30,624
Accumulated other comprehensive loss	(172,291)	(75,559)
Total W. P. Carey stockholders’ equity	3,427,243	3,750,889
Noncontrolling interests	134,185	139,846
Total equity	3,561,428	3,890,735
Total liabilities and equity	$ 8,754,673	$ 8,648,479

XML

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments in real estate:
Real estates, at cost attributable to consolidated VIEs	$ 5,309,925	$ 5,006,682
Operating real estate, at cost attributable to VIEs	82,749	84,885
Accumulated depreciation attributable to consolidated VIEs	381,529	258,493
Net investment in direct financing leases	756,353	816,226
Cash and cash equivalents attributable to consolidated VIEs	157,227	198,683
In-place lease, net attributable to consolidated VIEs	902,848	993,819
Above-market rent, net attributable to consolidated VIEs	475,072	522,797
Other assets, net attributable to consolidated VIEs	373,482	300,330
Liabilities:
Non-recourse debt attributable to consolidated VIEs	2,271,204	2,532,683
Accounts payable, accrued expenses, and other liabilities attributable to consolidated VIEs	342,374	293,846
Below-market rent and other intangible liabilities, net attributable to consolidated VIEs	154,315	175,070
Deferred income taxes attributable to consolidated VIEs	$ 86,104	$ 94,133
W. P. Carey stockholders’ equity:
Preferred stock, par share value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Common stock, per share value	$ 0.001	$ 0.001
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	104,448,777	104,040,653
Common stock, shares outstanding	104,448,777	104,040,653
Variable Interest Entity
Investments in real estate:
Real estates, at cost attributable to consolidated VIEs	$ 256,573	$ 184,417
Operating real estate, at cost attributable to VIEs	38,714	38,714
Accumulated depreciation attributable to consolidated VIEs	27,451	19,982
Net investment in direct financing leases	57,709	61,609
Cash and cash equivalents attributable to consolidated VIEs	1,672	2,652
In-place lease, net attributable to consolidated VIEs	27,541	21,267
Above-market rent, net attributable to consolidated VIEs	11,801	13,767
Other assets, net attributable to consolidated VIEs	19,771	18,603
Liabilities:
Non-recourse debt attributable to consolidated VIEs	115,691	125,226
Accounts payable, accrued expenses, and other liabilities attributable to consolidated VIEs	9,268	5,573
Below-market rent and other intangible liabilities, net attributable to consolidated VIEs	8,619	9,305
Deferred income taxes attributable to consolidated VIEs	$ 598	$ 587

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Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real estate revenues:
Lease revenues	$ 656,956	$ 573,829	$ 299,624
Operating property revenues	30,515	28,925	956
Lease termination income and other	25,145	17,767	2,071
Reimbursable tenant costs	22,832	24,862	13,314
Total real estate revenue	735,448	645,383	315,965
Revenues from the Managed Programs:
Structuring revenue	92,117	71,256	46,589
Reimbursable costs	55,837	130,212	73,572
Asset management revenue	49,984	38,063	42,670
Dealer manager fees	4,794	23,532	10,856
Incentive, termination and subordinated disposition revenue	203	0	199
Revenue from the Managed Programs	202,935	263,063	173,886
Total revenues	938,383	908,446	489,851
Operating Expenses
Depreciation and amortization	280,315	237,123	121,822
General and administrative	103,172	91,588	67,063
Reimbursable tenant and affiliate costs	78,669	155,074	86,886
Property expenses, excluding reimbursable tenant costs	52,199	37,725	8,082
Impairment charges	29,906	23,067	5,294
Stock-based compensation expense	21,626	31,075	37,195
Dealer manager fees and expenses	11,403	21,760	13,028
Subadvisor fees	11,303	5,501	4,106
Merger, property acquisition, and other expenses	(7,764)	34,465	9,230
Total operating expenses	580,829	637,378	352,706
Other Income and Expenses
Interest expense	(194,326)	(178,122)	(103,728)
Equity in earnings of equity method investments in the Managed Programs and real estate	51,020	44,116	52,731
Other income and (expenses)	2,113	(14,230)	9,421
Gain on change in control of interests	0	105,947	0
Total other income and expenses	(141,193)	(42,289)	(41,576)
Income from continuing operations before income taxes and gain (loss) on sale of real estate	216,361	228,779	95,569
Provision for income taxes	(37,621)	(17,609)	(1,252)
Income from continuing operations before gain (loss) on sale of real estate	178,740	211,170	94,317
Income from discontinued operations, net of tax	0	33,318	38,180
Gain (loss) on sale of real estate, net of tax	6,487	1,581	(332)
Net Income	185,227	246,069	132,165
Net income attributable to noncontrolling interests	(12,969)	(6,385)	(32,936)
Net loss (income) attributable to redeemable noncontrolling interest	0	142	(353)
Net Income Attributable to W. P. Carey	$ 172,258	$ 239,826	$ 98,876
Basic Earnings Per Share
Income from continuing operations attributable to W. P. Carey (usd per share)	$ 1.62	$ 2.08	$ 1.22
Income from discontinued operations attributable to W. P. Carey (usd per share)	0.00	0.34	0.21
Net Income Attributable to W. P. Carey (usd per share)	1.62	2.42	1.43
Diluted Earnings Per Share
Income from continuing operations attributable to W. P. Carey (usd per share)	1.61	2.06	1.21
Income from discontinued operations attributable to W. P. Carey (usd per share)	0.00	0.33	0.20
Net Income Attributable to W. P. Carey (usd per share)	$ 1.61	$ 2.39	$ 1.41
Weighted-Average Shares Outstanding
Basic, (in shares)	105,675,692	98,764,164	68,691,046
Diluted (in shares)	106,507,652	99,827,356	69,708,008
Amounts Attributable to W. P. Carey
Income from continuing operations, net of tax	$ 172,258	$ 206,329	$ 84,637
Income from discontinued operations, net of tax	0	33,497	14,239
Net Income Attributable to W. P. Carey	$ 172,258	$ 239,826	$ 98,876

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Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Comprehensive Income
Net Income	$ 185,227	$ 246,069	$ 132,165
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	(125,447)	(117,938)	21,835
Realized and unrealized gain on derivative instruments	24,053	21,085	20
Change in unrealized gain (loss) on marketable securities	15	(10)	0
Net current period other comprehensive income (loss)	(101,379)	(96,863)	21,855
Comprehensive Income	83,848	149,206	154,020
Amounts Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	(12,969)	(6,385)	(32,936)
Foreign currency translation adjustments	4,647	5,977	(1,883)
Comprehensive income attributable to noncontrolling interests	(8,322)	(408)	(34,819)
Amounts Attributable to Redeemable Noncontrolling Interest
Net loss (income) attributable to redeemable noncontrolling interest	0	142	(353)
Foreign currency translation adjustments	0	(9)	13
Comprehensive loss (income) attributable to redeemable noncontrolling interest	0	133	(340)
Comprehensive Income Attributable to W. P. Carey	$ 75,526	$ 148,931	$ 118,861

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Consolidated Statement of Equity - USD ($) $ in Thousands	Total	$0.001 Par Value Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Deferred Compensation Obligation	Accumulated Other Comprehensive Income (Loss)	Total W. P. Carey Members	Noncontrolling interest
Balance - beginning of period at Dec. 31, 2012	$ 2,257,323	$ 69	$ 2,166,896	$ (183,528)	$ 8,358	$ (4,649)	$ 1,987,146	$ 270,177
Beginning equity balance - shares at Dec. 31, 2012		68,485,525
W.P. Carey Stockholders
Reclassification Of Estate Shareholder Shares	40,000		40,000				40,000
Exercise of stock options and employee purchases under the employee share purchase plan, value	2,312		2,312				2,312
Exercise of stock options and employee purchases under the employee share purchase plan, shares		55,423
Grants issued in connection with services rendered, shares, value	0						0
Grants issued in connection with services rendered, shares		295,304
Shares issued under share incentive plans, value	(9,183)		(9,183)				(9,183)
Shares issued under share incentive plans, shares		47,289
Contributions from noncontrolling interests	65,145							65,145
Windfall tax benefits - share incentive plan	12,817		12,817				12,817
Amortization of stock-based compensation expense	37,196		34,737		2,459		37,196
Distributions to noncontrolling interests	(71,820)							(71,820)
Distributions declared	(244,734)			(245,271)	537		(244,734)
Repurchase of shares, value	(40,000)	$ (1)	(19,548)	(20,451)			(40,000)
Repurchase of shares, shares		(616,971)
Foreign currency translation	(5)							(5)
Net income	131,812			98,876			98,876	32,936
Other comprehensive income (loss):
Foreign currency translation adjustments	21,848					19,965	19,965	1,883
Realized and unrealized gain on derivative instruments	20					20	20
Balance - end of period at Dec. 31, 2013	2,202,731	$ 68	2,228,031	(350,374)	11,354	15,336	1,904,415	298,316
Ending equity balance - shares at Dec. 31, 2013		68,266,570
W.P. Carey Stockholders
Shares issued in public offering, value	282,162	$ 5	282,157				282,162
Shares issued in public offering, shares		4,600,000
Exercise of stock options and employee purchases under the employee share purchase plan, value	1,890		1,890				1,890
Exercise of stock options and employee purchases under the employee share purchase plan, shares		39,655
Shares issued to stockholders of CPA:16 in connection with the CPA:16 Merger, value	1,815,521	$ 31	1,815,490				1,815,521
Shares issued to stockholders of CPA:16 in connection with the CPA:16 Merger, shares		30,729,878
Purchase of the remaining interests in less-than-wholly-owned investments that we already consolidate in connection with the CPA®:16 Merger	(280,936)		(41,374)				(41,374)	(239,562)
Purchase of noncontrolling interests in connection with the CPA®:16 Merger	99,757						0	99,757
Grants issued in connection with services rendered, shares, value	(15,737)		(15,737)				(15,737)
Grants issued in connection with services rendered, shares		368,347
Shares issued under share incentive plans, value	(1,428)		(1,428)				(1,428)
Shares issued under share incentive plans, shares		47,240
Deferral of vested shares	0		(15,428)		15,428		0
Contributions from noncontrolling interests	570							570
Windfall tax benefits - share incentive plan	5,641		5,641				5,641
Amortization of stock-based compensation expense	31,075		31,075				31,075
Redemption value adjustment	306		306				306
Distributions to noncontrolling interests	(19,719)							(19,719)
Distributions declared	(379,835)		3,178	(386,855)	3,842		(379,835)
Repurchase of shares, value	(678)		(351)	(327)			(678)
Repurchase of shares, shares		(11,037)
Foreign currency translation	76							76
Net income	246,211			239,826			239,826	6,385
Other comprehensive income (loss):
Foreign currency translation adjustments	(117,947)					(111,970)	(111,970)	(5,977)
Realized and unrealized gain on derivative instruments	21,085					21,085	21,085
Change in unrealized gain on marketable securities	(10)					(10)	(10)
Balance - end of period at Dec. 31, 2014	$ 3,890,735	$ 104	4,293,450	(497,730)	30,624	(75,559)	3,750,889	139,846
Ending equity balance - shares at Dec. 31, 2014	104,040,653	104,040,653
W.P. Carey Stockholders
Exercise of stock options and employee purchases under the employee share purchase plan, value	$ 515		515				515
Exercise of stock options and employee purchases under the employee share purchase plan, shares		11,524
Grants issued in connection with services rendered, shares, value	(15,493)		(15,493)				(15,493)
Grants issued in connection with services rendered, shares		331,252
Shares issued under share incentive plans, value	(3,250)		(3,250)				(3,250)
Shares issued under share incentive plans, shares		65,348
Deferral of vested shares	0		(20,740)		20,740
Contributions from noncontrolling interests	730							730
Windfall tax benefits - share incentive plan	12,522		12,522				12,522
Amortization of stock-based compensation expense	21,626		21,626				21,626
Redemption value adjustment	(8,873)		(8,873)				(8,873)
Distributions to noncontrolling interests	(14,713)							(14,713)
Distributions declared	(406,219)		2,285	(413,180)	4,676		(406,219)
Net income	185,227			172,258			172,258	12,969
Other comprehensive income (loss):
Foreign currency translation adjustments	(125,447)					(120,800)	(120,800)	(4,647)
Realized and unrealized gain on derivative instruments	24,053					24,053	24,053
Change in unrealized gain on marketable securities	15					15	15
Balance - end of period at Dec. 31, 2015	$ 3,561,428	$ 104	$ 4,282,042	$ (738,652)	$ 56,040	$ (172,291)	$ 3,427,243	$ 134,185
Ending equity balance - shares at Dec. 31, 2015	104,448,777	104,448,777

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Consolidated Statement of Equity (Parentheticals) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Distributions declared per share (usd per share)	$ 0.9646	$ 0.955	$ 0.954	$ 0.9525	$ 0.95	$ 0.94	$ 0.9	$ 0.895	$ 3.8261	$ 3.685	$ 3.39

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows — Operating Activities
Net income	$ 185,227	$ 246,069	$ 132,165
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	287,835	248,549	140,316
Impairment charges	29,906	23,067	13,709
Management income received in shares of Managed REITs and other	(23,266)	(39,866)	(33,572)
Stock-based compensation expense	21,626	31,075	37,195
Straight-line rent, amortization of rent-related intangibles, and deferred rental revenue	16,071	44,843	21,333
Allowance for credit losses	8,748	0	0
Gain on sale of real estate	(6,487)	(29,250)	(39,711)
Realized and unrealized (gain) loss on foreign currency transactions, derivatives, extinguishment of debt, and other	(1,978)	3,012	(6,154)
Deferred income taxes	1,476	(18,565)	(19,465)
Equity in losses (earnings) of equity method investments in the Managed Programs and real estate in excess of distributions received	415	(1,307)	(10,177)
Gain on change in control of interests	0	(105,947)	0
Amortization of deferred other revenue	0	(786)	(9,436)
Changes in assets and liabilities:
Increase in structuring revenue receivable	(29,327)	(23,713)	(13,788)
Deferred acquisition revenue received	23,469	15,724	18,633
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options	(18,742)	(17,165)	(11,476)
Net changes in other operating assets and liabilities	(17,696)	23,352	(11,664)
Net Cash Provided by Operating Activities	477,277	399,092	207,908
Cash Flows — Investing Activities
Purchases of real estate	(674,808)	(898,162)	(265,383)
Funding of short-term loans to affiliates	(185,447)	(11,000)	(15,000)
Proceeds from repayment of short-term loans to affiliates	185,447	11,000	15,000
Proceeds from sale of real estate	35,557	285,742	171,300
Investment in real estate under construction	(28,040)	(20,647)	0
Change in investing restricted cash	26,610	(23,731)	43,067
Capital contributions to equity investments in real estate	(16,229)	(25,468)	(1,945)
Proceeds from repayment of note receivable	10,441	1,915	0
Value added taxes paid in connection with acquisition of real estate	(10,401)	(7,036)	(502)
Value added taxes refunded in connection with acquisition of real estate	9,997	0	121
Distributions received from equity investments in the Managed Programs and real estate in excess of equity income	8,200	13,101	58,018
Capital expenditures on owned real estate	(4,415)	(5,757)	(6,906)
Capital expenditures on corporate assets	(4,321)	(18,262)	(7,133)
Other investing activities, net	2,224	1,652	2,989
Cash acquired in connection with the CPA®:16 Merger	0	65,429	0
Purchase of securities	0	(7,664)	0
Cash paid to stockholders of CPA®:16 – Global in the CPA®:16 Merger	0	(1,338)	0
Net Cash Used in Investing Activities	(645,185)	(640,226)	(6,374)
Cash Flows — Financing Activities
Repayments of Senior Unsecured Credit Facility	(1,330,122)	(1,415,000)	(413,000)
Proceeds from Senior Unsecured Credit Facility	1,044,767	1,757,151	735,000
Proceeds from issuance of Senior Unsecured Notes	1,022,303	498,195	0
Distributions paid	(403,555)	(347,902)	(220,395)
Prepayments of mortgage principal	(91,560)	(220,786)	0
Scheduled payments of mortgage principal	(90,328)	(205,024)	(391,764)
Proceeds from mortgage financing	22,667	20,354	115,567
Distributions paid to noncontrolling interests	(14,713)	(20,646)	(72,059)
Windfall tax benefit associated with stock-based compensation awards	12,522	5,641	12,817
Payment of financing costs	(10,878)	(12,321)	(2,368)
Change in financing restricted cash	(9,811)	(588)	(1,843)
Contributions from noncontrolling interests	730	693	65,145
Proceeds from exercise of stock options and employee purchases under the employee share purchase plan	515	1,890	2,312
Proceeds from issuance of shares in public offering	0	282,162	0
Repurchase of shares	0	(679)	(40,000)
Net Cash Provided by (Used in) Financing Activities	152,537	343,140	(210,588)
Change in Cash and Cash Equivalents During the Year
Effect of exchange rate changes on cash	(26,085)	(20,842)	2,669
Net (decrease) increase in cash and cash equivalents	(41,456)	81,164	(6,385)
Cash and cash equivalents, beginning of year	198,683	117,519	123,904
Cash and cash equivalents, end of year	$ 157,227	$ 198,683	$ 117,519

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Consolidated Statements of Cash Flows (Parentheticals 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Nov. 27, 2013
Supplemental Cash Flow Information
Net investment in properties	$ 5,011,145	$ 4,833,074	$ 33,625

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Consolidated Statements of Cash Flows (Parentheticals 2) $ in Thousands	Jan. 31, 2014 USD ($)
CPA: 16 - Global
Total Consideration
Fair value of W.P.Carey shares of common stock issued	$ 1,815,521
Cash consideration paid	1,338
Fair value equity interest in jointly-owned investments with equity investment prior to merger	349,749
Fair value of noncontrolling interests acquired	(278,187)
Total Consideration	2,061,141
Assets Acquired at Fair Value
Net investments in real estate	1,970,175
Net investment in direct financing leases	538,225
Equity investments in real estate	74,367
Assets held for sale	133,415
Goodwill	346,642
In-place lease intangible assets	553,723
Above-market rent intangible assets	395,824
Other assets	85,567
Liabilities Assumed at Fair Value
Non-recourse debt	(1,768,288)
Accounts payable, accrued expenses and other liabilities	(118,389)
Below-market rent and other intangible liabilities	(57,569)
Deferred tax liability	(58,347)
Amounts attributable to noncontrolling interests	(99,633)
Net assets acquired excluding cash	1,995,712
Cash acquired on acquisition of subsidiaries	65,429
Jointly Owned Investments | CPA: 16 - Global
Total Consideration
Fair value equity interest in jointly-owned investments with equity investment prior to merger	$ 172,720

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Consolidated Statements of Cash Flows (Parentheticals 3) $ in Thousands	Nov. 27, 2013 USD ($)
Total Consideration
Cash consideration	$ 13,748
Assets Acquired at Fair Value
Net investments in real estate	33,625
In-place lease intangible assets	872
Above-market rent intangible assets	722
Other assets	1,170
Liabilities Assumed at Fair Value
Non-recourse debt	(21,023)
Below-market rent and other intangible liabilities	(1,618)
Total identifiable net assets	$ 13,748

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Consolidated Statements of Cash Flows (Parentheticals 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Cash Flow Information
Interest paid	$ 174,504	$ 156,335	$ 98,599
Income taxes paid	$ 61,697	$ 25,247	$ 14,405

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Business and Organization

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Organization

Business and Organization

W. P. Carey Inc., or W. P. Carey, is, together with its consolidated subsidiaries and predecessors, a REIT that provides long-term financing via sale-leaseback and build-to-suit transactions for companies worldwide and manages a global investment portfolio. We invest primarily in commercial properties domestically and internationally. We earn revenue principally by leasing the properties we own to single corporate tenants, primarily on a triple-net lease basis, which generally requires each tenant to pay substantially all of the costs associated with operating and maintaining the property.

Originally founded in 1973, we reorganized as a REIT in September 2012 in connection with our merger with Corporate Property Associates 15 Incorporated. We refer to that merger as the CPA^®:15 Merger. On January 31, 2014, Corporate Property Associates 16 – Global Incorporated, or CPA^®:16 – Global, merged with and into us (Note 3), which we refer to as the CPA^®:16 Merger. Our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.”

We have elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code. As a REIT, we are not generally subject to United States federal income taxation other than from our taxable REIT subsidiaries, or TRSs, as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We hold all of our real estate assets attributable to our Real Estate Ownership segment under the REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs.

Through our TRSs we also earn revenue as the advisor to publicly-owned, non-listed REITs, which are sponsored by us under the Corporate Property Associates, or CPA^®,brand name that invest in similar properties. At December 31, 2015, we were the advisor to Corporate Property Associates 17 – Global Incorporated, or CPA^®:17 – Global, and Corporate Property Associates 18 – Global Incorporated, or CPA^®:18 – Global. We were also the advisor to CPA^®:16 – Global until its merger with us on January 31, 2014. We refer to CPA^®:16 – Global, CPA^®:17 – Global, and CPA^®:18 – Global together as the CPA^® REITs. At December 31, 2015, we were also the advisor to Carey Watermark Investors Incorporated, referred to as CWI 1, and Carey Watermark Investors 2 Incorporated, or CWI 2, two publicly-owned, non-listed REITs that invest in lodging and lodging-related properties. We refer to CWI 1 and CWI 2 together as the CWI REITs and, together with the CPA^® REITs, as the Managed REITs (Note 4). At December 31, 2015, we also served as the advisor to Carey Credit Income Fund, or CCIF, a business development company, or BDC (Note 7).

In July 2015, two registration statements on Form N-2 for two feeder funds of CCIF, or the CCIF Feeder Funds, were declared effective by the SEC. The CCIF Feeder Funds intend to invest the proceeds that they raise in their respective public offerings into the master fund, CCIF. The advisor to CCIF is wholly owned by us. We refer to CCIF and the CCIF Feeder Funds collectively as the Managed BDCs and, together with the Managed REITs, as the Managed Programs.

Reportable Segments

Real Estate Ownership — We own and invest in commercial properties principally in the United States, Europe, and Asia that are then leased to companies, primarily on a triple-net lease basis. We have also invested in several operating properties, such as lodging and self-storage properties. We earn lease revenues from our wholly-owned and co-owned real estate investments that we control. In addition, we generate equity income through co-owned real estate investments that we do not control and through our ownership of shares of the Managed Programs (Note 7). Through our special member interests in the operating partnerships of the Managed REITs, we also participate in their cash flows (Note 4). At December 31, 2015, our owned portfolio was comprised of our full or partial ownership interests in 869 properties, totaling approximately 90.1 million square feet (unaudited), substantially all of which were net leased to 222 tenants, with an occupancy rate of 98.8%.

Investment Management — Through our TRSs, we structure and negotiate investments and debt placement transactions for the Managed REITs, for which we earn structuring revenue, and manage their portfolios of real estate investments, for which we earn asset-based management revenue. We also earn asset management revenue from CCIF based on the average of its gross assets at fair value. We may earn disposition revenue when we negotiate and structure the sale of properties on behalf of the Managed REITs, and we may also earn incentive revenue and receive other compensation in connection with providing liquidity events for the Managed REITs’ stockholders. At December 31, 2015, CPA^®:17 – Global and CPA^®:18 – Global collectively owned all or a portion of 428 properties, including certain properties in which we have an ownership interest. Substantially all of these properties, totaling approximately 49.6 million square feet (unaudited), were net leased to 201 tenants, with an average occupancy rate of approximately 99.9%. The Managed REITs also had interests in 174 operating properties, totaling approximately 19.7 million square feet (unaudited). We continue to explore alternatives for expanding our investment management operations by raising funds beyond advising the existing Managed Programs. Any such expansion could involve the purchase of properties or other investments as principal, either for our owned portfolio or with the intention of transferring such investments to a newly-created fund, as well as the sponsorship of one or more funds to make investments other than primarily net lease investments, such as the CWI REITs and the Managed BDCs. These new funds could invest primarily in assets other than net-lease real estate and could include funds raised through private placements or publicly-traded vehicles, either in the United States or internationally.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Summary of Significant Accounting Policies

Critical Accounting Policies and Estimates

Accounting for Acquisitions

In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations.

Purchase Price Allocation of Tangible Assets —When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes a value for tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale.

Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following:

• a discount rate or internal rate of return;

• the marketing period necessary to put a lease in place;

• carrying costs during the marketing period;

• leasing commissions and tenant improvement allowances;

• market rents and growth factors of these rents; and

• a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term.

The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including:

• the creditworthiness of the lessees;

• industry surveys;

• property type;

• property location and age;

• current lease rates relative to market lease rates; and

• anticipated lease duration.

In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value.

Where a property is deemed to have excess land, the discounted cash flow analysis includes the estimated excess land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property adjusted for estimated market growth rates through the year of lease expiration.

The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded.

Purchase Price Allocation of Intangible Assets —We record above- and below-market lease intangible values for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated and in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date.

We evaluate the specific characteristics of each tenant’s lease and any pre-existing relationship with each tenant in determining the value of in-place lease intangibles. To determine the value of in-place lease intangibles, we consider the following:

• estimated market rent;

• estimated lease term, including renewal options at rental rates below estimated market rental rates;

• estimated carrying costs of the property during a hypothetical expected lease-up period; and

• current market conditions and costs to execute similar leases, including tenant improvement allowances and rent concessions.

Estimated carrying costs of the property include real estate taxes, insurance, other property operating costs, and estimates of lost rentals at market rates during the market participants’ expected lease-up periods, based on assessments of specific market conditions.

We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms.

We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements. We include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements.

The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building.

If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense.

Purchase Price Allocation of Debt —When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate.

Purchase Price Allocation of Goodwill —In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. Goodwill acquired in the CPA^®:15 Merger and the CPA^®:16 Merger was attributed to the Real Estate Ownership segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. All or a portion of the goodwill may be attributed to foreign deferred tax liabilities assumed in the business combination. The deferred tax liability results from the excess of basis under GAAP over the tax basis of the asset in the taxing jurisdiction.

Impairments

We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets, may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on marketable securities and goodwill. Our policies and estimates for evaluating whether these assets are impaired are presented below.

Real Estate —For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value.

As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value.

Assets Held for Sale —We classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then compare the asset’s fair value (less estimated cost to sell) to its carrying value, and if the fair value, less estimated cost to sell, is less than the property’s carrying value, we reduce the carrying value to the fair value, less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted.

Direct Financing Leases —We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates, where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value.

When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, and therefore the asset’s holding period is reduced, we assess the carrying amount for recoverability and if as a result of the decreased expected cash flows we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value.

Equity Investments in the Managed Programs and Real Estate —We evaluate our equity investments in the Managed Programs and real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values. For certain investments in the Managed REITs, we calculate the estimated fair value of our investment using the most recently published net asset value per share of each Managed REIT, which for CPA^®:18 – Global is deemed to be the most recent public offering price through December 31, 2015, multiplied by the number of shares owned.

Goodwill —We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, that could impact our goodwill impairment calculations. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge.

We calculate the estimated fair value of the Investment Management reporting unit by applying a price-to-EBITDA multiple to earnings. For the Real Estate Ownership reporting unit, we calculate its estimated fair value by applying an AFFO multiple. For both reporting units, the multiples are based on comparable companies. The selection of the comparable companies to be used in our evaluation process could have a significant impact on the fair value of our reporting units and possible impairments. The testing did not indicate any goodwill impairment as each of the reporting units with goodwill had fair value that was substantially in excess of the carrying value.

For the second step, if it were required, we compare the implied fair value of the goodwill for each reporting unit with its respective carrying amount and record an impairment charge equal to the excess of the carrying amount over the implied fair value. We would determine the implied fair value of the goodwill by allocating the estimated fair value of the reporting unit to its assets and liabilities. The excess of the estimated fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of the goodwill.

The goodwill recorded in our Investment Management and Real Estate Ownership reporting units is evaluated during the fourth quarter of every year. In connection with the CPA^®:16 Merger and the CPA^®:15 Merger, we recorded goodwill in our Real Estate Ownership reporting unit. Prior to the CPA^®:15 Merger, there was no goodwill recorded in our Real Estate Ownership reporting unit.

Other Accounting Policies

Basis of Consolidation —Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries and our tenancy-in-common interest as described below. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

At December 31, 2015, we had an investment in a tenancy-in-common interest in various underlying international properties. Consolidation of this investment is not required as such interest does not qualify as a VIE and does not meet the control requirement for consolidation. Accordingly, we account for this investment using the equity method of accounting. We use the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides us with significant influence on the operating and financial decisions of this investment. We also had certain investments in other wholly-owned tenancy-in-common interests, which we now consolidate after we obtained the remaining interests in the CPA^®:16 Merger.

When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we should be deemed to be the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease as well as certain decision-making rights within a loan or joint-venture agreement can cause us to consider an entity a VIE. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.

At December 31, 2015, we consolidated 20 VIEs. In connection with the CPA^®:16 Merger, we acquired 12 VIEs. We consider these entities VIEs because the leases have certain features such as fixed price purchase or renewal options.

For an entity that is not considered to be a VIE but rather a voting interest entity, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (i) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (ii) substantive participating rights, the limited partners’ rights overcome the presumption of control by a general partner of the limited partnership, and, therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting.

Additionally, we own interests in single-tenant, net-leased properties leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control, but over which we exercise significant influence. We account for these investments under the equity method of accounting. At times, the carrying value of our equity investments may fall below zero for certain investments. We intend to fund our share of the jointly-owned investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. At December 31, 2015, one of our equity investments was a VIE and none had carrying values below zero.

Reclassifications —Certain prior period amounts have been reclassified to conform to the current period presentation.

Share Repurchases— During the year ended December 31, 2015, we determined that our presentation of common shares repurchased should be classified as a reduction to Common stock, for the par amount of the common stock repurchase, Additional paid-in capital, and Distributions in excess of accumulated earnings, and included as shares unissued within the consolidated financial statements. We previously classified common shares repurchased as Treasury stock. We repurchased 416,408 shares in 2012, 616,971 shares in 2013, and 11,037 shares in 2014. We evaluated the impact of this correction on previously-issued financial statements and concluded that they were not materially misstated. In order to conform previously-issued financial statements to the current period, we elected to revise previously-issued financial statements the next time such financial statements are filed. The accompanying consolidated balance sheet as of December 31, 2014 and the consolidated statements of equity for the years ended December 31, 2014 and 2013 have been revised accordingly. In addition, we will revise the consolidated statements of equity for the periods ended March 31, 2015, June 30, 2015, and September 30, 2015, as those financial statements are presented in future filings.

The correction eliminates Treasury stock of $60.9 million and results in corresponding reductions of Common stock, Additional paid-in capital of $28.8 million, and Distributions in excess of accumulated earnings of $32.1 million, which results in no change in Total equity within the consolidated balance sheets as of December 31, 2014 and consolidated statements of equity for the years ended December 31, 2014 and 2013. The misclassification had no impact on the previously-reported consolidated statements of income, consolidated statements of comprehensive income, or consolidated statements of cash flows.

Real Estate and Operating Real Estate —We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred.

Assets Held for Sale —We classify those assets that are associated with operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated costs to sell. Prior to January 1, 2014, the results of operations and the related gain or loss on sale of properties that have been sold or that were classified as held for sale and in which we will have no significant continuing involvement are included in discontinued operations (Note 16).

If circumstances arise that we previously considered unlikely and, as a result, we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell.

We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property.

Notes Receivable —For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. Our notes receivable are included in Other assets, net in the consolidated financial statements.

Cash and Cash Equivalents —We consider all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.

Internal-Use Software Development Costs —We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage, including the costs associated with software that allows for the conversion of our old data to our new system. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Capitalized costs are amortized on a straight-line basis over the software’s estimated useful life, which isthreetoseven years. Periodically, we reassess the useful life considering technology, obsolescence, and other factors.

Other Assets and Liabilities —We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets and notes receivable in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, and deferred revenue in Other liabilities. Deferred charges are costs incurred in connection with mortgage financings, refinancings, issuance of corporate bonds, and the amendment of our credit facility that are amortized over the terms of the debt and included in Interest expense in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term, and rent recognized on a straight-line basis.

Allowance for Doubtful Accounts —We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms, and the amount can be reasonably estimated.

Revenue Recognition, Real Estate Leased to Others —We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. For the years ended December 31, 2015, 2014, and 2013, our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $57.7 million, $59.8 million, and $37.3 million, respectively.

Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented.

For our operating leases, we record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred (Note 5). We record leases accounted for under the direct financing method as a net investment (Note 6). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease.

Revenue Recognition, Investment Management Operations —We earn structuring revenue and asset management revenue in connection with providing services to the Managed Programs. We earn structuring revenue for services we provide in connection with the analysis, negotiation, and structuring of transactions, including acquisitions and dispositions and the placement of mortgage financing obtained by the Managed REITs. Asset management revenue is earned from property management, leasing, and advisory services performed. Receipt of the incentive revenue portion of the asset management revenue or performance revenue, however, was subordinated to the achievement of specified cumulative return requirements by the stockholders of those CPA^® REITs. At our option, the performance revenue could be collected in cash or shares of the CPA^® REIT (Note 4). In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties. We may also earn termination revenue in connection with the termination of the advisory agreements for the Managed REITs.

We recognize all revenue as earned. We earn structuring revenue upon the consummation of a transaction and asset management revenue when services are performed. We recognize revenue subject to subordination only when the performance criteria of the Managed REIT is achieved and contractual limitations are not exceeded.

We may earn termination revenue if a liquidity event is consummated by any of the Managed REITs. As a condition of the CPA^®:16 Merger, we waived the subordinated disposition and termination fees that we would have been entitled to receive from CPA^®:16 – Global upon its liquidation pursuant to the terms of our advisory agreement with CPA^®:16 – Global (Note 4).

We are also reimbursed for certain costs incurred in providing services, including broker-dealer commissions paid and annual distribution and shareholder servicing fees incurred on behalf of the Managed Programs, marketing costs, and the cost of personnel provided for the administration of the Managed Programs. We record reimbursement income as the expenses are incurred, subject to limitations on a Managed Program’s ability to incur offering costs or limitations imposed by the advisory agreements.

Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability.

In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.

Depreciation —We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life.

Stock-Based Compensation —We have granted stock options, restricted stock awards, or RSAs, restricted shares units, or RSUs, and performance share units, or PSUs, to certain employees and independent directors. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. We recognize these compensation costs for only those shares expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. We include stock-based compensation within the Additional paid-in capital caption of equity.

Foreign CurrencyTranslation and Transaction Gains and Losses —We have interests in real estate investments primarily in the European Union, the United Kingdom, and Australia for which the functional currency is the euro, the British pound sterling, and the Australian dollar, respectively. We perform the translation from the euro, the British pound sterling, or the Australian dollar to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income when we have substantially exited from all investments in the related currency.

A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of short-term subordinated intercompany debt with scheduled principal payments, are included in the determination of net income.

Intercompany foreign currency transactions of a long term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity.

Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. For the years ended December 31, 2015, 2014, and 2013, we recognized net realized losses on such transactions of $0.8 million, $0.4 million, and $0.2 million, respectively.

Derivative Instruments —We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive (loss) income into earnings when the hedged investment is either sold or substantially liquidated.

We use the portfolio exception in Accounting Standards Codification, 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements.

Income Taxes —We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT.

We conduct business in various states and municipalities within the United States, Europe, and Asia and, as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state, and local taxes and a provision for such taxes is included in the consolidated financial statements.

We elect to treat certain of our corporate subsidiaries as TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. One of our TRS subsidiaries owns a hotel that is managed on our behalf by a third-party hotel management company.

Deferred income taxes are recorded for the corporate subsidiaries TRS and for the foreign taxes in those respective jurisdictions based on earnings reported. The current provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities (Note 15).

Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained.

Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and foreign properties and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors.

We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 15). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).

We derive most of our REIT income from our real estate operations under our Real Estate Ownership segment. As such, our real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state, local, and foreign taxes, as applicable. We conduct our Investment Management operations primarily through TRSs. These operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations.

During the year ended December 31, 2015, we revised our December 31, 2014 consolidated balance sheet to correct the misclassification of certain deferred tax assets that were previously netted in deferred income tax liabilities. Such deferred income tax assets of approximately $11.2 million are included in Other assets, net in the revised consolidated balance sheet as of December 31, 2014.

Earnings Per Share —Basic earnings per share is calculated by dividing net income available to common stockholders, as adjusted for unallocated earnings attributable to the unvested RSUs and RSAs by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflects potentially dilutive securities (options and PSUs) using the treasury stock method, except when the effect would be anti-dilutive.

Use of Estimates —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Recent Accounting Requirements

The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board, or FASB, are applicable to us:

ASU 2015-16, Business Combinations (Topic 805) —ASU 2015-16 requires that an acquirer recognize adjustments identified during the business combination measurement period in the reporting period in which the adjustment amounts are determined. The effects on earnings due to changes in depreciation, amortization, or other income effects as a result of the change are also recognized in the same period’s financial statements. ASU 2015-16 also requires that acquirers present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, early adoption is permitted, and prospective application is required for adjustments that are identified after the effective date of this update. We elected to early adopt ASU 2015-16 and implemented the standard prospectively beginning July 1, 2015. The adoption and implementation of the standard did not have a material impact on our financial statements.

ASU 2015-03, Interest-Imputation of Interest(Subtopic 835-30) — ASU 2015-03 changes the presentation of debt issuance costs, which are currently recognized as a deferred charge (that is, an asset) and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 does not affect the recognition and measurement guidance for debt issuance costs. ASU 2015-03 is effective for periods beginning after December 15, 2015, early adoption is permitted and retrospective application is required. We are currently evaluating the impact of ASU 2015-03 on our consolidated financial statements and expect to reclassify $12.6 million of deferred financing costs, net from Other assets, net to Non-recourse debt, net, Senior Unsecured Credit Facility - Term Loan, and Senior Unsecured Notes, net as of January 1, 2016.

ASU 2015-02, Consolidation (Topic 810) —We will adopt ASU 2015-02 on January 1, 2016 and are currently in the process of evaluating its impact on the consolidated financial statements. We are evaluating our joint ventures, as well as existing leases that create VIEs based on lease terms, including a fixed-price purchase option or fixed-price renewal option. We generally create our joint ventures as partnerships in the form of a limited liability company or a limited partnership. ASU 2015-02 requires an entity to classify a limited liability company or a limited partnership as a VIE unless the partnership provides partners with either substantive kick-out rights or substantive participating rights over the managing member or general partner. Since a majority of our partnerships lack kick-out rights or substantive participating rights over the managing member or general partner, the impact of this new guidance for us is primarily a change in classification from voting interest entity to VIE. This ASU does not change the criteria regarding which party consolidates a VIE. Thus, the change in classification will require us to include additional entities as part of our VIE disclosures. However, there is not expected to be an impact to our consolidated balance sheets or results of operations for any of the periods presented.

ASU 2014-12, Compensation - Stock Compensation (Topic 718) —ASU 2014-12 provides guidance on share-based payment awards, in which a performance target that affects vesting and that could be achieved after the requisite vesting period be treated as a performance condition. ASU 2014-12 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2014-12 on our consolidated financial statements.

ASU 2014-09, Revenue from Contracts with Customers (Topic 606) — ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but will apply to reimbursed tenant costs and revenues generated from our operating properties and our Investment Management business. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017, the original public company effective date.We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard.

Proposed Accounting Change

The following proposed accounting change may potentially impact our Real Estate Ownership and Investment Management segments if the outcome has a significant influence on sale-leaseback demand in the marketplace:

The FASB previously issued an Exposure Draft on a joint proposal with the International Accounting Standards Board, or IASB, that would significantly transform lease accounting from the existing model. These changes would impact most companies but are particularly applicable to those that are significant users of real estate. The proposal outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet.

In November 2015, the FASB directed the staff to draft a final ASU on leases for vote by written ballot. In addition, the FASB decided that for (i) public business entities, (ii) a not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an-over-the-counter market, and (iii) an employee benefit plan that files or furnishes statements with or to the SEC (collectively referred to as “public business entities”), the final leases standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; for all other entities, the final leases standard will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities upon issuance of the final standard.

In the first quarter of 2016, the IASB and FASB finalized their lease standards, which brings most leases on the balance sheet for lessees under a single model. For lessors, however, the accounting remains largely unchanged and the distinction between operating and finance leases is retained. Both standards are effective for annual reporting periods beginning on or after January 1, 2019.

For some companies, the new accounting guidance may influence whether or not, or the extent to which, they may enter into the type of sale-leaseback transactions in which we specialize.

We are evaluating the impact of the new standards and have not determined if they will have a material impact on our business.

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Merger with CPA:16 Global

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Merger with CPA:16 - Global

Merger with CPA^®:16 – Global

On July 25, 2013, we and CPA^®:16 – Global entered into a definitive agreement pursuant to which CPA^®:16 – Global would merge with and into one of our wholly-owned subsidiaries, subject to the approval of our stockholders and the stockholders of CPA^®:16 – Global. On January 24, 2014, our stockholders and the stockholders of CPA^®:16 – Global each approved the CPA^®:16 Merger, and the CPA^®:16 Merger closed on January 31, 2014.

In the CPA^®:16 Merger, CPA^®:16 – Global stockholders received 0.1830 shares of our common stock in exchange for each share of CPA^®:16 – Global stock owned, pursuant to an exchange ratio based upon a value of $11.25 per share of CPA^®:16 – Global and the volume weighted-average trading price of our common stock for the five consecutive trading days ending on the third trading day preceding the closing of the transaction on January 31, 2014. CPA^®:16 – Global stockholders received cash in lieu of any fractional shares in the CPA^®:16 Merger. We paid total merger consideration of approximately $1.8 billion, including the issuance of 30,729,878 shares of our common stock with a fair value of $1.8 billion based on the closing price of our common stock on January 31, 2014, of $59.08 per share, to the stockholders of CPA^®:16 – Global in exchange for the 168,041,772 shares of CPA^®:16 – Global common stock that we and our affiliates did not previously own, and cash of $1.3 million paid in lieu of issuing any fractional shares, or collectively, the Merger Consideration. As a condition of the CPA^®:16 Merger, we waived the subordinated disposition and termination fees that we would have been entitled to receive from CPA^®:16 – Global upon its liquidation pursuant to the terms of our advisory agreement with CPA^®:16 – Global (Note 4).

Immediately prior to the CPA^®:16 Merger, CPA^®:16 – Global’s portfolio was comprised of the consolidated full or partial interests in 325 leased properties, substantially all of which were triple-net leased with an average remaining life of 10.4 years and an estimated contractual minimum annualized base rent, or ABR, totaling $300.1 million, and two hotel properties. The related property-level debt was comprised of 92 fixed-rate and 18 variable-rate non-recourse mortgage loans with an aggregate fair value of approximately $1.8 billion and a weighted-average annual interest rate of 5.6% at that date. Additionally, CPA^®:16 – Global had a line of credit with an outstanding balance of $170.0 million on the date of the closing of the CPA^®:16 Merger. In addition, CPA^®:16 – Global had equity interests in 18 unconsolidated investments, 11 of which were consolidated by us prior to the CPA^®:16 Merger, five of which were consolidated by us subsequent to the CPA^®:16 Merger, and two of which were jointly-owned with CPA^®:17 – Global. These investments owned 140 properties, substantially all of which were triple-net leased with an average remaining life of 8.6 years and an estimated ABR totaling $63.9 million, as of January 31, 2014. The debt related to these equity investments was comprised of 17 fixed-rate and five variable-rate non-recourse mortgage loans with an aggregate fair value of approximately $0.3 billion and a weighted-average annual interest rate of 4.8% on January 31, 2014. The lease revenues and income from continuing operations from the properties acquired from the date of the CPA^®:16 Merger through December 31, 2014 were $251.5 million and $91.1 million (inclusive of $2.4 million attributable to noncontrolling interests), respectively.

During 2014, we sold all ten of the properties that were classified as held for sale upon acquisition in connection with the CPA^®:16 Merger (Note 16). The results of operations for all ten of these properties have been included in Income from discontinued operations, net of tax in the consolidated financial statements. In addition, we sold one property subject to a direct financing lease that we acquired in the CPA^®:16 Merger. The results of operations for this property have been included in Income from continuing operations before income taxes in the consolidated financial statements.

Purchase Price Allocation

We accounted for the CPA^®:16 Merger as a business combination under the acquisition method of accounting. After consideration of all applicable factors pursuant to the business combination accounting rules, we were considered the “accounting acquirer” due to various factors, including the fact that our stockholders held the largest portion of the voting rights in us upon completion of the CPA^®:16 Merger. Costs related to the CPA^®:16 Merger of $30.5 million and $5.0 million were expensed as incurred for the years ended December 31, 2014 and 2013, respectively, and classified within Merger, property acquisition, and other expenses in the consolidated financial statements. In addition, CPA^®:16 – Global incurred a total of $10.6 million of merger expenses prior to January 31, 2014.

Equity Investments and Noncontrolling Interests

During the first quarter of 2014, we recognized a gain on change in control of interests of approximately $73.1 million, which was the difference between the carrying value of approximately $274.1 million and the preliminary estimated fair value of approximately $347.2 million of our previously-held equity interest in 38,229,294 shares of CPA^®:16 – Global’s common stock. During 2014, we identified certain measurement period adjustments that impacted the provisional accounting, which increased the estimated fair value of our previously-held equity interest in shares of CPA^®:16 – Global’s common stock by $2.6 million, resulting in an increase of $2.6 million in Gain on change in control of interests. In accordance with Accounting Standards Codification, or ASC, 805-10-25, we did not record the measurement period adjustments during the periods they occurred. Rather, such amounts are reflected in the financial statements for the three months ended March 31, 2014.

The CPA^®:16 Merger also resulted in our acquisition of the remaining interests in nine investments in which we already had a joint interest and accounted for under the equity method. Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for the acquisitions of these interests utilizing the purchase method of accounting. Due to the change in control of the nine jointly-owned investments that occurred, we recorded a gain on change in control of interests of approximately $30.2 million during the first quarter of 2014, which was the difference between our carrying values and the estimated fair values of our previously-held equity interests on the acquisition date of approximately $142.5 million and approximately $172.7 million, respectively. Subsequent to the CPA^®:16 Merger, we consolidate these wholly-owned investments.

In connection with the CPA^®:16 Merger, we also acquired the remaining interests in 12 less-than-wholly-owned investments that we already consolidate and recorded an adjustment to additional paid-in-capital of approximately $42.0 million during the first quarter of 2014 related to the difference between our carrying values and the preliminary estimated fair values of our previously-held noncontrolling interests on the acquisition date of approximately $236.8 million and $278.2 million, respectively. During 2014, we identified certain measurement period adjustments that impacted the provisional accounting, which increased the fair value of our previously-held noncontrolling interests on the acquisition date by $0.6 million, resulting in a reduction of $0.6 million to additional paid-in-capital.

Pro Forma Financial Information (Unaudited)

The following unaudited consolidated pro forma financial information has been presented as if the CPA^®:16 Merger had occurred on January 1, 2013 for the years ended December 31, 2014 and 2013. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA^®:16 Merger occurred on that date, nor does it purport to represent the results of operations for future periods.

(in thousands, except share and per share amounts)

	Years Ended December 31,
	2014			2013
Pro forma total revenues	$	931,309		$	780,578
Pro forma net income from continuing operations, net of tax	$	139,698		$	146,525
Pro forma net income attributable to noncontrolling interests	(5,380		)	10,963
Pro forma net loss (income) attributable to redeemable noncontrolling interest	142			(1,909		)
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey (a)	$	134,460		$	155,579
Pro forma earnings per share: (a)
Basic	$	1.32		$	1.56
Diluted	$	1.31		$	1.54
Pro forma weighted-average shares: (b)
Basic	101,296,847			99,420,924
Diluted	102,360,038			100,437,886

__________

(a) The pro forma income attributable to W. P. Carey for the year ended December 31, 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 December 31, 2014, (ii) an aggregate gain on change in control of interests, and (iii) an income tax expense 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 years ended December 31, 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.

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Agreements and Transactions with Related Parties

12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

Agreements and Transactions with Related Parties

Agreements and Transactions with Related Parties

Advisory Agreements with the Managed Programs

We have advisory agreements with each of the Managed Programs, pursuant to which we earn fees and are entitled to receive reimbursement for fund management expenses, as well as cash distributions. We also earn fees for serving as the dealer-manager of the public offerings of the Managed Programs. Unless otherwise renewed, the advisory agreement with each of the CPA^® REITs is scheduled to expire on March 31, 2016 and the advisory agreement with each of the CWI REITs is scheduled to expire on December 31, 2016. The advisory agreement with CCIF, which commenced February 27, 2015, is subject to renewal on or before February 26, 2017 unless otherwise renewed.

The following tables present a summary of revenue earned and/or cash received from the Managed Programs for the periods indicated, included in the consolidated financial statements. Asset management revenue excludes amounts received from third parties (in thousands):

	Years Ended December 31,
	2015		2014		2013
Structuring revenue	$	92,117	$	71,256	$	46,589
Reimbursable costs from affiliates	55,837		130,212		73,592
Asset management revenue	49,892		37,970		42,579
Distributions of Available Cash	38,406		31,052		34,121
Dealer manager fees	4,794		23,532		10,856
Interest income on deferred acquisition fees and loans to affiliates	1,639		684		949
Incentive, termination and subordinated disposition revenue	203		—		199
Deferred revenue earned	—		786		8,492
	$	242,888	$	295,492	$	217,377

	Years Ended December 31,
	2015		2014		2013
CPA®:16 – Global	$	—	$	7,999	$	53,166
CPA®:17 – Global	81,740		68,710		69,275
CPA®:18 – Global	85,431		129,642		29,293
CWI 1	44,712		89,141		65,643
CWI 2	30,340		—		—
CCIF	665		—		—
	$	242,888	$	295,492	$	217,377

The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands):

	December 31,
	2015		2014
Deferred acquisition fees receivable	$	33,386	$	26,913
Accounts receivable	15,711		2,680
Reimbursable costs	5,579		301
Current acquisition fees receivable	4,909		2,463
Asset management fee receivable	2,172		—
Organization and offering costs	461		2,120
	$	62,218	$	34,477

Asset Management Revenue

Under the advisory agreements with the Managed Programs, we earn asset management revenue for managing their investment portfolios. The following table presents a summary of our asset management fee arrangements with the Managed Programs:

Managed Program	Rate	Payable	Description
CPA®:16 – Global	0.5%	2013 in shares of its common stock through July 31, 2013; in cash thereafter; 2014 in cash; 2015 N/A	Rate is based on adjusted invested assets
CPA®:17 – Global	0.5% - 1.75%	2013 and 2014 in shares of its common stock; 2015 50% in cash and 50% in shares of its common stock	Rate depends on the type of investment and is based on the average market or average equity value, as applicable
CPA®:18 – Global	0.5% - 1.5%	2013, 2014, and 2015 in shares of its class A common stock	Rate depends on the type of investment and is based on the average market or average equity value, as applicable
CWI 1	0.5%	2013 and 2014 in shares of its common stock; 2015 in cash	Rate is based on the average market value of the investment; we are required to pay 20% of the asset management revenue we receive to the subadvisor
CWI 2	0.55%	2013 and 2014 N/A; 2015 in shares of its class A common stock	Rate is based on the average market value of the investment; we are required to pay 25% of the asset management revenue we receive to the subadvisor
CCIF	1.75% - 2.00%	2013 and 2014 N/A; 2015 in cash	Based on the average of gross assets at fair value; we are required to pay 50% of the asset management revenue we receive to the subadvisor

Incentive Fees

We are entitled to receive a quarterly incentive fee on income from CCIF equal to 100% of quarterly net investment income, before incentive fee payments, in excess of 1.875% of CCIF’s average adjusted capital up to a limit of 2.344%, plus 20% of net investment income, before incentive fee payments, in excess of 2.344% of average adjusted capital. We are also entitled to receive from CCIF an incentive fee on realized capital gains of 20%, net of (i) all realized capital losses and unrealized depreciation on a cumulative basis, and (ii) the aggregate amount, if any, of previously paid incentive fees on capital gains since inception.

Upon completion of the CPA^®:16 Merger on January 31, 2014, the advisory agreement with CPA^®:16 – Global terminated. Pursuant to the terms of the merger agreement, the incentive or termination fee that we would have been entitled to receive from CPA^®:16 – Global pursuant to the terms of its advisory agreement was waived upon the completion of the CPA^®:16 Merger.

Structuring Revenue

Under the terms of the advisory agreements, we earn revenue for structuring and negotiating investments and related financing for the Managed REITs. We do not earn any structuring revenue from the Managed BDCs. The following table presents a summary of our structuring fee arrangements with the Managed REITs:

Managed Program	Rate	Payable	Description
CPA®:17 – Global	1% - 1.75%, 4.5%	In cash; for non net-lease investments, 1% - 1.75% upon completion; for net-lease investments, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments	Based on the total aggregate cost of the net-lease investments made; also based on the total aggregate cost of the non net-lease investments made; total limited to 6% of the contract prices in aggregate
CPA®:18 – Global	4.5%	In cash; for all investments other than readily marketable real estate securities for which we will not receive any acquisition fees, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments	Based on the total aggregate cost of the investments made; total limited to 6% of the contract prices in aggregate
CWI REITs	2.5%	In cash upon completion	Based on the total aggregate cost of the lodging investments made; loan refinancing transactions up to 1% of the principal amount; total limited to 6% of the contract prices in aggregate

Reimbursable Costs from Affiliates

The Managed Programs reimburse us for certain costs that we incur on their behalf, which consist primarily of broker-dealer commissions, marketing costs, an annual distribution and shareholder servicing fee, or Shareholder Servicing Fee, and certain personnel and overhead costs, as applicable. The following tables present summaries of such fee arrangements:

Broker-Dealer Selling Commissions

Managed Program	Rate	Payable	Description
CPA®:18 – Global and CWI 2 Class A Shares, and CWI 1 Common Stock	$0.70	In cash upon share settlement; 100% re-allowed to broker-dealers	Per share sold
CPA®:18 – Global Class C Shares	$0.14	In cash upon share settlement; 100% re-allowed to broker-dealers	Per share sold
CWI 2 Class T Shares	$0.19	In cash upon share settlement; 100% re-allowed to broker-dealers	Per share sold
CCIF Feeder Funds	0% - 3%	In cash upon share settlement; 100% re-allowed to broker-dealers	Based on the selling price of each share sold

Dealer Manager Fees

Managed Program	Rate	Payable	Description
CPA®:18 – Global and CWI 2 Class A Shares, and CWI 1 Common Stock	$0.30	Per share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers
CPA®:18 – Global Class C Shares	$0.21	Per share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers
CWI 2 Class T Shares	$0.26	Per share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers
CCIF Feeder Funds	2.75% - 3.0%	Based on the selling price of each share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers

Annual Distribution and Shareholder Servicing Fee

Managed Program	Rate	Payable	Description
CPA®:18 – Global Class C Shares	1.0%	Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers	Based on the purchase price per share sold or, once reported, the NAV; cease paying when underwriting compensation from all sources equals 10% of gross offering proceeds
CWI 2 Class T Shares	1.0%	Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers	Based on the purchase price per share sold or, once reported, the NAV; limited to six years and 10% of gross offering proceeds

Personnel and Overhead Costs

Managed Program	Payable	Description
CPA®:17 – Global and CPA®:18 – Global	In cash	Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to the CPA® REITs based on the average of the trailing 12-month aggregate reported revenues of the Managed REITs and us, and for 2015, are capped at 2.4% of each CPA® REIT’s pro rata lease revenues; for the legal transactions group, costs are charged according to a fee schedule
CWI 1	2013 N/A; 2014 in shares of its common stock; 2015 in cash	Actual expenses incurred; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter
CWI 2	2013 and 2014 N/A; 2015 in cash	Actual expenses incurred; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter
CCIF and CCIF Feeder Funds	2013 and 2014 N/A; 2015 in cash	Actual expenses incurred

Organization and Offering Costs

Managed Program	Payable	Description
CPA®:18 – Global and CWI 2	In cash; within 60 days after the end of the quarter in which the offering terminates	Actual costs incurred from 1.5% through 4.0% of the gross offering proceeds, depending on the amount raised
CWI 1	In cash; within 60 days after the end of the quarter in which the offering terminates	Actual costs incurred up to 4.0% of the gross offering proceeds
CCIF and CCIF Feeder Funds	In cash; payable monthly	Up to 1.5% of the gross offering proceeds

For CCIF, total reimbursements to us for personnel and overhead costs and organization and offering costs may not exceed 18% of total Front End Fees, as defined in its Declaration of Trust, so that total funds available for investment may not be lower than 82% of total gross proceeds.

