Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'W. P. Carey Inc. | ' |
Entity Central Index Key | '0001025378 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 104,015,348 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in real estate: | ' | ' |
Real estate, at cost (inclusive of $203,173 and $78,782, respectively, attributable to variable interest entities, or VIEs) | $4,572,313 | $2,516,325 |
Operating real estate, at cost (inclusive of $38,714 and $0, respectively, attributable to VIEs) | 84,594 | 6,024 |
Accumulated depreciation (inclusive of $23,272 and $18,238, respectively, attributable to VIEs) | -243,639 | -168,958 |
Net investments in properties | 4,413,268 | 2,353,391 |
Net investments in direct financing leases (inclusive of $62,975 and $18,089, respectively, attributable to VIEs) | 838,475 | 363,420 |
Assets held for sale | 0 | 86,823 |
Equity investments in real estate and the Managed REITs | 218,103 | 530,020 |
Net investments in real estate | 5,469,846 | 3,333,654 |
Cash and cash equivalents (inclusive of $2,130 and $37, respectively, attributable to VIEs) | 530,276 | 117,519 |
Due from affiliates | 26,075 | 32,034 |
Goodwill | 702,791 | 350,208 |
In-place lease intangible assets, net (inclusive of $21,915 and $3,385, respectively, attributable to VIEs) | 935,008 | 467,127 |
Above-market rent intangible assets, net (inclusive of $14,252 and $2,544, respectively, attributable to VIEs) | 545,462 | 241,975 |
Other assets, net (inclusive of $20,945 and $4,246, respectively, attributable to VIEs) | 291,991 | 136,433 |
Total assets | 8,501,449 | 4,678,950 |
Liabilities: | ' | ' |
Non-recourse debt (inclusive of $131,215 and $29,042, respectively, attributable to VIEs) | 2,702,133 | 1,492,410 |
Senior unsecured credit facility and unsecured term loan | 618,945 | 575,000 |
Senior unsecured notes | 498,300 | 0 |
Below-market rent and other intangible liabilities, net (inclusive of $9,555 and $3,481, respectively, attributable to VIEs) | 178,070 | 128,202 |
Accounts payable, accrued expenses and other liabilities (inclusive of $6,069 and $2,988, respectively, attributable to VIEs) | 294,364 | 166,385 |
Deferred income taxes (inclusive of $670 and $0, respectively, attributable to VIEs) | 96,372 | 39,040 |
Distributions payable | 98,996 | 67,746 |
Total liabilities | 4,487,180 | 2,468,783 |
Redeemable noncontrolling interest | 6,346 | 7,436 |
Commitments and contingencies (Note 12) | ' | ' |
W. P. Carey stockholders’ equity: | ' | ' |
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.001 par value, 450,000,000 shares authorized; 105,058,582 and 69,299,949 shares issued, respectively; and 104,014,166 and 68,266,570 shares outstanding, respectively | 105 | 69 |
Additional paid-in capital | 4,313,896 | 2,256,503 |
Distributions in excess of accumulated earnings | -399,116 | -318,577 |
Deferred compensation obligation | 30,624 | 11,354 |
Accumulated other comprehensive (loss) income | -21,271 | 15,336 |
Less: treasury stock at cost, 1,044,416 and 1,033,379 shares, respectively | -60,948 | -60,270 |
Total W. P. Carey stockholders’ equity | 3,863,290 | 1,904,415 |
Noncontrolling interests | 144,633 | 298,316 |
Total equity | 4,007,923 | 2,202,731 |
Total liabilities and equity | $8,501,449 | $4,678,950 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Investments in real estate: | ' | ' |
Real estates, at cost attributable to consolidated VIEs | $4,572,313 | $2,516,325 |
Operating real estate, at cost attributable to VIEs | 84,594 | 6,024 |
Accumulated depreciation attributable to consolidated VIEs | 243,639 | 168,958 |
Net investments in direct financing leases | 838,475 | 363,420 |
Cash and cash equivalents attributable to consolidated VIEs | 530,276 | 117,519 |
In-place lease, net attributable to consolidated VIEs | 935,008 | 467,127 |
Above-market rent, net attributable to consolidated VIEs | 545,462 | 241,975 |
Other assets, net attributable to consolidated VIEs | 291,991 | 136,433 |
Liabilities: | ' | ' |
Non-recourse debt attributable to consolidated VIEs | 2,702,133 | 1,492,410 |
Below-market rent and other intangible liabilities, net attributable to consolidated VIEs | 178,070 | 128,202 |
Accounts payable, accrued expenses, and other liabilities attributable to consolidated VIEs | 294,364 | 166,385 |
Deferred income taxes attributable to consolidated VIEs | 96,372 | 39,040 |
W. P. Carey stockholders’ equity: | ' | ' |
Preferred stock, par share value | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, per share value | $0.00 | $0.00 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 105,058,582 | 69,299,949 |
Common stock, shares outstanding | 104,014,166 | 68,266,570 |
Treasury stock, shares | 1,044,416 | 1,033,379 |
Variable Interest Entity | ' | ' |
Investments in real estate: | ' | ' |
Real estates, at cost attributable to consolidated VIEs | 203,173 | 78,782 |
Operating real estate, at cost attributable to VIEs | 38,714 | 0 |
Accumulated depreciation attributable to consolidated VIEs | 23,272 | 18,238 |
Net investments in direct financing leases | 62,975 | 18,089 |
Cash and cash equivalents attributable to consolidated VIEs | 2,130 | 37 |
In-place lease, net attributable to consolidated VIEs | 21,915 | 3,385 |
Above-market rent, net attributable to consolidated VIEs | 14,252 | 2,544 |
Other assets, net attributable to consolidated VIEs | 20,945 | 4,246 |
Liabilities: | ' | ' |
Non-recourse debt attributable to consolidated VIEs | 131,215 | 29,042 |
Below-market rent and other intangible liabilities, net attributable to consolidated VIEs | 9,555 | 3,481 |
Accounts payable, accrued expenses, and other liabilities attributable to consolidated VIEs | 6,069 | 2,988 |
Deferred income taxes attributable to consolidated VIEs | $670 | $0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Real estate revenues: | ' | ' | ' | ' |
Lease revenues | $149,243 | $75,702 | $420,563 | $222,145 |
Operating property revenues | 8,338 | 248 | 21,580 | 706 |
Reimbursable tenant costs | 6,271 | 3,624 | 18,034 | 9,781 |
Lease termination income and other | 360 | 236 | 15,841 | 1,319 |
Total real estate revenue | 164,212 | 79,810 | 476,018 | 233,951 |
Revenues from the Managed REITs: | ' | ' | ' | ' |
Reimbursable costs | 14,722 | 23,259 | 96,379 | 50,694 |
Asset management revenue | 9,088 | 10,961 | 27,910 | 31,330 |
Structuring revenue | 5,487 | 14,775 | 40,492 | 27,539 |
Dealer manager fees | 2,436 | 3,787 | 17,062 | 7,329 |
Revenue from affiliates | 31,733 | 52,782 | 181,843 | 116,892 |
Total revenues | 195,945 | 132,592 | 657,861 | 350,843 |
Operating Expenses | ' | ' | ' | ' |
Depreciation and amortization | 59,524 | 30,534 | 175,642 | 89,681 |
Reimbursable tenant and affiliate costs | 20,993 | 26,883 | 114,413 | 60,475 |
General and administrative | 20,261 | 15,739 | 62,066 | 47,336 |
Property expenses, excluding reimbursable tenant costs | 10,391 | 1,824 | 30,021 | 5,871 |
Stock-based compensation expense | 7,979 | 7,852 | 22,979 | 25,430 |
Impairment charges | 4,225 | 0 | 6,291 | 0 |
Dealer manager fees and expenses | 3,847 | 4,296 | 15,557 | 9,421 |
Merger and property acquisition expenses | 618 | 3,630 | 31,369 | 6,879 |
Subadvisor fees | 381 | 867 | 2,850 | 2,537 |
Total operating expenses | 128,219 | 91,625 | 461,188 | 247,630 |
Other Income and Expenses | ' | ' | ' | ' |
Net income from equity investments in real estate and the Managed REITs | 11,610 | 9,180 | 35,324 | 52,377 |
Gain on change in control of interests | 0 | 0 | 104,645 | 0 |
Interest expense | -46,534 | -26,262 | -133,342 | -77,596 |
Other income and (expenses) | -4,080 | 2,778 | -10,403 | 6,627 |
Total other income and expenses | -39,004 | -14,304 | -3,776 | -18,592 |
Income from continuing operations before income taxes and gain (loss) on sale of real estate | 28,722 | 26,663 | 192,897 | 84,621 |
Provision for income taxes | -901 | -5,391 | -11,175 | -3,050 |
Income from continuing operations before gain (loss) on sale of real estate | 27,821 | 21,272 | 181,722 | 81,571 |
Income from discontinued operations, net of tax | 235 | 378 | 33,063 | 2,066 |
Gain (loss) on sale of real estate, net of tax | 260 | 0 | -3,482 | -332 |
Net Income | 28,316 | 21,650 | 211,303 | 83,305 |
Net income attributable to noncontrolling interests | -993 | -2,912 | -4,914 | -7,312 |
Net loss (income) attributable to redeemable noncontrolling interest | 14 | -232 | -137 | -139 |
Net Income Attributable to W. P. Carey | 27,337 | 18,506 | 206,252 | 75,854 |
Basic Earnings Per Share | ' | ' | ' | ' |
Income from continuing operations attributable to W. P. Carey (in dollars per share) | $0.27 | $0.27 | $1.78 | $1.08 |
Income (loss) from discontinued operations attributable to W. P. Carey (in dollars per share) | $0 | $0 | $0.34 | $0.02 |
Net Income Attributable to W. P. Carey (in dollars per share) | $0.27 | $0.27 | $2.12 | $1.10 |
Diluted Earnings Per Share | ' | ' | ' | ' |
Income from continuing operations attributable to W. P. Carey (in dollars per share) | $0.27 | $0.27 | $1.76 | $1.06 |
Income (loss) from discontinued operations attributable to W. P. Carey (in dollars per share) | $0 | $0 | $0.34 | $0.02 |
Net Income Attributable to W. P. Carey (in dollars per share) | $0.27 | $0.27 | $2.10 | $1.08 |
Weighted-Average Shares Outstanding | ' | ' | ' | ' |
Basic (in shares) | 100,282,082 | 68,397,176 | 96,690,675 | 68,719,264 |
Diluted (in shares) | 101,130,448 | 69,400,825 | 97,728,981 | 69,846,320 |
Amounts Attributable to W. P. Carey | ' | ' | ' | ' |
Income from continuing operations, net of tax | 27,107 | 18,541 | 173,016 | 74,809 |
Income (loss) from discontinued operations, net of tax | 230 | -35 | 33,236 | 1,045 |
Net Income Attributable to W. P. Carey | $27,337 | $18,506 | $206,252 | $75,854 |
Distributions Declared Per Share | $0.94 | $0.86 | $2.73 | $2.52 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $28,316 | $21,650 | $211,303 | $83,305 |
Other Comprehensive (Loss) Income | ' | ' | ' | ' |
Foreign currency translation adjustments | -55,096 | 17,675 | -52,140 | 13,017 |
Realized and unrealized gain (loss) on derivative instruments | 16,151 | -4,013 | 11,587 | 1,242 |
Change in unrealized loss on marketable securities | -12 | 0 | 0 | 0 |
Net current period other comprehensive (loss) income | -38,957 | 13,662 | -40,553 | 14,259 |
Comprehensive (Loss) Income | -10,641 | 35,312 | 170,750 | 97,564 |
Amounts Attributable to Noncontrolling Interests | ' | ' | ' | ' |
Net income attributable to noncontrolling interests | -993 | -2,912 | -4,914 | -7,312 |
Foreign currency translation adjustments | 3,504 | -2,031 | 3,951 | -984 |
Comprehensive loss (income) attributable to noncontrolling interests | 2,511 | -4,943 | -963 | -8,296 |
Amounts Attributable to Redeemable Noncontrolling Interest | ' | ' | ' | ' |
Net loss (income) attributable to redeemable noncontrolling interest | 14 | -232 | -137 | -139 |
Foreign currency translation adjustments | -32 | -21 | -5 | 0 |
Comprehensive income attributable to redeemable noncontrolling interest | -18 | -253 | -142 | -139 |
Comprehensive (Loss) Income Attributable to W. P. Carey | ($8,148) | $30,116 | $169,645 | $89,129 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (Unaudited) (USD $) | Total | $0.001 Par Value Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Deferred Compensation Obligation | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total W.P. Carey Members | Noncontrolling interest |
In Thousands, except Share data, unless otherwise specified | |||||||||
Balance - beginning of period at Dec. 31, 2012 | $2,257,323 | $69 | $2,175,820 | ($172,182) | $8,358 | ($4,649) | ($20,270) | $1,987,146 | $270,177 |
Beginning equity balance - shares at Dec. 31, 2012 | ' | 68,485,525 | ' | ' | ' | ' | ' | ' | ' |
W.P. Carey Stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of Estate shareholder shares | 40,000 | ' | 40,000 | ' | ' | ' | ' | 40,000 | ' |
Exercise of stock options and employee purchase under the employee share purchase plan, value | 2,312 | ' | 2,312 | ' | ' | ' | ' | 2,312 | ' |
Exercise of stock options and employee purchase under the employee share purchase plan, shares | ' | 55,423 | ' | ' | ' | ' | ' | ' | ' |
Grants issued in connection with services rendered, shares | ' | 295,304 | ' | ' | ' | ' | ' | ' | ' |
Shares issued under share incentive plans, value | -9,183 | ' | -9,183 | ' | ' | ' | ' | -9,183 | ' |
Shares issued under share incentive plans, shares | ' | 47,289 | ' | ' | ' | ' | ' | ' | ' |
Contributions from noncontrolling interest | 65,145 | ' | ' | ' | ' | ' | ' | ' | 65,145 |
Windfall tax benefits - share incentive plan | 12,817 | ' | 12,817 | ' | ' | ' | ' | 12,817 | ' |
Amortization of stock-based compensation expense | 37,196 | ' | 34,737 | ' | 2,459 | ' | ' | 37,196 | ' |
Distributions to noncontrolling interests | -71,820 | ' | ' | ' | ' | ' | ' | ' | -71,820 |
Distributions declared | -244,734 | ' | ' | -245,271 | 537 | ' | ' | -244,734 | ' |
Purchase of treasury stock from related party, value | -40,000 | ' | ' | ' | ' | ' | -40,000 | -40,000 | ' |
Purchase of treasury stock from related party, shares | ' | -616,971 | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | -5 | ' | ' | ' | ' | ' | ' | ' | -5 |
Net income | 131,812 | ' | ' | 98,876 | ' | ' | ' | 98,876 | 32,936 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | 21,848 | ' | ' | ' | ' | 19,965 | ' | 19,965 | 1,883 |
Realized and unrealized gain on derivative instruments | 20 | ' | ' | ' | ' | 20 | ' | 20 | ' |
Balance - end of period at Dec. 31, 2013 | 2,202,731 | 69 | 2,256,503 | -318,577 | 11,354 | 15,336 | -60,270 | 1,904,415 | 298,316 |
Ending equity balance - shares at Dec. 31, 2013 | 68,266,570 | 68,266,570 | ' | ' | ' | ' | ' | ' | ' |
W.P. Carey Stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued to stockholders of CPA:16 in connection with the CPA:16 Merger, value | 1,815,521 | 31 | 1,815,490 | ' | ' | ' | ' | 1,815,521 | ' |
Shares issued to stockholders of CPA:16 in connection with the CPA:16 Merger, shares | ' | 30,729,878 | ' | ' | ' | ' | ' | ' | ' |
Shares issued in connection with public offering, value | 282,162 | 5 | ' | ' | ' | ' | ' | 282,162 | ' |
Proceeds from issuance of shares in public offering | 282,586 | ' | 282,157 | ' | ' | ' | ' | ' | ' |
Shares issued in connection with public offering, shares | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | ' |
Purchase of the remaining interests in less-than-wholly-owned investments that we already consolidate in connection with the CPA®:16 Merger | -280,936 | ' | -41,374 | ' | ' | ' | ' | -41,374 | -239,562 |
Purchase of noncontrolling interests in connection with the CPA®:16 Merger | 99,757 | ' | ' | ' | ' | ' | ' | ' | 99,757 |
Exercise of stock options and employee purchase under the employee share purchase plan, value | 1,220 | ' | 1,220 | ' | ' | ' | ' | 1,220 | ' |
Exercise of stock options and employee purchase under the employee share purchase plan, shares | ' | 24,725 | ' | ' | ' | ' | ' | ' | ' |
Grants issued in connection with services rendered, shares, value | -15,736 | ' | -15,736 | ' | ' | ' | ' | -15,736 | ' |
Grants issued in connection with services rendered, shares | ' | 368,347 | ' | ' | ' | ' | ' | ' | ' |
Shares issued under share incentive plans, value | -849 | ' | -849 | ' | ' | ' | ' | -849 | ' |
Shares issued under share incentive plans, shares | ' | 35,683 | ' | ' | ' | ' | ' | ' | ' |
Deferral of vested shares | ' | ' | -15,428 | ' | 15,428 | ' | ' | ' | ' |
Contributions from noncontrolling interest | 379 | ' | ' | ' | ' | ' | ' | ' | 379 |
Windfall tax benefits - share incentive plan | 5,449 | ' | 5,449 | ' | ' | ' | ' | 5,449 | ' |
Amortization of stock-based compensation expense | 22,979 | ' | 22,979 | ' | ' | ' | ' | 22,979 | ' |
Redemption value adjustment | 306 | ' | 306 | ' | ' | ' | ' | 306 | ' |
Distributions to noncontrolling interests | -15,270 | ' | ' | ' | ' | ' | ' | ' | -15,270 |
Distributions declared | -279,770 | ' | 3,179 | -286,791 | 3,842 | ' | ' | -279,770 | ' |
Purchase of treasury stock from related party, value | -678 | ' | ' | ' | ' | ' | -678 | -678 | ' |
Purchase of treasury stock from related party, shares | ' | -11,037 | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | 50 | ' | ' | ' | ' | ' | ' | ' | 50 |
Net income | 211,166 | ' | ' | 206,252 | ' | ' | ' | 206,252 | 4,914 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -52,145 | ' | ' | ' | ' | -48,194 | ' | -48,194 | -3,951 |
Realized and unrealized gain on derivative instruments | 11,587 | ' | ' | ' | ' | 11,587 | ' | 11,587 | ' |
Balance - end of period at Sep. 30, 2014 | $4,007,923 | $105 | $4,313,896 | ($399,116) | $30,624 | ($21,271) | ($60,948) | $3,863,290 | $144,633 |
Ending equity balance - shares at Sep. 30, 2014 | 104,014,166 | 104,014,166 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Equi1
Consolidated Statement of Equity (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' |
Per shares distributions declared | $0.94 | $0.86 | $2.73 | $2.52 | $3.39 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows — Operating Activities | ' | ' |
Net income | $211,303 | $83,305 |
Adjustments to net income: | ' | ' |
Depreciation and amortization, including intangible assets and deferred financing costs | 184,808 | 102,679 |
Gain on change in control of interests | -104,645 | 0 |
Straight-line rent and amortization of rent-related intangibles | 35,229 | 15,684 |
Management income received in shares of Managed REITs and other | -27,933 | -26,709 |
Gain on sale of real estate | -24,188 | -290 |
Stock-based compensation expense | 22,979 | 25,430 |
Impairment charges | 6,291 | 6,366 |
Unrealized loss (gain) on foreign currency transactions, derivative instruments and other | 3,128 | -5,608 |
Income from equity investments in real estate and the Managed REITs in excess of distributions received | -1,915 | -22,138 |
Amortization of deferred revenue | -786 | -7,077 |
Realized (gain) loss on extinguishment of debt and other | -410 | 36 |
Changes in assets and liabilities: | ' | ' |
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options | -16,585 | -11,484 |
Decrease in income taxes, net | -14,207 | -13,673 |
Increase in structuring revenue receivable | -13,398 | -3,967 |
Deferred acquisition revenue received | 12,693 | 13,496 |
Increase in prepaid taxes | -1,196 | -9,257 |
Net changes in other operating assets and liabilities | 5,986 | -466 |
Net Cash Provided by Operating Activities | 277,154 | 146,327 |
Cash Flows — Investing Activities | ' | ' |
Proceeds from sale of real estate and equity investments | 281,164 | 56,495 |
Purchases of real estate | -246,593 | -249,289 |
Cash acquired in connection with the CPA®:16 Merger | 65,429 | 0 |
Change in investing restricted cash | -29,219 | 27,673 |
Capital expenditures | -27,714 | -10,164 |
Proceeds from repayment of short-term loan to affiliate | 11,000 | 0 |
Funding of short-term loan to affiliate | -11,000 | -15,000 |
Distributions received from equity investments in real estate and the Managed REITs in excess of equity income | 10,057 | 32,982 |
Purchase of securities for the defeasance of debt | -7,664 | 0 |
Other investing activities, net | 2,427 | -5 |
Cash paid to stockholders of CPA®:16 – Global in the CPA®:16 Merger | -1,338 | 0 |
Capital contributions to equity investments | -468 | -1,945 |
Net Cash Provided by (Used in) Investing Activities | 46,081 | -159,253 |
Cash Flows — Financing Activities | ' | ' |
Repayments of senior credit facility | -1,395,000 | -348,000 |
Proceeds from senior credit facility and unsecured term loan | 1,285,286 | 585,000 |
Proceeds from issuance of senior unsecured notes | 498,195 | 0 |
Proceeds from issuance of shares in public offering | 282,586 | 0 |
Distributions paid | -248,918 | -160,953 |
Prepayments of mortgage principal | -216,065 | 0 |
Scheduled payments of mortgage principal | -96,797 | -160,763 |
Distributions paid to noncontrolling interests | -16,194 | -20,427 |
Proceeds from mortgage financing | 12,330 | 113,000 |
Payment of financing costs and mortgage deposits, net of deposits refunded | -12,187 | -2,202 |
Windfall tax benefit associated with stock-based compensation awards | 5,449 | 11,614 |
Proceeds from exercise of stock options and employee purchase under the employee purchase plan | 1,220 | 1,970 |
Purchase of treasury stock from related party | -679 | -40,000 |
Change in financing restricted cash | -589 | -1,054 |
Contributions from noncontrolling interests | 502 | 2,830 |
Net Cash Provided by (Used in) Financing Activities | 99,139 | -18,985 |
Change in Cash and Cash Equivalents During the Period | ' | ' |
Effect of exchange rate changes on cash | -9,617 | 1,627 |
Net increase (decrease) in cash and cash equivalents | 412,757 | -30,284 |
Cash and cash equivalents, beginning of period | 117,519 | 123,904 |
Cash and cash equivalents, end of period | $530,276 | $93,620 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2014 |
CPA: 16 - Global | |
Total Consideration | ' |
Fair value of W.P.Carey shares of common stock issued | $1,815,521 |
Cash consideration for fractional shares | 1,338 |
Fair value of W. P. Carey & Co. LLC equity interest in jointly-owned investments with CPA:16 prior to the CPA:16 Merger | 348,448 |
Fair value of noncontrolling interests acquired | -278,187 |
Total Consideration | 2,059,840 |
Assets Acquired at Fair Value | ' |
Net investments in real estate | 1,970,175 |
Net investments in direct financing leases | 538,225 |
Equity investments in real estate | 74,367 |
Assets held for sale | 133,415 |
Goodwill | 348,876 |
In-place lease, net | 553,723 |
Above-market rent | 395,824 |
Other assets | 82,032 |
Liabilities Assumed at Fair Value | ' |
Non-recourse debt and line of credit | -1,768,288 |
Accounts payable, accrued expenses and other liabilities | -118,389 |
Below-market rent intangibles | -57,569 |
Deferred tax liability | -58,347 |
Amounts attributable to noncontrolling interests | -99,633 |
Net assets acquired excluding cash | 1,994,411 |
Cash acquired on acquisition of subsidiaries | $65,429 |
Business_and_Organization
Business and Organization | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business and Organization | ' |
Business and Organization | |
W. P. Carey Inc., or W. P. Carey, is, together with its consolidated subsidiaries and predecessors, a real estate investment trust, or REIT, that provides long-term financing via sale-leaseback and build-to-suit transactions for companies worldwide and manages a global investment portfolio. We invest primarily in commercial properties domestically and internationally. We earn revenue principally by leasing the properties we own to single corporate tenants, primarily on a triple-net lease basis, which requires each tenant to pay substantially all of the costs associated with operating and maintaining the property. Through our taxable REIT subsidiaries, or TRSs, we also earn revenue as the advisor to publicly-owned, non-listed REITs under the Corporate Property Associates, or CPA®, brand name, which invest in similar properties. At September 30, 2014, we were the advisor to Corporate Property Associates 17 – Global Incorporated, or CPA®:17 – Global, and Corporate Property Associates 18 – Global Incorporated, or CPA®:18 – Global. We were also the advisor to Corporate Property Associates 16 – Global Incorporated, or CPA®:16 – Global, until its merger with us on January 31, 2014. We refer to CPA®:16 – Global, CPA®:17 – Global, and CPA®:18 – Global as the CPA® REITs. We are also the advisor to Carey Watermark Investors Incorporated, or CWI, a publicly-owned, non-listed REIT that invests in lodging and lodging-related properties, which is referred to as, together with CPA® REITs, the Managed REITs. | |
Originally founded in 1973, we reorganized as a REIT in September 2012 in connection with our merger with Corporate Property Associates 15 Incorporated, or CPA®:15. We refer to that merger as the CPA®:15 Merger. Our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.” | |
On January 31, 2014, CPA®:16 – Global merged with and into us based on a merger agreement, dated as of July 25, 2013, which we refer to as the CPA®:16 Merger (Note 3). In September 2014, we completed a public offering of 4,600,000 shares of our common stock, $0.001 par value per share, at a price of $64.00 per share (Note 13). | |
We have elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code. As a REIT, we are not generally subject to United States, or U.S., federal income taxation as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We hold all of our real estate assets attributable to our Real Estate Ownership segment under the REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs. | |
Reportable Segments | |
Real Estate Ownership — We own and invest in commercial properties principally in the U.S., the European Union and Asia that are then leased to companies, primarily on a triple-net lease basis. We have also invested in several operating properties, such as lodging and self-storage properties. We earn lease revenues from our wholly-owned and co-owned real estate investments that we control. In addition, we generate equity income through co-owned real estate investments that we do not control and our investments in the shares of the Managed REITs (Note 7). Through our special member interests in the operating partnerships of the Managed REITs, we also participate in their cash flows (Note 4). At September 30, 2014, our owned portfolio was comprised of our full or partial ownership interests in 688 properties, substantially all of which were net leased to 215 tenants, with an occupancy rate of 98.1%, and totaled approximately 80.8 million square feet. Collectively, at September 30, 2014, CPA®:17 – Global and CPA®:18 – Global owned all or a portion of 384 properties, including certain properties in which we have an ownership interest. Substantially all of these properties, totaling approximately 40.9 million square feet, were net leased to 150 tenants, with an average occupancy rate of approximately 99.9%. CPA®:17 – Global, CPA®:18 – Global, and CWI also had interests in 105 operating properties for an aggregate of approximately 11.0 million square feet at September 30, 2014. | |
Investment Management — Through our TRSs, we structure and negotiate investments and debt placement transactions for the Managed REITs, for which we earn structuring revenue, and manage their portfolios of real estate investments, for which we earn asset-based management revenue. We earn disposition revenue when we negotiate and structure the sale of properties on behalf of the Managed REITs, and we may also earn incentive revenue and receive other compensation in connection with providing liquidity events for the Managed REITs’ stockholders. We are currently considering alternatives for expanding our investment management operations by raising funds in addition to the existing Managed REITs, although there can be no assurance that we will pursue any of these initiatives. These new funds could invest primarily in assets other than net-lease real estate and could include funds raised through publicly traded vehicles, either in the U.S. or internationally. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Basis of Presentation | |
Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations, and cash flows in accordance with accounting principles generally accepted in the U.S., or GAAP. | |
In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2013, which are included in the 2013 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. | |
The unaudited consolidated financial statements included in this Report have been retrospectively adjusted to reflect the disposition (or planned disposition) of certain properties as discontinued operations for all periods presented. | |
Basis of Consolidation | |
Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries and our tenancy-in-common interests as described below. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. | |
At September 30, 2014, we had six investments in tenancy-in-common interests in various domestic and international properties, five of which we consolidate because we own 100% of these investments after acquiring the remaining interests in these investments from CPA®:16 – Global in the CPA®:16 Merger, and account for the remaining jointly-owned investment using the equity method of accounting. Consolidation of the remaining investment is not required as such interest does not qualify as a VIE and does not meet the control requirement for consolidation. Accordingly, we account for this investment using the equity method of accounting. We use the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides us with significant influence on the operating and financial decisions of these investments. | |
We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease as well as certain decision-making rights within a loan can cause us to consider an entity a VIE. In connection with the CPA®:16 Merger, we acquired 12 VIEs. We consider these entities VIEs because the leases have certain features such as fixed price purchase or renewal options. | |
Additionally, we own interests in single-tenant, net-leased properties leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. We account for these investments under the equity method of accounting. At times, the carrying value of our equity investments may fall below zero for certain investments. We intend to fund our share of the investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. At September 30, 2014, none of our equity investments had carrying values below zero. | |
In June 2014, we filed a registration statement with the SEC to sell up to $1.0 billion of common stock of Carey Watermark Investors 2 Incorporated, or CWI 2, in an initial public offering plus up to an additional $400.0 million of its common stock under a dividend reinvestment plan. As of the date of this Report, the registration statement has not been declared effective by the SEC and there can be no assurance as to whether or when such offering would be commenced. Through September 30, 2014, the financial activity of CWI 2, which has no significant assets, liabilities, or operations, was included in our consolidated financial statements. | |
In September 2014, we filed registration statements with the SEC to sell up to 50,000,000 shares and 21,000,000 shares of beneficial interest of Carey Credit Income Fund 2015 A and Carey Credit Income Fund 2015 T, respectively, in initial public offerings. As of the date of this Report, the registration statements have not been declared effective by the SEC and there can be no assurance as to whether or when such offerings would be commenced. Through September 30, 2014, the financial activities of Carey Credit Income Fund 2015 A and Carey Credit Income Fund 2015 T, which have no significant assets, liabilities, or operations, were included in our consolidated financial statements. | |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to the current period presentation. | |
Recent Accounting Requirements | |
The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board are applicable to us: | |
ASU 2014-12, Compensation — Stock Compensation (Topic 718). ASU 2014-12 provides guidance on share-based payment awards, in which a performance target that affects vesting and that could be achieved after the requisite vesting period be treated as a performance condition. ASU 2014-12 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2014-12 on our consolidated financial statements. | |
ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but will apply to reimbursed tenant costs and revenues generated from our operating properties and our Investment Management business. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective beginning in 2017, and early adoption is not permitted. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | |
ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). ASU 2014-08 changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity, or a business. Under this new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a “strategic shift that has or will have a major effect on an entity’s operations and financial results.” The new guidance also requires disclosures including pre-tax profit or loss and significant gains or losses arising from dispositions that represent an “individually significant component of an entity,” but do not meet the criteria to be reported as discontinued operations under ASU 2014-08. In the ordinary course of business we sell properties, which, under prior accounting guidance, we generally reported as discontinued operations; however, under ASU 2014-08, such property dispositions typically would not meet the criteria to be reported as discontinued operations. We elected to early adopt ASU 2014-08 prospectively for all dispositions after December 31, 2013. Consequently, individually significant properties that were sold or classified as held-for-sale during 2014 were not reclassified to discontinued operations in the consolidated financial statements, but have been disclosed in Note 15 to the consolidated financial statements. By contrast, and as required by the new guidance, the results for the current and prior year period reflect as discontinued operations in the consolidated financial statements all dispositions and assets classified as held-for-sale through December 31, 2013 that were deemed under the prior accounting guidance to be discontinued operations, as well as those assets classified as held-for-sale as part of the CPA®:16 Merger. This ASU did not have a significant impact on our financial position or results of operations for any of the periods presented. | |
ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires an entity to present an unrecognized tax benefit relating to a net operating loss carryforward, a similar tax loss or a tax credit carryforward as a reduction to a deferred tax asset, except in certain situations. To the extent the net operating loss carryforward, similar tax loss or tax credit carryforward is not available as of the reporting date under the governing tax law to settle any additional income taxes that would result from the disallowance of the tax position, or the governing tax law does not require the entity to use and the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and should not net with a deferred tax asset. ASU 2013-11 became effective for us at the beginning of 2014. The adoption of ASU 2013-11 did not have a material impact on our financial condition or results of operations. |
Merger_with_CPA16_Global
Merger with CPA®:16 – Global | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Merger with CPA 16 - Global | ' | |||||||||||||||
Merger with CPA®:16 – Global | ||||||||||||||||
On July 25, 2013, we and CPA®:16 – Global entered into a definitive agreement pursuant to which CPA®:16 – Global would merge with and into one of our wholly-owned subsidiaries, subject to the approval of our stockholders and the stockholders of CPA®:16 – Global. On January 24, 2014, our stockholders and the stockholders of CPA®:16 – Global each approved the CPA®:16 Merger, and the CPA®:16 Merger closed on January 31, 2014. | ||||||||||||||||
