Equity (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Distributions Paid Per Share for Tax

Our dividends per share are summarized as follows:


	Dividends Paid
	During the Years Ended December 31,
	2023		2022		2021
Ordinary income	$	3.8233	$	4.0329	$	3.3300
Return of capital	0.8671		0.1718		0.5407
Capital gains	0.3443		0.0273		0.3253
Total dividends paid (a)	$	5.0347	$	4.2320	$	4.1960

__________

(a)Amount for the year ended December 31, 2023 includes a distribution of $0.7627 per share representing the taxable distribution of shares of NLOP that occurred in conjunction with the Spin-Off on November 1, 2023 (Note 3). The per share distribution rate is based on the exchange ratio of one share of NLOP distributed for every 15 shares of WPC held and the fair market value of NLOP shares distributed in the Spin-Off, which was determined to be $11.44 per NLOP share, using a three-day volume weighted average price.

Earnings Per Share Reconciliation

The following table summarizes basic and diluted earnings (dollars in thousands):


	Years Ended December 31,
	2023		2022		2021


Net income – basic and diluted	$	708,334	$	599,139	$	409,988

Weighted-average shares outstanding – basic	215,369,777		199,633,802		182,486,476
Effect of dilutive securities	390,719		793,322		640,622
Weighted-average shares outstanding – diluted	215,760,496		200,427,124		183,127,098

Schedule of Stockholders Equity

The following table sets forth certain information regarding the issuance of shares of our common stock under our prior ATM Program during the periods presented (net proceeds in thousands):


	Years Ended December 31,
	2023		2022		2021
Shares of common stock issued	—		2,740,295		4,690,073
Weighted-average price per share	$	—	$	80.79	$	73.42
Net proceeds	$	—	$	218,081	$	339,968

The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands):


	Years Ended December 31,
	2023		2022		2021
Shares of common stock delivered	7,826,840		3,925,000		9,798,209
Net proceeds	$	633,785	$	284,259	$	697,044

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, 2021	$	(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)
Other comprehensive loss before reclassifications	37,048		(63,149)		—		(26,101)
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(17,483)		—		—		(17,483)
Interest expense	167		—		—		167
Other gains and (losses) (Note 10)	—		—		(18,688)		(18,688)
Total	(17,316)		—		(18,688)		(36,004)
Net current period other comprehensive loss	19,732		(63,149)		(18,688)		(62,105)
Net current period other comprehensive income attributable to noncontrolling interests	—		(5)		—		(5)
Balance at December 31, 2022	36,079		(319,859)		—		(283,780)
Other comprehensive income before reclassifications	(9,599)		19,758		—		10,159
Other comprehensive income derecognized in connection with the Spin-Off (N ote 3)	—		35,664		—		35,664
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(14,874)		—		—		(14,874)
Interest expense	(1,956)		—		—		(1,956)
Total	(16,830)		—		—		(16,830)
Net current period other comprehensive income	(26,429)		55,422		—		28,993
Net current period other comprehensive income attributable to noncontrolling interests	—		(80)		—		(80)
Balance at December 31, 2023	$	9,650	$	(264,517)	$	—	$	(254,867)