Expense Support and Conditional Reimbursements

Under the expense support and conditional reimbursement agreement we have with each of the CCIF Feeder Funds, we and the CCIF subadvisor are obligated to reimburse the CCIF Feeder Fund 50% of the excess of the cumulative distributions paid to the CCIF Feeder Funds’ shareholders over the available operating funds on a monthly basis. Following any month in which the available operating funds exceed the cumulative distributions paid to its shareholders, the excess operating funds are used to reimburse us and the CCIF subadvisor for any expense payment we made within three years prior to the last business day of such month that have not been previously reimbursed by the CCIF Feeder Fund, up to the lesser of (i) 1.75% of each CCIF Feeder Fund’s average net assets or (ii) the percentage of each CCIF Feeder Fund’s average net assets attributable to its common shares represented by other operating expenses during the fiscal year in which such expense support payment from us and the CCIF’s subadvisor was made, provided that the effective rate of distributions per share at the time of reimbursement is not less than such rate at the time of expense payment.

Distributions of Available Cash and Deferred Revenue Earned

We are entitled to receive distributions of up to 10% of the Available Cash (as defined in the respective advisory agreements) from the operating partnerships of each of the Managed REITs, as described in their respective operating partnership agreements, payable quarterly in arrears.

In May 2011, we acquired a special member interest, or the Special Member Interest, in CPA^®:16 – Global’s operating partnership. We initially recorded this Special Member Interest at its fair value, and amortized it into earnings as deferred revenue through the date of the CPA^®:16 Merger. Cash distributions of our proportionate share of earnings from the Managed REITs’ operating partnerships, as well as deferred revenue earned from our Special Member Interest in CPA^®:16 – Global’s operating partnership, are recorded as Equity in earnings of equity method investments in the Managed Programs and real estate within the Real Estate Ownership segment.

Other Transactions with Affiliates

Loans to Affiliates

During 2015 and 2014, our board of directors approved unsecured loans from us to CPA^®:17 – Global of up to $75.0 million, CPA^®:18 – Global of up to $100.0 million, CWI 1 and CWI 2 of up to $110.0 million in the aggregate, and CCIF of up to $50.0 million, with each loan at a rate equal to the rate at which we are able to borrow funds under our senior credit facility (Note 11), for the purpose of facilitating acquisitions approved by their respective investment committees.

During 2015 and 2014, various loans aggregating $185.4 million and $11.0 million, respectively, were made to the Managed Programs, all of which were repaid during the same year. All of the loans were made at an interest rate equal to the London Interbank Offered Rate, or LIBOR, as of the issue date, plus 1.1%. During 2015, we arranged a credit agreement for each of CPA^®:17 – Global, CWI 1, and CCIF, and our board of directors terminated its previous authorizations to provide loans to CPA^®:17 – Global and CWI 1.

Share Purchase Agreement

In July 2012, we entered into a Share Purchase Agreement with the Estate of Wm. Polk Carey, our Chairman and founder who passed away on January 2, 2012, pursuant to which we agreed to purchase, at the option of the Estate, up to an aggregate amount of $85.0 million of our common stock beneficially owned by the Estate. The Estate had three sale options. We exercised the first two sale options during 2012. On March 28, 2013, we received an irrevocable notice from the Estate of Wm. Polk Carey to exercise its final sale option. On April 4, 2013, we repurchased 616,971 shares of our common stock for $40.0 million from the Estate at a price of $64.83 per share, which was recorded as a reduction to Common stock, Additional paid-in capital, and Distributions in excess of accumulated earnings in our consolidated financial statements.

Because the Share Purchase Agreement contained put options that, if exercised, would obligate us to settle the transactions in cash, we accounted for the shares of our common stock owned by the Estate as redeemable securities in accordance with Accounting Standards Codification 480 “Distinguishing Liabilities from Equity” and Accounting Series Release No. 268, “Presentation in Financial Statements of Redeemable Preferred Stocks.” Accounting Series Release No. 268 requires us to reclassify a portion of our permanent equity to redeemable equity in order to reflect the future cash obligations that could arise if the Estate were to exercise the put options requiring us to purchase its shares. During 2013, when we purchased our common stock in connection with the Estate’s exercise of the third and final sale option, we reclassified $40.0 million from Redeemable securities – related party to stockholders’ equity.

Share Repurchases

In February 2014, we repurchased 11,037 shares of our common stock for $0.7 million in cash from the former independent directors of CPA^®:16 – Global at a price per share equal to the volume weighted-average trading price of our stock utilized in the CPA^®:16 Merger. These shares were issued to them as their portion of the Merger Consideration in exchange for their shares of CPA^®:16 – Global common stock (Note 3) and were repurchased by agreement in order to satisfy the independence requirements set forth in the organizational documents of the remaining CPA^® REITs, for which these individuals also serve as independent directors.

Other

As discussed in Note 16, in November 2013, an entity in which we, two of our employees, and a third party owned38.3%,1.7%, and60.0%, respectively, and which we consolidated, sold19of its20self-storage properties. In connection with the sale, we made distributions aggregating$3.8 millionto thetwoemployees, representing their share of the net proceeds from the sale.

At December 31, 2015, we owned interests ranging from 3% to 90% in jointly-owned investments, including a jointly-controlled tenancy-in-common interest in several properties, with the remaining interests generally held by affiliates, and stock of each of the Managed REITs and CCIF. We consolidate certain of these investments and account for the remainder under the equity method of accounting (Note 7).

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Net Investments in Properties

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Net Investments in Properties

Net Investments in Properties

Real Estate

Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, and real estate under construction, is summarized as follows (in thousands):

	December 31,
	2015			2014
Land	$	1,160,567		$	1,146,704
Buildings	4,147,644			3,829,981
Real estate under construction	1,714			29,997
Less: Accumulated depreciation	(372,735		)	(253,627		)
	$	4,937,190		$	4,753,055

During 2015, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro at December 31, 2015decreased by 10.4% to $1.0887 from $1.2156 at December 31, 2014. As a result, the carrying value of our Real estate decreased by $177.3 million from December 31, 2014 to December 31, 2015.

Depreciation expense, including the effect of foreign currency translation, on our real estate and operating real estate for the years ended December 31, 2015, 2014, and 2013 was $141.5 million, $117.6 million, and $59.6 million respectively.

Acquisitions of Real Estate During 2015 – We entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, at a total cost of $561.6 million, including land of $89.5 million, buildings of $382.6 million, and net lease intangibles of $89.5 million (Note 8):

• an investment of $345.9 million for 73 auto dealership properties in various locations in the United Kingdom on January 28, 2015;

• an investment of $42.4 million for a logistics facility in Rotterdam, the Netherlands on February 11, 2015;

• an investment of $23.2 million for a retail facility in Bad Fischau, Austria on April 10, 2015;

• an investment of $26.3 million for a logistics facility in Oskarshamn, Sweden on June 17, 2015;

• an investment of $41.2 million for three truck and bus service facilities in Gersthofen and Senden, Germany on August 12, 2015 and Leopoldsdorf, Austria on August 24, 2015;

• an investment of $51.7 million for six hotel properties in Iowa, Louisiana, Missouri, New Jersey, North Carolina, and Texas on October 15, 2015; and

• an investment of $30.9 million for an office building in Irvine, California on December 22, 2015.

In connection with these transactions, we also expensed acquisition-related costs totaling $11.1 million, which are included in Merger, property acquisition, and other expenses in the consolidated financial statements.

We also entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and simultaneously entered into new leases in connection with the acquisitions, at a total cost of $116.0 million, including land of $8.6 million, buildings of $68.1 million, net lease intangibles of $39.4 million (Note 8), and acquisition-related costs of $3.9 million, which were capitalized:

• an investment of $53.5 million for an office building in Sunderland, United Kingdom on August 6, 2015; and

• an investment of $62.5 million for ten auto dealership properties in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands on November 11, 2015.

Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisitions, as applicable.

Acquisitions of Real Estate During 2014 – We entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, at a total cost of $366.9 million, including land of $33.1 million, buildings of $278.1 million, and net lease intangibles of $55.7 million:

• an investment of $41.9 million for an office building in Chandler, Arizona on March 26, 2014;

• an investment of $47.2 million for a warehouse facility in University Park, Illinois on May 15, 2014;

• an investment of $117.7 million for an office building in Stavanger, Norway on August 6, 2014. Because we acquired stock in a subsidiary of the seller to complete the acquisition, we assumed the tax basis of the entity that we purchased and recorded an estimated deferred tax liability of $14.7 million. In connection with this business combination, we recorded goodwill of $11.1 million (Note 8);

• an investment of $46.0 million for an office building in Westborough, Massachusetts on August 22, 2014;

• an investment of $56.0 million for an office building in Andover, Massachusetts on October 7, 2014;

• an investment of $29.1 million for an office building in Newport, United Kingdom on October 13, 2014; and

• an investment of $29.0 million for a light-industrial/distribution center in Opole, Poland on December 12, 2014.

In connection with these transactions, we also expensed acquisition-related costs totaling $3.3 million, which are included in Merger, property acquisition, and other expenses in the consolidated financial statements. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisition, as applicable.

We also entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and simultaneously entered into new leases in connection with the acquisitions, at a total cost of $536.7 million, including land of $83.9 million, buildings of $366.6 million, net lease intangibles of $82.9 million, a property classified as a net investment in direct financing lease of $3.3 million (Note 6), and acquisition-related costs of $17.8 million, which were capitalized:

• an investment of $138.3 million for 10 industrial and 21 agricultural properties in various locations in Australia on October 28, 2014. We also committed to fund a tenant expansion allowance of $14.8 million;

• an investment of $19.8 million for a manufacturing facility in Lewisburg, Ohio on November 4, 2014; and

• an investment of $378.5 million for 70 office buildings in various locations in Spain on December 19, 2014.

Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisitions, as applicable.

As discussed in Note 3, we acquired 225 properties subject to existing operating leases in the CPA^®:16 Merger, which increased the carrying value of our real estate by $2.0 billion during the year ended December 31, 2014. We reclassified properties with an aggregate carrying value of $13.7 million from Net investments in direct financing leases to Real estate during the year ended December 31, 2014, in connection with the extensions of the underlying leases (Note 6).

Acquisitions of Real Estate During 2013 – We entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and simultaneously entered into new leases in connection with the acquisitions, at a total cost of $124.4 million, including land of $20.7 million, buildings of $77.2 million, net lease intangibles of $26.5 million, and acquisition-related costs of $1.5 million, which were capitalized:

• an investment of $72.4 million for an office building in Northfield, Illinois on January 11, 2013; and

• an investment of $52.1 million for an office facility and research and development facility in Tampere, Finland on June 4, 2013.

We also entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, at a total cost of $157.7 million, including land of $17.2 million, buildings of $99.0 million, and net lease intangibles of $41.5 million:

• an investment of $35.3 million for a logistics facility in Venlo, Netherlands on April 15, 2013;

• an investment of $25.5 million for an office building in Quincy, Massachusetts on June 7, 2013;

• an investment of $63.3 million for an office building in Salford, United Kingdom on September 9, 2013; and

• an investment of $33.6 million for an office building in Lone Tree, Colorado on November 27, 2013. We also committed to funding a tenant improvement allowance of $5.2 million.

In connection with these business combinations, we also expensed aggregate acquisition-related costs of $4.2 million, which are included in Merger, property acquisition, and other expenses in the consolidated financial statements. Dollar amounts are based on the exchange rate of the euro and the British pound sterling on the dates of acquisition, as applicable.

Real Estate Under Construction

On December 4, 2013, we entered into a build-to-suit transaction for the construction of an office building located in Mönchengladbach, Germany for a total projected cost of up to $65.0 million, including acquisition expenses, which was based on the exchange rate of the euro on that date. During the years ended December 31, 2015 and 2014, we funded approximately $28.0 million and $20.6 million, respectively. The building was placed in service in September 2015 at a cost totaling $53.2 million and we have no further funding commitment as of December 31, 2015.

Scheduled Future Minimum Rents

Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments under non-cancelable operating leases, at December 31, 2015 are as follows (in thousands): 

Years Ending December 31,	Total
2016	$	611,361
2017	600,116
2018	573,110
2019	527,494
2020	484,060
Thereafter	2,887,773
Total	$	5,683,914

Operating Real Estate

At December 31, 2015, Operating real estate consisted of our investments in two hotels and one self-storage property. During the year ended December 31, 2015, we sold one self-storage property (Note 16). At December 31, 2014, Operating real estate consisted of our investments in two hotels and two self-storage properties. Below is a summary of our Operating real estate (in thousands): 

	December 31,
	2015			2014
Land	$	6,578		$	7,074
Buildings	76,171			77,811
Less: Accumulated depreciation	(8,794		)	(4,866		)
	$	73,955		$	80,019

Assets Held for Sale

Below is a summary of our properties held for sale (in thousands):

	December 31,
	2015		2014
Real estate, net	$	59,046	$	5,969
Above-market rent intangible assets, net	—		838
In-place lease intangible assets, net	—		448
Assets held for sale	$	59,046	$	7,255

At December 31, 2015, we had two properties classified as Assets held for sale (Note 16). There can be no assurance that the properties will be sold at the contracted prices, or at all. At December 31, 2014, we had four properties classified as Assets held for sale, all of which were sold during the year ended December 31, 2015.

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Finance Receivables

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Finance Receivables

Finance Receivables

Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in direct financing leases, notes receivable, and deferred acquisition fees. Operating leases are not included in finance receivables as such amounts are not recognized as an asset in the consolidated financial statements. Our notes receivable are included in Other assets, net in the consolidated financial statements. Earnings from our note receivable are included in Lease termination income and other in the consolidated financial statements.

Net Investments in Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):

	December 31,
	2015			2014
Minimum lease payments receivable	$	797,736		$	904,788
Unguaranteed residual value	760,448			818,334
	1,558,184			1,723,122
Less: unearned income	(801,831		)	(906,896		)
	$	756,353		$	816,226

2015—Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $74.4 million for the year ended December 31, 2015. During the year ended December 31, 2015, the U.S. dollar strengthened against the euro, resulting in a $43.7 million decrease in the carrying value of Net investments in direct financing leases from December 31, 2014 to December 31, 2015. We also recognized impairment charges totaling $3.3 million on five properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair values of the properties’ residual values (Note 9). At December 31, 2015, Other assets, net included accounts receivable of $1.2 million related to amounts billed under these direct financing leases.

2014—Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $78.8 million for the year ended December 31, 2014. In connection with the CPA^®:16 Merger in January 2014, we acquired 98 properties subject to direct financing leases with a total fair value of $538.2 million (Note 3), of which one was sold during the year ended December 31, 2014 (Note 16). In connection with our acquisition of an investment in Australia, we acquired one property subject to a direct financing lease for $3.3 million. During the year ended December 31, 2014, we reclassified properties with a carrying value of $13.7 million from Net investments in direct financing leases to Real estate in connection with the extensions of the underlying leases. We also recognized impairment charges totaling $1.3 million on eight properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair values of the properties’ residual values (Note 9). At December 31, 2014, Other assets, net included accounts receivable of $1.4 million related to amounts billed under these direct financing leases.

2013—Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $37.3 million for the year ended December 31, 2013. We reclassified $14.0 million of properties from Net investments in direct financing leases to Real estate in connection with the restructuring of six leases. Additionally, during 2013, we sold a net investment in a direct financing lease, which we acquired in the CPA^®:15 Merger, for $5.5 million, net of selling costs, and recognized a loss on the sale of $0.3 million. We also recognized an impairment charge of $0.1 million on a property accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair value of the property’s residual value.

Scheduled Future Minimum Rents

Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2015 are as follows (in thousands):

Years Ending December 31,	Total
2016	$	75,613
2017	75,378
2018	75,449
2019	72,929
2020	72,390
Thereafter	425,977
Total	$	797,736

Notes Receivable

At December 31, 2015 and 2014, we had a note receivable with an outstanding balance of $10.7 million and $10.9 million, respectively, representing the expected future payments under a sales type lease, which was included in Other assets, net in the consolidated financial statements.

At December 31, 2014, we had a B-note with an outstanding balance of $10.0 million. In February 2015, the B-note was repaid in full to us for $10.0 million.

Deferred Acquisition Fees Receivable

As described in Note 5, we earn revenue in connection with structuring and negotiating investments and related mortgage financing for the CPA^® REITs. A portion of this revenue is due in equal annual installments over three years, provided the CPA^® REITs meet their respective performance criteria. Unpaid deferred installments, including accrued interest, from the CPA^® REITs were included in Due from affiliates in the consolidated financial statements.

Credit Quality of Finance Receivables

We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant default. During the year ended December 31, 2015, we established an allowance for credit losses of $8.7 million on a direct financing lease due to a decline in the estimated amount of future payments we will receive from the tenant, including the possible early termination of the direct financing lease, which was recorded in Property expenses, excluding reimbursable tenant costs in the consolidated financial statements. At both December 31, 2015 and 2014, none of the balances of our finance receivables were past due. Other than the lease extensions noted under Net Investment in Direct Financing Leases above, there were no modifications of finance receivables during the years endedDecember 31, 2015 or 2014. We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. The credit quality evaluation of our finance receivables was last updated in the fourth quarter of 2015. We believe the credit quality of our deferred acquisition fees receivable falls under category one, as the CPA^® REITs are expected to have the available cash to make such payments.

A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands):

	Number of Tenants / Obligors at December 31,		Carrying Value at December 31,
Internal Credit Quality Indicator	2015	2014	2015		2014
1	2	3	$	90,818	$	79,343
2	3	4	53,492		37,318
3	23	22	512,724		592,631
4	6	7	110,002		127,782
5	—	—	—		—
			$	767,036	$	837,074

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Equity Investments in the Managed Programs and Real Estate

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Investments in the Managed Programs and Real Estate

Equity Investments in the Managed Programs and Real Estate

We own interests in certain unconsolidated real estate investments with the Managed Programs and also own interests in the Managed Programs. We account for our interests in these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences).

The following table presents Equity in earnings of equity method investments in the Managed Programs and real estate, which represents our proportionate share of the income or losses of these investments, as well as certain adjustments related to other-than-temporary impairment charges and amortization of basis differences related to purchase accounting adjustments (in thousands):

	Years Ended December 31,
	2015			2014			2013
Distributions of Available Cash (Note 4)	$	38,406		$	31,052		$	34,121
Amortization of basis differences on equity investments in the Managed Programs	(806		)	(810		)	(5,115		)
Proportionate share of (losses) earnings from equity investments in the Managed Programs	(454		)	2,425			7,057
Deferred revenue earned (Note 4)	—			786			9,436
Other-than-temporary impairment charges on the Special Member Interest in CPA®:16 – Global’s operating partnership	—			(735		)	(15,383		)
Total equity earnings from the Managed Programs	37,146			32,718			30,116
Equity earnings from other equity investments	17,559			14,828			26,928
Amortization of basis differences on other equity investments	(3,685		)	(3,430		)	(4,313		)
Equity in earnings of equity method investments in the Managed Programs and real estate	$	51,020		$	44,116		$	52,731

Managed Programs

We own interests in the Managed Programs and account for these interests under the equity method, because, as their advisor and through our ownership of their common stock, we do not exert control over, but we do have the ability to exercise significant influence on, the Managed Programs. Operating results of the Managed REITs are included in the Real Estate Ownership segment and operating results of CCIF are included in the Investment Management segment.

The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands):

	% of Outstanding Shares Owned at				Carrying Amount of Investment at
	December 31,				December 31,
Fund	2015		2014		2015		2014
CPA®:17 – Global	3.087	%	2.676	%	$	87,912	$	79,429
CPA®:17 – Global operating partnership	0.009	%	0.009	%	—		—
CPA®:18 – Global	0.735	%	0.221	%	9,279		2,784
CPA®:18 – Global operating partnership	0.034	%	0.034	%	209		209
CWI 1	1.131	%	1.088	%	12,619		13,940
CWI 1 operating partnership	0.015	%	0.015	%	—		—
CWI 2	0.379	%	—	%	949		—
CWI 2 operating partnership	0.015	%	—	%	300		—
CCIF	47.882	%	50.000	%	22,214		25,000
					$	133,482	$	121,362

CPA^®:17 – Global— The carrying value of our investment in CPA^®:17 – Global at December 31, 2015 includes asset management fees receivable, for which 128,392 shares of CPA^®:17 – Global common stock were issued during the first quarter of 2016. We received distributions from this investment during the years ended December 31, 2015, 2014, and 2013 of $5.9 million, $4.6 million, and $3.0 million, respectively. We received distributions from our investment in the CPA^®:17 – Global operating partnership during the years ended December 31, 2015, 2014, and 2013 of $24.7 million, $20.4 million, and $16.9 million, respectively.

CPA^®:18 – Global— The carrying value of our investment in CPA^®:18 – Global at December 31, 2015 includes asset management fees receivable, for which 81,338 shares of CPA^®:18 – Global class A common stock were issued during the first quarter of 2016. We received distributions from our investment in the CPA^®:18 – Global operating partnership during the years ended December 31, 2015, 2014, and 2013 of $6.3 million, $1.8 million, and $0.1 million, respectively.

CWI 1—We received distributions from our investment in the CWI 1 operating partnership during the years ended December 31, 2015, 2014, and 2013 of $7.1 million, $4.1 million, and $1.9 million, respectively.

CWI 2—On May 30, 2014, we purchased 22,222 shares of CWI 2’s class A common stock, par value $0.001 per share, for an aggregate purchase price of $0.2 million. On May 15, 2015, upon CWI 2 reaching its minimum offering proceeds and admitting new stockholders, we began to account for our interest in CWI 2 under the equity method of accounting after consolidating this investment since its inception in June 2014. As of December 31, 2015, we had not received any distributions from this investment. The carrying value of our investment in CWI 2 at December 31, 2015 includes asset management fees receivable, for which 18,022 shares of class A common stock of CWI 2 were issued during the first quarter of 2016. On March 27, 2015, we purchased a 0.015% special general partnership interest in the CWI 2 operating partnership for $0.3 million. This special general partnership interest entitles us to receive distributions of our proportionate share of earnings up to 10% of the Available Cash from CWI 2’s operating partnership (Note 4). During the year ended December 31, 2015, we received $0.3 million of distributions from this investment.

CCIF— We received $0.8 million of distributions from our CCIF investment during the year ended December 31, 2015.

CPA^®:16 – Global—During the year ended December 31, 2013, equity income from CPA^®:16 – Global and CPA^®:16 – Global’s operating partnership exceeded 20% of our net income from continuing operations before income taxes. Therefore, the audited consolidated financial statements of CPA^®:16 – Global are incorporated by reference in this Report.

At December 31, 2015 and 2014, the aggregate unamortized basis differences on our equity investments in the Managed Programs were $27.4 million and $20.2 million, respectively.

The following tables present estimated combined summarized financial information for the Managed Programs. Amounts provided are expected total amounts attributable to the Managed Programs and do not represent our proportionate share (in thousands):

	December 31,
	2015			2014
Real estate, net	$	6,886,709		$	5,969,011
Other assets	2,426,189			2,293,065
Total assets	9,312,898			8,262,076
Debt	(4,432,082		)	(3,387,795		)
Accounts payable, accrued expenses and other liabilities	(612,974		)	(496,857		)
Total liabilities	(5,045,056		)	(3,884,652		)
Noncontrolling interests	(253,020		)	(170,249		)
Stockholders’ equity	$	4,014,822		$	4,207,175

	Years Ended December 31,
	2015			2014			2013
Revenues	$	1,157,432		$	825,405		$	796,637
Expenses	(1,120,090		)	(816,630		)	(669,554		)
Income from continuing operations	$	37,342		$	8,775		$	127,083
Net (loss) income attributable to the Managed Programs (a) (b)	$	(6,450	)	$	(12,695	)	$	104,342

__________

(a) Inclusive of impairment charges recognized by the Managed Programs totaling $1.0 million, $1.3 million, and $25.6 million during the years ended December 31,2015, 2014, and 2013, respectively. These impairment charges reduced our income earned from these investments by less than $0.1 million, less than $0.1 million, and $4.7 million during the years ended December 31,2015, 2014, and 2013, respectively.

(b) Amounts included net gains on sale of real estate recorded by the Managed REITs totaling $8.9 million, $13.3 million, and $7.7 million for the years ended December 31,2015, 2014, and 2013, respectively. These net gains on sale of real estate increased our income earned from these investments by $0.1 million, $0.4 million, and $0.1 million during the years ended December 31,2015, 2014, and 2013, respectively

Interests in Other Unconsolidated Real Estate Investments

We own equity interests in single-tenant net-leased properties that are generally leased to companies through noncontrolling interests (i) in partnerships and limited liability companies that we do not control but over which we exercise significant influence or (ii) as tenants-in-common subject to common control. Generally, the underlying investments are jointly-owned with affiliates. We account for these investments under the equity method of accounting. Earnings for each investment are recognized in accordance with each respective investment agreement. Investments in unconsolidated investments are required to be evaluated periodically. We periodically compare an investment’s carrying value to its estimated fair value and recognize an impairment charge to the extent that the carrying value exceeds fair value and such decline is determined to be other than temporary.

The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands):

		Ownership Interest at	Carrying Value at December 31,
Lessee	Co-owner	December 31, 2015	2015		2014
Existing Equity Investments (a)
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH	CPA®:17 – Global	33%	$	9,507	$	6,949
C1000 Logistiek Vastgoed B.V.	CPA®:17 – Global	15%	9,381		11,192
Wanbishi Archives Co. Ltd.	CPA®:17 – Global	3%	335		341
			19,223		18,482
Equity Investments Acquired in the CPA®:16 Merger
The New York Times Company	CPA®:17 – Global	45%	70,976		72,476
Frontier Spinning Mills, Inc.	CPA®:17 – Global	40%	24,288		15,609
Actebis Peacock GmbH	CPA®:17 – Global	30%	12,186		6,369
			107,450		94,454
Recently Acquired Equity Investment
Beach House JV, LLC	Third Party	N/A	15,318		15,105
			$	141,991	$	128,041

__________

(a) Represents equity investments we acquired prior to January 1, 2013.

Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH—The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. In the second quarter of 2015, we recognized equity income of approximately $2.1 million, representing our share of the bankruptcy proceeds received by the jointly-owned investment. The proceeds were used to repay the mortgage loan encumbering the two properties owned by the jointly-owned investment in the amount of $14.3 million, of which our share was $4.7 million, in the third quarter of 2015.

C1000 Logistiek Vastgoed B.V. — The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. This investment represents a tenancy-in-common interest, whereby the property is encumbered by the debt for which we are jointly and severally liable. For this investment, the co-obligor is CPA^®:17 – Global and the amount due under the arrangement was approximately $72.5 million at December 31, 2015. Of this amount, $10.9 million represents the amount we agreed to pay and is included within the carrying value of the investment at December 31, 2015.

Wanbishi Archives Co. Ltd.— The carrying value of this investment is affected by fluctuations in the exchange rate of the yen.

Frontier Spinning Mills, Inc.—We made a contribution of $8.6 million in the second quarter of 2015 to this jointly-owned investment to repay the related non-recourse mortgage loan.

Actebis Peacock GmbH—The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. We made a contribution of $6.2 million in the third quarter of 2015 to this jointly-owned investment to repay the related non-recourse mortgage loan.

Beach House JV, LLC— In March 2014, we received a preferred equity position in Beach House JV, LLC as part of the sale of the Soho House investment. During the year ended December 31, 2015, we received $1.1 million of distributions and recognized $1.3 million of income from this investment.

The following tables present combined summarized financial information of our equity investments, excluding the Managed Programs. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands):

	December 31,
	2015			2014
Real estate, net	$	464,730		$	486,858
Other assets	64,989			81,232
Total assets	529,719			568,090
Debt	(201,611		)	(278,012		)
Accounts payable, accrued expenses and other liabilities	(9,394		)	(10,057		)
Total liabilities	(211,005		)	(288,069		)
Noncontrolling interests	(355		)	(355		)
Stockholders’ equity	$	318,359		$	279,666

	Years Ended December 31,
	2015			2014			2013
Revenues	$	61,887		$	64,294		$	117,278
Expenses	(21,124		)	(27,801		)	(50,907		)
Income from continuing operations	$	40,763		$	36,493		$	66,371
Net income attributable to the jointly-owned investments	$	40,763		$	36,493		$	15,762

We received aggregate distributions of $13.3 million, $12.5 million, and $25.9 million from our other unconsolidated real estate investments for the years endedDecember 31, 2015, 2014, and 2013, respectively. At December 31, 2015 and 2014, the aggregate unamortized basis differences on our unconsolidated real estate investments were $5.7 million and $5.8 million, respectively.

Hellweg 2 Restructuring

In 2007, CPA^®:14, CPA^®:15, and CPA^®:16 – Global, acquired a 33%, 40%, and 27% interest, respectively, in an entity, or Purchaser, for purposes of acquiring a 25% interest in a property holding company, or PropCo, that owns 37 do-it-yourself stores located in Germany. This is referred to as the Hellweg 2 transaction. The remaining 75% interest in PropCo was owned by a third party, or the Partner. In November 2010, CPA^®:14, CPA^®:15, and CPA^®:16 – Global obtained a 70% additional interest in PropCo from the Partner, resulting in Purchaser owning approximately 95% of PropCo. In 2011, CPA^®:17 – Global acquired CPA^®:14’s interests, and in 2012, through the CPA^®:15 Merger, we acquired CPA^®:15’s interests. We had previously accounted for our investment under the equity method of accounting. In January 2014 in connection with the CPA^®:16 Merger, we acquired CPA^®:16 – Global’s interests in the investment. Subsequent to the acquisition, we consolidate this investment.

In October 2013, the Partner’s remaining 5% equity interest in PropCo was acquired by CPA^®:17 – Global, which resulted in PropCo recording a German real estate transfer tax of $22.1 million, of which our share was approximately $8.4 million and was reflected within Equity in earnings of equity method investments in the Managed Programs and real estate in our consolidated financial statements for the year ended December 31, 2013. In connection with the CPA^®:16 Merger, we acquired CPA^®:16 – Global’s controlling interest in the Hellweg 2 investment. During the fourth quarter of 2015, the German tax authority revoked its previous position on the application of a ruling in a Federal German tax court. Based on this change in position, the obligation to pay the German real estate transfer taxes recorded in connection with the Hellweg 2 restructuring, as well as those recorded in connection with the CPA^®:15 Merger, were no longer deemed probable of occurring. As a result, we reversed liabilities totaling $25.0 million, including $17.1 million recorded in connection with the Hellweg 2 restructuring and $7.9 million recorded in connection with the CPA^®:15 Merger, which is reflected in Merger, property acquisition, and other expenses in the consolidated financial statements for the year ended December 31, 2015.

Disposition of Unconsolidated Real Estate Investments During 2013

In June 2013, we contributed $2.9 million to partially repay the existing $17.1 million mortgage loan on our U.S. Airways investment. We refinanced the remaining mortgage loan with new financing of $13.9 million. Immediately after the refinancing, we sold our interest in the investment to a third party for $28.4 million, net of closing costs and our contribution to partially repay the loan, and recognized a gain on sale of $19.5 million. The gain was included in Equity in earnings of equity method investments in the Managed Programs and real estate in the consolidated financial statements.

In October 2013, an entity in which we and CPA^®:16 – Global held 30% and 70% interests, respectively, sold the five properties it owned for $41.4 million and recognized a net gain on sale of $0.5 million, of which our share was $0.2 million. The gain was included in Equity in earnings of equity method investments in the Managed Programs and real estate in the consolidated financial statements. The entity used a portion of the proceeds to repay the related mortgage loan, which had a carrying value of $25.7 million on the date of sale. Amounts presented are total amounts attributable to the whole entity and do not represent our proportionate share. In connection with the sale, the entity made a distribution of $4.2 million to us, representing our share of the net proceeds from the sale.

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Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2015

Goodwill And Intangible Assets Liabilities Disclosure [Abstract]

Goodwill and Other Intangibles

Goodwill and Other Intangibles

In connection with our acquisitions of properties, we have recorded net lease intangibles that are being amortized over periods ranging from one year to 43 years. In addition, we have several ground lease intangibles that are being amortized over periods of up to 99 years. In-place lease and tenant relationship intangibles are included in In-place lease and tenant relationship intangible assets, net in the consolidated financial statements. Above-market rent intangibles are included in Above-market rent intangible assets, net in the consolidated financial statements. Below-market ground lease (as lessee), trade name, management contracts, and software license intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent, above-market ground lease (as lessee), and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements.

In connection with our investment activity during 2015, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands):

	Weighted-Average Life	Amount
Amortizable Intangible Assets
In-place lease	13.4	$	92,012
Above-market rent	15.3	32,739
Below-market ground lease	63.1	9,997
Indefinite-Lived Intangible Asset
Below-market ground lease	N/A	881
		$	135,629
Amortizable Intangible Liabilities
Below-market rent	14.6	$	(6,798	)

In connection with the CPA^®:16 Merger and the CPA^®:15 Merger, we recorded goodwill as a result of the merger considerations exceeding the fair values of the assets acquired and liabilities assumed (Note 3). The goodwill was attributed to our Real Estate Ownership reporting unit as it relates to the real estate assets we acquired in the CPA^®:16 Merger and CPA^®:15 Merger. The following table presents a reconciliation of our goodwill (in thousands):

	Real Estate Ownership			Investment Management		Total
Balance at January 1, 2013	$	265,525		$	63,607	$	329,132
Adjustments related to deferred foreign income taxes (a)	32,715			—		32,715
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	(13,118		)	—		(13,118		)
Adjustment to purchase price allocation for the CPA®:15 Merger (b)	1,479			—		1,479
Balance at December 31, 2013	286,601			63,607		350,208
Acquisition of CPA®:16 – Global	346,642			—		346,642
Foreign currency translation adjustments and other	(14,258		)	—		(14,258		)
Other business combinations (c)	13,585			—		13,585
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	(3,762		)	—		(3,762		)
Balance at December 31, 2014	628,808			63,607		692,415
Foreign currency translation adjustments and other	(10,548		)	—		(10,548		)
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	(1,762		)	—		(1,762		)
Other business combinations	1,704			—		1,704
Balance at December 31, 2015	$	618,202		$	63,607	$	681,809

___________

(a) In 2013, we identified an error in the consolidated financial statements related to accounting for deferred foreign income taxes. We concluded that this adjustment was not material to our financial position or results of operations for 2013 or any of the prior periods. As such, in the fourth quarter of 2013 we recorded an out-of-period adjustment related to the error, which included an adjustment to goodwill.

(b) In the fourth quarter of 2013, we recorded an immaterial out-of-period adjustment to correct the purchase price allocation for theCPA^®:15 Merger.

(c) Primarily relates to acquisition of an investment in Norway (Note 5).

Current accounting guidance requires that we test for the recoverability of goodwill at the reporting unit level. The test for recoverability must be conducted at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. We performed our annual test for impairment during the fourth quarter of 2015 for goodwill recorded in both segments, and no impairment was indicated.

Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):

	December 31,
	2015									2014
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
Management contracts	$	32,765		$	(32,765	)	$	—		$	32,765		$	(32,765	)	$	—
Internal-use software development costs	18,188			(2,038		)	16,150			17,584			(26		)	17,558
	50,953			(34,803		)	16,150			50,349			(32,791		)	17,558
Lease Intangibles:
In-place lease and tenant relationship	1,205,585			(302,737		)	902,848			1,185,692			(191,873		)	993,819
Above-market rent	649,035			(173,963		)	475,072			639,370			(116,573		)	522,797
Below-market ground lease	25,403			(889		)	24,514			17,771			(435		)	17,336
	1,880,023			(477,589		)	1,402,434			1,842,833			(308,881		)	1,533,952
Unamortizable Goodwill and Indefinite-Lived Intangible Assets
Goodwill	681,809			—			681,809			692,415			—			692,415
Trade name	3,975			—			3,975			3,975			—			3,975
Below-market ground lease	895			—			895			—			—			—
	686,679			—			686,679			696,390			—			696,390
Total intangible assets	$	2,617,655		$	(512,392	)	$	2,105,263		$	2,589,572		$	(341,672	)	$	2,247,900
Amortizable Intangible Liabilities
Below-market rent	$	(171,199	)	$	44,873		$	(126,326	)	$	(169,231	)	$	23,039		$	(146,192	)
Above-market ground lease	(13,052		)	1,774			(11,278		)	(13,311		)	1,144			(12,167		)
	(184,251		)	46,647			(137,604		)	(182,542		)	24,183			(158,359		)
Unamortizable Intangible Liabilities
Below-market purchase option	(16,711		)	—			(16,711		)	(16,711		)	—			(16,711		)
Total intangible liabilities	$	(200,962	)	$	46,647		$	(154,315	)	$	(199,253	)	$	24,183		$	(175,070	)

Net amortization of intangibles, including the effect of foreign currency translation, was $180.8 million, $174.0 million, and $86.1 million for the years ended December 31, 2015, 2014, and 2013, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues; amortization of management contracts, in-place lease and tenant relationship intangibles is included in Depreciation and amortization; and amortization of above-market ground lease and below-market ground lease intangibles is included in Property expenses.

Based on the intangible assets and liabilities recorded at December 31, 2015, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands):

Years Ending December 31,	Net Decrease in Lease Revenues		Increase to Amortization/ Property Expenses		Total
2016	$	36,464	$	125,954	$	162,418
2017	51,494		103,062		154,556
2018	48,639		99,392		148,031
2019	44,715		90,574		135,289
2020	37,053		82,126		119,179
Thereafter	130,381		431,126		561,507
Total	$	348,746	$	932,234	$	1,280,980

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Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency forward contracts; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Items Measured at Fair Value on a Recurring Basis

The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs along with their weighted-average ranges.

Money Market Funds — Our money market funds, which are included in Cash and cash equivalents in the consolidated financial statements, are comprised of government securities and U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values.

Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of an interest rate cap, interest rate swaps, stock warrants, foreign currency forward contracts, and foreign currency collars (Note 10). The interest rate cap, interest rate swaps, foreign currency forward contracts, and foreign currency forward collars were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The stock warrants were measured at fair value using internal valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market.

Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps (Note 10). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Redeemable Noncontrolling Interest — We account for the noncontrolling interest in W. P. Carey International, LLC, or WPCI, held by a third party as a redeemable noncontrolling interest (Note 14). We determined the valuation of redeemable noncontrolling interest using widely accepted valuation techniques, including comparable transaction analysis, comparable public company analysis, and discounted cash flow analysis. We classified this liability as Level 3. At December 31, 2015, unobservable inputs for determining the estimated fair value of WPCI included, but were not limited to, a discount for lack of marketability, a discount rate, revenue, EBITDA (including normalized and run-rate EBITDA), and termination multiples with weighted-average ranges, across all valuation techniques utilized, as applicable, of 10% - 20%, 14% - 16%, 1.1x - 8.8x, 3.2x - 18.8x, and 5.5x - 7.5x, respectively. Significant increases or decreases in any one of these inputs in isolation would result in significant changes in the fair value measurement.

We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during either the years endedDecember 31, 2015 or 2014.

Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):

		December 31, 2015				December 31, 2014
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt, net (a)	3	$	2,271,204	$	2,293,542	$	2,532,683	$	2,574,437
Senior Unsecured Notes, net (b)	2	1,486,568		1,459,544		498,345		527,029
Senior Unsecured Credit Facility (c)	2	735,021		735,022		1,057,518		1,057,519
Deferred acquisition fees receivable (d)	3	33,386		32,919		26,913		28,027
Notes receivable (a)	3	10,689		10,610		20,848		19,604

__________

(a) We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, where applicable, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity and the current market interest rate.

(b) We determined the estimated fair value of the Senior Unsecured Notes (Note 11) using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, we determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.

(c) We determined the estimated fair value of our Senior Unsecured Credit Facility (Note 11) using a discounted cash flow model with rates that take into account the market-based credit spread and our credit rating.

(d) We determined the estimated fair value of our deferred acquisition fees receivable based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread of 203 - 213 basis points and an illiquidity adjustment of 75 basis points at December 31, 2015. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.

We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both December 31, 2015 and 2014.

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. For investments in real estate held for use for which an impairment indicator is identified, we follow a two-step process to determine whether the investment is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the future undiscounted net cash flows that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. If this amount is less than the carrying value, the property’s asset group is considered to be not recoverable. We then measure the impairment charge as the excess of the carrying value of the property’s asset group over the estimated fair value of the property’s asset group, which is primarily determined using market information such as recent comparable sales, broker quotes or third-party appraisals. If relevant market information is not available or is not deemed appropriate, we perform a future net cash flow analysis, discounted for inherent risk associated with each investment. We determined that the significant inputs used to value these investments fall within Level 3 for fair value reporting. As a result of our assessments, we calculated impairment charges based on market conditions and assumptions that existed at the time. The valuation of real estate is subject to significant judgment and actual results may differ materially if market conditions or the underlying assumptions change.

The following table presents information about our other assets that were measured at fair value on a non-recurring basis (in thousands):

	Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges inContinuing Operations
Real estate	$	63,027	$	26,597	$	26,503	$	21,738	$	15,495	$	4,673
Net investments in direct financing leases	65,132		3,309		39,158		1,329		891		68
Equity investments in real estate	—		—		—		735		5,111		19,256
Marketable security	—		—		—		—		483		553
			29,906				23,802				24,550
Impairment Charges inDiscontinued Operations
Real estate	—		—		—		—		19,413		6,192
Operating real estate	—		—		—		—		3,709		1,071
			—				—				7,263
			$	29,906			$	23,802			$	31,813

Impairment charges, and their related triggering events and fair value measurements, recognized during 2015, 2014, and 2013 were as follows:

Real Estate

2015 — During the year ended December 31, 2015, we recognized impairment charges totaling $26.6 million on seven properties and a parcel of vacant land in order to reduce the carrying values of the properties to their estimated fair values. The fair value measurements for five of the properties and the parcel of vacant land approximated their estimated selling prices, and we recognized impairment charges totaling $10.9 million on these properties.

We reduced the estimated holding period for another property due to the expected expiration of its related lease within one year after December 31, 2015 and recognized an impairment charge of $8.7 million on the property. The fair value measurement related to the impairment charge was determined by estimating discounted cash flows using three significant unobservable inputs, which are the cash flow discount rate, the residual discount rate, and the residual capitalization rate equal to 9.25%, 9.75%, and 8.5%, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.

The building located on another property will be demolished in accordance with a plan to redevelop the property, and the fair value of the building was reduced to zero. We recognized an impairment charge of $6.9 million on this property.

2014 — During the year ended December 31, 2014, we recognized impairment charges totaling $7.8 million on 13 properties in order to reduce the carrying values of the properties to their estimated fair values, which approximated their estimated selling prices.

Additionally, we recognized an impairment charge of $14.0 million on a property during the year ended December 31, 2014 as result of the tenant vacating the property. The fair value measurements relating to the $14.0 million impairment charge were determined by a direct cap approach and market approach and utilizing the average of these two approaches, as the property has potential utility as both a commercial net lease building (direct cap approach) and a redeveloped residential structure (market approach). The fair value under the market approach was determined by comparing the property to similar properties that have been sold or offered for sale, with adjustments made for differences in date of sale, age, condition, size, location, land/building ratio, local tax policies, and other physical characteristics and circumstances influencing the sale. The fair value under the direct cap approach was determined by estimating future net operating income of the leased up asset utilizing comparable market rents that have been leased or offered for lease, capitalizing the resulting net operating income utilizing a residual capitalization rate of 8.0%, offset by the leasing capital required to secure a tenant and the market vacancy assumptions. Significant increases or decreases to the inputs utilized for the market approach and income approach in isolation would result in a significant change in the fair value measurement.

2013 — During the year ended December 31, 2013, we recognized an impairment charge of $4.7 million on a property in France. This impairment was the result of writing down the property’s carrying value to its estimated fair value in connection with the tenant vacating the property. The fair value measurements related to the impairment charge were determined by estimating discounted cash flows using three significant unobservable inputs, which are the cash flow discount rate, the residual discount rate, and the residual capitalization rate equal to 12.75%, 11.75%, and 10.00%, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.

Net Investments in Direct Financing Leases

The fair value measurements related to the impairment charges recognized on our Net investments in direct financing leases during 2015 and 2014 were determined by estimating market rents at the time the leases expire, taking into account the following factors related to the properties and their locations: (i) estimated rent growth in property location; (ii) the quality of the property relative to other properties nearby; and (iii) the number of vacant properties nearby.

2015 — During the year ended December 31, 2015, we recognized impairment charges totaling $3.3 million on five properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair values of the buildings’ residual values.

2014 — During the year ended December 31, 2014, we recognized impairment charges totaling $1.3 million on eight properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair values of the buildings’ residual values.

2013 — During the year ended December 31, 2013, we recognized an impairment charge of $0.1 million on a property accounted for as Net investments in direct financing leases in order to reduce the carrying value of the property to its estimated fair value, which approximated its estimated selling price.

Equity Investments in Real Estate

During the years ended December 31, 2014 and 2013, we recognized other-than-temporary impairment charges totaling $0.7 million and $15.4 million, respectively, on the Special Member Interest in CPA^®:16 – Global’s operating partnership to reduce its carrying value to its estimated fair value, which had declined. The estimated fair value was computed by estimating discounted cash flows using two significant unobservable inputs, which are the discount rate and the estimated general and administrative costs as a percentage of assets under management with a weighted-average range of 12.75% - 15.75%and35-45basis points, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. The valuation was also dependent upon the estimated date of a liquidity event for CPA^®:16 – Global because cash flows attributable to this investment would cease upon such event.

During the year ended December 31, 2013, we recognized an other-than-temporary impairment charge of $3.9 million on a jointly-owned investment to reduce the carrying value of our investment to its estimated fair value, which was based on the contracted selling price of the properties held by the jointly-owned investment. The properties were sold in October 2013.

Properties Included in Discontinued Operations

During the year ended December 31, 2013, we recognized impairment charges on properties sold that are included in discontinued operations, including a hotel, totaling $7.3 million to reduce the carrying values of the properties to their selling prices. These impairment charges, which are included in discontinued operations, were the result of reducing these properties’ carrying values to their estimated fair values (Note 16), which approximated their estimated selling prices, in connection with anticipated sales. The fair value measurement related to these impairment charges, other than the fair value of the hotel, was determined in part by third-party sources, subject to our corroboration for reasonableness. The fair value of the hotel property was obtained using an estimate of discounted cash flows using three significant inputs, which are capitalization rate, cash flow discount rate, and residual discount rate of9.5%,7.5%, and10.0%, respectively.

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Risk Management and Use of Derivative Financial Instruments

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management and Use of Derivative Financial Instruments

Risk Management and Use of Derivative Financial Instruments

Risk Management

In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including the Senior Unsecured Credit Facility and Senior Unsecured Notes (Note 11), at December 31, 2015. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other securities and the shares we hold in the Managed REITs due to changes in interest rates or other market factors. We own investments in Europe, Asia, and Australia and are subject to risks associated with fluctuating foreign currency exchange rates.

Derivative Financial Instruments

When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts and we may be granted common stock warrants by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include a counterparty to a hedging arrangement defaulting on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities.

We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. For a derivative designated, and that qualified, as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) income into earnings when the hedged investment is either sold or substantially liquidated. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings.

The following table sets forth certain information regarding our derivative instruments (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
		December 31, 2015		December 31, 2014		December 31, 2015			December 31, 2014
Foreign currency forward contracts	Other assets, net	$	38,975	$	16,307	$	—		$	—
Foreign currency collars	Other assets, net	7,718		—		—			—
Interest rate swaps	Other assets, net	—		285		—			—
Interest rate cap	Other assets, net	—		3		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(4,762		)	(5,660		)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	3,618		3,753		—			—
Interest rate swaps (a)	Other assets, net	9		—		—			—
Interest rate swaps (a)	Accounts payable, accrued expenses and other liabilities	—		—		(2,612		)	(7,496		)
Total derivatives		$	50,320	$	20,348	$	(7,374	)	$	(13,156	)

__________

(a) These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt.

All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2015 and 2014, no cash collateral had been posted nor received for any of our derivative positions.

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

	Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) (a)
	Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2015			2014			2013
Foreign currency forward contracts	$	15,949		$	23,167		$	(5,211	)
Foreign currency collars	7,769			—			—
Interest rate swaps	(284		)	(2,628		)	4,720
Interest rate caps	64			290			(15		)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency forward contracts	5,819			2,566			—
Total	$	29,317		$	23,395		$	(506	)

		Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion) (c)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2015			2014			2013
Foreign currency forward contracts	Other income and (expenses)	$	7,272		$	(103	)	$	(537	)
Interest rate swaps and caps	Interest expense	(2,291		)	(2,691		)	(1,745		)
Foreign currency collars	Other income and (expenses)	357			—			—
Total		$	5,338		$	(2,794	)	$	(2,282	)

__________

(a) Excludes net gains of $0.6 million, $0.3 million, and $0.5 million recognized on unconsolidated jointly-owned investments for the years ended December 31, 2015, 2014, and 2013, respectively.

(b) The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income until the underlying investment is sold, at which time we reclassify the gain or loss to earnings.

(c) Excludes net gains recognized on unconsolidated jointly-owned investments of $0.4 million and $0.5 million for the years ended December 31, 2014 and 2013, respectively. There were no such gains or losses recognized for the year ended December 31, 2015.

Amounts reported in Other comprehensive (loss) income related to interest rate swaps will be reclassified to Interest expense as interest payments are made on our variable-rate debt. Amounts reported in Other comprehensive (loss) income related to foreign currency derivative contracts will be reclassified to Other income and (expenses) when the hedged foreign currency contracts are settled. As of December 31, 2015, we estimate that an additional $1.8 million and $9.3 million will be reclassified as interest expense and other income, respectively, during the next 12 months.

		Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives Not in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2015			2014		2013
Interest rate swaps	Interest expense	$	4,164		$	3,186	$	5,249
Foreign currency collars	Other income and (expenses)	514			—		—
Foreign currency forwards	Other income and (expenses)	(296		)	—		—
Stock warrants	Other income and (expenses)	(134		)	134		440
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	649			761		(20		)
Foreign currency forward contracts	Other income and (expenses)	45			—		—
Foreign currency collars	Other income and (expenses)	23			—		—
Total		$	4,965		$	4,081	$	5,669

__________

(a) Relates to the ineffective portion of the hedging relationship.

See below for information on our purposes for entering into derivative instruments and for information on derivative instruments owned by unconsolidated investments, which are excluded from the tables above.

Interest Rate Swaps and Cap

We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain variable-rate, non-recourse mortgage loans and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The face amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements.

The interest rate swaps and cap that our consolidated subsidiaries had outstanding at December 31, 2015 are summarized as follows (currency in thousands):

	Number of Instruments	Notional Amount		Fair Value of Asset (Liability) at December 31, 2015 (a)
Interest Rate Derivatives
Designated as Cash Flow Hedging Instruments
Interest rate swaps	13	122,159	USD	$	(4,154	)
Interest rate swap	1	6,011	EUR	(608		)
Interest rate cap (b)	1	41,372	EUR	—
Not Designated as Cash Flow Hedging Instruments
Interest rate swaps (c)	2	105,110	EUR	(2,612		)
Interest rate swap (c)	1	3,127	USD	9
				$	(7,365	)

__________

(a) Fair value amounts are based on the exchange rate of the euro at December 31, 2015, as applicable.

(b) The applicable interest rate of the related debt was 0.9%, which was below the strike price of the cap of 3.0% at December 31, 2015.

(c) These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt.

Foreign Currency Contracts and Collars

We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling, the Australian dollar, and certain other currencies. We manage foreign currency exchange rate movements by generally placing our debt service obligation on an investment in the same currency as the tenant’s rental obligation to us. This reduces our overall exposure to the net cash flow from that investment. However, we are subject to foreign currency exchange rate movements to the extent that there is a difference in the timing and amount of the rental obligation and the debt service. Realized and unrealized gains and losses recognized in earnings related to foreign currency transactions are included in Other income and (expenses) in the consolidated financial statements.

In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency forward contracts and collars. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. By entering into forward contracts and holding them to maturity, we are locked into a future currency exchange rate for the term of the contract. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices.

The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2015, which were designated as cash flow hedges (currency in thousands):

	Number of Instruments	Notional Amount		Fair Value at December 31, 2015 (a)
Foreign Currency Derivatives
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	52	127,747	EUR	$	27,754
Foreign currency collars	25	90,100	EUR	4,441
Foreign currency collars	22	48,300	GBP	3,277
Foreign currency forward contracts	16	20,302	AUD	2,258
Foreign currency forward contracts	12	6,420	GBP	578
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	5	84,522	AUD	8,385
				$	46,693

__________

(a) Fair value amounts are based on the applicable exchange rate of the foreign currency at December 31, 2015.

Credit Risk-Related Contingent Features

We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2015. At December 31, 2015, our total credit exposure and the maximum exposure to any single counterparty was $44.9 million and $26.3 million, respectively.

Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 2015, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $8.2 million and $14.2 million at December 31, 2015 and 2014, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2015 or 2014, we could have been required to settle our obligations under these agreements at their aggregate termination value of $8.3 million and $14.5 million, respectively.

Net Investment Hedges

At December 31, 2015 and December 31, 2014, the amounts borrowed in euro outstanding under our Revolver (Note 11) were €361.0 million and €345.0 million, respectively, and the amounts borrowed in British pounds sterling were none and £40.0 million, respectively. Additionally, we have issued senior notes denominated in euro with a principal amount of €500.0 million (Note 11). These borrowings are designated as, and are effective as, economic hedges of our net investments in foreign entities. Variability in the exchange rates of the foreign currencies with respect to the U.S. dollar impacts our financial results as the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of changes in the foreign currencies to U.S. dollar exchange rates being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, the borrowings in euro and British pounds sterling under our Revolver are recorded at cost in the consolidated financial statements and all changes in the value related to changes in the spot rates will be reported in the same manner as a translation adjustment, which is recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment.

At December 31, 2015, we had foreign currency forward contracts that were designated as net investment hedges, as discussed in“Derivative Financial Instruments” above.

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Debt

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Debt

Debt

Senior Unsecured Credit Facility

At December 31, 2014, we had a senior credit facility that provided for a $1.0 billion unsecured revolving credit facility, or our Revolver, and a $250.0 million term loan facility, or our Term Loan Facility, which we refer to collectively as the Senior Unsecured Credit Facility. At December 31, 2014, the Senior Unsecured Credit Facility also permitted (i) up to $500.0 million under our Revolver to be borrowed in certain currencies other than the U.S. dollar, (ii) swing line loans of up to $50.0 million under our Revolver, and (iii) the issuance of letters of credit under our Revolver in an aggregate amount not to exceed $50.0 million. The Senior Unsecured Credit Facility is being used for working capital needs, to refinance our existing indebtedness, for new investments, and for other general corporate purposes.