In the CPA®:16 Merger, CPA®:16 – Global stockholders received 0.1830 shares of our common stock in exchange for each share of CPA®:16 – Global stock owned, pursuant to an exchange ratio based upon a value of $11.25 per share of CPA®:16 – Global and the volume weighted-average trading price of our common stock for the five consecutive trading days ending on the third trading day preceding the closing of the transaction on January 31, 2014. CPA®:16 – Global stockholders received cash in lieu of any fractional shares in the CPA®:16 Merger. We paid total merger consideration of approximately $1.8 billion, including the issuance of 30,729,878 shares of our common stock with a fair value of $1.8 billion based on the closing price of our common stock on January 31, 2014, of $59.08 per share, to the stockholders of CPA®:16 – Global in exchange for the 168,041,772 shares of CPA®:16 – Global common stock that we and our affiliates did not previously own, and cash of $1.3 million paid in lieu of issuing any fractional shares, or collectively, the Merger Consideration. As a condition of the CPA®:16 Merger, we waived the subordinated disposition and termination fees that we would have been entitled to receive from CPA®:16 – Global upon its liquidation pursuant to the terms of our advisory agreement with CPA®:16 – Global (Note 4). | ||||||||||||||||
Immediately prior to the CPA®:16 Merger, CPA®:16 – Global’s portfolio was comprised of the consolidated full or partial interests in 325 leased properties, substantially all of which were triple-net leased with an average remaining life of 10.4 years and an estimated contractual minimum annualized base rent, or ABR, totaling $300.1 million, and two hotel properties. The related property-level debt was comprised of 92 fixed-rate and 18 variable-rate non-recourse mortgage loans with an aggregate fair value of approximately $1.8 billion and a weighted-average annual interest rate of 5.6% at that date. Additionally, CPA®:16 – Global had a line of credit with an outstanding balance of $170.0 million on the date of the closing of the CPA®:16 Merger (Note 11). In addition, CPA®:16 – Global had equity interests in 18 unconsolidated investments, 11 of which were consolidated by us prior to the CPA®:16 Merger, five of which were consolidated by us subsequent to the CPA®:16 Merger, and two of which were jointly-owned with CPA®:17 – Global. These investments owned 140 properties, substantially all of which were triple-net leased with an average remaining life of 8.6 years and an estimated ABR totaling $63.9 million, as of January 31, 2014. The debt related to these equity investments was comprised of 17 fixed-rate and five variable-rate non-recourse mortgage loans with an aggregate fair value of approximately $0.3 billion and a weighted-average annual interest rate of 4.8% on January 31, 2014. The lease revenues and income from continuing operations from the properties acquired from the date of the CPA®:16 Merger through September 30, 2014 were $184.3 million and $62.5 million (inclusive of $2.2 million attributable to noncontrolling interests), respectively, for the nine months ended September 30, 2014, and $68.3 million and $27.3 million (inclusive of $0.4 million attributable to noncontrolling interests), respectively, for the three months ended September 30, 2014. | ||||||||||||||||
During the nine months ended September 30, 2014, we sold all ten of the properties that were classified as held-for-sale upon acquisition in connection with the CPA®:16 Merger (Note 15). The results of operations for these properties have been included in Income from discontinued operations, net of tax in the consolidated financial statements. In addition, we sold one property subject to a direct financing lease that we acquired in the CPA®:16 Merger (Note 6). The results of operations for this property have been included in Income from continuing operations before income taxes in the consolidated financial statements. | ||||||||||||||||
Preliminary Purchase Price Allocation | ||||||||||||||||
We accounted for the CPA®:16 Merger as a business combination under the acquisition method of accounting. After consideration of all applicable factors pursuant to the business combination accounting rules, we were considered the “accounting acquirer” due to various factors, including the fact that our stockholders held the largest portion of the voting rights in us upon completion of the CPA®:16 Merger. Costs of $30.4 million related to the CPA®:16 Merger were expensed as incurred and classified within Merger and property acquisition expenses in the consolidated financial statements for the nine months ended September 30, 2014. Costs of $5.0 million were incurred and classified within Merger and property acquisition expenses in the consolidated financial statements for the year ended December 31, 2013. In addition, CPA®:16 – Global incurred a total of $10.6 million of merger expenses between 2013 and 2014. | ||||||||||||||||
The purchase price was allocated to the assets acquired and liabilities assumed, based upon their preliminary fair values at January 31, 2014. The fair values of the lease intangibles acquired were measured in a manner consistent with our purchase price allocation policy described in the 2013 Annual Report. During the second quarter of 2014, we identified certain measurement period adjustments that impacted the provisional accounting, which increased the total consideration by $1.9 million, and also increased total identifiable net assets by $2.3 million, and increased amounts attributable to noncontrolling interests by $0.3 million, resulting in a $0.1 million decrease in goodwill. The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed in the acquisition, based on the current best estimate of management. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. Investments in real estate, net investments in direct financing leases, equity investments in real estate, non-recourse debt, and amounts attributable to noncontrolling interests were based on preliminary valuation data and estimates. Accordingly, the fair value of these assets and liabilities and the impact to goodwill are subject to change. | ||||||||||||||||
(In thousands) | ||||||||||||||||
Initially Reported at March 31, 2014 | Measurement Period Adjustments | As Revised at September 30, 2014 | ||||||||||||||
Total Consideration | ||||||||||||||||
Fair value of W. P. Carey shares of common stock issued | $ | 1,815,521 | $ | — | $ | 1,815,521 | ||||||||||
Cash consideration for fractional shares | 1,338 | — | 1,338 | |||||||||||||
Merger Consideration | 1,816,859 | — | 1,816,859 | |||||||||||||
Fair value of our equity interest in CPA®:16 – Global prior to the | 347,164 | 1,284 | 348,448 | |||||||||||||
CPA®:16 Merger | ||||||||||||||||
Fair value of our equity interest in jointly-owned investments with CPA®:16 – Global prior to the CPA®:16 Merger | 172,720 | — | 172,720 | |||||||||||||
Fair value of noncontrolling interests acquired | (278,829 | ) | 642 | (278,187 | ) | |||||||||||
$ | 2,057,914 | $ | 1,926 | $ | 2,059,840 | |||||||||||
Assets Acquired at Fair Value | ||||||||||||||||
Net investments in properties | $ | 1,969,274 | $ | 901 | $ | 1,970,175 | ||||||||||
Net investments in direct financing leases | 538,607 | (382 | ) | 538,225 | ||||||||||||
Equity investments in real estate | 74,367 | 74,367 | ||||||||||||||
Assets held for sale | 132,951 | 464 | 133,415 | |||||||||||||
In-place lease intangible assets | 553,479 | 244 | 553,723 | |||||||||||||
Above-market rent intangible assets | 395,663 | 161 | 395,824 | |||||||||||||
Cash and cash equivalents | 65,429 | — | 65,429 | |||||||||||||
Other assets, net | 82,032 | — | 82,032 | |||||||||||||
3,811,802 | 1,388 | 3,813,190 | ||||||||||||||
Liabilities Assumed at Fair Value | ||||||||||||||||
Non-recourse debt and line of credit | (1,768,288 | ) | — | (1,768,288 | ) | |||||||||||
Below-market rent and other intangible liabilities | (57,209 | ) | (360 | ) | (57,569 | ) | ||||||||||
Accounts payable, accrued expenses and other liabilities | (118,389 | ) | — | (118,389 | ) | |||||||||||
Deferred tax liability | (59,629 | ) | 1,282 | (58,347 | ) | |||||||||||
(2,003,515 | ) | 922 | (2,002,593 | ) | ||||||||||||
Total identifiable net assets | 1,808,287 | 2,310 | 1,810,597 | |||||||||||||
Amounts attributable to noncontrolling interests | (99,345 | ) | (288 | ) | (99,633 | ) | ||||||||||
Goodwill | 348,972 | (96 | ) | 348,876 | ||||||||||||
$ | 2,057,914 | $ | 1,926 | $ | 2,059,840 | |||||||||||
Goodwill | ||||||||||||||||
The $348.9 million of preliminary estimated goodwill recorded in connection with the CPA®:16 Merger was primarily attributable to the $428.5 million premium we agreed to pay for CPA®:16 – Global’s common stock. At the time we entered into the merger agreement in July 2013, the consideration of $11.25 per common share of CPA®:16 – Global represented a premium of $2.55 per share over the December 31, 2012 estimated net asset value per share, or NAV, of CPA®:16 – Global, its most recently published NAV, which was $8.70. Management believes the premium is supported by several factors of the combined entity, including the fact that (i) it is among the largest publicly-traded commercial net-lease REITs with greater operating and financial flexibility and better access to capital markets and with a lower cost of capital than CPA®:16 – Global had on a stand-alone basis; (ii) the CPA®:16 Merger eliminated costs associated with the advisory structure that CPA®:16 – Global had previously; and (iii) the combined portfolio has greater tenant and geographic diversification and an improved overall weighted-average debt maturity and interest rate. The aforementioned amount of goodwill attributable to the premium was partially offset by an increase in the fair value of the net assets acquired during the time between the December 31, 2012 NAV and the date of the CPA®:16 Merger. | ||||||||||||||||
The fair value of the 30,729,878 shares of our common stock issued in the CPA®:16 Merger as part of the consideration paid for CPA®:16 – Global of $1.8 billion was derived from the closing market price of our common stock on the acquisition date. As required by GAAP, the fair value related to the assets acquired and liabilities assumed, as well as the shares exchanged, has been computed as of the date we gained control of CPA®:16 – Global, which was the closing date of the CPA®:16 Merger, in a manner consistent with the methodology described above. | ||||||||||||||||
Goodwill acquired in the CPA®:16 Merger is not deductible for income tax purposes. | ||||||||||||||||
Equity Investments and Noncontrolling Interests | ||||||||||||||||
During the first quarter of 2014, we recognized a gain on change in control of interests of approximately $73.1 million, which was the difference between the carrying value of approximately $274.1 million and the preliminary estimated fair value of approximately $347.2 million of our previously-held equity interest in 38,229,294 shares of CPA®:16 – Global’s common stock. During the second quarter of 2014, we identified certain measurement period adjustments that impacted the provisional accounting, which increased the estimated fair value of our previously-held equity interest in shares of CPA®:16 – Global’s common stock by $1.3 million, resulting in an increase of $1.3 million in Gain on change in control of interests. In accordance with Accounting Standard Codification, or ASC, 805-10-25, we did not record the measurement period adjustments during the three months ended June 30, 2014. Rather, such amounts will be reflected in all future financial statements that include the three months ended March 31, 2014. | ||||||||||||||||
The CPA®:16 Merger also resulted in our acquisition of the remaining interests in nine investments in which we already had a joint interest and accounted for under the equity method. Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for the acquisitions of these interests utilizing the purchase method of accounting. Due to the change in control of the nine jointly-owned investments that occurred, we recorded a gain on change in control of interests of approximately $30.2 million, which was the difference between our carrying values and the preliminary estimated fair values of our previously-held equity interests on the acquisition date of approximately $142.5 million and approximately $172.7 million, respectively. Subsequent to the CPA®:16 Merger, we consolidate these wholly-owned investments. During the nine months ended September 30, 2014, one of these investments was sold and is included in Income from discontinued operations, net of tax in the consolidated financial statements. | ||||||||||||||||
In connection with the CPA®:16 Merger, we also acquired the remaining interests in 12 less-than-wholly-owned investments that we already consolidate and recorded an adjustment to additional paid-in-capital of approximately $42.0 million related to the difference between our carrying values and the preliminary estimated fair values of our previously-held noncontrolling interests on the acquisition date of approximately $236.8 million and approximately $278.2 million, respectively. During the second quarter of 2014, we identified certain measurement period adjustments that impacted the provisional accounting, which increased the fair value of our previously-held noncontrolling interests on the acquisition date by $0.6 million, resulting in a reduction of $0.6 million to additional paid-in-capital. | ||||||||||||||||
The preliminary fair values of our previously-held equity interests and our noncontrolling interests are based on the estimated fair market values of the underlying real estate and related mortgage debt, both of which were determined by management relying in part on a third party. Real estate valuation requires significant judgment. We determined the significant inputs to be Level 3 with ranges for the entire portfolio as follows: | ||||||||||||||||
• | Discount rates applied to the estimated net operating income of each property ranged from approximately 4.75% to 15.25%; | |||||||||||||||
• | Discount rates applied to the estimated residual value of each property ranged from approximately 4.75% to 14.00%; | |||||||||||||||
• | Residual capitalization rates applied to the properties ranged from approximately 5.00% to 12.50%; | |||||||||||||||
• | The fair market value of the property level debt was determined based upon available market data for comparable liabilities and by applying selected discount rates to the stream of future debt payments; and | |||||||||||||||
• | Discount rates applied to the property level debt cash flows ranged from approximately 1.80% to 8.75%. | |||||||||||||||
Other than for two investments, no illiquidity adjustments to the equity interests or noncontrolling interests were deemed necessary as the investments were generally held with affiliates and did not allow for unilateral sale or financing by any of the affiliated parties. With respect to the two investments, a discount of 5% was applied in deriving the value of such interest, reflecting the terms of the third-party jointly-owned investments in which the real estate interest is held. The discount and/or capitalization rates utilized in the appraisals also reflect the illiquidity of real estate assets. Lastly, there were no control premiums contemplated as the investments were in individual, or a portfolio of, underlying real estate and debt, as opposed to a business operation. | ||||||||||||||||
Pro Forma Financial Information (Unaudited) | ||||||||||||||||
The following unaudited consolidated pro forma financial information has been presented as if the CPA®:16 Merger had occurred on January 1, 2013 for the three and nine months ended September 30, 2014 and 2013. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA®:16 Merger occurred on that date, nor does it purport to represent the results of operations for future periods. | ||||||||||||||||
(in thousands, except share and per share amounts): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma total revenues | $ | 195,945 | $ | 205,367 | $ | 682,977 | $ | 567,452 | ||||||||
Pro forma net income from continuing operations, net of tax | $ | 28,086 | $ | 28,446 | $ | 106,495 | $ | 142,146 | ||||||||
Pro forma net income attributable to noncontrolling interests | (993 | ) | (2,689 | ) | (3,909 | ) | (5,225 | ) | ||||||||
Pro forma net loss (income) attributable to redeemable noncontrolling interest | 14 | (726 | ) | (137 | ) | 876 | ||||||||||
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey | $ | 27,107 | $ | 25,031 | $ | 102,449 | $ | 137,797 | ||||||||
Pro forma earnings per share: (a) | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.25 | $ | 1.02 | $ | 1.38 | ||||||||
Diluted | $ | 0.26 | $ | 0.25 | $ | 1.01 | $ | 1.36 | ||||||||
Pro forma weighted-average shares: (b) | ||||||||||||||||
Basic | 100,282,082 | 99,337,927 | 100,080,000 | 99,449,142 | ||||||||||||
Diluted | 101,130,448 | 100,341,575 | 101,118,305 | 100,576,198 | ||||||||||||
___________ | ||||||||||||||||
(a) | The pro forma income attributable to W. P. Carey for the nine months ended September 30, 2013 reflects the following income and expenses recognized related to the CPA®:16 Merger as if the CPA®:16 Merger had taken place on January 1, 2013: (i) combined merger expenses through September 30, 2014; (ii) an aggregate gain on change in control of interests of $104.6 million; and (iii) an income tax expense of $4.8 million from a permanent difference upon recognition of deferred revenue associated with accelerated vesting of shares previously issued by CPA®:16 – Global for asset management and performance fees in connection with the CPA®:16 Merger. | |||||||||||||||
(b) | The pro forma weighted-average shares outstanding for the three and nine months ended September 30, 2014 and 2013 were determined as if the 30,729,878 shares of our common stock issued to CPA®:16 – Global stockholders in the CPA®:16 Merger were issued on January 1, 2013. |
Agreements_and_Transactions_wi
Agreements and Transactions with Related Parties | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Agreements and Transactions with Related Parties | ' | |||||||||||||||
Agreements and Transactions with Related Parties | ||||||||||||||||
Advisory Agreements with the Managed REITs | ||||||||||||||||
We have advisory agreements with each of the Managed REITs, pursuant to which we earn fees and are entitled to receive cash distributions. The following tables present a summary of revenue earned and/or cash received from the Managed REITs for the periods indicated, included in the consolidated financial statements (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Reimbursable costs from affiliates (a) | $ | 14,722 | $ | 23,259 | $ | 96,379 | $ | 50,714 | ||||||||
Asset management revenue (a) | 9,064 | 10,939 | 27,840 | 31,262 | ||||||||||||
Distributions of Available Cash | 7,893 | 7,323 | 23,574 | 23,891 | ||||||||||||
Structuring revenue | 5,487 | 14,775 | 40,492 | 27,539 | ||||||||||||
Dealer manager fees | 2,436 | 3,787 | 17,062 | 7,329 | ||||||||||||
Interest income on deferred acquisition fees and loans to affiliates | 172 | 141 | 515 | 620 | ||||||||||||
Deferred revenue earned | — | 2,123 | 786 | 6,369 | ||||||||||||
$ | 39,774 | $ | 62,347 | $ | 206,648 | $ | 147,724 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
CPA®:16 – Global (b) | $ | — | $ | 13,060 | $ | 7,999 | $ | 39,688 | ||||||||
CPA®:17 – Global (c) | 16,555 | 21,027 | 49,032 | 50,082 | ||||||||||||
CPA®:18 – Global (c) | 8,836 | 3,171 | 107,668 | 3,171 | ||||||||||||
CWI (d) | 14,383 | 25,089 | 41,949 | 54,783 | ||||||||||||
$ | 39,774 | $ | 62,347 | $ | 206,648 | $ | 147,724 | |||||||||
___________ | ||||||||||||||||
(a) | Excludes amounts received from third parties. | |||||||||||||||
(b) | Upon completion of the CPA®:16 Merger on January 31, 2014, the advisory agreement with CPA®:16 – Global terminated. Pursuant to the terms of the merger agreement, the incentive or termination fee that we would have been entitled to receive from CPA®:16 – Global pursuant to the terms of their advisory agreement was waived upon the completion of the CPA®:16 Merger. The amount shown for the nine months ended September 30, 2014 reflects transactions through January 31, 2014. | |||||||||||||||
(c) | The current form of the advisory agreement is scheduled to expire on December 31, 2014, unless renewed pursuant to its terms. | |||||||||||||||
(d) | The current form of the advisory agreement is scheduled to expire on September 30, 2015, unless renewed pursuant to its terms. | |||||||||||||||
The following table presents a summary of amounts Due from affiliates (in thousands): | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Deferred acquisition fees receivable | $ | 19,585 | $ | 19,684 | ||||||||||||
Reimbursable costs | 2,084 | 334 | ||||||||||||||
Accounts receivable | 1,862 | 3,716 | ||||||||||||||
Organization and offering costs | 1,785 | 2,700 | ||||||||||||||
Current acquisition fees receivable | 759 | 4,149 | ||||||||||||||
Asset management fee receivable | — | 1,451 | ||||||||||||||
$ | 26,075 | $ | 32,034 | |||||||||||||
Asset Management Revenue | ||||||||||||||||
We earn asset management revenue from each Managed REIT, which is based on average invested assets and is calculated according to the respective advisory agreement. For CPA®:16 – Global, prior to the CPA®:16 Merger, we earned asset management revenue of 0.5% of average invested assets. For CPA®:17 – Global and CPA®:18 – Global, we earn asset management revenue ranging from 0.5% to 1.75% and 0.5% to 1.5%, respectively, depending on the type of investment and based on the average market value or average equity value, as applicable. For CWI, we earn asset management revenue of 0.5% of the average market value of lodging-related investments. | ||||||||||||||||
Under the terms of the advisory agreements, we may elect to receive cash or shares of stock for asset management revenue due from each Managed REIT. In 2014 and 2013, we elected to receive all asset management revenue from CPA®:17 – Global, CPA®:18 – Global, and CWI in their respective shares. For 2013, we initially elected to receive asset management revenue from CPA®:16 – Global in its shares until we agreed to receive those fees in cash commencing August 1, 2013 at the request of a Special Committee of the Board of Directors of CPA®:16 – Global. | ||||||||||||||||
Structuring Revenue | ||||||||||||||||
Under the terms of the advisory agreements, we earn revenue in connection with structuring and negotiating investments and related financing for the Managed REITs, which we call acquisition revenue. We may receive acquisition revenue of 4.5% of the total aggregate cost of long-term net-lease investments made by each CPA® REIT. A portion of this revenue (generally 2.5%) is paid when the transaction is completed, while the remainder (generally 2%) is paid in annual installments over three years, provided the relevant CPA® REIT meets its performance criterion. For certain types of non-long term net-lease investments acquired on behalf of CPA®:17 – Global, initial acquisition revenue may range from 0% to 1.75% of the equity invested plus the related acquisition revenue, with no deferred acquisition revenue being earned. For CWI, we earn initial acquisition revenue of 2.5% of the total investment cost of the properties acquired and loans originated by CWI not to exceed 6% of the aggregate contract purchase price of all investments and loans, with no deferred acquisition revenue being earned. For CWI, we may also be entitled to fees for structuring loan refinancing transactions of up to 1% of the principal amount. This loan refinancing revenue, together with the acquisition revenue, is referred to as structuring revenue. | ||||||||||||||||
Unpaid transaction fees, including accrued interest, are included in Due from affiliates in the consolidated financial statements. Unpaid transaction fees bear interest at annual rates ranging from 2% to 5%. | ||||||||||||||||
Reimbursable Costs from Affiliates and Dealer Manager Fees | ||||||||||||||||
The Managed REITs reimburse us for certain costs we incur on their behalf, primarily broker-dealer commissions, marketing costs, an annual distribution and shareholder servicing fee, or Shareholder Servicing Fee, and certain personnel and overhead costs. Personnel and overhead costs are charged to the CPA® REITs based on the average of the trailing 12-month reported revenues of the CPA® REITs, CWI, and us. We began to allocate personnel and overhead costs to CWI on January 1, 2014 based on the time incurred by our personnel. For 2014, we agreed to receive personnel cost reimbursements from CWI in shares of its common stock. | ||||||||||||||||
During CWI’s initial public offering, which was terminated in September 2013, we earned a selling commission of $0.70 per share sold and a dealer manager fee of $0.30 per share sold. We currently earn a selling commission of $0.70 per share sold and a dealer manager fee of $0.30 per share sold for CWI’s follow-on offering, which began in December 2013. We also earned a selling commission of $0.65 per share sold and a dealer manager fee of $0.35 per share sold during CPA®:17 – Global’s follow-on offering, which was terminated in January 2013. | ||||||||||||||||
For CPA®:18 – Global’s initial public offering, we receive selling commissions, depending on the class of common stock sold, of $0.70 or $0.14 per share sold, and a dealer manager fee of $0.30 or $0.21 per share sold, for its class A common stock and class C common stock, respectively. CPA®:18 – Global completed sales of its class A common stock during July 2014. We also receive a Shareholder Servicing Fee paid in connection with investor purchases of shares of class C common stock. The amount of the Shareholder Servicing Fee is 1% of the purchase price per share (or, once reported, the amount of the estimated NAV per share) for the shares of class C common stock sold in the offering. The Shareholder Servicing Fee is accrued daily and is payable quarterly in arrears. CPA®:18 – Global will cease paying the Shareholder Servicing Fee on the date at which, in the aggregate, underwriting compensation from all sources, including the Shareholder Servicing Fee, any organizational and offering fee paid for underwriting, and underwriting compensation paid by us, equals 10% of the gross proceeds from the initial public offering. | ||||||||||||||||
We re-allow all of the selling commissions and may re-allow a portion of the dealer manager fees to selected dealers in the offerings for CWI and CPA®:18 – Global. Dealer manager fees that are not re-allowed and Shareholder Servicing Fees are classified as Dealer manager fees in the consolidated financial statements. | ||||||||||||||||
Pursuant to its advisory agreement, CWI is obligated to reimburse us for all organization costs and a portion of offering costs incurred in connection with its initial and follow-on public offerings up to a maximum amount (excluding selling commissions and the dealer manager fee) of 2% and 4%, respectively, of the gross proceeds of its offering and distribution reinvestment plan. Through September 30, 2014, we incurred organization and offering costs on behalf of CWI of approximately $12.3 million, which CWI is obligated to reimburse us, and $12.3 million had been reimbursed as of September 30, 2014. | ||||||||||||||||
Pursuant to its advisory agreement, CPA®:18 – Global is obligated to reimburse us for all organization costs and a portion of offering costs incurred in connection with its initial public offering. CPA®:18 – Global is obligated to reimburse us up to 1.5% of the gross proceeds within 60 days after the end of the quarter in which the offering terminates. Through September 30, 2014, we incurred organization and offering costs on behalf of CPA®:18 – Global of approximately $7.7 million, and based on current fundraising projections, the entire amount is expected to be reimbursed by CPA®:18 – Global. As of September 30, 2014, $7.4 million had been reimbursed. | ||||||||||||||||
Distributions of Available Cash and Deferred Revenue Earned | ||||||||||||||||
We are entitled to receive distributions of our share of earnings up to 10% of the Available Cash from the operating partnerships of each of the Managed REITs, as defined in their respective operating partnership agreements. In May 2011, we acquired a special member interest, or the Special Member Interest, in CPA®:16 – Global’s operating partnership. We initially recorded this Special Member Interest at its fair value, and amortized it into earnings through the date of the CPA®:16 Merger. Cash distributions of our proportionate share of earnings from the Managed REITs’ operating partnerships as well as deferred revenue earned from our Special Member Interest in CPA®:16 – Global’s operating partnership are recorded as Income from equity investments in real estate and the Managed REITs within the Real Estate Ownership segment. | ||||||||||||||||
Other Transactions with Affiliates | ||||||||||||||||
Transactions with the Estate of Wm. Polk Carey | ||||||||||||||||
On March 28, 2013, we received an irrevocable notice from the Estate of Wm. Polk Carey, our chairman and founder who passed away on January 2, 2012, to exercise its final sale option under a Share Purchase Agreement that we entered into in July 2012. On April 4, 2013, we repurchased 616,971 shares of our common stock for $40.0 million from the Estate at a price of $64.83 per share at which time it was recorded as Treasury stock on our consolidated balance sheet. | ||||||||||||||||
The following table presents a reconciliation of our Redeemable securities – related party (in thousands): | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | — | $ | 40,000 | ||||||||||||
Redemption of securities | — | (40,000 | ) | |||||||||||||
Ending balance | $ | — | $ | — | ||||||||||||
Loans to Managed REITs | ||||||||||||||||
During 2013 and 2014, our board of directors approved unsecured loans from us to CWI and CPA®:18 – Global of up to $75.0 million and up to $100.0 million, respectively, each at a rate equal to the rate at which we are able to borrow funds under our senior credit facility (Note 11), for the purpose of facilitating acquisitions approved by their respective investment committees, that they would not otherwise have sufficient available funds to complete, with any loans to be made solely at our Management’s discretion. On June 25, 2014, in order to facilitate an acquisition by CWI, we made an $11.0 million loan to CWI, with an annual interest rate of London Interbank Offered Rate, or LIBOR, plus 1.1% and a scheduled maturity date of June 30, 2015. The loan, including accrued interest, was repaid in full prior to maturity on July 22, 2014. On August 20, 2013, in order to facilitate an acquisition by CPA®:18 – Global, we made a $15.0 million loan to CPA®:18 – Global, which was repaid in full prior to maturity on October 4, 2013. | ||||||||||||||||
Treasury Stock | ||||||||||||||||
In February 2014, we repurchased 11,037 shares of our common stock for $0.7 million in cash from the former independent directors of CPA®:16 – Global at a price per share equal to the volume weighted-average trading price of our stock utilized in the CPA®:16 Merger. These shares were issued to them as Merger Consideration in exchange for their shares of CPA®:16 – Global common stock in the CPA®:16 Merger (Note 3) and were repurchased by agreement in order to satisfy the independence requirements set forth in the organizational documents of the remaining CPA® REITs, for which these individuals also serve as independent directors. | ||||||||||||||||
Other | ||||||||||||||||
We own interests in entities ranging from 3% to 90%, as well as jointly-controlled tenancy-in-common interests in properties, with the remaining interests generally held by affiliates, and own common stock in each of the Managed REITs. We consolidate certain of these investments and account for the remainder under the equity method of accounting. |
Net_Investments_in_Properties
Net Investments in Properties | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Net Investments in Properties | ' | |||||||
Net Investments in Properties | ||||||||
Real Estate | ||||||||
Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, and real estate under construction, is summarized as follows (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Land | $ | 1,090,425 | $ | 534,697 | ||||
Buildings | 3,460,094 | 1,972,107 | ||||||
Real estate under construction | 21,794 | 9,521 | ||||||
Less: Accumulated depreciation | (239,941 | ) | (168,076 | ) | ||||
$ | 4,332,372 | $ | 2,348,249 | |||||
During the nine months ended September 30, 2014, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro at September 30, 2014 decreased by 7.9% to $1.2687 from $1.3768 at December 31, 2013. The impact of this strengthening was an $81.3 million decrease in the carrying value of Real estate from December 31, 2013 to September 30, 2014 (Note 11). | ||||||||
As discussed in Note 3, we acquired 225 properties subject to existing operating leases in the CPA®:16 Merger, which increased the carrying value of our real estate by $2.0 billion during the nine months ended September 30, 2014. In connection with restructuring three leases, we reclassified properties with an aggregate carrying value of $13.7 million from Net investments in direct financing leases to Real estate during the nine months ended September 30, 2014 (Note 6). | ||||||||
Acquisitions of Real Estate | ||||||||
During the nine months ended September 30, 2014, we entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, at a total cost of $252.0 million, including land of $26.9 million, buildings of $188.3 million, and net lease intangibles of $36.8 million (Note 8): | ||||||||
• | an investment of $41.9 million for an office building in Chandler, Arizona on March 26, 2014; | |||||||
• | an investment of $47.2 million for a warehouse/distribution facility in University Park, Illinois on May 15, 2014; | |||||||
• | an investment of $116.9 million for an office building in Stavanger, Norway on August 6, 2014. Because we acquired stock in a subsidiary of the seller to complete the acquisition, we assumed the tax basis of the entity that we purchased and recorded an estimated deferred tax liability of $14.6 million. In connection with this business combination, we recorded goodwill of $11.7 million (Note 8). Dollar amounts are based on the exchange rate of the Norwegian krone on the date of acquisition; and | |||||||
• | an investment of $46.0 million for an office building in Westborough, Massachusetts on August 22, 2014. | |||||||
The purchase price for our investment in Norway was allocated to the assets acquired and liabilities assumed based upon their preliminary estimated fair values, which are based on the best estimates of management at the date of acquisition. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. | ||||||||
In connection with these transactions, we expensed acquisition-related costs totaling $0.8 million, which are included in Merger and property acquisition expenses in the consolidated financial statements. | ||||||||
Operating Real Estate | ||||||||
Operating real estate, which consists of our investments in two hotels acquired in the CPA®:16 Merger and two self-storage properties, at cost, is summarized as follows (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Land | $ | 7,027 | $ | 1,097 | ||||
Buildings | 77,567 | 4,927 | ||||||
Less: Accumulated depreciation | (3,698 | ) | (882 | ) | ||||
$ | 80,896 | $ | 5,142 | |||||
Assets Held for Sale | ||||||||
Below is a summary of our properties held for sale (in thousands): | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Real estate, net | $ | — | $ | 62,466 | ||||
Above-market rent intangible assets, net | — | 13,872 | ||||||
