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Segment Reporting
 3 Months Ended
Mar. 31, 2013
Segment Reporting  
Segment Reporting

Note 14. Segment Reporting

 

We evaluate our results from operations by our two major business segments — Real Estate Ownership and Investment Management (Note 1). Effective April 1, 2012, we include distributions of Available Cash received from the operating partnerships of the Managed REITs and deferred revenue earned from our special member interest in CPA®:16 – Global's operating partnership in our Real Estate Ownership segment. Results of operations for the prior period 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 March 31,
  2013 2012
Real Estate Ownership (a)      
Revenues $ 83,838 $ 22,550
Operating expenses   (47,686)   (13,457)
Interest expense   (26,906)   (7,280)
Other, net (b)   9,604   14,138
Provision for income taxes   (1,149)   (1,073)
Income from continuing operations attributable to W. P. Carey $ 17,701 $ 14,878
Investment Management      
Revenues (c) $ 29,548 $ 45,764
Operating expenses (c)   (35,296)   (43,223)
Other, net (d)   855   1,278
Benefit from (provision for) income taxes   2,382   (622)
(Loss) income from continuing operations attributable to W. P. Carey $ (2,511) $ 3,197
Total Company      
Revenues (c) $ 113,386 $ 68,314
Operating expenses (c)   (82,982)   (56,680)
Interest expense   (26,906)   (7,280)
Other, net (b) (d)   10,459   15,416
Benefit from (provision for) income taxes   1,233   (1,695)
Income from continuing operations attributable to W. P. Carey $ 15,190 $ 18,075
       

            
 Total Long-Lived Assets at  Total Assets at
 March 31, 2013 December 31, 2012 March 31, 2013 December 31, 2012
Real Estate Ownership:           
Net investments in real estate$ 3,250,565 $ 3,239,755      
Goodwill  264,867   265,525      
In-place lease, net  468,132   447,278      
Above-market rent, net  267,845   279,885      
Other intangible assets, net  4,704   4,550      
Total  4,256,113   4,236,993 $ 4,340,656 $ 4,484,821
Investment Management:           
Goodwill  63,607   63,607      
Other intangible assets, net  5,780   5,651      
Total  69,387   69,258   268,958   124,221
Total Company$ 4,325,500 $ 4,306,251 $ 4,609,614 $ 4,609,042
            

__________

  • Included within the Real Estate Ownership segment is our total investment in shares of CPA®:16 – Global, which represented approximately 6.7% of our total assets at March 31, 2013 (Note 6).
  • Includes Other interest income, Net income from equity investments in real estate and the Managed REITs, Other income and (expenses), and Net income attributable to noncontrolling interests.
  • Included in revenues and operating expenses are reimbursable costs from affiliates totaling $12.0 million and $18.7 million for the three months ended March 31, 2013 and 2012, respectively.
  • Includes Other interest income, Other income and (expenses), Net (income) loss attributable to noncontrolling interests and Net loss attributable to redeemable noncontrolling interest.

 

At March 31, 2013, our international investments within our Real Estate Ownership segment were comprised of investments in France, Poland, Germany, Spain, Belgium, Finland, Netherlands and the United Kingdom. The following tables present information about these investments (in thousands):

 

       
  Three Months Ended March 31,
  2013 2012
Lease revenues $ 20,701 $ 2,563
Income from equity investments in real estate   1,081   1,539
  $ 21,782 $ 4,102
       

    
 March 31, 2013 December 31, 2012
Long-lived assets$ 839,481 $ 875,796