The Senior Unsecured Credit Facility also contained an accordion feature, which allowed us to increase the maximum borrowing capacity of our Revolver from $1.0 billion to $1.5 billion. We exercised this accordion feature on January 15, 2015. At that time, we also amended the Senior Unsecured Credit Facility as follows: (i) established a new $500.0 million accordion feature that, if exercised, subject to lender commitments, would increase our maximum borrowing capacity under our Revolver to $2.0 billion and under the Senior Unsecured Credit Facility in the aggregate to $2.25 billion, and (ii) increased the amount under our Revolver that may be borrowed in certain currencies other than the U.S. dollar to the equivalent of $750.0 million from $500.0 million. All other existing terms of the Senior Unsecured Credit Facility remained unchanged. In connection with the exercise of the accordion feature and the amendment of the Senior Unsecured Credit Facility in January 2015, we incurred financing costs totaling $3.1 million, which are included in Other assets, net in the consolidated financial statements, and are being amortized to Interest expense over the remaining terms of the facilities.

At December 31, 2015, our Revolver had unused capacity of $1.0 billion, excluding amounts reserved for outstanding letters of credit. As of December 31, 2015, our lenders had issued letters of credit totaling $1.6 million on our behalf in connection with certain contractual obligations, which reduce amounts that may be drawn under our Revolver by the same amount. We also incurred a facility fee of 0.20% of the total commitment on our Revolver during the year ended December 31, 2015. On January 29, 2016, we exercised our option to extend our Term Loan Facility by an additional year to January 31, 2017 (Note 19). We have options to extend the maturity date of the Revolver and Term Loan Facility by another year, subject to the conditions provided in the Second Amended and Restated Credit Agreement.

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in millions):

	Interest Rate at December 31, 2015 (a)		Outstanding Balance at December 31,
Senior Unsecured Credit Facility		Maturity Date	2015		2014
Revolver:
Revolver - borrowing in euros	LIBOR + 1.10%	1/31/2018	$	393.0	$	419.4
Revolver - borrowing in U.S. dollars (b)	LIBOR + 1.10%; EURIBOR + 1.10%	1/31/2018	92.0		326.0
Revolver - borrowing in British pounds sterling	N/A	1/31/2018	—		62.1
			485.0		807.5
Term Loan Facility (c)	LIBOR + 1.25%	1/31/2016	250.0		250.0
			$	735.0	$	1,057.5

__________

(a) Interest rate at December 31, 2015 is based on our credit rating of BBB/Baa2.

(b) EURIBOR means Euro Interbank Offered Rate.

(c) Our Term Loan Facility was scheduled to mature on January 31, 2016. However, on January 29, 2016, we exercised our option to extend the maturity of our Term Loan Facility by an additional year to January 31, 2017 (Note 19).

Senior Unsecured Notes

Since January 1, 2014, we have issued senior unsecured notes in three separate registered public offerings with an aggregate carrying amount of $1.5 billion as of December 31, 2015, which we refer to collectively as the Senior Unsecured Notes. Interest on the Senior Unsecured Notes is payable in arrears, annually for foreign notes and semi-annually for domestic notes. The Senior Unsecured Notes can be redeemed at par within three months of maturity, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon a rate of the applicable government bond yield plus 30 basis points for the 2.0% Senior Euro Notes and the 4.6% Senior Notes, and 35 basis points for the 4.0% Senior Notes. The following table presents a summary of our Senior Unsecured Notes (currency in millions):

													Carrying Value at December 31,
Senior Unsecured Notes	Issue Date	Principal Amount		Price of Par Value		Discount		Effective Interest Rate		Coupon Rate		Maturity Date	2015		2014
4.6% Senior Notes	3/14/2014	$	500.0	99.639	%	$	1.8	4.645	%	4.6	%	4/1/2024	$	496.0	$	498.3
2.0% Senior Euro Notes	1/21/2015	€	500.0	99.220	%	$	4.6	2.107	%	2.0	%	1/20/2023	540.6		—
4.0% Senior Notes	1/26/2015	$	450.0	99.372	%	$	2.8	4.077	%	4.0	%	2/1/2025	450.0		—
													$	1,486.6	$	498.3

Proceeds from the issuances of these notes were used primarily to partially pay down the amounts then outstanding under our Revolver. In connection with these offerings, we incurred financing costs totaling $7.8 million and $4.2 million during the years ended December 31,2015 and 2014, respectively, which are included in Other assets, net in the consolidated financial statements, and are being amortized to Interest expense over the respective terms of the Senior Unsecured Notes.

The Senior Unsecured Credit Facility and the Senior Unsecured Notes include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. The Senior Unsecured Credit Facility also contains various customary affirmative and negative covenants applicable to us and our subsidiaries, subject to materiality and other qualifications, baskets, and exceptions as outlined in the Second Amended and Restated Credit Agreement.

We are required to ensure that the total Restricted Payments (as defined in the Second Amended and Restated Credit Agreement) in an aggregate amount in any fiscal year does not exceed the greater of (i) 95% of Adjusted Funds from Operations (as defined in the Second Amended and Restated Credit Agreement) and (ii) the amount of Restricted Payments required in order for us to maintain our REIT status. Restricted Payments include quarterly dividends and the total amount of shares repurchased by us, if any, in excess of $100.0 million per year.

Obligations under the Senior Unsecured Credit Facility may be declared immediately due and payable upon the occurrence of certain events of default as defined in the Second Amended and Restated Credit Agreement, including failure to pay any principal when due and payable, failure to pay interest within five business days after becoming due, failure to comply with any covenant, representation or condition of any loan document, any change of control, cross-defaults, and certain other events as set forth in the Second Amended and Restated Credit Agreement, with grace periods in some cases.

The Second Amended and Restated Credit Agreement stipulates several financial covenants that require us to maintain certain ratios and benchmarks at the end of each quarter as defined in the Second Amended and Restated Credit Agreement. We were in compliance with all of these covenants at December 31, 2015.

Unsecured Term Loan

In July 2013, we entered into a credit agreement for an Unsecured Term Loan of up to $300.0 million, which we drew down in full on that date. On January 31, 2014, the Unsecured Term Loan was repaid in full using a portion of the amounts drawn down under the Senior Unsecured Credit Facility on that date.

Non-Recourse Debt

Non-recourse debt consists of mortgage notes payable, which are collateralized by the assignment of real estate properties with an aggregate carrying value of $3.0 billion and $3.3 billion at December 31, 2015 and 2014, respectively. At December 31, 2015, our mortgage notes payable bore interest at fixed annual rates ranging from 2.0% to 8.7% and variable contractual annual rates ranging from 0.9% to 7.6%, with maturity dates ranging from January 2016 to 2038.

Foreign Currency Exchange Rate Impact

During the year ended December 31, 2015, the U.S. dollar strengthened against the euro, resulting in an aggregate decrease of $166.0 million in the aggregate carrying values of our Non-recourse debt, Senior Unsecured Credit Facility, and 2.0% Senior Euro Notes from December 31, 2014 to December 31, 2015.

Scheduled Debt Principal Payments

Scheduled debt principal payments during each of the next five calendar years following December 31, 2015 and thereafter are as follows (in thousands):

Years Ending December 31,	Total(a)
2016	$	648,344
2017	697,749
2018	750,932
2019	99,753
2020	218,995
Thereafter through 2038	2,080,575
	4,496,348
Unamortized discount, net (b)	(3,555		)
Total	$	4,492,793

__________

(a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2015.

(b) Represents the unamortized discount on the Senior Unsecured Notes of $7.8 million partially offset by unamortized premium of $4.2 million in the aggregate resulting from the assumption of property-level debt in connection with the CPA^®:15 Merger and CPA^®:16 Merger.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

On December 31, 2013, Mr. Ira Gaines and entities affiliated with him commenced a purported class action (Ira Gaines, et al. v. Corporate Property Associates 16 – Global Incorporated, Index. No. 650001/2014, N.Y. Sup. Ct., N.Y. County) against us, WPC REIT Merger Sub Inc., CPA^®:16 – Global, and the directors of CPA^®:16 – Global regarding the CPA^®:16 Merger. On April 11, 2014, we and the other defendants filed a motion to dismiss the complaint, as amended, in its entirety, and on October 15, 2014, the judge granted that motion to dismiss. The plaintiffs filed a Notice of Appeal on November 24, 2014 and had until August 24, 2015 to file that appeal. On August 21, 2015, plaintiffs withdrew with prejudice their Notice of Appeal. As a result, the decision that the trial court rendered in our favor on October 15, 2014 is now final, and the case has been dismissed.

Various other claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.

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Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Equity

Equity

Common Stock

Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents distributions per share, declared and paid during the years ended December 31, 2015 and 2014, reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e):

	Distributions Paid
	During the Years Ended December 31,
	2015		2014		2013
Ordinary income	$	3.5497	$	3.6566	$	3.1701
Return of capital	0.2618		0.0584		0.0099
Total distributions paid	$	3.8115	$	3.7150	$	3.1800

During the fourth quarter of 2015, we declared a quarterly distribution of $0.9646 per share, which was paid on January 15, 2016 to stockholders of record on December 31, 2015, in the amount of $102.7 million.

Earnings Per Share

Under current authoritative guidance for determining earnings per share, all nonvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Our nonvested RSUs and RSAs contain rights to receive non-forfeitable distribution equivalents or distributions, respectively, and therefore we apply the two-class method of computing earnings per share. The calculation of earnings per share below excludes the income attributable to the nonvested RSUs and RSAs from the numerator and such nonvested shares in the denominator. The following table summarizes basic and diluted earnings (in thousands, except share amounts):

	Years Ended December 31,
	2015			2014			2013
Net income attributable to W. P. Carey	$	172,258		$	239,826		$	98,876
Allocation of distribution equivalents paid on nonvested RSUs and RSAs in excess of income	(579		)	(1,007		)	(743		)
Net income – basic	171,679			238,819			98,133
Income effect of dilutive securities, net of taxes	—			(77		)	187
Net income – diluted	$	171,679		$	238,742		$	98,320
Weighted-average shares outstanding – basic	105,675,692			98,764,164			68,691,046
Effect of dilutive securities	831,960			1,063,192			1,016,962
Weighted-average shares outstanding – diluted	106,507,652			99,827,356			69,708,008

Securities totaling 114,919 shares associated with the Redeemable noncontrolling interest were excluded from the earnings per share computation above as their effect would have been anti-dilutive for the year ended December 31, 2013. There were no such anti-dilutive securities for the years ended December 31, 2015 and 2014.

At-The-Market Equity Offering Program

On June 3, 2015, we filed a prospectus supplement with the SEC pursuant to which we may offer and sell shares of our common stock, up to an aggregate gross sales price of $400.0 million, through an “at-the-market,” or ATM, offering program with a consortium of banks acting as sales agents. We intend to use the net proceeds from any such ATM offering to reduce indebtedness, which may include amounts outstanding under our Revolver, to fund potential future acquisitions, and for general corporate purposes. Through December 31, 2015, we had not issued any shares pursuant to this ATM program.

Equity Offering

In September 2014, we completed a public offering of 4,600,000 shares of our common stock, $0.001 par value per share, at a price of $64.00 per share, or the Equity Offering, which includes the full exercise of the underwriters’ option to purchase an additional 600,000 shares of our common stock. The net proceeds of $282.2 million from the Equity Offering were intended to repay certain indebtedness, including amounts outstanding under our Senior Unsecured Credit Facility, to fund potential future acquisitions and for general corporate purposes. We utilized $225.8 million of the net proceeds from the Equity Offering to pay down a portion of the amount then outstanding under our Revolver.

Noncontrolling Interests

Redeemable Noncontrolling Interest

We account for the noncontrolling interest in WPCI held by a third party as a redeemable noncontrolling interest, as we have an obligation to redeem the interest at fair value, subject to certain conditions pursuant to a put option held by the third party. This obligation is required to be settled in shares of our common stock. On October 1, 2013, we received a notice from the holder of the noncontrolling interest in WPCI regarding the exercise of the put option, pursuant to which we are required to purchase the third party’s 7.7% interest in WPCI. Pursuant to the terms of the related put agreement, the value of that interest was determined based on a third-party valuation as of October 31, 2013, which is the end of the month that the put option was exercised. We cannot currently determine when the redemption will occur.

The following table presents a reconciliation of redeemable noncontrolling interest (in thousands):

	Years Ended December 31,
	2015		2014			2013
Beginning balance	$	6,071	$	7,436		$	7,531
Redemption value adjustment	8,873		(306		)	—
Net income	—		(142		)	353
Distributions	—		(926		)	(435		)
Change in other comprehensive income	—		9			(13		)
Ending balance	$	14,944	$	6,071		$	7,436

Transfers to Noncontrolling Interests

The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands):

	Years Ended December 31,
	2015		2014			2013
Net income attributable to W. P. Carey	$	172,258	$	239,826		$	98,876
Transfers to noncontrolling interest
Decrease in W. P. Carey’s additional paid-in capital for purchases of less-than-wholly-owned investments in connection with the CPA®:16 Merger	—		(41,374		)	—
Net transfers to noncontrolling interest	—		(41,374		)	—
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest	$	172,258	$	198,452		$	98,876

Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

The following tables present a reconciliation of changes in Accumulated other comprehensive (loss) income by component for the periods presented (in thousands):

	Gains and Losses on Derivative Instruments			Foreign Currency Translation Adjustments			Gains and Losses on Marketable Securities			Total
Balance at January 1, 2013	$	(7,508	)	$	2,828		$	31		$	(4,649	)
Other comprehensive income (loss) before reclassifications	(2,793		)	21,835			—			19,042
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	1,745			—			—			1,745
Other income and (expenses)	537			—			—			537
Equity in earnings of equity method investments in the Managed Programs and real estate	531			—			—			531
Total	2,813			—			—			2,813
Net current period other comprehensive income (loss)	20			21,835			—			21,855
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest	—			(1,870		)	—			(1,870		)
Balance at December 31, 2013	(7,488		)	22,793			$	31		$	15,336
Other comprehensive income (loss) before reclassifications	17,911			(117,938		)	(10		)	(100,037		)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	2,691			—			—			2,691
Other income and (expenses)	103			—			—			103
Equity in earnings of equity method investments in the Managed Programs and real estate	380			—			—			380
Total	3,174			—			—			3,174
Net current period other comprehensive income (loss)	21,085			(117,938		)	(10		)	(96,863		)
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest	—			5,968			—			5,968
Balance at December 31, 2014	13,597			(89,177		)	21			(75,559		)
Other comprehensive income (loss) before reclassifications	29,391			(125,447		)	15			(96,041		)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	2,291			—			—			2,291
Other income and (expenses)	(7,629		)	—			—			(7,629		)
Total	(5,338		)	—			—			(5,338		)
Net current period other comprehensive (loss) income	24,053			(125,447		)	15			(101,379		)
Net current period other comprehensive gain attributable to noncontrolling interests	—			4,647			—			4,647
Balance at December 31, 2015	$	37,650		$	(209,977	)	$	36		$	(172,291	)

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Stock-Based Compensation and Other Compensation

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation and Other Compensation

Stock-Based and Other Compensation

Stock-Based Compensation

At December 31, 2015, we maintained several stock-based compensation plans as described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $21.6 million, $31.1 million, and $37.2 million for the years ended December 31, 2015, 2014, and 2013, respectively, all of which are included in Stock-based compensation expense in the consolidated financial statements. The tax benefit recognized by us related to these awards totaled $12.5 million, $17.3 million, and $18.4 million for the years ended December 31, 2015, 2014, and 2013, respectively.

2009 Incentive Plan

We maintain the W. P. Carey Inc. 2009 Share Incentive Plan, or the 2009 Incentive Plan, which as amended currently authorizes the issuance of up to 5,900,000 shares of our common stock. At December 31, 2015, there were 2,361,843 shares available for issuance under the 2009 Share Incentive Plan. The 2009 Incentive Plan provides for the grant of (i) stock options, (ii) RSUs, (iii) PSUs, and (iv) dividend equivalent rights. The vesting of grants under both plans is accelerated upon a change in our control and under certain other conditions.

In December 2007, the Compensation Committee approved the long-term incentive plan, or LTIP, and terminated further contributions to the Partnership Equity Unit Plan described below. During the years ended December 31, 2015, 2014, and 2013, we awarded RSUs totaling 173,741, 172,460, and 171,804, respectively, and PSUs totaling 75,277, 89,653, and 85,900, respectively, to key employees. PSUs are reflected at 100% of target but may settle at up to three times the target amount shown or less. PSUs awarded during each of the years ended December 31, 2015, 2014, and 2013 include 10,000 PSUs awarded for which the undetermined terms and conditions of the grant were finalized in subsequent years.

2009 Non-Employee Directors Incentive Plan

We maintain the W. P. Carey, Inc. 2009 Non-Employee Directors’ Incentive Plan, or the 2009 Directors’ Plan, which authorizes the issuance of 325,000 shares of our common stock in the aggregate. In the discretion of our board of directors, the awards may be in the form of RSUs, share options, or RSAs, or any combination of the permitted awards.In July 2013, we issued13,211RSAs, with a total value of$0.9 million, to our directors under the 2009 Directors’ Plan in lieu of the RSUs that hadbeen granted in previous years, as permitted under the terms of that plan. In July 2014, we issued 16,159 RSAs with a total value of $1.0 million to our directors. In July 2015, we issued 16,152 RSAs with a total value of $1.0 million to our directors. These RSAs are scheduled to vest one year from the date of grant. At December 31, 2015, there were 199,553 shares that remained available for issuance under this plan.

Employee Share Purchase Plan

We sponsor an employee share purchase plan, or ESPP, pursuant to which eligible employees may contribute up to 10% of compensation, subject to certain limits, to purchase our common stock. During the year ended December 31, 2015, employees were entitled to purchase stock through the ESPP semi-annually at a price equal to 90% of the fair market value at certain plan defined dates. During the years ended December 31, 2014 and 2013, employees were entitled to purchase stock through the ESPP semi-annually at a price equal to 85% of the fair market value at certain plan defined dates. Compensation expense under this plan for the years ended December 31, 2015, 2014, and 2013 was less than $0.1 million, $0.3 million, and $1.2 million, respectively.

Partnership Equity Unit Plan

During 2003, we adopted a non-qualified deferred compensation plan, called the Partnership Equity Plan, or PEP, under which a portion of any participating officer’s cash compensation in excess of designated amounts was deferred and the officer was awarded Partnership Equity Plan Units, or PEP Units. Each of the PEPs is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation and subject to liability award accounting. The value of each PEP Unit is adjusted to reflect the underlying appraised value of the designated CPA^® REIT. Additionally, each PEP Unit is entitled to distributions equal to the distribution rate of the CPA^® REIT. All issuances of PEP Units, changes in the fair value of PEP Units and distributions paid are included in our compensation expense. On December 16, 2013, we paid $0.2 million in cash to the remaining holders of the PEP Units issued under the initial PEP, which was equal to the per-share 2012 merger consideration received by CPA^®:15 stockholders or the net asset value per share of CPA^®:16 – Global, as applicable.

The plans are carried at fair value each quarter and are subject to changes in the fair value of the PEP units. Further contributions to the second PEP were terminated at December 31, 2007; however, this termination did not affect any awardees’ rights pursuant to awards granted under this plan. In December 2008, participants in the PEPs were required to make an election to either (i) remain in the PEPs, (ii) receive cash for their PEP Units (available to former employees only) or (iii) convert their PEP Units to fully vested RSUs (available to current employees only) to be issued under the 1997 Share Incentive Plan, or as amended, the 1997 Incentive Plan, on June 15, 2009. Substantially all of the PEP participants elected to receive cash or convert their existing PEP Units to RSUs. The PEP participants electing to receive RSUs were required to defer receipt of the underlying shares of our common stock for a minimum of two years. While employed by us, these participants are entitled to receive dividend equivalents equal to the amount of dividends paid on the underlying common stock during the deferral period. At December 31, 2015 and 2014, we were obligated to issue 40,904 and 41,074 shares, respectively, of our common stock underlying these RSUs, which were recorded within W. P. Carey members’ equity as a Deferred compensation obligation of $1.1 million and $1.1 million, respectively. The remaining PEP liability pertaining to participants who elected to remain in the plans was $0.7 million at both December 31, 2015 and 2014. Those PEP Units are scheduled to be paid between 2017 and 2019.

Restricted and Conditional Awards

Nonvested RSAs, RSUs, and PSUs at December 31, 2015 and changes during the years ended December 31, 2015,2014, and2013were as follows:

	RSA and RSU Awards				PSU Awards
	Shares		Weighted-Average Grant Date Fair Value		Shares		Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2013	594,194		$	37.15	999,513		$	34.55
Granted	185,015		57.69		86,189		84.33
Vested (a)	(233,098	)	36.76		(324,161	)	39.48
Forfeited	(26,503	)	43.05		(30,108	)	50.52
Adjustment (b)	—		—		489,287		67.22
Nonvested at December 31, 2013	519,608		45.19		1,220,720		28.28
Granted	188,619		61.08		89,653		76.05
Vested (a)	(264,724	)	43.35		(881,388	)	51.00
Forfeited	(1,001	)	59.45		(78	)	54.31
Adjustment (b)	—		—		448,734		55.91
Nonvested at December 31, 2014	442,502		53.03		877,641		32.06
Granted (c)	189,893		69.92		75,277		83.68
Vested (a)	(264,628	)	49.69		(792,465	)	56.77
Forfeited	(10,996	)	66.46		—		—
Adjustment (b)	—		—		179,905		49.70
Nonvested at December 31, 2015 (d)	356,771		$	64.09	340,358		$	52.26

__________

(a) The total fair value of shares vested during the years ended December 31, 2015, 2014, and 2013 was $58.1 million, $56.4 million, and $21.4 million, respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date, pursuant to previously-made deferral elections. At December 31, 2015 and 2014, we had an obligation to issue 1,395,907 and 848,788 shares, respectively, of our common stock underlying such deferred awards, which is recorded within W. P. Carey stockholders’ equity as a Deferred compensation obligation of $55.0 million and $29.6 million, respectively.

(b) Vesting and payment of the PSUs is conditioned upon certain company and market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest.

(c) The grant date fair values of RSAs and RSUs reflect our stock price on the date of grant. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate a range of possible future stock prices for both us and the plan defined peer index over the three-year performance period. To estimate the fair value of PSUs granted during the year ended December 31, 2015, we used a risk-free interest rate of 1.0% and an expected volatility rate of 20.2% (the plan defined peer index assumes 13.5%) and assumed a dividend yield of zero.

(d) At December 31, 2015, total unrecognized compensation expense related to these awards was approximately $20.1 million, with an aggregate weighted-average remaining term of 1.7 years.

At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest based upon the extent to which we have met and expect to meet the performance goals and where appropriate, revise our estimate and associated expense. We do not adjust the associated expense for revision on PSUs expected to vest based on market performance. Upon vesting, the RSUs and PSUs may be converted into shares of our common stock. Both the RSUs and PSUs carry dividend equivalent rights. Dividend equivalent rights on RSUs are paid in cash on a quarterly basis whereas dividend equivalent rights on PSUs accrue during the performance period and may be converted into additional shares of common stock at the conclusion of the performance period to the extent the PSUs vest. Dividend equivalent rights are accounted for as a reduction to retained earnings to the extent that the awards are expected to vest. For awards that are not expected to vest or do not ultimately vest, dividend equivalent rights are accounted for as additional compensation expense.

Stock Options

Option activity and changes for all periods presented were as follows:

	Year Ended December 31, 2015
	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding – beginning of year	475,765		$	29.95
Exercised	(213,479	)	28.57
Canceled / Expired	(3,499	)	28.71
Outstanding – end of year	258,787		$	31.10	1.06	$	7,220,287
Vested and expected to vest – end of year	258,787		$	31.10	1.06	$	7,220,287
Exercisable – end of year	236,112		$	30.99	0.99	$	6,613,542

	Years Ended December 31,
	2014					2013
	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)
Outstanding – beginning of year	619,601		$	30.30		794,210		$	30.32
Exercised	(140,718	)	31.41			(169,412	)	30.43
Canceled / Expired	(3,118	)	32.99			(5,197	)	29.84
Outstanding – end of year	475,765		$	29.95	1.75	619,601		$	30.30	2.59
Exercisable – end of year	421,656		$	29.75		511,811		$	30.18

Options granted under the 1997 Incentive Plan generally have a ten-year term and generally vested in four equal annual installments. Options granted under the 1997 Directors’ Plan have a ten-year term and generally vested over three years from the date of grant. We have not issued option awards since 2008. Our options will be fully expired in February 2018. The total intrinsic value of options exercised during the years ended December 31, 2015, 2014, and 2013 was $7.4 million, $4.9 million, and $5.7 million, respectively. The tax benefit recognized by us related to these awards totaled $3.4 million during the year ended December 31, 2015.

At December 31, 2015, all of our options were fully vested and all related compensation expense has been previously recognized; however certain options had exercise limitations.

We have the ability and intent to issue shares upon stock option exercises. Historically, we have issued authorized but unissued common stock to satisfy such exercises. Cash received from stock option exercises and purchases under the ESPP during the years ended December 31, 2015, 2014, and 2013 was $0.5 million, $1.9 million, and $2.3 million, respectively.

Other Compensation

Profit-Sharing Plan

We sponsor a qualified profit-sharing plan and trust that generally permits all employees, as defined by the plan, to make pre-tax contributions into the plan. We are under no obligation to contribute to the plan and the amount of any contribution is determined by and at the discretion of our board of directors. Our board of directors can authorize contributions to a maximum of15%of an eligible participant’s compensation, limited to$26,500 annually per participant. In December 2014, our board of directors determined that the contribution to the plan for 2015 and 2014 would be 10% of an eligible participant’s compensation, up to a maximum of $26,500 for 2015 and $26,000 for 2014. For the years ended December 31, 2015, 2014, and 2013, amounts expensed for contributions to the trust were $4.1 million, $3.5 million, and $4.5 million, respectively, which were included in General and administrative expenses in the accompanying consolidated financial statements. The profit-sharing plan is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation.

Other

We have employment contracts with certain senior executives. In connection with entering into these employment contracts, we awarded RSUs totaling 10,500 and 20,250 to the senior executives during the years ended December 31, 2014 and 2013, respectively. There were no such RSUs issued during the year ended December 31, 2015. These contracts also provide for severance payments in the event of termination under certain conditions including a change of control (Note 19). During the years ended December 31, 2015, 2014, and 2013, we recognized severance costs totaling approximately $0.8 million, $1.0 million, and $0.7 million, respectively, related to several former employees who did not have employment contracts. Such costs are included in General and administrative expenses in the accompanying consolidated financial statements.

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Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income Tax Provision

The components of our provision for income taxes attributable to continuing operations for the periods presented are as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Federal
Current	$	10,551		$	19,545		$	8,274
Deferred	1,901			(7,609		)	(13,029		)
	12,452			11,936			(4,755		)
State and Local
Current	9,075			13,422			4,970
Deferred	1,158			(4,693		)	(3,665		)
	10,233			8,729			1,305
Foreign
Current	16,656			6,869			7,144
Deferred	(1,720		)	(9,925		)	(2,442		)
	14,936			(3,056		)	4,702
Total Provision	$	37,621		$	17,609		$	1,252

A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the year ended December 31, 2015 is as follows (in thousands, except percentages):

	Year Ended December 31, 2015
Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests	$	209,879
Pre-tax income attributable to pass-through subsidiaries	(137,536		)
Pre-tax income attributable to taxable subsidiaries	$	72,343
Federal provision at statutory tax rate (35%)	$	25,244		35.0	%
Rate differential	(10,589		)	(14.6	)%
Change in valuation allowance	9,074			12.5	%
Non-deductible expense	6,982			9.6	%
State and local taxes, net of federal benefit	6,151			8.4	%
Exempt income	(5,475		)	(7.6	)%
Other	1,053			1.5	%
Tax provision — taxable subsidiaries	32,440			44.8	%
Non-income taxes	5,181
Total provision	$	37,621

A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (in thousands, except percentages):

	Years Ended December 31,
	2014					2013
Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests	$	223,938				$	85,889
Pre-tax income attributable to pass-through subsidiaries	(202,807		)			(96,314		)
Pre-tax income (loss) attributable to taxable subsidiaries	$	21,131				$	(10,425	)
Federal provision at statutory tax rate (35%)	$	7,396		35.0	%	$	(3,649	)	(35.0	)%
Recognition of taxable income as a result of the CPA®:16 Merger (a)	4,833			22.9	%	—			—	%
State and local taxes, net of federal benefit	2,296			10.9	%	(166		)	(1.6	)%
Interest	2,111			10.0	%	—			—	%
Dividend income from Managed REITs	939			4.4	%	—			—	%
Amortization of intangible assets	—			—	%	492			4.7	%
Other	893			4.2	%	(302		)	(2.9	)%
Tax provision — taxable subsidiaries	18,468			87.4	%	(3,625		)	(34.8	)%
Deferred foreign tax benefit (b)	(9,925		)			(2,442		)
Current foreign taxes	6,869					7,144
Other state and local taxes	2,197					175
Total provision	$	17,609				$	1,252

__________

(a) Represents income tax expense due to a permanent difference from the recognition of deferred revenue as a result of the accelerated vesting of shares previously issued by CPA^®:16 – Global for asset management and performance fees and the payment of deferred acquisition fees in connection with the CPA^®:16 Merger.

(b) Represents deferred tax benefit associated with basis differences on certain foreign properties acquired.

Deferred Income Taxes

Deferred income taxes at December 31, 2015 and 2014 consist of the following (in thousands):

	At December 31,
	2015			2014
Deferred Tax Assets
Unearned and deferred compensation	$	35,525		$	36,955
Net operating loss carryforwards	19,553			16,627
Basis differences — foreign investments	6,975			6,576
Other	3,788			3,272
Total deferred tax assets	65,841			63,430
Valuation allowance	(29,746		)	(20,672		)
Net deferred tax assets	36,095			42,758
Deferred Tax Liabilities
Basis differences — foreign investments	(81,058		)	(95,619		)
Basis differences — equity investees	(19,925		)	(19,044		)
Deferred revenue	(8,654		)	(8,546		)
Total deferred tax liabilities	(109,637		)	(123,209		)
Net Deferred Tax Liability	$	(73,542	)	$	(80,451	)

Our deferred tax assets and liabilities are primarily the result of temporary differences related to the following:

• Basis differences between tax and U.S. GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, we assume the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the U.S. GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets;

• Timing differences generated by differences in the U.S. GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets, as well as unearned and deferred compensation;

• Basis differences in equity investments represents fees earned in shares recognized under U.S. GAAP into income and deferred for U.S. taxes based upon a share vesting schedule; and

• Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions, that may be realized in future periods if the respective subsidiary generates sufficient taxable income.

During the fourth quarter of 2013, we recorded an out-of-period adjustment to reflect deferred tax assets net of valuation allowances and deferred tax liabilities of $2.3 million and $37.5 million, respectively, associated with basis differences on certain foreign properties acquired in prior periods. In addition, this out-of-period adjustment included the recognition of a deferred tax provision of $2.0 million (Note 8).

As of December 31, 2015 and 2014, our taxable subsidiaries have recorded deferred tax assets of $19.6 million and $16.6 million, respectively, in connection with U.S. federal, state and local, and foreign net operating loss carryforwards. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction. If not utilized, our federal and state and local net operating losses will begin to expire in 2034 and our foreign net operating losses began expiring in 2012. As of December 31, 2015 and 2014, we recorded a valuation allowance of $29.7 million and $20.7 million, respectively, related to these net operating loss carryforwards and basis difference in U.S. and foreign jurisdictions.

Included in Other assets, net in the consolidated balance sheet at December 31, 2015 and 2014 is deferred tax assets of $12.6 million and $13.7 million, respectively.

Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements.

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands):

	Years Ended December 31,
	2015			2014
Beginning balance	$	2,055		$	109
Addition based on tax positions related to the current year	1,510			1,946
Addition based on tax positions related to prior years	1,447			—
Decrease due to lapse in statute of limitations	(572		)	—
Foreign currency translation adjustments	(136		)	—
Ending balance	$	4,304		$	2,055

At December 31, 2015 and 2014, we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2015, we had approximately $0.7 million of accrued interest related to uncertain tax positions.

Real Estate Ownership Operations

Effective February 15, 2012, we elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. As a REIT, we expect to derive most of our REIT income from our real estate operations under our Real Estate Ownership segment.

Investment Management Operations

We conduct our investment management services in our Investment Management segment through TRSs. A TRS is a subsidiary of a REIT that is subject to corporate federal, state, local, and foreign taxes, as applicable. Our use of TRSs enables us to engage in certain businesses while complying with the REIT qualification requirements and also allows us to retain income generated by these businesses for reinvestment without the requirement to distribute those earnings. We conduct business in the United States, Europe, and Asia, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. Certain of our inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation. Periodically, shares in the Managed REITs that are payable to our TRSs in consideration of services rendered are distributed from TRSs to us.

Tax authorities in the relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2009 through 2015 remain open to adjustment in the major tax jurisdictions. The U.S. Federal examination of Carey Asset Management for the year ended December 31, 2011 was finalized through the IRS appeals process, but we are awaiting the final closing agreement.

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Property Dispositions and Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions and Discontinued Operations

Property Dispositions and Discontinued Operations

From time to time, we may decide to sell a property. We have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may make a decision to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. For those properties sold or classified as held for sale prior to January 1, 2014, we classify current and prior period results of operations of the property as discontinued operations in accordance with our adoption of ASU 2014-08. All property dispositions are recorded within our Real Estate Ownership segment.

Property Dispositions Included in Continuing Operations

The results of operations for properties that have been sold or classified as held for sale that did not qualify for discontinued operations are included within continuing operations in the consolidated financial statements and are summarized as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Revenues	$	32,416		$	21,427		$	15,762
Expenses	(19,306		)	(17,707		)	(15,872		)
Gain (loss) on sale of real estate	6,487			1,338			(332		)
Impairment charges	(4,071		)	(8,537		)	(4,741		)
(Loss) gain on extinguishment of debt	(3,179		)	—			113
(Provision for) benefit from income taxes	(227		)	1,347			465
Income (loss) from continuing operations from properties sold or classified as held for sale, net of income taxes (a)	$	12,120		$	(2,132	)	$	(4,605	)

__________

(a) Amounts for the years ended December 31, 2014 and 2013 included net losses of $0.1 million and $2.7 million, respectively, attributable to noncontrolling interests.

2015 — During the year ended December 31, 2015, we sold 13 properties for total proceeds of $35.7 million, net of selling costs, and we recognized a net gain on these sales of $5.9 million. We recognized impairment charges (Note 9) on these properties totaling $6.0 million, of which $2.7 million and $3.3 million were recognized during 2015 and 2014, respectively, and a gain on extinguishment of debt of $2.1 million in 2015. In addition, during July 2015, a domestic vacant property was foreclosed upon and sold for $1.4 million. We recognized a gain on sale of $0.6 million in connection with that disposition. In connection with those sales that constituted businesses, during the year ended December 31, 2015 we allocated goodwill totaling $1.7 million to the cost basis of the properties for our Real Estate Ownership segment, based on the relative fair value at the time of the sale (Note 8).

In the fourth quarter of 2015, we executed a lease amendment with a tenant in a domestic office building. The amendment extended the lease term an additional 15 years to January 31, 2037 and provided a one-time rent payment of $25.0 million, which was paid to us on December 18, 2015. The lease amendment also provided an option to terminate the lease effective February 29, 2016, with additional lease termination fees of $22.2 million to be paid to us on or five days before February 29, 2016 upon exercise of the option. The tenant exercised the option on January 1, 2016. The aggregate of the additional rent payment of $25.0 million and the lease termination fees of $22.2 million are being amortized to lease termination income from the lease amendment date on December 4, 2015 through the end of the lease term on February 29, 2016, resulting in $15.0 million recognized during the year ended December 31, 2015 within Lease termination income and other in the consolidated financial statements. In connection with the lease amendment, we defeased the mortgage loan encumbering the property with a principal balance of $36.5 million, and recognized a loss on extinguishment of debt of $5.3 million, which was included in Other income and (expenses) in the consolidated financial statements. In addition, during the fourth quarter of 2015 we entered into an agreement to sell the property to a third party, and the buyer placed a deposit of $12.7 million for the purchase of the property that is being held in escrow. At December 31, 2015, this property was classified as held for sale (Note 5).

In addition, we had an international property classified as held for sale, and it is probable that these two properties will be sold within one year from December 31, 2015 (Note 5). We are actively pursuing the sale of the international property, which management and the lender have approved. There can be no assurance that the properties will be sold at the contracted prices, or at all. At December 31, 2015, the domestic property had a carrying value of $55.2 million, and the international property had a carrying value of $3.9 million, reflecting an impairment charge of $1.4 million (Note 9) recognized during the year ended December 31, 2015.

2014 — During the year ended December 31, 2014, we sold 13 properties for total proceeds of $45.6 million, net of selling costs, and we recognized a net loss on these sales of $5.1 million, excluding impairment charges totaling $1.8 million, of which $1.7 million and $0.1 million were recognized in 2014 and 2013, respectively. These sales included a manufacturing facility for which the contractual minimum sale price of $5.8 million was not met. The third-party purchaser paid $1.4 million, with the difference of $4.4 million being paid by the vacating tenant. We also recorded a receivable of $5.5 million from the tenant representing the present value of the termination fee from the tenant, which will be paid over 5.7 years. The total amount paid and to be paid was recorded as lease termination income, which was partially offset by the $8.4 million loss recognized on the sale of the property.

During the year ended December 31, 2014, two domestic properties were foreclosed upon and sold for a total of $8.3 million. The proceeds from the sales were used to repay mortgage loans encumbering these properties. At the time of the sales, the properties had a total carrying value of $8.3 million and the related mortgage loans on the properties had a total outstanding balance of $8.5 million. We recognized a net loss on the sales of $0.1 million, excluding an impairment charge of $3.5 million recognized in 2014.

In December 2014, we transferred ownership of a property in France and the related non-recourse mortgage loan to a third-party property manager for net proceeds of €1. As of the date of transfer, the property had a carrying value of $14.5 million, reflecting the impact of an impairment charge of $4.7 million recognized during 2013, and the related non-recourse mortgage loan had an outstanding balance of $19.4 million. In connection with the transfer, we recognized a net gain on sale of $6.7 million.

During the year ended December 31, 2014, we entered into contracts to sell four properties for a total of $10.0 million. In connection with these potential sales, we recognized an impairment charge of $1.3 million during the year ended December 31, 2014 to reduce the carrying values of the properties to their estimated selling prices. At December 31, 2014, these properties were classified as Assets held for sale in the consolidated financial statements (Note 5). We completed the sale of these properties during the year ended December 31, 2015.

In connection with those sales that constituted businesses during the year ended December 31, 2014, we allocated goodwill totaling $2.7 million to the cost basis of the properties, for our Real Estate Ownership segment, based on the relative fair value at the time of the sale (Note 8).

2013 — During the year ended December 31, 2013, we sold an investment in a direct financing lease for $5.5 million, net of selling costs, and recognized a loss on the sale of $0.3 million. The results of operations for this investment are included within continuing operations in the consolidated financial statements for the year ended December 31, 2013.

Property Dispositions Included in Discontinued Operations

The results of operations for properties that have been classified as held for sale or have been sold prior to January 1, 2014 and the properties that were acquired as held for sale in the CPA^®:16 Merger are reflected in the consolidated financial statements as discontinued operations, net of tax and are summarized as follows (in thousands):

	Years Ended December 31,
	2015		2014			2013
Revenues	$	—	$	8,931		$	28,951
Expenses	—		(2,039		)	(19,984		)
Loss on extinguishment of debt	—		(1,244		)	(2,415		)
Gain on sale of real estate	—		27,670			40,043
Impairment charges	—		—			(8,415		)
Income from discontinued operations	$	—	$	33,318		$	38,180

2014 — At December 31, 2013, we had nine properties classified as held for sale, all of which were sold during the year ended December 31, 2014. The properties were sold for a total of $116.4 million, net of selling costs, and we recognized a net gain on these sales of $28.0 million, excluding impairment charges totaling $3.1 million previously recognized during 2013. We used a portion of the proceeds to repay a related mortgage loan obligation of $11.4 million and recognized a loss on extinguishment of debt of $0.1 million.

In connection with those sales of properties accounted for as businesses for the year ended December 31, 2014, we allocated goodwill totaling $7.0 million to the cost basis of the properties, for our Real Estate Ownership segment based on the relative fair value at the time of the sale.

In connection with the CPA^®:16 Merger in January 2014, we acquired ten properties, including five properties held by one jointly-owned investment, that were classified as Assets held for sale with a total fair value of $133.4 million. We sold all of these properties during the six months ended June 30, 2014 for a total of $123.4 million, net of selling costs, including seller financing of $15.0 million, and recognized a net loss on these sales of $0.3 million. We used a portion of the proceeds to repay the related mortgage loan obligations totaling $18.9 million and recognized a loss on extinguishment of debt of $1.2 million. We did not allocate any goodwill to these properties since they qualified as held for sale at the time of acquisition and were not considered to have been integrated into the relevant reporting unit.

2013 — At December 31, 2012, we had seven properties classified as held for sale, all of which were sold during the year ended December 31, 2013. The properties were sold for a total of $22.7 million, net of selling costs, and we recognized a net gain on these sales of $0.6 million, excluding impairment charges totaling $3.9 million previously recognized during 2013. We used a portion of the proceeds to repay the related mortgage loan obligation of $5.7 million and recognized a gain on extinguishment of debt of $0.1 million.

Additionally, during the year ended December 31, 2013, an entity in which we, two of our employees (Note 4), and a third party owned 38.3%, 1.7%, and 60.0% respectively, and which we consolidated, sold 19 of its 20 self-storage properties for a total of $112.3 million, net of selling costs, and recognized a net gain on the sale of $39.6 million, inclusive of amounts attributable to noncontrolling interests of $24.4 million. In connection with the sale, we used a portion of the proceeds to repay the aggregate related mortgage loan obligations of $45.1 million and recognized a net loss on extinguishment of debt of $2.5 million, inclusive of amounts attributable to noncontrolling interests of $1.5 million. In connection with the sale, we made a distribution to noncontrolling interest holders of $40.8 million, representing their share of the net proceeds from the sale.

During the year ended December 31, 2013, we also sold a hotel for $3.7 million, net of selling costs, and recognized a net loss on the sale of $0.2 million, excluding impairment charges of $1.1 million previously recognized during 2013.

During the year ended December 31, 2013, we entered into contracts to sell nine properties for a total of $117.5 million. In connection with these potential sales, we recognized impairment charges totaling $3.4 million during the year ended December 31, 2013 to reduce the carrying values of the properties to their selling prices. At December 31, 2013, these properties were classified as Assets held for sale in the consolidated financial statements. We completed the sale of these properties in 2014.

In connection with those sales of properties accounted for as businesses for the year ended December 31, 2013, we allocated goodwill totaling $13.1 million to the cost basis of the properties, for our Real Estate Ownership segment based on the relative fair value at the time of sale or when contracted for sale (Note 8).

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Segment Reporting

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

We evaluate our results from operations by our two major business segments — Real Estate Ownership and Investment Management (Note 1). The following tables present a summary of comparative results and assets for these business segments (in thousands):

	Years Ended December 31,
	2015			2014			2013
Real Estate Ownership
Revenues (a)	$	735,448		$	645,383		$	315,965
Operating expenses (a) (b) (c) (d)	(426,814		)	(404,674		)	(178,962		)
Interest expense	(194,326		)	(178,122		)	(103,728		)
Other income and expenses, excluding interest expense (e)	54,924			135,558			61,151
(Provision for) benefit from income taxes	(17,948		)	916			(4,703		)
Gain (loss) on sale of real estate, net of tax	6,487			1,581			(332		)
Net income attributable to noncontrolling interests	(10,961		)	(5,573		)	(33,056		)
Net (loss) income attributable to noncontrolling interests of discontinued operations	—			(179		)	23,941
Income from continuing operations attributable to W. P. Carey	$	146,810		$	194,890		$	80,276
Investment Management
Revenues (a)	$	202,935		$	263,063		$	173,886
Operating expenses (a) (c) (d)	(154,015		)	(232,704		)	(173,744		)
Other income and expenses, excluding interest expense	(1,791		)	275			1,001
(Provision for) benefit from income taxes	(19,673		)	(18,525		)	3,451
Net (income) loss attributable to noncontrolling interests	(2,008		)	(812		)	120
Net loss (income) attributable to redeemable noncontrolling interests	—			142			(353		)
Income from continuing operations attributable to W. P. Carey	$	25,448		$	11,439		$	4,361
Total Company
Revenues (a)	$	938,383		$	908,446		$	489,851
Operating expenses (a) (b) (c) (d)	(580,829		)	(637,378		)	(352,706		)
Interest expense	(194,326		)	(178,122		)	(103,728		)
Other income and expenses, excluding interest expense (e)	53,133			135,833			62,152
Provision for income taxes	(37,621		)	(17,609		)	(1,252		)
Gain (loss) on sale of real estate, net of tax	6,487			1,581			(332		)
Net income attributable to noncontrolling interests	(12,969		)	(6,385		)	(32,936		)
Net (loss) income attributable to noncontrolling interests of discontinued operations	—			(179		)	23,941
Net loss (income) attributable to redeemable noncontrolling interests	—			142			(353		)
Income from continuing operations attributable to W. P. Carey	$	172,258		$	206,329		$	84,637

	Total Long-Lived Assets (f) at December 31,				Total Assets at December 31,
	2015		2014		2015		2014
Real Estate Ownership	$	6,079,803	$	5,880,958	$	8,550,128	$	8,459,406
Investment Management	22,214		25,000		204,545		189,073
Total Company	$	6,102,017	$	5,905,958	$	8,754,673	$	8,648,479

__________

(a) Included in revenues and operating expenses are reimbursable tenant and affiliate costs totaling $78.7 million, $155.1 million, and $86.9 million for the years endedDecember 31, 2015, 2014, and 2013, respectively.

(b) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7), which is reflected in Merger, property acquisition, and other expenses in the consolidated financial statements. Amount for the years endedDecember 31, 2014 and 2013 includes expenses incurred of $30.5 million and $5.0 million, respectively, related to the CPA^®:16 Merger.

(c) Includes Stock-based compensation expense of $21.6 million, $31.1 million, and $37.2 million for the years endedDecember 31, 2015, 2014, and 2013, respectively, of which $13.8 million, $18.4 million, and $30.0 million, respectively, were included in the Investment Management segment.

(d) Includes expenses related to our review of strategic alternatives of $5.7 million for the year ended December 31, 2015, of which $2.1 million was included in the Investment Management segment.

(e) Amount for the year ended December 31, 2014 includes a net Gain on change in control of interests of $105.9 million recognized in connection with the CPA^®:16 Merger (Note 3).

(f) Consists of Net investments in real estate and Equity investments in the Managed Programs and real estate. Total long-lived assets for our Investment Management segment consists of our equity investment in CCIF (Note 7).

Our portfolio is comprised of domestic and international investments. At December 31, 2015, our international investments within our Real Estate Ownership segment were comprised of investments in Germany, France, the United Kingdom, Spain, Finland, Poland, the Netherlands, Norway, Austria, Hungary, Sweden, Belgium, Australia, Thailand, Malaysia, Japan, Canada, and Mexico. There are no investments in foreign jurisdictions within our Investment Management segment. Other than Germany, no country or tenant individually comprised more than 10% of our total lease revenues for the years ended December 31, 2015, 2014, or 2013, or more than 10% of total long-lived assets at December 31, 2015 or 2014. The following tables present the geographic information (in thousands):

	Years Ended December 31,
	2015			2014			2013
Domestic
Revenues	$	468,703		$	426,578		$	218,758
Operating expenses	(296,265		)	(284,362		)	(126,493		)
Interest expense	(153,219		)	(117,603		)	(65,970		)
Other income and expenses, excluding interest expense	50,891			146,156			88,593
(Provision for) benefit from income taxes	(6,219		)	(3,238		)	13
Gain (loss) on sale of real estate, net of tax	2,941			(5,119		)	(332		)
Net income attributable to noncontrolling interests	(5,358		)	(4,233		)	(34,321		)
Net (loss) income attributable to noncontrolling interests in discontinued operations	—			(179		)	23,941
Income from continuing operations attributable to W. P. Carey	$	61,474		$	158,000		$	104,189
Germany
Revenues	$	65,777		$	72,978		$	20,221
Operating benefits (expenses) (a)	818			(40,847		)	(3,011		)
Interest expense	(15,432		)	(18,880		)	(5,020		)
Other income and expenses, excluding interest expense	4,175			(10,698		)	(29,284		)
(Provision for) benefit from income taxes	(4,357		)	3,163			(1,693		)
Gain on sale of real estate, net of tax	21			—			—
Net income attributable to noncontrolling interests	(5,537		)	(1,017		)	(3,188		)
Income (loss) from continuing operations attributable to W. P. Carey	$	45,465		$	4,699		$	(21,975	)
Other International
Revenues	$	200,968		$	145,827		$	76,986
Operating expenses	(131,367		)	(79,465		)	(49,458		)
Interest expense	(25,675		)	(41,639		)	(32,738		)
Other income and expenses, excluding interest expense	(142		)	100			1,842
(Provision for) benefit from income taxes	(7,372		)	991			(3,023		)
Gain on sale of real estate, net of tax	3,525			6,700			—
Net (income) loss attributable to noncontrolling interests	(66		)	(323		)	4,453
Income (loss) from continuing operations attributable to W. P. Carey	$	39,871		$	32,191		$	(1,938	)
Total
Revenues	$	735,448		$	645,383		$	315,965
Operating expenses	(426,814		)	(404,674		)	(178,962		)
Interest expense	(194,326		)	(178,122		)	(103,728		)
Other income and expenses, excluding interest expense	54,924			135,558			61,151
(Provision for) benefit from income taxes	(17,948		)	916			(4,703		)
Gain (loss) on sale of real estate, net of tax	6,487			1,581			(332		)
Net income attributable to noncontrolling interests	(10,961		)	(5,573		)	(33,056		)
Net (loss) income attributable to noncontrolling interests in discontinued operations	—			(179		)	23,941
Income from continuing operations attributable to W. P. Carey	$	146,810		$	194,890		$	80,276

	December 31,
	2015		2014
Domestic
Long-lived assets (b)	$	3,794,232	$	3,804,430
Total assets	5,447,818		5,567,383
Germany
Long-lived assets (b)	$	581,283	$	609,739
Total assets	790,890		875,840
Other International
Long-lived assets (b)	$	1,704,288	$	1,466,789
Total assets	2,311,420		2,016,183
Total
Long-lived assets (b)	$	6,079,803	$	5,880,958
Total assets	8,550,128		8,459,406

__________

(a) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7).

(b) Consists of Net investments in real estate and Equity investments in the Managed Programs and real estate, excluding our equity investment in CCIF (Note 7).

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Selected Quarterly Financial Information

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information

Selected Quarterly Financial Data (Unaudited)

(dollars in thousands, except per share amounts)

	Three Months Ended
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Revenues (a)	$	220,388		$	238,079		$	214,666		$	265,250
Expenses (a)	140,479			130,382			159,066			150,902
Net income (a)	38,582			66,923			23,578			56,144
Net income attributable to noncontrolling interests	(2,466		)	(3,575		)	(1,833		)	(5,095		)
Net income attributable to redeemable noncontrolling interests	—			—			—			—
Net income attributable to W. P. Carey (a)	$	36,116		$	63,348		$	21,745		$	51,049
Earnings per share attributable to W. P. Carey:
Basic	$	0.34		$	0.60		$	0.20		$	0.48
Diluted	$	0.34		$	0.59		$	0.20		$	0.48
Distributions declared per share	$	0.9525		$	0.9540		$	0.9550		$	0.9646

	Three Months Ended
	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Revenues	$	209,195		$	253,414		$	197,006		$	248,831
Expenses	171,605			161,360			128,174			176,239
Net income (b)	117,318			66,972			28,316			33,463
Net income attributable to noncontrolling interests	(1,578		)	(2,344		)	(993		)	(1,470		)
Net (income) loss attributable to redeemable noncontrolling interests	(262		)	111			14			279
Net income attributable to W. P. Carey	$	115,478		$	64,739		$	27,337		$	32,272
Earnings per share attributable to W. P. Carey (c):
Basic	$	1.29		$	0.64		$	0.27		$	0.31
Diluted	$	1.27		$	0.64		$	0.27		$	0.30
Distributions declared per share	$	0.8950		$	0.9000		$	0.9400		$	0.9500

__________

(a) Amount for the three months ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7) and $15.0 million of termination income related to a domestic property classified as held for sale (Note 16).

(b) Amount for the three months ended March 31, 2014 includes a net Gain on change in control of interests of $105.9 million recognized in connection with the CPA^®:16 Merger (Note 3).

(c) For the year ended December 31, 2014, total quarterly basic and diluted earnings per share were $0.09 higher than the corresponding earnings per share as computed on an annual basis, as a result of the change in the shares outstanding for each of the periods, primarily due to the issuance of shares in the CPA^®:16 Merger (Note 3) and the Equity Offering (Note 13).

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Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Issuance of Stock-Based Compensation Awards

During the first quarter of 2016 and through the date of this Report, in connection with our annual LTIP award program (Note 14), we issued 210,249 RSUs and 184,755 PSUs to key employees, which will have a dilutive impact on our future earnings per share calculations.

Change in Management

On February 10, 2016, we announced that Mark J. DeCesaris, a member of our board of directors, was appointed Chief Executive Officer, effective immediately. Mr. DeCesaris succeeded Trevor P. Bond, who resigned as Chief Executive Officer and as a director to pursue other interests. Mr. DeCesaris has served on our board of directors since 2012 and previously served in various capacities for W. P. Carey from 2005 until 2013, including as our Chief Financial Officer.

In connection with his resignation, we and Mr. Bond entered into a letter agreement, dated February 10, 2016. Under the terms of the agreement, subject to certain conditions, Mr. Bond will be entitled to receive the severance benefits provided for in his employment agreement and, subject to satisfaction of applicable performance conditions and proration, vesting of his outstanding unvested performance stock units in accordance with their terms. In addition, previously-granted restricted stock units that were scheduled to vest on February 15, 2016 vested in accordance with their terms. In connection with the separation agreement, we will record approximately $5.1 million of severance-related expense in our consolidated financial statements during the three months ended March 31, 2016 (Note 14).

Senior Unsecured Credit Facility

On January 29, 2016, we exercised our option to extend our Term Loan Facility (Note 11) by an additional year to January 31, 2017. In connection with the extension, we incurred financing costs of $0.3 million.