In-place lease intangible assets, net | — | 12,293 | ||||||
Below-market rent and other intangible liabilities, net | — | (1,808 | ) | |||||
Assets held for sale | $ | — | $ | 86,823 | ||||
At December 31, 2013, we had nine properties classified as Assets held for sale, all of which were sold during the nine months ended September 30, 2014. In connection with the CPA®:16 Merger in January 2014, we acquired ten properties that were classified as Assets held for sale with a total fair value of $133.4 million, all of which were sold during the nine months ended September 30, 2014. In accordance with our adoption of ASU 2014-08 (Note 2), the results of operations for these properties are reflected in the consolidated financial statements as discontinued operations (Note 15). | ||||||||
During the nine months ended September 30, 2014, we reclassified one property with a carrying value of $1.3 million to Assets held for sale, which was then subsequently sold. In accordance with our adoption of ASU 2014-08 (Note 2), the results of operations for this property are included within continuing operations in the consolidated financial statements. |
Finance_Receivables
Finance Receivables | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Finance Receivables | ' | ||||||||||||
Finance Receivables | |||||||||||||
Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in direct financing leases, notes receivable, and deferred acquisition fees. Operating leases are not included in finance receivables as such amounts are not recognized as an asset in the consolidated financial statements. | |||||||||||||
Net Investments in Direct Financing Leases | |||||||||||||
Net investments in direct financing leases is summarized as follows (in thousands): | |||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||
Minimum lease payments receivable | $ | 953,074 | $ | 466,182 | |||||||||
Unguaranteed residual value | 840,096 | 363,903 | |||||||||||
1,793,170 | 830,085 | ||||||||||||
Less: unearned income | (954,695 | ) | (466,665 | ) | |||||||||
$ | 838,475 | $ | 363,420 | ||||||||||
Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $20.8 million and $9.2 million for the three months ended September 30, 2014 and 2013, respectively, and $59.3 million and $28.1 million for the nine months ended September 30, 2014 and 2013, respectively. In connection with the CPA®:16 Merger in January 2014, we acquired 98 properties subject to direct financing leases with a total fair value of $538.2 million (Note 3), of which one was sold during the nine months ended September 30, 2014 (Note 15). During the nine months ended September 30, 2014, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro at September 30, 2014 decreased by 7.9% to $1.2687 from $1.3768 at December 31, 2013. The impact of this strengthening was a $32.6 million decrease in the carrying value of Net investments in direct financing leases from December 31, 2013 to September 30, 2014. During the nine months ended September 30, 2014, we reclassified properties with a carrying value of $13.7 million from Net investments in direct financing leases to Real estate (Note 5), in connection with the restructuring of the underlying leases. We also recognized impairment charges totaling $0.8 million on six properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair values of the properties’ residual values (Note 9). | |||||||||||||
At September 30, 2014 and December 31, 2013, Other assets, net included $1.7 million and $0.1 million, respectively, of accounts receivable related to amounts billed under these direct financing leases. | |||||||||||||
Notes Receivable | |||||||||||||
At September 30, 2014, our notes receivable, which were included in Other assets, net in the consolidated financial statements, consisted of the following: | |||||||||||||
• | A note we acquired in the CPA®:16 Merger with a carrying value of $11.1 million on the date of acquisition, representing the expected future payments under a sales type lease; and | ||||||||||||
• | A B-note we acquired in the CPA®:16 Merger with a carrying value of $9.9 million on the date of acquisition. This note has a fixed annual interest rate of 6.3% and a maturity date of February 11, 2015. | ||||||||||||
Deferred Acquisition Fees Receivable | |||||||||||||
As described in Note 4, we earn revenue in connection with structuring and negotiating investments and related mortgage financing for the CPA® REITs. A portion of this revenue is due in equal annual installments over three years, provided the CPA® REITs meet their respective performance criteria. Unpaid deferred installments, including accrued interest, from the CPA® REITs were included in Due from affiliates in the consolidated financial statements. | |||||||||||||
Credit Quality of Finance Receivables | |||||||||||||
We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant default. At both September 30, 2014 and December 31, 2013, none of the balances of our finance receivables were past due and we had not established any allowances for credit losses. Other than the lease restructurings discussed above, there were no modifications of finance receivables during the nine months ended September 30, 2014 or the year ended December 31, 2013. We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. The credit quality evaluation of our finance receivables was last updated in the third quarter of 2014. We believe the credit quality of our deferred acquisition fees receivable falls under category one, as the CPA® REITs are expected to have the available cash to make such payments. | |||||||||||||
A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): | |||||||||||||
Number of Tenants at | Net Investments in Direct Financing Leases at | ||||||||||||
Internal Credit Quality Indicator | September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | |||||||||
1 | 3 | 3 | $ | 79,388 | $ | 42,812 | |||||||
2 | 3 | 3 | 27,496 | 27,869 | |||||||||
3 | 21 | 8 | 594,344 | 284,968 | |||||||||
4 | 7 | 1 | 137,247 | 7,771 | |||||||||
5 | — | — | — | — | |||||||||
$ | 838,475 | $ | 363,420 | ||||||||||
A summary of our notes receivable by internal credit quality rating is as follows (dollars in thousands): | |||||||||||||
Number of Obligors at | Notes Receivable at | ||||||||||||
Internal Credit Quality Indicator | September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | |||||||||
1 | — | — | $ | — | $ | — | |||||||
2 | 1 | — | 10,026 | — | |||||||||
3 | 1 | — | 10,957 | — | |||||||||
4 | — | — | — | — | |||||||||
5 | — | — | — | — | |||||||||
$ | 20,983 | $ | — | ||||||||||
Equity_Investment_in_Real_Esta
Equity Investment in Real Estate and the Managed REITs | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Equity Investments in Real Estate and the Managed REITs | ' | |||||||||||||||
Equity Investments in Real Estate and the Managed REITs | ||||||||||||||||
We own interests in certain unconsolidated real estate investments with the Managed REITs and also own interests in the Managed REITs. We account for our interests in these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences). | ||||||||||||||||
The following table presents net income from equity investments in real estate and the Managed REITs, which represents our proportionate share of the income or losses of these investments as well as certain adjustments related to other-than-temporary impairment charges and amortization of basis differences related to purchase accounting adjustments (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Proportionate share of earnings from equity investments in the Managed REITs | $ | 381 | $ | 3,542 | $ | 1,930 | $ | 7,086 | ||||||||
Amortization of basis differences on equity investments in the Managed REITs | (140 | ) | (958 | ) | (648 | ) | (3,418 | ) | ||||||||
Other-than-temporary impairment charges on the Special Member Interest in CPA®:16 – Global’s operating partnership | — | (6,554 | ) | (735 | ) | (12,082 | ) | |||||||||
Distributions of Available Cash (Note 4) | 7,893 | 7,323 | 23,574 | 23,891 | ||||||||||||
Deferred revenue earned (Note 4) | — | 2,123 | 786 | 6,369 | ||||||||||||
Total equity earnings from the Managed REITs | 8,134 | 5,476 | 24,907 | 21,846 | ||||||||||||
Equity earnings from other equity investments | 3,507 | 4,625 | 11,124 | 34,557 | ||||||||||||
Amortization of basis differences on other equity investments | (31 | ) | (921 | ) | (707 | ) | (4,026 | ) | ||||||||
Net income from equity investments in real estate and the Managed REITs | $ | 11,610 | $ | 9,180 | $ | 35,324 | $ | 52,377 | ||||||||
Managed REITs | ||||||||||||||||
We own interests in the Managed REITs and account for these interests under the equity method because, as their advisor and through our ownership of their common stock, we do not exert control over, but we do have the ability to exercise significant influence on, the Managed REITs. | ||||||||||||||||
The following table sets forth certain information about our investments in the Managed REITs (dollars in thousands): | ||||||||||||||||
% of Outstanding Shares Owned at | Carrying Amount of Investment at | |||||||||||||||
Fund | 30-Sep-14 | 31-Dec-13 | September 30, 2014 (a) (b) | December 31, 2013 (b) | ||||||||||||
CPA®:16 – Global (c) | 100 | % | 18.533 | % | $ | — | $ | 282,520 | ||||||||
CPA®:16 – Global operating partnership (d) | 100 | % | 0.015 | % | — | 813 | ||||||||||
CPA®:17 – Global (e) | 2.482 | % | 1.91 | % | 74,768 | 57,753 | ||||||||||
CPA®:17 – Global operating partnership (f) | 0.009 | % | 0.009 | % | — | — | ||||||||||
CPA®:18 – Global | 0.157 | % | 0.127 | % | 1,870 | 320 | ||||||||||
CPA®:18 – Global operating partnership (g) | 0.034 | % | 0.034 | % | 209 | 209 | ||||||||||
CWI | 1.105 | % | 0.538 | % | 9,667 | 3,369 | ||||||||||
CWI operating partnership (h) | 0.015 | % | 0.015 | % | — | — | ||||||||||
$ | 86,514 | $ | 344,984 | |||||||||||||
___________ | ||||||||||||||||
(a) | Includes asset management fees receivable, for which 232,966 shares, 25,044 class A shares, and 63,542 shares of common stock of CPA®:17 – Global, CPA®:18 – Global, and CWI, respectively, were issued during the fourth quarter of 2014. | |||||||||||||||
(b) | At September 30, 2014 and December 31, 2013, the aggregate unamortized basis differences on our equity investments in the Management REITs were $17.4 million and $80.5 million, respectively. | |||||||||||||||
(c) | On January 31, 2014, we acquired all the remaining interests in CPA®:16 – Global, which merged into one of our subsidiaries with our subsidiary as the surviving entity, in the CPA®:16 Merger (Note 3). We received distributions of $6.4 million and $18.9 million from this affiliate during January 2014 and the nine months ended September 30, 2013, respectively. | |||||||||||||||
(d) | During January 2014 and the nine months ended September 30, 2013, we recognized other-than-temporary impairment charges of $0.7 million and $12.1 million, respectively, on this investment to reduce the carrying value of our interest in the investment to its estimated fair value (Note 9). In addition, we received distributions of $4.8 million and $11.2 million from this investment during January 2014 and the nine months ended September 30, 2013, respectively. On January 31, 2014, we acquired the remaining interests in CPA®:16 – Global’s operating partnership and now consolidate this entity. | |||||||||||||||
(e) | We received distributions of $3.3 million and $2.1 million from this affiliate during the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||
(f) | We received distributions of $15.4 million and $12.7 million from this affiliate during the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||
(g) | We received distributions of $1.2 million from this affiliate, which commenced operations in May 2013, during the nine months ended September 30, 2014. | |||||||||||||||
(h) | We received distributions of $2.2 million from this affiliate during the nine months ended September 30, 2014. | |||||||||||||||
The following tables present estimated combined summarized financial information for the Managed REITs. Certain prior year amounts have been retrospectively adjusted to reflect the impact of discontinued operations. Amounts provided are expected total amounts attributable to the Managed REITs and do not represent our proportionate share (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Real estate, net | $ | 5,407,623 | $ | 7,218,177 | ||||||||||||
Other assets | 2,186,173 | 2,128,862 | ||||||||||||||
Total assets | 7,593,796 | 9,347,039 | ||||||||||||||
Debt | (3,109,373 | ) | (4,237,044 | ) | ||||||||||||
Accounts payable, accrued expenses and other liabilities | (444,320 | ) | (571,097 | ) | ||||||||||||
Total liabilities | (3,553,693 | ) | (4,808,141 | ) | ||||||||||||
Noncontrolling interests | (158,711 | ) | (192,492 | ) | ||||||||||||
Stockholders’ equity | $ | 3,881,392 | $ | 4,346,406 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 210,031 | $ | 211,102 | $ | 602,153 | $ | 573,969 | ||||||||
Expenses | (204,097 | ) | (198,286 | ) | (594,186 | ) | (528,847 | ) | ||||||||
Income from continuing operations | $ | 5,934 | $ | 12,816 | $ | 7,967 | $ | 45,122 | ||||||||
Net income attributable to the Managed REITs (a) (b) | $ | 5,934 | $ | 18,303 | $ | 7,967 | $ | 45,389 | ||||||||
___________ | ||||||||||||||||
(a) | Inclusive of impairment charges recognized by the Managed REITs totaling $0.1 million during each of the three and nine months ended September 30, 2014, and $0.5 million and $22.2 million during the three and nine months ended September 30, 2013, respectively. These impairment charges reduced our income earned from these investments by less than $0.1 million during each of the three and nine months ended September 30, 2014, and by approximately $0.1 million and $4.1 million during the three and nine months ended September 30, 2013, respectively. | |||||||||||||||
(b) | Amounts included net gains on sale of real estate recorded by the Managed REITs totaling $0.8 million and $13.3 million for the three and nine months ended September 30, 2014, respectively, and net gains (losses) on sale of real estate of $2.4 million and $(2.9) million during the three and nine months ended September 30, 2013, respectively. | |||||||||||||||
Interests in Other Unconsolidated Real Estate Investments | ||||||||||||||||
We own equity interests in single-tenant net-leased properties that are generally leased to companies through noncontrolling interests (i) in partnerships and limited liability companies that we do not control but over which we exercise significant influence or (ii) as tenants-in-common subject to common control. Generally, the underlying investments are jointly-owned with affiliates. We account for these investments under the equity method of accounting. Earnings for each investment are recognized in accordance with each respective investment agreement. Investments in unconsolidated investments are required to be evaluated periodically. We periodically compare an investment’s carrying value to its estimated fair value and recognize an impairment charge to the extent that the carrying value exceeds fair value and such decline is determined to be other than temporary. | ||||||||||||||||
The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed REITs, and their respective carrying values (dollars in thousands): | ||||||||||||||||
Ownership Interest at | Carrying Value at | |||||||||||||||
Lessee | Co-owner(s) | September 30, 2014 | September 30, 2014 | December 31, 2013 | ||||||||||||
Same Store Equity Investments (a) (b) | ||||||||||||||||
C1000 Logistiek Vastgoed B.V. (c) | CPA®:17 – Global | 15% | $ | 12,278 | $ | 13,673 | ||||||||||
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH | CPA®:17 – Global | 33% | 7,090 | 7,267 | ||||||||||||
Wanbishi Archives Co. Ltd. | CPA®:17 – Global | 3% | 367 | 395 | ||||||||||||
19,735 | 21,335 | |||||||||||||||
Equity Investments Consolidated After the CPA®:16 Merger (d) | ||||||||||||||||
Schuler A.G. (a) | CPA®:16 – Global | 100% | — | 65,798 | ||||||||||||
Hellweg Die Profi-Baumärkte GmbH | CPA®:16 – Global/ CPA®:17 – Global | 63% | — | 27,923 | ||||||||||||
& Co. KG (Hellweg 2) (a) (e) | ||||||||||||||||
Advanced Micro Devices | CPA®:16 – Global | 100% | — | 22,392 | ||||||||||||
The Upper Deck Company | CPA®:16 – Global | 100% | — | 7,518 | ||||||||||||
Del Monte Corporation | CPA®:16 – Global | 100% | — | 7,145 | ||||||||||||
Builders FirstSource, Inc. | CPA®:16 – Global | 100% | — | 4,968 | ||||||||||||
PetSmart, Inc. | CPA®:16 – Global | 100% | — | 3,877 | ||||||||||||
Consolidated Systems, Inc. | CPA®:16 – Global | 100% | — | 3,176 | ||||||||||||
SaarOTEC (a) | CPA®:16 – Global | 100% | — | (639 | ) | |||||||||||
— | 142,158 | |||||||||||||||
Equity Investments Acquired in the CPA®:16 Merger | ||||||||||||||||
The New York Times Company (f) | CPA®:16 – Global/ | 45% | 74,704 | 21,543 | ||||||||||||
CPA®:17 – Global | ||||||||||||||||
Frontier Spinning Mills, Inc. | CPA®:17 – Global | 40% | 15,578 | — | ||||||||||||
Actebis Peacock GmbH (a) | CPA®:17 – Global | 30% | 6,467 | — | ||||||||||||
96,749 | 21,543 | |||||||||||||||
Recently Acquired Equity Investment | ||||||||||||||||
Beach House JV, LLC (g) | Third Party | N/A(g) | 15,105 | — | ||||||||||||
$ | 131,589 | $ | 185,036 | |||||||||||||
___________ | ||||||||||||||||
(a) | The carrying value of this investment is affected by the impact of fluctuations in the exchange rate of the foreign currency. | |||||||||||||||
(b) | Represents equity investments we acquired prior to January 1, 2013. | |||||||||||||||
(c) | This investment represents a tenancy-in-common interest, whereby the property is encumbered by the debt for which we are jointly and severally liable. For this investment, the co-obligor is CPA®:17 – Global and the amount due under the arrangement was approximately $86.8 million at September 30, 2014. Of this amount, $13.0 million represents the amount we agreed to pay and is included within the carrying value of the investment at September 30, 2014. | |||||||||||||||
(d) | We acquired the remaining interests in these investments from CPA®:16 – Global in the CPA®:16 Merger. Subsequent to the CPA®:16 Merger, we consolidate these wholly-owned or majority-owned investments (Note 3). | |||||||||||||||
(e) | We acquired an additional 25% interest in this investment in the CPA®:16 Merger. The remaining interest in this investment is owned by CPA®:17 – Global. | |||||||||||||||
(f) | We acquired an additional 27% interest in this investment in the CPA®:16 Merger. The remaining interest in this investment is owned by CPA®:17 – Global. | |||||||||||||||
(g) | During the nine months ended September 30, 2014, we received a preferred equity position in Beach House JV, LLC, as part of the sale of the Soho House investment. The preferred equity interest, which is redeemable on March 13, 2019, provides us with a preferred rate of return of 8.5%. The rights under these preferred units allow us to have significant influence over the entity. Accordingly, we account for this investment using the equity method of accounting. We own 100 redeemable preferred units and zero common units of Beach House JV LLC. During the nine months ended September 30, 2014, we recognized $0.7 million of income related to this investment, which is included in Net income from equity investments in real estate and the Managed REITs in the consolidated financial statements. | |||||||||||||||
We received aggregate distributions of $9.0 million and $10.4 million from our other unconsolidated real estate investments for the nine months ended September 30, 2014 and 2013, respectively. At September 30, 2014 and December 31, 2013, the aggregate unamortized basis differences on our unconsolidated real estate investments were $5.8 million and $16.6 million, respectively. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill And Intangible Assets Liabilities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangibles | ' | |||||||||||||||||||||||
Goodwill and Other Intangibles | ||||||||||||||||||||||||
In connection with our acquisitions of properties, we have recorded net lease intangibles that are being amortized over periods ranging from one year to 40 years. In addition, we have several ground lease intangibles that are being amortized over periods of up to 134 years. In-place lease and above-market rent are included in In-place lease intangible assets, net and Above-market rent intangible assets, net, respectively, in the consolidated financial statements. Tenant relationship, below-market ground lease (as lessee), trade name, management contracts, and software license intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent, above-market ground lease (as lessee), and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements. | ||||||||||||||||||||||||
In connection with our investment activity during the nine months ended September 30, 2014, including primarily the properties we acquired through the CPA®:16 Merger, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): | ||||||||||||||||||||||||
Weighted-Average Life | Amount | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | 12.3 | $ | 596,298 | |||||||||||||||||||||
Above-market rent | 12.3 | 395,824 | ||||||||||||||||||||||
Below-market ground lease | 62.7 | 14,397 | ||||||||||||||||||||||
$ | 1,006,519 | |||||||||||||||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | 17.9 | $ | (56,665 | ) | ||||||||||||||||||||
Above-market ground lease | 31.5 | (6,712 | ) | |||||||||||||||||||||
$ | (63,377 | ) | ||||||||||||||||||||||
In connection with the CPA®:16 Merger, we recorded preliminary goodwill of $349.0 million as a result of the Merger Consideration exceeding the fair value of the assets acquired and liabilities assumed (Note 3). During the second quarter of 2014, we identified certain measurement period adjustments that impacted the provisional accounting, which decreased the total fair value of our equity interest in CPA®:16 – Global and noncontrolling interests acquired by $0.1 million. The goodwill was attributed to our Real Estate Ownership reporting unit as it relates to the real estate assets we acquired in the CPA®:16 Merger. The following table presents a reconciliation of our goodwill (in thousands): | ||||||||||||||||||||||||
Real Estate Ownership | Investment Management | Total | ||||||||||||||||||||||
Balance at January 1, 2014 | $ | 286,601 | $ | 63,607 | $ | 350,208 | ||||||||||||||||||
Acquisition of CPA®:16 – Global | 348,876 | — | 348,876 | |||||||||||||||||||||
Other adjustments accounted for as business combinations (a) | 14,137 | — | 14,137 | |||||||||||||||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | (2,743 | ) | — | (2,743 | ) | |||||||||||||||||||
Foreign currency translation adjustments and other | (7,687 | ) | — | (7,687 | ) | |||||||||||||||||||
Balance at September 30, 2014 | $ | 639,184 | $ | 63,607 | $ | 702,791 | ||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | Amount includes a deferred tax liability offset of $11.7 million recorded in connection with an acquisition of an investment in Norway (Note 5). | |||||||||||||||||||||||
Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
Management contracts | $ | 32,765 | $ | (32,765 | ) | $ | — | $ | 32,765 | $ | (32,395 | ) | $ | 370 | ||||||||||
Internal-use software development costs | 13,987 | (12 | ) | 13,975 | 3,255 | — | 3,255 | |||||||||||||||||
46,752 | (32,777 | ) | 13,975 | 36,020 | (32,395 | ) | 3,625 | |||||||||||||||||
Lease Intangibles: | ||||||||||||||||||||||||
In-place lease | 1,101,405 | (166,397 | ) | 935,008 | 551,737 | (84,610 | ) | 467,127 | ||||||||||||||||
Above-market rent | 646,587 | (101,125 | ) | 545,462 | 292,132 | (50,157 | ) | 241,975 | ||||||||||||||||
Below-market ground lease | 18,346 | (336 | ) | 18,010 | 4,386 | (22 | ) | 4,364 | ||||||||||||||||
Tenant relationship | 6,230 | (1,778 | ) | 4,452 | 6,247 | (1,656 | ) | 4,591 | ||||||||||||||||
1,772,568 | (269,636 | ) | 1,502,932 | 854,502 | (136,445 | ) | 718,057 | |||||||||||||||||
Unamortizable Goodwill and Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||
Goodwill | 702,791 | — | 702,791 | 350,208 | — | 350,208 | ||||||||||||||||||
Trade name | 3,975 | — | 3,975 | 3,975 | — | 3,975 | ||||||||||||||||||
706,766 | — | 706,766 | 354,183 | — | 354,183 | |||||||||||||||||||
Total intangible assets | $ | 2,526,086 | $ | (302,413 | ) | $ | 2,223,673 | $ | 1,244,705 | $ | (168,840 | ) | $ | 1,075,865 | ||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | $ | (169,785 | ) | $ | 20,860 | $ | (148,925 | ) | $ | (116,939 | ) | $ | 11,832 | $ | (105,107 | ) | ||||||||
Above-market ground lease | (13,419 | ) | 985 | (12,434 | ) | (6,896 | ) | 512 | (6,384 | ) | ||||||||||||||
(183,204 | ) | 21,845 | (161,359 | ) | (123,835 | ) | 12,344 | (111,491 | ) | |||||||||||||||
Unamortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market purchase option | (16,711 | ) | — | (16,711 | ) | (16,711 | ) | — | (16,711 | ) | ||||||||||||||
Total intangible liabilities | $ | (199,915 | ) | $ | 21,845 | $ | (178,070 | ) | $ | (140,546 | ) | $ | 12,344 | $ | (128,202 | ) | ||||||||
Net amortization of intangibles, including the effect of foreign currency translation, was $42.5 million and $21.7 million for the three months ended September 30, 2014 and 2013, respectively, and $131.9 million and $64.0 million for the nine months ended September 30, 2014 and 2013, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues; amortization of management contracts, in-place lease and tenant relationship intangibles is included in Depreciation and amortization; and amortization of above-market ground lease and below-market ground lease intangibles is included in Property expenses. | ||||||||||||||||||||||||
Based on the intangible assets and liabilities recorded at September 30, 2014, scheduled annual net amortization of intangibles for the remainder of 2014, each of the next four calendar years following December 31, 2014, and thereafter is as follows (in thousands): | ||||||||||||||||||||||||
Years Ending December 31, | Net Decrease in | Increase to Amortization/ | Net | |||||||||||||||||||||
Lease Revenues | Property Expenses | |||||||||||||||||||||||
2014 (remainder) | $ | 14,146 | $ | 27,749 | $ | 41,895 | ||||||||||||||||||
2015 | 55,529 | 110,442 | 165,971 | |||||||||||||||||||||
2016 | 53,738 | 106,295 | 160,033 | |||||||||||||||||||||
2017 | 50,318 | 102,432 | 152,750 | |||||||||||||||||||||
2018 | 46,703 | 99,396 | 146,099 | |||||||||||||||||||||
Thereafter | 176,103 | 512,697 | 688,800 | |||||||||||||||||||||
Total | $ | 396,537 | $ | 959,011 | $ | 1,355,548 | ||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency forward contracts; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. | |||||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | |||||||||||||||||||
The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items we have also provided the unobservable inputs along with their weighted-average ranges. | |||||||||||||||||||
Money Market Funds — Our money market funds, which are included in Cash and cash equivalents in the consolidated financial statements, are comprised of government securities and U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values. | |||||||||||||||||||
Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of interest rate caps, interest rate swaps, stock warrants, and foreign currency forward contracts (Note 10). The interest rate caps, interest rate swaps and foreign currency forward contracts were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The stock warrants were measured at fair value using internal valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market. | |||||||||||||||||||
Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps and foreign currency forward contracts (Note 10). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates. These derivative instruments were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. | |||||||||||||||||||
Redeemable Noncontrolling Interest — We account for the noncontrolling interest in W. P. Carey International, LLC, or WPCI, held by a third party as a redeemable noncontrolling interest (Note 13). We determined the valuation of the redeemable noncontrolling interest using widely accepted valuation techniques, including expected discounted cash flows of the investment as well as the income capitalization approach, which considers prevailing market capitalization rates. We classified this liability as Level 3. At September 30, 2014, unobservable inputs for WPCI include a discount for lack of marketability, a discount rate, and earnings before interest, taxes, depreciation, and amortization multiples with weighted-average ranges of 20% - 30%, 22% - 26%, and 3x - 5x, respectively. Significant increases or decreases in any one of these inputs in isolation would result in significant changes in the fair value measurement. | |||||||||||||||||||
We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during either the nine months ended September 30, 2014 or 2013. In connection with the CPA®:16 Merger, we acquired stock warrants, which had previously been granted by Hellweg 2 to CPA®:16 – Global, and which were classified as Level 3 at September 30, 2014 (Note 10). | |||||||||||||||||||
Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): | |||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||
Non-recourse debt (a) | 3 | $ | 2,702,133 | $ | 2,720,181 | $ | 1,492,410 | $ | 1,477,497 | ||||||||||
Senior unsecured notes (b) | 2 | 498,300 | 518,523 | — | — | ||||||||||||||
Senior unsecured credit facility (c) (d) | 2 | 618,945 | 618,945 | 275,000 | 275,000 | ||||||||||||||
Notes receivable (a) (e) | 3 | 20,983 | 19,988 | — | — | ||||||||||||||
Deferred acquisition fees receivable (f) | 3 | 19,585 | 22,188 | 19,684 | 20,733 | ||||||||||||||
Unsecured term loan (c) | 2 | — | — | 300,000 | 300,000 | ||||||||||||||
__________ | |||||||||||||||||||
(a) | We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, where applicable, and interest rate risk. We also considered the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity and the current market interest rate. | ||||||||||||||||||
(b) | We determined the estimated fair value of the Senior Unsecured Notes using quoted market prices in an open market with limited trading volume (Note 11). | ||||||||||||||||||
(c) | As described in Note 11, the Prior Senior Credit Facility and the Unsecured Term Loan were repaid and terminated in January 2014. We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the market-based credit spread and our credit rating. | ||||||||||||||||||
(d) | In October 2014, we utilized $225.8 million of the net proceeds from a public offering (Note 13) to pay down a portion of the amount outstanding under the Revolver (Note 17). | ||||||||||||||||||
(e) | We acquired these notes in the CPA®:16 Merger (Note 6). | ||||||||||||||||||
(f) | We determined the estimated fair value of our deferred acquisition fees receivable based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread and an illiquidity adjustment with a weighted-average range of 109 - 355 basis points and 50 - 100 basis points, respectively at September 30, 2014. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. | ||||||||||||||||||
We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both September 30, 2014 and December 31, 2013. | |||||||||||||||||||
Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) | |||||||||||||||||||
We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. For investments in real estate for which an impairment indicator is identified, we follow a two-step process to determine whether the investment is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the future undiscounted net cash flows that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. If this amount is less than the carrying value, the property’s asset group is considered to be impaired. We then measure the impairment charge as the excess of the carrying value of the property’s asset group over the estimated fair value of the property’s asset group, which is primarily determined using market information such as recent comparable sales or broker quotes. If relevant market information is not available or is not deemed appropriate, we perform a future net cash flow analysis, discounted for inherent risk associated with each investment. We determined that the significant inputs used to value these investments fall within Level 3 for fair value accounting. As a result of our assessments, we calculated impairment charges based on market conditions and assumptions that existed at the time. The valuation of real estate is subject to significant judgment and actual results may differ materially if market conditions or the underlying assumptions change. | |||||||||||||||||||
The following table presents information about our other assets that were measured on a fair value basis (in thousands): | |||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||||||||
Fair Value | Total Impairment | Fair Value | Total Impairment | ||||||||||||||||
Measurements | Charges | Measurements | Charges | ||||||||||||||||
Impairment Charges from Continuing Operations | |||||||||||||||||||
Real estate | $ | 6,665 | $ | 3,472 | $ | — | $ | — | |||||||||||
Net investments in direct financing leases | 3,157 | 753 | — | — | |||||||||||||||
Equity investments in real estate | — | — | 4,350 | 6,554 | |||||||||||||||
4,225 | 6,554 | ||||||||||||||||||
Impairment Charges from Discontinued Operations | |||||||||||||||||||
Real estate | — | — | 9,468 | 1,416 | |||||||||||||||
— | 1,416 | ||||||||||||||||||
$ | 4,225 | $ | 7,970 | ||||||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | ||||||||||||||||||
Fair Value | Total Impairment | Fair Value | Total Impairment | ||||||||||||||||
Measurements | Charges | Measurements | Charges | ||||||||||||||||
Impairment Charges from Continuing Operations | |||||||||||||||||||
Real estate | $ | 6,665 | $ | 5,538 | $ | — | $ | — | |||||||||||
Net investments in direct financing leases | 3,157 | 753 | — | — | |||||||||||||||
Equity investments in real estate | — | 735 | 4,350 | 12,082 | |||||||||||||||
7,026 | 12,082 | ||||||||||||||||||
Impairment Charges from Discontinued Operations | |||||||||||||||||||
Real estate | — | — | 16,376 | 4,903 | |||||||||||||||
Operating real estate | — | — | 3,709 | 1,071 | |||||||||||||||
— | 5,974 | ||||||||||||||||||
$ | 7,026 | $ | 18,056 | ||||||||||||||||
Significant impairment charges, and their related triggering events and fair value measurements, recognized during the three and nine months ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||||
Real Estate | |||||||||||||||||||
During the three and nine months ended September 30, 2014, we recognized impairment charges totaling $3.5 million and $5.5 million, respectively, on three properties in order to reduce the carrying values of the properties to their estimated fair values, which approximated their estimated selling prices. | |||||||||||||||||||
Net Investments in Direct Financing Leases | |||||||||||||||||||
During each of the three and nine months ended September 30, 2014, we recognized impairment charges totaling $0.8 million on six properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair values of the buildings’ residual values. | |||||||||||||||||||
Equity Investments in Real Estate | |||||||||||||||||||
