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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Investment Management:        
Revenues $ 305,211 $ 201,143 $ 603,534 $ 402,953
Operating Expenses        
Depreciation and amortization 113,632 64,337 226,011 130,294
General and administrative 19,729 16,442 41,014 35,025
Reimbursable tenant costs 13,917 5,733 27,088 11,952
Operating property expenses 10,874 3,581 21,468 9,251
Property expenses, excluding reimbursable tenant costs 9,915 5,327 19,827 9,556
Stock-based compensation expense 4,936 3,698 9,101 11,917
Reimbursable costs from affiliates 3,821 5,537 7,689 10,841
Subadvisor fees 1,650 1,855 3,852 3,887
Merger and other expenses 696 2,692 842 2,655
Impairment charges 0 0 0 4,790
Total operating expenses 179,170 109,202 356,892 230,168
Other Income and Expenses        
Interest expense (59,719) (41,311) (121,032) (79,385)
Equity in earnings of equity method investments in the Managed Programs and real estate 3,951 12,558 9,442 27,883
Other gains and (losses) (671) 10,586 284 7,823
(Loss) gain on sale of real estate, net (362) 11,912 571 18,644
Total other income and expenses (56,801) (6,255) (110,735) (25,035)
Income before income taxes 69,240 85,686 135,907 147,750
Provision for income taxes (3,119) (6,262) (990) (260)
Net Income 66,121 79,424 134,917 147,490
Net income attributable to noncontrolling interests (83) (3,743) (385) (6,535)
Net Income Attributable to W. P. Carey $ 66,038 $ 75,681 $ 134,532 $ 140,955
Basic Earnings Per Share (usd per share) $ 0.39 $ 0.70 $ 0.79 $ 1.30
Diluted Earnings Per Share (usd per share) $ 0.38 $ 0.70 $ 0.79 $ 1.30
Weighted-Average Shares Outstanding        
Basic (in shares) 171,304,112 108,059,394 169,280,360 108,058,671
Diluted (in shares) 171,490,625 108,234,934 169,520,508 108,243,063
Real Estate        
Real Estate:        
Lease revenues $ 269,802 $ 168,367 $ 532,741 $ 337,799
Gross contract revenue 15,436 4,865 31,432 12,083
Lease termination income and other 6,304 680 9,574 1,622
Investment Management:        
Gross contract revenue 15,436 4,865 31,432 12,083
Revenues 291,542 173,912 573,747 351,504
Operating Expenses        
Depreciation and amortization 112,666 63,374 224,079 128,294
General and administrative 15,001 10,599 30,189 22,664
Reimbursable tenant costs 13,917 5,733 27,088 11,952
Operating property expenses 10,874 3,581 21,468 9,251
Property expenses, excluding reimbursable tenant costs 9,915 5,327 19,827 9,556
Stock-based compensation expense 3,482 1,990 6,282 6,296
Merger and other expenses 696 2,692 842 2,655
Impairment charges 0 0 0 4,790
Total operating expenses 166,551 93,296 329,775 195,458
Other Income and Expenses        
Interest expense (59,719) (41,311) (121,032) (79,385)
Equity in earnings of equity method investments in the Managed Programs and real estate 230 3,529 152 6,887
Other gains and (losses) (1,362) 9,630 (392) 6,743
(Loss) gain on sale of real estate, net (362) 11,912 571 18,644
Total other income and expenses (61,213) (16,240) (120,701) (47,111)
Income before income taxes 63,778 64,376 123,271 108,935
Provision for income taxes (3,019) (1,317) (9,178) 2,216
Net Income 60,759 63,059 114,093 111,151
Net income attributable to noncontrolling interests 9 (3,743) 83 (6,535)
Net Income Attributable to W. P. Carey 60,768 59,316 114,176 104,616
Investment Management        
Real Estate:        
Gross contract revenue 13,669 27,231 29,787 51,449
Investment Management:        
Gross contract revenue 13,669 27,231 29,787 51,449
Operating Expenses        
Depreciation and amortization 966 963 1,932 2,000
General and administrative 4,728 5,843 10,825 12,361
Stock-based compensation expense 1,454 1,708 2,819 5,621
Reimbursable costs from affiliates 3,821 5,537 7,689 10,841
Subadvisor fees 1,650 1,855 3,852 3,887
Total operating expenses 12,619 15,906 27,117 34,710
Other Income and Expenses        
Equity in earnings of equity method investments in the Managed Programs and real estate 3,721 9,029 9,290 20,996
Other gains and (losses) 691 956 676 1,080
Total other income and expenses 4,412 9,985 9,966 22,076
Income before income taxes 5,462 21,310 12,636 38,815
Provision for income taxes (100) (4,945) 8,188 (2,476)
Net Income 5,362 16,365 20,824 36,339
Net income attributable to noncontrolling interests (92) 0 (468) 0
Net Income Attributable to W. P. Carey 5,270 16,365 20,356 36,339
Investment Management | Asset management revenue        
Real Estate:        
Gross contract revenue 9,790 17,268 19,522 34,253
Investment Management:        
Gross contract revenue 9,790 17,268 19,522 34,253
Investment Management | Reimbursable costs from affiliates        
Real Estate:        
Gross contract revenue 3,821 5,537 7,689 10,841
Investment Management:        
Gross contract revenue 3,821 5,537 7,689 10,841
Investment Management | Structuring and other advisory revenue        
Real Estate:        
Gross contract revenue 58 4,426 2,576 6,355
Investment Management:        
Gross contract revenue $ 58 $ 4,426 $ 2,576 $ 6,355