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Schedule II - Valuation And Qualifying Accounts

12 Months Ended

Dec. 31, 2015

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

W. P. CAREY INC.

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2015, 2014, and 2013

(in thousands)

Description	Balance at Beginning of Year		Other Additions		Deductions			Balance at End of Year
Year Ended December 31, 2015
Valuation reserve for deferred tax assets	$	20,672	$	10,001	$	(927	)	$	29,746
Year Ended December 31, 2014
Valuation reserve for deferred tax assets	$	18,214	$	2,458	$	—		$	20,672
Year Ended December 31, 2013
Valuation reserve for deferred tax assets	$	15,133	$	3,081	$	—		$	18,214

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Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III- Real Estate and Accumulated Depreciation

W. P. CAREY INC.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2015

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which  Carried at Close of Period (c)						Accumulated Depreciation (c)		Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances		Land		Buildings							Land		Buildings		Total
Real Estate Under Operating Leases
Industrial facilities in Erlanger, KY	$	11,107	$	1,526	$	21,427	$	2,966	$	141		$	1,526	$	24,534	$	26,060	$	11,396	1979; 1987	Jan. 1998	40 yrs.
Industrial facilities in Thurmont, MD and Farmington, NY	—		729		5,903		—		—			729		5,903		6,632		663		1964; 1983	Jan. 1998	15 yrs.
Retail facility in Montgomery, AL	—		855		6,762		277		(6,978		)	142		774		916		471		1987	Jan. 1998	40 yrs.
Warehouse facilities in Anchorage, AK and Commerce, CA	—		4,905		11,898		—		12			4,905		11,910		16,815		3,421		1948; 1975	Jan. 1998	40 yrs.
Industrial facility in Toledo, OH	—		224		2,408		—		—			224		2,408		2,632		1,304		1966	Jan. 1998	40 yrs.
Industrial facility in Goshen, IN	—		239		940		—		—			239		940		1,179		274		1973	Jan. 1998	40 yrs.
Office facility in Raleigh, NC	—		1,638		2,844		187		(2,554		)	828		1,287		2,115		666		1983	Jan. 1998	20 yrs.
Office facility in King of Prussia, PA	—		1,219		6,283		1,295		—			1,219		7,578		8,797		3,248		1968	Jan. 1998	40 yrs.
Industrial facility in Pinconning, MI	—		32		1,692		—		—			32		1,692		1,724		761		1948	Jan. 1998	40 yrs.
Industrial facilities in San Fernando, CA	6,658		2,052		5,322		—		(1,889		)	1,494		3,991		5,485		1,814		1962; 1979	Jan. 1998	40 yrs.
Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas	—		9,382		—		238		3,371			9,210		3,781		12,991		668		Various	Jan. 1998	15 yrs.
Land in Glendora, CA	—		1,135		—		—		17			1,152		—		1,152		—		N/A	Jan. 1998	N/A
Land in Doraville, GA	—		3,288		9,864		1,546		(11,410		)	3,288		—		3,288		—		N/A	Jan. 1998	N/A
Office facilities in Collierville, TN and warehouse facility in Corpus Christi, TX	48,320		3,490		72,497		—		(15,609		)	288		60,090		60,378		9,853		1989; 1999	Jan. 1998	40 yrs.
Land in Irving and Houston, TX	—		9,795		—		—		—			9,795		—		9,795		—		N/A	Jan. 1998	N/A
Industrial facility in Chandler, AZ	9,891		5,035		18,957		7,435		541			5,035		26,933		31,968		11,313		1989	Jan. 1998	40 yrs.
Office facility in Bridgeton, MO	—		842		4,762		2,523		71			842		7,356		8,198		2,566		1972	Jan. 1998	40 yrs.
Retail facilities in Drayton Plains, MI and Citrus Heights, CA	—		1,039		4,788		202		193			1,039		5,183		6,222		1,438		1972	Jan. 1998	35 yrs.
Warehouse facility in Memphis, TN	—		1,882		3,973		255		(3,893		)	328		1,889		2,217		834		1969	Jan. 1998	15 yrs.
Retail facility in Bellevue, WA	—		4,125		11,812		393		(123		)	4,371		11,836		16,207		5,219		1994	Apr. 1998	40 yrs.
Office facility in Houston, TX	—		3,260		22,574		1,628		(23,754		)	211		3,497		3,708		2,620		1982	Jun. 1998	40 yrs.
Office facility in Rio Rancho, NM	7,313		1,190		9,353		1,742		—			1,467		10,818		12,285		4,550		1999	Jul. 1998	40 yrs.
Office facility in Moorestown, NJ	—		351		5,981		1,470		43			351		7,494		7,845		3,430		1964	Feb. 1999	40 yrs.
Office facility in Norcross, GA	26,951		5,200		25,585		11,822		(28,152		)	2,646		11,809		14,455		481		1975	Jun. 1999	40 yrs.
Office facility in Illkirch, France	7,322		—		18,520		6		1,041			—		19,567		19,567		9,224		2001	Dec. 2001	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Industrial facilities in Lenexa, KS and Winston-Salem, NC	—	1,860	12,539	2,875	(1,067	)	1,725	14,482	16,207	4,279	1968; 1980; 1983	Sep. 2002	40 yrs.
Office facilities in Playa Vista and Venice, CA	46,741	2,032	10,152	52,817	1		5,889	59,113	65,002	8,184	1991; 1999	Sep. 2004; Sep. 2012	40 yrs.
Warehouse facility in Greenfield, IN	—	2,807	10,335	223	(8,383	)	967	4,015	4,982	1,282	1995	Sep. 2004	40 yrs.
Warehouse facilities in Birmingham, AL	—	1,256	7,704	—	—		1,256	7,704	8,960	2,175	1995	Sep. 2004	40 yrs.
Industrial facility in Scottsdale, AZ	1,102	586	46	—	—		586	46	632	13	1988	Sep. 2004	40 yrs.
Retail facility in Hot Springs, AR	—	850	2,939	2	(2,614	)	—	1,177	1,177	333	1985	Sep. 2004	40 yrs.
Warehouse facilities in Apopka, FL	—	362	10,855	783	(155	)	337	11,508	11,845	3,091	1969	Sep. 2004	40 yrs.
Land in San Leandro, CA	—	1,532	—	—	—		1,532	—	1,532	—	N/A	Dec. 2006	N/A
Sports facility in Austin, TX	2,664	1,725	5,168	—	—		1,725	5,168	6,893	1,647	1995	Dec. 2006	29 yrs.
Retail facility in Wroclaw, Poland	6,544	3,600	10,306	—	(4,061	)	2,722	7,123	9,845	1,430	2007	Dec. 2007	40 yrs.
Office facility in Fort Worth, TX	31,870	4,600	37,580	—	—		4,600	37,580	42,180	5,558	2003	Feb. 2010	40 yrs.
Warehouse facility in Mallorca, Spain	—	11,109	12,636	—	(2,104	)	10,106	11,535	21,641	1,606	2008	Jun. 2010	40 yrs.
Office facilities in San Diego, CA	32,661	7,247	29,098	1,214	(5,514	)	4,762	27,283	32,045	5,376	1989	May 2011	40 yrs.
Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA	22,000	5,646	12,367	—	—		5,646	12,367	18,013	1,085	2005; 2007	Sep. 2012	40 yrs.
Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA	137,717	32,680	198,999	—	—		32,680	198,999	231,679	17,801	1989; 1990	Sep. 2012	34 - 37 yrs.
Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH	7,597	4,403	20,298	—	(3,870	)	2,589	18,242	20,831	1,442	1968; 1979; 1995	Sep. 2012; Jan. 2014	30 yrs.
Land in Irvine, CA	1,625	4,173	—	—	—		4,173	—	4,173	—	N/A	Sep. 2012	N/A
Industrial facility in Alpharetta, GA	7,197	2,198	6,349	—	—		2,198	6,349	8,547	688	1997	Sep. 2012	30 yrs.
Office facility in Clinton, NJ	22,947	2,866	34,834	—	—		2,866	34,834	37,700	3,776	1987	Sep. 2012	30 yrs.
Office facilities in St. Petersburg, FL	—	3,280	24,627	—	—		3,280	24,627	27,907	2,662	1980; 1996; 1999	Sep. 2012	30 yrs.
Movie theater in Baton Rouge, LA	9,524	4,168	5,724	—	—		4,168	5,724	9,892	621	2003	Sep. 2012	30 yrs.
Office facilities in San Diego, CA	—	7,804	16,729	1,656	—		7,804	18,385	26,189	1,969	2002	Sep. 2012	30 yrs.
Industrial facilities in Richmond, CA	—	895	1,953	—	—		895	1,953	2,848	212	1987; 1999	Sep. 2012	30 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

				Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
		Initial Cost to Company
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Industrial and warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX	58,262	16,386	84,668	—	—		16,386	84,668	101,054	9,103	Various	Sep. 2012	30 yrs.
Warehouse facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France	—	15,779	89,421	—	(16,139	)	13,359	75,702	89,061	8,191	Various	Sep. 2012	30 yrs.
Industrial facilities in Orlando, FL; Rocky Mount, NC, and Lewisville, TX	—	2,163	17,715	—	—		2,163	17,715	19,878	1,920	Various	Sep. 2012	30 yrs.
Industrial facilities in Chattanooga, TN	—	558	5,923	—	—		558	5,923	6,481	635	1974; 1989	Sep. 2012	30 yrs.
Industrial facility in Mooresville, NC	5,077	756	9,775	—	—		756	9,775	10,531	1,045	1997	Sep. 2012	30 yrs.
Industrial facility in McCalla, AL	—	960	14,472	6,350	—		960	20,822	21,782	2,450	2004	Sep. 2012	31 yrs.
Office facility in Lower Makefield Township, PA	9,549	1,726	12,781	—	—		1,726	12,781	14,507	1,363	2002	Sep. 2012	30 yrs.
Industrial facility in Fort Smith, AZ	—	1,063	6,159	—	—		1,063	6,159	7,222	651	1982	Sep. 2012	30 yrs.
Retail facilities in Greenwood, IN and Buffalo, NY	8,755	—	19,990	—	—		—	19,990	19,990	2,092	2003; 2004	Sep. 2012	30 - 31 yrs.
Industrial facilities in Bowling Green, KY and Jackson, TN	6,391	1,492	8,182	—	—		1,492	8,182	9,674	863	1989; 1995	Sep. 2012	31 yrs.
Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA	32,553	14,006	33,683	—	(1,961	)	12,045	33,683	45,728	3,422	1988; 2004	Sep. 2012	31 - 32 yrs.
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA	10,146	6,559	19,078	—	—		6,559	19,078	25,637	1,996	Various	Sep. 2012	31 yrs.
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY	12,339	6,080	23,424	—	—		6,080	23,424	29,504	2,431	1990; 1994; 2000	Sep. 2012	31 yrs.
Land in Kahl, Germany	—	6,694	—	—	(1,027	)	5,667	—	5,667	—	N/A	Sep. 2012	N/A
Sports facilities in Englewood, CO; Memphis TN; and Bedford, TX	7,925	4,877	4,258	—	4,823		4,877	9,081	13,958	993	1990; 1995; 2001	Sep. 2012	31 yrs.
Office facilities in Mons, Belgium	7,820	1,505	6,026	653	(1,285	)	1,274	5,625	6,899	543	1982; 1983	Sep. 2012	32 yrs.
Warehouse facilities in Oceanside, CA and Concordville, PA	3,667	3,333	8,270	—	—		3,333	8,270	11,603	861	1989; 1996	Sep. 2012	31 yrs.
Self-storage facilities located throughout the United States	—	74,551	319,186	—	(50	)	74,501	319,186	393,687	32,867	Various	Sep. 2012	31 yrs.
Warehouse facility in La Vista, NE	21,137	4,196	23,148	—	—		4,196	23,148	27,344	2,247	2005	Sep. 2012	33 yrs.
Office facility in Pleasanton, CA	10,478	3,675	7,468	—	—		3,675	7,468	11,143	767	2000	Sep. 2012	31 yrs.
Office facility in San Marcos, TX	—	440	688	—	—		440	688	1,128	71	2000	Sep. 2012	31 yrs.
Office facilities in Espoo, Finland	40,826	40,555	15,662	—	(20,107	)	26,980	9,130	36,110	79	1972	Sep. 2012	31 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

				Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
		Initial Cost to Company
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Office facility in Chicago, IL	14,217	2,169	19,010	—	—		2,169	19,010	21,179	1,937	1910	Sep. 2012	31 yrs.
Industrial facility in Louisville, CO	7,997	5,342	8,786	1,849	—		5,481	10,496	15,977	1,220	1993	Sep. 2012	31 yrs.
Industrial facilities in Hollywood and Orlando, FL	—	3,639	1,269	—	—		3,639	1,269	4,908	129	1996	Sep. 2012	31 yrs.
Warehouse facility in Golden, CO	—	808	4,304	77	—		808	4,381	5,189	489	1998	Sep. 2012	30 yrs.
Industrial facilities in Texarkana, TX and Orem, UT	—	1,755	4,493	—	—		1,755	4,493	6,248	458	1991; 1997	Sep. 2012	31 yrs.
Industrial facility in Eugene, OR	4,460	2,286	3,783	—	—		2,286	3,783	6,069	385	1980	Sep. 2012	31 yrs.
Industrial facility in Neenah, WI	—	438	4,954	64	—		438	5,018	5,456	506	1993	Sep. 2012	31 yrs.
Industrial facility in South Jordan, UT	12,246	2,183	11,340	—	—		2,183	11,340	13,523	1,156	1995	Sep. 2012	31 yrs.
Warehouse facility in Ennis, TX	2,333	478	4,087	145	—		478	4,232	4,710	499	1989	Sep. 2012	31 yrs.
Retail facility in Braintree, MA	3,127	2,409	—	6,184	(1,403	)	1,006	6,184	7,190	380	1994	Sep. 2012	30 yrs.
Office facility in Helsinki, Finland	58,756	26,560	20,735	92	(7,256	)	22,485	17,646	40,131	1,770	1969	Sep. 2012	32 yrs.
Office facility in Paris, France	58,508	23,387	43,450	—	(10,255	)	19,799	36,783	56,582	3,653	1975	Sep. 2012	32 yrs.
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland	114,073	26,564	72,866	—	(15,255	)	22,488	61,687	84,175	8,412	Various	Sep. 2012	23 - 34 yrs.
Office facility in Laupheim, Germany	—	2,072	8,339	—	(1,598	)	1,754	7,059	8,813	1,149	1960	Sep. 2012	20 yrs.
Industrial facilities in Danbury, CT and Bedford, MA	10,144	3,519	16,329	—	—		3,519	16,329	19,848	1,776	1965; 1980	Sep. 2012	29 yrs.
Warehouse facilities in Venlo, Netherlands	—	10,154	18,590	—	(4,678	)	8,501	15,565	24,066	1,224	Various	Apr. 2013	35 yrs.
Industrial and office facilities in Tampere, Finland	—	2,309	37,153	—	(6,506	)	1,904	31,052	32,956	2,561	2012	Jun. 2013	40 yrs.
Office facility in Quincy, MA	—	2,316	21,537	—	—		2,316	21,537	23,853	1,493	1989	Jun. 2013	40 yrs.
Office facility in Salford, United Kingdom	—	—	30,012	—	(1,553	)	—	28,459	28,459	1,704	1997	Sep. 2013	40 yrs.
Office facility in Lone Tree, CO	—	4,761	28,864	1,377	—		4,761	30,241	35,002	1,738	2001	Nov. 2013	40 yrs.
Office facility in Mönchengladbach, Germany	29,449	2,154	6,917	44,205	(1,241	)	2,091	49,944	52,035	415	2015	Dec. 2013	40 yrs.
Sports facility in Houston, TX	3,340	2,430	2,270	—	—		2,430	2,270	4,700	194	1995	Jan. 2014	23 yrs.
Sports facility in St. Charles, MO	—	1,966	1,368	80	—		1,966	1,448	3,414	101	1987	Jan. 2014	27 yrs.
Sports facility in Salt Lake City, UT	2,918	856	2,804	—	—		856	2,804	3,660	208	1999	Jan. 2014	26 yrs.
Land in Scottsdale, AZ	10,599	22,300	—	—	—		22,300	—	22,300	—	N/A	Jan. 2014	N/A
Industrial facility in Aurora, CO	3,056	737	2,609	—	—		737	2,609	3,346	158	1985	Jan. 2014	32 yrs.
Office facilities in Sunnyvale, CA	52,922	43,489	73,035	—	—		43,489	73,035	116,524	5,626	1993; 1995	Jan. 2014	25 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Warehouse facility in Burlington, NJ	—	3,989	6,213	—	—		3,989	6,213	10,202	468	1999	Jan. 2014	26 yrs.
Industrial facility in Albuquerque, NM	—	2,467	3,476	606	—		2,467	4,082	6,549	270	1993	Jan. 2014	27 yrs.
Industrial facilities in Robbinsville, NJ; North Salt Lake, UT; and Radford, VA	1,472	10,601	17,626	—	(6,780	)	7,894	13,553	21,447	991	1981; 1995; 1998	Jan. 2014	26 yrs.
Industrial facilities in Murrysville, PA and Wylie, TX	—	2,185	12,058	—	1		2,185	12,059	14,244	859	1940; 2001	Jan. 2014	27 - 28 yrs.
Industrial facility in Welcome, NC	—	980	11,230	—	—		980	11,230	12,210	774	1995	Jan. 2014	28 yrs.
Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD	26,453	4,005	44,192	—	—		4,005	44,192	48,197	3,547	1911; 1967; 1982	Jan. 2014	24 yrs.
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN	20,142	8,451	25,457	—	298		8,451	25,755	34,206	1,716	1978; 1979; 1986	Jan. 2014	17 - 34 yrs.
Retail facility in Torrance, CA	24,188	8,412	12,241	1,213	—		8,412	13,454	21,866	982	1973	Jan. 2014	25 yrs.
Office facility in Houston, TX	3,503	6,578	424	—	—		6,578	424	7,002	13	1978	Jan. 2014	27 yrs.
Land in Doncaster, United Kingdom	—	4,257	4,248	—	(7,767	)	738	—	738	—	N/A	Jan. 2014	N/A
Warehouse facility in Norwich, CT	11,450	3,885	21,342	—	2		3,885	21,344	25,229	1,446	1960	Jan. 2014	28 yrs.
Warehouse facility in Norwich, CT	—	1,437	9,669	—	—		1,437	9,669	11,106	655	2007	Jan. 2014	28 yrs.
Retail facility in Johnstown, PA and warehouse facility in Whitehall, PA	—	7,435	9,093	—	17		7,435	9,110	16,545	755	1986; 1992	Jan. 2014	23 yrs.
Retail facilities in York, PA	8,860	3,776	10,092	—	—		3,776	10,092	13,868	623	1992	Jan. 2014	26 - 34 yrs.
Industrial facility in Pittsburgh, PA	—	1,151	10,938	—	—		1,151	10,938	12,089	845	1991	Jan. 2014	25 yrs.
Warehouse facilities in Atlanta, GA and Elkwood, VA	—	5,356	4,121	—	(2,104	)	4,284	3,089	7,373	215	1958; 1975	Jan. 2014	28 yrs.
Warehouse facility in Harrisburg, NC	—	1,753	5,840	—	(111	)	1,642	5,840	7,482	428	2000	Jan. 2014	26 yrs.
Learning center in Nashville, TN	5,402	1,098	7,043	816	—		1,098	7,859	8,957	478	1988	Jan. 2014	31 yrs.
Warehouse facilities in Boé, Carpiquet, Lagnieu, Le Mans, Lunéville, and Saint-Germain-du-Puy, France and land in Le Mans and Vendin-le-Vieil, France	38,350	62,183	26,928	—	(19,517	)	48,253	21,341	69,594	1,440	Various	Jan. 2014	28 yrs.
Industrial facility in Chandler, AZ; industrial, office, and warehouse facilities in Englewood, CO; and land in Englewood, CO	5,456	4,306	7,235	—	3		4,306	7,238	11,544	458	Various	Jan. 2014	30 yrs.
Industrial facility in Cynthiana, KY	2,556	1,274	3,505	176	(107	)	1,274	3,574	4,848	219	1967	Jan. 2014	31 yrs.
Industrial facility in Columbia, SC	10,387	2,843	11,886	—	—		2,843	11,886	14,729	1,007	1962	Jan. 2014	23 yrs.
Land in Midlothian, VA	1,390	2,824	—	—	—		2,824	—	2,824	—	N/A	Jan. 2014	N/A
Residential facility in Laramie, WY	16,125	1,966	18,896	—	—		1,966	18,896	20,862	2,160	2007	Jan. 2014	33 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Office facility in Greenville, SC	8,784	562	7,916	—	43		562	7,959	8,521	607	1972	Jan. 2014	25 yrs.
Warehouse facilities in Mendota, IL; Toppenish and Yakima, WA; and Plover, WI	9,729	1,444	21,208	—	—		1,444	21,208	22,652	1,810	1996	Jan. 2014	23 yrs.
Industrial facility in Allen, TX and office facility in Sunnyvale, CA	11,259	9,297	24,086	—	—		9,297	24,086	33,383	1,491	1981; 1997	Jan. 2014	31 yrs.
Industrial facilities in Hampton, NH	9,641	8,990	7,362	—	—		8,990	7,362	16,352	464	1976	Jan. 2014	30 yrs.
Industrial facilities located throughout France	20,481	36,306	5,212	—	(8,312	)	29,038	4,168	33,206	349	Various	Jan. 2014	23 yrs.
Retail facility in Fairfax, VA	5,114	3,402	16,353	—	—		3,402	16,353	19,755	1,188	1998	Jan. 2014	26 yrs.
Retail facility in Lombard, IL	5,114	5,087	8,578	—	—		5,087	8,578	13,665	623	1999	Jan. 2014	26 yrs.
Warehouse facility in Plainfield, IN	20,529	1,578	29,415	—	—		1,578	29,415	30,993	1,856	1997	Jan. 2014	30 yrs.
Retail facility in Kennesaw, GA	4,111	2,849	6,180	—	—		2,849	6,180	9,029	449	1999	Jan. 2014	26 yrs.
Retail facility in Leawood, KS	9,094	1,487	13,417	—	—		1,487	13,417	14,904	975	1997	Jan. 2014	26 yrs.
Office facility in Tolland, CT	8,158	1,817	5,709	—	11		1,817	5,720	7,537	399	1968	Jan. 2014	28 yrs.
Warehouse facilities in Lincolnton, NC and Mauldin, SC	9,946	1,962	9,247	—	—		1,962	9,247	11,209	630	1988; 1996	Jan. 2014	28 yrs.
Retail facilities located throughout Germany	272,225	81,109	153,927	—	(47,054	)	64,871	123,111	187,982	8,306	Various	Jan. 2014	Various
Office facility in Southfield, MI	—	1,726	4,856	—	—		1,726	4,856	6,582	301	1985	Jan. 2014	31 yrs.
Office facility in The Woodlands, TX	20,705	3,204	24,997	—	—		3,204	24,997	28,201	1,519	1997	Jan. 2014	32 yrs.
Industrial facility in Guelph, Canada	4,472	2,151	1,750	—	(760	)	1,732	1,409	3,141	83	2002	Jan. 2014	34 yrs.
Industrial facilities in Shah Alam, Malaysia	5,021	—	10,429	—	(2,340	)	—	8,089	8,089	519	1989; 1992	Jan. 2014	30 yrs.
Warehouse facilities in Lam Luk Ka and Bang Pa-in, Thailand	10,751	13,054	19,497	—	(2,723	)	11,962	17,866	29,828	1,098	Various	Jan. 2014	31 yrs.
Warehouse facilities in Valdosta, GA and Johnson City, TN	8,444	1,080	14,998	—	—		1,080	14,998	16,078	1,079	1978; 1998	Jan. 2014	27 yrs.
Industrial facility in Amherst, NY	8,227	674	7,971	—	—		674	7,971	8,645	680	1984	Jan. 2014	23 yrs.
Industrial and warehouse facilities in Westfield, MA	—	1,922	9,755	—	9		1,922	9,764	11,686	682	1954; 1997	Jan. 2014	28 yrs.
Warehouse facilities in Kottka, Finland	—	—	8,546	—	(1,711	)	—	6,835	6,835	599	1999; 2001	Jan. 2014	21 - 23 yrs.
Office facility in Bloomington, MN	—	2,942	7,155	—	—		2,942	7,155	10,097	483	1988	Jan. 2014	28 yrs.
Warehouse facility in Gorinchem, Netherlands	3,816	1,143	5,648	—	(1,360	)	914	4,517	5,431	305	1995	Jan. 2014	28 yrs.
Retail facility in Cresskill, NJ	6,138	2,366	5,482	—	19		2,366	5,501	7,867	338	1975	Jan. 2014	31 yrs.
Retail facility in Livingston, NJ	5,309	2,932	2,001	—	14		2,932	2,015	4,947	142	1966	Jan. 2014	27 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Retail facility in Maplewood, NJ	1,662	845	647	—	4		845	651	1,496	46	1954	Jan. 2014	27 yrs.
Retail facility in Montclair, NJ	4,445	1,905	1,403	—	6		1,905	1,409	3,314	99	1950	Jan. 2014	27 yrs.
Retail facility in Morristown, NJ	10,815	3,258	8,352	—	26		3,258	8,378	11,636	590	1973	Jan. 2014	27 yrs.
Retail facility in Summit, NJ	2,695	1,228	1,465	—	8		1,228	1,473	2,701	104	1950	Jan. 2014	27 yrs.
Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany	—	2,789	8,750	—	(2,269	)	2,231	7,039	9,270	553	1898; 1956; 1978	Jan. 2014	24 yrs.
Industrial facilities in Georgetown, TX and Woodland, WA	3,099	965	4,113	—	—		965	4,113	5,078	233	1998; 2001; 2005	Jan. 2014	33 - 35 yrs.
Learning centers in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX	—	5,365	7,845	—	5		5,365	7,850	13,215	540	Various	Jan. 2014	28 yrs.
Industrial facility in Ylämylly, Finland	7,066	1,669	6,034	—	(1,542	)	1,335	4,826	6,161	271	1999	Jan. 2014	34 yrs.
Industrial facility in Salisbury, NC	6,398	1,499	8,185	—	—		1,499	8,185	9,684	564	2000	Jan. 2014	28 yrs.
Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH	3,763	2,831	10,565	—	—		2,831	10,565	13,396	744	1970; 1991; 1995	Jan. 2014	26 - 27 yrs.
Industrial facility in Cambridge, Canada	—	1,849	7,371	—	(1,796	)	1,489	5,935	7,424	364	2001	Jan. 2014	31 yrs.
Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN	12,252	2,962	17,832	—	—		2,962	17,832	20,794	1,092	Various	Jan. 2014	31 yrs.
Industrial facility in Ramos Arizpe, Mexico	—	1,059	2,886	—	—		1,059	2,886	3,945	176	2000	Jan. 2014	31 yrs.
Industrial facilities in Salt Lake City, UT	4,863	2,783	3,773	—	—		2,783	3,773	6,556	231	Various	Jan. 2014	31 - 33 yrs.
Residential facility in Blairsville, PA	12,143	1,631	23,163	—	—		1,631	23,163	24,794	2,384	2005	Jan. 2014	33 yrs.
Industrial facility in Nashville, TN	—	1,078	5,619	—	—		1,078	5,619	6,697	504	1962	Jan. 2014	21 yrs.
Office facility in Lafayette, LA	1,748	1,048	1,507	—	—		1,048	1,507	2,555	106	1995	Jan. 2014	27 yrs.
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA	54,099	6,488	77,192	—	—		6,488	77,192	83,680	5,178	1959; 1962; 1991	Jan. 2014	23 - 33 yrs.
Warehouse facilities in Flora, MS and Muskogee, OK	3,410	554	4,353	—	—		554	4,353	4,907	254	1992; 2002	Jan. 2014	33 yrs.
Industrial facility in Richmond, MO	4,842	2,211	8,505	—	—		2,211	8,505	10,716	590	1996	Jan. 2014	28 yrs.
Warehouse facility in Dallas, TX	6,066	468	8,042	—	—		468	8,042	8,510	652	1997	Jan. 2014	24 yrs.
Industrial facility in Tuusula, Finland	—	6,173	10,321	—	(3,302	)	4,937	8,255	13,192	619	1975	Jan. 2014	26 yrs.
Office facility in Turku, Finland	23,852	5,343	34,106	—	(7,898	)	4,273	27,278	31,551	1,875	1981	Jan. 2014	28 yrs.
Industrial facility in Turku, Finland	4,412	1,105	10,243	—	(2,257	)	884	8,207	9,091	566	1981	Jan. 2014	28 yrs.
Industrial facility in Baraboo, WI	—	917	10,663	—	—		917	10,663	11,580	1,558	1988	Jan. 2014	13 yrs.
Warehouse facility in Phoenix, AZ	18,972	6,747	21,352	—	—		6,747	21,352	28,099	1,472	1996	Jan. 2014	28 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c)			Accumulated Depreciation (c)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Land in Calgary, Canada	—	3,721	—	—	(725	)	2,996	—	2,996	—	N/A	Jan. 2014	N/A
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX	2,398	955	4,779	—	—		955	4,779	5,734	295	1950; 1986; 1996	Jan. 2014	31 yrs.
Industrial facility in Buffalo Grove, IL	7,322	1,492	12,233	—	—		1,492	12,233	13,725	757	1996	Jan. 2014	31 yrs.
Warehouse facility in Spanish Fork, UT	7,055	991	7,901	—	—		991	7,901	8,892	463	2001	Jan. 2014	33 yrs.
Industrial, office, and warehouse facilities in Perris, CA; Eugene, OR; West Jordan, UT; and Tacoma, WA	—	8,989	5,435	—	8		8,989	5,443	14,432	371	Various	Jan. 2014	28 yrs.
Office facility in Carlsbad, CA	—	3,230	5,492	—	—		3,230	5,492	8,722	445	1999	Jan. 2014	24 yrs.
Land in Pensacola, FL	1,026	1,746	—	—	—		1,746	—	1,746	—	N/A	Jan. 2014	N/A
Movie theater in Port St. Lucie, FL	5,393	4,654	2,576	—	—		4,654	2,576	7,230	180	2000	Jan. 2014	27 yrs.
Movie theater in Hickory Creek, TX	—	1,693	3,342	—	—		1,693	3,342	5,035	239	2000	Jan. 2014	27 yrs.
Industrial facility in Nurieux-Volognat, France	—	121	5,328	—	(994	)	96	4,359	4,455	258	2000	Jan. 2014	32 yrs.
Warehouse facility in Suwanee, GA	15,278	2,330	8,406	—	—		2,330	8,406	10,736	476	1995	Jan. 2014	34 yrs.
Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS	7,336	1,878	8,579	—	—		1,878	8,579	10,457	701	Various	Jan. 2014	24 yrs.
Industrial facilities in Fort Dodge, IN and Menomonie and Oconomowoc, WI	8,649	1,403	11,098	—	—		1,403	11,098	12,501	1,306	1996	Jan. 2014	16 yrs.
Industrial facility in Mesa, AZ	4,768	2,888	4,282	—	—		2,888	4,282	7,170	301	1991	Jan. 2014	27 yrs.
Industrial facility in North Amityville, NY	7,735	3,486	11,413	—	—		3,486	11,413	14,899	840	1981	Jan. 2014	26 yrs.
Warehouse facilities in Greenville, SC	—	567	10,217	—	15		567	10,232	10,799	950	1960	Jan. 2014	21 yrs.
Industrial facility in Fort Collins, CO	7,532	821	7,236	—	—		821	7,236	8,057	422	1993	Jan. 2014	33 yrs.
Office facility in Piscataway, NJ	—	4,984	34,165	31,616	—		4,984	65,781	70,765	3,004	1968	Jan. 2014	31 yrs.
Land in Elk Grove Village, IL	1,711	4,037	—	—	—		4,037	—	4,037	—	N/A	Jan. 2014	N/A
Office facilities in Washington, MI	26,757	4,085	7,496	—	—		4,085	7,496	11,581	438	1987; 1990	Jan. 2014	33 yrs.
Office facility in Houston, TX	—	522	7,448	227	—		522	7,675	8,197	542	1999	Jan. 2014	27 yrs.
Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX	6,623	4,049	13,021	—	133		4,049	13,154	17,203	1,347	Various	Jan. 2014	12 - 22 yrs.
Learning center in Sacramento, CA	27,284	—	13,715	—	—		—	13,715	13,715	786	2005	Jan. 2014	34 yrs.
Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX	—	5,138	8,387	—	43		5,138	8,430	13,568	582	1969; 1974; 1984	Jan. 2014	27 yrs.
Office facility in Tinton Falls, NJ	6,869	1,958	7,993	—	—		1,958	7,993	9,951	500	2001	Jan. 2014	31 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which  Carried at Close of Period (c)						Accumulated Depreciation (c)		Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances		Land		Buildings							Land		Buildings		Total
Industrial facility in Woodland, WA	—		707		1,562		—		—			707		1,562		2,269		85		2009	Jan. 2014	35 yrs.
Warehouse facilities in Gyál and Herceghalom, Hungary	33,523		14,601		21,915		—		(7,310		)	11,678		17,528		29,206		1,642		2002; 2004	Jan. 2014	21 yrs.
Industrial facility in Windsor, CT	—		453		637		—		—			453		637		1,090		37		1999	Jan. 2014	33 yrs.
Industrial facility in Aurora, CO	2,823		574		3,999		—		—			574		3,999		4,573		195		2012	Jan. 2014	40 yrs.
Office facility in Chandler, AZ	—		5,318		27,551		—		—			5,318		27,551		32,869		1,400		2008	Mar. 2014	40 yrs.
Warehouse facility in University Park, IL	—		7,962		32,756		221		—			7,962		32,977		40,939		1,544		2008	May 2014	40 yrs.
Office facility in Stavanger, Norway	—		10,296		91,744		—		(30,185		)	7,320		64,535		71,855		2,336		1975	Aug. 2014	40 yrs.
Office facility in Westborough, MA	—		3,409		37,914		—		—			3,409		37,914		41,323		1,416		1992	Aug. 2014	40 yrs.
Office facility in Andover, MA	—		3,980		45,120		—		—			3,980		45,120		49,100		1,481		1999	Oct. 2014	40 yrs.
Office facility in Newport, United Kingdom	—		—		22,587		—		(1,751		)	—		20,836		20,836		656		2014	Oct. 2014	40 yrs.
Industrial facilities located throughout Australia	—		30,455		94,724		53		(20,810		)	25,272		79,150		104,422		6,110		Various	Oct. 2014	Various
Industrial facility in Lewisburg, OH	—		1,627		13,721		—		—			1,627		13,721		15,348		448		2014	Nov. 2014	40 yrs.
Industrial facility in Opole, Poland	—		2,151		21,438		—		(2,934		)	1,884		18,771		20,655		579		2014	Dec. 2014	38 yrs.
Office facilities located throughout Spain	—		51,778		257,624		—		(33,636		)	48,938		226,828		275,766		6,102		Various	Dec. 2014	Various
Retail facilities located throughout the United Kingdom	—		66,319		230,113		—		(6,623		)	64,837		224,972		289,809		6,914		Various	Jan. 2015	20 - 40 yrs.
Warehouse facility in Rotterdam, Netherlands	—		—		33,935		—		(1,383		)	—		32,552		32,552		774		2014	Feb. 2015	40 yrs.
Retail facility in Bad Fischau, Austria	—		2,855		18,829		—		224			2,884		19,024		21,908		453		1998	Apr. 2015	40 yrs.
Industrial facility in Oskarshamn, Sweden	—		3,090		18,262		—		(453		)	3,025		17,874		20,899		266		2015	Jun. 2015	40 yrs.
Office facility in Sunderland, United Kingdom	—		2,912		30,140		—		(1,591		)	2,771		28,690		31,461		337		2007	Aug. 2015	40 yrs.
Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria	—		9,449		15,838		—		(557		)	9,241		15,489		24,730		204		2008; 2010	Aug. 2015	40 yrs.
Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX	—		—		49,190		—		—			—		49,190		49,190		310		1988; 1989; 1990	Oct. 2015	38 - 40 yrs.
Retail facilities located in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands	—		5,698		38,130		—		597			5,775		38,650		44,425		167		Various	Nov. 2015	30 - 40 yrs.
Office facility in Irvine, CA	—		7,626		16,137		—		—			7,626		16,137		23,763		12		1977	Dec. 2015	40 yrs.
	$	2,080,307	$	1,279,611	$	4,268,407	$	189,559	$	(429,366	)	$	1,160,567	$	4,147,644	$	5,308,211	$	372,735

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which Carried at Close of Period Total		Date of Construction	Date Acquired
Description	Encumbrances		Land		Buildings
Direct Financing Method
Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, North Carolina, and Texas	$	—	$	—	$	16,416	$	—	$	(4,164	)	$	12,252	Various	Jan. 1998
Industrial facilities in Glendora, CA and Romulus, MI	—		454		13,251		9		(3,477		)	10,237		1950; 1970	Jan. 1998
Industrial facilities in Irving and Houston, TX	—		—		27,599		—		(3,952		)	23,647		1978	Jan. 1998
Retail facility in Freehold, NJ	8,088		—		17,067		—		(108		)	16,959		2004	Sep. 2012
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX	4,277		2,089		14,211		—		(329		)	15,971		1969; 1996; 2000	Sep. 2012
Retail facilities in Osnabruck, Borken, Bunde, Arnstadt, Dorsten, Duisburg, Freiberg, Leimbach-Kaiserro, Monheim, Oberhausen, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, Wuppertal, and Monheim, Germany	—		28,734		145,854		—		(27,070		)	147,518		Various	Sep. 2012
Warehouse facility in Brierley Hill, United Kingdom	—		2,147		12,357		—		(574		)	13,930		1996	Sep. 2012
Warehouse and industrial facilities in Mesquite, TX	6,337		2,851		15,899		—		(1,254		)	17,496		1961; 1972; 1975	Sep. 2012
Industrial facility in Rochester, MN	4,074		881		17,039		—		(1,520		)	16,400		1997	Sep. 2012
Office facility in Irvine, CA	6,428		—		17,027		—		(522		)	16,505		1981	Sep. 2012
Industrial facility in Brownwood, TX	—		722		6,268		—		(1		)	6,989		1964	Sep. 2012
Office facility in Scottsdale, AZ	20,559		—		43,570		—		(315		)	43,255		1977	Jan. 2014
Retail facilities in El Paso, Fabens, and Socorro, TX	12,170		4,777		17,823		—		(6		)	22,594		Various	Jan. 2014
Industrial facility in Dallas, TX	—		3,190		10,010		—		—			13,200		1968	Jan. 2014
Industrial facility in Eagan, MN	7,111		—		11,548		—		(77		)	11,471		1975	Jan. 2014
Industrial facilities in Albemarle and Old Fort, NC; Holmesville, OH; and Springfield, TN	8,982		6,542		20,668		—		(1,185		)	26,025		Various	Jan. 2014
Movie theater in Midlothian, VA	8,244		—		16,546		—		201			16,747		2000	Jan. 2014
Industrial facilities located throughout France	14,036		—		27,270		—		(4,752		)	22,518		Various	Jan. 2014
Retail facility in Gronau, Germany	5,674		281		4,401		—		(937		)	3,745		1989	Jan. 2014
Industrial and office facilities in Marktheidenfeld, Germany	—		1,629		22,396		—		(5,310		)	18,715		2002	Jan. 2014
Industrial and warehouse facilities in Newbridge, United Kingdom	11,952		6,851		22,868		—		(3,467		)	26,252		1998	Jan. 2014
Learning center in Mooresville, NC	3,759		1,795		15,955		—		2			17,752		2002	Jan. 2014
Industrial facility in Mount Carmel, IL	—		135		3,265		—		(1		)	3,399		1896	Jan. 2014
Industrial, office, and warehouse facilities in Bad Hersfeld, Germany	19,257		15,287		29,292		—		(8,920		)	35,659		Various	Jan. 2014
Retail facility in Vantaa, Finland	—		5,291		15,522		—		(4,166		)	16,647		2004	Jan. 2014
Retail facility in Linkoping, Sweden	—		1,484		9,402		—		(2,508		)	8,378		2004	Jan. 2014
Industrial facility in Calgary, Canada	—		—		7,076		—		(1,375		)	5,701		1965	Jan. 2014
Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV	10,791		5,780		40,860		—		(98		)	46,542		Various	Jan. 2014
Industrial and office facilities in Leeds, United Kingdom	—		2,712		16,501		—		(10,262		)	8,951		1950; 1960; 1980	Jan. 2014
Movie theater in Pensacola, FL	7,397		—		13,034		—		(442		)	12,592		2001	Jan. 2014
Industrial facility in Monheim, Germany	—		2,939		7,379		—		(2,130		)	8,188		1981	Jan. 2014

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2015

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which Carried at Close of Period Total		Date of Construction	Date Acquired
Description	Encumbrances		Land		Buildings
Industrial facility in Göppingen, Germany	—		10,717		60,120		—		(14,787		)	56,050		1930	Jan. 2014
Warehouse facility in Elk Grove Village, IL	3,334		—		7,863		—		1			7,864		1980	Jan. 2014
Industrial facility in Sankt Ingbert, Germany	—		2,786		26,902		—		(6,190		)	23,498		1960	Jan. 2014
Industrial facility in New South Wales, Australia	—		283		2,978		—		(555		)	2,706		1970	Oct. 2014
	$	162,470	$	110,357	$	756,237	$	9	$	(110,250	)	$	756,353

			Initial Cost to Company						Costs  Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which Carried  at Close of Period (c)												Life on which Depreciation in Latest Statement of Income is Computed
Description	Encumbrances		Land		Buildings		Personal Property							Land		Buildings		Personal Property		Total		Accumulated Depreciation(c)		Date of Construction	Date Acquired
Operating Real Estate – Hotels
Bloomington, MN	$	18,798	$	3,810	$	29,126	$	3,622	$	531	$	—		$	3,874	$	29,237	$	3,978	$	37,089	$	3,226	2008	Jan. 2014	34 yrs.
Memphis, TN	27,183		2,120		36,594		3,647		111		—			2,167		36,670		3,635		42,472		4,687		1985	Jan. 2014	22 yrs.
Operating Real Estate – Self-Storage Facility
Taunton, MA	—		4,300		12,274		—		303		(13,689		)	537		2,651		—		3,188		881		2001	Dec. 2006	25 yrs.
	$	45,981	$	10,230	$	77,994	$	7,269	$	945	$	(13,689	)	$	6,578	$	68,558	$	7,613	$	82,749	$	8,794

__________

(a) Consists of the cost of improvements and acquisition costs subsequent to acquisition, including legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded.

(b) The increase (decrease) in net investment was primarily due to (i) the amortization of unearned income from net investment in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received, (ii) sales of properties, (iii) impairment charges, (iv) allowances for credit loss, and (v) changes in foreign currency exchange rates.

(c) A reconciliation of real estate and accumulated depreciation follows:

W. P. CAREY INC.

NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

(in thousands)

	Reconciliation of Real Estate Subject to Operating Leases
	Years Ended December 31,
	2015			2014			2013
Beginning balance	$	4,976,685		$	2,506,804		$	2,331,613
Additions	548,521			2,785,863			216,422
Improvements	24,014			18,474			7,422
Dispositions	(19,597		)	(137,018		)	(8,347		)
Foreign currency translation adjustment	(181,064		)	(157,262		)	26,729
Reclassification to assets held for sale	(63,494		)	(33,162		)	(72,827		)
Reclassification from real estate under construction	55,362			—			2,875
Impairment charges	(25,773		)	(20,677		)	(11,035		)
Write-off of fully-depreciated assets	(6,443		)	—			—
Reclassification from direct financing lease	—			13,663			13,952
Ending balance	$	5,308,211		$	4,976,685		$	2,506,804

	Reconciliation of Accumulated Depreciation for Real Estate Subject to Operating Leases
	Years Ended December 31,
	2015			2014			2013
Beginning balance	$	253,627		$	168,076		$	116,075
Depreciation expense	137,144			112,758			60,470
Dispositions	(1,566		)	(20,740		)	(533		)
Write-off of fully-depreciated assets	(6,443		)	—			—
Foreign currency translation adjustment	(6,159		)	(5,318		)	1,194
Reclassification to assets held for sale	(3,868		)	(1,149		)	(9,130		)
Ending balance	$	372,735		$	253,627		$	168,076

	Reconciliation of Operating Real Estate
	Years Ended December 31,
	2015			2014		2013
Beginning balance	$	84,885		$	6,024	$	99,703
Additions	—			78,423		—
Improvements	527			438		706
Dispositions	(2,663		)	—		(93,314		)
Impairment charges	—			—		(1,071		)
Ending balance	$	82,749		$	84,885	$	6,024

	Reconciliation of Accumulated Depreciation for Operating Real Estate
	Years Ended December 31,
	2015			2014		2013
Beginning balance	$	4,866		$	882	$	19,993
Depreciation expense	4,275			3,984		2,242
Dispositions	(347		)	—		(21,353		)
Ending balance	$	8,794		$	4,866	$	882

At December 31, 2015, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $7.5 billion.

XML

Schedule IV - Mortgage Loan on Real Estate

12 Months Ended

Dec. 31, 2015

Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loan on Real Estate

SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE

December 31, 2015

(dollars in thousands)

	Interest Rate	Final Maturity Date	Fair Value		Carrying Amount
Description
Note receivable — Production Resource Group - Las Vegas	7.9%	Mar. 2029	$	10,610	$	10,689

NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE

(in thousands)

	Reconciliation of Mortgage Loans on Real Estate
	Years Ended December 31,
	2015			2014			2013
Balance at beginning of year	$	20,848		$	—		$	—
Additions (a)	—			21,060			—
Amortization and accretion	63			(212		)	—
Repayments (a)	(10,222		)	—			—
Ending balance	$	10,689		$	20,848		$	—

__________

(a) We acquired two notes at a discount of $0.3 million in the CPA^®:16 Merger. One of the notes was repaid in full to us in 2015 (Note 6).

XML

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting for Acquisitions

Accounting for Acquisitions

In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations.

Purchase Price Allocation of Tangible Assets —When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes a value for tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale.

Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following:

• a discount rate or internal rate of return;

• the marketing period necessary to put a lease in place;

• carrying costs during the marketing period;

• leasing commissions and tenant improvement allowances;

• market rents and growth factors of these rents; and

• a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term.

The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including:

• the creditworthiness of the lessees;

• industry surveys;

• property type;

• property location and age;

• current lease rates relative to market lease rates; and

• anticipated lease duration.

In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value.

Where a property is deemed to have excess land, the discounted cash flow analysis includes the estimated excess land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property adjusted for estimated market growth rates through the year of lease expiration.

The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded.

Purchase Price Allocation of Intangible Assets —We record above- and below-market lease intangible values for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated and in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date.

We evaluate the specific characteristics of each tenant’s lease and any pre-existing relationship with each tenant in determining the value of in-place lease intangibles. To determine the value of in-place lease intangibles, we consider the following:

• estimated market rent;

• estimated lease term, including renewal options at rental rates below estimated market rental rates;

• estimated carrying costs of the property during a hypothetical expected lease-up period; and

• current market conditions and costs to execute similar leases, including tenant improvement allowances and rent concessions.

Estimated carrying costs of the property include real estate taxes, insurance, other property operating costs, and estimates of lost rentals at market rates during the market participants’ expected lease-up periods, based on assessments of specific market conditions.

We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms.

We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements. We include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements.

The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building.

If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense.

Purchase Price Allocation of Debt —When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate.

Purchase Price Allocation of Goodwill —In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. Goodwill acquired in the CPA^®:15 Merger and the CPA^®:16 Merger was attributed to the Real Estate Ownership segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit.

Impairment

Impairments

We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets, may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on marketable securities and goodwill. Our policies and estimates for evaluating whether these assets are impaired are presented below.

Real Estate —For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value.

As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value.

Assets Held for Sale —We classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then compare the asset’s fair value (less estimated cost to sell) to its carrying value, and if the fair value, less estimated cost to sell, is less than the property’s carrying value, we reduce the carrying value to the fair value, less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted.

Direct Financing Leases —We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates, where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value.

When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, and therefore the asset’s holding period is reduced, we assess the carrying amount for recoverability and if as a result of the decreased expected cash flows we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value.

Equity Investments in the Managed Programs and Real Estate —We evaluate our equity investments in the Managed Programs and real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values. For certain investments in the Managed REITs, we calculate the estimated fair value of our investment using the most recently published net asset value per share of each Managed REIT, which for CPA^®:18 – Global is deemed to be the most recent public offering price through December 31, 2015, multiplied by the number of shares owned.

Goodwill

Goodwill —We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, that could impact our goodwill impairment calculations. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge.

We calculate the estimated fair value of the Investment Management reporting unit by applying a price-to-EBITDA multiple to earnings. For the Real Estate Ownership reporting unit, we calculate its estimated fair value by applying an AFFO multiple. For both reporting units, the multiples are based on comparable companies. The selection of the comparable companies to be used in our evaluation process could have a significant impact on the fair value of our reporting units and possible impairments. The testing did not indicate any goodwill impairment as each of the reporting units with goodwill had fair value that was substantially in excess of the carrying value.

For the second step, if it were required, we compare the implied fair value of the goodwill for each reporting unit with its respective carrying amount and record an impairment charge equal to the excess of the carrying amount over the implied fair value. We would determine the implied fair value of the goodwill by allocating the estimated fair value of the reporting unit to its assets and liabilities. The excess of the estimated fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of the goodwill.

The goodwill recorded in our Investment Management and Real Estate Ownership reporting units is evaluated during the fourth quarter of every year. In connection with the CPA^®:16 Merger and the CPA^®:15 Merger, we recorded goodwill in our Real Estate Ownership reporting unit. Prior to the CPA^®:15 Merger, there was no goodwill recorded in our Real Estate Ownership reporting unit.

Basis of Consolidation

Basis of Consolidation —Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries and our tenancy-in-common interest as described below. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

At December 31, 2015, we had an investment in a tenancy-in-common interest in various underlying international properties. Consolidation of this investment is not required as such interest does not qualify as a VIE and does not meet the control requirement for consolidation. Accordingly, we account for this investment using the equity method of accounting. We use the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides us with significant influence on the operating and financial decisions of this investment. We also had certain investments in other wholly-owned tenancy-in-common interests, which we now consolidate after we obtained the remaining interests in the CPA^®:16 Merger.

Variable Interest Entity

When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we should be deemed to be the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease as well as certain decision-making rights within a loan or joint-venture agreement can cause us to consider an entity a VIE. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.

At December 31, 2015, we consolidated 20 VIEs. In connection with the CPA^®:16 Merger, we acquired 12 VIEs. We consider these entities VIEs because the leases have certain features such as fixed price purchase or renewal options.

For an entity that is not considered to be a VIE but rather a voting interest entity, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (i) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (ii) substantive participating rights, the limited partners’ rights overcome the presumption of control by a general partner of the limited partnership, and, therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting.

Additionally, we own interests in single-tenant, net-leased properties leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control, but over which we exercise significant influence. We account for these investments under the equity method of accounting. At times, the carrying value of our equity investments may fall below zero for certain investments. We intend to fund our share of the jointly-owned investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. At December 31, 2015, one of our equity investments was a VIE and none had carrying values below zero.

Reclassification

Reclassifications —Certain prior period amounts have been reclassified to conform to the current period presentation.

Real Estate and Operating Real Estate

Real Estate and Operating Real Estate —We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred.

Assets Held for Sale

Assets Held for Sale —We classify those assets that are associated with operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated costs to sell. Prior to January 1, 2014, the results of operations and the related gain or loss on sale of properties that have been sold or that were classified as held for sale and in which we will have no significant continuing involvement are included in discontinued operations (Note 16).

If circumstances arise that we previously considered unlikely and, as a result, we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell.

We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property.

Notes Receivables

Notes Receivable —For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. Our notes receivable are included in Other assets, net in the consolidated financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents —We consider all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.

Internal-Use Software Development Cost

Internal-Use Software Development Costs —We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage, including the costs associated with software that allows for the conversion of our old data to our new system. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Capitalized costs are amortized on a straight-line basis over the software’s estimated useful life, which isthreetoseven years. Periodically, we reassess the useful life considering technology, obsolescence, and other factors.

Other Assets and Liabilities

Other Assets and Liabilities —We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets and notes receivable in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, and deferred revenue in Other liabilities. Deferred charges are costs incurred in connection with mortgage financings, refinancings, issuance of corporate bonds, and the amendment of our credit facility that are amortized over the terms of the debt and included in Interest expense in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term, and rent recognized on a straight-line basis.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts —We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms, and the amount can be reasonably estimated.

Revenue Recognition

Revenue Recognition, Real Estate Leased to Others —We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. For the years ended December 31, 2015, 2014, and 2013, our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $57.7 million, $59.8 million, and $37.3 million, respectively.

Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented.

For our operating leases, we record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred (Note 5). We record leases accounted for under the direct financing method as a net investment (Note 6). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease.

Revenue Recognition, Investment Management Operations —We earn structuring revenue and asset management revenue in connection with providing services to the Managed Programs. We earn structuring revenue for services we provide in connection with the analysis, negotiation, and structuring of transactions, including acquisitions and dispositions and the placement of mortgage financing obtained by the Managed REITs. Asset management revenue is earned from property management, leasing, and advisory services performed. Receipt of the incentive revenue portion of the asset management revenue or performance revenue, however, was subordinated to the achievement of specified cumulative return requirements by the stockholders of those CPA^® REITs. At our option, the performance revenue could be collected in cash or shares of the CPA^® REIT (Note 4). In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties. We may also earn termination revenue in connection with the termination of the advisory agreements for the Managed REITs.

We recognize all revenue as earned. We earn structuring revenue upon the consummation of a transaction and asset management revenue when services are performed. We recognize revenue subject to subordination only when the performance criteria of the Managed REIT is achieved and contractual limitations are not exceeded.

We may earn termination revenue if a liquidity event is consummated by any of the Managed REITs. As a condition of the CPA^®:16 Merger, we waived the subordinated disposition and termination fees that we would have been entitled to receive from CPA^®:16 – Global upon its liquidation pursuant to the terms of our advisory agreement with CPA^®:16 – Global (Note 4).

We are also reimbursed for certain costs incurred in providing services, including broker-dealer commissions paid and annual distribution and shareholder servicing fees incurred on behalf of the Managed Programs, marketing costs, and the cost of personnel provided for the administration of the Managed Programs. We record reimbursement income as the expenses are incurred, subject to limitations on a Managed Program’s ability to incur offering costs or limitations imposed by the advisory agreements.

Asset Retirement Obligations

sset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability.

In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.

Depreciation

Depreciation —We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life.

Stock-based Compensation

Stock-Based Compensation —We have granted stock options, restricted stock awards, or RSAs, restricted shares units, or RSUs, and performance share units, or PSUs, to certain employees and independent directors. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. We recognize these compensation costs for only those shares expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. We include stock-based compensation within the Additional paid-in capital caption of equity.

Foreign Currency

Foreign CurrencyTranslation and Transaction Gains and Losses —We have interests in real estate investments primarily in the European Union, the United Kingdom, and Australia for which the functional currency is the euro, the British pound sterling, and the Australian dollar, respectively. We perform the translation from the euro, the British pound sterling, or the Australian dollar to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income when we have substantially exited from all investments in the related currency.

A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of short-term subordinated intercompany debt with scheduled principal payments, are included in the determination of net income.

Intercompany foreign currency transactions of a long term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity.

Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company.

Derivative Instruments

Derivative Instruments —We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive (loss) income into earnings when the hedged investment is either sold or substantially liquidated.

We use the portfolio exception in Accounting Standards Codification, 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements.

Income Taxes

Income Taxes —We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT.

We conduct business in various states and municipalities within the United States, Europe, and Asia and, as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state, and local taxes and a provision for such taxes is included in the consolidated financial statements.

We elect to treat certain of our corporate subsidiaries as TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. One of our TRS subsidiaries owns a hotel that is managed on our behalf by a third-party hotel management company.

Deferred income taxes are recorded for the corporate subsidiaries TRS and for the foreign taxes in those respective jurisdictions based on earnings reported. The current provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities (Note 15).

Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained.

Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and foreign properties and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors.

We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 15). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).

We derive most of our REIT income from our real estate operations under our Real Estate Ownership segment. As such, our real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state, local, and foreign taxes, as applicable. We conduct our Investment Management operations primarily through TRSs. These operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations.

During the year ended December 31, 2015, we revised our December 31, 2014 consolidated balance sheet to correct the misclassification of certain deferred tax assets that were previously netted in deferred income tax liabilities. Such deferred income tax assets of approximately $11.2 million are included in Other assets, net in the revised consolidated balance sheet as of December 31, 2014.

Earnings Per Share

Earnings Per Share —Basic earnings per share is calculated by dividing net income available to common stockholders, as adjusted for unallocated earnings attributable to the unvested RSUs and RSAs by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflects potentially dilutive securities (options and PSUs) using the treasury stock method, except when the effect would be anti-dilutive.

Use of Estimates

Use of Estimates —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Recent Accounting Requirements

Recent Accounting Requirements

The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board, or FASB, are applicable to us:

ASU 2015-16, Business Combinations (Topic 805) —ASU 2015-16 requires that an acquirer recognize adjustments identified during the business combination measurement period in the reporting period in which the adjustment amounts are determined. The effects on earnings due to changes in depreciation, amortization, or other income effects as a result of the change are also recognized in the same period’s financial statements. ASU 2015-16 also requires that acquirers present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, early adoption is permitted, and prospective application is required for adjustments that are identified after the effective date of this update. We elected to early adopt ASU 2015-16 and implemented the standard prospectively beginning July 1, 2015. The adoption and implementation of the standard did not have a material impact on our financial statements.

