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Segment Reporting
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We evaluate our results from operations by our two major business segments: Real Estate and Investment Management (Note 1). The following tables present a summary of comparative results and assets for these business segments (in thousands):

Real Estate
Years Ended December 31,
202120202019
Revenues
Lease revenues$1,177,438 $1,080,623 $987,984 
Income from direct financing leases and loans receivable67,555 74,893 105,112 
Lease termination income and other53,655 11,082 29,547 
Operating property revenues (a)
13,478 11,399 50,220 
1,312,126 1,177,997 1,172,863 
Operating Expenses
Depreciation and amortization (b)
475,989 441,948 443,300 
General and administrative (b)
81,888 70,127 56,796 
Reimbursable tenant costs62,417 56,409 55,576 
Property expenses, excluding reimbursable tenant costs47,898 44,067 39,545 
Stock-based compensation expense (b)
24,881 15,247 13,248 
Impairment charges24,246 35,830 32,539 
Operating property expenses9,848 9,901 38,015 
Merger and other expenses(4,597)(937)101 
722,570 672,592 679,120 
Other Income and Expenses
Interest expense(196,831)(210,087)(233,325)
Gain on sale of real estate, net40,425 109,370 18,143 
(Losses) earnings from equity method investments in real estate(19,649)(9,017)2,361 
Non-operating income13,778 8,970 20,478 
Other gains and (losses)(13,676)37,104 9,773 
Loss on change in control of interests— — (8,416)
(175,953)(63,660)(190,986)
Income before income taxes413,603 441,745 302,757 
(Provision for) benefit from income taxes(28,703)18,498 (30,802)
Net Income from Real Estate384,900 460,243 271,955 
Net (income) loss attributable to noncontrolling interests(134)(731)110 
Net Income from Real Estate Attributable to W. P. Carey$384,766 $459,512 $272,065 
Investment Management
Years Ended December 31,
202120202019
Revenues
Asset management revenue$15,363 $22,467 $43,356 
Reimbursable costs from affiliates4,035 8,855 16,547 
19,398 31,322 59,903 
Operating Expenses
Reimbursable costs from affiliates4,035 8,855 16,547 
Merger and other expenses51 1,184 — 
General and administrative (b)
— 5,823 18,497 
Subadvisor fees— 1,469 7,579 
Depreciation and amortization (b)
— 987 3,835 
Stock-based compensation expense (b)
— 691 5,539 
4,086 19,009 51,997 
Other Income and Expenses
Earnings (losses) from equity method investments in the Managed Programs8,820 (9,540)20,868 
Other gains and (losses)791 61 (849)
Non-operating income82 617 2,073 
9,693 (8,862)22,092 
Income before income taxes25,005 3,451 29,998 
Benefit from income taxes217 2,261 4,591 
Net Income from Investment Management25,222 5,712 34,589 
Net income attributable to noncontrolling interests— (9,865)(1,411)
Net Income (Loss) from Investment Management Attributable to W. P. Carey$25,222 $(4,153)$33,178 

Total Company
Years Ended December 31,
202120202019
Revenues$1,331,524 $1,209,319 $1,232,766 
Operating expenses
726,656 691,601 731,117 
Other income and expenses(166,260)(72,522)(168,894)
(Provision for) benefit from income taxes(28,486)20,759 (26,211)
Net income attributable to noncontrolling interests(134)(10,596)(1,301)
Net income attributable to W. P. Carey$409,988 $455,359 $305,243 
Total Assets at December 31,
20212020
Real Estate$15,344,703 $14,582,015 
Investment Management135,927 125,621 
Total Company$15,480,630 $14,707,636 
__________
(a)Operating property revenues from our hotels include (i) $7.2 million, $4.0 million, and $15.0 million for the years ended December 31, 2021, 2020, and 2019, respectively, generated from a hotel in Bloomington, Minnesota (revenues reflect the impact of the COVID-19 pandemic on the hotel’s operations), and (ii) $1.9 million and $14.4 million for the years ended December 31, 2020 and 2019, respectively, generated from a hotel in Miami, Florida, which was sold in January 2020 (Note 15).
(b)Beginning with the second quarter of 2020, general and administrative expenses attributed to our Investment Management segment are comprised of the incremental costs of providing services to the Managed Programs, which are fully reimbursed by those funds (resulting in no net expense for us). All other general and administrative expenses are attributed to our Real Estate segment. Previously, general and administrative expenses were allocated based on time incurred by our personnel for the Real Estate and Investment Management segments. In addition, beginning with the second quarter of 2020, stock-based compensation expense and corporate depreciation and amortization expense are fully recognized within our Real Estate segment. In light of the termination of the advisory agreements with CWI 1 and CWI 2 in connection with the WLT management internalization (Note 3), we now view essentially all assets, liabilities, and operational expenses as part of our Real Estate segment, other than incremental activities that are expected to wind down as we manage CPA:18 – Global and CESH through the end of their respective life cycles (Note 2). These changes between the segments had no impact on our consolidated financial statements.

Our portfolio is comprised of domestic and international investments. At December 31, 2021, our international investments within our Real Estate segment were comprised of investments in Germany, Spain, the Netherlands, Poland, the United Kingdom, Italy, France, Croatia, Denmark, Canada, Finland, Mexico, Norway, Hungary, Portugal, Lithuania, the Czech Republic, Sweden, Slovakia, Austria, Japan, Latvia, and Estonia. We sold our only remaining investment in Belgium during 2021. No tenant or international country individually comprised at least 10% of our total lease revenues for the years ended December 31, 2021, 2020, or 2019, or at least 10% of our total long-lived assets at December 31, 2021 or 2020. Revenues and assets within our Investment Management segment are entirely domestic. The following tables present the geographic information for our Real Estate segment (in thousands):
Years Ended December 31,
202120202019
Revenues
Domestic$860,961 $756,763 $783,828 
International451,165 421,234 389,035 
Total$1,312,126 $1,177,997 $1,172,863 

 December 31,
 20212020
Long-lived Assets (a)
Domestic$8,170,448 $7,589,805 
International4,866,921 4,796,767 
Total$13,037,369 $12,386,572 
Equity Investments in Real Estate
Domestic$236,643 $152,451 
International55,260 74,438 
Total$291,903 $226,889 
__________
(a)Consists of Net investments in real estate. In 2021, we reclassified loans receivable to be included within Net investments in real estate (Note 2). As a result, Net investments in real estate as of December 31, 2020 has been revised to conform to the current period presentation.