Merger with CPA:17 – Global (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule of Business Acquisitions

The following tables summarize the fair values of the assets acquired and liabilities assumed in the acquisition.

(in thousands)

	Initially Reported at December 31, 2018			Measurement Period Adjustments			As Revised at December 31, 2019
Total Consideration
Fair value of W. P. Carey shares of common stock issued	$	3,554,578		$	—		$	3,554,578
Cash paid for fractional shares	1,688			—			1,688
Merger Consideration	3,556,266			—			3,556,266
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	157,594			—			157,594
Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger	141,077			(8,416		)	132,661
Fair value of noncontrolling interests acquired	(308,891		)	—			(308,891		)
	$	3,546,046		$	(8,416	)	$	3,537,630

	Initially Reported at December 31, 2018			Measurement Period Adjustments			As Revised at December 31, 2019
Assets
Land, buildings and improvements — operating leases	$	2,954,034		$	(5,687	)	$	2,948,347
Land, buildings and improvements — operating properties	426,758			—			426,758
Net investments in direct financing leases	626,038			(21,040		)	604,998
In-place lease and other intangible assets	793,463			—			793,463
Above-market rent intangible assets	298,180			—			298,180
Equity investments in real estate	189,756			2,566			192,322
Cash and cash equivalents and restricted cash	113,634			—			113,634
Other assets, net (excluding restricted cash)	228,980			(786		)	228,194
Total assets	5,630,843			(24,947		)	5,605,896
Liabilities
Non-recourse mortgages, net	1,849,177			—			1,849,177
Senior Credit Facility, net	180,331			—			180,331
Accounts payable, accrued expenses and other liabilities	141,750			—			141,750
Below-market rent and other intangible liabilities	112,721			—			112,721
Deferred income taxes	76,085			(729		)	75,356
Total liabilities	2,360,064			(729		)	2,359,335
Total identifiable net assets	3,270,779			(24,218		)	3,246,561
Noncontrolling interests	(5,039		)	—			(5,039		)
Goodwill	280,306			15,802			296,108
	$	3,546,046		$	(8,416	)	$	3,537,630

Pro Forma Financial Information (Unaudited)

(in thousands)

	Years Ended December 31,
	2018		2017
Pro forma total revenues	$	1,207,820	$	1,228,909
Pro forma net income	$	405,659	$	275,634
Pro forma net loss (income) attributable to noncontrolling interests	1,301		(429		)
Pro forma net income attributable to W. P. Carey (a)	$	406,960	$	275,205

___________

(a)

The pro forma net income attributable to W. P. Carey through the year ended December 31, 2018 reflects the following income and expenses related to the CPA:17 Merger as if the CPA:17 Merger had taken place on January 1, 2017: (i) combined merger expenses of $58.9 million through December 31, 2018 and (ii) an aggregate gain on change in control of interests of $47.8 million.