ASU 2015-03, Interest-Imputation of Interest(Subtopic 835-30) — ASU 2015-03 changes the presentation of debt issuance costs, which are currently recognized as a deferred charge (that is, an asset) and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 does not affect the recognition and measurement guidance for debt issuance costs. ASU 2015-03 is effective for periods beginning after December 15, 2015, early adoption is permitted and retrospective application is required. We are currently evaluating the impact of ASU 2015-03 on our consolidated financial statements and expect to reclassify $12.6 million of deferred financing costs, net from Other assets, net to Non-recourse debt, net, Senior Unsecured Credit Facility - Term Loan, and Senior Unsecured Notes, net as of January 1, 2016.

ASU 2015-02, Consolidation (Topic 810) —We will adopt ASU 2015-02 on January 1, 2016 and are currently in the process of evaluating its impact on the consolidated financial statements. We are evaluating our joint ventures, as well as existing leases that create VIEs based on lease terms, including a fixed-price purchase option or fixed-price renewal option. We generally create our joint ventures as partnerships in the form of a limited liability company or a limited partnership. ASU 2015-02 requires an entity to classify a limited liability company or a limited partnership as a VIE unless the partnership provides partners with either substantive kick-out rights or substantive participating rights over the managing member or general partner. Since a majority of our partnerships lack kick-out rights or substantive participating rights over the managing member or general partner, the impact of this new guidance for us is primarily a change in classification from voting interest entity to VIE. This ASU does not change the criteria regarding which party consolidates a VIE. Thus, the change in classification will require us to include additional entities as part of our VIE disclosures. However, there is not expected to be an impact to our consolidated balance sheets or results of operations for any of the periods presented.

ASU 2014-12, Compensation - Stock Compensation (Topic 718) —ASU 2014-12 provides guidance on share-based payment awards, in which a performance target that affects vesting and that could be achieved after the requisite vesting period be treated as a performance condition. ASU 2014-12 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2014-12 on our consolidated financial statements.

ASU 2014-09, Revenue from Contracts with Customers (Topic 606) — ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but will apply to reimbursed tenant costs and revenues generated from our operating properties and our Investment Management business. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017, the original public company effective date.We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard.

Proposed Accounting Change

The following proposed accounting change may potentially impact our Real Estate Ownership and Investment Management segments if the outcome has a significant influence on sale-leaseback demand in the marketplace:

The FASB previously issued an Exposure Draft on a joint proposal with the International Accounting Standards Board, or IASB, that would significantly transform lease accounting from the existing model. These changes would impact most companies but are particularly applicable to those that are significant users of real estate. The proposal outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet.

In November 2015, the FASB directed the staff to draft a final ASU on leases for vote by written ballot. In addition, the FASB decided that for (i) public business entities, (ii) a not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an-over-the-counter market, and (iii) an employee benefit plan that files or furnishes statements with or to the SEC (collectively referred to as “public business entities”), the final leases standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; for all other entities, the final leases standard will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities upon issuance of the final standard.

In the first quarter of 2016, the IASB and FASB finalized their lease standards, which brings most leases on the balance sheet for lessees under a single model. For lessors, however, the accounting remains largely unchanged and the distinction between operating and finance leases is retained. Both standards are effective for annual reporting periods beginning on or after January 1, 2019.

For some companies, the new accounting guidance may influence whether or not, or the extent to which, they may enter into the type of sale-leaseback transactions in which we specialize.

We are evaluating the impact of the new standards and have not determined if they will have a material impact on our business.

Goodwill and Intangible Assets, Intangible Assets

Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues; amortization of management contracts, in-place lease and tenant relationship intangibles is included in Depreciation and amortization; and amortization of above-market ground lease and below-market ground lease intangibles is included in Property expenses.

In connection with our acquisitions of properties, we have recorded net lease intangibles that are being amortized over periods ranging from one year to 43 years. In addition, we have several ground lease intangibles that are being amortized over periods of up to 99 years. In-place lease and tenant relationship intangibles are included in In-place lease and tenant relationship intangible assets, net in the consolidated financial statements. Above-market rent intangibles are included in Above-market rent intangible assets, net in the consolidated financial statements. Below-market ground lease (as lessee), trade name, management contracts, and software license intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent, above-market ground lease (as lessee), and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements.

Fair Value Measurement

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency forward contracts; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Redeemable Noncontrolling Interest

We account for the noncontrolling interest in W. P. Carey International, LLC, or WPCI, held by a third party as a redeemable noncontrolling interest (Note 14). We determined the valuation of redeemable noncontrolling interest using widely accepted valuation techniques, including comparable transaction analysis, comparable public company analysis, and discounted cash flow analysis.

Discontinued Operations

From time to time, we may decide to sell a property. We have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may make a decision to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. For those properties sold or classified as held for sale prior to January 1, 2014, we classify current and prior period results of operations of the property as discontinued operations in accordance with our adoption of ASU 2014-08. All property dispositions are recorded within our Real Estate Ownership segment.

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Merger with CPA:16 Global (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Business Acquisition, Pro Forma Information

The following unaudited consolidated pro forma financial information has been presented as if the CPA^®:16 Merger had occurred on January 1, 2013 for the years ended December 31, 2014 and 2013. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA^®:16 Merger occurred on that date, nor does it purport to represent the results of operations for future periods.

(in thousands, except share and per share amounts)

	Years Ended December 31,
	2014			2013
Pro forma total revenues	$	931,309		$	780,578
Pro forma net income from continuing operations, net of tax	$	139,698		$	146,525
Pro forma net income attributable to noncontrolling interests	(5,380		)	10,963
Pro forma net loss (income) attributable to redeemable noncontrolling interest	142			(1,909		)
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey (a)	$	134,460		$	155,579
Pro forma earnings per share: (a)
Basic	$	1.32		$	1.56
Diluted	$	1.31		$	1.54
Pro forma weighted-average shares: (b)
Basic	101,296,847			99,420,924
Diluted	102,360,038			100,437,886

__________

(a) The pro forma income attributable to W. P. Carey for the year ended December 31, 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 December 31, 2014, (ii) an aggregate gain on change in control of interests, and (iii) an income tax expense 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 years ended December 31, 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.

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Agreements and Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

Schedule Of Related Party Transactions

The following tables present a summary of revenue earned and/or cash received from the Managed Programs for the periods indicated, included in the consolidated financial statements. Asset management revenue excludes amounts received from third parties (in thousands):

	Years Ended December 31,
	2015		2014		2013
Structuring revenue	$	92,117	$	71,256	$	46,589
Reimbursable costs from affiliates	55,837		130,212		73,592
Asset management revenue	49,892		37,970		42,579
Distributions of Available Cash	38,406		31,052		34,121
Dealer manager fees	4,794		23,532		10,856
Interest income on deferred acquisition fees and loans to affiliates	1,639		684		949
Incentive, termination and subordinated disposition revenue	203		—		199
Deferred revenue earned	—		786		8,492
	$	242,888	$	295,492	$	217,377

	Years Ended December 31,
	2015		2014		2013
CPA®:16 – Global	$	—	$	7,999	$	53,166
CPA®:17 – Global	81,740		68,710		69,275
CPA®:18 – Global	85,431		129,642		29,293
CWI 1	44,712		89,141		65,643
CWI 2	30,340		—		—
CCIF	665		—		—
	$	242,888	$	295,492	$	217,377

Schedule of Balances Due to and From Related Party

The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands):

	December 31,
	2015		2014
Deferred acquisition fees receivable	$	33,386	$	26,913
Accounts receivable	15,711		2,680
Reimbursable costs	5,579		301
Current acquisition fees receivable	4,909		2,463
Asset management fee receivable	2,172		—
Organization and offering costs	461		2,120
	$	62,218	$	34,477

Schedule of Related Party Fees

Asset Management Revenue

Under the advisory agreements with the Managed Programs, we earn asset management revenue for managing their investment portfolios. The following table presents a summary of our asset management fee arrangements with the Managed Programs:

Managed Program	Rate	Payable	Description
CPA®:16 – Global	0.5%	2013 in shares of its common stock through July 31, 2013; in cash thereafter; 2014 in cash; 2015 N/A	Rate is based on adjusted invested assets
CPA®:17 – Global	0.5% - 1.75%	2013 and 2014 in shares of its common stock; 2015 50% in cash and 50% in shares of its common stock	Rate depends on the type of investment and is based on the average market or average equity value, as applicable
CPA®:18 – Global	0.5% - 1.5%	2013, 2014, and 2015 in shares of its class A common stock	Rate depends on the type of investment and is based on the average market or average equity value, as applicable
CWI 1	0.5%	2013 and 2014 in shares of its common stock; 2015 in cash	Rate is based on the average market value of the investment; we are required to pay 20% of the asset management revenue we receive to the subadvisor
CWI 2	0.55%	2013 and 2014 N/A; 2015 in shares of its class A common stock	Rate is based on the average market value of the investment; we are required to pay 25% of the asset management revenue we receive to the subadvisor
CCIF	1.75% - 2.00%	2013 and 2014 N/A; 2015 in cash	Based on the average of gross assets at fair value; we are required to pay 50% of the asset management revenue we receive to the subadvisor

Structuring Revenue

Under the terms of the advisory agreements, we earn revenue for structuring and negotiating investments and related financing for the Managed REITs. We do not earn any structuring revenue from the Managed BDCs. The following table presents a summary of our structuring fee arrangements with the Managed REITs:

Managed Program	Rate	Payable	Description
CPA®:17 – Global	1% - 1.75%, 4.5%	In cash; for non net-lease investments, 1% - 1.75% upon completion; for net-lease investments, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments	Based on the total aggregate cost of the net-lease investments made; also based on the total aggregate cost of the non net-lease investments made; total limited to 6% of the contract prices in aggregate
CPA®:18 – Global	4.5%	In cash; for all investments other than readily marketable real estate securities for which we will not receive any acquisition fees, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments	Based on the total aggregate cost of the investments made; total limited to 6% of the contract prices in aggregate
CWI REITs	2.5%	In cash upon completion	Based on the total aggregate cost of the lodging investments made; loan refinancing transactions up to 1% of the principal amount; total limited to 6% of the contract prices in aggregate

Reimbursable Costs from Affiliates

The Managed Programs reimburse us for certain costs that we incur on their behalf, which consist primarily of broker-dealer commissions, marketing costs, an annual distribution and shareholder servicing fee, or Shareholder Servicing Fee, and certain personnel and overhead costs, as applicable. The following tables present summaries of such fee arrangements:

Broker-Dealer Selling Commissions

Managed Program	Rate	Payable	Description
CPA®:18 – Global and CWI 2 Class A Shares, and CWI 1 Common Stock	$0.70	In cash upon share settlement; 100% re-allowed to broker-dealers	Per share sold
CPA®:18 – Global Class C Shares	$0.14	In cash upon share settlement; 100% re-allowed to broker-dealers	Per share sold
CWI 2 Class T Shares	$0.19	In cash upon share settlement; 100% re-allowed to broker-dealers	Per share sold
CCIF Feeder Funds	0% - 3%	In cash upon share settlement; 100% re-allowed to broker-dealers	Based on the selling price of each share sold

Dealer Manager Fees

Managed Program	Rate	Payable	Description
CPA®:18 – Global and CWI 2 Class A Shares, and CWI 1 Common Stock	$0.30	Per share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers
CPA®:18 – Global Class C Shares	$0.21	Per share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers
CWI 2 Class T Shares	$0.26	Per share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers
CCIF Feeder Funds	2.75% - 3.0%	Based on the selling price of each share sold	In cash upon share settlement; a portion may be re-allowed to broker-dealers

Annual Distribution and Shareholder Servicing Fee

Managed Program	Rate	Payable	Description
CPA®:18 – Global Class C Shares	1.0%	Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers	Based on the purchase price per share sold or, once reported, the NAV; cease paying when underwriting compensation from all sources equals 10% of gross offering proceeds
CWI 2 Class T Shares	1.0%	Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers	Based on the purchase price per share sold or, once reported, the NAV; limited to six years and 10% of gross offering proceeds

Personnel and Overhead Costs

Managed Program	Payable	Description
CPA®:17 – Global and CPA®:18 – Global	In cash	Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to the CPA® REITs based on the average of the trailing 12-month aggregate reported revenues of the Managed REITs and us, and for 2015, are capped at 2.4% of each CPA® REIT’s pro rata lease revenues; for the legal transactions group, costs are charged according to a fee schedule
CWI 1	2013 N/A; 2014 in shares of its common stock; 2015 in cash	Actual expenses incurred; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter
CWI 2	2013 and 2014 N/A; 2015 in cash	Actual expenses incurred; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter
CCIF and CCIF Feeder Funds	2013 and 2014 N/A; 2015 in cash	Actual expenses incurred

Organization and Offering Costs

Managed Program	Payable	Description
CPA®:18 – Global and CWI 2	In cash; within 60 days after the end of the quarter in which the offering terminates	Actual costs incurred from 1.5% through 4.0% of the gross offering proceeds, depending on the amount raised
CWI 1	In cash; within 60 days after the end of the quarter in which the offering terminates	Actual costs incurred up to 4.0% of the gross offering proceeds
CCIF and CCIF Feeder Funds	In cash; payable monthly	Up to 1.5% of the gross offering proceeds

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Net Investments in Properties (Tables)

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Net Investments in Real Estate Properties

Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, and real estate under construction, is summarized as follows (in thousands):

	December 31,
	2015			2014
Land	$	1,160,567		$	1,146,704
Buildings	4,147,644			3,829,981
Real estate under construction	1,714			29,997
Less: Accumulated depreciation	(372,735		)	(253,627		)
	$	4,937,190		$	4,753,055

Operating real estate consisted of our investments in two hotels and two self-storage properties. Below is a summary of our Operating real estate (in thousands): 

	December 31,
	2015			2014
Land	$	6,578		$	7,074
Buildings	76,171			77,811
Less: Accumulated depreciation	(8,794		)	(4,866		)
	$	73,955		$	80,019

Schedule of Future Minimum Rents

Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments under non-cancelable operating leases, at December 31, 2015 are as follows (in thousands): 

Years Ending December 31,	Total
2016	$	611,361
2017	600,116
2018	573,110
2019	527,494
2020	484,060
Thereafter	2,887,773
Total	$	5,683,914

Disclosure of Long Lived Assets Held-for-sale

Below is a summary of our properties held for sale (in thousands):

	December 31,
	2015		2014
Real estate, net	$	59,046	$	5,969
Above-market rent intangible assets, net	—		838
In-place lease intangible assets, net	—		448
Assets held for sale	$	59,046	$	7,255

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Finance Receivables (Tables)

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Capital Leases Net Investment In Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):

	December 31,
	2015			2014
Minimum lease payments receivable	$	797,736		$	904,788
Unguaranteed residual value	760,448			818,334
	1,558,184			1,723,122
Less: unearned income	(801,831		)	(906,896		)
	$	756,353		$	816,226

Scheduled Future Minimum Rents

Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2015 are as follows (in thousands):

Years Ending December 31,	Total
2016	$	75,613
2017	75,378
2018	75,449
2019	72,929
2020	72,390
Thereafter	425,977
Total	$	797,736

Finance Receivables Credit Quality Indicators

A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands):

	Number of Tenants / Obligors at December 31,		Carrying Value at December 31,
Internal Credit Quality Indicator	2015	2014	2015		2014
1	2	3	$	90,818	$	79,343
2	3	4	53,492		37,318
3	23	22	512,724		592,631
4	6	7	110,002		127,782
5	—	—	—		—
			$	767,036	$	837,074

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Equity Investments in the Managed Programs and Real Estate (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The following table presents Equity in earnings of equity method investments in the Managed Programs and real estate, which represents our proportionate share of the income or losses of these investments, as well as certain adjustments related to other-than-temporary impairment charges and amortization of basis differences related to purchase accounting adjustments (in thousands):

	Years Ended December 31,
	2015			2014			2013
Distributions of Available Cash (Note 4)	$	38,406		$	31,052		$	34,121
Amortization of basis differences on equity investments in the Managed Programs	(806		)	(810		)	(5,115		)
Proportionate share of (losses) earnings from equity investments in the Managed Programs	(454		)	2,425			7,057
Deferred revenue earned (Note 4)	—			786			9,436
Other-than-temporary impairment charges on the Special Member Interest in CPA®:16 – Global’s operating partnership	—			(735		)	(15,383		)
Total equity earnings from the Managed Programs	37,146			32,718			30,116
Equity earnings from other equity investments	17,559			14,828			26,928
Amortization of basis differences on other equity investments	(3,685		)	(3,430		)	(4,313		)
Equity in earnings of equity method investments in the Managed Programs and real estate	$	51,020		$	44,116		$	52,731

The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands):

	% of Outstanding Shares Owned at				Carrying Amount of Investment at
	December 31,				December 31,
Fund	2015		2014		2015		2014
CPA®:17 – Global	3.087	%	2.676	%	$	87,912	$	79,429
CPA®:17 – Global operating partnership	0.009	%	0.009	%	—		—
CPA®:18 – Global	0.735	%	0.221	%	9,279		2,784
CPA®:18 – Global operating partnership	0.034	%	0.034	%	209		209
CWI 1	1.131	%	1.088	%	12,619		13,940
CWI 1 operating partnership	0.015	%	0.015	%	—		—
CWI 2	0.379	%	—	%	949		—
CWI 2 operating partnership	0.015	%	—	%	300		—
CCIF	47.882	%	50.000	%	22,214		25,000
					$	133,482	$	121,362

The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands):

		Ownership Interest at	Carrying Value at December 31,
Lessee	Co-owner	December 31, 2015	2015		2014
Existing Equity Investments (a)
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH	CPA®:17 – Global	33%	$	9,507	$	6,949
C1000 Logistiek Vastgoed B.V.	CPA®:17 – Global	15%	9,381		11,192
Wanbishi Archives Co. Ltd.	CPA®:17 – Global	3%	335		341
			19,223		18,482
Equity Investments Acquired in the CPA®:16 Merger
The New York Times Company	CPA®:17 – Global	45%	70,976		72,476
Frontier Spinning Mills, Inc.	CPA®:17 – Global	40%	24,288		15,609
Actebis Peacock GmbH	CPA®:17 – Global	30%	12,186		6,369
			107,450		94,454
Recently Acquired Equity Investment
Beach House JV, LLC	Third Party	N/A	15,318		15,105
			$	141,991	$	128,041

__________

(a) Represents equity investments we acquired prior to January 1, 2013.

The following tables present estimated combined summarized financial information for the Managed Programs. Amounts provided are expected total amounts attributable to the Managed Programs and do not represent our proportionate share (in thousands):

	December 31,
	2015			2014
Real estate, net	$	6,886,709		$	5,969,011
Other assets	2,426,189			2,293,065
Total assets	9,312,898			8,262,076
Debt	(4,432,082		)	(3,387,795		)
Accounts payable, accrued expenses and other liabilities	(612,974		)	(496,857		)
Total liabilities	(5,045,056		)	(3,884,652		)
Noncontrolling interests	(253,020		)	(170,249		)
Stockholders’ equity	$	4,014,822		$	4,207,175

	Years Ended December 31,
	2015			2014			2013
Revenues	$	1,157,432		$	825,405		$	796,637
Expenses	(1,120,090		)	(816,630		)	(669,554		)
Income from continuing operations	$	37,342		$	8,775		$	127,083
Net (loss) income attributable to the Managed Programs (a) (b)	$	(6,450	)	$	(12,695	)	$	104,342

__________

(a) Inclusive of impairment charges recognized by the Managed Programs totaling $1.0 million, $1.3 million, and $25.6 million during the years ended December 31,2015, 2014, and 2013, respectively. These impairment charges reduced our income earned from these investments by less than $0.1 million, less than $0.1 million, and $4.7 million during the years ended December 31,2015, 2014, and 2013, respectively.

(b) Amounts included net gains on sale of real estate recorded by the Managed REITs totaling $8.9 million, $13.3 million, and $7.7 million for the years ended December 31,2015, 2014, and 2013, respectively. These net gains on sale of real estate increased our income earned from these investments by $0.1 million, $0.4 million, and $0.1 million during the years ended December 31,2015, 2014, and 2013, respectively

The following tables present combined summarized financial information of our equity investments, excluding the Managed Programs. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands):

	December 31,
	2015			2014
Real estate, net	$	464,730		$	486,858
Other assets	64,989			81,232
Total assets	529,719			568,090
Debt	(201,611		)	(278,012		)
Accounts payable, accrued expenses and other liabilities	(9,394		)	(10,057		)
Total liabilities	(211,005		)	(288,069		)
Noncontrolling interests	(355		)	(355		)
Stockholders’ equity	$	318,359		$	279,666

	Years Ended December 31,
	2015			2014			2013
Revenues	$	61,887		$	64,294		$	117,278
Expenses	(21,124		)	(27,801		)	(50,907		)
Income from continuing operations	$	40,763		$	36,493		$	66,371
Net income attributable to the jointly-owned investments	$	40,763		$	36,493		$	15,762

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Goodwill and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill And Intangible Assets Liabilities Disclosure [Abstract]

Schedule Of Acquired Finite Lived Intangible Assets Liabilities By Major Class

In connection with our investment activity during 2015, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands):

	Weighted-Average Life	Amount
Amortizable Intangible Assets
In-place lease	13.4	$	92,012
Above-market rent	15.3	32,739
Below-market ground lease	63.1	9,997
Indefinite-Lived Intangible Asset
Below-market ground lease	N/A	881
		$	135,629
Amortizable Intangible Liabilities
Below-market rent	14.6	$	(6,798	)

Schedule Of Goodwill

The following table presents a reconciliation of our goodwill (in thousands):

	Real Estate Ownership			Investment Management		Total
Balance at January 1, 2013	$	265,525		$	63,607	$	329,132
Adjustments related to deferred foreign income taxes (a)	32,715			—		32,715
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	(13,118		)	—		(13,118		)
Adjustment to purchase price allocation for the CPA®:15 Merger (b)	1,479			—		1,479
Balance at December 31, 2013	286,601			63,607		350,208
Acquisition of CPA®:16 – Global	346,642			—		346,642
Foreign currency translation adjustments and other	(14,258		)	—		(14,258		)
Other business combinations (c)	13,585			—		13,585
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	(3,762		)	—		(3,762		)
Balance at December 31, 2014	628,808			63,607		692,415
Foreign currency translation adjustments and other	(10,548		)	—		(10,548		)
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	(1,762		)	—		(1,762		)
Other business combinations	1,704			—		1,704
Balance at December 31, 2015	$	618,202		$	63,607	$	681,809

___________

(a) In 2013, we identified an error in the consolidated financial statements related to accounting for deferred foreign income taxes. We concluded that this adjustment was not material to our financial position or results of operations for 2013 or any of the prior periods. As such, in the fourth quarter of 2013 we recorded an out-of-period adjustment related to the error, which included an adjustment to goodwill.

(b) In the fourth quarter of 2013, we recorded an immaterial out-of-period adjustment to correct the purchase price allocation for theCPA^®:15 Merger.

(c) Primarily relates to acquisition of an investment in Norway (Note 5).

Schedule Of Intangible Assets And Goodwill

Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):

	December 31,
	2015									2014
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
Management contracts	$	32,765		$	(32,765	)	$	—		$	32,765		$	(32,765	)	$	—
Internal-use software development costs	18,188			(2,038		)	16,150			17,584			(26		)	17,558
	50,953			(34,803		)	16,150			50,349			(32,791		)	17,558
Lease Intangibles:
In-place lease and tenant relationship	1,205,585			(302,737		)	902,848			1,185,692			(191,873		)	993,819
Above-market rent	649,035			(173,963		)	475,072			639,370			(116,573		)	522,797
Below-market ground lease	25,403			(889		)	24,514			17,771			(435		)	17,336
	1,880,023			(477,589		)	1,402,434			1,842,833			(308,881		)	1,533,952
Unamortizable Goodwill and Indefinite-Lived Intangible Assets
Goodwill	681,809			—			681,809			692,415			—			692,415
Trade name	3,975			—			3,975			3,975			—			3,975
Below-market ground lease	895			—			895			—			—			—
	686,679			—			686,679			696,390			—			696,390
Total intangible assets	$	2,617,655		$	(512,392	)	$	2,105,263		$	2,589,572		$	(341,672	)	$	2,247,900
Amortizable Intangible Liabilities
Below-market rent	$	(171,199	)	$	44,873		$	(126,326	)	$	(169,231	)	$	23,039		$	(146,192	)
Above-market ground lease	(13,052		)	1,774			(11,278		)	(13,311		)	1,144			(12,167		)
	(184,251		)	46,647			(137,604		)	(182,542		)	24,183			(158,359		)
Unamortizable Intangible Liabilities
Below-market purchase option	(16,711		)	—			(16,711		)	(16,711		)	—			(16,711		)
Total intangible liabilities	$	(200,962	)	$	46,647		$	(154,315	)	$	(199,253	)	$	24,183		$	(175,070	)

Schedule Of Finite Lived Intangible Assets Future Amortization Expense

Based on the intangible assets and liabilities recorded at December 31, 2015, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands):

Years Ending December 31,	Net Decrease in Lease Revenues		Increase to Amortization/ Property Expenses		Total
2016	$	36,464	$	125,954	$	162,418
2017	51,494		103,062		154,556
2018	48,639		99,392		148,031
2019	44,715		90,574		135,289
2020	37,053		82,126		119,179
Thereafter	130,381		431,126		561,507
Total	$	348,746	$	932,234	$	1,280,980

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Schedule Of Other Financial Instruments In Carrying Values And Fair Values

Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):

		December 31, 2015				December 31, 2014
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt, net (a)	3	$	2,271,204	$	2,293,542	$	2,532,683	$	2,574,437
Senior Unsecured Notes, net (b)	2	1,486,568		1,459,544		498,345		527,029
Senior Unsecured Credit Facility (c)	2	735,021		735,022		1,057,518		1,057,519
Deferred acquisition fees receivable (d)	3	33,386		32,919		26,913		28,027
Notes receivable (a)	3	10,689		10,610		20,848		19,604

__________

(a) We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, where applicable, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity and the current market interest rate.

(b) We determined the estimated fair value of the Senior Unsecured Notes (Note 11) using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, we determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.

(c) We determined the estimated fair value of our Senior Unsecured Credit Facility (Note 11) using a discounted cash flow model with rates that take into account the market-based credit spread and our credit rating.

(d) We determined the estimated fair value of our deferred acquisition fees receivable based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread of 203 - 213 basis points and an illiquidity adjustment of 75 basis points at December 31, 2015. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.

Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis

The following table presents information about our other assets that were measured at fair value on a non-recurring basis (in thousands):

	Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges inContinuing Operations
Real estate	$	63,027	$	26,597	$	26,503	$	21,738	$	15,495	$	4,673
Net investments in direct financing leases	65,132		3,309		39,158		1,329		891		68
Equity investments in real estate	—		—		—		735		5,111		19,256
Marketable security	—		—		—		—		483		553
			29,906				23,802				24,550
Impairment Charges inDiscontinued Operations
Real estate	—		—		—		—		19,413		6,192
Operating real estate	—		—		—		—		3,709		1,071
			—				—				7,263
			$	29,906			$	23,802			$	31,813

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Risk Management and Use of Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table sets forth certain information regarding our derivative instruments (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
		December 31, 2015		December 31, 2014		December 31, 2015			December 31, 2014
Foreign currency forward contracts	Other assets, net	$	38,975	$	16,307	$	—		$	—
Foreign currency collars	Other assets, net	7,718		—		—			—
Interest rate swaps	Other assets, net	—		285		—			—
Interest rate cap	Other assets, net	—		3		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(4,762		)	(5,660		)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	3,618		3,753		—			—
Interest rate swaps (a)	Other assets, net	9		—		—			—
Interest rate swaps (a)	Accounts payable, accrued expenses and other liabilities	—		—		(2,612		)	(7,496		)
Total derivatives		$	50,320	$	20,348	$	(7,374	)	$	(13,156	)

__________

(a) These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt.

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

	Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) (a)
	Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2015			2014			2013
Foreign currency forward contracts	$	15,949		$	23,167		$	(5,211	)
Foreign currency collars	7,769			—			—
Interest rate swaps	(284		)	(2,628		)	4,720
Interest rate caps	64			290			(15		)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency forward contracts	5,819			2,566			—
Total	$	29,317		$	23,395		$	(506	)

		Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion) (c)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2015			2014			2013
Foreign currency forward contracts	Other income and (expenses)	$	7,272		$	(103	)	$	(537	)
Interest rate swaps and caps	Interest expense	(2,291		)	(2,691		)	(1,745		)
Foreign currency collars	Other income and (expenses)	357			—			—
Total		$	5,338		$	(2,794	)	$	(2,282	)

__________

(a) Excludes net gains of $0.6 million, $0.3 million, and $0.5 million recognized on unconsolidated jointly-owned investments for the years ended December 31, 2015, 2014, and 2013, respectively.

(b) The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income until the underlying investment is sold, at which time we reclassify the gain or loss to earnings.

(c) Excludes net gains recognized on unconsolidated jointly-owned investments of $0.4 million and $0.5 million for the years ended December 31, 2014 and 2013, respectively. There were no such gains or losses recognized for the year ended December 31, 2015.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

		Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives Not in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2015			2014		2013
Interest rate swaps	Interest expense	$	4,164		$	3,186	$	5,249
Foreign currency collars	Other income and (expenses)	514			—		—
Foreign currency forwards	Other income and (expenses)	(296		)	—		—
Stock warrants	Other income and (expenses)	(134		)	134		440
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	649			761		(20		)
Foreign currency forward contracts	Other income and (expenses)	45			—		—
Foreign currency collars	Other income and (expenses)	23			—		—
Total		$	4,965		$	4,081	$	5,669

__________

(a) Relates to the ineffective portion of the hedging relationship.

Schedule of Derivative Instruments

The interest rate swaps and cap that our consolidated subsidiaries had outstanding at December 31, 2015 are summarized as follows (currency in thousands):

	Number of Instruments	Notional Amount		Fair Value of Asset (Liability) at December 31, 2015 (a)
Interest Rate Derivatives
Designated as Cash Flow Hedging Instruments
Interest rate swaps	13	122,159	USD	$	(4,154	)
Interest rate swap	1	6,011	EUR	(608		)
Interest rate cap (b)	1	41,372	EUR	—
Not Designated as Cash Flow Hedging Instruments
Interest rate swaps (c)	2	105,110	EUR	(2,612		)
Interest rate swap (c)	1	3,127	USD	9
				$	(7,365	)

__________

(a) Fair value amounts are based on the exchange rate of the euro at December 31, 2015, as applicable.

(b) The applicable interest rate of the related debt was 0.9%, which was below the strike price of the cap of 3.0% at December 31, 2015.

(c) These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt.

The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2015, which were designated as cash flow hedges (currency in thousands):

	Number of Instruments	Notional Amount		Fair Value at December 31, 2015 (a)
Foreign Currency Derivatives
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	52	127,747	EUR	$	27,754
Foreign currency collars	25	90,100	EUR	4,441
Foreign currency collars	22	48,300	GBP	3,277
Foreign currency forward contracts	16	20,302	AUD	2,258
Foreign currency forward contracts	12	6,420	GBP	578
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	5	84,522	AUD	8,385
				$	46,693

__________

(a) Fair value amounts are based on the applicable exchange rate of the foreign currency at December 31, 2015.

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Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in millions):

	Interest Rate at December 31, 2015 (a)		Outstanding Balance at December 31,
Senior Unsecured Credit Facility		Maturity Date	2015		2014
Revolver:
Revolver - borrowing in euros	LIBOR + 1.10%	1/31/2018	$	393.0	$	419.4
Revolver - borrowing in U.S. dollars (b)	LIBOR + 1.10%; EURIBOR + 1.10%	1/31/2018	92.0		326.0
Revolver - borrowing in British pounds sterling	N/A	1/31/2018	—		62.1
			485.0		807.5
Term Loan Facility (c)	LIBOR + 1.25%	1/31/2016	250.0		250.0
			$	735.0	$	1,057.5

__________

(a) Interest rate at December 31, 2015 is based on our credit rating of BBB/Baa2.

(b) EURIBOR means Euro Interbank Offered Rate.

(c) Our Term Loan Facility was scheduled to mature on January 31, 2016. However, on January 29, 2016, we exercised our option to extend the maturity of our Term Loan Facility by an additional year to January 31, 2017 (Note 19).

Schedule of Debt

The following table presents a summary of our Senior Unsecured Notes (currency in millions):

													Carrying Value at December 31,
Senior Unsecured Notes	Issue Date	Principal Amount		Price of Par Value		Discount		Effective Interest Rate		Coupon Rate		Maturity Date	2015		2014
4.6% Senior Notes	3/14/2014	$	500.0	99.639	%	$	1.8	4.645	%	4.6	%	4/1/2024	$	496.0	$	498.3
2.0% Senior Euro Notes	1/21/2015	€	500.0	99.220	%	$	4.6	2.107	%	2.0	%	1/20/2023	540.6		—
4.0% Senior Notes	1/26/2015	$	450.0	99.372	%	$	2.8	4.077	%	4.0	%	2/1/2025	450.0		—
													$	1,486.6	$	498.3

Scheduled debt principal payments during each of the next five calendar years following December 31, 2015 and thereafter are as follows (in thousands):

Years Ending December 31,	Total(a)
2016	$	648,344
2017	697,749
2018	750,932
2019	99,753
2020	218,995
Thereafter through 2038	2,080,575
	4,496,348
Unamortized discount, net (b)	(3,555		)
Total	$	4,492,793

__________

(a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2015.

(b) Represents the unamortized discount on the Senior Unsecured Notes of $7.8 million partially offset by unamortized premium of $4.2 million in the aggregate resulting from the assumption of property-level debt in connection with the CPA^®:15 Merger and CPA^®:16 Merger.

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Equity (Tables)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Schedule Of Distributions Paid Per Share For Tax

The following table presents distributions per share, declared and paid during the years ended December 31, 2015 and 2014, reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e):

	Distributions Paid
	During the Years Ended December 31,
	2015		2014		2013
Ordinary income	$	3.5497	$	3.6566	$	3.1701
Return of capital	0.2618		0.0584		0.0099
Total distributions paid	$	3.8115	$	3.7150	$	3.1800

Earnings Per Share Reconciliation

The following table summarizes basic and diluted earnings (in thousands, except share amounts):

	Years Ended December 31,
	2015			2014			2013
Net income attributable to W. P. Carey	$	172,258		$	239,826		$	98,876
Allocation of distribution equivalents paid on nonvested RSUs and RSAs in excess of income	(579		)	(1,007		)	(743		)
Net income – basic	171,679			238,819			98,133
Income effect of dilutive securities, net of taxes	—			(77		)	187
Net income – diluted	$	171,679		$	238,742		$	98,320
Weighted-average shares outstanding – basic	105,675,692			98,764,164			68,691,046
Effect of dilutive securities	831,960			1,063,192			1,016,962
Weighted-average shares outstanding – diluted	106,507,652			99,827,356			69,708,008

Redeemable Noncontrolling Interest

The following table presents a reconciliation of redeemable noncontrolling interest (in thousands):

	Years Ended December 31,
	2015		2014			2013
Beginning balance	$	6,071	$	7,436		$	7,531
Redemption value adjustment	8,873		(306		)	—
Net income	—		(142		)	353
Distributions	—		(926		)	(435		)
Change in other comprehensive income	—		9			(13		)
Ending balance	$	14,944	$	6,071		$	7,436

Transfers to Noncontrolling Interests

The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands):

	Years Ended December 31,
	2015		2014			2013
Net income attributable to W. P. Carey	$	172,258	$	239,826		$	98,876
Transfers to noncontrolling interest
Decrease in W. P. Carey’s additional paid-in capital for purchases of less-than-wholly-owned investments in connection with the CPA®:16 Merger	—		(41,374		)	—
Net transfers to noncontrolling interest	—		(41,374		)	—
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest	$	172,258	$	198,452		$	98,876

Reclassification out of Accumulated Other Comprehensive Income

The following tables present a reconciliation of changes in Accumulated other comprehensive (loss) income by component for the periods presented (in thousands):

	Gains and Losses on Derivative Instruments			Foreign Currency Translation Adjustments			Gains and Losses on Marketable Securities			Total
Balance at January 1, 2013	$	(7,508	)	$	2,828		$	31		$	(4,649	)
Other comprehensive income (loss) before reclassifications	(2,793		)	21,835			—			19,042
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	1,745			—			—			1,745
Other income and (expenses)	537			—			—			537
Equity in earnings of equity method investments in the Managed Programs and real estate	531			—			—			531
Total	2,813			—			—			2,813
Net current period other comprehensive income (loss)	20			21,835			—			21,855
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest	—			(1,870		)	—			(1,870		)
Balance at December 31, 2013	(7,488		)	22,793			$	31		$	15,336
Other comprehensive income (loss) before reclassifications	17,911			(117,938		)	(10		)	(100,037		)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	2,691			—			—			2,691
Other income and (expenses)	103			—			—			103
Equity in earnings of equity method investments in the Managed Programs and real estate	380			—			—			380
Total	3,174			—			—			3,174
Net current period other comprehensive income (loss)	21,085			(117,938		)	(10		)	(96,863		)
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest	—			5,968			—			5,968
Balance at December 31, 2014	13,597			(89,177		)	21			(75,559		)
Other comprehensive income (loss) before reclassifications	29,391			(125,447		)	15			(96,041		)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	2,291			—			—			2,291
Other income and (expenses)	(7,629		)	—			—			(7,629		)
Total	(5,338		)	—			—			(5,338		)
Net current period other comprehensive (loss) income	24,053			(125,447		)	15			(101,379		)
Net current period other comprehensive gain attributable to noncontrolling interests	—			4,647			—			4,647
Balance at December 31, 2015	$	37,650		$	(209,977	)	$	36		$	(172,291	)

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Stock-Based Compensation and Other Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Restricted and Conditional Award Activity

Nonvested RSAs, RSUs, and PSUs at December 31, 2015 and changes during the years ended December 31, 2015,2014, and2013were as follows:

	RSA and RSU Awards				PSU Awards
	Shares		Weighted-Average Grant Date Fair Value		Shares		Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2013	594,194		$	37.15	999,513		$	34.55
Granted	185,015		57.69		86,189		84.33
Vested (a)	(233,098	)	36.76		(324,161	)	39.48
Forfeited	(26,503	)	43.05		(30,108	)	50.52
Adjustment (b)	—		—		489,287		67.22
Nonvested at December 31, 2013	519,608		45.19		1,220,720		28.28
Granted	188,619		61.08		89,653		76.05
Vested (a)	(264,724	)	43.35		(881,388	)	51.00
Forfeited	(1,001	)	59.45		(78	)	54.31
Adjustment (b)	—		—		448,734		55.91
Nonvested at December 31, 2014	442,502		53.03		877,641		32.06
Granted (c)	189,893		69.92		75,277		83.68
Vested (a)	(264,628	)	49.69		(792,465	)	56.77
Forfeited	(10,996	)	66.46		—		—
Adjustment (b)	—		—		179,905		49.70
Nonvested at December 31, 2015 (d)	356,771		$	64.09	340,358		$	52.26

__________

(a) The total fair value of shares vested during the years ended December 31, 2015, 2014, and 2013 was $58.1 million, $56.4 million, and $21.4 million, respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date, pursuant to previously-made deferral elections. At December 31, 2015 and 2014, we had an obligation to issue 1,395,907 and 848,788 shares, respectively, of our common stock underlying such deferred awards, which is recorded within W. P. Carey stockholders’ equity as a Deferred compensation obligation of $55.0 million and $29.6 million, respectively.

(b) Vesting and payment of the PSUs is conditioned upon certain company and market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest.

(c) The grant date fair values of RSAs and RSUs reflect our stock price on the date of grant. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate a range of possible future stock prices for both us and the plan defined peer index over the three-year performance period. To estimate the fair value of PSUs granted during the year ended December 31, 2015, we used a risk-free interest rate of 1.0% and an expected volatility rate of 20.2% (the plan defined peer index assumes 13.5%) and assumed a dividend yield of zero.

(d) At December 31, 2015, total unrecognized compensation expense related to these awards was approximately $20.1 million, with an aggregate weighted-average remaining term of 1.7 years

Schedule of Share Based Compensation Stock Option Activity

Option activity and changes for all periods presented were as follows:

	Year Ended December 31, 2015
	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding – beginning of year	475,765		$	29.95
Exercised	(213,479	)	28.57
Canceled / Expired	(3,499	)	28.71
Outstanding – end of year	258,787		$	31.10	1.06	$	7,220,287
Vested and expected to vest – end of year	258,787		$	31.10	1.06	$	7,220,287
Exercisable – end of year	236,112		$	30.99	0.99	$	6,613,542

	Years Ended December 31,
	2014					2013
	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)
Outstanding – beginning of year	619,601		$	30.30		794,210		$	30.32
Exercised	(140,718	)	31.41			(169,412	)	30.43
Canceled / Expired	(3,118	)	32.99			(5,197	)	29.84
Outstanding – end of year	475,765		$	29.95	1.75	619,601		$	30.30	2.59
Exercisable – end of year	421,656		$	29.75		511,811		$	30.18

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Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of our provision for income taxes attributable to continuing operations for the periods presented are as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Federal
Current	$	10,551		$	19,545		$	8,274
Deferred	1,901			(7,609		)	(13,029		)
	12,452			11,936			(4,755		)
State and Local
Current	9,075			13,422			4,970
Deferred	1,158			(4,693		)	(3,665		)
	10,233			8,729			1,305
Foreign
Current	16,656			6,869			7,144
Deferred	(1,720		)	(9,925		)	(2,442		)
	14,936			(3,056		)	4,702
Total Provision	$	37,621		$	17,609		$	1,252

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the year ended December 31, 2015 is as follows (in thousands, except percentages):

	Year Ended December 31, 2015
Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests	$	209,879
Pre-tax income attributable to pass-through subsidiaries	(137,536		)
Pre-tax income attributable to taxable subsidiaries	$	72,343
Federal provision at statutory tax rate (35%)	$	25,244		35.0	%
Rate differential	(10,589		)	(14.6	)%
Change in valuation allowance	9,074			12.5	%
Non-deductible expense	6,982			9.6	%
State and local taxes, net of federal benefit	6,151			8.4	%
Exempt income	(5,475		)	(7.6	)%
Other	1,053			1.5	%
Tax provision — taxable subsidiaries	32,440			44.8	%
Non-income taxes	5,181
Total provision	$	37,621

A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (in thousands, except percentages):

	Years Ended December 31,
	2014					2013
Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests	$	223,938				$	85,889
Pre-tax income attributable to pass-through subsidiaries	(202,807		)			(96,314		)
Pre-tax income (loss) attributable to taxable subsidiaries	$	21,131				$	(10,425	)
Federal provision at statutory tax rate (35%)	$	7,396		35.0	%	$	(3,649	)	(35.0	)%
Recognition of taxable income as a result of the CPA®:16 Merger (a)	4,833			22.9	%	—			—	%
State and local taxes, net of federal benefit	2,296			10.9	%	(166		)	(1.6	)%
Interest	2,111			10.0	%	—			—	%
Dividend income from Managed REITs	939			4.4	%	—			—	%
Amortization of intangible assets	—			—	%	492			4.7	%
Other	893			4.2	%	(302		)	(2.9	)%
Tax provision — taxable subsidiaries	18,468			87.4	%	(3,625		)	(34.8	)%
Deferred foreign tax benefit (b)	(9,925		)			(2,442		)
Current foreign taxes	6,869					7,144
Other state and local taxes	2,197					175
Total provision	$	17,609				$	1,252

__________

(a) Represents income tax expense due to a permanent difference from the recognition of deferred revenue as a result of the accelerated vesting of shares previously issued by CPA^®:16 – Global for asset management and performance fees and the payment of deferred acquisition fees in connection with the CPA^®:16 Merger.

(b) Represents deferred tax benefit associated with basis differences on certain foreign properties acquired.

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes at December 31, 2015 and 2014 consist of the following (in thousands):

	At December 31,
	2015			2014
Deferred Tax Assets
Unearned and deferred compensation	$	35,525		$	36,955
Net operating loss carryforwards	19,553			16,627
Basis differences — foreign investments	6,975			6,576
Other	3,788			3,272
Total deferred tax assets	65,841			63,430
Valuation allowance	(29,746		)	(20,672		)
Net deferred tax assets	36,095			42,758
Deferred Tax Liabilities
Basis differences — foreign investments	(81,058		)	(95,619		)
Basis differences — equity investees	(19,925		)	(19,044		)
Deferred revenue	(8,654		)	(8,546		)
Total deferred tax liabilities	(109,637		)	(123,209		)
Net Deferred Tax Liability	$	(73,542	)	$	(80,451	)

Unrecognized Tax Benefits

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands):

	Years Ended December 31,
	2015			2014
Beginning balance	$	2,055		$	109
Addition based on tax positions related to the current year	1,510			1,946
Addition based on tax positions related to prior years	1,447			—
Decrease due to lapse in statute of limitations	(572		)	—
Foreign currency translation adjustments	(136		)	—
Ending balance	$	4,304		$	2,055

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Property Dispositions and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The results of operations for properties that have been classified as held for sale or have been sold prior to January 1, 2014 and the properties that were acquired as held for sale in the CPA^®:16 Merger are reflected in the consolidated financial statements as discontinued operations, net of tax and are summarized as follows (in thousands):

	Years Ended December 31,
	2015		2014			2013
Revenues	$	—	$	8,931		$	28,951
Expenses	—		(2,039		)	(19,984		)
Loss on extinguishment of debt	—		(1,244		)	(2,415		)
Gain on sale of real estate	—		27,670			40,043
Impairment charges	—		—			(8,415		)
Income from discontinued operations	$	—	$	33,318		$	38,180

The results of operations for properties that have been sold or classified as held for sale that did not qualify for discontinued operations are included within continuing operations in the consolidated financial statements and are summarized as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Revenues	$	32,416		$	21,427		$	15,762
Expenses	(19,306		)	(17,707		)	(15,872		)
Gain (loss) on sale of real estate	6,487			1,338			(332		)
Impairment charges	(4,071		)	(8,537		)	(4,741		)
(Loss) gain on extinguishment of debt	(3,179		)	—			113
(Provision for) benefit from income taxes	(227		)	1,347			465
Income (loss) from continuing operations from properties sold or classified as held for sale, net of income taxes (a)	$	12,120		$	(2,132	)	$	(4,605	)

__________

(a) Amounts for the years ended December 31, 2014 and 2013 included net losses of $0.1 million and $2.7 million, respectively, attributable to noncontrolling interests.

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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following tables present the geographic information (in thousands):

	Years Ended December 31,
	2015			2014			2013
Domestic
Revenues	$	468,703		$	426,578		$	218,758
Operating expenses	(296,265		)	(284,362		)	(126,493		)
Interest expense	(153,219		)	(117,603		)	(65,970		)
Other income and expenses, excluding interest expense	50,891			146,156			88,593
(Provision for) benefit from income taxes	(6,219		)	(3,238		)	13
Gain (loss) on sale of real estate, net of tax	2,941			(5,119		)	(332		)
Net income attributable to noncontrolling interests	(5,358		)	(4,233		)	(34,321		)
Net (loss) income attributable to noncontrolling interests in discontinued operations	—			(179		)	23,941
Income from continuing operations attributable to W. P. Carey	$	61,474		$	158,000		$	104,189
Germany
Revenues	$	65,777		$	72,978		$	20,221
Operating benefits (expenses) (a)	818			(40,847		)	(3,011		)
Interest expense	(15,432		)	(18,880		)	(5,020		)
Other income and expenses, excluding interest expense	4,175			(10,698		)	(29,284		)
(Provision for) benefit from income taxes	(4,357		)	3,163			(1,693		)
Gain on sale of real estate, net of tax	21			—			—
Net income attributable to noncontrolling interests	(5,537		)	(1,017		)	(3,188		)
Income (loss) from continuing operations attributable to W. P. Carey	$	45,465		$	4,699		$	(21,975	)
Other International
Revenues	$	200,968		$	145,827		$	76,986
Operating expenses	(131,367		)	(79,465		)	(49,458		)
Interest expense	(25,675		)	(41,639		)	(32,738		)
Other income and expenses, excluding interest expense	(142		)	100			1,842
(Provision for) benefit from income taxes	(7,372		)	991			(3,023		)
Gain on sale of real estate, net of tax	3,525			6,700			—
Net (income) loss attributable to noncontrolling interests	(66		)	(323		)	4,453
Income (loss) from continuing operations attributable to W. P. Carey	$	39,871		$	32,191		$	(1,938	)
Total
Revenues	$	735,448		$	645,383		$	315,965
Operating expenses	(426,814		)	(404,674		)	(178,962		)
Interest expense	(194,326		)	(178,122		)	(103,728		)
Other income and expenses, excluding interest expense	54,924			135,558			61,151
(Provision for) benefit from income taxes	(17,948		)	916			(4,703		)
Gain (loss) on sale of real estate, net of tax	6,487			1,581			(332		)
Net income attributable to noncontrolling interests	(10,961		)	(5,573		)	(33,056		)
Net (loss) income attributable to noncontrolling interests in discontinued operations	—			(179		)	23,941
Income from continuing operations attributable to W. P. Carey	$	146,810		$	194,890		$	80,276

(a) Included in revenues and operating expenses are reimbursable tenant and affiliate costs totaling $78.7 million, $155.1 million, and $86.9 million for the years endedDecember 31, 2015, 2014, and 2013, respectively.

(b) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7), which is reflected in Merger, property acquisition, and other expenses in the consolidated financial statements. Amount for the years endedDecember 31, 2014 and 2013 includes expenses incurred of $30.5 million and $5.0 million, respectively, related to the CPA^®:16 Merger.

(c) Includes Stock-based compensation expense of $21.6 million, $31.1 million, and $37.2 million for the years endedDecember 31, 2015, 2014, and 2013, respectively, of which $13.8 million, $18.4 million, and $30.0 million, respectively, were included in the Investment Management segment.

(d) Includes expenses related to our review of strategic alternatives of $5.7 million for the year ended December 31, 2015, of which $2.1 million was included in the Investment Management segment.

(e) Amount for the year ended December 31, 2014 includes a net Gain on change in control of interests of $105.9 million recognized in connection with the CPA^®:16 Merger (Note 3).

The following tables present a summary of comparative results and assets for these business segments (in thousands):

	Years Ended December 31,
	2015			2014			2013
Real Estate Ownership
Revenues (a)	$	735,448		$	645,383		$	315,965
Operating expenses (a) (b) (c) (d)	(426,814		)	(404,674		)	(178,962		)
Interest expense	(194,326		)	(178,122		)	(103,728		)
Other income and expenses, excluding interest expense (e)	54,924			135,558			61,151
(Provision for) benefit from income taxes	(17,948		)	916			(4,703		)
Gain (loss) on sale of real estate, net of tax	6,487			1,581			(332		)
Net income attributable to noncontrolling interests	(10,961		)	(5,573		)	(33,056		)
Net (loss) income attributable to noncontrolling interests of discontinued operations	—			(179		)	23,941
Income from continuing operations attributable to W. P. Carey	$	146,810		$	194,890		$	80,276
Investment Management
Revenues (a)	$	202,935		$	263,063		$	173,886
Operating expenses (a) (c) (d)	(154,015		)	(232,704		)	(173,744		)
Other income and expenses, excluding interest expense	(1,791		)	275			1,001
(Provision for) benefit from income taxes	(19,673		)	(18,525		)	3,451
Net (income) loss attributable to noncontrolling interests	(2,008		)	(812		)	120
Net loss (income) attributable to redeemable noncontrolling interests	—			142			(353		)
Income from continuing operations attributable to W. P. Carey	$	25,448		$	11,439		$	4,361
Total Company
Revenues (a)	$	938,383		$	908,446		$	489,851
Operating expenses (a) (b) (c) (d)	(580,829		)	(637,378		)	(352,706		)
Interest expense	(194,326		)	(178,122		)	(103,728		)
Other income and expenses, excluding interest expense (e)	53,133			135,833			62,152
Provision for income taxes	(37,621		)	(17,609		)	(1,252		)
Gain (loss) on sale of real estate, net of tax	6,487			1,581			(332		)
Net income attributable to noncontrolling interests	(12,969		)	(6,385		)	(32,936		)
Net (loss) income attributable to noncontrolling interests of discontinued operations	—			(179		)	23,941
Net loss (income) attributable to redeemable noncontrolling interests	—			142			(353		)
Income from continuing operations attributable to W. P. Carey	$	172,258		$	206,329		$	84,637

Reconciliation Of Assets From Segment To Consolidated

	December 31,
	2015		2014
Domestic
Long-lived assets (b)	$	3,794,232	$	3,804,430
Total assets	5,447,818		5,567,383
Germany
Long-lived assets (b)	$	581,283	$	609,739
Total assets	790,890		875,840
Other International
Long-lived assets (b)	$	1,704,288	$	1,466,789
Total assets	2,311,420		2,016,183
Total
Long-lived assets (b)	$	6,079,803	$	5,880,958
Total assets	8,550,128		8,459,406

__________

(a) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7).

(b) Consists of Net investments in real estate and Equity investments in the Managed Programs and real estate, excluding our equity investment in CCIF (Note 7).

	Total Long-Lived Assets (f) at December 31,				Total Assets at December 31,
	2015		2014		2015		2014
Real Estate Ownership	$	6,079,803	$	5,880,958	$	8,550,128	$	8,459,406
Investment Management	22,214		25,000		204,545		189,073
Total Company	$	6,102,017	$	5,905,958	$	8,754,673	$	8,648,479

(f) Consists of Net investments in real estate and Equity investments in the Managed Programs and real estate. Total long-lived assets for our Investment Management segment consists of our equity investment in CCIF (Note 7).

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Selected Quarterly Financial Data Selected Quarterly Financial Information (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

(dollars in thousands, except per share amounts)

	Three Months Ended
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Revenues (a)	$	220,388		$	238,079		$	214,666		$	265,250
Expenses (a)	140,479			130,382			159,066			150,902
Net income (a)	38,582			66,923			23,578			56,144
Net income attributable to noncontrolling interests	(2,466		)	(3,575		)	(1,833		)	(5,095		)
Net income attributable to redeemable noncontrolling interests	—			—			—			—
Net income attributable to W. P. Carey (a)	$	36,116		$	63,348		$	21,745		$	51,049
Earnings per share attributable to W. P. Carey:
Basic	$	0.34		$	0.60		$	0.20		$	0.48
Diluted	$	0.34		$	0.59		$	0.20		$	0.48
Distributions declared per share	$	0.9525		$	0.9540		$	0.9550		$	0.9646

	Three Months Ended
	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Revenues	$	209,195		$	253,414		$	197,006		$	248,831
Expenses	171,605			161,360			128,174			176,239
Net income (b)	117,318			66,972			28,316			33,463
Net income attributable to noncontrolling interests	(1,578		)	(2,344		)	(993		)	(1,470		)
Net (income) loss attributable to redeemable noncontrolling interests	(262		)	111			14			279
Net income attributable to W. P. Carey	$	115,478		$	64,739		$	27,337		$	32,272
Earnings per share attributable to W. P. Carey (c):
Basic	$	1.29		$	0.64		$	0.27		$	0.31
Diluted	$	1.27		$	0.64		$	0.27		$	0.30
Distributions declared per share	$	0.8950		$	0.9000		$	0.9400		$	0.9500

__________

(a) Amount for the three months ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7) and $15.0 million of termination income related to a domestic property classified as held for sale (Note 16).

(b) Amount for the three months ended March 31, 2014 includes a net Gain on change in control of interests of $105.9 million recognized in connection with the CPA^®:16 Merger (Note 3).