During the nine months ended September 30, 2014 and 2013, we recognized other-than-temporary impairment charges of $0.7 million and $12.1 million, respectively, on the Special Member Interest in CPA®:16 – Global’s operating partnership to reduce its carrying value to its estimated fair value, which had declined. The fair value was obtained by estimating discounted cash flows using two significant unobservable inputs, which are the discount rate and the estimated general and administrative costs as a percentage of assets under management with a weighted-average range of 12.75% - 15.75% and 35 - 45 basis points, respectively. | |||||||||||||||||||
Properties Sold | |||||||||||||||||||
During the three and nine months ended September 30, 2013, we recognized impairment charges on properties sold, including one of our hotels, totaling $1.4 million and $6.0 million, respectively, to reduce the carrying values of the properties to their estimated selling prices less costs to sell. These impairment charges, which are included in discontinued operations, were the result of reducing these properties’ carrying values to their estimated fair values (Note 15), which approximated their estimated selling prices, in connection with anticipated sales. The fair value measurement related to these impairment charges was determined in part by third-party sources, subject to our corroboration for reasonableness. |
Risk_Management_and_Use_of_Der
Risk Management and Use of Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Risk Management and Use of Derivative Financial Instruments | ' | ||||||||||||||||||
Risk Management and Use of Derivative Financial Instruments | |||||||||||||||||||
Risk Management | |||||||||||||||||||
In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including the Senior Unsecured Credit Facility (Note 11), at September 30, 2014. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other securities and the shares we hold in the Managed REITs due to changes in interest rates or other market factors. We own investments in the European Union and in Asia and are subject to the risks associated with changing foreign currency exchange rates. | |||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||
When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered, and do not plan to enter, into financial instruments for trading or speculative purposes. The primary risks related to our use of derivative instruments include default by a counterparty to a hedging arrangement on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with counterparties that are large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities. | |||||||||||||||||||
We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. | |||||||||||||||||||
The following table sets forth certain information regarding our derivative instruments (in thousands): | |||||||||||||||||||
Derivatives Designated as Hedging Instruments | Balance Sheet Location | Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Interest rate caps | Other assets, net | $ | 6 | $ | 2 | $ | — | $ | — | ||||||||||
Interest rate swaps | Other assets, net | 987 | 1,618 | — | — | ||||||||||||||
Foreign currency forward contracts | Other assets, net | 3,629 | — | — | — | ||||||||||||||
Foreign currency forward contracts (a) | Accounts payable, accrued expenses and other liabilities | — | — | (451 | ) | (7,083 | ) | ||||||||||||
Interest rate swaps (a) | Accounts payable, accrued expenses and other liabilities | — | — | (5,097 | ) | (2,734 | ) | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||
Stock warrants (b) | Other assets, net | 3,753 | 2,160 | — | — | ||||||||||||||
Interest rate swaps (c) | Accounts payable, accrued expenses and other liabilities | — | — | (9,033 | ) | (11,995 | ) | ||||||||||||
Total derivatives | $ | 8,375 | $ | 3,780 | $ | (14,581 | ) | $ | (21,812 | ) | |||||||||
__________ | |||||||||||||||||||
(a) | In connection with the CPA®:16 Merger, we acquired interest rate swaps and a cap, which were in a net liability position, and foreign currency forward contracts, which were in a net asset position, that had fair values of $2.0 million and $1.2 million, respectively, at September 30, 2014. | ||||||||||||||||||
(b) | In connection with the CPA®:16 Merger, we acquired warrants from CPA®:16 – Global, which had previously been granted by Hellweg 2 to CPA®:16 – Global, that had a fair value of $1.3 million at September 30, 2014. These warrants give us participation rights to any distributions made by Hellweg 2 and entitle us to a cash distribution that equals a certain percentage of the liquidity event price of Hellweg 2, should a liquidity event occur. | ||||||||||||||||||
(c) | These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt. | ||||||||||||||||||
All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both September 30, 2014 and December 31, 2013, no cash collateral had been posted nor received for any of our derivative positions. | |||||||||||||||||||
The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): | |||||||||||||||||||
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) (a) | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest rate swaps | $ | 689 | $ | 16 | $ | (928 | ) | $ | 3,669 | ||||||||||
Interest rate caps | 14 | (23 | ) | (7 | ) | (13 | ) | ||||||||||||
Foreign currency forward contracts | 15,372 | (4,058 | ) | 12,256 | (2,885 | ) | |||||||||||||
Total | $ | 16,075 | $ | (4,065 | ) | $ | 11,321 | $ | 771 | ||||||||||
__________ | |||||||||||||||||||
(a) | Excludes net gains recognized on unconsolidated jointly-owned investments, which are included in Net income from equity investments in real estate and the Managed REITs in the consolidated financial statements, of $0.1 million for each of the three months ended September 30, 2014 and 2013, and $0.3 million and $0.5 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||
Amount of (Loss) Gain Reclassified from Other Comprehensive (Loss) Income on Derivatives (Effective Portion) (a) | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Location of Gain (Loss) Recognized in Income | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 (b) | 2014 | 2013 (b) | ||||||||||||||||
Interest rate swaps and caps | Interest expense | $ | (661 | ) | $ | (436 | ) | $ | (2,024 | ) | $ | (1,311 | ) | ||||||
Foreign currency forward contracts | Other income and (expenses) | 337 | (206 | ) | (487 | ) | (182 | ) | |||||||||||
Total | $ | (324 | ) | $ | (642 | ) | $ | (2,511 | ) | $ | (1,493 | ) | |||||||
__________ | |||||||||||||||||||
(a) | Excludes net losses recognized on unconsolidated jointly-owned investments of $0.1 million and $0.1 million for the three months ended September 30, 2014 and 2013, respectively, and $0.4 million and $0.5 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||
(b) | The amounts included in this column for the periods presented herein have been revised to reverse the signs that were incorrectly presented when originally filed. In addition, the corresponding amounts for the years ended December 31, 2013 and 2012 will be similarly revised in the Form 10-K for the year ended December 31, 2014 when filed. | ||||||||||||||||||
Amounts reported in Other comprehensive (loss) income related to interest rate swaps will be reclassified to Interest expense as interest payments are made on our variable-rate debt. Amounts reported in Other comprehensive (loss) income related to foreign currency derivative contracts will be reclassified to Other income and (expenses) when the hedged foreign currency contracts are settled. At September 30, 2014, we estimate that an additional $2.4 million and $1.5 million will be reclassified as interest expense and other expenses, respectively, during the next 12 months. | |||||||||||||||||||
Amount of Gain Recognized in Income on Derivatives | |||||||||||||||||||
Derivatives Not in Cash Flow Hedging Relationships | Location of Gain (Loss) Recognized in Income | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swaps | Interest expense | $ | 1,007 | $ | 801 | $ | 1,992 | $ | 4,211 | ||||||||||
Stock warrants | Other income and (expenses) | 268 | 80 | 134 | 360 | ||||||||||||||
Total | $ | 1,275 | $ | 881 | $ | 2,126 | $ | 4,571 | |||||||||||
See below for information on our purposes for entering into derivative instruments and for information on derivative instruments owned by unconsolidated investments, which are excluded from the tables above. | |||||||||||||||||||
Interest Rate Swaps and Caps | |||||||||||||||||||
We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain variable-rate, non-recourse mortgage loans and, as a result, may enter into interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of the loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. | |||||||||||||||||||
The interest rate swaps and caps that we had outstanding on our consolidated subsidiaries at September 30, 2014 are summarized as follows (currency in thousands): | |||||||||||||||||||
Number of Instruments | Face | Fair Value at | |||||||||||||||||
Amount | September 30, 2014 (a) | ||||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps | 14 | $ | 130,298 | $ | (2,957 | ) | |||||||||||||
Interest rate swaps | 2 | € | 8,225 | (1,153 | ) | ||||||||||||||
Interest rate caps (b) | 2 | € | 107,554 | 6 | |||||||||||||||
Not Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps (c) | 3 | € | 108,048 | (9,033 | ) | ||||||||||||||
$ | (13,137 | ) | |||||||||||||||||
__________ | |||||||||||||||||||
(a) | Fair value amounts are based on the exchange rate of the euro at September 30, 2014, as applicable. | ||||||||||||||||||
(b) | The applicable interest rates of the related debt were 1.2% and 1.1%, which were below the strike prices of the caps of 3.0% and 2.0%, respectively, at September 30, 2014. | ||||||||||||||||||
(c) | These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt. | ||||||||||||||||||
Foreign Currency Contracts | |||||||||||||||||||
We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling and certain other currencies. We manage foreign currency exchange rate movements by generally placing our debt service obligation on an investment in the same currency as the tenant’s rental obligation to us. This reduces our overall exposure to the net cash flow from that investment. However, we are subject to foreign currency exchange rate movements to the extent of the difference in the timing and amount of the rental obligation and the debt service. Realized and unrealized gains and losses recognized in earnings related to foreign currency transactions are included in Other income and (expenses) in the consolidated financial statements. | |||||||||||||||||||
In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency forward contracts. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into forward contracts and holding them to maturity, we are locked into a future currency exchange rate for the term of the contract. | |||||||||||||||||||
The following table presents the foreign currency derivative contracts we had outstanding at September 30, 2014, which were designated as cash flow hedges (currency in thousands): | |||||||||||||||||||
Number of Instruments | Face | Fair Value at | |||||||||||||||||
Foreign Currency Derivatives | Amount | September 30, 2014 (a) | |||||||||||||||||
Foreign currency forward contracts | 72 | € | 163,500 | $ | 3,589 | ||||||||||||||
Foreign currency forward contracts | 17 | £ | 9,100 | (411 | ) | ||||||||||||||
$ | 3,178 | ||||||||||||||||||
__________ | |||||||||||||||||||
(a) | Fair value amounts are based on the applicable exchange rate of the foreign currency at September 30, 2014. | ||||||||||||||||||
Credit Risk-Related Contingent Features | |||||||||||||||||||
We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of collateral received, if any. No collateral was received as of September 30, 2014. At September 30, 2014, our total credit exposure was $3.7 million and the maximum exposure to any single counterparty was $1.8 million. | |||||||||||||||||||
Some of the agreements we have with our derivative counterparties contain certain credit contingent provisions that could result in a declaration of default against us regarding our derivative obligations if we either default or are capable of being declared in default on certain of our indebtedness. At September 30, 2014, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives that were in a net liability position was $15.7 million at September 30, 2014, which included accrued interest and any adjustment for nonperformance risk. If we had breached any of these provisions at September 30, 2014, we could have been required to settle our obligations under these agreements at their aggregate termination value of $16.1 million. | |||||||||||||||||||
Net Investment Hedge | |||||||||||||||||||
During the nine months ended September 30, 2014, we borrowed an aggregate of €178.5 million under the Revolver to prepay several non-recourse mortgage loans denominated in euro (Note 11). This borrowing is designated as and effective as an economic hedge of our net investments in these euro-denominated entities. Variability in the exchange rate of the euro with respect to the U.S. dollar impacts our financial results as the financial results of our euro-denominated subsidiaries are translated to U.S. dollars each period, with the effect of changes in the euro to U.S. dollar exchange rate being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, the borrowing in euro under the Revolver is recorded at cost in the consolidated financial statements and all changes in the value related to changes in the spot rate will be reported in the same manner as a translation adjustment, which is recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. |
Debt
Debt | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Debt | ' | ||||
Debt | |||||
Senior Unsecured Credit Facility | |||||
At December 31, 2013, we had a senior credit facility that provided for a $450.0 million unsecured revolving credit facility and a $175.0 million term loan facility, which we refer to collectively as the Prior Senior Credit Facility. On January 31, 2014, we entered into the Second Amended and Restated Credit Agreement in order to increase the maximum aggregate principal amount from $625.0 million to $1.25 billion, which we refer to as the Senior Unsecured Credit Facility, and on that date drew down $765.0 million to repay the Prior Senior Credit Facility, the Unsecured Term Loan discussed below and CPA®:16 – Global’s line of credit, which had an outstanding balance of $170.0 million on the same date, which was the date of the closing of the CPA®:16 Merger. Because we had obtained investment grade ratings in January 2014, all of the guarantors were released from their guarantees under the Senior Unsecured Credit Facility in February 2014. In addition, as a result of the investment grade ratings, certain provisions that restricted the amount we could draw under the Senior Unsecured Credit Facility were no longer applicable. In connection with entering into the Senior Unsecured Credit Facility and the simultaneous repayment of the outstanding balances of the facilities described above and the Unsecured Term Loan, we incurred financing costs totaling $7.9 million included in Other assets, net in the consolidated financial statements, which are being amortized to Interest expense over the remaining terms of the facilities, and recognized a loss on extinguishment of debt of $2.1 million included in Other income and (expenses) in the consolidated financial statements. | |||||
The Senior Unsecured Credit Facility is comprised of a $1.0 billion unsecured revolving credit facility, or the Revolver, and a $250.0 million term loan facility, or the Term Loan Facility. The Revolver matures in 2018 but may be extended by one year at our option, subject to the conditions provided in the Second Amended and Restated Credit Agreement. The Term Loan Facility matures in 2016 but we have two options to extend the maturity by another year. At our election, the principal amount available under the Senior Unsecured Credit Facility may be increased by up to an additional $500.0 million, and may be allocated as an increase to the Revolver and/or the Term Loan Facility, or if the Term Loan Facility has been terminated, an add-on term loan, in each case subject to the conditions to increase provided in the Second Amended and Restated Credit Agreement. The Senior Unsecured Credit Facility also permits (i) up to $500.0 million under the Revolver to be borrowed in certain currencies other than the U.S. dollar, (ii) swing line loans of up to $50.0 million under the Revolver, and (iii) the issuance of letters of credit under the Revolver in an aggregate amount not to exceed $50.0 million. The Senior Unsecured Credit Facility is being used for working capital needs, to refinance our existing indebtedness, for new investments and for other general corporate purposes. | |||||
Borrowings under the Senior Unsecured Credit Facility bear interest, at our election, at a rate equal to either: (i) the Eurocurrency Rate (as defined in the Second Amended and Restated Credit Agreement), or (ii) the Base Rate (as defined in the Second Amended and Restated Credit Agreement), in each case, plus the Applicable Rate (as defined in the Second Amended and Restated Credit Agreement). Since we obtained investment grade ratings as of January 31, 2014, for borrowings under the Revolver, the Applicable Rate on Eurocurrency Rate loans and letters of credit ranges from 0.925% to 1.70% and the Applicable Rate on Base Rate loans ranges from 0.00% to 0.70%. For borrowings under the Term Loan Facility, the Applicable Rate on Eurocurrency Rate loans and letters of credit ranges from 1.00% to 1.95% and the Applicable Rate on Base Rate loans ranges from 0.00% to 0.95%. Swing line loans under the Senior Unsecured Credit Facility will bear interest at the Base Rate plus the Applicable Rate then in effect. In addition, we pay a quarterly facility fee ranging from 0.125% to 0.30% on the Revolver. At September 30, 2014, the outstanding balance under the Senior Unsecured Credit Facility was $618.9 million, including the $250.0 million drawn under the Term Loan Facility, $110.0 million borrowed under the Revolver in U.S. dollars, $226.4 million borrowed under the Revolver in euro, and $32.5 million borrowed under the Revolver in British pounds. In addition, as of September 30, 2014, our lenders had issued letters of credit totaling $1.0 million on our behalf in connection with certain contractual obligations, which reduce amounts that may be drawn under the Revolver. At September 30, 2014, our Revolver had unused capacity of $631.1 million, excluding amounts reserved for outstanding letters of credit. Based on our credit rating of BBB/Baa2 during the nine months ended September 30, 2014, we incurred interest at LIBOR plus 1.10% on the Revolver and LIBOR plus 1.25% on the Term Loan Facility. We also incurred a facility fee of 0.20% on the Revolver during the nine months ended September 30, 2014. As discussed in Note 13 and Note 17, in October 2014, we utilized $225.8 million of the net proceeds from our public offering to pay down a portion of the amount outstanding under the Revolver. | |||||
The Senior Unsecured Credit Facility includes customary financial maintenance covenants, including a maximum leverage ratio, maximum secured debt ratio, minimum equity value ratio, minimum fixed charge coverage ratio, and minimum unsecured interest coverage ratio. The Senior Unsecured Credit Facility also contains various customary affirmative and negative covenants applicable to us and our subsidiaries, subject to materiality and other qualifications, baskets and exceptions as outlined in the Second Amended and Restated Credit Agreement. | |||||
We are required to ensure that the total Restricted Payments (as defined in the Second Amended and Restated Credit Agreement) in an aggregate amount in any fiscal year does not exceed the greater of (i) 95% of Adjusted Funds from Operations (as defined in the Second Amended and Restated Credit Agreement) and (ii) the amount of Restricted Payments required in order for us to maintain our REIT status. Restricted Payments include quarterly dividends and the total amount of shares repurchased by us, if any, in excess of $100.0 million per year. | |||||
Obligations under the Senior Unsecured Credit Facility may be declared immediately due and payable upon the occurrence of certain events of default as defined in the Second Amended and Restated Credit Agreement, including failure to pay any principal when due and payable, failure to pay interest within five business days after becoming due, failure to comply with any covenant, representation or condition of any loan document, any change of control, cross-defaults, and certain other events as set forth in the Second Amended and Restated Credit Agreement, with grace periods in some cases. | |||||
The Second Amended and Restated Credit Agreement stipulates several financial covenants that require us to maintain certain ratios and benchmarks at the end of each quarter as defined in the Second Amended and Restated Credit Agreement. We were in compliance with all of these covenants at September 30, 2014. | |||||
Senior Unsecured Notes | |||||
In March 2014, we issued $500.0 million in corporate bonds, or the Senior Unsecured Notes, at a price of 99.639% of par value or a $1.8 million discount with a yield to maturity of 4.645% in a registered public offering. These notes have a ten-year term and mature on April 1, 2024 with an annual interest rate of 4.60%. The interest is paid semi-annually on April 1 and October 1, starting on October 1, 2014. The Senior Unsecured Notes can be redeemed at par within three months of maturity, or we can call the notes at any time for the principal, accrued interest and a make-whole amount based upon a rate of the ten-year U.S. Treasury yield plus 30 basis points. The Senior Unsecured Notes were rated Baa2 by Moody’s Investors Services and BBB- by Standard and Poor’s Ratings Services. In connection with this transaction, we incurred financing costs totaling $4.2 million included in Other assets, net in the consolidated financial statements, that are being amortized to Interest expense over the term of the Senior Unsecured Notes. The proceeds from the issuance were used to pay down in part the then-outstanding balance under our Revolver. | |||||
The Senior Unsecured Notes require us to maintain certain ratios and benchmarks at the end of each quarter as defined in the terms in the prospectus supplement filed with the SEC on March 13, 2014. We were in compliance with all of these covenants at September 30, 2014. | |||||
Unsecured Term Loan | |||||
In July 2013, we entered into a credit agreement with the lenders of our Prior Senior Credit Facility for an unsecured term loan of up to $300.0 million, or the Unsecured Term Loan, which we drew down in full on that date. On January 31, 2014, the Unsecured Term Loan was repaid in full using a portion of the amounts drawn down under the Senior Unsecured Credit Facility on that date. | |||||
Non-Recourse Debt | |||||
Non-recourse debt consists of mortgage notes payable, which are collateralized by the assignment of real estate properties with an aggregate carrying value of $3.5 billion and $1.9 billion at September 30, 2014 and December 31, 2013, respectively. At September 30, 2014, our mortgage notes payable bore interest at fixed annual rates ranging from 3.2% to 7.8% and variable contractual annual rates ranging from 1.1% to 7.6%, with maturity dates ranging from 2014 to 2038. | |||||
In November 2013, a tenant in one of our properties filed for bankruptcy and in March 2014, we stopped making payments on the non-recourse mortgage obligation encumbering the property. In October 2014, the property was foreclosed upon. At September 30, 2014, both the outstanding balance of the non-recourse mortgage and the carrying value of the property were $3.7 million. | |||||
Financing Activity During the Nine Months Ended September 30, 2014 — In connection with the CPA®:16 Merger (Note 3), we assumed property level debt comprised of 18 variable-rate and 97 fixed-rate non-recourse mortgage loans with fair values totaling $161.9 million and $1.4 billion, respectively, on the acquisition date and recorded an aggregate net fair market value adjustment of $9.8 million at that date. The fair market value adjustment will be amortized to interest expense over the remaining lives of the related loans. These fixed-rate and variable-rate mortgages had weighted-average annual interest rates of 5.79% and 3.63%, respectively, on the acquisition date (Note 10). | |||||
During the nine months ended September 30, 2014, in connection with our long-term plan to become a primarily unsecured borrower, we prepaid 20 non-recourse mortgage loans with an aggregate outstanding principal balance of $216.1 million, with a weighted-average remaining term of 1.4 years on the date of the prepayments and weighted-average interest rate of 5.3%. In connection with these prepayments, we incurred a net loss on extinguishment of debt of $8.3 million, of which $7.0 million is included in Other income and (expenses) and $1.3 million is included in Income from discontinued operations, net of tax in the consolidated financial statements. During the nine months ended September 30, 2014, we also paid $7.2 million for the defeasance of a mortgage loan. | |||||
During the nine months ended September 30, 2014, we drew down $12.3 million on a construction loan in relation to a build-to-suit transaction. | |||||
Foreign Currency Exchange Rate Impact | |||||
During the nine months ended September 30, 2014, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro at September 30, 2014 decreased by 7.9% to $1.2687 from $1.3768 at December 31, 2013. The impact of this strengthening was an aggregate decrease of $79.2 million in the carrying values of our Non-recourse debt and Senior Unsecured Credit Facility from December 31, 2013 to September 30, 2014. | |||||
Scheduled Debt Principal Payments | |||||
Scheduled debt principal payments during the remainder of 2014, each of the next four calendar years following December 31, 2014, and thereafter are as follows (in thousands): | |||||
Years Ending December 31, | Total (a) | ||||
2014 (remainder) | $ | 130,334 | |||
2015 | 205,428 | ||||
2016 (b) | 623,740 | ||||
2017 | 769,545 | ||||
2018 (c) | 656,476 | ||||
Thereafter through 2038 (d) | 1,429,879 | ||||
3,815,402 | |||||
Unamortized premium, net (e) | 3,976 | ||||
Total | $ | 3,819,378 | |||
__________ | |||||
(a) | Certain amounts are based on the applicable foreign currency exchange rate at September 30, 2014. | ||||
(b) | Includes $250.0 million outstanding under our Term Loan Facility at September 30, 2014, which is scheduled to mature on January 31, 2016 unless extended pursuant to its terms. | ||||
(c) | Includes $368.9 million outstanding under our Revolver at September 30, 2014, which is scheduled to mature on January 31, 2018 unless extended pursuant to its terms. | ||||
(d) | Includes $500.0 million of outstanding Senior Unsecured Notes, which are scheduled to mature on April 1, 2024. | ||||
(e) | Represents the unamortized premium of $5.7 million in the aggregate resulting from the assumption of property-level debt in connection with the CPA®:15 Merger and CPA®:16 Merger, partially offset by a $1.7 million unamortized discount on the Senior Unsecured Notes. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
On December 31, 2013, Mr. Ira Gaines and entities affiliated with him commenced a purported class action (Ira Gaines, et al. v. Corporate Property Associates 16 – Global Incorporated, Index. No. 650001/2014, N.Y. Sup. Ct., N.Y. County) against us, WPC REIT Merger Sub Inc., CPA®:16 – Global, and the directors of CPA®:16 – Global. On April 11, 2014, the defendants filed a motion to dismiss the complaint, as amended, and on October 15, 2014, the judge granted the defendants’ motion to dismiss the amended complaint in its entirety. | |
Various other claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations. |
StockBased_Compensation_and_Eq
Stock-Based Compensation and Equity | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Stock-Based Compensation and Equity | ' | |||||||||||||||
Stock-Based Compensation and Equity | ||||||||||||||||
We maintain several stock-based compensation plans, which are more fully described in the 2013 Annual Report. There have been no significant changes to the terms and conditions of any of our stock-based compensation plans or arrangements during the nine months ended September 30, 2014. | ||||||||||||||||
The total compensation expense (net of forfeitures) for awards issued under these plans was $8.0 million and $7.9 million for the three months ended September 30, 2014 and 2013, respectively, and $23.0 million and $25.4 million for the nine months ended September 30, 2014 and 2013, respectively, which is included in Stock-based compensation expense in the consolidated financial statements. The tax benefit recognized by us related to these awards were $17.3 million and $16.0 million for the nine months ended September 30, 2014 and 2013, respectively. There was no such tax benefit recognized by us during either the three months ended September 30, 2014 or 2013. | ||||||||||||||||
Restricted and Conditional Awards | ||||||||||||||||
Nonvested restricted stock awards, or RSAs, restricted share units, or RSUs, and performance share units, or PSUs, at September 30, 2014 and changes during the nine months ended September 30, 2014 were as follows: | ||||||||||||||||
RSA and RSU Awards | PSU Awards | |||||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||||
Fair Value | Fair Value | |||||||||||||||
Nonvested at January 1, 2014 | 519,608 | $ | 45.19 | 1,220,720 | $ | 28.28 | ||||||||||
Granted (a) | 179,621 | 60.71 | 89,653 | 76.05 | ||||||||||||
Vested (b) | (264,726 | ) | 43.35 | (881,388 | ) | 15.04 | ||||||||||
Forfeited | (667 | ) | 68.05 | — | — | |||||||||||
Adjustment (c) | — | — | 448,811 | 55.91 | ||||||||||||
Nonvested at September 30, 2014 (d) | 433,836 | $ | 52.71 | 877,796 | $ | 32.06 | ||||||||||
__________ | ||||||||||||||||
(a) | The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant. The grant date fair value of PSUs were determined utilizing a Monte Carlo simulation model to generate a range of possible future stock prices for both us and the plan defined peer index over the three-year performance period. To estimate the fair value of PSUs granted during the nine months ended September 30, 2014, we used a risk-free interest rate of 0.65% and an expected volatility rate of 25.89% (the plan defined peer index assumes 21.77%) and assumed a dividend yield of zero. | |||||||||||||||
(b) | The total fair value of shares vested during the nine months ended September 30, 2014 was $24.7 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date, pursuant to previously-made deferral elections. At September 30, 2014, we had an obligation to issue 889,863 shares of our common stock underlying such deferred shares, which is recorded within W. P. Carey stockholders’ equity as a Deferred compensation obligation of $30.6 million. | |||||||||||||||
(c) | Vesting and payment of the PSUs is conditioned upon certain company and market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. In connection with the payment of the PSUs granted in 2011, which were paid out in February 2014, we adjusted the shares during the three months ended March 31, 2014 to reflect the actual number of shares issued. During the three months ended June 30, 2014 and September 30, 2014, we also adjusted the number of PSUs expected to vest based on updated forecasted performance targets. There was no impact on our consolidated financial statements related to these adjustments, as the initial fair value of our PSUs factored in the variability associated with the performance features of these awards. | |||||||||||||||
(d) | At September 30, 2014, total unrecognized compensation expense related to these awards was approximately $31.4 million, with an aggregate weighted-average remaining term of 1.67 years. | |||||||||||||||
During the nine months ended September 30, 2014, 93,745 stock options were exercised with an aggregate intrinsic value of $3.2 million. At September 30, 2014, there were 525,035 stock options outstanding, of which 453,324 were exercisable. | ||||||||||||||||
Public Offering | ||||||||||||||||
In September 2014, we completed a public offering of 4,600,000 shares of our common stock, $0.001 par value per share, at a price of $64.00 per share, or the Offering, which includes the full exercise of the underwriters’ option to purchase an additional 600,000 shares of our common stock. The net proceeds of $282.2 million from the Offering were intended to repay certain indebtedness, including amounts outstanding under our Senior Unsecured Credit Facility, to fund potential future acquisitions and for general corporate purposes. As described in Note 17, in October 2014, we utilized $225.8 million of the net proceeds from the Offering to pay down a portion of the amount outstanding under the Revolver. | ||||||||||||||||
Earnings Per Share | ||||||||||||||||
Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Our unvested RSUs and RSAs contain rights to receive non-forfeitable distribution equivalents, and therefore we apply the two-class method of computing earnings per share. The calculation of earnings per share below excludes the income attributable to the unvested RSUs and RSAs from the numerator and such unvested shares in the denominator. The following table summarizes basic and diluted earnings (in thousands, except share amounts): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to W. P. Carey | $ | 27,337 | $ | 18,506 | $ | 206,252 | $ | 75,854 | ||||||||
Allocation of distribution equivalents paid on unvested RSUs and RSAs in excess of income | (113 | ) | (139 | ) | (849 | ) | (570 | ) | ||||||||
Net income – basic | 27,224 | 18,367 | 205,403 | 75,284 | ||||||||||||
Income (loss) effect of dilutive securities, net of taxes | (8 | ) | 128 | 74 | 77 | |||||||||||
Net income – diluted | $ | 27,216 | $ | 18,495 | $ | 205,477 | $ | 75,361 | ||||||||
Weighted-average shares outstanding – basic | 100,282,082 | 68,397,176 | 96,690,675 | 68,719,264 | ||||||||||||
Effect of dilutive securities | 848,366 | 1,003,649 | 1,038,306 | 1,127,056 | ||||||||||||
Weighted-average shares outstanding – diluted | 101,130,448 | 69,400,825 | 97,728,981 | 69,846,320 | ||||||||||||
Securities totaling 105,920 shares associated with the Redeemable noncontrolling interest were excluded from the earnings per share computation above as their effect would have been anti-dilutive for the three months ended September 30, 2013. There were no such anti-dilutive securities for the three months ended September 30, 2014 and nine months ended September 30, 2014 and 2013. | ||||||||||||||||
Redeemable Noncontrolling Interest | ||||||||||||||||
We account for the noncontrolling interest in WPCI held by a third party as a redeemable noncontrolling interest, as we have an obligation to repurchase the interest at fair value, subject to certain conditions pursuant to a put option held by the third party. This obligation is required to be settled in shares of our common stock. The third-party interest is reflected at estimated redemption value for all periods presented. On October 1, 2013, we received a notice from the holder of the noncontrolling interest in WPCI regarding the exercise of the put option, pursuant to which we are required to purchase the third party’s | ||||||||||||||||
