Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2020

The following tables present a summary of comparative results and assets for these business segments (in thousands):

Real Estate



	Three Months Ended March 31,
	2020			2019
Revenues
Lease revenues	$	282,110		$	262,939
Lease termination income and other	6,509			3,270
Operating property revenues ^(a)	5,967			15,996
	294,586			282,205

Operating Expenses
Depreciation and amortization	115,207			111,413
Impairment charges	19,420			—
General and administrative	14,922			15,188
Reimbursable tenant costs	13,175			13,171
Property expenses, excluding reimbursable tenant costs	10,075			9,912
Operating property expenses	5,223			10,594
Stock-based compensation expense	1,970			2,800
Merger and other expenses	(132		)	146
	179,860			163,224
Other Income and Expenses
Interest expense	(52,540		)	(61,313		)
Gain on sale of real estate, net	11,751			933
Other gains and (losses)	(5,776		)	970
Equity in earnings (losses) of equity method investments in real estate	1,565			(78		)
	(45,000		)	(59,488		)
Income before income taxes	69,726			59,493
Benefit from (provision for) income taxes	31,800			(6,159		)
Net Income from Real Estate	101,526			53,334
Net (income) loss attributable to noncontrolling interests	(612		)	74
Net Income from Real Estate Attributable to W. P. Carey	$	100,914		$	53,408

__________


(a)	Operating property revenues from our hotels include (i) $2.7 million and $3.4 million for the three months ended March 31, 2020 and 2019, respectively, generated from a hotel in Bloomington, Minnesota, and (ii) $1.9 million and $2.9 million for the three months ended March 31, 2020 and 2019, respectively, generated from a hotel in Miami, Florida, which was sold in January 2020 (Note 14).

Investment Management



	Three Months Ended March 31,
	2020			2019
Revenues
Asset management revenue	$	9,889		$	9,732
Reimbursable costs from affiliates	4,030			3,868
Structuring and other advisory revenue	494			2,518
	14,413			16,118
Operating Expenses
General and administrative	5,823			6,097
Reimbursable costs from affiliates	4,030			3,868
Subadvisor fees	1,277			2,202
Depreciation and amortization	987			966
Stock-based compensation expense	691			1,365
Merger and other expenses	319			—
	13,127			14,498
Other Income and Expenses
Equity in (losses) earnings of equity method investments in the Managed Programs	(47,355		)	5,569
Other gains and (losses)	1,353			(15		)
	(46,002		)	5,554
(Loss) income before income taxes	(44,716		)	7,174
Benefit from income taxes	9,892			8,288
Net (Loss) Income from Investment Management	(34,824		)	15,462
Net income attributable to noncontrolling interests	—			(376		)
Net (Loss) Income from Investment Management Attributable to W. P. Carey	$	(34,824	)	$	15,086

Total Company



	Three Months Ended March 31,
	2020			2019
Revenues	$	308,999		$	298,323
Operating expenses	192,987			177,722
Other income and (expenses)	(91,002		)	(53,934		)
Benefit from income taxes	41,692			2,129
Net income attributable to noncontrolling interests	(612		)	(302		)
Net income attributable to W. P. Carey	$	66,090		$	68,494