(c) For the year ended December 31, 2014, total quarterly basic and diluted earnings per share were $0.09 higher than the corresponding earnings per share as computed on an annual basis, as a result of the change in the shares outstanding for each of the periods, primarily due to the issuance of shares in the CPA^®:16 Merger (Note 3) and the Equity Offering (Note 13).

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Business and Organization (Narratives) (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2015 ft² property tenant
Additional disclosures
Number of real estate properties | property	869
Number of tenants | tenant	222
Occupancy rate	98.80%
Square footage of real estate properties | ft²	90.1
Managed REITs
Additional disclosures
Number of real estate properties | property	428
Number of tenants | tenant	201
Occupancy rate	99.90%
Square footage of real estate properties | ft²	49.6
Managed REITs | Operating real estate
Additional disclosures
Number of real estate properties | property	174
Square footage of real estate properties | ft²	19.7

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Summary of Significant Accounting Policies (Narratives) (Details)			1 Months Ended	12 Months Ended
	Jan. 01, 2016 USD ($)	Apr. 04, 2013 shares	Feb. 28, 2014 shares	Dec. 31, 2015 USD ($) vie segment	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 USD ($) shares	Dec. 31, 2012 shares
Basis of Consolidation
Variable interest entities, count | vie				20
Stock repurchased during period, shares | shares		616,971	11,037
Real estate tax expense				$ 57,700,000	$ 59,800,000	$ 37,300,000
Foreign currency transaction (losses)				$ (800,000)	(400,000)	(200,000)
Prior period reclassification adjustment						$ 32,715,000
Other assets
Basis of Consolidation
Prior period reclassification adjustment					11,200,000
Deferred Tax Liability
Basis of Consolidation
Prior period reclassification adjustment					$ (11,200,000)
New Accounting Pronouncement, Early Adoption, Effect | Forecast | Other assets
Basis of Consolidation
Effects of early adoption of accounting principle	$ (12,600,000)
New Accounting Pronouncement, Early Adoption, Effect | Forecast | Non-Recourse Debt
Basis of Consolidation
Effects of early adoption of accounting principle	$ 12,600,000
Common Stock
Basis of Consolidation
Stock repurchased during period, shares | shares					11,037	616,971	416,408
Prior period reclassification adjustment					$ (60,900,000)
Treasury Stock
Basis of Consolidation
Prior period reclassification adjustment					(60,900,000)
Additional Paid-in Capital
Basis of Consolidation
Prior period reclassification adjustment					(28,800,000)
Distributions in Excess of Accumulated Earnings
Basis of Consolidation
Prior period reclassification adjustment					(32,100,000)
Total Equity
Basis of Consolidation
Prior period reclassification adjustment					$ 0
CPA: 16 - Global
Basis of Consolidation
Variable interest entities, count | vie				12
Building and building improvements | Maximum
Basis of Consolidation
Property, plant and equipment, useful life				40 years
Furniture and fixtures | Maximum
Basis of Consolidation
Property, plant and equipment, useful life				7 years
Internal-use software development costs | Minimum
Basis of Consolidation
Property, plant and equipment, useful life				3 years
Internal-use software development costs | Maximum
Basis of Consolidation
Property, plant and equipment, useful life				7 years
Real Estate Investments
Basis of Consolidation
Number of reportable segments | segment				1
Prior period reclassification adjustment						$ 32,715,000

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Merger with CPA:16 Global (Narratives) (Details) $ / shares in Units, $ in Thousands			3 Months Ended	5 Months Ended	6 Months Ended	12 Months Ended			13 Months Ended
	Jan. 31, 2014 USD ($) loan property investment $ / shares shares	Nov. 27, 2013 USD ($)	Mar. 31, 2014 USD ($)	Jun. 30, 2014 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)	Jan. 31, 2014 USD ($) loan property investment $ / shares shares
Merger Disclosure
Per share closing price | $ / shares	$ 59.08								$ 59.08
Cash consideration		$ 13,748				$ 0	$ 1,338	$ 0
Number of real estate properties | property						869
Non-recourse debt		$ 21,023				$ 2,271,204	2,532,683
Senior Unsecured Credit Facility - Revolver						485,021	807,518
Lease revenues						656,956	573,829	299,624
Income from operations						178,740	211,170	94,317
Merger and acquisition expense						(7,764)	34,465	9,230
Gain on change in control of interests						$ 0	105,947	0
Purchase on remaining interest							$ 280,936
Assets held-for-sale
Merger Disclosure
Number of real estate properties | property							4
Additional Paid-in Capital
Merger Disclosure
Purchase on remaining interest							$ 41,374
CPA: 16 - Global
Merger Disclosure
Share per share exchange rate | $ / shares	0.1830								0.1830
Per share exchange rate | $ / shares	$ 11.25								$ 11.25
Merger consideration	$ 1,800,000
Shares issued as compensation, shares | shares	30,729,878
Fair value of W.P.Carey shares of common stock issued	$ 1,815,521								$ 1,815,521
Shares of acquired entity received | shares	168,041,772
Cash consideration	$ 1,338
Non-recourse debt	1,768,288								1,768,288
Senior Unsecured Credit Facility - Revolver	$ 170,000								$ 170,000
Number of unconsolidated investments | investment	18								18
Lease revenues				$ 251,500
Income from operations				91,100
Income attributable to noncontrolling interest				$ 2,400
Merger and acquisition expense							$ 30,500	$ 5,000	$ 10,600
Carrying value of equity investment in CPA pre merger	$ 274,100								$ 274,100
Number of shares owned | shares	38,229,294								38,229,294
Fair value of noncontrolling interests acquired	$ 278,187								$ 278,187
Fair value equity interest in jointly-owned investments with equity investment prior to merger	$ 349,749
CPA: 16 - Global | Previously held equity interest
Merger Disclosure
Number of jointly owned investments with affiliate | investment	12								12
Gain on change in control of interests			$ 73,100
Carrying value of noncontrolling interest acquired from entity	$ 236,800								$ 236,800
CPA: 16 - Global | Jointly Owned Investments
Merger Disclosure
Number of jointly owned investments with affiliate | investment	9								9
Gain on change in control of interests			30,200
Carrying value of equity investment in CPA pre merger	$ 142,500								$ 142,500
Fair value equity interest in jointly-owned investments with equity investment prior to merger	$ 172,720
CPA: 16 - Global | Consolidated or partially leased investments
Merger Disclosure
Number of real estate properties | property	325								325
Weighted average lease term	10 years 4 months 24 days
Triple-net lease, current minimum base rent receivable	$ 300,100								$ 300,100
Interest Rate	5.60%
CPA: 16 - Global | Consolidated or partially leased investments | Fixed interest rate
Merger Disclosure
Loans outstanding, count | loan	92								92
CPA: 16 - Global | Consolidated or partially leased investments | Variable interest rate
Merger Disclosure
Loans outstanding, count | loan	18								18
CPA: 16 - Global | Equity method investments
Merger Disclosure
Number of real estate properties | property	140								140
Non-recourse debt	$ 300,000								$ 300,000
Number of consolidated investments | investment	11								11
Number of jointly owned investments with affiliate | investment	2								2
Number of investments consolidated after merger | investment	5								5
Weighted average lease term	8 years 7 months 6 days
Triple-net lease, current minimum base rent receivable	$ 63,900								$ 63,900
Interest Rate	4.80%
CPA: 16 - Global | Equity method investments | Fixed interest rate
Merger Disclosure
Loans outstanding, count | loan	17								17
CPA: 16 - Global | Equity method investments | Variable interest rate
Merger Disclosure
Loans outstanding, count | loan	5								5
CPA: 16 - Global | Additional Paid-in Capital
Merger Disclosure
Purchase on remaining interest			$ 42,000
Hotel
Merger Disclosure
Number of real estate properties | property							2
Hotel | CPA: 16 - Global | Consolidated or partially leased investments
Merger Disclosure
Number of real estate properties | property	2								2
Previously Reported | CPA: 16 - Global
Merger Disclosure
Fair value equity interest in jointly-owned investments with equity investment prior to merger	$ 347,200
Measurement period adjustment | CPA: 16 - Global
Merger Disclosure
Purchase on remaining interest	$ 600
Fair value of noncontrolling interests acquired							$ (600)
Fair value equity interest in jointly-owned investments with equity investment prior to merger					$ 2,600
Discontinued Operations | Assets held-for-sale | CPA: 16 - Global
Merger Disclosure
Number of real estate properties | property	10						10		10
Discontinued Operations | Assets held-for-sale | CPA: 16 - Global | Jointly Owned Investments
Merger Disclosure
Number of real estate properties | property	5								5

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Merger with CPA:16 Global (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Pro Forma Financial Information
Pro forma total revenue		$ 931,309	$ 780,578
Pro forma net income from continuing operations, net of tax		139,698	146,525
Pro forma net income attributable to noncontrolling interests		(5,380)	10,963
Pro forma net loss (income) attributable to redeemable noncontrolling interest		142	(1,909)
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey (a)		$ 134,460	$ 155,579
Pro forma earnings per share
Basic (in dollar per share)		$ 1.32	$ 1.56
Diluted (in dollar per share)		$ 1.31	$ 1.54
Pro forma weighted average shares
Basic (in shares)		101,296,847	99,420,924
Diluted (in shares)		102,360,038	100,437,886
CPA: 16 - Global
Pro forma weighted average shares
Shares issued as compensation, shares	30,729,878

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Agreements and Transactions with Related Parties (Narratives) (Details)		1 Months Ended			12 Months Ended
	Apr. 04, 2013 USD ($) $ / shares shares	Feb. 28, 2014 USD ($) shares	Nov. 30, 2013 USD ($) property officer	Jul. 31, 2012 USD ($)	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor					10.00%
Other Transactions with Affiliates
Loans to affiliates					$ 185,447,000	$ 11,000,000	$ 15,000,000
Share Purchase Agreement
Redemption value adjustment				$ 85,000,000
Stock repurchased during period, shares | shares	616,971	11,037
Repurchase of common stock	$ 40,000,000	$ 700,000			$ 0	679,000	$ 40,000,000
Common stock market value on exercise date | $ / shares	$ 64.83
Number of real estate properties | property					869
Maximum
Share Purchase Agreement
Ownership interest in joint ventures					90.00%
Minimum
Share Purchase Agreement
Ownership interest in joint ventures					3.00%
CPA: 17 - Global
Other Transactions with Affiliates
Line of credit, maximum borrowing amount					$ 75,000,000.0	75,000,000
CPA:18 - Global
Other Transactions with Affiliates
Line of credit, maximum borrowing amount					100,000,000	100,000,000
CWI
Other Transactions with Affiliates
Line of credit, maximum borrowing amount					$ 110,000,000.0	110,000,000
Interest rate on loan					1.10%
CWI 2
Other Transactions with Affiliates
Line of credit, maximum borrowing amount					$ 110,000,000	$ 110,000,000
CPA REITs
Distributions Of Available Cash and Deferred Revenue Earned
Maximum personnel and overhead reimbursement, percentage					2.40%
CCIF
Distributions Of Available Cash and Deferred Revenue Earned
Reimbursement percentage					50.00%
Other Transactions with Affiliates
Line of credit, maximum borrowing amount					$ 50,000,000.0
Managed Programs
Other Transactions with Affiliates
Interest rate on loan					1.10%
Average adjusted capital | CCIF | Maximum
Distributions Of Available Cash and Deferred Revenue Earned
Incentive fees					2.344%
Average adjusted capital | CCIF | Minimum
Distributions Of Available Cash and Deferred Revenue Earned
Incentive fees					1.875%
Net investment income | CCIF | Minimum
Distributions Of Available Cash and Deferred Revenue Earned
Incentive fees					20.00%
Capital gain | CCIF | Minimum
Distributions Of Available Cash and Deferred Revenue Earned
Incentive fees					20.00%
Front-end fees | CCIF
Distributions Of Available Cash and Deferred Revenue Earned
Maximum personnel and overhead reimbursement, percentage					18.00%
Gross proceeds | CCIF
Distributions Of Available Cash and Deferred Revenue Earned
Maximum personnel and overhead reimbursement, percentage					82.00%
Average net asset | CCIF
Distributions Of Available Cash and Deferred Revenue Earned
Reimbursement percentage					1.75%
Discontinued Operations | Self-storage
Share Purchase Agreement
Ownership interest in joint ventures			38.30%
Number of Officers | officer			2
Properties sold | property			19
Number of real estate properties | property			20
Distribution to minority interests			$ 3,800,000
Discontinued Operations | Self-storage | Officers
Share Purchase Agreement
Ownership interest in joint ventures			1.70%
Third Party | Discontinued Operations | Self-storage
Share Purchase Agreement
Ownership interest in joint ventures			60.00%

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Agreements and Transactions with Related Parties (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue from related parties:
Structuring revenue	$ 92,117	$ 71,256	$ 46,589
Reimbursable costs from affiliates	55,837	130,212	73,592
Asset management revenue	49,892	37,970	42,579
Distributions of Available Cash	38,406	31,052	34,121
Dealer manager fees	4,794	23,532	10,856
Interest income on deferred acquisition fees and loans to affiliates	1,639	684	949
Incentive, termination and subordinated disposition revenue	203	0	199
Deferred revenue earned	0	786	8,492
Total deferred revenue earned	$ 242,888	$ 295,492	$ 217,377

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Agreements and Transactions with Related Parties (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction
Revenue from related parties	$ 242,888	$ 295,492	$ 217,377
CPA: 16 - Global
Related Party Transaction
Revenue from related parties	0	7,999	53,166
CPA: 17 - Global
Related Party Transaction
Revenue from related parties	81,740	68,710	69,275
CPA:18 - Global
Related Party Transaction
Revenue from related parties	85,431	129,642	29,293
CWI
Related Party Transaction
Revenue from related parties	44,712	89,141	65,643
CWI 2
Related Party Transaction
Revenue from related parties	30,340	0	0
CCIF
Related Party Transaction
Revenue from related parties	$ 665	$ 0	$ 0

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Agreements and Transactions with Related Parties (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Due from affiliates
Deferred acquisition fees receivable	$ 33,386	$ 26,913
Accounts receivable	15,711	2,680
Reimbursable costs	5,579	301
Current acquisition fees receivable	4,909	2,463
Asset management fee receivable	2,172	0
Organization and offering costs	461	2,120
Due from affiliates	$ 62,218	$ 34,477

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Agreements and Transactions with Related Parties (Details 4)	12 Months Ended
	Dec. 31, 2015
CPA: 17 - Global
Revenue from related parties
Asset management fees receivable in cash	50.00%
Asset management fees receivable in shares	50.00%
CWI REITs
Structuring revenue
Percentage of structuring fees earned	2.50%
Loan refinancing fee (percentage)	1.00%
Contract sales price of investment | CWI
Structuring revenue
Percentage of structuring fees earned	2.50%
Average invested assets | CPA: 16 - Global
Revenue from related parties
Percentage of asset management fees earned	0.50%
Average gross assets | CCIF
Revenue from related parties
Percentage of fees earned paid to subadvisor	50.00%
Market value of equity investment | CWI
Revenue from related parties
Percentage of asset management fees earned	0.50%
Percentage of fees earned paid to subadvisor	20.00%
Market value of equity investment | CWI 2
Revenue from related parties
Percentage of asset management fees earned	0.55%
Percentage of fees earned paid to subadvisor	25.00%
Minimum | Average equity value | CPA: 17 - Global
Revenue from related parties
Percentage of asset management fees earned	0.50%
Structuring revenue
Percentage of structuring fees earned	1.00%
Minimum | Average equity value | CPA:18 - Global
Revenue from related parties
Percentage of asset management fees earned	0.50%
Minimum | Average gross assets | CCIF
Revenue from related parties
Percentage of asset management fees earned	1.75%
Maximum | Contract sales price of investment | Managed Programs
Structuring revenue
Percentage of structuring fees earned	6.00%
Maximum | Average equity value | CPA: 17 - Global
Revenue from related parties
Percentage of asset management fees earned	1.75%
Structuring revenue
Percentage of structuring fees earned	1.75%
Maximum | Average equity value | CPA:18 - Global
Revenue from related parties
Percentage of asset management fees earned	1.50%
Maximum | Average gross assets | CCIF
Revenue from related parties
Percentage of asset management fees earned	2.00%
Long-term net lease | CPA REITs
Structuring revenue
Percentage of structuring fees earned	4.50%
Installment period for deferred acquisition fee receivable	three interest-bearing annual installments
Lodging-related investments | CWI
Revenue from related parties
Percentage of asset management fees earned	0.50%
Lodging-related investments | CWI 2
Revenue from related parties
Percentage of asset management fees earned	0.55%
Upon Completion | Long-term net lease | CPA REITs
Structuring revenue
Percentage of structuring fees earned	2.50%
Deferred | Long-term net lease | CPA REITs
Structuring revenue
Percentage of structuring fees earned	2.00%

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Agreements and Transactions with Related Parties (Details 5)	Dec. 31, 2015 $ / shares
CWI
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold	$ 0.70
Dealer manager fee per share sold	$ 0.30
CCIF | Minimum
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold, percentage	0.00%
Dealer manager fee per share fee, percentage	2.75%
CCIF | Maximum
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold, percentage	3.00%
Dealer manager fee per share fee, percentage	3.00%
Class A | CPA:18 - Global
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold	$ 0.7
Dealer manager fee per share sold	0.3
Class A | CWI 2
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold	0.70
Dealer manager fee per share sold	0.30
Class C | CPA:18 - Global
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold	0.14
Dealer manager fee per share sold	$ 0.21
Shareholder servicing, percentage	1.00%
Underwriting compensation limit, percentage	10.00%
Class T | CWI 2
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold	$ 0.19
Dealer manager fee per share sold	$ 0.26
Shareholder servicing, percentage	1.00%
Underwriting compensation limit, percentage	10.00%

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Agreements and Transactions with Related Parties (Details 6)	12 Months Ended
	Dec. 31, 2015
Related Party Transaction
Percentage of Available cash distribution to advisor	10.00%
CPA REITs
Reimbursed Costs
Maximum personnel and overhead reimbursement, percentage	2.40%
CPA:18 - Global
Reimbursed Costs
Maximum percent of offering proceeds	1.50%
Maximum percentage of follow-on offering proceeds	4.00%
CWI
Reimbursed Costs
Maximum percent of offering proceeds	4.00%
CWI 2
Reimbursed Costs
Maximum percent of offering proceeds	1.50%
Maximum percentage of follow-on offering proceeds	4.00%
CCIF
Reimbursed Costs
Maximum percent of offering proceeds	1.50%

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Net Investments in Properties (Narratives) (Details) $ in Thousands																										1 Months Ended	12 Months Ended
	Dec. 22, 2015 USD ($)	Nov. 11, 2015 USD ($) property	Oct. 15, 2015 USD ($) property	Aug. 24, 2015 USD ($)	Aug. 06, 2015 USD ($)	Jun. 17, 2015 USD ($)	Apr. 10, 2015 USD ($)	Feb. 11, 2015 USD ($)	Jan. 28, 2015 USD ($) property	Dec. 19, 2014 USD ($) property	Dec. 12, 2014 USD ($)	Nov. 04, 2014 USD ($)	Oct. 28, 2014 USD ($) property	Oct. 13, 2014 USD ($)	Oct. 07, 2014 USD ($)	Aug. 22, 2014 USD ($)	Aug. 06, 2014 USD ($)	May. 15, 2014 USD ($)	Mar. 26, 2014 USD ($)	Nov. 27, 2013 USD ($)	Sep. 09, 2013 USD ($)	Jun. 07, 2013 USD ($)	Jun. 04, 2013 USD ($)	Apr. 15, 2013 USD ($)	Jan. 11, 2013 USD ($)	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)	Jan. 31, 2014 USD ($)	Dec. 04, 2013 USD ($)	Dec. 31, 2012 USD ($)
Investments in real estate
Decrease in exchange rate																											10.40%
Foreign currency exchange rate																											1.0887	1.2156
Decrease in value of balance sheet item due to foreign currency translation																											$ 125,447	$ 117,938	$ (21,835)
Depreciation																											$ 141,500	117,600	59,600
Number of real estate properties | property																											869
Goodwill																											$ 681,809	692,415	350,208			$ 329,132
Net investment in direct financing leases																											756,353	816,226
Net investment in properties																				$ 33,625							5,011,145	4,833,074
Investment in real estate under construction																											28,040	20,647	0
Assets placed into service																										$ 53,200
Mönchengladbach, Germany
Investments in real estate
BTS commitment																															$ 65,000
CPA: 16 - Global
Investments in real estate
Goodwill																														$ 346,642
Net investment in direct financing leases																														538,225
Net investment in properties																														$ 1,970,175
Real estate
Investments in real estate
Decrease in value of balance sheet item due to foreign currency translation																											177,300
Investment purchase price																											116,000	536,700	124,400
Land acquired																											8,600	83,900	20,700
Buildings acquired																											68,100	366,600	77,200
Intangible assets acquired																											39,400	82,900	26,500
Net investment in direct financing leases																												3,300
Net investment in properties																											4,937,190	4,753,055
Acquisition costs, capitalized																											3,900	$ 17,800	1,500
Real estate | Office building in Sunderland, United Kingdom
Investments in real estate
Investment purchase price					$ 53,500
Real estate | Auto Dealerships in Amsterdam, Eindhoven, Houten,Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands
Investments in real estate
Investment purchase price		$ 62,500
Number of real estate properties | property		10
Real estate | Agricultural facilities in Australia
Investments in real estate
Investment purchase price													$ 138,300
Real estate | Agricultural facilities in Australia | Industrial
Investments in real estate
Number of real estate properties | property													10
Commitment for tenant improvement													$ 14,800
Real estate | Agricultural facilities in Australia | Agricultural
Investments in real estate
Number of real estate properties | property													21
Real estate | Manufacturing facility in Lewisburg Ohio
Investments in real estate
Investment purchase price												$ 19,800
Real estate | Various offices in Spain
Investments in real estate
Investment purchase price										$ 378,500
Number of real estate properties | property										70
Real estate | CPA: 16 - Global
Investments in real estate
Number of real estate properties | property																												225
Net investment in properties																												$ 2,000,000
Real estate | Office building in Northfield, Illinois
Investments in real estate
Investment purchase price																									$ 72,400
Real estate | Office and Research Facility in Tampere, Finland
Investments in real estate
Investment purchase price																							$ 52,100
Business combination
Investments in real estate
Investment purchase price																											561,600	366,900	157,700
Land acquired																											89,500	33,100	17,200
Buildings acquired																											382,600	278,100	99,000
Intangible assets acquired																											89,500	55,700	41,500
Acquisition costs, expensed																											$ 11,100	$ 3,300	4,200
Business combination | Various auto dealerships in the United Kingdom
Investments in real estate
Investment purchase price									$ 345,900
Number of real estate properties | property									73
Business combination | Logistic facilty in Rotterdam, the Netherlands
Investments in real estate
Investment purchase price								$ 42,400
Business combination | Retail facility in Bad Fischau, Austria
Investments in real estate
Investment purchase price							$ 23,200
Business combination | Logistic facility in Oskarshamn, Sweden
Investments in real estate
Investment purchase price						$ 26,300
Business combination | Various maintenance facilities in Europe
Investments in real estate
Investment purchase price				$ 41,200
Business combination | Hotels in Iowa, Louisiana, Missouri, New Jersey, North Carolina, and Texas
Investments in real estate
Investment purchase price			$ 51,700
Number of real estate properties | property			6
Business combination | Office Building in Irvine, California
Investments in real estate
Investment purchase price	$ 30,900
Business combination | Office building in Chandler Arizona
Investments in real estate
Investment purchase price																			$ 41,900
Business combination | Warehouse facility in University Park, Illinois
Investments in real estate
Investment purchase price																		$ 47,200
Business combination | Office building in Stavanger, Norway
Investments in real estate
Investment purchase price																	$ 117,700
Deferred tax liability																	14,700
Goodwill																	$ 11,100
Business combination | Office building in Westborough, Massachusetts
Investments in real estate
Investment purchase price																$ 46,000
Business combination | Office building in Andover, Massachusetts
Investments in real estate
Investment purchase price															$ 56,000
Business combination | Office building in Newport, United Kingdom
Investments in real estate
Investment purchase price														$ 29,100
Business combination | Industrial/Distribution center in Opole, Poland
Investments in real estate
Investment purchase price											$ 29,000
Business combination | Logistics facility in Venlo, Netherlands
Investments in real estate
Investment purchase price																								$ 35,300
Business combination | Office building in Quincy, Massachusetts
Investments in real estate
Investment purchase price																						$ 25,500
Business combination | Office building in Salford, United Kingdom
Investments in real estate
Investment purchase price																					$ 63,300
Business combination | Office building in Lone Tree, Colorado
Investments in real estate
Investment purchase price																				33,600
Commitment for tenant improvement																				$ 5,200
Hotel
Investments in real estate
Number of real estate properties | property																												2
Self-storage
Investments in real estate
Number of real estate properties | property																											1	2
Assets held-for-sale
Investments in real estate
Number of real estate properties | property																												4
Number of properties held for sale | property																											2
Direct Financing Method
Investments in real estate
Decrease in value of balance sheet item due to foreign currency translation																											$ 43,700
Reclassification to real estate owned																												$ 13,700	$ 14,000

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Net Investments in Properties (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Nov. 27, 2013
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (381,529)	$ (258,493)
Net investments in properties	5,011,145	4,833,074	$ 33,625
Real estate
Real Estate Investment Property At Cost
Land	1,160,567	1,146,704
Buildings	4,147,644	3,829,981
Real estate under construction	1,714	29,997
Less: Accumulated depreciation	(372,735)	(253,627)
Net investments in properties	4,937,190	4,753,055
Operating real estate
Real Estate Investment Property At Cost
Land	6,578	7,074
Buildings	76,171	77,811
Less: Accumulated depreciation	(8,794)	(4,866)
Net investments in properties	$ 73,955	$ 80,019

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Net Investments in Properties (Details 2) $ in Thousands	Dec. 31, 2015 USD ($)
Scheduled Future Minimum Rents
2016	$ 611,361
2017	600,116
2018	573,110
2019	527,494
2020	484,060
Thereafter	2,887,773
Total	$ 5,683,914

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Net investments in Properties (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Long Lived Assets Held-for-sale
Assets held for sale	$ 59,046	$ 7,255
Real Estate
Long Lived Assets Held-for-sale
Assets held for sale	59,046	5,969
Above-market rent intangible assets, net
Long Lived Assets Held-for-sale
Assets held for sale	0	838
In-place lease intangible assets, net
Long Lived Assets Held-for-sale
Assets held for sale	$ 0	$ 448

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Finance Receivables (Narratives) (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2015 USD ($)	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)	Jan. 31, 2014 USD ($) lease
Finance Receivables
Interest income from direct financing lease		$ 74,400	$ 78,800	$ 37,300
Decrease in value of balance sheet item due to foreign currency translation		$ 125,447	117,938	(21,835)
Number of real estate properties | property		869
Net investment in direct financing leases		$ 756,353	816,226
Accounts receivable billed under direct financing lease		1,200	1,400
Proceeds from sales of direct financing lease				5,500
Gain (loss) on sale of direct financing lease				(300)
Notes receivable, net		10,700	10,900
Allowance for credit losses		8,748	0	0
Proceeds from repayment of note receivable		$ 10,441	1,915	0
Financing receivable credit quality additional information		We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant default.
Financing receivable credit quality range of dates ratings updated		The credit quality evaluation of our finance receivables was last updated in the fourth quarter of 2015.
CPA: 16 - Global
Finance Receivables
Number of DFL acquired from Merger | lease					98
Net investment in direct financing leases					$ 538,225
B Note
Finance Receivables
Notes receivable, net			10,000
Proceeds from repayment of note receivable	$ 10,000
Direct Financing Method
Finance Receivables
Decrease in value of balance sheet item due to foreign currency translation		$ 43,700
Reclassification to real estate owned			13,700	14,000
Fair Value, Measurements, Nonrecurring | Level 3
Finance Receivables
Impairment charges on properties		29,906	23,802	31,813
Real estate
Finance Receivables
Decrease in value of balance sheet item due to foreign currency translation		177,300
Net investment in direct financing leases			$ 3,300
Real estate | CPA: 16 - Global
Finance Receivables
Number of real estate properties | property			225
Continuing Operations
Finance Receivables
Proceeds from sales of direct financing lease				5,500
Gain (loss) on sale of direct financing lease				300
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3
Finance Receivables
Impairment charges on properties		29,906	$ 23,802	24,550
Continuing Operations | Net investments in direct financing lease | Fair Value, Measurements, Nonrecurring | Level 3
Finance Receivables
Impairment charges on properties		$ 3,309	$ 1,329	$ 68
Number of real estate properties | property		5	8

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Finance Receivables (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Net Investments in Direct Financing Leases
Minimum lease payments receivable	$ 797,736	$ 904,788
Unguaranteed residual value	760,448	818,334
Gross minimum lease payments receivable	1,558,184	1,723,122
Less: unearned income	(801,831)	(906,896)
Net investments in direct financing leases	$ 756,353	$ 816,226

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Finance Receivables (Details 2) $ in Thousands	Dec. 31, 2015 USD ($)
Schedule Future Minimum Rents
2016	$ 75,613
2017	75,378
2018	75,449
2019	72,929
2020	72,390
Thereafter	425,977
Total	$ 797,736

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Finance Receivables (Details 3) $ in Thousands	Dec. 31, 2015 USD ($) tenant	Dec. 31, 2014 USD ($) tenant
Credit Quality Of Finance Receivables
Number of tenants | tenant	222
Net investments in direct financing leases | $	$ 767,036	$ 837,074
Internally Assigned Grade 1
Credit Quality Of Finance Receivables
Number of tenants | tenant	2	3
Net investments in direct financing leases | $	$ 90,818	$ 79,343
Internally Assigned Grade 2
Credit Quality Of Finance Receivables
Number of tenants | tenant	3	4
Net investments in direct financing leases | $	$ 53,492	$ 37,318
Internally Assigned Grade 3
Credit Quality Of Finance Receivables
Number of tenants | tenant	23	22
Net investments in direct financing leases | $	$ 512,724	$ 592,631
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants | tenant	6	7
Net investments in direct financing leases | $	$ 110,002	$ 127,782
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants | tenant	0	0
Net investments in direct financing leases | $	$ 0	$ 0

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Equity Investments in the Managed Programs and Real Estate (Narratives) (Details) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended			12 Months Ended
	Mar. 27, 2015 USD ($)	Oct. 31, 2013 USD ($) property	Jun. 30, 2013 USD ($)	Nov. 30, 2010	Dec. 31, 2015 USD ($) property $ / shares shares	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($) property $ / shares shares	Dec. 31, 2014 USD ($) $ / shares	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Sep. 30, 2014 $ / shares	May. 30, 2014 USD ($) $ / shares shares	Jan. 31, 2014 USD ($) shares	Nov. 27, 2013 USD ($)	Dec. 31, 2007 property
Investments in REITs
Common stock, per share value | $ / shares					$ 0.001			$ 0.001	$ 0.001			$ 0.001
Payments to acquire equity method investments								$ 16,229	$ 25,468	$ 1,945
Percentage of available cash distribution to advisor								10.00%
Other-than-temporary impairment charges								$ 29,906	23,067	13,709
Income from equity method investments								51,020	44,116	52,731
Gain or loss on sale of investment properties								6,487	29,250	39,711
Payment of mortgage loan								90,328	205,024	391,764
Other Transactions
Real estate tax expense, adjustment								(57,700)	(59,800)	(37,300)
Non-recourse debt					$ 2,271,204			2,271,204	2,532,683						$ 21,023
Proceeds from mortgage financing								$ 22,667	20,354	115,567
Number of real estate properties | property					869			869
Gain (loss) on sale of real estate, net of tax								$ 6,487	1,581	(332)
Real Estate Investments
Investments in REITs
Distributions received from equity investment								13,300	12,500	25,900
Aggregate unamortized basis difference on equity investments					$ 5,700			$ 5,700	5,800
CPA: 17 - Global
Investments in REITs
Asset management fees receivable, shares | shares					128,392			128,392
Distributions received from equity investment								$ 5,900	$ 4,600	3,000
Equity method investment, ownership percentage					3.087%			3.087%	2.676%
CPA:17 - Global operating partnership
Investments in REITs
Distributions received from equity investment								$ 24,700	$ 20,400	16,900
Equity method investment, ownership percentage					0.009%			0.009%	0.009%
CPA:18 - Global
Investments in REITs
Equity method investment, ownership percentage					0.735%			0.735%	0.221%
CPA:18 - Global | Class A
Investments in REITs
Asset management fees receivable, shares | shares					81,338			81,338
CPA:18 - Global operating partnership
Investments in REITs
Distributions received from equity investment								$ 6,300	$ 1,800	100
Equity method investment, ownership percentage					0.034%			0.034%	0.034%
CWI operating partnership
Investments in REITs
Distributions received from equity investment								$ 7,100	$ 4,100	1,900
Equity method investment, ownership percentage					0.015%			0.015%	0.015%
CWI 2
Investments in REITs
Common stock acquired, shares | shares													22,222
Common stock, per share value | $ / shares													$ 0.001
Common stock acquired, value													$ 200
Equity method investment, ownership percentage					0.379%			0.379%	0.00%
CWI 2 | Class A
Investments in REITs
Asset management fees receivable, shares | shares					18,022			18,022
CWI 2 operating partnership
Investments in REITs
Distributions received from equity investment								$ 300
Equity method investment, ownership percentage	0.015%				0.015%			0.015%	0.00%
Payments to acquire equity method investments	$ 300
Percentage of available cash distribution to advisor	10.00%
CCIF
Investments in REITs
Distributions received from equity investment								$ 800
Equity method investment, ownership percentage					47.882%			47.882%	50.00%
Managed Programs
Investments in REITs
Aggregate unamortized basis difference on equity investments					$ 27,400			$ 27,400	$ 20,200
Other-than-temporary impairment charges								1,000	1,300	25,600
Gain or loss on sale of investment properties								8,900	13,300	7,700
Managed Programs | Gain On Sale Of Real Estate
Investments in REITs
Income from equity method investments								100	400	100
Managed Programs | Impairment
Investments in REITs
Income from equity method investments								(100)	$ (100)	$ (4,700)
C1000 Logestiek Vastgoed B.V. | CPA: 17 - Global | Real Estate Investments
Investments in REITs
Mortgage debt tenants in common					72,500			72,500
Pro rata share mortgage debt on tenancy in common					10,900			10,900
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH | CPA: 17 - Global | Real Estate Investments
Investments in REITs
Income from equity method investments							$ 2,100
Payment of mortgage loan								14,300
Contributions to equity method investments						$ 4,700
Frontier Spinning Mills, Inc. | CPA: 17 - Global | Real Estate Investments
Investments in REITs
Payments to acquire equity method investments							$ 8,600
Actebis Peacock GmbH | CPA: 17 - Global | Real Estate Investments
Investments in REITs
Payments to acquire equity method investments						$ 6,200
Beach House JV, LLC
Investments in REITs
Distributions received from equity investment								1,100
Income from equity method investments								1,300
Hellweg 2
Investments in REITs
Income from equity method investments		$ 8,400
Hellweg 2 | Propco
Investments in REITs
Equity method investment, ownership percentage		5.00%														75.00%
Other Transactions
Real estate tax expense, adjustment		$ (22,100)
Number of real estate properties | property																37
Hellweg 2 | CPA:14
Investments in REITs
Equity method investment, ownership percentage																33.00%
Hellweg 2 | CPA:15
Investments in REITs
Equity method investment, ownership percentage																40.00%
Hellweg 2 | CPA: 16 - Global
Investments in REITs
Equity method investment, ownership percentage																27.00%
Hellweg 2 | CPA 14, 15, and 16
Investments in REITs
Equity method investment, ownership percentage				95.00%												25.00%
Other Transactions
Increase in ownership interest in equity method investment				70.00%
U.S. Airways
Investments in REITs
Payment of mortgage loan			$ 2,900
Other Transactions
Non-recourse debt			17,100
Proceeds from mortgage financing			13,900
Proceeds from the sale of real estate investment			28,400
Gain (Loss) on sale of equity method investment			$ 19,500
Previously Owned Equity Method Investment
Investments in REITs
Distributions received from equity investment		$ 4,200
Equity method investment, ownership percentage		30.00%
Income from equity method investments		$ 200
Other Transactions
Non-recourse debt		$ 25,700
Number of properties sold | property		5
Proceeds from the sale of properties		$ 41,400
Gain (loss) on sale of real estate, net of tax		$ 500
Previously Owned Equity Method Investment | CPA: 16 - Global
Investments in REITs
Equity method investment, ownership percentage		70.00%
Germany
Other Transactions
Real estate tax expense, adjustment					$ 25,000
CPA: 16 - Global
Investments in REITs
Common stock acquired, shares | shares														38,229,294
Other Transactions
Non-recourse debt														$ 1,768,288
CPA: 16 - Global | Germany | Hellweg 2
Other Transactions
Real estate tax expense, adjustment								$ 17,100
CPA:15 | Germany | Hellweg 2
Other Transactions
Real estate tax expense, adjustment											$ 7,900

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Equity Investments in the Managed Programs and Real Estate (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Equity Method Investments
Distributions of Available Cash (Note 4)	$ (415)	$ 1,307	$ 10,177
Income from equity method investments	51,020	44,116	52,731
Managed Programs
Schedule Of Equity Method Investments
Distributions of Available Cash (Note 4)	38,406	31,052	34,121
Amortization of basis differences on equity investments in the Managed Programs	(806)	(810)	(5,115)
Income from equity method investments	(454)	2,425	7,057
Deferred revenue earned (Note 4)	0	786	9,436
Other-than-temporary impairment charges on the Special Member Interest in CPA®:16 – Global’s operating partnership	0	(735)	(15,383)
Total equity earnings from the Managed Programs	37,146	32,718	30,116
Jointly Owned Investments
Schedule Of Equity Method Investments
Amortization of basis differences on equity investments in the Managed Programs	(3,685)	(3,430)	(4,313)
Income from equity method investments	$ 17,559	$ 14,828	$ 26,928

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Equity Investments in the Managed Programs and Real Estate (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 27, 2015	Dec. 31, 2014
Investments in Programs
Equity investments in real estate	$ 275,473		$ 249,403
CPA: 17 - Global
Investments in Programs
Equity method investment, ownership percentage	3.087%		2.676%
Equity investments in real estate	$ 87,912		$ 79,429
CPA:17 - Global operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.009%		0.009%
Equity investments in real estate	$ 0		$ 0
CPA:18 - Global
Investments in Programs
Equity method investment, ownership percentage	0.735%		0.221%
Equity investments in real estate	$ 9,279		$ 2,784
CPA:18 - Global operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.034%		0.034%
Equity investments in real estate	$ 209		$ 209
CWI
Investments in Programs
Equity method investment, ownership percentage	1.131%		1.088%
Equity investments in real estate	$ 12,619		$ 13,940
CWI operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.015%		0.015%
Equity investments in real estate	$ 0		$ 0
CWI 2
Investments in Programs
Equity method investment, ownership percentage	0.379%		0.00%
Equity investments in real estate	$ 949		$ 0
CWI 2 operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.015%	0.015%	0.00%
Equity investments in real estate	$ 300		$ 0
Carey Credit Income Fund
Investments in Programs
Equity method investment, ownership percentage	47.882%		50.00%
Equity investments in real estate	$ 22,214		$ 25,000
Managed Programs
Investments in Programs
Equity investments in real estate	$ 133,482		$ 121,362

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Equity Investments in the Managed Programs and Real Estate (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Managed Programs
Equity Method Investment Summarized Financial Information
Real estate, net	$ 6,886,709	$ 5,969,011
Other assets	2,426,189	2,293,065
Total assets	9,312,898	8,262,076
Debt	(4,432,082)	(3,387,795)
Accounts payable, accrued expenses and other liabilities	(612,974)	(496,857)
Total liabilities	(5,045,056)	(3,884,652)
Noncontrolling interests	(253,020)	(170,249)
Stockholders’ equity	4,014,822	4,207,175
Combined Equity Investments
Equity Method Investment Summarized Financial Information
Real estate, net	464,730	486,858
Other assets	64,989	81,232
Total assets	529,719	568,090
Debt	(201,611)	(278,012)
Accounts payable, accrued expenses and other liabilities	(9,394)	(10,057)
Total liabilities	(211,005)	(288,069)
Noncontrolling interests	(355)	(355)
Stockholders’ equity	$ 318,359	$ 279,666

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Equity Investments in the Managed Programs and Real Estate (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Combined Equity Investments
Equity Method Investment Summarized Financial Information Income Statement
Revenues	$ 61,887	$ 64,294	$ 117,278
Expenses	(21,124)	(27,801)	(50,907)
Income from continuing operations	40,763	36,493	66,371
Net income attributable to the Managed Programs	40,763	36,493	15,762
Managed Programs
Equity Method Investment Summarized Financial Information Income Statement
Revenues	1,157,432	825,405	796,637
Expenses	(1,120,090)	(816,630)	(669,554)
Income from continuing operations	37,342	8,775	127,083
Net income attributable to the Managed Programs	$ (6,450)	$ (12,695)	$ 104,342

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Equity Investments in the Managed Programs and Real Estate (Details 5) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments in Programs
Equity investments in real estate	$ 275,473	$ 249,403
CPA: 17 - Global
Investments in Programs
Equity method investment, ownership percentage	3.087%	2.676%
Equity investments in real estate	$ 87,912	$ 79,429
Real Estate Investments
Investments in Programs
Equity investments in real estate	141,991	128,041
Real Estate Investments | Third Party | Beach House JV, LLC
Investments in Programs
Equity investments in real estate	15,318	15,105
Existing Equity Investments | Real Estate Investments
Investments in Programs
Equity investments in real estate	$ 19,223	18,482
Existing Equity Investments | Real Estate Investments | CPA: 17 - Global | Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH
Investments in Programs
Equity method investment, ownership percentage	33.00%
Equity investments in real estate	$ 9,507	6,949
Existing Equity Investments | Real Estate Investments | CPA: 17 - Global | C1000 Logestiek Vastgoed B.V.
Investments in Programs
Equity method investment, ownership percentage	15.00%
Equity investments in real estate	$ 9,381	11,192
Existing Equity Investments | Real Estate Investments | CPA: 17 - Global | Wanbishi Archives Co. Ltd.
Investments in Programs
Equity method investment, ownership percentage	3.00%
Equity investments in real estate	$ 335	341
Equity Investments Acquired in the CPA®:16 Merger | Real Estate Investments
Investments in Programs
Equity investments in real estate	$ 107,450	94,454
Equity Investments Acquired in the CPA®:16 Merger | Real Estate Investments | CPA: 17 - Global | The New York Times Company
Investments in Programs
Equity method investment, ownership percentage	45.00%
Equity investments in real estate	$ 70,976	72,476
Equity Investments Acquired in the CPA®:16 Merger | Real Estate Investments | CPA: 17 - Global | Frontier Spinning Mills, Inc.
Investments in Programs
Equity method investment, ownership percentage	40.00%
Equity investments in real estate	$ 24,288	15,609
Equity Investments Acquired in the CPA®:16 Merger | Real Estate Investments | CPA: 17 - Global | Actebis Peacock GmbH
Investments in Programs
Equity method investment, ownership percentage	30.00%
Equity investments in real estate	$ 12,186	$ 6,369

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Goodwill and Other Intangibles (Narratives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets, Net
Amortization of intangible assets	$ 180.8	$ 174.0	$ 86.1
Maximum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life	43 years
Maximum | Below-market ground lease
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life	99 years
Minimum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life	1 year

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Goodwill and Other Intangibles (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Acquired Finite Lived Intangible Assets Liabilities
Acquired finite-lived intangible asset, acquisition	$ 135,629
Below-market ground lease
Acquired Finite Lived Intangible Assets Liabilities
Indefinite lived intangible assets, acquired	$ 881
Below-market rent
Acquired Finite Lived Intangible Assets Liabilities
Acquired finite lived intangible liabilities weighted average useful life	14 years 7 months 20 days
Acquired finite-lived intangible liability, acquisition	$ (6,798)
In-place lease
Acquired Finite Lived Intangible Assets Liabilities
Acquired intangible assets weighted-average life	13 years 4 months 27 days
Acquired finite-lived intangible asset, acquisition	$ 92,012
Above-market rent
Acquired Finite Lived Intangible Assets Liabilities
Acquired intangible assets weighted-average life	15 years 3 months 9 days
Acquired finite-lived intangible asset, acquisition	$ 32,739
Below-market ground lease
Acquired Finite Lived Intangible Assets Liabilities
Acquired intangible assets weighted-average life	63 years 30 days
Acquired finite-lived intangible asset, acquisition	$ 9,997

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Goodwill and Other Intangibles (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill
Balance - beginning of period	$ 692,415	$ 350,208	$ 329,132
Adjustments related to deferred income taxes			32,715
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	(1,762)	(3,762)	(13,118)
Adjustments to purchase price allocation			1,479
Acquisition of investment accounted for as business combination		346,642
Foreign currency translation adjustments and other	(10,548)	(14,258)
Other business combinations	1,704	13,585
Balance - end of period	681,809	692,415	350,208
Real Estate Ownership
Goodwill
Balance - beginning of period	628,808	286,601	265,525
Adjustments related to deferred income taxes			32,715
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	(1,762)	(3,762)	(13,118)
Adjustments to purchase price allocation			1,479
Acquisition of investment accounted for as business combination		346,642
Foreign currency translation adjustments and other	(10,548)	(14,258)
Other business combinations	1,704	13,585
Balance - end of period	618,202	628,808	286,601
Investment Management
Goodwill
Balance - beginning of period	63,607	63,607	63,607
Adjustments related to deferred income taxes			0
Allocation of goodwill to the cost basis of properties sold or classified as held for sale	0	0	0
Adjustments to purchase price allocation			0
Acquisition of investment accounted for as business combination		0
Foreign currency translation adjustments and other	0	0
Other business combinations	0	0
Balance - end of period	$ 63,607	$ 63,607	$ 63,607

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Goodwill and Other Intangibles (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Amortizable Intangible Assets
Less: accumulated amortization	$ (512,392)	$ (341,672)
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	686,679	696,390
Total intangible assets, gross	2,617,655	2,589,572
Total intangible assets, net	2,105,263	2,247,900
Amortizable Intangible Liabilities
Finite-lived intangible liabilities, gross	(184,251)	(182,542)
Less: accumulated amortization	46,647	24,183
Net amortizable intangible liabilities	(137,604)	(158,359)
Indefinite Lived Intangible Liabilities
Total intangible liabilities, gross	(200,962)	(199,253)
Total intangible liabilities, net	(154,315)	(175,070)
Below-market purchase options
Indefinite Lived Intangible Liabilities
Indefinite-lived intangible liabilities	(16,711)	(16,711)
Below-market rent
Amortizable Intangible Liabilities
Finite-lived intangible liabilities, gross	(171,199)	(169,231)
Less: accumulated amortization	44,873	23,039
Net amortizable intangible liabilities	(126,326)	(146,192)
Above-market ground lease
Amortizable Intangible Liabilities
Finite-lived intangible liabilities, gross	(13,052)	(13,311)
Less: accumulated amortization	1,774	1,144
Net amortizable intangible liabilities	(11,278)	(12,167)
Goodwill
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	681,809	692,415
Trade name
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	3,975	3,975
Below-market ground lease
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	895	0
Contracts including internal software development costs
Amortizable Intangible Assets
Finite lived intangible assets, gross	50,953	50,349
Less: accumulated amortization	(34,803)	(32,791)
Amortizable intangible assets	16,150	17,558
Management contracts
Amortizable Intangible Assets
Finite lived intangible assets, gross	32,765	32,765
Less: accumulated amortization	(32,765)	(32,765)
Amortizable intangible assets	0	0
Internal-use software development costs
Amortizable Intangible Assets
Finite lived intangible assets, gross	18,188	17,584
Less: accumulated amortization	(2,038)	(26)
Amortizable intangible assets	16,150	17,558
Lease intangibles
Amortizable Intangible Assets
Finite lived intangible assets, gross	1,880,023	1,842,833
Less: accumulated amortization	(477,589)	(308,881)
Amortizable intangible assets	1,402,434	1,533,952
In-place lease and tenant relationship
Amortizable Intangible Assets
Finite lived intangible assets, gross	1,205,585	1,185,692
Less: accumulated amortization	(302,737)	(191,873)
Amortizable intangible assets	902,848	993,819
Above-market rent
Amortizable Intangible Assets
Finite lived intangible assets, gross	649,035	639,370
Less: accumulated amortization	(173,963)	(116,573)
Amortizable intangible assets	475,072	522,797
Below-market ground lease
Amortizable Intangible Assets
Finite lived intangible assets, gross	25,403	17,771
Less: accumulated amortization	(889)	(435)
Amortizable intangible assets	$ 24,514	$ 17,336

XML

Goodwill and Other Intangibles (Details 4) $ in Thousands	Dec. 31, 2015 USD ($)
Net
2016	$ 162,418
2016	154,556
2017	148,031
2018	135,289
2019	119,179
Thereafter	561,507
Total	1,280,980
Net Decrease in Lease Revenues
Net
2016	36,464
2016	51,494
2017	48,639
2018	44,715
2019	37,053
Thereafter	130,381
Total	348,746
Increase to Amortization/ Property Expenses
Net
2016	125,954
2016	103,062
2017	99,392
2018	90,574
2019	82,126
Thereafter	431,126
Total	$ 932,234

XML

Fair Value Measurements (Narratives) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)
Fair value inputs
Number of real estate properties | property	869
CPA: 16 - Global | Maximum
Fair value inputs
Gen and admin to assets ratio	0.45%	0.45%
CPA: 16 - Global | Minimum
Fair value inputs
Gen and admin to assets ratio	0.35%	0.35%
Redeemable noncontrolling interest | Maximum
Fair value inputs
Lack of marketability	20.00%
Discount rate	16.00%
Revenue multiple	8.8
EBITDA multiple	18.8
Termination multiple	7.5
Redeemable noncontrolling interest | Minimum
Fair value inputs
Lack of marketability	10.00%
Discount rate	14.00%
Revenue multiple	1.1
EBITDA multiple	3.2
Termination multiple	5.5
Deferred acquisition fees receivable
Fair value inputs
Illiquidity Adjustment	0.75%
Deferred acquisition fees receivable | Maximum
Fair value inputs
Leverage adjusted unsecured spread	2.13%
Deferred acquisition fees receivable | Minimum
Fair value inputs
Leverage adjusted unsecured spread	2.03%
Fair Value, Measurements, Nonrecurring | Level 3
Fair value inputs
Impairment charges on properties	$ 29,906	$ 23,802	$ 31,813
Industrial facilities in Erlanger, KY | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate
Fair value inputs
Impairment charges on properties	8,700
Building | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate
Fair value inputs
Impairment charges on properties	$ 6,900
Cash flows | Fair Value, Measurements, Nonrecurring | Level 3 | Equity method investments | Maximum
Fair value inputs
Discount rate		15.75%
Cash flows | Fair Value, Measurements, Nonrecurring | Level 3 | Equity method investments | Minimum
Fair value inputs
Discount rate		12.75%
Cash flows | Industrial facilities in Erlanger, KY | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate
Fair value inputs
Discount rate	9.25%		12.75%
Residual discount rate | Industrial facilities in Erlanger, KY | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate
Fair value inputs
Discount rate	9.75%		11.75%
Residual capitalization rates | Industrial facilities in Erlanger, KY | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate
Fair value inputs
Discount rate	8.50%		10.00%
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3
Fair value inputs
Impairment charges on properties	$ 29,906	$ 23,802	$ 24,550
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate
Fair value inputs
Impairment charges on properties	$ 26,597	21,738	4,673
Number of real estate properties | property	7
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Net investments in direct financing lease
Fair value inputs
Impairment charges on properties	$ 3,309	$ 1,329	68
Number of real estate properties | property	5	8
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Equity method investments
Fair value inputs
Impairment charges on properties	$ 0	$ 735	19,256
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Equity method investments | Previously Owned Equity Method Investment
Fair value inputs
Impairment charges on properties			3,900
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Equity method investments | CPA 16 Operating Partnership
Fair value inputs
Impairment charges on properties		700	15,400
Continuing Operations | Impaired Properties | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate
Fair value inputs
Impairment charges on properties	$ 10,900	$ 7,800
Number of real estate properties | property	5	13
Continuing Operations | Vacant Properties | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate
Fair value inputs
Impairment charges on properties		$ 14,000
Capitalization rate		8.00%
Discontinued Operations | Fair Value, Measurements, Nonrecurring | Level 3
Fair value inputs
Impairment charges on properties	$ 0	$ 0	7,263
Discontinued Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate
Fair value inputs
Impairment charges on properties	$ 0	$ 0	$ 6,192
Discontinued Operations | Cash flows | Fair Value, Measurements, Nonrecurring | Level 3
Fair value inputs
Discount rate			9.50%
Discontinued Operations | Residual discount rate | Fair Value, Measurements, Nonrecurring | Level 3
Fair value inputs
Discount rate			7.50%
Discontinued Operations | Residual capitalization rates | Fair Value, Measurements, Nonrecurring | Level 3
Fair value inputs
Discount rate			10.00%

XML

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Level 3 | Carrying Value
Liabilities:
Non-recourse debt	$ 2,271,204	$ 2,532,683
Level 3 | Fair Value
Liabilities:
Non-recourse debt	2,293,542	2,574,437
Level 3 | Deferred acquisition fees receivable | Carrying Value
Assets:
Receivable, fair value	33,386	26,913
Level 3 | Deferred acquisition fees receivable | Fair Value
Assets:
Receivable, fair value	32,919	28,027
Level 3 | Notes Receivable | Carrying Value
Assets:
Receivable, fair value	10,689	20,848
Level 3 | Notes Receivable | Fair Value
Assets:
Receivable, fair value	10,610	19,604
Level 2 | Senior Unsecured Notes | Carrying Value
Liabilities:
Non-recourse debt	1,486,568	498,345
Level 2 | Senior Unsecured Notes | Fair Value
Liabilities:
Non-recourse debt	1,459,544	527,029
Level 2 | Senior Unsecured Credit Facility | Carrying Value
Liabilities:
Lines of Credit, Fair Value Disclosure	735,021	1,057,518
Level 2 | Senior Unsecured Credit Facility | Fair Value
Liabilities:
Lines of Credit, Fair Value Disclosure	$ 735,022	$ 1,057,519

XML

Fair Value Measurements (Details 2) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Impairment Disclosure
Impairment charges on properties	$ 29,906	$ 23,802	$ 31,813
Impairment Charges in Continuing Operations
Impairment Disclosure
Impairment charges on properties	29,906	23,802	24,550
Impairment Charges in Continuing Operations | Real Estate
Impairment Disclosure
Total fair value measurements	63,027	26,503	15,495
Impairment charges on properties	26,597	21,738	4,673
Impairment Charges in Continuing Operations | Net investments in direct financing lease
Impairment Disclosure
Total fair value measurements	65,132	39,158	891
Impairment charges on properties	3,309	1,329	68
Impairment Charges in Continuing Operations | Equity investments in real estate
Impairment Disclosure
Total fair value measurements	0	0	5,111
Impairment charges on properties	0	735	19,256
Impairment Charges in Continuing Operations | Marketable securities
Impairment Disclosure
Total fair value measurements	0	0	483
Impairment charges on properties	0	0	553
Impairment Charges in Discontinued Operations
Impairment Disclosure
Impairment charges on properties	0	0	7,263
Impairment Charges in Discontinued Operations | Real Estate
Impairment Disclosure
Total fair value measurements	0	0	19,413
Impairment charges on properties	0	0	6,192
Impairment Charges in Discontinued Operations | Operating Real Estate
Impairment Disclosure
Total fair value measurements	0	0	3,709
Impairment charges on properties	$ 0	$ 0	$ 1,071

XML

Risk Management and Use of Derivative Financial Instruments (Narratives) (Details)	12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2015 EUR (€)	Dec. 31, 2014 EUR (€)
Footnote Details
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 29,317,000	$ 23,395,000	$ (506,000)
Summary of Derivative Instruments
Total credit exposure on derivatives	44,900,000
Derivatives, net liability position	8,200,000	14,200,000
Aggregate termination value for immediate settlement	8,300,000	14,500,000
Senior Unsecured Credit Facility - Revolver	485,021,000	807,518,000
Individual Counterparty
Summary of Derivative Instruments
Total credit exposure on derivatives	26,300,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	1,800,000
Other Income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	9,300,000
Cash Flow Hedging
Footnote Details
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	5,338,000	(2,794,000)	(2,282,000)
Cash Flow Hedging | Interest rate caps
Footnote Details
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	64,000	290,000	(15,000)
Equity method investments | Cash Flow Hedging
Footnote Details
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	600,000	300,000	500,000
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 0	$ 400,000	$ 500,000
Euro | Cash Flow Hedging | Interest rate caps
Footnote Details
Derivative instrument, interest rate	0.90%			0.90%
Derivative, Cap Interest Rate	3.00%			3.00%
Revolving Credit Facility | Euro
Summary of Derivative Instruments
Senior Unsecured Credit Facility - Revolver | €				€ 361,000,000	€ 345,000,000
Revolving Credit Facility | GBP
Summary of Derivative Instruments
Senior Unsecured Credit Facility - Revolver | €					€ 40,000,000
2.0% Senior Euro Notes
Summary of Derivative Instruments
Principal Amount | €				€ 500,000,000

XML

Risk Management and Use of Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value
Asset Derivatives Fair Value at	$ 50,320	$ 20,348
Liability Derivatives Fair Value at	(7,374)	(13,156)
Foreign currency contracts | Designated as Hedging Instrument | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	38,975	16,307
Foreign currency collars | Designated as Hedging Instrument | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	7,718	0
Interest rate swap | Designated as Hedging Instrument | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	0	285
Interest rate swap | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability Derivatives Fair Value at	(4,762)	(5,660)
Interest rate swap | Not Designated as Hedging Instrument | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	9	0
Interest rate swap | Not Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability Derivatives Fair Value at	(2,612)	(7,496)
Interest rate caps | Designated as Hedging Instrument | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	0	3
Stock warrants | Not Designated as Hedging Instrument | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	$ 3,618	$ 3,753

XML

Risk Management and Use of Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion)	$ 29,317	$ 23,395	$ (506)
Derivatives in Cash Flow Hedging Relationships | Foreign currency contracts
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion)	15,949	23,167	(5,211)
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion)	7,769	0	0
Derivatives in Cash Flow Hedging Relationships | Interest rate swap
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion)	(284)	(2,628)	4,720
Derivatives in Cash Flow Hedging Relationships | Interest rate caps
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion)	64	290	(15)
Derivatives in Net Investment Hedging Relationships | Foreign currency contracts
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion)	$ 5,819	$ 2,566	$ 0

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Risk Management and Use of Derivative Financial Instruments (Details 3) - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 5,338	$ (2,794)	$ (2,282)
Foreign currency contracts | Other income and (expenses)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	7,272	(103)	(537)
Interest rate swaps and caps | Interest expense
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(2,291)	(2,691)	(1,745)
Foreign currency collars | Other income and (expenses)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 357	$ 0	$ 0

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Risk Management and Use of Derivative Financial Instruments (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 4,965	$ 4,081	$ 5,669
Not Designated as Hedging Instrument | Interest rate swap | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	4,164	3,186	5,249
Not Designated as Hedging Instrument | Foreign currency collars | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	514	0	0
Not Designated as Hedging Instrument | Foreign currency contracts | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(296)	0	0
Not Designated as Hedging Instrument | Stock warrants | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(134)	134	440
Cash Flow Hedging | Interest rate swap | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	649	761	(20)
Cash Flow Hedging | Foreign currency collars | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	23	0	0
Cash Flow Hedging | Foreign currency contracts | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 45	$ 0	$ 0

XML

Risk Management and Use of Derivative Financial Instruments (Details 5) € in Thousands, $ in Thousands	Dec. 31, 2015 USD ($) instrument	Dec. 31, 2015 EUR (€) instrument
Derivative Disclosure
Fair value	$ (7,365)
Not Designated as Hedging Instrument | Interest rate swap | USD
Derivative Disclosure
Derivative number of instruments | instrument	1	1
Notional Amount	$ 3,127
Fair value	$ 9
Not Designated as Hedging Instrument | Interest rate swap | Euro
Derivative Disclosure
Derivative number of instruments | instrument	2	2
Notional Amount | €		€ 105,110
Fair value	$ (2,612)
Cash Flow Hedging | Interest rate swap | USD
Derivative Disclosure
Derivative number of instruments | instrument	13	13
Notional Amount	$ 122,159
Fair value	$ (4,154)
Cash Flow Hedging | Interest rate swap | Euro
Derivative Disclosure
Derivative number of instruments | instrument	1	1
Notional Amount | €		€ 6,011
Fair value	$ (608)
Cash Flow Hedging | Interest rate caps | Euro
Derivative Disclosure
Derivative number of instruments | instrument	1	1
Notional Amount | €		€ 41,372
Fair value	$ 0

XML

Risk Management and Use of Derivative Financial Instruments (Details 6) € in Thousands, £ in Thousands, AUD in Thousands, $ in Thousands	Dec. 31, 2015 USD ($) instrument	Dec. 31, 2015 GBP (£) instrument	Dec. 31, 2015 EUR (€) instrument	Dec. 31, 2015 AUD instrument
Derivative Disclosure
Fair value, foreign currency derivatives	$ 46,693
Cash Flow Hedging | Forward contracts | Euro
Derivative Disclosure
Derivative number of instruments | instrument	52	52	52	52
Notional Amount | €			€ 127,747
Fair value, foreign currency derivatives	$ 27,754
Cash Flow Hedging | Forward contracts | GBP
Derivative Disclosure
Derivative number of instruments | instrument	12	12	12	12
Notional Amount | £		£ 6,420
Fair value, foreign currency derivatives	$ 578
Cash Flow Hedging | Forward contracts | AUD
Derivative Disclosure
Derivative number of instruments | instrument	16	16	16	16
Notional Amount | AUD				AUD 20,302
Fair value, foreign currency derivatives	$ 2,258
Cash Flow Hedging | Foreign currency collars | Euro
Derivative Disclosure
Derivative number of instruments | instrument	25	25	25	25
Notional Amount | €			€ 90,100
Fair value, foreign currency derivatives	$ 4,441
Cash Flow Hedging | Foreign currency collars | GBP
Derivative Disclosure
Derivative number of instruments | instrument	22	22	22	22
Notional Amount | £		£ 48,300
Fair value, foreign currency derivatives	$ 3,277
Derivatives in Net Investment Hedging Relationships | Forward contracts | AUD
Derivative Disclosure
Derivative number of instruments | instrument	5	5	5	5
Notional Amount | AUD				AUD 84,522
Fair value, foreign currency derivatives	$ 8,385

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Debt (Narratives) (Details) - USD ($)

1 Months Ended

12 Months Ended

Jan. 31, 2015

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Jan. 15, 2015

Jul. 31, 2013

Revolving Line Of Credit

Senior Unsecured Credit Facility - Revolver

$ 485,021,000

$ 807,518,000

Senior Unsecured Notes

Senior Unsecured Notes, net

1,486,568,000

498,345,000

Maximum cash distribution

100,000,000.0

Non Recourse Debt

Collateral mortgage loan, carrying value

$ 3,000,000,000

3,300,000,000

Debt instrument maturity date, range start

Jan. 31, 2016

Debt instrument maturity date, range end

Jun. 30, 2038

Decrease in value of balance sheet item due to foreign currency translation

$ 125,447,000

117,938,000

$ (21,835,000)

Unamortized discount (premium)

$ 3,555,000

Debt instrument, covenant compliance

We were in compliance with all of these covenants at December 31, 2015.

