| 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 ended December 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 ended December 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 ended December 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). |
|