Equity (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Equity [Abstract] |
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| Schedule of distributions paid per share for tax |
Our dividends per share are summarized as follows: | | | | | | | | | | | | | | | | | | | | Dividends Paid | | During the Years Ended December 31, | | | 2021 | | 2020 | | 2019 | | Ordinary income | $ | 3.3300 | | | $ | 3.3112 | | | $ | 3.1939 | | | Return of capital | 0.5407 | | | — | | | 0.9194 | | | Capital gains | 0.3253 | | | 0.8528 | | | 0.0187 | | Total dividends paid (a) | $ | 4.1960 | | | $ | 4.1640 | | | $ | 4.1320 | |
__________ (a)A portion of dividends paid during 2019 has been applied to 2018 for income tax purposes.
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| Earnings per share reconciliation |
The following table summarizes basic and diluted earnings (dollars in thousands): | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2021 | | 2020 | | 2019 | | Net income attributable to W. P. Carey | $ | 409,988 | | | $ | 455,359 | | | $ | 305,243 | | | Net income attributable to nonvested participating RSUs | — | | | — | | | (77) | | | Net income – basic and diluted | $ | 409,988 | | | $ | 455,359 | | | $ | 305,166 | | | | | | | | | Weighted-average shares outstanding – basic | 182,486,476 | | | 174,504,406 | | | 171,001,430 | | | Effect of dilutive securities | 640,622 | | | 335,022 | | | 297,984 | | | Weighted-average shares outstanding – diluted | 183,127,098 | | | 174,839,428 | | | 171,299,414 | |
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| Reclassification out of accumulated other comprehensive income |
The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Gains and (Losses) on Derivative Instruments | | Foreign Currency Translation Adjustments | | Gains and (Losses) on Investments | | Total | Balance at January 1, 2019 | $ | 14,102 | | | $ | (269,091) | | | $ | (7) | | | $ | (254,996) | | | Other comprehensive income before reclassifications | 12,031 | | | 376 | | | 7 | | | 12,414 | | Amounts reclassified from accumulated other comprehensive loss to: | | | | | | | | | Non-operating income | (15,341) | | | — | | | — | | | (15,341) | | Interest expense | 2,256 | | | — | | | — | | | 2,256 | | | Total | (13,085) | | | — | | | — | | | (13,085) | | | Net current period other comprehensive loss | (1,054) | | | 376 | | | 7 | | | (671) | | | Balance at December 31, 2019 | 13,048 | | | (268,715) | | | — | | | (255,667) | | | Other comprehensive income before reclassifications | (23,124) | | | 47,746 | | | — | | | 24,622 | | Amounts reclassified from accumulated other comprehensive loss to: | | | | | | | | | Non-operating income | (10,672) | | | — | | | — | | | (10,672) | | | Interest expense | 1,818 | | | — | | | — | | | 1,818 | | | Total | (8,854) | | | — | | | — | | | (8,854) | | | Net current period other comprehensive income | (31,978) | | | 47,746 | | | — | | | 15,768 | | | Net current period other comprehensive income attributable to noncontrolling interests | (7) | | | — | | | — | | | (7) | | | Balance at December 31, 2020 | (18,937) | | | (220,969) | | | — | | | (239,906) | | | Other comprehensive income before reclassifications | 35,227 | | | (35,736) | | | 18,688 | | | 18,179 | | Amounts reclassified from accumulated other comprehensive loss to: | | | | | | | | | Interest expense | 932 | | | — | | | — | | | 932 | | | Non-operating income | (854) | | | — | | | — | | | (854) | | | Total | 78 | | | — | | | — | | | 78 | | | Net current period other comprehensive income | 35,305 | | | (35,736) | | | 18,688 | | | 18,257 | | | Net current period other comprehensive income attributable to noncontrolling interests | (21) | | | — | | | — | | | (21) | | | Balance at December 31, 2021 | $ | 16,347 | | | $ | (256,705) | | | $ | 18,688 | | | $ | (221,670) | |
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| Schedule of stockholders equity |
We refer to our three forward equity offerings presented below as the June 2020 Equity Forwards, June 2021 Equity Forwards, and August 2021 Equity Forwards (collectively, the “Equity Forwards”) (gross offering proceeds at closing in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Agreement Date (a) | | Shares Offered (b) | | Gross Offering Price | | Gross Offering Proceeds at Closing | | Outstanding Shares as of December 31, 2021 | June 2020 Equity Forwards (c) | 6/17/2020 | | 5,462,500 | | $ | 70.00 | | | $ | 382,375 | | | — | June 2021 Equity Forwards (c) | 6/7/2021 | | 6,037,500 | | 75.30 | | | 454,624 | | | — | | August 2021 Equity Forwards | 8/9/2021 | | 5,175,000 | | 78.00 | | | 403,650 | | | 3,925,000 | | | | | | | | | | 3,925,000 |
__________ (a)We expect to settle the Equity Forwards in full within 18 months of the respective agreement dates via physical delivery of the outstanding shares of common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the Equity Forwards, subject to certain conditions. (b)Includes 712,500, 787,500, and 675,000 shares of common stock purchased by certain underwriters in connection with the June 2020 Equity Forwards, June 2021 Equity Forwards, and August 2021 Equity Forwards, respectively, upon the exercise of 30-day options to purchase additional shares. (c)All remaining outstanding shares were settled during the year ended December 31, 2021.
The following table sets forth certain information regarding the settlement of our Equity Forwards during the periods presented (dollars in thousands): | | | | | | | | | | | | | Years Ended December 31, | | 2021 | | 2020 | | Shares of common stock delivered | 9,798,209 | | | 2,951,791 | | | Net proceeds | $ | 697,044 | | | $ | 199,716 | |
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