Fixed interest rate

Non Recourse Debt

Mortgage loan on real estate, minimum interest rate

2.00%

Mortgage loan on real estate, maximum interest rate

8.70%

Variable interest rate

Non Recourse Debt

Mortgage loan on real estate, minimum interest rate

0.90%

Mortgage loan on real estate, maximum interest rate

7.60%

Revolving Credit Facility

Revolving Line Of Credit

Line of credit, maximum borrowing amount

$ 1,500,000,000.0

1,000,000,000

Amount available for swing line loan

50,000,000

Amount available for letters of credit

50,000,000

Line of credit, amount available in foreign currency

500,000,000

$ 750,000,000

Line of credit facility, available

1,000,000,000

Letters of credit outstanding, amount

$ 1,600,000

Debt Instrument borrowing capacity fee (percentage)

0.20%

Revolving Credit Facility | Standard & Poor's, BBB Rating

Revolving Line Of Credit

Debt instrument, credit rating

BBB

Revolving Credit Facility | Moody's, Baa2 Rating

Revolving Line Of Credit

Debt instrument, credit rating

Baa2

Term Loan Facility

Revolving Line Of Credit

Line of credit, maximum borrowing amount

250,000,000

Senior Unsecured Notes

Senior Unsecured Notes

Debt financing cost

$ 7,800,000

$ 4,200,000

Percent of adjusted funds from operations

95.00%

Non Recourse Debt

Unamortized discount (premium)

$ 7,800,000

Non-Recourse Debt

Non Recourse Debt

Debt Instrument, stated interest rate

2.00%

Decrease in value of balance sheet item due to foreign currency translation

$ 166,000,000

Unsecured Term Loan

Revolving Line Of Credit

Line of credit, maximum borrowing amount

$ 300,000,000.0

Merged Entities

Non Recourse Debt

Unamortized discount (premium)

(4,200,000)

Accordion | Revolving Credit Facility

Revolving Line Of Credit

Line of credit, maximum borrowing amount

$ 2,000,000,000.0

2,250,000,000.00

Senior Unsecured Credit Facility - Revolver

$ 500,000,000

Senior Unsecured Notes

Debt financing cost

$ 3,100,000

XML

Debt (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Capital Lease Obligations
Debt and Capital Lease Obligations	$ 735.0	$ 1,057.5
Senior Unsecured Credit Facility
Capital Lease Obligations
Debt and Capital Lease Obligations	$ 485.0	807.5
Senior Unsecured Credit Facility | Euro
Capital Lease Obligations
Maturity Date	Jan. 31, 2018
Debt and Capital Lease Obligations	$ 393.0	419.4
Senior Unsecured Credit Facility | Euro | LIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.10%
Senior Unsecured Credit Facility | Euro | EURIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.10%
Senior Unsecured Credit Facility | USD
Capital Lease Obligations
Maturity Date	Jan. 31, 2018
Debt and Capital Lease Obligations	$ 92.0	326.0
Senior Unsecured Credit Facility | USD | LIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.10%
Senior Unsecured Credit Facility | GBP
Capital Lease Obligations
Maturity Date	Jan. 31, 2018
Debt and Capital Lease Obligations	$ 0.0	62.1
Term Loan Facility
Capital Lease Obligations
Maturity Date	Jan. 31, 2016
Debt and Capital Lease Obligations	$ 250.0	$ 250.0
Term Loan Facility | LIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.25%

XML

Debt (Details 2)	12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2015 EUR (€)	Dec. 31, 2014 USD ($)
Senior Unsecured Notes
Carrying Value	$ 1,486,568,000		$ 498,345,000
4.6% Senior Notes
Senior Unsecured Notes
Issue Date	Mar. 14, 2014
Principal Amount	$ 500,000,000
Price of Par Value	99.639%	99.639%
Discount	$ 1,800,000
Effective Interest Rate	4.645%	4.645%
Coupon Rate	4.60%
Maturity Date	Apr. 01, 2024
Carrying Value	$ 496,000,000		498,300,000
2.0% Senior Euro Notes
Senior Unsecured Notes
Issue Date	Jan. 21, 2015
Principal Amount | €		€ 500,000,000
Price of Par Value	99.22%	99.22%
Discount	$ 4,600,000
Effective Interest Rate	2.107%	2.107%
Coupon Rate	2.00%
Maturity Date	Jan. 20, 2023
Carrying Value	$ 540,600,000		0
4.0% Senior Notes
Senior Unsecured Notes
Issue Date	Jan. 26, 2015
Principal Amount	$ 450,000,000
Price of Par Value	99.372%	99.372%
Discount	$ 2,800,000
Effective Interest Rate	4.077%	4.077%
Coupon Rate	4.00%
Maturity Date	Feb. 01, 2025
Carrying Value	$ 450,000,000		$ 0

XML

Debt (Details 3) $ in Thousands	Dec. 31, 2015 USD ($)
Long-term Debt, by Maturity
2016	$ 648,344
2016	697,749
2017	750,932
2018	99,753
2019	218,995
Thereafter through 2038	2,080,575
Long term debt before unamortized discount	4,496,348
Unamortized discount, net	(3,555)
Total scheduled debt principal payments	$ 4,492,793

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Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 03, 2015	Oct. 01, 2013
Share-based Compensation Arrangement by Share-based Payment Award
Distributions declared per share (usd per share)		$ 0.9646	$ 0.955	$ 0.954	$ 0.9525	$ 0.95	$ 0.94	$ 0.9	$ 0.895	$ 3.8261	$ 3.685	$ 3.39
Distributions payable		$ 102,715				$ 100,078				$ 102,715	$ 100,078
Common stock maximum offering, value													$ 400,000
Shares issued in public offering, shares	4,600,000
Common stock, per share value	$ 0.001	$ 0.001				$ 0.001	0.001			$ 0.001	$ 0.001
Share price	$ 64						$ 64
Proceeds from issuance of shares in public offering	$ 282,200									$ 0	$ 282,162	$ 0
Senior Unsecured Credit Facility
Share-based Compensation Arrangement by Share-based Payment Award
Repayments of debt	$ 225,800
Underwriters options
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued in public offering, shares	600,000
Officers | WPCI
Redeemable Noncontrolling Interest
Minority interest ownership interest														7.70%

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Equity (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends Payable
Common Stock, Dividends, Per Share, Cash Paid	$ 3.8115	$ 3.7150	$ 3.1800
Return of capital
Dividends Payable
Common Stock, Dividends, Per Share, Cash Paid	0.2618	0.0584	0.0099
Ordinary income
Dividends Payable
Common Stock, Dividends, Per Share, Cash Paid	$ 3.5497	$ 3.6566	$ 3.1701

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Equity (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity [Abstract]
Net Income Attributable to W. P. Carey	$ 51,049	$ 21,745	$ 63,348	$ 36,116	$ 32,272	$ 27,337	$ 64,739	$ 115,478	$ 172,258	$ 239,826	$ 98,876
Allocation of distribution equivalents paid on nonvested RSUs and RSAs in excess of income									(579)	(1,007)	(743)
Net income – basic									171,679	238,819	98,133
Income effect of dilutive securities, net of taxes									0	(77)	187
Net income – diluted									$ 171,679	$ 238,742	$ 98,320
Weighted-average shares outstanding – basic (shares)									105,675,692	98,764,164	68,691,046
Effect of dilutive securities (shares)									831,960	1,063,192	1,016,962
Weighted-average shares outstanding – diluted (shares)									106,507,652	99,827,356	69,708,008
Anti-dilutive shares									0	0	114,919

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Equity (Details 3) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Redeemable Noncontrolling Interest, Equity, Carrying Amount
Balance - beginning of period				$ 6,071					$ 6,071
Net income	$ 0	$ 0	$ 0	0	$ (279)	$ (14)	$ (111)	$ 262	0	$ (142)	$ 353
Distributions									(14,713)	(19,719)	(71,820)
Change in other comprehensive income									0	(9)	13
Balance - end of period	14,944				6,071				14,944	6,071
Redeemable Noncontrolling Interest [Member]
Redeemable Noncontrolling Interest, Equity, Carrying Amount
Balance - beginning of period				$ 6,071				$ 7,436	6,071	7,436	7,531
Redemption value adjustment									8,873	(306)	0
Net income									0	(142)	353
Distributions									0	(926)	(435)
Change in other comprehensive income									0	9	(13)
Balance - end of period	$ 14,944				$ 6,071				$ 14,944	$ 6,071	$ 7,436

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Equity (Details 4) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Transfers to Noncontrolling Interest
Net Income Attributable to W. P. Carey	$ 51,049	$ 21,745	$ 63,348	$ 36,116	$ 32,272	$ 27,337	$ 64,739	$ 115,478	$ 172,258	$ 239,826	$ 98,876
Transfers to noncontrolling interest
Net transfers to noncontrolling interest									0	(41,374)	0
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest									172,258	198,452	98,876
CPA: 16 - Global
Transfers to noncontrolling interest
Net transfers to noncontrolling interest									$ 0	$ (41,374)	$ 0

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Equity (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Balance - beginning of period	$ (75,559)	$ 15,336	$ (4,649)
Other comprehensive income (loss) before reclassifications	(96,041)	(100,037)	19,042
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	(5,338)	3,174	2,813
Net current period other comprehensive income (loss)	(101,379)	(96,863)	21,855
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest	4,647	5,968	(1,870)
Balance - end of period	(172,291)	(75,559)	15,336
Interest expense
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	2,291	2,691	1,745
Other income and (expenses)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	(7,629)	103	537
Equity in earnings of equity method investments in the Managed Programs and real estate
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)		380	531
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Balance - beginning of period	13,597	(7,488)	(7,508)
Other comprehensive income (loss) before reclassifications	29,391	17,911	(2,793)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	(5,338)	3,174	2,813
Net current period other comprehensive income (loss)	24,053	21,085	20
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest	0	0	0
Balance - end of period	37,650	13,597	(7,488)
Gains and Losses on Derivative Instruments | Interest expense
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	2,291	2,691	1,745
Gains and Losses on Derivative Instruments | Other income and (expenses)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	(7,629)	103	537
Gains and Losses on Derivative Instruments | Equity in earnings of equity method investments in the Managed Programs and real estate
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)		380	531
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Balance - beginning of period	(89,177)	22,793	2,828
Other comprehensive income (loss) before reclassifications	(125,447)	(117,938)	21,835
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	0	0	0
Net current period other comprehensive income (loss)	(125,447)	(117,938)	21,835
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest	4,647	5,968	(1,870)
Balance - end of period	(209,977)	(89,177)	22,793
Foreign Currency Translation Adjustments | Interest expense
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	0	0	0
Foreign Currency Translation Adjustments | Other income and (expenses)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	0	0	0
Foreign Currency Translation Adjustments | Equity in earnings of equity method investments in the Managed Programs and real estate
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)		0	0
Gains and Losses on Marketable Securities
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Balance - beginning of period	21	31	31
Other comprehensive income (loss) before reclassifications	15	(10)	0
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	0	0	0
Net current period other comprehensive income (loss)	15	(10)	0
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest	0	0	0
Balance - end of period	36	21	31
Gains and Losses on Marketable Securities | Interest expense
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	0	0	0
Gains and Losses on Marketable Securities | Other income and (expenses)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	$ 0	0	$ 0
Gains and Losses on Marketable Securities | Equity in earnings of equity method investments in the Managed Programs and real estate
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)		$ 0

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Stock-Based Compensation and Other Compensation (Narratives) (Details) - USD ($)

1 Months Ended

12 Months Ended

Dec. 16, 2013

Jul. 31, 2015

Jul. 31, 2014

Jul. 31, 2013

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Share-based Compensation Arrangement by Share-based Payment Award

Stock-based compensation expense

$ 21,626,000

$ 31,075,000

$ 37,195,000

Employee service share-based compensation, tax benefit from compensation expense

12,500,000

17,300,000

18,400,000

Deferred compensation obligation

56,040,000

30,624,000

Options vested during the period, aggregate intrinsic value

58,100,000

56,400,000

21,400,000

Tax benefit recognized from stock awards

3,400,000

Severance costs

$ 800,000

$ 1,000,000

$ 700,000

RSUs Awarded

Share-based Compensation Arrangement by Share-based Payment Award

Shares granted in period

189,893

188,619

185,015

PSUs Awarded

Share-based Compensation Arrangement by Share-based Payment Award

Shares granted in period

75,277

89,653

86,189

PSUs Awarded | Minimum

Share-based Compensation Arrangement by Share-based Payment Award

Potential performance return rate for stock awards

0

0

0

PSUs Awarded | Maximum

Share-based Compensation Arrangement by Share-based Payment Award

Potential performance return rate for stock awards

3

3

3

Employee Stock Purchase Plan

Share-based Compensation Arrangement by Share-based Payment Award

Stock-based compensation expense

$ 100,000

$ 300,000

$ 1,200,000

Share-based compensation arrangement by share-based payment award, maximum employee contribution rate

10.00%

Share based compensation, effective share purchase price for participant

90.00%

85.00%

85.00%

Proceeds from stock plans

$ 500,000

$ 1,900,000

$ 2,300,000

Maximum annual contribution per employee, amount

26,500

Partnership Equity Unit Plan

Share-based Compensation Arrangement by Share-based Payment Award

Deferred compensation liability

$ 700,000

$ 700,000

Payment of deferred compensation

$ 200,000

Stock options required to be issued

40,904

41,074

Deferred compensation obligation

$ 1,100,000

$ 1,100,000

Long Term Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award

Stock options required to be issued

1,395,907

848,788

Deferred compensation obligation

$ 55,000,000

$ 29,600,000

Risk free interest rate

1.00%

Fair value assumptions expected volatility rate

20.20%

Fair value assumptions expected volatility rate peer index

13.50%

Fair value assumptions expected dividend rate

0.00%

Unrecognized stock based compensation expense

$ 20,100,000

Weighted-average remaining term

1 year 8 months 9 days

Deferred Profit Sharing

Share-based Compensation Arrangement by Share-based Payment Award

Share-based compensation arrangement by share-based payment award, maximum employee contribution rate

15.00%

Maximum percentage of annual contribution allowed by employees

10.00%

10.00%

Maximum annual contribution per employee, amount

$ 26,000

Profit sharing expense

$ 4,100,000

$ 3,500,000

$ 4,500,000

2009 Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award

Shares authorized for grant

5,900,000

Shares available for grant

2,361,843

Share-based award description

The 2009 Incentive Plan provides for the grant of (i) stock options, (ii) RSUs, (iii) PSUs, and (iv) dividend equivalent rights. The vesting of grants under both plans is accelerated upon a change in our control and under certain other conditions.

2009 Incentive Plan | RSUs Awarded

Share-based Compensation Arrangement by Share-based Payment Award

Shares granted in period

173,741

172,460

171,804

2009 Incentive Plan | PSUs Awarded

Share-based Compensation Arrangement by Share-based Payment Award

Shares granted in period

75,277

89,653

85,900

2009 Incentive Plan | Employment agreements | RSUs Awarded

Share-based Compensation Arrangement by Share-based Payment Award

Shares granted in period

10,500

20,250

2009 Incentive Plan | Employment agreements | PSUs Awarded

Share-based Compensation Arrangement by Share-based Payment Award

Performance stock awards excluded from LTIP count

10,000

10,000

10,000

2009 Non-Employee Directors Plan

Share-based Compensation Arrangement by Share-based Payment Award

Shares authorized for grant

325,000

Shares available for grant

199,553

Stock based incentive plan shares issued, shares

16,152

16,159

13,211

Stock based incentive plan shares issued, value

$ 1,000,000

$ 1,000,000

$ 900,000

1997 Directors Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award

Weighted average remaining term on stock option

10 years

Vesting period for stock options

3 years

1997 Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award

Weighted average remaining term on stock option

10 years

Vesting period for stock options

4 years

Options exercised during the period, aggregate intrinsic value

$ 7,400,000

$ 4,900,000

$ 5,700,000

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Stock-Based Compensation and Other Compensation (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock And RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested, beginning balance - shares	442,502	519,608	594,194
Granted - shares	189,893	188,619	185,015
Vested - shares	(264,628)	(264,724)	(233,098)
Forfeited - shares	(10,996)	(1,001)	(26,503)
Adjustments - shares	0	0	0
Nonvested, ending balance - shares	356,771	442,502	519,608
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 53.03	$ 45.19	$ 37.15
Granted, weighted average grant date fair value (in dollars per share)	69.92	61.08	57.69
Vested, weighted average grant date fair value (in dollars per share)	49.69	43.35	36.76
Forfeited, weighted average grant date fair value (in dollars per share)	66.46	59.45	43.05
Adjustments, weighted average grant date fair value (in dollars per share)	0	0	0
Nonvested, weighted average grant date fair value (in dollars per share)	$ 64.09	$ 53.03	$ 45.19
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested, beginning balance - shares	877,641	1,220,720	999,513
Granted - shares	75,277	89,653	86,189
Vested - shares	(792,465)	(881,388)	(324,161)
Forfeited - shares	0	(78)	(30,108)
Adjustments - shares	179,905	448,734	489,287
Nonvested, ending balance - shares	340,358	877,641	1,220,720
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 32.06	$ 28.28	$ 34.55
Granted, weighted average grant date fair value (in dollars per share)	83.68	76.05	84.33
Vested, weighted average grant date fair value (in dollars per share)	56.77	51.00	39.48
Forfeited, weighted average grant date fair value (in dollars per share)	0.00	54.31	50.52
Adjustments, weighted average grant date fair value (in dollars per share)	49.70	55.91	67.22
Nonvested, weighted average grant date fair value (in dollars per share)	$ 52.26	$ 32.06	$ 28.28

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Stock-Based Compensation and Other Compensation (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding
Outstanding - beginning of year - shares	475,765	619,601	794,210
Exercised - shares	(213,479)	(140,718)	(169,412)
Canceled/Expired - shares	(3,499)	(3,118)	(5,197)
Outstanding - end of year - shares	258,787	475,765	619,601
Vested and expected to vest - end of year - shares	258,787
Exercisable - end of year - shares	236,112	421,656	511,811
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Outstanding - beginning of year - weighted average exercise price	$ 29.95	$ 30.30	$ 30.32
Exercised - weighted average exercise price	28.57	31.41	30.43
Canceled/Expired - weighted average exercise price	28.71	32.99	29.84
Outstanding - end of year - weighted average exercise price	31.10	29.95	30.30
Vested and expected to vest - end of year - weighted average exercise price	31.10
Exercisable - end of year - weighted average exercise price	$ 30.99	$ 29.75	$ 30.18
Outstanding - end of year - weighted average contractual term (in Years)	1 year 22 days	1 year 9 months	2 years 7 months 2 days
Vested and expected to vest - end of year - weighted average contractual term (in Years)	1 year 22 days
Exercisable - end of year - weighted average contractual term (in Years)	11 months 27 days
Outstanding - end of year - aggregate intrinsic value	$ 7,220,287
Vested and expected to vest - end of year - aggregate intrinsic value	7,220,287
Exercisable - end of year - aggregate intrinsic value	$ 6,613,542

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Income Taxes (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency
Net operating loss carryforwards		$ 19,553	$ 16,627
Valuation allowance		29,746	20,672
Deferred tax asset		12,600	13,700
Accrual for uncertain tax positions		700
Deferred income tax asset net of valuation		$ 36,095	$ 42,758
Minimum
Income Tax Contingency
Open tax years by major jurisdictions		2015
Maximum
Income Tax Contingency
Open tax years by major jurisdictions		2009
Federal
Income Tax Contingency
Operating loss carryforwards,initial expiration date		Dec. 31, 2034
State and Local
Income Tax Contingency
Operating loss carryforwards,initial expiration date		Dec. 31, 2034
Foreign
Income Tax Contingency
Operating loss carryforwards,initial expiration date		Dec. 31, 2012
Deferred Tax Asset
Income Tax Contingency
Out of period adjustment	$ 2,300
Deferred Tax Liability
Income Tax Contingency
Out of period adjustment	37,500
Deferred Tax Provision
Income Tax Contingency
Out of period adjustment	$ 2,000

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Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Federal
Current	$ 10,551	$ 19,545	$ 8,274
Deferred	1,901	(7,609)	(13,029)
Federal income taxes	12,452	11,936	(4,755)
State and Local
Current	9,075	13,422	4,970
Deferred	1,158	(4,693)	(3,665)
State and local taxes	10,233	8,729	1,305
Foreign
Current	16,656	6,869	7,144
Deferred	(1,720)	(9,925)	(2,442)
Foreign income taxes	14,936	(3,056)	4,702
Total provision	$ 37,621	$ 17,609	$ 1,252

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Income Taxes (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effective Income Tax Rate Reconciliation, Amount
Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests	$ 209,879	$ 223,938	$ 85,889
Pre-tax income attributable to pass-through subsidiaries	(137,536)	(202,807)	(96,314)
Pre-tax income (loss) attributable to taxable subsidiaries	72,343	21,131	(10,425)
Federal provision at statutory tax rate (35%)	25,244	7,396	(3,649)
Rate differential	(10,589)
Change in valuation allowance	9,074
Non-deductible expense	6,982
State and local taxes, net of federal benefit	6,151	2,296	(166)
Exempt income	(5,475)
Recognition of taxable income as a result of the CPA®:16 Merger		4,833	0
Interest		2,111	0
Dividend income from Managed REITs		939	0
Amortization of intangible assets		0	492
Other	1,053	893	(302)
Tax provision — taxable subsidiaries	32,440	18,468	(3,625)
Non-income taxes	5,181
Deferred foreign tax benefit	(1,720)	(9,925)	(2,442)
Current foreign taxes		6,869	7,144
Other state and local taxes		2,197	175
Total provision	$ 37,621	$ 17,609	$ 1,252
Effective Income Tax Rate Reconciliation, Percent
Income tax rate - federal	35.00%	35.00%	(35.00%)
Income tax rate - rate differential	(14.60%)
Income tax rate - change in valuation allowance	12.50%
Income tax rate - non-deductible expense	9.60%
Income tax rate - state and local	8.40%	10.90%	(1.60%)
Income tax rate - exempt income	(7.60%)
Income tax rate - deferred revenue		22.90%	0.00%
Income tax rate - interest		10.00%	0.00%
Income tax rate - dividend income from Managed REITs		4.40%	0.00%
Income tax rate - amortization of intangible assets		0.00%	4.70%
Income tax rate - other	1.50%	4.20%	(2.90%)
Income tax rate - total	44.80%	87.40%	(34.80%)

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Income Taxes (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets
Unearned and deferred compensation	$ 35,525	$ 36,955
Net operating loss carryforwards	19,553	16,627
Basis differences — foreign investments	6,975	6,576
Other	3,788	3,272
Total deferred tax assets	65,841	63,430
Valuation allowance	(29,746)	(20,672)
Net deferred tax assets	36,095	42,758
Deferred Tax Liabilities
Basis differences — foreign investments	(81,058)	(95,619)
Basis differences — equity investees	(19,925)	(19,044)
Deferred revenue	(8,654)	(8,546)
Total deferred tax liabilities	(109,637)	(123,209)
Net Deferred Tax Liability	$ (73,542)	$ (80,451)

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Income Taxes (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits
Beginning balance	$ 2,055	$ 109
Addition based on tax positions related to the current year	1,510	1,946
Addition based on tax positions related to prior years	1,447	0
Decrease due to lapse in statute of limitations	(572)	0
Foreign currency translation adjustments	(136)	0
Ending balance	$ 4,304	$ 2,055

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Property Dispositions and Discontinued Operations (Narratives) (Details) $ in Thousands	1 Months Ended		3 Months Ended	5 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2015 USD ($)	Nov. 30, 2013 property officer	Dec. 31, 2015 USD ($) property	Jun. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property	Dec. 31, 2014 EUR (€)	Dec. 31, 2013 USD ($) property	Jan. 31, 2014 USD ($) property	Nov. 27, 2013 USD ($)	Dec. 31, 2012 property
Discontinued Operation Additional Disclosures
Loss from operations						$ (178,740)	$ (211,170)		$ (94,317)
Gain (loss) on sale of real estate, net of tax						6,487	1,581		(332)
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale						1,762	3,762		13,118
Net investment in properties			$ 5,011,145			5,011,145	4,833,074				$ 33,625
Non-recourse debt			2,271,204			2,271,204	2,532,683				$ 21,023
Assets held for sale			$ 59,046			$ 59,046	$ 7,255
Number of real estate properties | property			869			869
Proceeds from sales of direct financing lease									5,500
Loss on sale of direct financing lease									300
CPA: 16 - Global
Discontinued Operation Additional Disclosures
Loss from operations				$ (91,100)
Net investment in properties										$ 1,970,175
Non-recourse debt										1,768,288
Assets held for sale										133,415
Assets held-for-sale
Discontinued Operation Additional Disclosures
Number of properties held for sale | property			2			2
Number of real estate properties | property							4
Assets held-for-sale
Discontinued Operation Additional Disclosures
Impairment recognized on asset to be disposed									3,900
Assets held-for-sale | CPA: 16 - Global
Discontinued Operation Additional Disclosures
Financing cost				$ 15,000	$ 15,000
Continuing Operations
Discontinued Operation Additional Disclosures
Impairment recognized on asset to be disposed						$ 1,400
Gain (Loss) on extinguishment of debt, net of tax						(5,300)
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale						1,700
Proceeds from rental properties						25,000
Capitalized termination income						22,200
Lease termination income						15,000
Extinguishment of debt, amount						36,500
Deposits received for real estate			$ 12,700
Proceeds from sales of direct financing lease									5,500
Loss on sale of direct financing lease									(300)
Continuing Operations | France
Discontinued Operation Additional Disclosures
Proceeds from the sale of properties | €								€ 1,000
Gain (loss) on sale of real estate, net of tax									6,700
Impairment recognized on asset to be disposed									4,700
Net investment in properties							$ 14,500
Non-recourse debt									19,400
Continuing Operations | Assets held-for-sale
Discontinued Operation Additional Disclosures
Properties sold | property							13
Proceeds from the sale of properties							$ 45,600
Gain (loss) on sale of real estate, net of tax	$ 600						(5,100)
Scheduled impairment expense							1,800
Impairment recognized on asset to be disposed							1,700		100
Gain (Loss) on extinguishment of debt, net of tax						$ 2,100
Proceeds from sale of foreclosed assets	$ 1,400
Lease termination income							(8,400)
Continuing Operations | Assets held-for-sale | Retail Facility
Discontinued Operation Additional Disclosures
Properties sold			13			13
Proceeds from the sale of properties						$ 35,700
Gain (loss) on sale of real estate, net of tax						5,900
Scheduled impairment expense						6,000
Impairment recognized on asset to be disposed						2,700	3,300
Continuing Operations | Manufacturing Facility
Discontinued Operation Additional Disclosures
Contract selling price							5,800
Continuing Operations | Manufacturing Facility | Third Party Purchaser
Discontinued Operation Additional Disclosures
Contract selling price							1,400
Accounts receivable							5,500
Continuing Operations | Manufacturing Facility | Previous Tenant
Discontinued Operation Additional Disclosures
Contract selling price							$ 4,400
Continuing Operations | Domestic
Discontinued Operation Additional Disclosures
Properties sold | property							2
Gain (loss) on sale of real estate, net of tax							$ (100)
Impairment recognized on asset to be disposed							3,500
Proceeds from sale of foreclosed assets							8,300
Carrying value of assets to be disposed of			$ 55,200			55,200
Carrying value of foreclosed property							8,300
Mortgage loans on real estate, foreclosures							8,500
Continuing Operations | Foreign
Discontinued Operation Additional Disclosures
Carrying value of assets to be disposed of			$ 3,900			3,900
Continuing Operations | Contracted Properties
Discontinued Operation Additional Disclosures
Impairment recognized on asset to be disposed							1,300
Contract selling price							$ 10,000
Number of properties held for sale | property							4
Discontinued Operations
Discontinued Operation Additional Disclosures
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale							$ 7,000
Discontinued Operations | Self-storage
Discontinued Operation Additional Disclosures
Properties sold | property		19
Proceeds from the sale of properties									112,300
Gain (loss) on sale of real estate, net of tax									39,600
Gain (Loss) on extinguishment of debt, net of tax									(2,500)
Payment of mortgage obligation									45,100
Number of real estate properties | property		20
Number of Officers | officer		2
Ownership Interest In Joint Ventures		38.30%
Distributions to noncontrolling interest holders									40,800
Discontinued Operations | Self-storage | Noncontrolling interest
Discontinued Operation Additional Disclosures
Gain (loss) on sale of real estate, net of tax									24,400
Gain (Loss) on extinguishment of debt, net of tax									$ (1,500)
Discontinued Operations | Self-storage | Third Party
Discontinued Operation Additional Disclosures
Ownership Interest In Joint Ventures		60.00%
Discontinued Operations | Assets held-for-sale
Discontinued Operation Additional Disclosures
Properties sold | property									9
Proceeds from the sale of properties							116,400		$ 22,700
Gain (loss) on sale of real estate, net of tax							28,000		600
Impairment recognized on asset to be disposed							3,100		3,400
Gain (Loss) on extinguishment of debt, net of tax							(100)		100
Contract selling price									$ 117,500
Number of properties held for sale | property									9			7
Payment of mortgage obligation							$ 11,400		$ 5,700
Discontinued Operations | Assets held-for-sale | CPA: 16 - Global
Discontinued Operation Additional Disclosures
Proceeds from the sale of properties					123,400
Gain (loss) on sale of real estate, net of tax					(300)
Gain (Loss) on extinguishment of debt, net of tax					(1,200)
Assets held for sale										$ 133,400
Payment of mortgage obligation					$ 18,900
Number of real estate properties | property							10			10
Discontinued Operations | Assets held-for-sale | CPA: 16 - Global | Jointly Owned Investments
Discontinued Operation Additional Disclosures
Number of real estate properties | property										5
Discontinued Operations | Hotel
Discontinued Operation Additional Disclosures
Proceeds from the sale of properties									3,700
Gain (loss) on sale of real estate, net of tax									(200)
Impairment recognized on asset to be disposed									1,100
Real Estate Investments
Discontinued Operation Additional Disclosures
Gain (loss) on sale of real estate, net of tax						6,487	$ 1,581		(332)
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale						1,762	3,762		13,118
Real Estate Investments | Discontinued Operations
Discontinued Operation Additional Disclosures
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale							2,700
Officers | Discontinued Operations | Self-storage
Discontinued Operation Additional Disclosures
Ownership Interest In Joint Ventures		1.70%
Continued Operations
Discontinued Operation Additional Disclosures
Loss from operations						(12,120)	2,132		4,605
Gain (loss) on sale of real estate, net of tax						$ 6,487	1,338		(332)
Continued Operations | Noncontrolling interest
Discontinued Operation Additional Disclosures
Loss from operations							$ 100		$ 2,700

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Property Dispositions and Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disposal Group, Including Discontinued Operation, Income Statement Disclosures
Revenues	$ 265,250	$ 214,666	$ 238,079	$ 220,388	$ 248,831	$ 197,006	$ 253,414	$ 209,195	$ 938,383	$ 908,446	$ 489,851
Expenses	$ (150,902)	$ (159,066)	$ (130,382)	$ (140,479)	$ (176,239)	$ (128,174)	$ (161,360)	$ (171,605)	(580,829)	(637,378)	(352,706)
Gain (loss) on sale of real estate, net of tax									6,487	1,581	(332)
Impairment charges									(29,906)	(23,067)	(5,294)
Provision for income taxes									(37,621)	(17,609)	(1,252)
Income from continuing operations before gain (loss) on sale of real estate									178,740	211,170	94,317
Continued Operations
Disposal Group, Including Discontinued Operation, Income Statement Disclosures
Revenues									32,416	21,427	15,762
Expenses									(19,306)	(17,707)	(15,872)
Gain (loss) on sale of real estate, net of tax									6,487	1,338	(332)
Impairment charges									(4,071)	(8,537)	(4,741)
(Loss) gain on extinguishment of debt									(3,179)	0	113
Provision for income taxes									(227)	1,347	465
Income from continuing operations before gain (loss) on sale of real estate									$ 12,120	$ (2,132)	$ (4,605)

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Property Dispositions and Discontinued Operations (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disposal Group, Including Discontinued Operation, Income Statement Disclosures
Income from discontinued operations	$ 0	$ 33,318	$ 38,180
CPA: 16 - Global | Discontinued Operations, Held-for-sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures
Revenues	0	8,931	28,951
Expenses	0	(2,039)	(19,984)
Loss on extinguishment of debt	0	(1,244)	(2,415)
Gain on sale of real estate	0	27,670	40,043
Impairment charges	0	0	(8,415)
Income from discontinued operations	$ 0	$ 33,318	$ 38,180

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Segment Reporting (Narratives) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2015 USD ($) segment	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Segment Reporting Information [Line Items]
Number of business segments | segment		2
Merger, property acquisition, and other expenses		$ (7,764)	$ 34,465	$ 9,230
Segment Reporting Information Profit Loss
Reimbursable tenant and affiliate costs		78,669	155,074	86,886
Real estate tax expense, adjustment		57,700	59,800	37,300
Stock-based compensation expense		21,626	31,075	37,195
Strategic initiative expense		5,700
Gain on change in control of interests		0	105,947	0
Investment Management | Operating Segments
Segment Reporting Information Profit Loss
Stock-based compensation expense		13,800	18,400	30,000
Strategic initiative expense		$ 2,100
CPA: 16 - Global | Real Estate Ownership | Operating Segments
Segment Reporting Information [Line Items]
Merger, property acquisition, and other expenses			$ 30,500	$ 5,000
Germany
Segment Reporting Information Profit Loss
Real estate tax expense, adjustment	$ (25,000)

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Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information Profit Loss
Revenues	$ 265,250	$ 214,666	$ 238,079	$ 220,388	$ 248,831	$ 197,006	$ 253,414	$ 209,195	$ 938,383	$ 908,446	$ 489,851
Operating expenses	(150,902)	(159,066)	(130,382)	(140,479)	(176,239)	(128,174)	(161,360)	(171,605)	(580,829)	(637,378)	(352,706)
Interest expense									(194,326)	(178,122)	(103,728)
Other income and expenses, excluding interest expense (e)									53,133	135,833	62,152
Provision for income taxes									(37,621)	(17,609)	(1,252)
Gain (loss) on sale of real estate, net of tax									6,487	1,581	(332)
Net income attributable to noncontrolling interests	(5,095)	(1,833)	(3,575)	(2,466)	(1,470)	(993)	(2,344)	(1,578)	(12,969)	(6,385)	(32,936)
Net (loss) income attributable to noncontrolling interests of discontinued operations									0	(179)	23,941
Net loss (income) attributable to redeemable noncontrolling interests	$ 0	$ 0	$ 0	$ 0	$ 279	$ 14	$ 111	$ (262)	0	142	(353)
Income from continuing operations attributable to W. P. Carey									172,258	206,329	84,637
Real Estate Ownership
Segment Reporting Information Profit Loss
Revenues									735,448	645,383	315,965
Operating expenses									(426,814)	(404,674)	(178,962)
Interest expense									(194,326)	(178,122)	(103,728)
Provision for income taxes									(17,948)	916	(4,703)
Gain (loss) on sale of real estate, net of tax									6,487	1,581	(332)
Net income attributable to noncontrolling interests									(10,961)	(5,573)	(33,056)
Net (loss) income attributable to noncontrolling interests of discontinued operations									0	(179)	23,941
Income from continuing operations attributable to W. P. Carey									146,810	194,890	80,276
Real Estate Ownership | Operating Segments
Segment Reporting Information Profit Loss
Revenues									735,448	645,383	315,965
Operating expenses									(426,814)	(404,674)	(178,962)
Interest expense									(194,326)	(178,122)	(103,728)
Other income and expenses, excluding interest expense (e)									54,924	135,558	61,151
Provision for income taxes									(17,948)	916	(4,703)
Gain (loss) on sale of real estate, net of tax									6,487	1,581	(332)
Net income attributable to noncontrolling interests									(10,961)	(5,573)	(33,056)
Net (loss) income attributable to noncontrolling interests of discontinued operations									0	(179)	23,941
Income from continuing operations attributable to W. P. Carey									146,810	194,890	80,276
Investment Management | Operating Segments
Segment Reporting Information Profit Loss
Revenues									202,935	263,063	173,886
Operating expenses									(154,015)	(232,704)	(173,744)
Other income and expenses, excluding interest expense (e)									(1,791)	275	1,001
Provision for income taxes									(19,673)	(18,525)	3,451
Net income attributable to noncontrolling interests									(2,008)	(812)	120
Net loss (income) attributable to redeemable noncontrolling interests									0	142	(353)
Income from continuing operations attributable to W. P. Carey									$ 25,448	$ 11,439	$ 4,361

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Segment Reporting (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Long-lived assets	$ 6,102,017	$ 5,905,958
Total assets	8,754,673	8,648,479
Real Estate Ownership
Assets
Long-lived assets	6,079,803	5,880,958
Total assets	8,550,128	8,459,406
Real Estate Ownership | Operating Segments
Assets
Long-lived assets	6,079,803	5,880,958
Total assets	8,550,128	8,459,406
Investment Management | Operating Segments
Assets
Long-lived assets	22,214	25,000
Total assets	$ 204,545	$ 189,073

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Segment Reporting (Details 3) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information Profit Loss
Revenues	$ 265,250	$ 214,666	$ 238,079	$ 220,388	$ 248,831	$ 197,006	$ 253,414	$ 209,195	$ 938,383	$ 908,446	$ 489,851
Operating expenses	(150,902)	(159,066)	(130,382)	(140,479)	(176,239)	(128,174)	(161,360)	(171,605)	(580,829)	(637,378)	(352,706)
Interest expense									(194,326)	(178,122)	(103,728)
Provision for income taxes									(37,621)	(17,609)	(1,252)
Gain (loss) on sale of real estate, net of tax									6,487	1,581	(332)
Net income attributable to noncontrolling interests	$ (5,095)	$ (1,833)	$ (3,575)	$ (2,466)	$ (1,470)	$ (993)	$ (2,344)	$ (1,578)	(12,969)	(6,385)	(32,936)
Net (loss) income attributable to noncontrolling interests of discontinued operations									0	(179)	23,941
Income from continuing operations attributable to W. P. Carey									172,258	206,329	84,637
Real Estate Investments
Segment Reporting Information Profit Loss
Revenues									735,448	645,383	315,965
Operating expenses									(426,814)	(404,674)	(178,962)
Interest expense									(194,326)	(178,122)	(103,728)
Other income and expenses, excluding interest expense									54,924	135,558	61,151
Provision for income taxes									(17,948)	916	(4,703)
Gain (loss) on sale of real estate, net of tax									6,487	1,581	(332)
Net income attributable to noncontrolling interests									(10,961)	(5,573)	(33,056)
Net (loss) income attributable to noncontrolling interests of discontinued operations									0	(179)	23,941
Income from continuing operations attributable to W. P. Carey									146,810	194,890	80,276
Domestic | Real Estate Investments
Segment Reporting Information Profit Loss
Revenues									468,703	426,578	218,758
Operating expenses									(296,265)	(284,362)	(126,493)
Interest expense									(153,219)	(117,603)	(65,970)
Other income and expenses, excluding interest expense									50,891	146,156	88,593
Provision for income taxes									(6,219)	(3,238)	13
Gain (loss) on sale of real estate, net of tax									2,941	(5,119)	(332)
Net income attributable to noncontrolling interests									(5,358)	(4,233)	(34,321)
Net (loss) income attributable to noncontrolling interests of discontinued operations									0	(179)	23,941
Income from continuing operations attributable to W. P. Carey									61,474	158,000	104,189
Germany | Real Estate Investments
Segment Reporting Information Profit Loss
Revenues									65,777	72,978	20,221
Operating expenses									818	(40,847)	(3,011)
Interest expense									(15,432)	(18,880)	(5,020)
Other income and expenses, excluding interest expense									4,175	(10,698)	(29,284)
Provision for income taxes									(4,357)	3,163	(1,693)
Gain (loss) on sale of real estate, net of tax									21	0	0
Net income attributable to noncontrolling interests									(5,537)	(1,017)	(3,188)
Income from continuing operations attributable to W. P. Carey									45,465	4,699	(21,975)
Other International | Real Estate Investments
Segment Reporting Information Profit Loss
Revenues									200,968	145,827	76,986
Operating expenses									(131,367)	(79,465)	(49,458)
Interest expense									(25,675)	(41,639)	(32,738)
Other income and expenses, excluding interest expense									(142)	100	1,842
Provision for income taxes									(7,372)	991	(3,023)
Gain (loss) on sale of real estate, net of tax									3,525	6,700	0
Net income attributable to noncontrolling interests									(66)	(323)	4,453
Income from continuing operations attributable to W. P. Carey									$ 39,871	$ 32,191	$ (1,938)

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Segment Reporting (Details 4) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Long-lived assets	$ 6,102,017	$ 5,905,958
Total assets	8,754,673	8,648,479
Real Estate Investments
Assets
Long-lived assets	6,079,803	5,880,958
Total assets	8,550,128	8,459,406
Domestic | Real Estate Investments
Assets
Long-lived assets	3,794,232	3,804,430
Total assets	5,447,818	5,567,383
Germany | Real Estate Investments
Assets
Long-lived assets	581,283	609,739
Total assets	790,890	875,840
Other International | Real Estate Investments
Assets
Long-lived assets	1,704,288	1,466,789
Total assets	$ 2,311,420	$ 2,016,183

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Selected Quarterly Financial Information (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interim Period, Costs Not Allocable
Real estate tax expense, adjustment		$ 57,700	$ 59,800	$ 37,300
Gain on change in control of interests		$ 0	$ 105,947	$ 0
Impact of change in shares outstanding on basic and dilutive earnings per share			$ 0.09
Germany
Interim Period, Costs Not Allocable
Real estate tax expense, adjustment	$ (25,000)
Domestic | Assets held-for-sale
Interim Period, Costs Not Allocable
Lease termination income	$ 15,000

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Selected Quarterly Financial Data Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Data
Revenues	$ 265,250	$ 214,666	$ 238,079	$ 220,388	$ 248,831	$ 197,006	$ 253,414	$ 209,195	$ 938,383	$ 908,446	$ 489,851
Expenses	150,902	159,066	130,382	140,479	176,239	128,174	161,360	171,605	580,829	637,378	352,706
Net income	56,144	23,578	66,923	38,582	33,463	28,316	66,972	117,318	185,227	246,069	132,165
Net income attributable to noncontrolling interests	(5,095)	(1,833)	(3,575)	(2,466)	(1,470)	(993)	(2,344)	(1,578)	(12,969)	(6,385)	(32,936)
Net loss (income) attributable to redeemable noncontrolling interest	0	0	0	0	279	14	111	(262)	0	142	(353)
Net Income Attributable to W. P. Carey	$ 51,049	$ 21,745	$ 63,348	$ 36,116	$ 32,272	$ 27,337	$ 64,739	$ 115,478	$ 172,258	$ 239,826	$ 98,876
Earnings per share attributable to W. P. Carey:
Basic (usd per share)	$ 0.48	$ 0.20	$ 0.60	$ 0.34	$ 0.31	$ 0.27	$ 0.64	$ 1.29	$ 1.62	$ 2.42	$ 1.43
Diluted (usd per share)	0.48	0.20	0.59	0.34	0.30	0.27	0.64	1.27	1.61	2.39	1.41
Distributions declared per share (usd per share)	$ 0.9646	$ 0.955	$ 0.954	$ 0.9525	$ 0.95	$ 0.94	$ 0.9	$ 0.895	$ 3.8261	$ 3.685	$ 3.39

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Subsequent Events (Details) - USD ($) $ in Millions		2 Months Ended	3 Months Ended	12 Months Ended
	Jan. 29, 2016	Feb. 23, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event
Severance costs				$ 0.8	$ 1.0	$ 0.7
Subsequent Event
Subsequent Event
Severance costs			$ 5.1
Senior Unsecured Credit Facility | Subsequent Event
Subsequent Event
Debt financing cost	$ 0.3
Long Term Incentive Plan | RSUs Awarded | Subsequent Event
Subsequent Event
Share based compensation shares issued		210,249
Long Term Incentive Plan | Performance Stock Units | Subsequent Event
Subsequent Event
Share based compensation shares issued		184,755

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Schedule II - Valuation And Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 20,672	$ 18,214	$ 15,133
Other Additions	10,001	2,458	3,081
Deductions	(927)	0	0
Balance at End of Year	$ 29,746	$ 20,672	$ 18,214

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Schedule III - Real Estate and Accumulated Depreciation (Narratives) (Details) $ in Billions	Dec. 31, 2015 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Federal income tax	$ 7.5