7.7% interest in WPCI. Pursuant to the terms of the related put agreement, the purchase price is to be determined based on a third-party valuation as of October 31, 2013, which is the end of the month that the put option was exercised. We cannot currently estimate when the redemption will occur and the amount of $6.3 million recorded represents our best estimate of the fair value of that interest. | ||||||||||||||||
The following table presents a reconciliation of redeemable noncontrolling interest (in thousands): | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | 7,436 | $ | 7,531 | ||||||||||||
Redemption value adjustment | (306 | ) | — | |||||||||||||
Net income | 137 | 139 | ||||||||||||||
Distributions | (926 | ) | (354 | ) | ||||||||||||
Change in other comprehensive income | 5 | — | ||||||||||||||
Ending balance | $ | 6,346 | $ | 7,316 | ||||||||||||
Transfers to Noncontrolling Interests | ||||||||||||||||
The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands): | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Net income attributable to W. P. Carey | $ | 206,252 | $ | 75,854 | ||||||||||||
Transfers to noncontrolling interest | ||||||||||||||||
Decrease in W. P. Carey’s additional paid-in capital for purchases of less-than-wholly-owned investments in connection with the CPA®:16 Merger (a) | (41,374 | ) | — | |||||||||||||
Net transfers to noncontrolling interest | (41,374 | ) | — | |||||||||||||
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest | $ | 164,878 | $ | 75,854 | ||||||||||||
__________ | ||||||||||||||||
(a) | During the second quarter of 2014, we identified certain measurement period adjustments that impacted the provisional accounting of the CPA®:16 Merger, which increased the fair value of our previously-held noncontrolling interests on the acquisition date by $0.6 million, resulting in a reduction of $0.6 million to additional paid-in-capital. | |||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||
The following tables present a reconciliation of changes in Accumulated other comprehensive (loss) income by component for the periods presented (in thousands): | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
Gains and Losses on Derivative Instruments | Foreign Currency Translation Adjustments | Gains and Losses on Marketable Securities | Total | |||||||||||||
Beginning balance | $ | (12,052 | ) | $ | 26,224 | $ | 43 | $ | 14,215 | |||||||
Other comprehensive income (loss) before reclassifications | 15,725 | (55,096 | ) | (12 | ) | (39,383 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||
Interest expense | 661 | — | — | 661 | ||||||||||||
Other income and (expenses) | (337 | ) | — | — | (337 | ) | ||||||||||
Net income from equity investments in real estate and the Managed REITs | 102 | — | — | 102 | ||||||||||||
Total | 426 | — | — | 426 | ||||||||||||
Net current period other comprehensive income (loss) | 16,151 | (55,096 | ) | (12 | ) | (38,957 | ) | |||||||||
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest | — | 3,471 | — | 3,471 | ||||||||||||
Ending balance | $ | 4,099 | $ | (25,401 | ) | $ | 31 | $ | (21,271 | ) | ||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Gains and Losses on Derivative Instruments | Foreign Currency Translation Adjustments | Gains and Losses on Marketable Securities | Total | |||||||||||||
Beginning balance | $ | (2,253 | ) | $ | (762 | ) | $ | 31 | $ | (2,984 | ) | |||||
Other comprehensive (loss) income before reclassifications | (4,711 | ) | 17,675 | — | 12,964 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||
Interest expense | 436 | — | — | 436 | ||||||||||||
Other income and (expenses) | 206 | — | — | 206 | ||||||||||||
Net income from equity investments in real estate and the Managed REITs | 56 | — | — | 56 | ||||||||||||
Total | 698 | — | — | 698 | ||||||||||||
Net current period other comprehensive (loss) income | (4,013 | ) | 17,675 | — | 13,662 | |||||||||||
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest | — | (2,052 | ) | — | (2,052 | ) | ||||||||||
Ending balance | $ | (6,266 | ) | $ | 14,861 | $ | 31 | $ | 8,626 | |||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Gains and Losses on Derivative Instruments | Foreign Currency Translation Adjustments | Gains and Losses on Marketable Securities | Total | |||||||||||||
Beginning balance | $ | (7,488 | ) | $ | 22,793 | $ | 31 | $ | 15,336 | |||||||
Other comprehensive income (loss) before reclassifications | 8,696 | (52,140 | ) | — | (43,444 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||
Interest expense | 2,024 | — | — | 2,024 | ||||||||||||
Other income and (expenses) | 487 | — | — | 487 | ||||||||||||
Net income from equity investments in real estate and the Managed REITs | 380 | — | — | 380 | ||||||||||||
Total | 2,891 | — | — | 2,891 | ||||||||||||
Net current period other comprehensive income (loss) | 11,587 | (52,140 | ) | — | (40,553 | ) | ||||||||||
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest | — | 3,946 | — | 3,946 | ||||||||||||
Ending balance | $ | 4,099 | $ | (25,401 | ) | $ | 31 | $ | (21,271 | ) | ||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Gains and Losses on Derivative Instruments | Foreign Currency Translation Adjustments | Gains and Losses on Marketable Securities | Total | |||||||||||||
Beginning balance | $ | (7,508 | ) | $ | 2,828 | $ | 31 | $ | (4,649 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (727 | ) | 13,017 | — | 12,290 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||
Interest expense | 1,311 | — | — | 1,311 | ||||||||||||
Other income and (expenses) | 182 | — | — | 182 | ||||||||||||
Net income from equity investments in real estate and the Managed REITs | 476 | — | — | 476 | ||||||||||||
Total | 1,969 | — | — | 1,969 | ||||||||||||
Net current period other comprehensive income | 1,242 | 13,017 | — | 14,259 | ||||||||||||
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest | — | (984 | ) | — | (984 | ) | ||||||||||
Ending balance | $ | (6,266 | ) | $ | 14,861 | $ | 31 | $ | 8,626 | |||||||
Distributions Declared | ||||||||||||||||
During the third quarter of 2014, we declared a quarterly distribution of $0.94 per share, which was paid on October 15, 2014 to stockholders of record on September 30, 2014. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Income Taxes | ' | |||||||||||||
Income Taxes | ||||||||||||||
A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (in thousands, except percentages): | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests | $ | 184,191 | $ | 77,859 | ||||||||||
Pre-tax income attributable to pass-through subsidiaries | (177,077 | ) | (88,155 | ) | ||||||||||
Pre-tax income (loss) attributable to taxable subsidiaries | 7,114 | (10,296 | ) | |||||||||||
Federal provision at statutory tax rate (35%) | 2,490 | 35 | % | (3,604 | ) | 35 | % | |||||||
State and local taxes, net of federal benefit | 775 | 10.9 | % | (1,122 | ) | 10.9 | % | |||||||
Recognition of deferred revenue as a result of the CPA®:16 Merger (a) | 4,848 | 68.1 | % | — | — | % | ||||||||
Amortization of intangible assets | — | — | % | 23 | (0.2 | )% | ||||||||
Interest | 1,739 | 24.4 | % | — | — | % | ||||||||
Other | 904 | 12.7 | % | (209 | ) | 2 | % | |||||||
Tax provision — taxable subsidiaries | 10,756 | 151.1 | % | (4,912 | ) | 47.7 | % | |||||||
Deferred foreign tax benefit (b) | (6,767 | ) | (145 | ) | ||||||||||
Current foreign taxes | 5,553 | 7,889 | ||||||||||||
Other state and local taxes | 1,633 | 218 | ||||||||||||
Total provision (benefit) | $ | 11,175 | $ | 3,050 | ||||||||||
__________ | ||||||||||||||
(a) | Represents income tax expense from a permanent difference upon recognition of deferred revenue associated with accelerated vesting of shares previously issued by CPA®:16 – Global for asset management and performance fees. | |||||||||||||
(b) | Represents deferred tax benefit associated with basis differences on certain foreign properties acquired. | |||||||||||||
In connection with an acquisition of an investment in Norway, we recorded a deferred tax liability of $14.6 million, which is included in Deferred income taxes in the consolidated financial statements, during the nine months ended September 30, 2014 (Note 5). Dollar amounts are based on the exchange rate of the Norwegian krone on the date of acquisition. | ||||||||||||||
At September 30, 2014, we had unrecognized tax benefits of $1.6 million that, if recognized, would have a favorable impact on our effective income tax rate in future periods. We recognize interest and penalties related to uncertain tax positions in income tax expense. | ||||||||||||||
Tax authorities in the relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2008 through 2014 remain open to adjustment in the major tax jurisdictions. On October 22, 2014, the U.S. Internal Revenue Service, or IRS, issued a Notice of Proposed Adjustment for the return filed by our subsidiary, Carey Asset Management, for the 2011 tax year. We are reviewing the proposed adjustment and currently expect to file a protest, which may take the matter to an IRS appeals conference. |
Property_Dispositions_and_Disc
Property Dispositions and Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Property Dispositions and Discontinued Operations | ' | |||||||||||||||
Property Dispositions and Discontinued Operations | ||||||||||||||||
From time to time, we may decide to sell a property. We have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may make a decision to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet and, for those properties sold or classified as held-for-sale prior to January 1, 2014, the current and prior period results of operations of the property have been reclassified as discontinued operations under current accounting guidance (Note 2). All property dispositions are recorded within our Real Estate Ownership segment. | ||||||||||||||||
Property Dispositions Included in Continuing Operations | ||||||||||||||||
The results of operations for properties that have been classified as held-for-sale or have been sold after December 31, 2013 and properties that were classified as direct financing leases, and with which we have no continuing involvement, excluding the properties that were classified as held-for-sale in the CPA®:16 Merger, are included within continuing operations in the consolidated financial statements. Total revenues from these properties were $0.8 million for the three months ended September 30, 2013, and $6.3 million and $2.6 million for the nine months ended September 30, 2014 and 2013, respectively. There were no such revenues during the three months ended September 30, 2014. Net income from the operations of these properties were $0.2 million and $0.3 million for the three months ended September 30, 2014 and 2013, respectively, and $1.7 million and $1.1 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||
2014 — During the nine months ended September 30, 2014, we sold five properties for a total of $40.6 million, net of selling costs, and we recognized a net loss on these sales of $3.8 million. These sales included a manufacturing facility for which the contractual minimum sale price of $5.8 million was not met. The third-party purchaser paid $1.4 million, with the difference of $4.4 million being paid by the vacating tenant. The amount paid by the tenant was recorded as lease termination income, partially offsetting the $8.4 million loss on the sale of the property. | ||||||||||||||||
In addition, during September 2014, we conveyed a parcel of land to a local government for $0.4 million and recognized a gain of $0.3 million. During February 2014, a domestic vacant property was foreclosed upon and sold for $4.6 million. The proceeds from the sale were used to partially repay a non-recourse mortgage loan encumbering this property and another property with an outstanding balance of $6.0 million at the time of the sale. In connection with the sale, we recognized a gain on the sale of $0.1 million. | ||||||||||||||||
During the nine months ended September 30, 2014, in connection with those sales of properties accounted for as businesses we allocated goodwill totaling $2.7 million to the cost basis of the properties, for our Real Estate Ownership segment, based on the relative fair values at the time of the sales (Note 8). | ||||||||||||||||
2013 — During the nine months ended September 30, 2013, we sold our investment in a direct financing lease. The results of operations for this investment is included within continuing operations in the consolidated financial statements for the nine months ended September 30, 2013. | ||||||||||||||||
Property Dispositions Included in Discontinued Operations | ||||||||||||||||
The results of operations for properties that have been classified as held-for-sale or have been sold prior to January 1, 2014 and the properties that were acquired as held-for-sale in the CPA®:16 Merger, are reflected in the consolidated financial statements as discontinued operations, net of tax and are summarized as follows (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 377 | $ | 6,946 | $ | 8,586 | $ | 25,094 | ||||||||
Expenses | (142 | ) | (5,391 | ) | (1,928 | ) | (17,382 | ) | ||||||||
(Loss) gain on extinguishment of debt | — | — | (1,267 | ) | 98 | |||||||||||
Gain on sale of real estate | — | 239 | 27,672 | 622 | ||||||||||||
Impairment charges | — | (1,416 | ) | — | (6,366 | ) | ||||||||||
Income from discontinued operations | $ | 235 | $ | 378 | $ | 33,063 | $ | 2,066 | ||||||||
2014 — At December 31, 2013, we had nine properties classified as held-for-sale, all of which were sold during the nine months ended September 30, 2014. The properties were sold for a total of $116.4 million, net of selling costs, and we recognized a net gain on these sales of $28.0 million, excluding impairment charges totaling $3.1 million previously recognized during 2013. We used a portion of the proceeds to repay a related mortgage loan obligation of $11.4 million and recognized a loss on extinguishment of debt of $0.1 million. | ||||||||||||||||
In connection with those sales of properties accounted for as businesses for the nine months ended September 30, 2014, we allocated goodwill totaling $7.0 million to the cost basis of the properties, for our Real Estate Ownership segment, based on the relative fair value at the time of the sale. | ||||||||||||||||
In connection with the CPA®:16 Merger in January 2014, we acquired ten properties, including five properties held by one jointly-owned investment, that were classified as Assets held for sale with a total fair value of $133.0 million. We sold all of these properties during the nine months ended September 30, 2014 for a total of $123.4 million, net of selling costs, including seller financing of $15.0 million, and recognized a net loss on these sales of $0.3 million. We used a portion of the proceeds to repay the related mortgage loan obligations totaling $18.9 million and recognized a loss on extinguishment of debt of $1.2 million. | ||||||||||||||||
2013 — During the nine months ended September 30, 2013, we sold seven domestic properties, including three properties that were previously classified as Assets held for sale in the consolidated financial statements, for a total of $22.7 million, net of selling costs, and recognized a net gain on these sales of $0.6 million, excluding impairment charges totaling $3.9 million and $0.2 million previously recognized during 2013 and 2012, respectively. We used a portion of the proceeds to repay the related mortgage loan obligation of $5.7 million and recognized a gain on extinguishment of debt of $0.1 million. In connection with those sales of properties accounted for as businesses for the nine months ended September 30, 2013, we allocated goodwill totaling $1.2 million to the cost basis of the properties, for our Real Estate Ownership segment, based on the relative fair value at the time of sale (Note 8). | ||||||||||||||||
During the nine months ended September 30, 2013, a jointly-owned investment in which we and an affiliate own 44% and 56%, respectively, and which we consolidate, entered into a contract to sell a domestic property, which we acquired in the CPA®:15 Merger, for $16.4 million. In addition, during the nine months ended September 30, 2013, we entered into a contract to sell our only hotel at that time for $3.8 million. In connection with the potential sale of the hotel, we recognized impairment charges totaling $1.1 million during the second quarter of 2013 in order to write down the carrying value of the asset to its estimated fair value, which approximated the estimated selling price less selling costs. We completed the sales of the jointly-owned investment in June 2014 and the hotel in October 2013. | ||||||||||||||||
We sold or classified as held-for-sale 20 additional properties during the fourth quarter of 2013. The results of operations for these properties are included in Income from discontinued operations, net of tax in the consolidated financial statements for the nine months ended September 30, 2013. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
Segment Reporting | ||||||||||||||||
We evaluate our results from operations by our two major business segments — Real Estate Ownership and Investment Management (Note 1). The following tables present a summary of comparative results and assets for these business segments (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Real Estate Ownership | ||||||||||||||||
Revenues | $ | 164,212 | $ | 79,810 | $ | 476,018 | $ | 233,951 | ||||||||
Operating expenses (a) | (94,227 | ) | (45,298 | ) | (294,572 | ) | (127,790 | ) | ||||||||
Interest expense | (46,534 | ) | (26,262 | ) | (133,342 | ) | (77,596 | ) | ||||||||
Other income and expenses, excluding interest expense | 7,370 | 11,713 | 129,573 | 58,231 | ||||||||||||
Provision for income taxes | (1,872 | ) | (3,689 | ) | (944 | ) | (7,260 | ) | ||||||||
Gain (loss) on sale of real estate, net of tax | 260 | — | (3,482 | ) | (332 | ) | ||||||||||
Net income attributable to noncontrolling interests | (757 | ) | (2,957 | ) | (4,470 | ) | (7,776 | ) | ||||||||
Net income (loss) attributable to noncontrolling interests of discontinued operations | 5 | 413 | (173 | ) | 1,021 | |||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 28,457 | $ | 13,730 | $ | 168,608 | $ | 72,449 | ||||||||
Investment Management | ||||||||||||||||
Revenues (b) | $ | 31,733 | $ | 52,782 | $ | 181,843 | $ | 116,892 | ||||||||
Operating expenses (b) (c) | (33,992 | ) | (46,327 | ) | (166,616 | ) | (119,840 | ) | ||||||||
Other income and expenses, excluding interest expense | 160 | 245 | (7 | ) | 773 | |||||||||||
Benefit from (provision for) income taxes | 971 | (1,702 | ) | (10,231 | ) | 4,210 | ||||||||||
Net (income) loss attributable to noncontrolling interests | (236 | ) | 45 | (444 | ) | 464 | ||||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 14 | (232 | ) | (137 | ) | (139 | ) | |||||||||
(Loss) income from continuing operations attributable to W. P. Carey | $ | (1,350 | ) | $ | 4,811 | $ | 4,408 | $ | 2,360 | |||||||
Total Company | ||||||||||||||||
Revenues (b) | $ | 195,945 | $ | 132,592 | $ | 657,861 | $ | 350,843 | ||||||||
Operating expenses (b) (c) | (128,219 | ) | (91,625 | ) | (461,188 | ) | (247,630 | ) | ||||||||
Interest expense | (46,534 | ) | (26,262 | ) | (133,342 | ) | (77,596 | ) | ||||||||
Other income and expenses, excluding interest expense | 7,530 | 11,958 | 129,566 | 59,004 | ||||||||||||
Provision for income taxes | (901 | ) | (5,391 | ) | (11,175 | ) | (3,050 | ) | ||||||||
Gain (loss) on sale of real estate, net of tax | 260 | — | (3,482 | ) | (332 | ) | ||||||||||
Net income attributable to noncontrolling interests | (993 | ) | (2,912 | ) | (4,914 | ) | (7,312 | ) | ||||||||
Net income (loss) attributable to noncontrolling interests of discontinued operations | 5 | 413 | (173 | ) | 1,021 | |||||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 14 | (232 | ) | (137 | ) | (139 | ) | |||||||||
Income from continuing operations attributable to W. P. Carey | $ | 27,107 | $ | 18,541 | $ | 173,016 | $ | 74,809 | ||||||||
Total Long-Lived Assets at (d) | Total Assets at | |||||||||||||||
September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | |||||||||||||
Real Estate Ownership | $ | 5,469,846 | $ | 3,333,654 | $ | 8,146,004 | $ | 4,537,853 | ||||||||
Investment Management | — | — | 355,445 | 141,097 | ||||||||||||
Total Company | $ | 5,469,846 | $ | 3,333,654 | $ | 8,501,449 | $ | 4,678,950 | ||||||||
__________ | ||||||||||||||||
(a) | Includes expenses incurred of $30.4 million related to the CPA®:16 Merger for the nine months ended September 30, 2014. | |||||||||||||||
(b) | Included in revenues and operating expenses are reimbursable costs from affiliates totaling $14.7 million and $23.3 million for the three months ended September 30, 2014 and 2013, respectively, and $96.4 million and $50.7 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||
(c) | Includes Stock-based compensation expense of $8.0 million and $7.9 million for the three months ended September 30, 2014 and 2013, respectively, of which $7.7 million and $7.6 million, respectively, were included in the Investment Management segment; and $23.0 million and $25.4 million for the nine months ended September 30, 2014 and 2013, respectively, of which $22.3 million and $24.1 million, respectively, were included in the Investment Management segment. | |||||||||||||||
(d) | Consists of Net investments in real estate. | |||||||||||||||
Our portfolio is comprised of domestic and international investments. At September 30, 2014, our international investments within our Real Estate Ownership segment were comprised of investments in France, Japan, Poland, Germany, Spain, Belgium, Finland, the Netherlands, Thailand, Canada, Malaysia, Hungary, Mexico, Sweden, Norway, and the United Kingdom. There are no investments in foreign jurisdictions within our Investment Management segment. Other than Germany, no country or tenant individually comprised more than 10% of our total lease revenues or total long-lived assets at September 30, 2014. The following tables present the geographic information (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Domestic | ||||||||||||||||
Revenues | $ | 107,799 | $ | 54,953 | $ | 314,911 | $ | 162,784 | ||||||||
Income from continuing operations (a) | 15,146 | 14,087 | 160,238 | 71,411 | ||||||||||||
Net income attributable to noncontrolling interests | (543 | ) | (3,209 | ) | (2,781 | ) | (8,019 | ) | ||||||||
Net income attributable to W. P. Carey | 13,731 | 12,954 | 184,678 | 66,397 | ||||||||||||
Germany | ||||||||||||||||
Revenues | $ | 19,663 | $ | 5,132 | $ | 54,767 | $ | 14,957 | ||||||||
Income from continuing operations (a) | 6,341 | 5,197 | (656 | ) | 12,492 | |||||||||||
Net income attributable to noncontrolling interests | (88 | ) | (460 | ) | (1,760 | ) | (1,934 | ) | ||||||||
Net income attributable to W. P. Carey | 7,089 | 3,683 | (720 | ) | 8,967 | |||||||||||
Other International | ||||||||||||||||
Revenues | $ | 36,750 | $ | 19,725 | $ | 106,340 | $ | 56,210 | ||||||||
Income from continuing operations (a) | 9,334 | 679 | 18,095 | 2,893 | ||||||||||||
Net (income) loss attributable to noncontrolling interests | (126 | ) | 712 | 71 | 2,177 | |||||||||||
Net income attributable to W. P. Carey | 7,867 | (2,942 | ) | 17,886 | (1,870 | ) | ||||||||||
Total | ||||||||||||||||
Revenues | $ | 164,212 | $ | 79,810 | $ | 476,018 | $ | 233,951 | ||||||||
Income from continuing operations (a) | 30,821 | 19,963 | 177,677 | 86,796 | ||||||||||||
Net income attributable to noncontrolling interests | (757 | ) | (2,957 | ) | (4,470 | ) | (7,776 | ) | ||||||||
Net income attributable to W. P. Carey | 28,687 | 13,695 | 201,844 | 73,494 | ||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Domestic | ||||||||||||||||
Long-lived assets (b) | $ | 3,772,632 | $ | 2,172,549 | ||||||||||||
Non-recourse debt | 1,633,872 | 874,035 | ||||||||||||||
Germany | ||||||||||||||||
Long-lived assets (b) | $ | 622,164 | $ | 314,423 | ||||||||||||
Non-recourse debt | 336,396 | 76,222 | ||||||||||||||
Other International | ||||||||||||||||
Long-lived assets (b) | $ | 1,075,050 | $ | 846,682 | ||||||||||||
Non-recourse debt | 731,865 | 542,153 | ||||||||||||||
Total | ||||||||||||||||
Long-lived assets (b) | $ | 5,469,846 | $ | 3,333,654 | ||||||||||||
Non-recourse debt | 2,702,133 | 1,492,410 | ||||||||||||||
__________ | ||||||||||||||||
(a) | Amount represents income from continuing operations before income taxes and gain (loss) on sale of real estate, net of tax. | |||||||||||||||
(b) | Consists of Net investments in real estate. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In October 2014, we utilized $225.8 million of the net proceeds from the Offering (Note 13) to pay down a portion of the amount outstanding under the Revolver. | |
In October 2014, we entered into three investments for an aggregate cost of approximately $225.6 million. Dollar amount is based on the exchange rate of the foreign currency on the date of acquisition, as applicable. It is not practicable to disclose the preliminary purchase price allocation for these transactions given the short period of time between the acquisition dates and the filing of this Report. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Consolidation | ' |
Basis of Consolidation | |
Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries and our tenancy-in-common interests as described below. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. | |
At September 30, 2014, we had six investments in tenancy-in-common interests in various domestic and international properties, five of which we consolidate because we own 100% of these investments after acquiring the remaining interests in these investments from CPA®:16 – Global in the CPA®:16 Merger, and account for the remaining jointly-owned investment using the equity method of accounting. Consolidation of the remaining investment is not required as such interest does not qualify as a VIE and does not meet the control requirement for consolidation. Accordingly, we account for this investment using the equity method of accounting. We use the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides us with significant influence on the operating and financial decisions of these investments. | |
We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease as well as certain decision-making rights within a loan can cause us to consider an entity a VIE. In connection with the CPA®:16 Merger, we acquired 12 VIEs. We consider these entities VIEs because the leases have certain features such as fixed price purchase or renewal options. | |
Additionally, we own interests in single-tenant, net-leased properties leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. We account for these investments under the equity method of accounting. At times, the carrying value of our equity investments may fall below zero for certain investments. We intend to fund our share of the investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. | |
Recent Accounting Requirements | ' |
Recent Accounting Requirements | |
The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board are applicable to us: | |
ASU 2014-12, Compensation — Stock Compensation (Topic 718). ASU 2014-12 provides guidance on share-based payment awards, in which a performance target that affects vesting and that could be achieved after the requisite vesting period be treated as a performance condition. ASU 2014-12 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2014-12 on our consolidated financial statements. | |
ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but will apply to reimbursed tenant costs and revenues generated from our operating properties and our Investment Management business. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective beginning in 2017, and early adoption is not permitted. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | |
ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). ASU 2014-08 changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity, or a business. Under this new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a “strategic shift that has or will have a major effect on an entity’s operations and financial results.” The new guidance also requires disclosures including pre-tax profit or loss and significant gains or losses arising from dispositions that represent an “individually significant component of an entity,” but do not meet the criteria to be reported as discontinued operations under ASU 2014-08. In the ordinary course of business we sell properties, which, under prior accounting guidance, we generally reported as discontinued operations; however, under ASU 2014-08, such property dispositions typically would not meet the criteria to be reported as discontinued operations. We elected to early adopt ASU 2014-08 prospectively for all dispositions after December 31, 2013. Consequently, individually significant properties that were sold or classified as held-for-sale during 2014 were not reclassified to discontinued operations in the consolidated financial statements, but have been disclosed in Note 15 to the consolidated financial statements. By contrast, and as required by the new guidance, the results for the current and prior year period reflect as discontinued operations in the consolidated financial statements all dispositions and assets classified as held-for-sale through December 31, 2013 that were deemed under the prior accounting guidance to be discontinued operations, as well as those assets classified as held-for-sale as part of the CPA®:16 Merger. This ASU did not have a significant impact on our financial position or results of operations for any of the periods presented. | |
ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires an entity to present an unrecognized tax benefit relating to a net operating loss carryforward, a similar tax loss or a tax credit carryforward as a reduction to a deferred tax asset, except in certain situations. To the extent the net operating loss carryforward, similar tax loss or tax credit carryforward is not available as of the reporting date under the governing tax law to settle any additional income taxes that would result from the disallowance of the tax position, or the governing tax law does not require the entity to use and the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and should not net with a deferred tax asset. ASU 2013-11 became effective for us at the beginning of 2014. The adoption of ASU 2013-11 did not have a material impact on our financial condition or results of operations. | |
Intangible Assets and Liabilities and Goodwill | ' |
In connection with our acquisitions of properties, we have recorded net lease intangibles that are being amortized over periods ranging from one year to 40 years. In addition, we have several ground lease intangibles that are being amortized over periods of up to 134 years. In-place lease and above-market rent are included in In-place lease intangible assets, net and Above-market rent intangible assets, net, respectively, in the consolidated financial statements. Tenant relationship, below-market ground lease (as lessee), trade name, management contracts, and software license intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent, above-market ground lease (as lessee), and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements. | |
Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues; amortization of management contracts, in-place lease and tenant relationship intangibles is included in Depreciation and amortization; and amortization of above-market ground lease and below-market ground lease intangibles is included in Property expenses. | |
Fair Value Measurement | ' |
The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency forward contracts; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. | |
Earnings Per Share | ' |
Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Our unvested RSUs and RSAs contain rights to receive non-forfeitable distribution equivalents, and therefore we apply the two-class method of computing earnings per share. The calculation of earnings per share below excludes the income attributable to the unvested RSUs and RSAs from the numerator and such unvested shares in the denominator. | |
Redeemable Noncontrolling Interest | ' |
We account for the noncontrolling interest in WPCI held by a third party as a redeemable noncontrolling interest, as we have an obligation to repurchase the interest at fair value, subject to certain conditions pursuant to a put option held by the third party. This obligation is required to be settled in shares of our common stock. The third-party interest is reflected at estimated redemption value for all periods presented. On October 1, 2013, we received a notice from the holder of the noncontrolling interest in WPCI regarding the exercise of the put option, pursuant to which we are required to purchase the third party’s | |
Discontinued Operations | ' |
From time to time, we may decide to sell a property. We have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may make a decision to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet and, for those properties sold or classified as held-for-sale prior to January 1, 2014, the current and prior period results of operations of the property have been reclassified as discontinued operations under current accounting guidance (Note 2). |
Merger_with_CPA16_Global_Table
Merger with CPA®:16 – Global (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | |||||||||||||||
(In thousands) | ||||||||||||||||
Initially Reported at March 31, 2014 | Measurement Period Adjustments | As Revised at September 30, 2014 | ||||||||||||||
Total Consideration | ||||||||||||||||
Fair value of W. P. Carey shares of common stock issued | $ | 1,815,521 | $ | — | $ | 1,815,521 | ||||||||||
Cash consideration for fractional shares | 1,338 | — | 1,338 | |||||||||||||
Merger Consideration | 1,816,859 | — | 1,816,859 | |||||||||||||
Fair value of our equity interest in CPA®:16 – Global prior to the | 347,164 | 1,284 | 348,448 | |||||||||||||
CPA®:16 Merger | ||||||||||||||||
Fair value of our equity interest in jointly-owned investments with CPA®:16 – Global prior to the CPA®:16 Merger | 172,720 | — | 172,720 | |||||||||||||
Fair value of noncontrolling interests acquired | (278,829 | ) | 642 | (278,187 | ) | |||||||||||
$ | 2,057,914 | $ | 1,926 | $ | 2,059,840 | |||||||||||
Assets Acquired at Fair Value | ||||||||||||||||
Net investments in properties | $ | 1,969,274 | $ | 901 | $ | 1,970,175 | ||||||||||
Net investments in direct financing leases | 538,607 | (382 | ) | 538,225 | ||||||||||||
Equity investments in real estate | 74,367 | 74,367 | ||||||||||||||
Assets held for sale | 132,951 | 464 | 133,415 | |||||||||||||
In-place lease intangible assets | 553,479 | 244 | 553,723 | |||||||||||||
Above-market rent intangible assets | 395,663 | 161 | 395,824 | |||||||||||||
Cash and cash equivalents | 65,429 | — | 65,429 | |||||||||||||
Other assets, net | 82,032 | — | 82,032 | |||||||||||||
3,811,802 | 1,388 | 3,813,190 | ||||||||||||||
Liabilities Assumed at Fair Value | ||||||||||||||||
Non-recourse debt and line of credit | (1,768,288 | ) | — | (1,768,288 | ) | |||||||||||
Below-market rent and other intangible liabilities | (57,209 | ) | (360 | ) | (57,569 | ) | ||||||||||
