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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Investment Management:        
Revenues $ 319,724 $ 290,530 $ 630,890 $ 599,529
Operating Expenses        
Depreciation and amortization 114,348 107,477 224,670 223,671
General and administrative 20,464 17,472 42,547 38,217
Reimbursable tenant costs 15,092 13,796 30,850 26,971
Property expenses, excluding reimbursable tenant costs 11,815 11,651 22,698 21,726
Stock-based compensation expense 9,048 2,918 14,429 5,579
Merger and other expenses (2,599) 1,074 (3,075) 1,261
Operating property expenses 2,049 1,388 3,960 6,611
Reimbursable costs from affiliates 968 2,411 2,009 6,441
Subadvisor fees 0 192 0 1,469
Impairment charges 0 0 0 19,420
Total operating expenses 171,185 158,379 338,088 351,366
Other Income and Expenses        
Interest expense (49,252) (52,182) (100,892) (104,722)
Gain on sale of real estate, net 19,840 0 29,212 11,751
Other gains and (losses) 7,545 4,259 (33,643) (5,556)
Non-operating income 3,065 4,588 9,421 9,980
(Losses) earnings from equity method investments (156) 33,983 (9,889) (11,807)
Total other income and expenses (18,958) (9,352) (105,791) (100,354)
Income before income taxes 129,581 122,799 187,011 147,809
(Provision for) benefit from income taxes (9,298) (7,595) (15,087) 34,097
Net Income 120,283 115,204 171,924 181,906
Net income attributable to noncontrolling interests (38) (9,904) (45) (10,516)
Net Income Attributable to W. P. Carey $ 120,245 $ 105,300 $ 171,879 $ 171,390
Basic earnings per share (usd per share) $ 0.67 $ 0.61 $ 0.96 $ 0.99
Diluted earnings per share (usd per share) $ 0.67 $ 0.61 $ 0.96 $ 0.99
Weighted-Average Shares Outstanding        
Basic (in shares) 180,099,370 173,401,749 178,379,654 173,325,493
Diluted (in shares) 180,668,732 173,472,755 178,902,259 173,514,894
Real Estate        
Real Estate:        
Lease revenues $ 305,310 $ 280,303 $ 607,075 $ 562,413
Lease termination income and other 6,235 1,917 8,462 8,426
Gross contract revenue 3,245 1,427 5,424 7,394
Investment Management:        
Gross contract revenue 3,245 1,427 5,424 7,394
Revenues 314,790 283,647 620,961 578,233
Operating Expenses        
Depreciation and amortization 114,348 107,477 224,670 222,684
General and administrative 20,464 17,472 42,547 32,394
Reimbursable tenant costs 15,092 13,796 30,850 26,971
Property expenses, excluding reimbursable tenant costs 11,815 11,651 22,698 21,726
Stock-based compensation expense 9,048 2,918 14,429 4,888
Merger and other expenses (2,599) 935 (3,090) 803
Operating property expenses 2,049 1,388 3,960 6,611
Impairment charges 0 0 0 19,420
Total operating expenses 170,217 155,637 336,064 335,497
Other Income and Expenses        
Interest expense (49,252) (52,182) (100,892) (104,722)
Gain on sale of real estate, net 19,840 0 29,212 11,751
Other gains and (losses) 7,472 5,437 (34,717) (5,536)
Non-operating income 3,065 4,505 9,337 9,702
(Losses) earnings from equity method investments (1,854) 211 (12,973) 1,776
Total other income and expenses (20,729) (42,029) (110,033) (87,029)
Income before income taxes 123,844 85,981 174,864 155,707
(Provision for) benefit from income taxes (9,119) (4,117) (15,545) 27,683
Net Income 114,725 81,864 159,319 183,390
Net income attributable to noncontrolling interests (38) (39) (45) (651)
Net Income Attributable to W. P. Carey 114,687 81,825 159,274 182,739
Investment Management        
Real Estate:        
Gross contract revenue 4,934 6,883 9,929 21,296
Investment Management:        
Gross contract revenue 4,934 6,883 9,929 21,296
Operating Expenses        
Depreciation and amortization 0 0 0 987
General and administrative 0 0 0 5,823
Stock-based compensation expense 0 0 0 691
Merger and other expenses 0 139 15 458
Reimbursable costs from affiliates 968 2,411 2,009 6,441
Subadvisor fees 0 192 0 1,469
Total operating expenses 968 2,742 2,024 15,869
Other Income and Expenses        
Other gains and (losses) 73 (1,178) 1,074 (20)
Non-operating income 0 83 84 278
(Losses) earnings from equity method investments 1,698 33,772 3,084 (13,583)
Total other income and expenses 1,771 32,677 4,242 (13,325)
Income before income taxes 5,737 36,818 12,147 (7,898)
(Provision for) benefit from income taxes (179) (3,478) 458 6,414
Net Income 5,558 33,340 12,605 (1,484)
Net income attributable to noncontrolling interests 0 (9,865) 0 (9,865)
Net Income Attributable to W. P. Carey 5,558 23,475 12,605 (11,349)
Investment Management | Asset management and other revenue        
Real Estate:        
Gross contract revenue 3,966 4,472 7,920 14,855
Investment Management:        
Gross contract revenue 3,966 4,472 7,920 14,855
Investment Management | Reimbursable costs from affiliates        
Real Estate:        
Gross contract revenue 968 2,411 2,009 6,441
Investment Management:        
Gross contract revenue $ 968 $ 2,411 $ 2,009 $ 6,441