Equity (Tables)

12 Months Ended

Dec. 31, 2021

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.

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

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)

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