Accounts payable, accrued expenses and other liabilities | (118,389 | ) | — | (118,389 | ) | |||||||||||
Deferred tax liability | (59,629 | ) | 1,282 | (58,347 | ) | |||||||||||
(2,003,515 | ) | 922 | (2,002,593 | ) | ||||||||||||
Total identifiable net assets | 1,808,287 | 2,310 | 1,810,597 | |||||||||||||
Amounts attributable to noncontrolling interests | (99,345 | ) | (288 | ) | (99,633 | ) | ||||||||||
Goodwill | 348,972 | (96 | ) | 348,876 | ||||||||||||
$ | 2,057,914 | $ | 1,926 | $ | 2,059,840 | |||||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||||||
(in thousands, except share and per share amounts): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma total revenues | $ | 195,945 | $ | 205,367 | $ | 682,977 | $ | 567,452 | ||||||||
Pro forma net income from continuing operations, net of tax | $ | 28,086 | $ | 28,446 | $ | 106,495 | $ | 142,146 | ||||||||
Pro forma net income attributable to noncontrolling interests | (993 | ) | (2,689 | ) | (3,909 | ) | (5,225 | ) | ||||||||
Pro forma net loss (income) attributable to redeemable noncontrolling interest | 14 | (726 | ) | (137 | ) | 876 | ||||||||||
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey | $ | 27,107 | $ | 25,031 | $ | 102,449 | $ | 137,797 | ||||||||
Pro forma earnings per share: (a) | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.25 | $ | 1.02 | $ | 1.38 | ||||||||
Diluted | $ | 0.26 | $ | 0.25 | $ | 1.01 | $ | 1.36 | ||||||||
Pro forma weighted-average shares: (b) | ||||||||||||||||
Basic | 100,282,082 | 99,337,927 | 100,080,000 | 99,449,142 | ||||||||||||
Diluted | 101,130,448 | 100,341,575 | 101,118,305 | 100,576,198 | ||||||||||||
___________ | ||||||||||||||||
(a) | The pro forma income attributable to W. P. Carey for the nine months ended September 30, 2013 reflects the following income and expenses recognized related to the CPA®:16 Merger as if the CPA®:16 Merger had taken place on January 1, 2013: (i) combined merger expenses through September 30, 2014; (ii) an aggregate gain on change in control of interests of $104.6 million; and (iii) an income tax expense of $4.8 million from a permanent difference upon recognition of deferred revenue associated with accelerated vesting of shares previously issued by CPA®:16 – Global for asset management and performance fees in connection with the CPA®:16 Merger. | |||||||||||||||
(b) | The pro forma weighted-average shares outstanding for the three and nine months ended September 30, 2014 and 2013 were determined as if the 30,729,878 shares of our common stock issued to CPA®:16 – Global stockholders in the CPA®:16 Merger were issued on January 1, 2013. |
Agreements_and_Transactions_wi1
Agreements and Transactions with Related Parties (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule Of Related Party Transactions | ' | |||||||||||||||
The following tables present a summary of revenue earned and/or cash received from the Managed REITs for the periods indicated, included in the consolidated financial statements (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Reimbursable costs from affiliates (a) | $ | 14,722 | $ | 23,259 | $ | 96,379 | $ | 50,714 | ||||||||
Asset management revenue (a) | 9,064 | 10,939 | 27,840 | 31,262 | ||||||||||||
Distributions of Available Cash | 7,893 | 7,323 | 23,574 | 23,891 | ||||||||||||
Structuring revenue | 5,487 | 14,775 | 40,492 | 27,539 | ||||||||||||
Dealer manager fees | 2,436 | 3,787 | 17,062 | 7,329 | ||||||||||||
Interest income on deferred acquisition fees and loans to affiliates | 172 | 141 | 515 | 620 | ||||||||||||
Deferred revenue earned | — | 2,123 | 786 | 6,369 | ||||||||||||
$ | 39,774 | $ | 62,347 | $ | 206,648 | $ | 147,724 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
CPA®:16 – Global (b) | $ | — | $ | 13,060 | $ | 7,999 | $ | 39,688 | ||||||||
CPA®:17 – Global (c) | 16,555 | 21,027 | 49,032 | 50,082 | ||||||||||||
CPA®:18 – Global (c) | 8,836 | 3,171 | 107,668 | 3,171 | ||||||||||||
CWI (d) | 14,383 | 25,089 | 41,949 | 54,783 | ||||||||||||
$ | 39,774 | $ | 62,347 | $ | 206,648 | $ | 147,724 | |||||||||
___________ | ||||||||||||||||
(a) | Excludes amounts received from third parties. | |||||||||||||||
(b) | Upon completion of the CPA®:16 Merger on January 31, 2014, the advisory agreement with CPA®:16 – Global terminated. Pursuant to the terms of the merger agreement, the incentive or termination fee that we would have been entitled to receive from CPA®:16 – Global pursuant to the terms of their advisory agreement was waived upon the completion of the CPA®:16 Merger. The amount shown for the nine months ended September 30, 2014 reflects transactions through January 31, 2014. | |||||||||||||||
(c) | The current form of the advisory agreement is scheduled to expire on December 31, 2014, unless renewed pursuant to its terms. | |||||||||||||||
(d) | The current form of the advisory agreement is scheduled to expire on September 30, 2015, unless renewed pursuant to its terms. | |||||||||||||||
Schedule of Balances Due to and From Related Party | ' | |||||||||||||||
The following table presents a summary of amounts Due from affiliates (in thousands): | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Deferred acquisition fees receivable | $ | 19,585 | $ | 19,684 | ||||||||||||
Reimbursable costs | 2,084 | 334 | ||||||||||||||
Accounts receivable | 1,862 | 3,716 | ||||||||||||||
Organization and offering costs | 1,785 | 2,700 | ||||||||||||||
Current acquisition fees receivable | 759 | 4,149 | ||||||||||||||
Asset management fee receivable | — | 1,451 | ||||||||||||||
$ | 26,075 | $ | 32,034 | |||||||||||||
Reconciliation of Redeemable Securities | ' | |||||||||||||||
The following table presents a reconciliation of our Redeemable securities – related party (in thousands): | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | — | $ | 40,000 | ||||||||||||
Redemption of securities | — | (40,000 | ) | |||||||||||||
Ending balance | $ | — | $ | — | ||||||||||||
Net_Investments_in_Properties_
Net Investments in Properties (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Net Investments in Real Estate Properties | ' | |||||||
Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, and real estate under construction, is summarized as follows (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Land | $ | 1,090,425 | $ | 534,697 | ||||
Buildings | 3,460,094 | 1,972,107 | ||||||
Real estate under construction | 21,794 | 9,521 | ||||||
Less: Accumulated depreciation | (239,941 | ) | (168,076 | ) | ||||
$ | 4,332,372 | $ | 2,348,249 | |||||
Operating real estate, which consists of our investments in two hotels acquired in the CPA®:16 Merger and two self-storage properties, at cost, is summarized as follows (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Land | $ | 7,027 | $ | 1,097 | ||||
Buildings | 77,567 | 4,927 | ||||||
Less: Accumulated depreciation | (3,698 | ) | (882 | ) | ||||
$ | 80,896 | $ | 5,142 | |||||
Disclosure of Long Lived Assets Held-for-sale | ' | |||||||
Below is a summary of our properties held for sale (in thousands): | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Real estate, net | $ | — | $ | 62,466 | ||||
Above-market rent intangible assets, net | — | 13,872 | ||||||
In-place lease intangible assets, net | — | 12,293 | ||||||
Below-market rent and other intangible liabilities, net | — | (1,808 | ) | |||||
Assets held for sale | $ | — | $ | 86,823 | ||||
Finance_Receivables_Tables
Finance Receivables (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Capital Leases Net Investment In Direct Financing Leases | ' | ||||||||||||
Net investments in direct financing leases is summarized as follows (in thousands): | |||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||
Minimum lease payments receivable | $ | 953,074 | $ | 466,182 | |||||||||
Unguaranteed residual value | 840,096 | 363,903 | |||||||||||
1,793,170 | 830,085 | ||||||||||||
Less: unearned income | (954,695 | ) | (466,665 | ) | |||||||||
$ | 838,475 | $ | 363,420 | ||||||||||
Finance Receivables Credit Quality Indicators | ' | ||||||||||||
A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): | |||||||||||||
Number of Tenants at | Net Investments in Direct Financing Leases at | ||||||||||||
Internal Credit Quality Indicator | September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | |||||||||
1 | 3 | 3 | $ | 79,388 | $ | 42,812 | |||||||
2 | 3 | 3 | 27,496 | 27,869 | |||||||||
3 | 21 | 8 | 594,344 | 284,968 | |||||||||
4 | 7 | 1 | 137,247 | 7,771 | |||||||||
5 | — | — | — | — | |||||||||
$ | 838,475 | $ | 363,420 | ||||||||||
A summary of our notes receivable by internal credit quality rating is as follows (dollars in thousands): | |||||||||||||
Number of Obligors at | Notes Receivable at | ||||||||||||
Internal Credit Quality Indicator | September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | |||||||||
1 | — | — | $ | — | $ | — | |||||||
2 | 1 | — | 10,026 | — | |||||||||
3 | 1 | — | 10,957 | — | |||||||||
4 | — | — | — | — | |||||||||
5 | — | — | — | — | |||||||||
$ | 20,983 | $ | — | ||||||||||
Equity_Investment_in_Real_Esta1
Equity Investment in Real Estate and the Managed REITs (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Schedule of Equity Method Investments | ' | |||||||||||||||
The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed REITs, and their respective carrying values (dollars in thousands): | ||||||||||||||||
Ownership Interest at | Carrying Value at | |||||||||||||||
Lessee | Co-owner(s) | September 30, 2014 | September 30, 2014 | December 31, 2013 | ||||||||||||
Same Store Equity Investments (a) (b) | ||||||||||||||||
C1000 Logistiek Vastgoed B.V. (c) | CPA®:17 – Global | 15% | $ | 12,278 | $ | 13,673 | ||||||||||
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH | CPA®:17 – Global | 33% | 7,090 | 7,267 | ||||||||||||
Wanbishi Archives Co. Ltd. | CPA®:17 – Global | 3% | 367 | 395 | ||||||||||||
19,735 | 21,335 | |||||||||||||||
Equity Investments Consolidated After the CPA®:16 Merger (d) | ||||||||||||||||
Schuler A.G. (a) | CPA®:16 – Global | 100% | — | 65,798 | ||||||||||||
Hellweg Die Profi-Baumärkte GmbH | CPA®:16 – Global/ CPA®:17 – Global | 63% | — | 27,923 | ||||||||||||
& Co. KG (Hellweg 2) (a) (e) | ||||||||||||||||
Advanced Micro Devices | CPA®:16 – Global | 100% | — | 22,392 | ||||||||||||
The Upper Deck Company | CPA®:16 – Global | 100% | — | 7,518 | ||||||||||||
Del Monte Corporation | CPA®:16 – Global | 100% | — | 7,145 | ||||||||||||
Builders FirstSource, Inc. | CPA®:16 – Global | 100% | — | 4,968 | ||||||||||||
PetSmart, Inc. | CPA®:16 – Global | 100% | — | 3,877 | ||||||||||||
Consolidated Systems, Inc. | CPA®:16 – Global | 100% | — | 3,176 | ||||||||||||
SaarOTEC (a) | CPA®:16 – Global | 100% | — | (639 | ) | |||||||||||
— | 142,158 | |||||||||||||||
Equity Investments Acquired in the CPA®:16 Merger | ||||||||||||||||
The New York Times Company (f) | CPA®:16 – Global/ | 45% | 74,704 | 21,543 | ||||||||||||
CPA®:17 – Global | ||||||||||||||||
Frontier Spinning Mills, Inc. | CPA®:17 – Global | 40% | 15,578 | — | ||||||||||||
Actebis Peacock GmbH (a) | CPA®:17 – Global | 30% | 6,467 | — | ||||||||||||
96,749 | 21,543 | |||||||||||||||
Recently Acquired Equity Investment | ||||||||||||||||
Beach House JV, LLC (g) | Third Party | N/A(g) | 15,105 | — | ||||||||||||
$ | 131,589 | $ | 185,036 | |||||||||||||
___________ | ||||||||||||||||
(a) | The carrying value of this investment is affected by the impact of fluctuations in the exchange rate of the foreign currency. | |||||||||||||||
(b) | Represents equity investments we acquired prior to January 1, 2013. | |||||||||||||||
(c) | This investment represents a tenancy-in-common interest, whereby the property is encumbered by the debt for which we are jointly and severally liable. For this investment, the co-obligor is CPA®:17 – Global and the amount due under the arrangement was approximately $86.8 million at September 30, 2014. Of this amount, $13.0 million represents the amount we agreed to pay and is included within the carrying value of the investment at September 30, 2014. | |||||||||||||||
(d) | We acquired the remaining interests in these investments from CPA®:16 – Global in the CPA®:16 Merger. Subsequent to the CPA®:16 Merger, we consolidate these wholly-owned or majority-owned investments (Note 3). | |||||||||||||||
(e) | We acquired an additional 25% interest in this investment in the CPA®:16 Merger. The remaining interest in this investment is owned by CPA®:17 – Global. | |||||||||||||||
(f) | We acquired an additional 27% interest in this investment in the CPA®:16 Merger. The remaining interest in this investment is owned by CPA®:17 – Global. | |||||||||||||||
(g) | During the nine months ended September 30, 2014, we received a preferred equity position in Beach House JV, LLC, as part of the sale of the Soho House investment. The preferred equity interest, which is redeemable on March 13, 2019, provides us with a preferred rate of return of 8.5%. The rights under these preferred units allow us to have significant influence over the entity. Accordingly, we account for this investment using the equity method of accounting. We own 100 redeemable preferred units and zero common units of Beach House JV LLC. During the nine months ended September 30, 2014, we recognized $0.7 million of income related to this investment, which is included in Net income from equity investments in real estate and the Managed REITs in the consolidated financial statements. | |||||||||||||||
The following table sets forth certain information about our investments in the Managed REITs (dollars in thousands): | ||||||||||||||||
% of Outstanding Shares Owned at | Carrying Amount of Investment at | |||||||||||||||
Fund | 30-Sep-14 | 31-Dec-13 | September 30, 2014 (a) (b) | December 31, 2013 (b) | ||||||||||||
CPA®:16 – Global (c) | 100 | % | 18.533 | % | $ | — | $ | 282,520 | ||||||||
CPA®:16 – Global operating partnership (d) | 100 | % | 0.015 | % | — | 813 | ||||||||||
CPA®:17 – Global (e) | 2.482 | % | 1.91 | % | 74,768 | 57,753 | ||||||||||
CPA®:17 – Global operating partnership (f) | 0.009 | % | 0.009 | % | — | — | ||||||||||
CPA®:18 – Global | 0.157 | % | 0.127 | % | 1,870 | 320 | ||||||||||
CPA®:18 – Global operating partnership (g) | 0.034 | % | 0.034 | % | 209 | 209 | ||||||||||
CWI | 1.105 | % | 0.538 | % | 9,667 | 3,369 | ||||||||||
CWI operating partnership (h) | 0.015 | % | 0.015 | % | — | — | ||||||||||
$ | 86,514 | $ | 344,984 | |||||||||||||
___________ | ||||||||||||||||
(a) | Includes asset management fees receivable, for which 232,966 shares, 25,044 class A shares, and 63,542 shares of common stock of CPA®:17 – Global, CPA®:18 – Global, and CWI, respectively, were issued during the fourth quarter of 2014. | |||||||||||||||
(b) | At September 30, 2014 and December 31, 2013, the aggregate unamortized basis differences on our equity investments in the Management REITs were $17.4 million and $80.5 million, respectively. | |||||||||||||||
(c) | On January 31, 2014, we acquired all the remaining interests in CPA®:16 – Global, which merged into one of our subsidiaries with our subsidiary as the surviving entity, in the CPA®:16 Merger (Note 3). We received distributions of $6.4 million and $18.9 million from this affiliate during January 2014 and the nine months ended September 30, 2013, respectively. | |||||||||||||||
(d) | During January 2014 and the nine months ended September 30, 2013, we recognized other-than-temporary impairment charges of $0.7 million and $12.1 million, respectively, on this investment to reduce the carrying value of our interest in the investment to its estimated fair value (Note 9). In addition, we received distributions of $4.8 million and $11.2 million from this investment during January 2014 and the nine months ended September 30, 2013, respectively. On January 31, 2014, we acquired the remaining interests in CPA®:16 – Global’s operating partnership and now consolidate this entity. | |||||||||||||||
(e) | We received distributions of $3.3 million and $2.1 million from this affiliate during the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||
(f) | We received distributions of $15.4 million and $12.7 million from this affiliate during the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||
(g) | We received distributions of $1.2 million from this affiliate, which commenced operations in May 2013, during the nine months ended September 30, 2014. | |||||||||||||||
(h) | We received distributions of $2.2 million from this affiliate during the nine months ended September 30, 2014. | |||||||||||||||
The following tables present estimated combined summarized financial information for the Managed REITs. Certain prior year amounts have been retrospectively adjusted to reflect the impact of discontinued operations. Amounts provided are expected total amounts attributable to the Managed REITs and do not represent our proportionate share (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Real estate, net | $ | 5,407,623 | $ | 7,218,177 | ||||||||||||
Other assets | 2,186,173 | 2,128,862 | ||||||||||||||
Total assets | 7,593,796 | 9,347,039 | ||||||||||||||
Debt | (3,109,373 | ) | (4,237,044 | ) | ||||||||||||
Accounts payable, accrued expenses and other liabilities | (444,320 | ) | (571,097 | ) | ||||||||||||
Total liabilities | (3,553,693 | ) | (4,808,141 | ) | ||||||||||||
Noncontrolling interests | (158,711 | ) | (192,492 | ) | ||||||||||||
Stockholders’ equity | $ | 3,881,392 | $ | 4,346,406 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 210,031 | $ | 211,102 | $ | 602,153 | $ | 573,969 | ||||||||
Expenses | (204,097 | ) | (198,286 | ) | (594,186 | ) | (528,847 | ) | ||||||||
Income from continuing operations | $ | 5,934 | $ | 12,816 | $ | 7,967 | $ | 45,122 | ||||||||
Net income attributable to the Managed REITs (a) (b) | $ | 5,934 | $ | 18,303 | $ | 7,967 | $ | 45,389 | ||||||||
___________ | ||||||||||||||||
(a) | Inclusive of impairment charges recognized by the Managed REITs totaling $0.1 million during each of the three and nine months ended September 30, 2014, and $0.5 million and $22.2 million during the three and nine months ended September 30, 2013, respectively. These impairment charges reduced our income earned from these investments by less than $0.1 million during each of the three and nine months ended September 30, 2014, and by approximately $0.1 million and $4.1 million during the three and nine months ended September 30, 2013, respectively. | |||||||||||||||
(b) | Amounts included net gains on sale of real estate recorded by the Managed REITs totaling $0.8 million and $13.3 million for the three and nine months ended September 30, 2014, respectively, and net gains (losses) on sale of real estate of $2.4 million and $(2.9) million during the three and nine months ended September 30, 2013, respectively. | |||||||||||||||
The following table presents net income from equity investments in real estate and the Managed REITs, which represents our proportionate share of the income or losses of these investments as well as certain adjustments related to other-than-temporary impairment charges and amortization of basis differences related to purchase accounting adjustments (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Proportionate share of earnings from equity investments in the Managed REITs | $ | 381 | $ | 3,542 | $ | 1,930 | $ | 7,086 | ||||||||
Amortization of basis differences on equity investments in the Managed REITs | (140 | ) | (958 | ) | (648 | ) | (3,418 | ) | ||||||||
Other-than-temporary impairment charges on the Special Member Interest in CPA®:16 – Global’s operating partnership | — | (6,554 | ) | (735 | ) | (12,082 | ) | |||||||||
Distributions of Available Cash (Note 4) | 7,893 | 7,323 | 23,574 | 23,891 | ||||||||||||
Deferred revenue earned (Note 4) | — | 2,123 | 786 | 6,369 | ||||||||||||
Total equity earnings from the Managed REITs | 8,134 | 5,476 | 24,907 | 21,846 | ||||||||||||
Equity earnings from other equity investments | 3,507 | 4,625 | 11,124 | 34,557 | ||||||||||||
Amortization of basis differences on other equity investments | (31 | ) | (921 | ) | (707 | ) | (4,026 | ) | ||||||||
Net income from equity investments in real estate and the Managed REITs | $ | 11,610 | $ | 9,180 | $ | 35,324 | $ | 52,377 | ||||||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill And Intangible Assets Liabilities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Acquired Finite Lived Intangible Assets Liabilities By Major Class | ' | |||||||||||||||||||||||
In connection with our investment activity during the nine months ended September 30, 2014, including primarily the properties we acquired through the CPA®:16 Merger, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): | ||||||||||||||||||||||||
Weighted-Average Life | Amount | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | 12.3 | $ | 596,298 | |||||||||||||||||||||
Above-market rent | 12.3 | 395,824 | ||||||||||||||||||||||
Below-market ground lease | 62.7 | 14,397 | ||||||||||||||||||||||
$ | 1,006,519 | |||||||||||||||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | 17.9 | $ | (56,665 | ) | ||||||||||||||||||||
Above-market ground lease | 31.5 | (6,712 | ) | |||||||||||||||||||||
$ | (63,377 | ) | ||||||||||||||||||||||
Schedule Of Goodwill | ' | |||||||||||||||||||||||
The following table presents a reconciliation of our goodwill (in thousands): | ||||||||||||||||||||||||
Real Estate Ownership | Investment Management | Total | ||||||||||||||||||||||
Balance at January 1, 2014 | $ | 286,601 | $ | 63,607 | $ | 350,208 | ||||||||||||||||||
Acquisition of CPA®:16 – Global | 348,876 | — | 348,876 | |||||||||||||||||||||
Other adjustments accounted for as business combinations (a) | 14,137 | — | 14,137 | |||||||||||||||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | (2,743 | ) | — | (2,743 | ) | |||||||||||||||||||
Foreign currency translation adjustments and other | (7,687 | ) | — | (7,687 | ) | |||||||||||||||||||
Balance at September 30, 2014 | $ | 639,184 | $ | 63,607 | $ | 702,791 | ||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | Amount includes a deferred tax liability offset of $11.7 million recorded in connection with an acquisition of an investment in Norway (Note 5). | |||||||||||||||||||||||
Schedule Of Intangible Assets And Goodwill | ' | |||||||||||||||||||||||
Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
Management contracts | $ | 32,765 | $ | (32,765 | ) | $ | — | $ | 32,765 | $ | (32,395 | ) | $ | 370 | ||||||||||
Internal-use software development costs | 13,987 | (12 | ) | 13,975 | 3,255 | — | 3,255 | |||||||||||||||||
46,752 | (32,777 | ) | 13,975 | 36,020 | (32,395 | ) | 3,625 | |||||||||||||||||
Lease Intangibles: | ||||||||||||||||||||||||
In-place lease | 1,101,405 | (166,397 | ) | 935,008 | 551,737 | (84,610 | ) | 467,127 | ||||||||||||||||
Above-market rent | 646,587 | (101,125 | ) | 545,462 | 292,132 | (50,157 | ) | 241,975 | ||||||||||||||||
Below-market ground lease | 18,346 | (336 | ) | 18,010 | 4,386 | (22 | ) | 4,364 | ||||||||||||||||
Tenant relationship | 6,230 | (1,778 | ) | 4,452 | 6,247 | (1,656 | ) | 4,591 | ||||||||||||||||
1,772,568 | (269,636 | ) | 1,502,932 | 854,502 | (136,445 | ) | 718,057 | |||||||||||||||||
Unamortizable Goodwill and Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||
Goodwill | 702,791 | — | 702,791 | 350,208 | — | 350,208 | ||||||||||||||||||
Trade name | 3,975 | — | 3,975 | 3,975 | — | 3,975 | ||||||||||||||||||
706,766 | — | 706,766 | 354,183 | — | 354,183 | |||||||||||||||||||
Total intangible assets | $ | 2,526,086 | $ | (302,413 | ) | $ | 2,223,673 | $ | 1,244,705 | $ | (168,840 | ) | $ | 1,075,865 | ||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | $ | (169,785 | ) | $ | 20,860 | $ | (148,925 | ) | $ | (116,939 | ) | $ | 11,832 | $ | (105,107 | ) | ||||||||
Above-market ground lease | (13,419 | ) | 985 | (12,434 | ) | (6,896 | ) | 512 | (6,384 | ) | ||||||||||||||
(183,204 | ) | 21,845 | (161,359 | ) | (123,835 | ) | 12,344 | (111,491 | ) | |||||||||||||||
Unamortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market purchase option | (16,711 | ) | — | (16,711 | ) | (16,711 | ) | — | (16,711 | ) | ||||||||||||||
Total intangible liabilities | $ | (199,915 | ) | $ | 21,845 | $ | (178,070 | ) | $ | (140,546 | ) | $ | 12,344 | $ | (128,202 | ) | ||||||||
Schedule Of Finite Lived Intangible Assets Future Amortization Expense | ' | |||||||||||||||||||||||
Based on the intangible assets and liabilities recorded at September 30, 2014, scheduled annual net amortization of intangibles for the remainder of 2014, each of the next four calendar years following December 31, 2014, and thereafter is as follows (in thousands): | ||||||||||||||||||||||||
Years Ending December 31, | Net Decrease in | Increase to Amortization/ | Net | |||||||||||||||||||||
Lease Revenues | Property Expenses | |||||||||||||||||||||||
2014 (remainder) | $ | 14,146 | $ | 27,749 | $ | 41,895 | ||||||||||||||||||
2015 | 55,529 | 110,442 | 165,971 | |||||||||||||||||||||
2016 | 53,738 | 106,295 | 160,033 | |||||||||||||||||||||
2017 | 50,318 | 102,432 | 152,750 | |||||||||||||||||||||
2018 | 46,703 | 99,396 | 146,099 | |||||||||||||||||||||
Thereafter | 176,103 | 512,697 | 688,800 | |||||||||||||||||||||
Total | $ | 396,537 | $ | 959,011 | $ | 1,355,548 | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Schedule Of Other Financial Instruments In Carrying Values And Fair Values | ' | ||||||||||||||||||
Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): | |||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||
Non-recourse debt (a) | 3 | $ | 2,702,133 | $ | 2,720,181 | $ | 1,492,410 | $ | 1,477,497 | ||||||||||
Senior unsecured notes (b) | 2 | 498,300 | 518,523 | — | — | ||||||||||||||
Senior unsecured credit facility (c) (d) | 2 | 618,945 | 618,945 | 275,000 | 275,000 | ||||||||||||||
Notes receivable (a) (e) | 3 | 20,983 | 19,988 | — | — | ||||||||||||||
Deferred acquisition fees receivable (f) | 3 | 19,585 | 22,188 | 19,684 | 20,733 | ||||||||||||||
Unsecured term loan (c) | 2 | — | — | 300,000 | 300,000 | ||||||||||||||
__________ | |||||||||||||||||||
(a) | We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, where applicable, and interest rate risk. We also considered the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity and the current market interest rate. | ||||||||||||||||||
(b) | We determined the estimated fair value of the Senior Unsecured Notes using quoted market prices in an open market with limited trading volume (Note 11). | ||||||||||||||||||
(c) | As described in Note 11, the Prior Senior Credit Facility and the Unsecured Term Loan were repaid and terminated in January 2014. We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the market-based credit spread and our credit rating. | ||||||||||||||||||
(d) | In October 2014, we utilized $225.8 million of the net proceeds from a public offering (Note 13) to pay down a portion of the amount outstanding under the Revolver (Note 17). | ||||||||||||||||||
(e) | We acquired these notes in the CPA®:16 Merger (Note 6). | ||||||||||||||||||
(f) | We determined the estimated fair value of our deferred acquisition fees receivable based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread and an illiquidity adjustment with a weighted-average range of 109 - 355 basis points and 50 - 100 basis points, respectively at September 30, 2014. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. | ||||||||||||||||||
Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis | ' | ||||||||||||||||||
The following table presents information about our other assets that were measured on a fair value basis (in thousands): | |||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||||||||
Fair Value | Total Impairment | Fair Value | Total Impairment | ||||||||||||||||
Measurements | Charges | Measurements | Charges | ||||||||||||||||
Impairment Charges from Continuing Operations | |||||||||||||||||||
Real estate | $ | 6,665 | $ | 3,472 | $ | — | $ | — | |||||||||||
Net investments in direct financing leases | 3,157 | 753 | — | — | |||||||||||||||
Equity investments in real estate | — | — | 4,350 | 6,554 | |||||||||||||||
4,225 | 6,554 | ||||||||||||||||||
Impairment Charges from Discontinued Operations | |||||||||||||||||||
Real estate | — | — | 9,468 | 1,416 | |||||||||||||||
— | 1,416 | ||||||||||||||||||
$ | 4,225 | $ | 7,970 | ||||||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | ||||||||||||||||||
Fair Value | Total Impairment | Fair Value | Total Impairment | ||||||||||||||||
Measurements | Charges | Measurements | Charges | ||||||||||||||||
Impairment Charges from Continuing Operations | |||||||||||||||||||
Real estate | $ | 6,665 | $ | 5,538 | $ | — | $ | — | |||||||||||
Net investments in direct financing leases | 3,157 | 753 | — | — | |||||||||||||||
Equity investments in real estate | — | 735 | 4,350 | 12,082 | |||||||||||||||
7,026 | 12,082 | ||||||||||||||||||
Impairment Charges from Discontinued Operations | |||||||||||||||||||
Real estate | — | — | 16,376 | 4,903 | |||||||||||||||
Operating real estate | — | — | 3,709 | 1,071 | |||||||||||||||
— | 5,974 | ||||||||||||||||||
$ | 7,026 | $ | 18,056 | ||||||||||||||||
Risk_Management_and_Use_of_Der1
Risk Management and Use of Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||||
The following table sets forth certain information regarding our derivative instruments (in thousands): | |||||||||||||||||||
Derivatives Designated as Hedging Instruments | Balance Sheet Location | Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Interest rate caps | Other assets, net | $ | 6 | $ | 2 | $ | — | $ | — | ||||||||||
Interest rate swaps | Other assets, net | 987 | 1,618 | — | — | ||||||||||||||
Foreign currency forward contracts | Other assets, net | 3,629 | — | — | — | ||||||||||||||
Foreign currency forward contracts (a) | Accounts payable, accrued expenses and other liabilities | — | — | (451 | ) | (7,083 | ) | ||||||||||||
Interest rate swaps (a) | Accounts payable, accrued expenses and other liabilities | — | — | (5,097 | ) | (2,734 | ) | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||
Stock warrants (b) | Other assets, net | 3,753 | 2,160 | — | — | ||||||||||||||
Interest rate swaps (c) | Accounts payable, accrued expenses and other liabilities | — | — | (9,033 | ) | (11,995 | ) | ||||||||||||
Total derivatives | $ | 8,375 | $ | 3,780 | $ | (14,581 | ) | $ | (21,812 | ) | |||||||||
__________ | |||||||||||||||||||
(a) | In connection with the CPA®:16 Merger, we acquired interest rate swaps and a cap, which were in a net liability position, and foreign currency forward contracts, which were in a net asset position, that had fair values of $2.0 million and $1.2 million, respectively, at September 30, 2014. | ||||||||||||||||||
(b) | In connection with the CPA®:16 Merger, we acquired warrants from CPA®:16 – Global, which had previously been granted by Hellweg 2 to CPA®:16 – Global, that had a fair value of $1.3 million at September 30, 2014. These warrants give us participation rights to any distributions made by Hellweg 2 and entitle us to a cash distribution that equals a certain percentage of the liquidity event price of Hellweg 2, should a liquidity event occur. | ||||||||||||||||||
(c) | These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt. | ||||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): | |||||||||||||||||||
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) (a) | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest rate swaps | $ | 689 | $ | 16 | $ | (928 | ) | $ | 3,669 | ||||||||||
Interest rate caps | 14 | (23 | ) | (7 | ) | (13 | ) | ||||||||||||
Foreign currency forward contracts | 15,372 | (4,058 | ) | 12,256 | (2,885 | ) | |||||||||||||
Total | $ | 16,075 | $ | (4,065 | ) | $ | 11,321 | $ | 771 | ||||||||||
__________ | |||||||||||||||||||
(a) | Excludes net gains recognized on unconsolidated jointly-owned investments, which are included in Net income from equity investments in real estate and the Managed REITs in the consolidated financial statements, of $0.1 million for each of the three months ended September 30, 2014 and 2013, and $0.3 million and $0.5 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||
Amount of (Loss) Gain Reclassified from Other Comprehensive (Loss) Income on Derivatives (Effective Portion) (a) | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Location of Gain (Loss) Recognized in Income | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 (b) | 2014 | 2013 (b) | ||||||||||||||||
Interest rate swaps and caps | Interest expense | $ | (661 | ) | $ | (436 | ) | $ | (2,024 | ) | $ | (1,311 | ) | ||||||
Foreign currency forward contracts | Other income and (expenses) | 337 | (206 | ) | (487 | ) | (182 | ) | |||||||||||
Total | $ | (324 | ) | $ | (642 | ) | $ | (2,511 | ) | $ | (1,493 | ) | |||||||
__________ | |||||||||||||||||||
(a) | Excludes net losses recognized on unconsolidated jointly-owned investments of $0.1 million and $0.1 million for the three months ended September 30, 2014 and 2013, respectively, and $0.4 million and $0.5 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||
(b) | The amounts included in this column for the periods presented herein have been revised to reverse the signs that were incorrectly presented when originally filed. In addition, the corresponding amounts for the years ended December 31, 2013 and 2012 will be similarly revised in the Form 10-K for the year ended December 31, 2014 when filed. | ||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||||||
Amount of Gain Recognized in Income on Derivatives | |||||||||||||||||||
Derivatives Not in Cash Flow Hedging Relationships | Location of Gain (Loss) Recognized in Income | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swaps | Interest expense | $ | 1,007 | $ | 801 | $ | 1,992 | $ | 4,211 | ||||||||||
Stock warrants | Other income and (expenses) | 268 | 80 | 134 | 360 | ||||||||||||||
Total | $ | 1,275 | $ | 881 | $ | 2,126 | $ | 4,571 | |||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||||
The interest rate swaps and caps that we had outstanding on our consolidated subsidiaries at September 30, 2014 are summarized as follows (currency in thousands): | |||||||||||||||||||
Number of Instruments | Face | Fair Value at | |||||||||||||||||
Amount | September 30, 2014 (a) | ||||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps | 14 | $ | 130,298 | $ | (2,957 | ) | |||||||||||||
Interest rate swaps | 2 | € | 8,225 | (1,153 | ) | ||||||||||||||
Interest rate caps (b) | 2 | € | 107,554 | 6 | |||||||||||||||
Not Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps (c) | 3 | € | 108,048 | (9,033 | ) | ||||||||||||||
$ | (13,137 | ) | |||||||||||||||||
__________ | |||||||||||||||||||
(a) | Fair value amounts are based on the exchange rate of the euro at September 30, 2014, as applicable. | ||||||||||||||||||
(b) | The applicable interest rates of the related debt were 1.2% and 1.1%, which were below the strike prices of the caps of 3.0% and 2.0%, respectively, at September 30, 2014. | ||||||||||||||||||
(c) | These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt. | ||||||||||||||||||
The following table presents the foreign currency derivative contracts we had outstanding at September 30, 2014, which were designated as cash flow hedges (currency in thousands): | |||||||||||||||||||
Number of Instruments | Face | Fair Value at | |||||||||||||||||
Foreign Currency Derivatives | Amount | September 30, 2014 (a) | |||||||||||||||||
Foreign currency forward contracts | 72 | € | 163,500 | $ | 3,589 | ||||||||||||||
Foreign currency forward contracts | 17 | £ | 9,100 | (411 | ) | ||||||||||||||
