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Segment Reporting
 9 Months Ended
Sep. 30, 2012
Segment Reporting  
Segment Reporting

Note 16. Segment Reporting

 

We evaluate our results from operations by our two major business segments — Investment Management and Real Estate Ownership (Note 1). Effective April 1, 2012, we include cash distributions and deferred revenue received and earned from the operating partnerships of CPA®:16 – Global, CPA®:17 – Global and CWI in our Real Estate Ownership segment. Results of operations for the prior year periods have been reclassified to conform to the current period presentation. The following table presents a summary of comparative results of these business segments (in thousands):

 

            
 Three Months Ended September 30,  Nine Months Ended September 30,
 2012 2011 2012 2011
Investment Management           
Revenues (a)$ 48,057 $ 53,354 $ 137,642 $ 204,968
Operating expenses (a)  (48,577)   (39,542)   (135,775)   (119,780)
Other, net (b)  1,048   375   3,244   2,398
Benefit from (provision for) income taxes  133   (5,075)   2,155   (38,511)
Income from continuing operations attributable to W. P. Carey stockholders$ 661 $ 9,112 $ 7,266 $ 49,075
Real Estate Ownership (c)           
Revenues$ 22,979 $ 23,304 $ 70,354 $ 63,894
Operating expenses (d)  (43,260)   (12,631)   (72,498)   (34,123)
Interest expense  (7,868)   (5,989)   (22,459)   (15,660)
Other, net (e)  31,339   15,666   74,823   69,374
Provision for income taxes  (512)   (854)   (2,347)   (15)
Income from continuing operations attributable to W. P. Carey stockholders$ 2,678 $ 19,496 $ 47,873 $ 83,470
Total Company           
Revenues (a)$ 71,036 $ 76,658 $ 207,996 $ 268,862
Operating expenses (a)  (91,837)   (52,173)   (208,273)   (153,903)
Interest expense  (7,868)   (5,989)   (22,459)   (15,660)
Other, net (e)  32,387   16,041   78,067   71,772
Provision for income taxes  (379)   (5,929)   (192)   (38,526)
Income from continuing operations attributable to W. P. Carey stockholders$ 3,339 $ 28,608 $ 55,139 $ 132,545
            

            
 Total Long-Lived Assets at (f) Total Assets at
 September 30, 2012 December 31, 2011 September 30, 2012 December 31, 2011
Investment Management$ 1,759 $ 2,593 $ 114,288 $ 128,557
Real Estate Ownership  3,293,464   1,217,931   4,668,207   1,334,066
Total Company$ 3,295,223 $ 1,220,524 $ 4,782,495 $ 1,462,623
            

__________

  • Included in revenues and operating expenses are reimbursable costs from affiliates totaling $19.9 million and $14.7 million for the three months ended September 30, 2012 and 2011, respectively, and $59.1 million and $49.5 million for the nine months ended September 30, 2012 and 2011, respectively.
  • Includes Other interest income, Other income and (expenses), Net loss attributable to noncontrolling interests and Net loss (income) attributable to redeemable noncontrolling interest.
  • Included within the Real Estate Ownership segment is our total investment in shares of CPA®:16 – Global, which represents approximately 1% of our total assets at September 30, 2012 (Note 7).
  • Includes expenses incurred of $25.9 million and $30.6 million, respectively, related to the Merger for the nine months ended September 30, 2012 and 2011.
  • Includes Other interest income, Income from equity investments in real estate and the REITs, Gain on change in control of interests, Other income and (expenses), and Net income attributable to noncontrolling interests.
  • Long-lived assets include Net investments in real estate and intangible assets related to management contracts.

 

At September 30, 2012, our international investments within our Real Estate Ownership segment were comprised of investments in France, Poland, Germany and Spain. The following tables present information about these investments (in thousands):

 

            
 Three Months Ended September 30,  Nine Months Ended September 30,
 2012 2011 2012 2011
Lease revenues$ 1,976 $ 2,115 $ 6,021 $ 6,248
Income from equity investments in real estate (a)  1,080   1,570   18,776   4,719
 $ 3,056 $ 3,685 $ 24,797 $ 10,967
            

    
 September 30, 2012 December 31, 2011
Long-lived assets$ 106,298 $ 66,086
      

__________

  • Amount for the nine months ended September 30, 2012 included our $15.1 million share of the net gain recognized by a jointly-owned entity in connection with selling its interests in the Medica investment.