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Schedule III - Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed
Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,080,307
Initial Cost to Company
Land	1,279,611
Buildings	4,268,407
Cost Capitalized Subsequent to Acquisition	189,559
Increase (Decrease) in Net Investments	(429,366)
Gross Amount at which Carried at Close of Period
Land	1,160,567
Buildings	4,147,644
Total	5,308,211	$ 4,976,685	$ 2,506,804	$ 2,331,613
Accumulated Depreciation	372,735	253,627	168,076	116,075
Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	162,470
Initial Cost to Company
Land	110,357
Buildings	756,237
Cost Capitalized Subsequent to Acquisition	9
Increase (Decrease) in Net Investments	(110,250)
Gross Amount at which Carried at Close of Period
Total	756,353
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	45,981
Initial Cost to Company
Land	10,230
Buildings	77,994
Cost Capitalized Subsequent to Acquisition	945
Increase (Decrease) in Net Investments	(13,689)
Gross Amount at which Carried at Close of Period
Land	6,578
Buildings	68,558
Total	82,749	84,885	6,024	99,703
Accumulated Depreciation	8,794	$ 4,866	$ 882	$ 19,993
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	7,269
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	7,613
Industrial facilities in Erlanger, KY | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	11,107
Initial Cost to Company
Land	1,526
Buildings	21,427
Cost Capitalized Subsequent to Acquisition	2,966
Increase (Decrease) in Net Investments	141
Gross Amount at which Carried at Close of Period
Land	1,526
Buildings	24,534
Total	26,060
Accumulated Depreciation	$ 11,396
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Industrial facilities in Thurmont, MD and Farmington, NY | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	729
Buildings	5,903
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	729
Buildings	5,903
Total	6,632
Accumulated Depreciation	$ 663
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Retail facility in Montgomery, AL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	855
Buildings	6,762
Cost Capitalized Subsequent to Acquisition	277
Increase (Decrease) in Net Investments	(6,978)
Gross Amount at which Carried at Close of Period
Land	142
Buildings	774
Total	916
Accumulated Depreciation	$ 471
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Warehouse facilities in Anchorage, AK and Commerce, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,905
Buildings	11,898
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	12
Gross Amount at which Carried at Close of Period
Land	4,905
Buildings	11,910
Total	16,815
Accumulated Depreciation	$ 3,421
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Industrial facility in Toledo, OH | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	224
Buildings	2,408
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	224
Buildings	2,408
Total	2,632
Accumulated Depreciation	$ 1,304
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Industrial facility in Goshen, IN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	239
Buildings	940
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	239
Buildings	940
Total	1,179
Accumulated Depreciation	$ 274
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Raleigh, NC | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,638
Buildings	2,844
Cost Capitalized Subsequent to Acquisition	187
Increase (Decrease) in Net Investments	(2,554)
Gross Amount at which Carried at Close of Period
Land	828
Buildings	1,287
Total	2,115
Accumulated Depreciation	$ 666
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Office facility in King of Prussia, PA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,219
Buildings	6,283
Cost Capitalized Subsequent to Acquisition	1,295
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,219
Buildings	7,578
Total	8,797
Accumulated Depreciation	$ 3,248
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Industrial facility in Pinconning, MI | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	32
Buildings	1,692
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	32
Buildings	1,692
Total	1,724
Accumulated Depreciation	$ 761
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Industrial facilities in San Fernando, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,658
Initial Cost to Company
Land	2,052
Buildings	5,322
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,889)
Gross Amount at which Carried at Close of Period
Land	1,494
Buildings	3,991
Total	5,485
Accumulated Depreciation	$ 1,814
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,382
Buildings	0
Cost Capitalized Subsequent to Acquisition	238
Increase (Decrease) in Net Investments	3,371
Gross Amount at which Carried at Close of Period
Land	9,210
Buildings	3,781
Total	12,991
Accumulated Depreciation	$ 668
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Land in Glendora, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,135
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	17
Gross Amount at which Carried at Close of Period
Land	1,152
Buildings	0
Total	1,152
Accumulated Depreciation	0
Land in Doraville, GA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,288
Buildings	9,864
Cost Capitalized Subsequent to Acquisition	1,546
Increase (Decrease) in Net Investments	(11,410)
Gross Amount at which Carried at Close of Period
Land	3,288
Buildings	0
Total	3,288
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of Income is Computed
Office facilities in Collierville, TN and warehouse facility in Corpus Christi, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 48,320
Initial Cost to Company
Land	3,490
Buildings	72,497
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(15,609)
Gross Amount at which Carried at Close of Period
Land	288
Buildings	60,090
Total	60,378
Accumulated Depreciation	$ 9,853
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land in Irving and Houston, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,795
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,795
Buildings	0
Total	9,795
Accumulated Depreciation	0
Industrial facility in Chandler, AZ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	9,891
Initial Cost to Company
Land	5,035
Buildings	18,957
Cost Capitalized Subsequent to Acquisition	7,435
Increase (Decrease) in Net Investments	541
Gross Amount at which Carried at Close of Period
Land	5,035
Buildings	26,933
Total	31,968
Accumulated Depreciation	$ 11,313
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Bridgeton, MO | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	842
Buildings	4,762
Cost Capitalized Subsequent to Acquisition	2,523
Increase (Decrease) in Net Investments	71
Gross Amount at which Carried at Close of Period
Land	842
Buildings	7,356
Total	8,198
Accumulated Depreciation	$ 2,566
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Retail facilities in Drayton Plains, MI and Citrus Heights, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,039
Buildings	4,788
Cost Capitalized Subsequent to Acquisition	202
Increase (Decrease) in Net Investments	193
Gross Amount at which Carried at Close of Period
Land	1,039
Buildings	5,183
Total	6,222
Accumulated Depreciation	$ 1,438
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Warehouse facility in Memphis, TN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,882
Buildings	3,973
Cost Capitalized Subsequent to Acquisition	255
Increase (Decrease) in Net Investments	(3,893)
Gross Amount at which Carried at Close of Period
Land	328
Buildings	1,889
Total	2,217
Accumulated Depreciation	$ 834
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Retail facility in Bellevue, WA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,125
Buildings	11,812
Cost Capitalized Subsequent to Acquisition	393
Increase (Decrease) in Net Investments	(123)
Gross Amount at which Carried at Close of Period
Land	4,371
Buildings	11,836
Total	16,207
Accumulated Depreciation	$ 5,219
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Houston, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,260
Buildings	22,574
Cost Capitalized Subsequent to Acquisition	1,628
Increase (Decrease) in Net Investments	(23,754)
Gross Amount at which Carried at Close of Period
Land	211
Buildings	3,497
Total	3,708
Accumulated Depreciation	$ 2,620
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Rio Rancho, NM | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,313
Initial Cost to Company
Land	1,190
Buildings	9,353
Cost Capitalized Subsequent to Acquisition	1,742
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,467
Buildings	10,818
Total	12,285
Accumulated Depreciation	$ 4,550
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Moorestown, NJ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	351
Buildings	5,981
Cost Capitalized Subsequent to Acquisition	1,470
Increase (Decrease) in Net Investments	43
Gross Amount at which Carried at Close of Period
Land	351
Buildings	7,494
Total	7,845
Accumulated Depreciation	$ 3,430
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Norcross, GA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 26,951
Initial Cost to Company
Land	5,200
Buildings	25,585
Cost Capitalized Subsequent to Acquisition	11,822
Increase (Decrease) in Net Investments	(28,152)
Gross Amount at which Carried at Close of Period
Land	2,646
Buildings	11,809
Total	14,455
Accumulated Depreciation	$ 481
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Illkirch, France | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,322
Initial Cost to Company
Land	0
Buildings	18,520
Cost Capitalized Subsequent to Acquisition	6
Increase (Decrease) in Net Investments	1,041
Gross Amount at which Carried at Close of Period
Land	0
Buildings	19,567
Total	19,567
Accumulated Depreciation	$ 9,224
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Industrial facilities in Lenexa, KS and Winston-Salem, NC | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,860
Buildings	12,539
Cost Capitalized Subsequent to Acquisition	2,875
Increase (Decrease) in Net Investments	(1,067)
Gross Amount at which Carried at Close of Period
Land	1,725
Buildings	14,482
Total	16,207
Accumulated Depreciation	$ 4,279
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facilities in Playa Vista and Venice, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 46,741
Initial Cost to Company
Land	2,032
Buildings	10,152
Cost Capitalized Subsequent to Acquisition	52,817
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	5,889
Buildings	59,113
Total	65,002
Accumulated Depreciation	$ 8,184
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Warehouse facility in Greenfield, IN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,807
Buildings	10,335
Cost Capitalized Subsequent to Acquisition	223
Increase (Decrease) in Net Investments	(8,383)
Gross Amount at which Carried at Close of Period
Land	967
Buildings	4,015
Total	4,982
Accumulated Depreciation	$ 1,282
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Warehouse facilities in Birmingham, AL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,256
Buildings	7,704
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,256
Buildings	7,704
Total	8,960
Accumulated Depreciation	$ 2,175
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Industrial facility in Scottsdale, AZ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,102
Initial Cost to Company
Land	586
Buildings	46
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	586
Buildings	46
Total	632
Accumulated Depreciation	$ 13
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Retail facility in Hot Springs, AR | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	850
Buildings	2,939
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	(2,614)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	1,177
Total	1,177
Accumulated Depreciation	$ 333
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Warehouse facilities in Apopka, FL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	362
Buildings	10,855
Cost Capitalized Subsequent to Acquisition	783
Increase (Decrease) in Net Investments	(155)
Gross Amount at which Carried at Close of Period
Land	337
Buildings	11,508
Total	11,845
Accumulated Depreciation	$ 3,091
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land in San Leandro, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,532
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,532
Buildings	0
Total	1,532
Accumulated Depreciation	0
Sports facility in Austin, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,664
Initial Cost to Company
Land	1,725
Buildings	5,168
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,725
Buildings	5,168
Total	6,893
Accumulated Depreciation	$ 1,647
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Retail facility in Wroclaw, Poland | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,544
Initial Cost to Company
Land	3,600
Buildings	10,306
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,061)
Gross Amount at which Carried at Close of Period
Land	2,722
Buildings	7,123
Total	9,845
Accumulated Depreciation	$ 1,430
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Fort Worth, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 31,870
Initial Cost to Company
Land	4,600
Buildings	37,580
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,600
Buildings	37,580
Total	42,180
Accumulated Depreciation	$ 5,558
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Warehouse facility in Mallorca, Spain | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	11,109
Buildings	12,636
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,104)
Gross Amount at which Carried at Close of Period
Land	10,106
Buildings	11,535
Total	21,641
Accumulated Depreciation	$ 1,606
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facilities in San Diego, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 32,661
Initial Cost to Company
Land	7,247
Buildings	29,098
Cost Capitalized Subsequent to Acquisition	1,214
Increase (Decrease) in Net Investments	(5,514)
Gross Amount at which Carried at Close of Period
Land	4,762
Buildings	27,283
Total	32,045
Accumulated Depreciation	$ 5,376
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 22,000
Initial Cost to Company
Land	5,646
Buildings	12,367
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,646
Buildings	12,367
Total	18,013
Accumulated Depreciation	$ 1,085
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 137,717
Initial Cost to Company
Land	32,680
Buildings	198,999
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	32,680
Buildings	198,999
Total	231,679
Accumulated Depreciation	$ 17,801
Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,597
Initial Cost to Company
Land	4,403
Buildings	20,298
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,870)
Gross Amount at which Carried at Close of Period
Land	2,589
Buildings	18,242
Total	20,831
Accumulated Depreciation	$ 1,442
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land in Irvine, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,625
Initial Cost to Company
Land	4,173
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,173
Buildings	0
Total	4,173
Accumulated Depreciation	0
Industrial facility in Alpharetta, GA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	7,197
Initial Cost to Company
Land	2,198
Buildings	6,349
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,198
Buildings	6,349
Total	8,547
Accumulated Depreciation	$ 688
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Office facility in Clinton, NJ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 22,947
Initial Cost to Company
Land	2,866
Buildings	34,834
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,866
Buildings	34,834
Total	37,700
Accumulated Depreciation	$ 3,776
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Office facilities in St. Petersburg, FL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,280
Buildings	24,627
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,280
Buildings	24,627
Total	27,907
Accumulated Depreciation	$ 2,662
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Movie theater in Baton Rouge, LA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,524
Initial Cost to Company
Land	4,168
Buildings	5,724
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,168
Buildings	5,724
Total	9,892
Accumulated Depreciation	$ 621
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Office facilities in San Diego, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,804
Buildings	16,729
Cost Capitalized Subsequent to Acquisition	1,656
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,804
Buildings	18,385
Total	26,189
Accumulated Depreciation	$ 1,969
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Industrial facilities in Richmond, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	895
Buildings	1,953
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	895
Buildings	1,953
Total	2,848
Accumulated Depreciation	$ 212
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Industrial and warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 58,262
Initial Cost to Company
Land	16,386
Buildings	84,668
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	16,386
Buildings	84,668
Total	101,054
Accumulated Depreciation	$ 9,103
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Warehouse facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	15,779
Buildings	89,421
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(16,139)
Gross Amount at which Carried at Close of Period
Land	13,359
Buildings	75,702
Total	89,061
Accumulated Depreciation	$ 8,191
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Industrial facilities in Orlando, FL; Rocky Mount, NC, and Lewisville, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,163
Buildings	17,715
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,163
Buildings	17,715
Total	19,878
Accumulated Depreciation	$ 1,920
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Industrial facilities in Chattanooga, TN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	558
Buildings	5,923
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	558
Buildings	5,923
Total	6,481
Accumulated Depreciation	$ 635
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Industrial facility in Mooresville, NC | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,077
Initial Cost to Company
Land	756
Buildings	9,775
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	756
Buildings	9,775
Total	10,531
Accumulated Depreciation	$ 1,045
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Industrial facility in McCalla, AL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	960
Buildings	14,472
Cost Capitalized Subsequent to Acquisition	6,350
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	960
Buildings	20,822
Total	21,782
Accumulated Depreciation	$ 2,450
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Office facility in Lower Makefield Township, PA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,549
Initial Cost to Company
Land	1,726
Buildings	12,781
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,726
Buildings	12,781
Total	14,507
Accumulated Depreciation	$ 1,363
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Industrial facility in Fort Smith, AZ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,063
Buildings	6,159
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,063
Buildings	6,159
Total	7,222
Accumulated Depreciation	$ 651
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Retail facilities in Greenwood, IN and Buffalo, NY | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,755
Initial Cost to Company
Land	0
Buildings	19,990
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	19,990
Total	19,990
Accumulated Depreciation	$ 2,092
Retail facilities in Greenwood, IN and Buffalo, NY | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Retail facilities in Greenwood, IN and Buffalo, NY | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facilities in Bowling Green, KY and Jackson, TN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,391
Initial Cost to Company
Land	1,492
Buildings	8,182
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,492
Buildings	8,182
Total	9,674
Accumulated Depreciation	$ 863
Industrial facilities in Bowling Green, KY and Jackson, TN | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 32,553
Initial Cost to Company
Land	14,006
Buildings	33,683
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,961)
Gross Amount at which Carried at Close of Period
Land	12,045
Buildings	33,683
Total	45,728
Accumulated Depreciation	$ 3,422
Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,146
Initial Cost to Company
Land	6,559
Buildings	19,078
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,559
Buildings	19,078
Total	25,637
Accumulated Depreciation	$ 1,996
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,339
Initial Cost to Company
Land	6,080
Buildings	23,424
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,080
Buildings	23,424
Total	29,504
Accumulated Depreciation	$ 2,431
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land in Kahl, Germany | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,694
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,027)
Gross Amount at which Carried at Close of Period
Land	5,667
Buildings	0
Total	5,667
Accumulated Depreciation	0
Sports facilities in Englewood, CO; Memphis TN; and Bedford, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	7,925
Initial Cost to Company
Land	4,877
Buildings	4,258
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4,823
Gross Amount at which Carried at Close of Period
Land	4,877
Buildings	9,081
Total	13,958
Accumulated Depreciation	$ 993
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Office facilities in Mons, Belgium | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,820
Initial Cost to Company
Land	1,505
Buildings	6,026
Cost Capitalized Subsequent to Acquisition	653
Increase (Decrease) in Net Investments	(1,285)
Gross Amount at which Carried at Close of Period
Land	1,274
Buildings	5,625
Total	6,899
Accumulated Depreciation	$ 543
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Warehouse facilities in Oceanside, CA and Concordville, PA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,667
Initial Cost to Company
Land	3,333
Buildings	8,270
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,333
Buildings	8,270
Total	11,603
Accumulated Depreciation	$ 861
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Self-storage facilities located throughout the United States | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	74,551
Buildings	319,186
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(50)
Gross Amount at which Carried at Close of Period
Land	74,501
Buildings	319,186
Total	393,687
Accumulated Depreciation	$ 32,867
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Warehouse facility in La Vista, NE | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 21,137
Initial Cost to Company
Land	4,196
Buildings	23,148
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,196
Buildings	23,148
Total	27,344
Accumulated Depreciation	$ 2,247
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Office facility in Pleasanton, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,478
Initial Cost to Company
Land	3,675
Buildings	7,468
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,675
Buildings	7,468
Total	11,143
Accumulated Depreciation	$ 767
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Office facility in San Marcos, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	440
Buildings	688
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	440
Buildings	688
Total	1,128
Accumulated Depreciation	$ 71
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Office facilities in Espoo, Finland | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 40,826
Initial Cost to Company
Land	40,555
Buildings	15,662
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(20,107)
Gross Amount at which Carried at Close of Period
Land	26,980
Buildings	9,130
Total	36,110
Accumulated Depreciation	$ 79
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Office facility in Chicago, IL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 14,217
Initial Cost to Company
Land	2,169
Buildings	19,010
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,169
Buildings	19,010
Total	21,179
Accumulated Depreciation	$ 1,937
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facility in Louisville, CO | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,997
Initial Cost to Company
Land	5,342
Buildings	8,786
Cost Capitalized Subsequent to Acquisition	1,849
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,481
Buildings	10,496
Total	15,977
Accumulated Depreciation	$ 1,220
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facilities in Hollywood and Orlando, FL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,639
Buildings	1,269
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,639
Buildings	1,269
Total	4,908
Accumulated Depreciation	$ 129
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Warehouse facility in Golden, CO | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	808
Buildings	4,304
Cost Capitalized Subsequent to Acquisition	77
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	808
Buildings	4,381
Total	5,189
Accumulated Depreciation	$ 489
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Industrial facilities in Texarkana, TX and Orem, UT | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,755
Buildings	4,493
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,755
Buildings	4,493
Total	6,248
Accumulated Depreciation	$ 458
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facility in Eugene, OR | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,460
Initial Cost to Company
Land	2,286
Buildings	3,783
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,286
Buildings	3,783
Total	6,069
Accumulated Depreciation	$ 385
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facility in Neenah, WI | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	438
Buildings	4,954
Cost Capitalized Subsequent to Acquisition	64
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	438
Buildings	5,018
Total	5,456
Accumulated Depreciation	$ 506
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facility in South Jordan, UT | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,246
Initial Cost to Company
Land	2,183
Buildings	11,340
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,183
Buildings	11,340
Total	13,523
Accumulated Depreciation	$ 1,156
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Warehouse facility in Ennis, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,333
Initial Cost to Company
Land	478
Buildings	4,087
Cost Capitalized Subsequent to Acquisition	145
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	478
Buildings	4,232
Total	4,710
Accumulated Depreciation	$ 499
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Retail facility in Braintree, MA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,127
Initial Cost to Company
Land	2,409
Buildings	0
Cost Capitalized Subsequent to Acquisition	6,184
Increase (Decrease) in Net Investments	(1,403)
Gross Amount at which Carried at Close of Period
Land	1,006
Buildings	6,184
Total	7,190
Accumulated Depreciation	$ 380
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Office facility in Helsinki, Finland | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 58,756
Initial Cost to Company
Land	26,560
Buildings	20,735
Cost Capitalized Subsequent to Acquisition	92
Increase (Decrease) in Net Investments	(7,256)
Gross Amount at which Carried at Close of Period
Land	22,485
Buildings	17,646
Total	40,131
Accumulated Depreciation	$ 1,770
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Office facility in Paris, France | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 58,508
Initial Cost to Company
Land	23,387
Buildings	43,450
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(10,255)
Gross Amount at which Carried at Close of Period
Land	19,799
Buildings	36,783
Total	56,582
Accumulated Depreciation	$ 3,653
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 114,073
Initial Cost to Company
Land	26,564
Buildings	72,866
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(15,255)
Gross Amount at which Carried at Close of Period
Land	22,488
Buildings	61,687
Total	84,175
Accumulated Depreciation	$ 8,412
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Office facility in Laupheim, Germany | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,072
Buildings	8,339
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,598)
Gross Amount at which Carried at Close of Period
Land	1,754
Buildings	7,059
Total	8,813
Accumulated Depreciation	$ 1,149
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Industrial facilities in Danbury, CT and Bedford, MA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,144
Initial Cost to Company
Land	3,519
Buildings	16,329
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,519
Buildings	16,329
Total	19,848
Accumulated Depreciation	$ 1,776
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Warehouse facilities in Venlo, Netherlands | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,154
Buildings	18,590
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,678)
Gross Amount at which Carried at Close of Period
Land	8,501
Buildings	15,565
Total	24,066
Accumulated Depreciation	$ 1,224
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Industrial and office facilities in Tampere, Finland | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,309
Buildings	37,153
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,506)
Gross Amount at which Carried at Close of Period
Land	1,904
Buildings	31,052
Total	32,956
Accumulated Depreciation	$ 2,561
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Quincy, MA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,316
Buildings	21,537
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,316
Buildings	21,537
Total	23,853
Accumulated Depreciation	$ 1,493
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Salford, United Kingdom | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	30,012
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,553)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	28,459
Total	28,459
Accumulated Depreciation	$ 1,704
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Lone Tree, CO | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,761
Buildings	28,864
Cost Capitalized Subsequent to Acquisition	1,377
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,761
Buildings	30,241
Total	35,002
Accumulated Depreciation	$ 1,738
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Mönchengladbach, Germany | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 29,449
Initial Cost to Company
Land	2,154
Buildings	6,917
Cost Capitalized Subsequent to Acquisition	44,205
Increase (Decrease) in Net Investments	(1,241)
Gross Amount at which Carried at Close of Period
Land	2,091
Buildings	49,944
Total	52,035
Accumulated Depreciation	$ 415
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Sports facility in Houston, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,340
Initial Cost to Company
Land	2,430
Buildings	2,270
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,430
Buildings	2,270
Total	4,700
Accumulated Depreciation	$ 194
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Sports facility in St. Charles, MO | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,966
Buildings	1,368
Cost Capitalized Subsequent to Acquisition	80
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,966
Buildings	1,448
Total	3,414
Accumulated Depreciation	$ 101
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Sports facility in Salt Lake City, UT | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,918
Initial Cost to Company
Land	856
Buildings	2,804
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	856
Buildings	2,804
Total	3,660
Accumulated Depreciation	$ 208
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land in Scottsdale, AZ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,599
Initial Cost to Company
Land	22,300
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,300
Buildings	0
Total	22,300
Accumulated Depreciation	0
Industrial facility in Aurora, CO | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,056
Initial Cost to Company
Land	737
Buildings	2,609
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	737
Buildings	2,609
Total	3,346
Accumulated Depreciation	$ 158
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Office facilities in Sunnyvale, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 52,922
Initial Cost to Company
Land	43,489
Buildings	73,035
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	43,489
Buildings	73,035
Total	116,524
Accumulated Depreciation	$ 5,626
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Warehouse facility in Burlington, NJ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,989
Buildings	6,213
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,989
Buildings	6,213
Total	10,202
Accumulated Depreciation	$ 468
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Industrial facility in Albuquerque, NM | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,467
Buildings	3,476
Cost Capitalized Subsequent to Acquisition	606
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,467
Buildings	4,082
Total	6,549
Accumulated Depreciation	$ 270
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Industrial facilities in Robbinsville, NJ; North Salt Lake, UT; and Radford, VA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,472
Initial Cost to Company
Land	10,601
Buildings	17,626
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,780)
Gross Amount at which Carried at Close of Period
Land	7,894
Buildings	13,553
Total	21,447
Accumulated Depreciation	$ 991
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Industrial facilities in Murrysville, PA and Wylie, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,185
Buildings	12,058
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	2,185
Buildings	12,059
Total	14,244
Accumulated Depreciation	$ 859
Industrial facilities in Murrysville, PA and Wylie, TX | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Industrial facilities in Murrysville, PA and Wylie, TX | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Industrial facility in Welcome, NC | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	980
Buildings	11,230
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	980
Buildings	11,230
Total	12,210
Accumulated Depreciation	$ 774
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 26,453
Initial Cost to Company
Land	4,005
Buildings	44,192
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,005
Buildings	44,192
Total	48,197
Accumulated Depreciation	$ 3,547
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 20,142
Initial Cost to Company
Land	8,451
Buildings	25,457
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	298
Gross Amount at which Carried at Close of Period
Land	8,451
Buildings	25,755
Total	34,206
Accumulated Depreciation	$ 1,716
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	17 years
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Retail facility in Torrance, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 24,188
Initial Cost to Company
Land	8,412
Buildings	12,241
Cost Capitalized Subsequent to Acquisition	1,213
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,412
Buildings	13,454
Total	21,866
Accumulated Depreciation	$ 982
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Office facility in Houston, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,503
Initial Cost to Company
Land	6,578
Buildings	424
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,578
Buildings	424
Total	7,002
Accumulated Depreciation	$ 13
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land in Doncaster, United Kingdom | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,257
Buildings	4,248
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(7,767)
Gross Amount at which Carried at Close of Period
Land	738
Buildings	0
Total	738
Accumulated Depreciation	0
Warehouse facility in Norwich, CT | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	11,450
Initial Cost to Company
Land	3,885
Buildings	21,342
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	3,885
Buildings	21,344
Total	25,229
Accumulated Depreciation	$ 1,446
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Warehouse facility in Norwich, CT | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,437
Buildings	9,669
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,437
Buildings	9,669
Total	11,106
Accumulated Depreciation	$ 655
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Retail facility in Johnstown, PA and warehouse facility in Whitehall, PA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,435
Buildings	9,093
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	17
Gross Amount at which Carried at Close of Period
Land	7,435
Buildings	9,110
Total	16,545
Accumulated Depreciation	$ 755
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Retail facilities in York, PA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,860
Initial Cost to Company
Land	3,776
Buildings	10,092
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,776
Buildings	10,092
Total	13,868
Accumulated Depreciation	$ 623
Retail facilities in York, PA | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Retail facilities in York, PA | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Industrial facility in Pittsburgh, PA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,151
Buildings	10,938
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,151
Buildings	10,938
Total	12,089
Accumulated Depreciation	$ 845
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Warehouse facilities in Atlanta, GA and Elkwood, VA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,356
Buildings	4,121
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,104)
Gross Amount at which Carried at Close of Period
Land	4,284
Buildings	3,089
Total	7,373
Accumulated Depreciation	$ 215
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Warehouse facility in Harrisburg, NC | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,753
Buildings	5,840
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(111)
Gross Amount at which Carried at Close of Period
Land	1,642
Buildings	5,840
Total	7,482
Accumulated Depreciation	$ 428
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Learning center in Nashville, TN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,402
Initial Cost to Company
Land	1,098
Buildings	7,043
Cost Capitalized Subsequent to Acquisition	816
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,098
Buildings	7,859
Total	8,957
Accumulated Depreciation	$ 478
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Warehouse facilities in Boé, Carpiquet, Lagnieu, Le Mans, Lunéville, and Saint-Germain-du-Puy, France and land in Le Mans and Vendin-le-Vieil, France | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 38,350
Initial Cost to Company
Land	62,183
Buildings	26,928
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(19,517)
Gross Amount at which Carried at Close of Period
Land	48,253
Buildings	21,341
Total	69,594
Accumulated Depreciation	$ 1,440
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Industrial facility in Chandler, AZ; industrial, office, and warehouse facilities in Englewood, CO; and land in Englewood, CO | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,456
Initial Cost to Company
Land	4,306
Buildings	7,235
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Land	4,306
Buildings	7,238
Total	11,544
Accumulated Depreciation	$ 458
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Industrial facility in Cynthiana, KY | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,556
Initial Cost to Company
Land	1,274
Buildings	3,505
Cost Capitalized Subsequent to Acquisition	176
Increase (Decrease) in Net Investments	(107)
Gross Amount at which Carried at Close of Period
Land	1,274
Buildings	3,574
Total	4,848
Accumulated Depreciation	$ 219
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facility in Columbia, SC | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,387
Initial Cost to Company
Land	2,843
Buildings	11,886
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,843
Buildings	11,886
Total	14,729
Accumulated Depreciation	$ 1,007
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land in Midlothian, VA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,390
Initial Cost to Company
Land	2,824
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,824
Buildings	0
Total	2,824
Accumulated Depreciation	0
Residential facility in Laramie, WY | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	16,125
Initial Cost to Company
Land	1,966
Buildings	18,896
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,966
Buildings	18,896
Total	20,862
Accumulated Depreciation	$ 2,160
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Office facility in Greenville, SC | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,784
Initial Cost to Company
Land	562
Buildings	7,916
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	43
Gross Amount at which Carried at Close of Period
Land	562
Buildings	7,959
Total	8,521
Accumulated Depreciation	$ 607
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Warehouse facilities in Mendota, IL; Toppenish and Yakima, WA; and Plover, WI | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,729
Initial Cost to Company
Land	1,444
Buildings	21,208
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,444
Buildings	21,208
Total	22,652
Accumulated Depreciation	$ 1,810
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Industrial facility in Allen, TX and office facility in Sunnyvale, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 11,259
Initial Cost to Company
Land	9,297
Buildings	24,086
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,297
Buildings	24,086
Total	33,383
Accumulated Depreciation	$ 1,491
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facilities in Hampton, NH | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,641
Initial Cost to Company
Land	8,990
Buildings	7,362
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,990
Buildings	7,362
Total	16,352
Accumulated Depreciation	$ 464
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Industrial facilities located throughout France | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 20,481
Initial Cost to Company
Land	36,306
Buildings	5,212
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(8,312)
Gross Amount at which Carried at Close of Period
Land	29,038
Buildings	4,168
Total	33,206
Accumulated Depreciation	$ 349
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Retail facility in Fairfax, VA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,114
Initial Cost to Company
Land	3,402
Buildings	16,353
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,402
Buildings	16,353
Total	19,755
Accumulated Depreciation	$ 1,188
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Retail facility in Lombard, IL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,114
Initial Cost to Company
Land	5,087
Buildings	8,578
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,087
Buildings	8,578
Total	13,665
Accumulated Depreciation	$ 623
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Warehouse facility in Plainfield, IN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 20,529
Initial Cost to Company
Land	1,578
Buildings	29,415
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,578
Buildings	29,415
Total	30,993
Accumulated Depreciation	$ 1,856
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Retail facility in Kennesaw, GA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,111
Initial Cost to Company
Land	2,849
Buildings	6,180
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,849
Buildings	6,180
Total	9,029
Accumulated Depreciation	$ 449
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Retail facility in Leawood, KS | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,094
Initial Cost to Company
Land	1,487
Buildings	13,417
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,487
Buildings	13,417
Total	14,904
Accumulated Depreciation	$ 975
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Office facility in Tolland, CT | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,158
Initial Cost to Company
Land	1,817
Buildings	5,709
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	11
Gross Amount at which Carried at Close of Period
Land	1,817
Buildings	5,720
Total	7,537
Accumulated Depreciation	$ 399
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Warehouse facilities in Lincolnton, NC and Mauldin, SC | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,946
Initial Cost to Company
Land	1,962
Buildings	9,247
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,962
Buildings	9,247
Total	11,209
Accumulated Depreciation	$ 630
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Retail facilities located throughout Germany | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 272,225
Initial Cost to Company
Land	81,109
Buildings	153,927
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(47,054)
Gross Amount at which Carried at Close of Period
Land	64,871
Buildings	123,111
Total	187,982
Accumulated Depreciation	8,306
Office facility in Southfield, MI | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,726
Buildings	4,856
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,726
Buildings	4,856
Total	6,582
Accumulated Depreciation	$ 301
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Office facility in The Woodlands, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 20,705
Initial Cost to Company
Land	3,204
Buildings	24,997
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,204
Buildings	24,997
Total	28,201
Accumulated Depreciation	$ 1,519
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Industrial facility in Guelph, Canada | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,472
Initial Cost to Company
Land	2,151
Buildings	1,750
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(760)
Gross Amount at which Carried at Close of Period
Land	1,732
Buildings	1,409
Total	3,141
Accumulated Depreciation	$ 83
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Industrial facilities in Shah Alam, Malaysia | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,021
Initial Cost to Company
Land	0
Buildings	10,429
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,340)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	8,089
Total	8,089
Accumulated Depreciation	$ 519
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Warehouse facilities in Lam Luk Ka and Bang Pa-in, Thailand | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,751
Initial Cost to Company
Land	13,054
Buildings	19,497
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,723)
Gross Amount at which Carried at Close of Period
Land	11,962
Buildings	17,866
Total	29,828
Accumulated Depreciation	$ 1,098
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Warehouse facilities in Valdosta, GA and Johnson City, TN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,444
Initial Cost to Company
Land	1,080
Buildings	14,998
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,080
Buildings	14,998
Total	16,078
Accumulated Depreciation	$ 1,079
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Industrial facility in Amherst, NY | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,227
Initial Cost to Company
Land	674
Buildings	7,971
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	674
Buildings	7,971
Total	8,645
Accumulated Depreciation	$ 680
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Industrial and warehouse facilities in Westfield, MA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,922
Buildings	9,755
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	9
Gross Amount at which Carried at Close of Period
Land	1,922
Buildings	9,764
Total	11,686
Accumulated Depreciation	$ 682
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Warehouse facilities in Kottka, Finland | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	8,546
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,711)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	6,835
Total	6,835
Accumulated Depreciation	$ 599
Warehouse facilities in Kottka, Finland | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Warehouse facilities in Kottka, Finland | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Office facility in Bloomington, MN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,942
Buildings	7,155
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,942
Buildings	7,155
Total	10,097
Accumulated Depreciation	$ 483
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Warehouse facility in Gorinchem, Netherlands | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,816
Initial Cost to Company
Land	1,143
Buildings	5,648
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,360)
Gross Amount at which Carried at Close of Period
Land	914
Buildings	4,517
Total	5,431
Accumulated Depreciation	$ 305
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Retail facility in Cresskill, NJ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,138
Initial Cost to Company
Land	2,366
Buildings	5,482
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	19
Gross Amount at which Carried at Close of Period
Land	2,366
Buildings	5,501
Total	7,867
Accumulated Depreciation	$ 338
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Retail facility in Livingston, NJ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,309
Initial Cost to Company
Land	2,932
Buildings	2,001
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	14
Gross Amount at which Carried at Close of Period
Land	2,932
Buildings	2,015
Total	4,947
Accumulated Depreciation	$ 142
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Retail facility in Maplewood, NJ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,662
Initial Cost to Company
Land	845
Buildings	647
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	845
Buildings	651
Total	1,496
Accumulated Depreciation	$ 46
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Retail facility in Montclair, NJ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,445
Initial Cost to Company
Land	1,905
Buildings	1,403
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	6
Gross Amount at which Carried at Close of Period
Land	1,905
Buildings	1,409
Total	3,314
Accumulated Depreciation	$ 99
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Retail facility in Morristown, NJ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,815
Initial Cost to Company
Land	3,258
Buildings	8,352
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	26
Gross Amount at which Carried at Close of Period
Land	3,258
Buildings	8,378
Total	11,636
Accumulated Depreciation	$ 590
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Retail facility in Summit, NJ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,695
Initial Cost to Company
Land	1,228
Buildings	1,465
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	8
Gross Amount at which Carried at Close of Period
Land	1,228
Buildings	1,473
Total	2,701
Accumulated Depreciation	$ 104
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,789
Buildings	8,750
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,269)
Gross Amount at which Carried at Close of Period
Land	2,231
Buildings	7,039
Total	9,270
Accumulated Depreciation	$ 553
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Industrial facilities in Georgetown, TX and Woodland, WA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,099
Initial Cost to Company
Land	965
Buildings	4,113
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	965
Buildings	4,113
Total	5,078
Accumulated Depreciation	$ 233
Industrial facilities in Georgetown, TX and Woodland, WA | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Industrial facilities in Georgetown, TX and Woodland, WA | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Learning centers in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,365
Buildings	7,845
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	5,365
Buildings	7,850
Total	13,215
Accumulated Depreciation	$ 540
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Industrial facility in Ylämylly, Finland | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,066
Initial Cost to Company
Land	1,669
Buildings	6,034
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,542)
Gross Amount at which Carried at Close of Period
Land	1,335
Buildings	4,826
Total	6,161
Accumulated Depreciation	$ 271
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Industrial facility in Salisbury, NC | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,398
Initial Cost to Company
Land	1,499
Buildings	8,185
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,499
Buildings	8,185
Total	9,684
Accumulated Depreciation	$ 564
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,763
Initial Cost to Company
Land	2,831
Buildings	10,565
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,831
Buildings	10,565
Total	13,396
Accumulated Depreciation	$ 744
Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Industrial facility in Cambridge, Canada | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,849
Buildings	7,371
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,796)
Gross Amount at which Carried at Close of Period
Land	1,489
Buildings	5,935
Total	7,424
Accumulated Depreciation	$ 364
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,252
Initial Cost to Company
Land	2,962
Buildings	17,832
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,962
Buildings	17,832
Total	20,794
Accumulated Depreciation	$ 1,092
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facility in Ramos Arizpe, Mexico | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,059
Buildings	2,886
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,059
Buildings	2,886
Total	3,945
Accumulated Depreciation	$ 176
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facilities in Salt Lake City, UT | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,863
Initial Cost to Company
Land	2,783
Buildings	3,773
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,783
Buildings	3,773
Total	6,556
Accumulated Depreciation	$ 231
Industrial facilities in Salt Lake City, UT | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facilities in Salt Lake City, UT | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Residential facility in Blairsville, PA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,143
Initial Cost to Company
Land	1,631
Buildings	23,163
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,631
Buildings	23,163
Total	24,794
Accumulated Depreciation	$ 2,384
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Industrial facility in Nashville, TN | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,078
Buildings	5,619
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,078
Buildings	5,619
Total	6,697
Accumulated Depreciation	$ 504
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Office facility in Lafayette, LA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,748
Initial Cost to Company
Land	1,048
Buildings	1,507
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,048
Buildings	1,507
Total	2,555
Accumulated Depreciation	$ 106
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 54,099
Initial Cost to Company
Land	6,488
Buildings	77,192
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,488
Buildings	77,192
Total	83,680
Accumulated Depreciation	$ 5,178
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Warehouse facilities in Flora, MS and Muskogee, OK | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,410
Initial Cost to Company
Land	554
Buildings	4,353
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	554
Buildings	4,353
Total	4,907
Accumulated Depreciation	$ 254
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Industrial facility in Richmond, MO | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,842
Initial Cost to Company
Land	2,211
Buildings	8,505
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,211
Buildings	8,505
Total	10,716
Accumulated Depreciation	$ 590
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Warehouse facility in Dallas, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,066
Initial Cost to Company
Land	468
Buildings	8,042
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	468
Buildings	8,042
Total	8,510
Accumulated Depreciation	$ 652
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Industrial facility in Tuusula, Finland | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,173
Buildings	10,321
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,302)
Gross Amount at which Carried at Close of Period
Land	4,937
Buildings	8,255
Total	13,192
Accumulated Depreciation	$ 619
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Office facility in Turku, Finland | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 23,852
Initial Cost to Company
Land	5,343
Buildings	34,106
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(7,898)
Gross Amount at which Carried at Close of Period
Land	4,273
Buildings	27,278
Total	31,551
Accumulated Depreciation	$ 1,875
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Industrial facility in Turku, Finland | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,412
Initial Cost to Company
Land	1,105
Buildings	10,243
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,257)
Gross Amount at which Carried at Close of Period
Land	884
Buildings	8,207
Total	9,091
Accumulated Depreciation	$ 566
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Industrial facility in Baraboo, WI | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	917
Buildings	10,663
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	917
Buildings	10,663
Total	11,580
Accumulated Depreciation	$ 1,558
Life on which Depreciation in Latest Statement of Income is Computed	13 years
Warehouse facility in Phoenix, AZ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,972
Initial Cost to Company
Land	6,747
Buildings	21,352
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,747
Buildings	21,352
Total	28,099
Accumulated Depreciation	$ 1,472
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land in Calgary, Canada | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,721
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(725)
Gross Amount at which Carried at Close of Period
Land	2,996
Buildings	0
Total	2,996
Accumulated Depreciation	0
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,398
Initial Cost to Company
Land	955
Buildings	4,779
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	955
Buildings	4,779
Total	5,734
Accumulated Depreciation	$ 295
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facility in Buffalo Grove, IL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,322
Initial Cost to Company
Land	1,492
Buildings	12,233
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,492
Buildings	12,233
Total	13,725
Accumulated Depreciation	$ 757
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Warehouse facility in Spanish Fork, UT | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,055
Initial Cost to Company
Land	991
Buildings	7,901
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	991
Buildings	7,901
Total	8,892
Accumulated Depreciation	$ 463
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Industrial, office, and warehouse facilities in Perris, CA; Eugene, OR; West Jordan, UT; and Tacoma, WA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,989
Buildings	5,435
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	8
Gross Amount at which Carried at Close of Period
Land	8,989
Buildings	5,443
Total	14,432
Accumulated Depreciation	$ 371
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Office facility in Carlsbad, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,230
Buildings	5,492
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,230
Buildings	5,492
Total	8,722
Accumulated Depreciation	$ 445
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Land in Pensacola, FL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,026
Initial Cost to Company
Land	1,746
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,746
Buildings	0
Total	1,746
Accumulated Depreciation	0
Movie theater in Port St. Lucie, FL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,393
Initial Cost to Company
Land	4,654
Buildings	2,576
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,654
Buildings	2,576
Total	7,230
Accumulated Depreciation	$ 180
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Movie theater in Hickory Creek, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,693
Buildings	3,342
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,693
Buildings	3,342
Total	5,035
Accumulated Depreciation	$ 239
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Industrial facility in Nurieux-Volognat, France | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	121
Buildings	5,328
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(994)
Gross Amount at which Carried at Close of Period
Land	96
Buildings	4,359
Total	4,455
Accumulated Depreciation	$ 258
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Warehouse facility in Suwanee, GA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 15,278
Initial Cost to Company
Land	2,330
Buildings	8,406
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,330
Buildings	8,406
Total	10,736
Accumulated Depreciation	$ 476
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,336
Initial Cost to Company
Land	1,878
Buildings	8,579
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,878
Buildings	8,579
Total	10,457
Accumulated Depreciation	$ 701
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Industrial facilities in Fort Dodge, IN and Menomonie and Oconomowoc, WI | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,649
Initial Cost to Company
Land	1,403
Buildings	11,098
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,403
Buildings	11,098
Total	12,501
Accumulated Depreciation	$ 1,306
Life on which Depreciation in Latest Statement of Income is Computed	16 years
Industrial facility in Mesa, AZ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,768
Initial Cost to Company
Land	2,888
Buildings	4,282
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,888
Buildings	4,282
Total	7,170
Accumulated Depreciation	$ 301
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Industrial facility in North Amityville, NY | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,735
Initial Cost to Company
Land	3,486
Buildings	11,413
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,486
Buildings	11,413
Total	14,899
Accumulated Depreciation	$ 840
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Warehouse facilities in Greenville, SC | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	567
Buildings	10,217
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	15
Gross Amount at which Carried at Close of Period
Land	567
Buildings	10,232
Total	10,799
Accumulated Depreciation	$ 950
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Industrial facility in Fort Collins, CO | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,532
Initial Cost to Company
Land	821
Buildings	7,236
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	821
Buildings	7,236
Total	8,057
Accumulated Depreciation	$ 422
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Office facility in Piscataway, NJ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,984
Buildings	34,165
Cost Capitalized Subsequent to Acquisition	31,616
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,984
Buildings	65,781
Total	70,765
Accumulated Depreciation	$ 3,004
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land in Elk Grove Village, IL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,711
Initial Cost to Company
Land	4,037
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,037
Buildings	0
Total	4,037
Accumulated Depreciation	0
Office facilities in Washington, MI | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	26,757
Initial Cost to Company
Land	4,085
Buildings	7,496
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,085
Buildings	7,496
Total	11,581
Accumulated Depreciation	$ 438
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Office facility in Houston, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	522
Buildings	7,448
Cost Capitalized Subsequent to Acquisition	227
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	522
Buildings	7,675
Total	8,197
Accumulated Depreciation	$ 542
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,623
Initial Cost to Company
Land	4,049
Buildings	13,021
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	133
Gross Amount at which Carried at Close of Period
Land	4,049
Buildings	13,154
Total	17,203
Accumulated Depreciation	$ 1,347
Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	22 years
Learning center in Sacramento, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 27,284
Initial Cost to Company
Land	0
Buildings	13,715
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	13,715
Total	13,715
Accumulated Depreciation	$ 786
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,138
Buildings	8,387
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	43
Gross Amount at which Carried at Close of Period
Land	5,138
Buildings	8,430
Total	13,568
Accumulated Depreciation	$ 582
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Office facility in Tinton Falls, NJ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,869
Initial Cost to Company
Land	1,958
Buildings	7,993
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,958
Buildings	7,993
Total	9,951
Accumulated Depreciation	$ 500
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Industrial facility in Woodland, WA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	707
Buildings	1,562
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	707
Buildings	1,562
Total	2,269
Accumulated Depreciation	$ 85
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Warehouse facilities in Gyál and Herceghalom, Hungary | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 33,523
Initial Cost to Company
Land	14,601
Buildings	21,915
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(7,310)
Gross Amount at which Carried at Close of Period
Land	11,678
Buildings	17,528
Total	29,206
Accumulated Depreciation	$ 1,642
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Industrial facility in Windsor, CT | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	453
Buildings	637
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	453
Buildings	637
Total	1,090
Accumulated Depreciation	$ 37
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Industrial facility in Aurora, CO | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,823
Initial Cost to Company
Land	574
Buildings	3,999
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	574
Buildings	3,999
Total	4,573
Accumulated Depreciation	$ 195
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Chandler, AZ | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,318
Buildings	27,551
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,318
Buildings	27,551
Total	32,869
Accumulated Depreciation	$ 1,400
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Warehouse facility in University Park, IL | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,962
Buildings	32,756
Cost Capitalized Subsequent to Acquisition	221
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,962
Buildings	32,977
Total	40,939
Accumulated Depreciation	$ 1,544
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Stavanger, Norway | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,296
Buildings	91,744
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(30,185)
Gross Amount at which Carried at Close of Period
Land	7,320
Buildings	64,535
Total	71,855
Accumulated Depreciation	$ 2,336
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Westborough, MA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,409
Buildings	37,914
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,409
Buildings	37,914
Total	41,323
Accumulated Depreciation	$ 1,416
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Andover, MA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,980
Buildings	45,120
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,980
Buildings	45,120
Total	49,100
Accumulated Depreciation	$ 1,481
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Newport, United Kingdom | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	22,587
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,751)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	20,836
Total	20,836
Accumulated Depreciation	$ 656
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Industrial facilities located throughout Australia | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	30,455
Buildings	94,724
Cost Capitalized Subsequent to Acquisition	53
Increase (Decrease) in Net Investments	(20,810)
Gross Amount at which Carried at Close of Period
Land	25,272
Buildings	79,150
Total	104,422
Accumulated Depreciation	6,110
Industrial facility in Lewisburg, OH | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,627
Buildings	13,721
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,627
Buildings	13,721
Total	15,348
Accumulated Depreciation	$ 448
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Industrial facility in Opole, Poland | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,151
Buildings	21,438
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,934)
Gross Amount at which Carried at Close of Period
Land	1,884
Buildings	18,771
Total	20,655
Accumulated Depreciation	$ 579
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Office facilities located throughout Spain | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	51,778
Buildings	257,624
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(33,636)
Gross Amount at which Carried at Close of Period
Land	48,938
Buildings	226,828
Total	275,766
Accumulated Depreciation	6,102
Retail facilities located throughout the United Kingdom | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	66,319
Buildings	230,113
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,623)
Gross Amount at which Carried at Close of Period
Land	64,837
Buildings	224,972
Total	289,809
Accumulated Depreciation	$ 6,914
Retail facilities located throughout the United Kingdom | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Retail facilities located throughout the United Kingdom | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Warehouse facility in Rotterdam, Netherlands | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	33,935
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,383)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	32,552
Total	32,552
Accumulated Depreciation	$ 774
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Retail facility in Bad Fischau, Austria | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,855
Buildings	18,829
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	224
Gross Amount at which Carried at Close of Period
Land	2,884
Buildings	19,024
Total	21,908
Accumulated Depreciation	$ 453
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Industrial facility in Oskarshamn, Sweden | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,090
Buildings	18,262
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(453)
Gross Amount at which Carried at Close of Period
Land	3,025
Buildings	17,874
Total	20,899
Accumulated Depreciation	$ 266
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Sunderland, United Kingdom | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,912
Buildings	30,140
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,591)
Gross Amount at which Carried at Close of Period
Land	2,771
Buildings	28,690
Total	31,461
Accumulated Depreciation	$ 337
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,449
Buildings	15,838
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(557)
Gross Amount at which Carried at Close of Period
Land	9,241
Buildings	15,489
Total	24,730
Accumulated Depreciation	$ 204
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	49,190
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	49,190
Total	49,190
Accumulated Depreciation	$ 310
Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Retail facilities located in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,698
Buildings	38,130
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	597
Gross Amount at which Carried at Close of Period
Land	5,775
Buildings	38,650
Total	44,425
Accumulated Depreciation	$ 167
Retail facilities located in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Real Estate Subject To Operating Lease | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Retail facilities located in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Real Estate Subject To Operating Lease | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Office facility in Irvine, CA | Real Estate Subject To Operating Lease
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,626
Buildings	16,137
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,626
Buildings	16,137
Total	23,763
Accumulated Depreciation	$ 12
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, North Carolina, and Texas | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	16,416
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,164)
Gross Amount at which Carried at Close of Period
Total	12,252
Industrial facilities in Glendora, CA and Romulus, MI | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	454
Buildings	13,251
Cost Capitalized Subsequent to Acquisition	9
Increase (Decrease) in Net Investments	(3,477)
Gross Amount at which Carried at Close of Period
Total	10,237
Industrial facilities in Irving and Houston, TX | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	27,599
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,952)
Gross Amount at which Carried at Close of Period
Total	23,647
Retail facility in Freehold, NJ | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	8,088
Initial Cost to Company
Land	0
Buildings	17,067
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(108)
Gross Amount at which Carried at Close of Period
Total	16,959
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	4,277
Initial Cost to Company
Land	2,089
Buildings	14,211
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(329)
Gross Amount at which Carried at Close of Period
Total	15,971
Retail facilities in Osnabruck, Borken, Bunde, Arnstadt, Dorsten, Duisburg, Freiberg, Leimbach-Kaiserro, Monheim, Oberhausen, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, Wuppertal, and Monheim, Germany | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	28,734
Buildings	145,854
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(27,070)
Gross Amount at which Carried at Close of Period
Total	147,518
Warehouse facility in Brierley Hill, United Kingdom | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,147
Buildings	12,357
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(574)
Gross Amount at which Carried at Close of Period
Total	13,930
Warehouse and industrial facilities in Mesquite, TX | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	6,337
Initial Cost to Company
Land	2,851
Buildings	15,899
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,254)
Gross Amount at which Carried at Close of Period
Total	17,496
Industrial facility in Rochester, MN | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	4,074
Initial Cost to Company
Land	881
Buildings	17,039
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,520)
Gross Amount at which Carried at Close of Period
Total	16,400
Office facility in Irvine, CA | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	6,428
Initial Cost to Company
Land	0
Buildings	17,027
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(522)
Gross Amount at which Carried at Close of Period
Total	16,505
Industrial facility in Brownwood, TX | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	722
Buildings	6,268
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1)
Gross Amount at which Carried at Close of Period
Total	6,989
Office facility in Scottsdale, AZ | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	20,559
Initial Cost to Company
Land	0
Buildings	43,570
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(315)
Gross Amount at which Carried at Close of Period
Total	43,255
Retail facilities in El Paso, Fabens, and Socorro, TX | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	12,170
Initial Cost to Company
Land	4,777
Buildings	17,823
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6)
Gross Amount at which Carried at Close of Period
Total	22,594
Industrial facility in Dallas, TX | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,190
Buildings	10,010
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Total	13,200
Industrial facility in Eagan, MN | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	7,111
Initial Cost to Company
Land	0
Buildings	11,548
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(77)
Gross Amount at which Carried at Close of Period
Total	11,471
Industrial facilities in Albemarle and Old Fort, NC; Holmesville, OH; and Springfield, TN | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	8,982
Initial Cost to Company
Land	6,542
Buildings	20,668
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,185)
Gross Amount at which Carried at Close of Period
Total	26,025
Movie theater in Midlothian, VA | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	8,244
Initial Cost to Company
Land	0
Buildings	16,546
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	201
Gross Amount at which Carried at Close of Period
Total	16,747
Industrial facilities located throughout France | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	14,036
Initial Cost to Company
Land	0
Buildings	27,270
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,752)
Gross Amount at which Carried at Close of Period
Total	22,518
Retail facility in Gronau, Germany | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,674
Initial Cost to Company
Land	281
Buildings	4,401
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(937)
Gross Amount at which Carried at Close of Period
Total	3,745
Industrial and office facilities in Marktheidenfeld, Germany | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,629
Buildings	22,396
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(5,310)
Gross Amount at which Carried at Close of Period
Total	18,715
Industrial and warehouse facilities in Newbridge, United Kingdom | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	11,952
Initial Cost to Company
Land	6,851
Buildings	22,868
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,467)
Gross Amount at which Carried at Close of Period
Total	26,252
Learning center in Mooresville, NC | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,759
Initial Cost to Company
Land	1,795
Buildings	15,955
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Total	17,752
Industrial facility in Mount Carmel, IL | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	135
Buildings	3,265
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1)
Gross Amount at which Carried at Close of Period
Total	3,399
Industrial, office, and warehouse facilities in Bad Hersfeld, Germany | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	19,257
Initial Cost to Company
Land	15,287
Buildings	29,292
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(8,920)
Gross Amount at which Carried at Close of Period
Total	35,659
Retail facility in Vantaa, Finland | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,291
Buildings	15,522
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,166)
Gross Amount at which Carried at Close of Period
Total	16,647
Retail facility in Linkoping, Sweden | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,484
Buildings	9,402
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,508)
Gross Amount at which Carried at Close of Period
Total	8,378
Industrial facility in Calgary, Canada | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	7,076
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,375)
Gross Amount at which Carried at Close of Period
Total	5,701
Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	10,791
Initial Cost to Company
Land	5,780
Buildings	40,860
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(98)
Gross Amount at which Carried at Close of Period
Total	46,542
Industrial and office facilities in Leeds, United Kingdom | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,712
Buildings	16,501
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(10,262)
Gross Amount at which Carried at Close of Period
Total	8,951
Movie theater in Pensacola, FL | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	7,397
Initial Cost to Company
Land	0
Buildings	13,034
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(442)
Gross Amount at which Carried at Close of Period
Total	12,592
Industrial facility in Monheim, Germany | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,939
Buildings	7,379
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,130)
Gross Amount at which Carried at Close of Period
Total	8,188
Industrial facility in Göppingen, Germany | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	10,717
Buildings	60,120
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(14,787)
Gross Amount at which Carried at Close of Period
Total	56,050
Warehouse facility in Elk Grove Village, IL | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,334
Initial Cost to Company
Land	0
Buildings	7,863
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Total	7,864
Industrial facility in Sankt Ingbert, Germany | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,786
Buildings	26,902
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,190)
Gross Amount at which Carried at Close of Period
Total	23,498
Industrial facility in New South Wales, Australia | Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	283
Buildings	2,978
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(555)
Gross Amount at which Carried at Close of Period
Total	2,706
Hotel in Bloomington, MN | Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	18,798
Initial Cost to Company
Land	3,810
Buildings	29,126
Cost Capitalized Subsequent to Acquisition	531
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,874
Buildings	29,237
Total	37,089
Accumulated Depreciation	3,226
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	3,622
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 3,978
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Hotel in Memphis, TN | Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 27,183
Initial Cost to Company
Land	2,120
Buildings	36,594
Cost Capitalized Subsequent to Acquisition	111
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,167
Buildings	36,670
Total	42,472
Accumulated Depreciation	4,687
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	3,647
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 3,635
Life on which Depreciation in Latest Statement of Income is Computed	22 years
Storage facility in Taunton, MA | Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,300
Buildings	12,274
Cost Capitalized Subsequent to Acquisition	303
Increase (Decrease) in Net Investments	(13,689)
Gross Amount at which Carried at Close of Period
Land	537
Buildings	2,651
Total	3,188
Accumulated Depreciation	881
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	25 years

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Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Subject To Operating Lease
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 4,976,685	$ 2,506,804	$ 2,331,613
Additions	548,521	2,785,863	216,422
Improvements	24,014	18,474	7,422
Dispositions	(19,597)	(137,018)	(8,347)
Foreign currency translation adjustment	(181,064)	(157,262)	26,729
Reclassification to assets held for sale	(63,494)	(33,162)	(72,827)
Reclassification from real estate under construction	55,362	0	2,875
Impairment charges	(25,773)	(20,677)	(11,035)
Write-off of fully-depreciated assets	(6,443)	0	0
Reclassification from direct financing lease	0	13,663	13,952
Ending balance	5,308,211	4,976,685	2,506,804
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	253,627	168,076	116,075
Depreciation expense	137,144	112,758	60,470
Dispositions	(1,566)	(20,740)	(533)
Write-off of fully-depreciated assets	(6,443)	0	0
Foreign currency translation adjustment	(6,159)	(5,318)	1,194
Reclassification to assets held for sale	(3,868)	(1,149)	(9,130)
Ending balance	372,735	253,627	168,076
Operating Real Estate
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	84,885	6,024	99,703
Additions	0	78,423	0
Improvements	527	438	706
Dispositions	(2,663)	0	(93,314)
Impairment charges	0	0	(1,071)
Ending balance	82,749	84,885	6,024
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	4,866	882	19,993
Depreciation expense	4,275	3,984	2,242
Dispositions	(347)	0	(21,353)
Ending balance	$ 8,794	$ 4,866	$ 882

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Schedule IV - Mortgage Loan on Real Estate (Narratives) (Details) $ in Millions	Dec. 31, 2015 USD ($)
Other Disclosures
Discount on note receivable	$ 0.3

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Schedule IV - Mortgage Loan on Real Estate (Details 1) - Note receivable — Production Resource Group - Las Vegas $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Mortgage Loans on Real Estate
Interest Rate	7.90%
Final Maturity Date	Mar. 31, 2029
Fair Value	$ 10,610
Carrying Amount	$ 10,689

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Schedule IV - Mortgage Loan on Real Estate (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Mortgage Loans on Real Estate
Balance at beginning of year	$ 20,848	$ 0	$ 0
Additions	0	21,060	0
Amortization and accretion	(63)	212	0
Repayments	(10,222)	0	0
Ending balance	$ 10,689	$ 20,848	$ 0