$ | 3,178 | ||||||||||||||||||
__________ | |||||||||||||||||||
(a) | Fair value amounts are based on the applicable exchange rate of the foreign currency at September 30, 2014. |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Schedule of Debt | ' | ||||
Scheduled debt principal payments during the remainder of 2014, each of the next four calendar years following December 31, 2014, and thereafter are as follows (in thousands): | |||||
Years Ending December 31, | Total (a) | ||||
2014 (remainder) | $ | 130,334 | |||
2015 | 205,428 | ||||
2016 (b) | 623,740 | ||||
2017 | 769,545 | ||||
2018 (c) | 656,476 | ||||
Thereafter through 2038 (d) | 1,429,879 | ||||
3,815,402 | |||||
Unamortized premium, net (e) | 3,976 | ||||
Total | $ | 3,819,378 | |||
__________ | |||||
(a) | Certain amounts are based on the applicable foreign currency exchange rate at September 30, 2014. | ||||
(b) | Includes $250.0 million outstanding under our Term Loan Facility at September 30, 2014, which is scheduled to mature on January 31, 2016 unless extended pursuant to its terms. | ||||
(c) | Includes $368.9 million outstanding under our Revolver at September 30, 2014, which is scheduled to mature on January 31, 2018 unless extended pursuant to its terms. | ||||
(d) | Includes $500.0 million of outstanding Senior Unsecured Notes, which are scheduled to mature on April 1, 2024. | ||||
(e) | Represents the unamortized premium of $5.7 million in the aggregate resulting from the assumption of property-level debt in connection with the CPA®:15 Merger and CPA®:16 Merger, partially offset by a $1.7 million unamortized discount on the Senior Unsecured Notes. |
StockBased_Compensation_and_Eq1
Stock-Based Compensation and Equity (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of Share Based Compensation Stock Option Activity | ' | |||||||||||||||
Nonvested restricted stock awards, or RSAs, restricted share units, or RSUs, and performance share units, or PSUs, at September 30, 2014 and changes during the nine months ended September 30, 2014 were as follows: | ||||||||||||||||
RSA and RSU Awards | PSU Awards | |||||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||||
Fair Value | Fair Value | |||||||||||||||
Nonvested at January 1, 2014 | 519,608 | $ | 45.19 | 1,220,720 | $ | 28.28 | ||||||||||
Granted (a) | 179,621 | 60.71 | 89,653 | 76.05 | ||||||||||||
Vested (b) | (264,726 | ) | 43.35 | (881,388 | ) | 15.04 | ||||||||||
Forfeited | (667 | ) | 68.05 | — | — | |||||||||||
Adjustment (c) | — | — | 448,811 | 55.91 | ||||||||||||
Nonvested at September 30, 2014 (d) | 433,836 | $ | 52.71 | 877,796 | $ | 32.06 | ||||||||||
__________ | ||||||||||||||||
(a) | The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant. The grant date fair value of PSUs were determined utilizing a Monte Carlo simulation model to generate a range of possible future stock prices for both us and the plan defined peer index over the three-year performance period. To estimate the fair value of PSUs granted during the nine months ended September 30, 2014, we used a risk-free interest rate of 0.65% and an expected volatility rate of 25.89% (the plan defined peer index assumes 21.77%) and assumed a dividend yield of zero. | |||||||||||||||
(b) | The total fair value of shares vested during the nine months ended September 30, 2014 was $24.7 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date, pursuant to previously-made deferral elections. At September 30, 2014, we had an obligation to issue 889,863 shares of our common stock underlying such deferred shares, which is recorded within W. P. Carey stockholders’ equity as a Deferred compensation obligation of $30.6 million. | |||||||||||||||
(c) | Vesting and payment of the PSUs is conditioned upon certain company and market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. In connection with the payment of the PSUs granted in 2011, which were paid out in February 2014, we adjusted the shares during the three months ended March 31, 2014 to reflect the actual number of shares issued. During the three months ended June 30, 2014 and September 30, 2014, we also adjusted the number of PSUs expected to vest based on updated forecasted performance targets. There was no impact on our consolidated financial statements related to these adjustments, as the initial fair value of our PSUs factored in the variability associated with the performance features of these awards. | |||||||||||||||
(d) | At September 30, 2014, total unrecognized compensation expense related to these awards was approximately $31.4 million, with an aggregate weighted-average remaining term of 1.67 years. | |||||||||||||||
Earnings Per Share Reconciliation | ' | |||||||||||||||
The following table summarizes basic and diluted earnings (in thousands, except share amounts): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to W. P. Carey | $ | 27,337 | $ | 18,506 | $ | 206,252 | $ | 75,854 | ||||||||
Allocation of distribution equivalents paid on unvested RSUs and RSAs in excess of income | (113 | ) | (139 | ) | (849 | ) | (570 | ) | ||||||||
Net income – basic | 27,224 | 18,367 | 205,403 | 75,284 | ||||||||||||
Income (loss) effect of dilutive securities, net of taxes | (8 | ) | 128 | 74 | 77 | |||||||||||
Net income – diluted | $ | 27,216 | $ | 18,495 | $ | 205,477 | $ | 75,361 | ||||||||
Weighted-average shares outstanding – basic | 100,282,082 | 68,397,176 | 96,690,675 | 68,719,264 | ||||||||||||
Effect of dilutive securities | 848,366 | 1,003,649 | 1,038,306 | 1,127,056 | ||||||||||||
Weighted-average shares outstanding – diluted | 101,130,448 | 69,400,825 | 97,728,981 | 69,846,320 | ||||||||||||
Redeemable Noncontrolling Interest | ' | |||||||||||||||
The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands): | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Net income attributable to W. P. Carey | $ | 206,252 | $ | 75,854 | ||||||||||||
Transfers to noncontrolling interest | ||||||||||||||||
Decrease in W. P. Carey’s additional paid-in capital for purchases of less-than-wholly-owned investments in connection with the CPA®:16 Merger (a) | (41,374 | ) | — | |||||||||||||
Net transfers to noncontrolling interest | (41,374 | ) | — | |||||||||||||
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest | $ | 164,878 | $ | 75,854 | ||||||||||||
__________ | ||||||||||||||||
(a) | During the second quarter of 2014, we identified certain measurement period adjustments that impacted the provisional accounting of the CPA®:16 Merger, which increased the fair value of our previously-held noncontrolling interests on the acquisition date by $0.6 million, resulting in a reduction of $0.6 million to additional paid-in-capital. | |||||||||||||||
The following table presents a reconciliation of redeemable noncontrolling interest (in thousands): | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | 7,436 | $ | 7,531 | ||||||||||||
Redemption value adjustment | (306 | ) | — | |||||||||||||
Net income | 137 | 139 | ||||||||||||||
Distributions | (926 | ) | (354 | ) | ||||||||||||
Change in other comprehensive income | 5 | — | ||||||||||||||
Ending balance | $ | 6,346 | $ | 7,316 | ||||||||||||
Reclassification Out of Accumulated Other Comprehensive Income | ' | |||||||||||||||
The following tables present a reconciliation of changes in Accumulated other comprehensive (loss) income by component for the periods presented (in thousands): | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
Gains and Losses on Derivative Instruments | Foreign Currency Translation Adjustments | Gains and Losses on Marketable Securities | Total | |||||||||||||
Beginning balance | $ | (12,052 | ) | $ | 26,224 | $ | 43 | $ | 14,215 | |||||||
Other comprehensive income (loss) before reclassifications | 15,725 | (55,096 | ) | (12 | ) | (39,383 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||
Interest expense | 661 | — | — | 661 | ||||||||||||
Other income and (expenses) | (337 | ) | — | — | (337 | ) | ||||||||||
Net income from equity investments in real estate and the Managed REITs | 102 | — | — | 102 | ||||||||||||
Total | 426 | — | — | 426 | ||||||||||||
Net current period other comprehensive income (loss) | 16,151 | (55,096 | ) | (12 | ) | (38,957 | ) | |||||||||
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest | — | 3,471 | — | 3,471 | ||||||||||||
Ending balance | $ | 4,099 | $ | (25,401 | ) | $ | 31 | $ | (21,271 | ) | ||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Gains and Losses on Derivative Instruments | Foreign Currency Translation Adjustments | Gains and Losses on Marketable Securities | Total | |||||||||||||
Beginning balance | $ | (2,253 | ) | $ | (762 | ) | $ | 31 | $ | (2,984 | ) | |||||
Other comprehensive (loss) income before reclassifications | (4,711 | ) | 17,675 | — | 12,964 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||
Interest expense | 436 | — | — | 436 | ||||||||||||
Other income and (expenses) | 206 | — | — | 206 | ||||||||||||
Net income from equity investments in real estate and the Managed REITs | 56 | — | — | 56 | ||||||||||||
Total | 698 | — | — | 698 | ||||||||||||
Net current period other comprehensive (loss) income | (4,013 | ) | 17,675 | — | 13,662 | |||||||||||
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest | — | (2,052 | ) | — | (2,052 | ) | ||||||||||
Ending balance | $ | (6,266 | ) | $ | 14,861 | $ | 31 | $ | 8,626 | |||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Gains and Losses on Derivative Instruments | Foreign Currency Translation Adjustments | Gains and Losses on Marketable Securities | Total | |||||||||||||
Beginning balance | $ | (7,488 | ) | $ | 22,793 | $ | 31 | $ | 15,336 | |||||||
Other comprehensive income (loss) before reclassifications | 8,696 | (52,140 | ) | — | (43,444 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||
Interest expense | 2,024 | — | — | 2,024 | ||||||||||||
Other income and (expenses) | 487 | — | — | 487 | ||||||||||||
Net income from equity investments in real estate and the Managed REITs | 380 | — | — | 380 | ||||||||||||
Total | 2,891 | — | — | 2,891 | ||||||||||||
Net current period other comprehensive income (loss) | 11,587 | (52,140 | ) | — | (40,553 | ) | ||||||||||
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest | — | 3,946 | — | 3,946 | ||||||||||||
Ending balance | $ | 4,099 | $ | (25,401 | ) | $ | 31 | $ | (21,271 | ) | ||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Gains and Losses on Derivative Instruments | Foreign Currency Translation Adjustments | Gains and Losses on Marketable Securities | Total | |||||||||||||
Beginning balance | $ | (7,508 | ) | $ | 2,828 | $ | 31 | $ | (4,649 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (727 | ) | 13,017 | — | 12,290 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||
Interest expense | 1,311 | — | — | 1,311 | ||||||||||||
Other income and (expenses) | 182 | — | — | 182 | ||||||||||||
Net income from equity investments in real estate and the Managed REITs | 476 | — | — | 476 | ||||||||||||
Total | 1,969 | — | — | 1,969 | ||||||||||||
Net current period other comprehensive income | 1,242 | 13,017 | — | 14,259 | ||||||||||||
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest | — | (984 | ) | — | (984 | ) | ||||||||||
Ending balance | $ | (6,266 | ) | $ | 14,861 | $ | 31 | $ | 8,626 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||
A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (in thousands, except percentages): | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests | $ | 184,191 | $ | 77,859 | ||||||||||
Pre-tax income attributable to pass-through subsidiaries | (177,077 | ) | (88,155 | ) | ||||||||||
Pre-tax income (loss) attributable to taxable subsidiaries | 7,114 | (10,296 | ) | |||||||||||
Federal provision at statutory tax rate (35%) | 2,490 | 35 | % | (3,604 | ) | 35 | % | |||||||
State and local taxes, net of federal benefit | 775 | 10.9 | % | (1,122 | ) | 10.9 | % | |||||||
Recognition of deferred revenue as a result of the CPA®:16 Merger (a) | 4,848 | 68.1 | % | — | — | % | ||||||||
Amortization of intangible assets | — | — | % | 23 | (0.2 | )% | ||||||||
Interest | 1,739 | 24.4 | % | — | — | % | ||||||||
Other | 904 | 12.7 | % | (209 | ) | 2 | % | |||||||
Tax provision — taxable subsidiaries | 10,756 | 151.1 | % | (4,912 | ) | 47.7 | % | |||||||
Deferred foreign tax benefit (b) | (6,767 | ) | (145 | ) | ||||||||||
Current foreign taxes | 5,553 | 7,889 | ||||||||||||
Other state and local taxes | 1,633 | 218 | ||||||||||||
Total provision (benefit) | $ | 11,175 | $ | 3,050 | ||||||||||
__________ | ||||||||||||||
(a) | Represents income tax expense from a permanent difference upon recognition of deferred revenue associated with accelerated vesting of shares previously issued by CPA®:16 – Global for asset management and performance fees. | |||||||||||||
(b) | Represents deferred tax benefit associated with basis differences on certain foreign properties acquired. |
Property_Dispositions_and_Disc1
Property Dispositions and Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||||||
The results of operations for properties that have been classified as held-for-sale or have been sold prior to January 1, 2014 and the properties that were acquired as held-for-sale in the CPA®:16 Merger, are reflected in the consolidated financial statements as discontinued operations, net of tax and are summarized as follows (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 377 | $ | 6,946 | $ | 8,586 | $ | 25,094 | ||||||||
Expenses | (142 | ) | (5,391 | ) | (1,928 | ) | (17,382 | ) | ||||||||
(Loss) gain on extinguishment of debt | — | — | (1,267 | ) | 98 | |||||||||||
Gain on sale of real estate | — | 239 | 27,672 | 622 | ||||||||||||
Impairment charges | — | (1,416 | ) | — | (6,366 | ) | ||||||||||
Income from discontinued operations | $ | 235 | $ | 378 | $ | 33,063 | $ | 2,066 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||||||||||
(a) | Includes expenses incurred of $30.4 million related to the CPA®:16 Merger for the nine months ended September 30, 2014. | |||||||||||||||
(b) | Included in revenues and operating expenses are reimbursable costs from affiliates totaling $14.7 million and $23.3 million for the three months ended September 30, 2014 and 2013, respectively, and $96.4 million and $50.7 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||
(c) | Includes Stock-based compensation expense of $8.0 million and $7.9 million for the three months ended September 30, 2014 and 2013, respectively, of which $7.7 million and $7.6 million, respectively, were included in the Investment Management segment; and $23.0 million and $25.4 million for the nine months ended September 30, 2014 and 2013, respectively, of which $22.3 million and $24.1 million, respectively, were included in the Investment Management segment. | |||||||||||||||
The following tables present a summary of comparative results and assets for these business segments (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Real Estate Ownership | ||||||||||||||||
Revenues | $ | 164,212 | $ | 79,810 | $ | 476,018 | $ | 233,951 | ||||||||
Operating expenses (a) | (94,227 | ) | (45,298 | ) | (294,572 | ) | (127,790 | ) | ||||||||
Interest expense | (46,534 | ) | (26,262 | ) | (133,342 | ) | (77,596 | ) | ||||||||
Other income and expenses, excluding interest expense | 7,370 | 11,713 | 129,573 | 58,231 | ||||||||||||
Provision for income taxes | (1,872 | ) | (3,689 | ) | (944 | ) | (7,260 | ) | ||||||||
Gain (loss) on sale of real estate, net of tax | 260 | — | (3,482 | ) | (332 | ) | ||||||||||
Net income attributable to noncontrolling interests | (757 | ) | (2,957 | ) | (4,470 | ) | (7,776 | ) | ||||||||
Net income (loss) attributable to noncontrolling interests of discontinued operations | 5 | 413 | (173 | ) | 1,021 | |||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 28,457 | $ | 13,730 | $ | 168,608 | $ | 72,449 | ||||||||
Investment Management | ||||||||||||||||
Revenues (b) | $ | 31,733 | $ | 52,782 | $ | 181,843 | $ | 116,892 | ||||||||
Operating expenses (b) (c) | (33,992 | ) | (46,327 | ) | (166,616 | ) | (119,840 | ) | ||||||||
Other income and expenses, excluding interest expense | 160 | 245 | (7 | ) | 773 | |||||||||||
Benefit from (provision for) income taxes | 971 | (1,702 | ) | (10,231 | ) | 4,210 | ||||||||||
Net (income) loss attributable to noncontrolling interests | (236 | ) | 45 | (444 | ) | 464 | ||||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 14 | (232 | ) | (137 | ) | (139 | ) | |||||||||
(Loss) income from continuing operations attributable to W. P. Carey | $ | (1,350 | ) | $ | 4,811 | $ | 4,408 | $ | 2,360 | |||||||
Total Company | ||||||||||||||||
Revenues (b) | $ | 195,945 | $ | 132,592 | $ | 657,861 | $ | 350,843 | ||||||||
Operating expenses (b) (c) | (128,219 | ) | (91,625 | ) | (461,188 | ) | (247,630 | ) | ||||||||
Interest expense | (46,534 | ) | (26,262 | ) | (133,342 | ) | (77,596 | ) | ||||||||
Other income and expenses, excluding interest expense | 7,530 | 11,958 | 129,566 | 59,004 | ||||||||||||
Provision for income taxes | (901 | ) | (5,391 | ) | (11,175 | ) | (3,050 | ) | ||||||||
Gain (loss) on sale of real estate, net of tax | 260 | — | (3,482 | ) | (332 | ) | ||||||||||
Net income attributable to noncontrolling interests | (993 | ) | (2,912 | ) | (4,914 | ) | (7,312 | ) | ||||||||
Net income (loss) attributable to noncontrolling interests of discontinued operations | 5 | 413 | (173 | ) | 1,021 | |||||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 14 | (232 | ) | (137 | ) | (139 | ) | |||||||||
Income from continuing operations attributable to W. P. Carey | $ | 27,107 | $ | 18,541 | $ | 173,016 | $ | 74,809 | ||||||||
Reconciliation Of Assets From Segment To Consolidated | ' | |||||||||||||||
(d) | Consists of Net investments in real estate. | |||||||||||||||
Total Long-Lived Assets at (d) | Total Assets at | |||||||||||||||
September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | |||||||||||||
Real Estate Ownership | $ | 5,469,846 | $ | 3,333,654 | $ | 8,146,004 | $ | 4,537,853 | ||||||||
Investment Management | — | — | 355,445 | 141,097 | ||||||||||||
Total Company | $ | 5,469,846 | $ | 3,333,654 | $ | 8,501,449 | $ | 4,678,950 | ||||||||
Schedule Of International Investment By Segment | ' | |||||||||||||||
The following tables present the geographic information (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Domestic | ||||||||||||||||
Revenues | $ | 107,799 | $ | 54,953 | $ | 314,911 | $ | 162,784 | ||||||||
Income from continuing operations (a) | 15,146 | 14,087 | 160,238 | 71,411 | ||||||||||||
Net income attributable to noncontrolling interests | (543 | ) | (3,209 | ) | (2,781 | ) | (8,019 | ) | ||||||||
Net income attributable to W. P. Carey | 13,731 | 12,954 | 184,678 | 66,397 | ||||||||||||
Germany | ||||||||||||||||
Revenues | $ | 19,663 | $ | 5,132 | $ | 54,767 | $ | 14,957 | ||||||||
Income from continuing operations (a) | 6,341 | 5,197 | (656 | ) | 12,492 | |||||||||||
Net income attributable to noncontrolling interests | (88 | ) | (460 | ) | (1,760 | ) | (1,934 | ) | ||||||||
Net income attributable to W. P. Carey | 7,089 | 3,683 | (720 | ) | 8,967 | |||||||||||
Other International | ||||||||||||||||
Revenues | $ | 36,750 | $ | 19,725 | $ | 106,340 | $ | 56,210 | ||||||||
Income from continuing operations (a) | 9,334 | 679 | 18,095 | 2,893 | ||||||||||||
Net (income) loss attributable to noncontrolling interests | (126 | ) | 712 | 71 | 2,177 | |||||||||||
Net income attributable to W. P. Carey | 7,867 | (2,942 | ) | 17,886 | (1,870 | ) | ||||||||||
Total | ||||||||||||||||
Revenues | $ | 164,212 | $ | 79,810 | $ | 476,018 | $ | 233,951 | ||||||||
Income from continuing operations (a) | 30,821 | 19,963 | 177,677 | 86,796 | ||||||||||||
Net income attributable to noncontrolling interests | (757 | ) | (2,957 | ) | (4,470 | ) | (7,776 | ) | ||||||||
Net income attributable to W. P. Carey | 28,687 | 13,695 | 201,844 | 73,494 | ||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Domestic | ||||||||||||||||
Long-lived assets (b) | $ | 3,772,632 | $ | 2,172,549 | ||||||||||||
Non-recourse debt | 1,633,872 | 874,035 | ||||||||||||||
Germany | ||||||||||||||||
Long-lived assets (b) | $ | 622,164 | $ | 314,423 | ||||||||||||
Non-recourse debt | 336,396 | 76,222 | ||||||||||||||
Other International | ||||||||||||||||
Long-lived assets (b) | $ | 1,075,050 | $ | 846,682 | ||||||||||||
Non-recourse debt | 731,865 | 542,153 | ||||||||||||||
Total | ||||||||||||||||
Long-lived assets (b) | $ | 5,469,846 | $ | 3,333,654 | ||||||||||||
Non-recourse debt | 2,702,133 | 1,492,410 | ||||||||||||||
__________ | ||||||||||||||||
(a) | Amount represents income from continuing operations before income taxes and gain (loss) on sale of real estate, net of tax. | |||||||||||||||
(b) | Consists of Net investments in real estate. |
Business_Narratives_Details
Business (Narratives) (Details) (USD $) | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
tenant | tenant | ||
sqft | sqft | ||
property | property | ||
Real Estate Properties | ' | ' | ' |
Share issued in public offering, shares | 4,600,000 | ' | ' |
Additional disclosures | ' | ' | ' |
Number of real estate properties | 688 | 688 | ' |
Number of tenants | 215 | 215 | ' |
Square footage of real estate properties | 80,800,000 | 80,800,000 | ' |
Occupancy rate | ' | 98.10% | ' |
Common stock, per share value | $0.00 | $0.00 | $0.00 |
Share price | $64 | $64 | ' |
Managed REITs | ' | ' | ' |
Additional disclosures | ' | ' | ' |
Number of real estate properties | 384 | 384 | ' |
Number of tenants | 150 | 150 | ' |
Square footage of real estate properties | 40,900,000 | 40,900,000 | ' |
Occupancy rate | ' | 99.90% | ' |
Managed REITs | Operating real estate | ' | ' | ' |
Additional disclosures | ' | ' | ' |
Number of real estate properties | 105 | 105 | ' |
Square footage of real estate properties | 11,000,000 | 11,000,000 | ' |
Basis_of_Presentation_Narrativ
Basis of Presentation (Narratives) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2014 |
investment | CWI 2 | Carey Credit Income Funds 2015 A | Carey Credit Income Fund 2015 T | CPA: 16 - Global | Consolidated | |
entity | investment | |||||
Basis of Consolidation | ' | ' | ' | ' | ' | ' |
Tenancy in common | 6 | ' | ' | ' | ' | 5 |
Variable interest entities acquired | ' | ' | ' | ' | 12 | ' |
Maximum offering amount, value | ' | $1,000,000,000 | $50,000,000 | $21,000,000 | ' | ' |
Stock authorized during period, share value dividend reinvestment plan | ' | $400,000,000 | ' | ' | ' | ' |
Merger_with_CPA16_Global_Narra
Merger with CPA®:16 – Global (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 21 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Jul. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
property | property | Jointly Owned Investments | Assets held-for-sale | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Additional Paid-in Capital | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | Hotel | Hotel | Measurement period adjustment | Measurement period adjustment | |||||
property | Net operating income | Net operating income | Estimated residual value | Estimated residual value | Residual capitalization rates | Residual capitalization rates | Cash flows | Cash flows | investment | Previously held equity interest | Previously held equity interest | Jointly Owned Investments | Jointly Owned Investments | Jointly Owned Investments | Jointly Owned Investments | Consolidated or partially leased investments | Consolidated or partially leased investments | Consolidated or partially leased investments | Equity method investments | Equity method investments | Equity method investments | Assets held-for-sale | Premium on Stock Price | Additional Paid-in Capital | property | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | |||||||||||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | investment | investment | property | Fixed interest rate | Variable interest rate | property | Fixed interest rate | Variable interest rate | property | Consolidated or partially leased investments | ||||||||||||||||||||||||||||
loan | loan | investment | loan | loan | property | ||||||||||||||||||||||||||||||||||||||||
Merger Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share per share exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.183 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per share exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per share closing price | ' | ' | ' | ' | ' | $59.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,816,859,000 | $1,816,859,000 | $1,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | 1,338,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,338,000 | 1,338,000 | 1,338,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued as compensation, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,729,878 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of W.P.Carey shares of common stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,815,521,000 | 1,815,521,000 | 1,815,521,000 | ' | 1,815,521,000 | 1,815,521,000 | 1,815,521,000 | 1,815,521,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of acquired entity received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 168,041,772 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties | 688 | ' | 688 | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325 | ' | ' | 140 | ' | ' | ' | ' | ' | 2 | 2 | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' |
Number of investments consolidated after merger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years 4 months 24 days | ' | ' | '8 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Triple-net lease, current minimum base rent receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,100,000 | ' | ' | 63,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans on real estate, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.60% | ' | ' | 4.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease revenues | 149,243,000 | 75,702,000 | 420,563,000 | 222,145,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,300,000 | 184,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations | 27,821,000 | 21,272,000 | 181,722,000 | 81,571,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,300,000 | 62,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger and acquisition expense | 618,000 | 3,630,000 | 31,369,000 | 6,879,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,400,000 | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,059,840,000 | 2,057,914,000 | 2,059,840,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,926,000 | ' |
Total identifiable net assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,810,597,000 | 1,808,287,000 | ' | ' | 1,810,597,000 | 1,810,597,000 | 1,810,597,000 | 1,810,597,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,310,000 | ' |
Amounts attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,633,000 | 99,345,000 | 99,633,000 | ' | 99,633,000 | 99,633,000 | 99,633,000 | 99,633,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 288,000 | ' |
Goodwill | 702,791,000 | ' | 702,791,000 | ' | 350,208,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 348,876,000 | 348,972,000 | 348,876,000 | ' | 348,876,000 | 348,876,000 | 348,876,000 | 348,876,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 428,500,000 | ' | ' | ' | -96,000 | ' |
Increase in market value of stock price, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net asset value, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on change in control of interests | 0 | 0 | 104,645,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,100,000 | ' | ' | ' | ' | 30,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognition of deferred revenue as a result of the CPA®:16 Merger | ' | ' | 4,848,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of equity investment in CPA pre merger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 274,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,229,294 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation techniques | ' | ' | '•Discount rates applied to the estimated net operating income of each property ranged from approximately 4.75% to 15.25%;•Discount rates applied to the estimated residual value of each property ranged from approximately 4.75% to 14.00%;•Residual capitalization rates applied to the properties ranged from approximately 5.00% to 12.50%;•The fair market value of the property level debt was determined based upon available market data for comparable liabilities and by applying selected discount rates to the stream of future debt payments; and•Discount rates applied to the property level debt cash flows ranged from approximately 1.80% to 8.75%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | ' | ' | ' | 5.00% | ' | 4.75% | 15.25% | 4.75% | 14.00% | 5.00% | 12.50% | 1.80% | 8.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured credit facility and unsecured term loan | 618,945,000 | ' | 618,945,000 | ' | 575,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans outstanding, count | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 18 | ' | 17 | 5 | ' | ' | ' | ' | ' | ' | ' |
Non-recourse debt | 2,702,133,000 | ' | 2,702,133,000 | ' | 1,492,410,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,768,288,000 | 1,768,288,000 | 1,768,288,000 | ' | 1,768,288,000 | 1,768,288,000 | 1,768,288,000 | 1,768,288,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unconsolidated investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consolidated investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of jointly owned investments with affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | 9 | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase on remaining interest | ' | ' | 280,936,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,374,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000,000 | ' | ' | ' | ' |
Carrying value of noncontrolling interest acquired from entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 236,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of noncontrolling interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -278,187,000 | -278,829,000 | -278,187,000 | ' | -278,187,000 | -278,187,000 | -278,187,000 | -278,187,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 642,000 | -600,000 |
Fair value of W. P. Carey & Co. LLC equity interest in jointly-owned investments with CPA:16 prior to the CPA:16 Merger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $348,448,000 | $347,164,000 | $348,448,000 | ' | ' | ' | ' | ' | ' | ' | ' | $172,720,000 | $172,720,000 | $172,720,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,284,000 | ' |
Merger_with_CPA16_Global_Detai
Merger with CPA®:16 – Global (Details 1) (USD $) | 9 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2014 |
CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | Jointly Owned Investments | Jointly Owned Investments | Jointly Owned Investments | ||||
Measurement period adjustment | Measurement period adjustment | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | |||||||
Total Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of W.P.Carey shares of common stock issued | ' | ' | ' | $1,815,521 | $1,815,521 | $1,815,521 | ' | ' | ' | ' | ' |
Cash consideration for fractional shares | 1,338 | 0 | ' | 1,338 | 1,338 | 1,338 | ' | ' | ' | ' | ' |
Merger consideration | ' | ' | ' | 1,816,859 | 1,816,859 | 1,800,000 | ' | ' | ' | ' | ' |
Fair value of W. P. Carey & Co. LLC equity interest in jointly-owned investments with CPA:16 prior to the CPA:16 Merger | ' | ' | ' | 348,448 | 347,164 | 348,448 | 1,284 | ' | 172,720 | 172,720 | 172,720 |
Fair value of noncontrolling interests acquired | ' | ' | ' | -278,187 | -278,829 | -278,187 | 642 | -600 | ' | ' | ' |
Total Consideration | ' | ' | ' | 2,059,840 | 2,057,914 | 2,059,840 | 1,926 | ' | ' | ' | ' |
Assets Acquired at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investments in properties | 4,413,268 | ' | 2,353,391 | 1,970,175 | 1,969,274 | 1,970,175 | 901 | ' | ' | ' | ' |
Net investments in direct financing leases | 838,475 | ' | 363,420 | 538,225 | 538,607 | 538,225 | -382 | ' | ' | ' | ' |
Equity investments in real estate | 218,103 | ' | 530,020 | 74,367 | 74,367 | 74,367 | ' | ' | ' | ' | ' |
Assets held for sale | 0 | ' | 86,823 | 133,415 | 132,951 | 133,415 | 464 | ' | ' | ' | ' |
In-place lease, net | 935,008 | ' | 467,127 | 553,723 | 553,479 | 553,723 | 244 | ' | ' | ' | ' |
Above-market rent | 545,462 | ' | 241,975 | 395,824 | 395,663 | 395,824 | 161 | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | 65,429 | 65,429 | 65,429 | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | 82,032 | 82,032 | 82,032 | ' | ' | ' | ' | ' |
Assets Acquired at Fair value | ' | ' | ' | 3,813,190 | 3,811,802 | ' | 1,388 | ' | ' | ' | ' |
Liabilities Assumed at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse debt | -2,702,133 | ' | -1,492,410 | -1,768,288 | -1,768,288 | -1,768,288 | ' | ' | ' | ' | ' |
Below-market rent intangibles | ' | ' | ' | -57,569 | -57,209 | -57,569 | -360 | ' | ' | ' | ' |
Accounts payable, accrued expenses and other liabilities | ' | ' | ' | -118,389 | -118,389 | -118,389 | ' | ' | ' | ' | ' |
Deferred tax liability | ' | ' | ' | -58,347 | -59,629 | -58,347 | 1,282 | ' | ' | ' | ' |
Liabilities Assumed at Fair Value | ' | ' | ' | -2,002,593 | -2,003,515 | ' | 922 | ' | ' | ' | ' |
Total identifiable net assets | ' | ' | ' | 1,810,597 | 1,808,287 | ' | 2,310 | ' | ' | ' | ' |
Amounts attributable to noncontrolling interests | ' | ' | ' | -99,633 | -99,345 | -99,633 | -288 | ' | ' | ' | ' |
Goodwill | 702,791 | ' | 350,208 | 348,876 | 348,972 | 348,876 | -96 | ' | ' | ' | ' |
Net acquisition | ' | ' | ' | $2,059,840 | $2,057,914 | ' | $1,926 | ' | ' | ' | ' |
Merger_with_CPA16_Global_Detai1
Merger with CPA®:16 – Global (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pro Forma Financial Information | ' | ' | ' | ' |
Pro forma total revenue | $195,945 | $205,367 | $682,977 | $567,452 |
Pro forma net income from continuing operations, net of tax | 28,086 | 28,446 | 106,495 | 142,146 |
Pro forma net income attributable to noncontrolling interests | -993 | -2,689 | -3,909 | -5,225 |
Pro forma net loss (income) attributable to redeemable noncontrolling interest | 14 | -726 | -137 | 876 |
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey | $27,107 | $25,031 | $102,449 | $137,797 |
Pro forma earnings per share | ' | ' | ' | ' |
Basic (in dollar per share) | $0.27 | $0.25 | $1.02 | $1.38 |
Diluted (in dollar per share) | $0.26 | $0.25 | $1.01 | $1.36 |
Pro forma weighted average shares | ' | ' | ' | ' |
Basic (in shares) | 100,282,082 | 99,337,927 | 100,080,000 | 99,449,142 |
Diluted (in shares) | 101,130,448 | 100,341,575 | 101,118,305 | 100,576,198 |
Agreements_and_Transactions_wi2
Agreements and Transactions with Related Parties (Narratives) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||
Apr. 04, 2013 | Feb. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 20, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 25, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Long-term net lease | Long-term net lease | Long-term net lease | Maximum | Minimum | CPA: 16 - Global | CPA: 17 - Global | CPA: 17 - Global | CPA: 17 - Global | CPA: 17 - Global | CPA: 17 - Global | CPA:18 - Global | CPA:18 - Global | CPA:18 - Global | CPA:18 - Global | CPA:18 - Global | CPA:18 - Global | CPA:18 - Global | CWI | CWI | CWI | CWI | CWI | CWI | CWI | |||||
Current | Deferred | Average invested assets | Maximum | Maximum | Minimum | Minimum | Class A | Class C | Maximum | Minimum | Contract sales price of investment | Lodging-related investments | Maximum | ||||||||||||||||
Average equity value | Average equity value | Contract sales price of investment | |||||||||||||||||||||||||||
Revenue from related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of asset management fees earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | 1.75% | ' | 0.50% | ' | ' | ' | ' | ' | ' | 1.50% | 0.50% | ' | ' | ' | ' | ' | 0.50% | ' |
Structuring revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of acquisition fees earned | ' | ' | ' | ' | 4.50% | 2.50% | 2.00% | ' | ' | ' | ' | ' | 1.75% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | 6.00% |
Installment Period for Deferred Acquisition Fee Receivable | ' | ' | 'three years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan refinancing fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' |
Unpaid transaction fee interest rate | ' | ' | ' | ' | ' | ' | ' | 5.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursed costs from affiliates and wholesaling revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling commission per share sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.65 | ' | ' | ' | ' | ' | ' | ' | $0.70 | $0.14 | ' | ' | ' | $0.70 | ' | $0.70 | ' | ' | ' |
Dealer manager fee per share sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.35 | ' | ' | ' | ' | ' | ' | ' | $0.30 | $0.21 | ' | ' | ' | $0.30 | ' | $0.30 | ' | ' | ' |
Shareholder servicing, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting compensation limit, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percent of offering proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Maximum percentage of follow-on offering proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' |
Organization and offering costs incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,700,000 | ' | ' | ' | ' | ' | ' | ' | $12,300,000 | ' | ' | ' | ' | ' |
Reimbursed offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | 12,300,000 | ' | ' | ' | ' | ' |
Aggregate gross proceeds threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions Of Available Cash and Deferred Revenue Earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of available cash distribution to advisor | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Transactions with Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' |
Loans receivable, related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' |
Interest rate on loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | ' | ' | ' | ' | ' | ' |
Receivable maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-15 | ' | ' | ' | ' | ' | ' |
Ownership interest in joint ventures | ' | ' | ' | ' | ' | ' | ' | 90.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Purchase Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption value adjustment | ' | ' | 0 | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased during period, shares | 616,971 | 11,037 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock | $40,000,000 | $700,000 | $679,000 | $40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock market value on exercise date | $64.83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreements_and_Transactions_wi3
Agreements and Transactions with Related Parties (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue from related parties: | ' | ' | ' | ' |
Reimbursable costs from affiliates | $14,722 | $23,259 | $96,379 | $50,714 |
Asset management revenue | 9,064 | 10,939 | 27,840 | 31,262 |
Distributions of Available Cash | 7,893 | 7,323 | 23,574 | 23,891 |
Structuring revenue | 5,487 | 14,775 | 40,492 | 27,539 |
Dealer manager fees | 2,436 | 3,787 | 17,062 | 7,329 |
Interest income on deferred acquisition fees and loans to affiliates | 172 | 141 | 515 | 620 |
Deferred revenue earned | 0 | 2,123 | 786 | 6,369 |
Total deferred revenue earned | $39,774 | $62,347 | $206,648 | $147,724 |
Agreements_and_Transactions_wi4
Agreements and Transactions with Related Parties (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Related Party Transaction | ' | ' | ' | ' |
Revenue from related parties | $39,774 | $62,347 | $206,648 | $147,724 |
CPA: 16 - Global | ' | ' | ' | ' |
Related Party Transaction | ' | ' | ' | ' |
Revenue from related parties | 0 | 13,060 | 7,999 | 39,688 |
CPA: 17 - Global | ' | ' | ' | ' |
Related Party Transaction | ' | ' | ' | ' |
Revenue from related parties | 16,555 | 21,027 | 49,032 | 50,082 |
CPA:18 - Global | ' | ' | ' | ' |
Related Party Transaction | ' | ' | ' | ' |
Revenue from related parties | 8,836 | 3,171 | 107,668 | 3,171 |
CWI | ' | ' | ' | ' |
Related Party Transaction | ' | ' | ' | ' |
Revenue from related parties | $14,383 | $25,089 | $41,949 | $54,783 |
Agreements_and_Transactions_wi5
Agreements and Transactions with Related Parties (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Due from affiliates | ' | ' |
Deferred acquisition fees receivable | $19,585 | $19,684 |
Reimbursable costs | 2,084 | 334 |
Accounts receivable | 1,862 | 3,716 |
Organization and offering costs | 1,785 | 2,700 |
Current acquisition fees receivable | 759 | 4,149 |
Asset management fee receivable | 0 | 1,451 |
Due from affiliates | $26,075 | $32,034 |
Agreements_and_Transactions_wi6
Agreements and Transactions with Related Parties (Details 4) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Redeemable Securities | ' | ' |
Beginning balance | $0 | $40,000 |
Redemption of securities | 0 | -40,000 |
Ending balance | $0 | $0 |
Net_Investments_in_Properties_1
Net Investments in Properties (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 26, 2014 | 15-May-14 | Aug. 06, 2014 | Aug. 22, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
property | property | Direct financing lease | Assets held-for-sale | Assets held-for-sale | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | Real estate | Real estate | Real estate | Business combination | Business combination | Business combination | Business combination | Business combination | Hotel | Self-storage | ||||
property | Assets held-for-sale | CPA: 16 - Global | Office building in Chandler, AZ | Distribution facility in University Park, IL | Office building in Stavanger, Norway | Office building Westborough, MA | property | property | ||||||||||||||
property | property | |||||||||||||||||||||
Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in exchange rate | 7.90% | ' | 7.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency exchange rate | 1.2687 | ' | 1.2687 | ' | 1.3768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in value of balance sheet item due to foreign currency translation | $55,096,000 | ($17,675,000) | $52,140,000 | ($13,017,000) | ' | $32,600,000 | ' | ' | ' | ' | ' | ' | $81,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties | 688 | ' | 688 | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | 225 | ' | ' | ' | ' | ' | 2 | 2 |
Net investments in properties | 4,413,268,000 | ' | 4,413,268,000 | ' | 2,353,391,000 | ' | ' | ' | 1,970,175,000 | 1,969,274,000 | 1,970,175,000 | ' | 4,332,372,000 | 2,348,249,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification to real estate owned | ' | ' | ' | ' | ' | 13,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification from real estate owned | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 252,000,000 | 41,900,000 | 47,200,000 | 116,900,000 | 46,000,000 | ' | ' |
Land acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,900,000 | ' | ' | ' | ' | ' | ' |
Buildings acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,300,000 | ' | ' | ' | ' | ' | ' |
Acquired finite-lived intangible asset, business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,800,000 | ' | ' | ' | ' | ' | ' |
Deferred tax liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,600,000 | ' | ' | ' |
Goodwill allocated | 702,791,000 | ' | 702,791,000 | ' | 350,208,000 | ' | ' | ' | 348,876,000 | 348,972,000 | 348,876,000 | ' | ' | ' | ' | ' | ' | ' | 11,700,000 | ' | ' | ' |
Acquisition costs, expensed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' |
Assets Held For Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets held for sale | $0 | ' | $0 | ' | $86,823,000 | ' | ' | ' | $133,415,000 | $132,951,000 | $133,415,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_Investments_in_Properties_2
Net Investments in Properties (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Investment Property At Cost | ' | ' |
Accumulated depreciation | ($243,639) | ($168,958) |
Net investments in properties | 4,413,268 | 2,353,391 |
Real estate | ' | ' |
Real Estate Investment Property At Cost | ' | ' |
Land | 1,090,425 | 534,697 |
Buildings | 3,460,094 | 1,972,107 |
Real estate under construction | 21,794 | 9,521 |
Accumulated depreciation | -239,941 | -168,076 |
Net investments in properties | 4,332,372 | 2,348,249 |
Operating real estate | ' | ' |
Real Estate Investment Property At Cost | ' | ' |
Land | 7,027 | 1,097 |
Buildings | 77,567 | 4,927 |
Accumulated depreciation | -3,698 | -882 |
Net investments in properties | $80,896 | $5,142 |
Recovered_Sheet1
Net investments in Properties (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale | ' | ' |
Assets held for sale | $0 | $86,823 |
Below-market rent and other intangible liabilities, net | ' | ' |
Long Lived Assets Held-for-sale | ' | ' |
Assets held for sale | 0 | -1,808 |
Real Estate | ' | ' |
Long Lived Assets Held-for-sale | ' | ' |
Assets held for sale | 0 | 62,466 |
Above-market rent intangible assets, net | ' | ' |
Long Lived Assets Held-for-sale | ' | ' |
Assets held for sale | 0 | 13,872 |
In-place lease intangible assets, net | ' | ' |
Long Lived Assets Held-for-sale | ' | ' |
Assets held for sale | $0 | $12,293 |
Finance_Receivables_Narratives
Finance Receivables (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | Direct financing lease | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | ||||||
lease | B Note | Level 3 | Level 3 | Level 3 | Level 3 | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Net investments in direct financing leases | Net investments in direct financing leases | Net investments in direct financing leases | Net investments in direct financing leases | |||||||||
Level 3 | Level 3 | Level 3 | Level 3 | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | |||||||||||||||
Level 3 | Level 3 | Level 3 | Level 3 | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in exchange rate | 7.90% | ' | 7.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency exchange rate | 1.2687 | ' | 1.2687 | ' | 1.3768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in value of balance sheet item due to foreign currency translation | $55,096,000 | ($17,675,000) | $52,140,000 | ($13,017,000) | ' | ' | ' | ' | ' | $32,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finance Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income from direct financing lease | 20,800,000 | 9,200,000 | 59,300,000 | 28,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of DFL acquired from Merger | ' | ' | ' | ' | ' | ' | ' | 98 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification to real estate owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges on properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,225,000 | 7,970,000 | 7,026,000 | 18,056,000 | 4,225,000 | 6,554,000 | 7,026,000 | 12,082,000 | 753,000 | 0 | 753,000 | 0 |
Net investments in direct financing leases | 838,475,000 | ' | 838,475,000 | ' | 363,420,000 | 538,225,000 | 538,607,000 | 538,225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable billed under direct financing lease | 1,700,000 | ' | 1,700,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable | $20,983,000 | ' | $20,983,000 | ' | $0 | $11,100,000 | ' | ' | $9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on note | ' | ' | ' | ' | ' | ' | ' | ' | 6.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 11-Feb-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Installment Period for Deferred Acquisition Fee Receivable | ' | ' | 'three years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing receivable credit quality additional information | ' | ' | 'We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant default. At both September 30, 2014 and December 31, 2013, none of the balances of our finance receivables were past due and we had not established any allowances for credit losses. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing receivable credit quality range of dates ratings updated | ' | ' | 'The credit quality evaluation of our finance receivables was last updated in the third quarter of 2014. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finance_Receivables_Details_1
Finance Receivables (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Net Investments in Direct Financing Leases | ' | ' |
Minimum lease payments receivable | $953,074 | $466,182 |
Unguaranteed residual value | 840,096 | 363,903 |
Gross minimum lease payments receivable | 1,793,170 | 830,085 |
Less: unearned income | -954,695 | -466,665 |
Net investments in direct financing leases | $838,475 | $363,420 |
Finance_Receivables_Details_2
Finance Receivables (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | tenant | |
Credit Quality Of Finance Receivables | ' | ' |
Number of tenants | 215 | ' |
Net investments in direct financing leases | $838,475 | $363,420 |
Notes receivable | 20,983 | 0 |
Internally Assigned Grade 1 | ' | ' |
Credit Quality Of Finance Receivables | ' | ' |
Number of tenants | 3 | 3 |
Net investments in direct financing leases | 79,388 | 42,812 |
Number of obligors | 0 | 0 |
Notes receivable | 0 | 0 |
Internally Assigned Grade 2 | ' | ' |
Credit Quality Of Finance Receivables | ' | ' |
Number of tenants | 3 | 3 |
Net investments in direct financing leases | 27,496 | 27,869 |
Number of obligors | 1 | 0 |
Notes receivable | 10,026 | 0 |
Internally Assigned Grade 3 | ' | ' |
Credit Quality Of Finance Receivables | ' | ' |
Number of tenants | 21 | 8 |
Net investments in direct financing leases | 594,344 | 284,968 |
Number of obligors | 1 | 0 |
Notes receivable | 10,957 | 0 |
Internally Assigned Grade 4 | ' | ' |
Credit Quality Of Finance Receivables | ' | ' |
Number of tenants | 7 | 1 |
Net investments in direct financing leases | 137,247 | 7,771 |
Number of obligors | 0 | 0 |
Notes receivable | 0 | 0 |
Internally Assigned Grade 5 | ' | ' |
Credit Quality Of Finance Receivables | ' | ' |
Number of tenants | 0 | 0 |
Net investments in direct financing leases | 0 | 0 |
Number of obligors | 0 | 0 |
Notes receivable | $0 | $0 |
Equity_Investment_in_Real_Esta2
Equity Investment in Real Estate and the Managed REITs (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Sep. 30, 2013 | Jan. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | |
Real Estate Investments | Real Estate Investments | Real Estate Investments | CPA: 16 - Global | CPA: 16 - Global | CPA:16 - Global operating partnership | CPA:16 - Global operating partnership | CPA: 17 - Global | CPA: 17 - Global | CPA:17 - Global operating partnership | CPA:17 - Global operating partnership | CPA:18 - Global | CPA:18 - Global operating partnership | CWI | CWI operating partnership | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | C1000 Logestiek Vastgoed B.V. | Hellweg Die Profi-Baumarkte GmbH & Co. K.G | The New York Times Company | Beach House JV, LLC | |||||
Class A | Real Estate Investments | CPA: 16 - Global | CPA: 16 - Global | |||||||||||||||||||||||||
Real Estate Investments | Real Estate Investments | |||||||||||||||||||||||||||
Investments in REITs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset management fees receivable, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 232,966 | ' | ' | ' | 25,044 | ' | 63,542 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate unamortized basis difference on equity investments | ' | ' | ' | ' | $5,800,000 | ' | $16,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,400,000 | ' | $17,400,000 | ' | $80,500,000 | ' | ' | ' | ' |
Other-than-temporary impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 12,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 500,000 | 100,000 | 22,200,000 | ' | ' | ' | ' | ' |
Gain or loss on sale of investment properties | ' | ' | 24,188,000 | 290,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 2,400,000 | 13,300,000 | -2,900,000 | ' | ' | ' | ' | ' |
Mortgage debt tenants in common | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,800,000 | ' | ' | ' |
Pro rata share mortgage debt on tenancy in common | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | ' | ' | ' |
Other Transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in ownership percentage of equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 27.00% | ' |
Distributions received from equity investment | ' | ' | ' | ' | 9,000,000 | 10,400,000 | ' | 6,400,000 | 18,900,000 | 4,800,000 | 11,200,000 | 3,300,000 | 2,100,000 | 15,400,000 | 12,700,000 | ' | 1,200,000 | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from equity method investments | $11,610,000 | $9,180,000 | $35,324,000 | $52,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $100,000 | $100,000 | $4,100,000 | ' | ' | ' | ' | $700,000 |
Equity investment rate of return | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% |
Redeemable preferred units owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 |
Common units owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Equity_Investment_in_Real_Esta3
Equity Investment in Real Estate and the Managed REITs (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule Of Equity Method Investments | ' | ' | ' | ' |
Income from equity method investments | $11,610 | $9,180 | $35,324 | $52,377 |
Distributions of Available Cash (Note 4) | ' | ' | 1,915 | 22,138 |
Managed REITs | ' | ' | ' | ' |
Schedule Of Equity Method Investments | ' | ' | ' | ' |
Income from equity method investments | 381 | 3,542 | 1,930 | 7,086 |
Amortization of basis differences on equity investments | -140 | -958 | -648 | -3,418 |
Other-than-temporary impairment charges on the Special Member Interest in CPA®:16 – Global’s operating partnership | 0 | -6,554 | -735 | -12,082 |
Distributions of Available Cash (Note 4) | 7,893 | 7,323 | 23,574 | 23,891 |
Deferred revenue earned (Note 4) | 0 | 2,123 | 786 | 6,369 |
Total equity earnings from the Managed REITs | 8,134 | 5,476 | 24,907 | 21,846 |
Jointly Owned Investments | ' | ' | ' | ' |
Schedule Of Equity Method Investments | ' | ' | ' | ' |
Income from equity method investments | 3,507 | 4,625 | 11,124 | 34,557 |
Amortization of basis differences on equity investments | ($31) | ($921) | ($707) | ($4,026) |
Equity_Investment_in_Real_Esta4
Equity Investment in Real Estate and the Managed REITs (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in REITs | ' | ' |
Equity investments in real estate | $218,103 | $530,020 |
CPA: 16 - Global | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 100.00% | 18.53% |
Equity investments in real estate | 0 | 282,520 |
CPA:16 - Global operating partnership | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 100.00% | 0.02% |
Equity investments in real estate | 0 | 813 |
CPA: 17 - Global | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 2.48% | 1.91% |
Equity investments in real estate | 74,768 | 57,753 |
CPA:17 - Global operating partnership | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 0.01% | 0.01% |
Equity investments in real estate | 0 | 0 |
CPA:18 - Global | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 0.16% | 0.13% |
Equity investments in real estate | 1,870 | 320 |
CPA:18 - Global operating partnership | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 0.03% | 0.03% |
Equity investments in real estate | 209 | 209 |
CWI | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 1.11% | 0.54% |
Equity investments in real estate | 9,667 | 3,369 |
CWI operating partnership | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 0.02% | 0.02% |
Equity investments in real estate | 0 | 0 |
Managed REITs | ' | ' |
Investments in REITs | ' | ' |
Equity investments in real estate | $86,514 | $344,984 |
Equity_Investment_in_Real_Esta5
Equity Investment in Real Estate and the Managed REITs (Details 3) (Managed REITs, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Managed REITs | ' | ' |
Equity Method Investment Summarized Financial Information | ' | ' |
Real estate, net | $5,407,623 | $7,218,177 |
Other assets | 2,186,173 | 2,128,862 |
Total assets | 7,593,796 | 9,347,039 |
Debt | -3,109,373 | -4,237,044 |
Accounts payable, accrued expenses and other liabilities | -444,320 | -571,097 |
Total liabilities | -3,553,693 | -4,808,141 |
Noncontrolling interests | -158,711 | -192,492 |
Stockholders’ equity | $3,881,392 | $4,346,406 |
Equity_Investment_in_Real_Esta6
Equity Investment in Real Estate and the Managed REITs (Details 4) (Managed REITs, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Managed REITs | ' | ' | ' | ' |
Equity Method Investment Summarized Financial Information Income Statement | ' | ' | ' | ' |
Revenues | $210,031 | $211,102 | $602,153 | $573,969 |
Expenses | -204,097 | -198,286 | -594,186 | -528,847 |
Income from continuing operations | 5,934 | 12,816 | 7,967 | 45,122 |
Net income attributable to the Managed REITs | $5,934 | $18,303 | $7,967 | $45,389 |
Equity_Investment_in_Real_Esta7
Equity Investment in Real Estate and the Managed REITs (Details 5) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in REITs | ' | ' |
Equity investments in real estate | $218,103 | $530,020 |
Third Party | Beach House JV, LLC | ' | ' |
Investments in REITs | ' | ' |
Equity investments in real estate | 15,105 | 0 |
CPA: 16 - Global | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 100.00% | 18.53% |
Equity investments in real estate | 0 | 282,520 |
CPA: 17 - Global | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 2.48% | 1.91% |
Equity investments in real estate | 74,768 | 57,753 |
Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity investments in real estate | 131,589 | 185,036 |
Real Estate Investments | CPA: 16 - Global | Schuler A.G. | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 100.00% | ' |
Equity investments in real estate | 0 | 65,798 |
Real Estate Investments | CPA: 16 - Global | Advanced Micro Devices | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 100.00% | ' |
Equity investments in real estate | 0 | 22,392 |
Real Estate Investments | CPA: 16 - Global | The Upper Deck Company | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 100.00% | ' |
Equity investments in real estate | 0 | 7,518 |
Real Estate Investments | CPA: 16 - Global | Del Monte Corporation | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 100.00% | ' |
Equity investments in real estate | 0 | 7,145 |
Real Estate Investments | CPA: 16 - Global | Builders FirstSource, Inc. | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 100.00% | ' |
Equity investments in real estate | 0 | 4,968 |
Real Estate Investments | CPA: 16 - Global | PetSmart, Inc. | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 100.00% | ' |
Equity investments in real estate | 0 | 3,877 |
Real Estate Investments | CPA: 16 - Global | Consolidated Systems, Inc. | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 100.00% | ' |
Equity investments in real estate | 0 | 3,176 |
Real Estate Investments | CPA: 16 - Global | SaarOTEC | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 100.00% | ' |
Equity investments in real estate | 0 | -639 |
Real Estate Investments | CPA: 17 - Global | C1000 Logestiek Vastgoed B.V. | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 15.00% | ' |
Equity investments in real estate | 12,278 | 13,673 |
Real Estate Investments | CPA: 17 - Global | Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 33.00% | ' |
Equity investments in real estate | 7,090 | 7,267 |
Real Estate Investments | CPA: 17 - Global | Wanbishi Archives Co. Ltd. | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 3.00% | ' |
Equity investments in real estate | 367 | 395 |
Real Estate Investments | CPA: 17 - Global | Frontier Spinning Mills, Inc. | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 40.00% | ' |
Equity investments in real estate | 15,578 | 0 |
Real Estate Investments | CPA: 17 - Global | Actebis Peacock GmbH | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 30.00% | ' |
Equity investments in real estate | 6,467 | 0 |
Real Estate Investments | CPA: 16 - Global/CPA: 17 - Global | Hellweg Die Profi-Baumarkte GmbH & Co. K.G | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 63.00% | ' |
Equity investments in real estate | 0 | 27,923 |
Real Estate Investments | CPA: 16 - Global/CPA: 17 - Global | The New York Times Company | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 45.00% | ' |
Equity investments in real estate | $74,704 | $21,543 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Aug. 06, 2014 | |
Maximum | Maximum | Minimum | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | Measurement period adjustment | Business combination | ||||||
Below-market ground lease | CPA: 16 - Global | Office building in Stavanger, Norway | |||||||||||
Finite-Lived Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $702,791,000 | ' | $702,791,000 | ' | $350,208,000 | ' | ' | ' | $348,876,000 | $348,972,000 | $348,876,000 | ($96,000) | $11,700,000 |
Finite-Lived Intangible Assets, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite lived intangible assets useful life | ' | ' | ' | ' | ' | '40 years | '134 years | '1 year | ' | ' | ' | ' | ' |
Amortization of intangible assets | $42,500,000 | $21,700,000 | $131,900,000 | $64,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles (Details 1) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Acquired Finite Lived Intangible Assets Liabilities | ' |
Acquired finite-lived intangible asset, acquisition | $1,006,519 |
Acquired finite-lived intangible liability, acquisition | -63,377 |
Below-market rent | ' |
Acquired Finite Lived Intangible Assets Liabilities | ' |
Acquired finite lived intangible liabilities weighted average useful life | '17 years 10 months 24 days |
Acquired finite-lived intangible liability, acquisition | -56,665 |
Above-market ground lease | ' |
Acquired Finite Lived Intangible Assets Liabilities | ' |
Acquired finite lived intangible liabilities weighted average useful life | '31 years 6 months |
Acquired finite-lived intangible liability, acquisition | -6,712 |
In-place lease | ' |
Acquired Finite Lived Intangible Assets Liabilities | ' |
Acquired intangible assets weighted-average life | '12 years 3 months 18 days |
Acquired finite-lived intangible asset, acquisition | 596,298 |
Above-market rent | ' |
Acquired Finite Lived Intangible Assets Liabilities | ' |
Acquired intangible assets weighted-average life | '12 years 3 months 18 days |
Acquired finite-lived intangible asset, acquisition | 395,824 |
Below-market ground lease | ' |
Acquired Finite Lived Intangible Assets Liabilities | ' |
Acquired intangible assets weighted-average life | '62 years 8 months 12 days |
Acquired finite-lived intangible asset, acquisition | $14,397 |
Goodwill_and_Other_Intangibles4
Goodwill and Other Intangibles (Details 2) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Goodwill | ' |
Balance - beginning of period | $350,208 |
Goodwill, acquired | 348,876 |
Other adjustments accounted for as business combinations (a) | 14,137 |
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | -2,743 |
Foreign currency translation adjustments and other | -7,687 |
Balance - end of period | 702,791 |
Real Estate Ownership | ' |
Goodwill | ' |
Balance - beginning of period | 286,601 |
Goodwill, acquired | 348,876 |
Other adjustments accounted for as business combinations (a) | 14,137 |
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | -2,743 |
Foreign currency translation adjustments and other | -7,687 |
Balance - end of period | 639,184 |
Investment Management | ' |
Goodwill | ' |
Balance - beginning of period | 63,607 |
Goodwill, acquired | 0 |
Other adjustments accounted for as business combinations (a) | 0 |
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | 0 |
Foreign currency translation adjustments and other | 0 |
Balance - end of period | $63,607 |
Goodwill_and_Other_Intangibles5
Goodwill and Other Intangibles(Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortizable Intangible Assets | ' | ' |
Less: accumulated amortization | ($302,413) | ($168,840) |
Indefinite Lived Intangible Assets Including Goodwill | ' | ' |
Indefinite-lived intangible assets | 706,766 | 354,183 |
Total intangible assets, gross | 2,526,086 | 1,244,705 |
Total intangible assets, net | 2,223,673 | 1,075,865 |
Amortizable Intangible Liabilities | ' | ' |
Finite-lived intangible liabilities, gross | -183,204 | -123,835 |
Less: accumulated amortization | 21,845 | 12,344 |
Net amortizable intangible liabilities | -161,359 | -111,491 |
Indefinite Lived Intangible Liabilities | ' | ' |
Total intangible liabilities, gross | -199,915 | -140,546 |
Total intangible liabilities, net | -178,070 | -128,202 |
Below-market purchase options | ' | ' |
Indefinite Lived Intangible Liabilities | ' | ' |
Indefinite-lived intangible liabilities | -16,711 | -16,711 |
Below-market rent | ' | ' |
Amortizable Intangible Liabilities | ' | ' |
Finite-lived intangible liabilities, gross | -169,785 | -116,939 |
Less: accumulated amortization | 20,860 | 11,832 |
Net amortizable intangible liabilities | -148,925 | -105,107 |
Above-market ground lease | ' | ' |
Amortizable Intangible Liabilities | ' | ' |
Finite-lived intangible liabilities, gross | -13,419 | -6,896 |
Less: accumulated amortization | 985 | 512 |
Net amortizable intangible liabilities | -12,434 | -6,384 |
Goodwill | ' | ' |
Indefinite Lived Intangible Assets Including Goodwill | ' | ' |
Indefinite-lived intangible assets | 702,791 | 350,208 |
Trade name | ' | ' |
Indefinite Lived Intangible Assets Including Goodwill | ' | ' |
Indefinite-lived intangible assets | 3,975 | 3,975 |
Contracts including internal software development costs | ' | ' |
Amortizable Intangible Assets | ' | ' |
Finite lived intangible assets, gross | 46,752 | 36,020 |
Less: accumulated amortization | -32,777 | -32,395 |
Amortizable intangible assets | 13,975 | 3,625 |
Management contracts | ' | ' |
Amortizable Intangible Assets | ' | ' |
Finite lived intangible assets, gross | 32,765 | 32,765 |
Less: accumulated amortization | -32,765 | -32,395 |
Amortizable intangible assets | 0 | 370 |
Internal-use software development costs | ' | ' |
Amortizable Intangible Assets | ' | ' |
Finite lived intangible assets, gross | 13,987 | 3,255 |
Less: accumulated amortization | -12 | 0 |
Amortizable intangible assets | 13,975 | 3,255 |
Lease intangibles | ' | ' |
Amortizable Intangible Assets | ' | ' |
Finite lived intangible assets, gross | 1,772,568 | 854,502 |
Less: accumulated amortization | -269,636 | -136,445 |
Amortizable intangible assets | 1,502,932 | 718,057 |
In-place lease | ' | ' |
Amortizable Intangible Assets | ' | ' |
Finite lived intangible assets, gross | 1,101,405 | 551,737 |
Less: accumulated amortization | -166,397 | -84,610 |
Amortizable intangible assets | 935,008 | 467,127 |
Tenant relationship | ' | ' |
Amortizable Intangible Assets | ' | ' |
Finite lived intangible assets, gross | 6,230 | 6,247 |
Less: accumulated amortization | -1,778 | -1,656 |
Amortizable intangible assets | 4,452 | 4,591 |
Above-market rent | ' | ' |
Amortizable Intangible Assets | ' | ' |
Finite lived intangible assets, gross | 646,587 | 292,132 |
Less: accumulated amortization | -101,125 | -50,157 |
Amortizable intangible assets | 545,462 | 241,975 |
Below-market ground lease | ' | ' |
Amortizable Intangible Assets | ' | ' |
Finite lived intangible assets, gross | 18,346 | 4,386 |
Less: accumulated amortization | -336 | -22 |
Amortizable intangible assets | $18,010 | $4,364 |
Goodwill_and_Other_Intangibles6
Goodwill and Other Intangibles (Details 4) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Net Decrease in Lease Revenues | ' |
2014 (remainder) | $14,146 |
2015 | 55,529 |
2016 | 53,738 |
2017 | 50,318 |
2018 | 46,703 |
Thereafter | 176,103 |
Total | 396,537 |
Increase to Amortization/ Property Expenses | ' |
2014 (remainder) | 27,749 |
2015 | 110,442 |
2016 | 106,295 |
2017 | 102,432 |
2018 | 99,396 |
Thereafter | 512,697 |
Total | 959,011 |
Net | ' |
2014 (remainder) | 41,895 |
2015 | 165,971 |
2016 | 160,033 |
2017 | 152,750 |
2018 | 146,099 |
Thereafter | 688,800 |
Total | $1,355,548 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narratives) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2014 | |
CPA: 16 - Global | CPA: 16 - Global | Redeemable noncontrolling interest | Redeemable noncontrolling interest | Deferred acquisition fees receivable | Deferred acquisition fees receivable | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Subsequent Event | |
Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Revolving Credit Facility | |
Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Discontinued Operations | Discontinued Operations | Discontinued Operations | Discontinued Operations | Discontinued Operations | Discontinued Operations | Discontinued Operations | Discontinued Operations | ||||||||||||
Real Estate | Real Estate | Real Estate | Real Estate | Net investments in direct financing leases | Net investments in direct financing leases | Net investments in direct financing leases | Net investments in direct financing leases | Equity method investments | Equity method investments | Equity method investments | Equity method investments | Real Estate | Real Estate | Real Estate | Real Estate | ||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $225,800,000 |
Fair value inputs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lack of marketability | ' | ' | 30.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | 15.75% | 12.75% | 26.00% | 22.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA Multiple | ' | ' | 5 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gen and admin to assets ratio | 0.45% | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage adjusted unsecured spread | ' | ' | ' | ' | 3.55% | 1.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Illiquidity Adjustment | ' | ' | ' | ' | 1.00% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges on properties | ' | ' | ' | ' | ' | ' | $4,225,000 | $7,970,000 | $7,026,000 | $18,056,000 | $4,225,000 | $6,554,000 | $7,026,000 | $12,082,000 | $3,472,000 | $0 | $5,538,000 | $0 | $753,000 | $0 | $753,000 | $0 | $0 | $6,554,000 | $735,000 | $12,082,000 | $0 | $1,416,000 | $0 | $5,974,000 | $0 | $1,416,000 | $0 | $4,903,000 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Receivable, fair value | $20,983 | $0 |
Level 3 | Carrying Value | ' | ' |
Liabilities: | ' | ' |
Non-recourse debt | 2,702,133 | 1,492,410 |
Level 3 | Fair Value | ' | ' |
Liabilities: | ' | ' |
Non-recourse debt | 2,720,181 | 1,477,497 |
Level 3 | Notes Receivable | Carrying Value | ' | ' |
Assets: | ' | ' |
Receivable, fair value | 20,983 | 0 |
Level 3 | Notes Receivable | Fair Value | ' | ' |
Assets: | ' | ' |
Receivable, fair value | 19,988 | 0 |
Level 3 | Deferred acquisition fees receivable | Carrying Value | ' | ' |
Assets: | ' | ' |
Receivable, fair value | 19,585 | 19,684 |
Level 3 | Deferred acquisition fees receivable | Fair Value | ' | ' |
Assets: | ' | ' |
Receivable, fair value | 22,188 | 20,733 |
Level 2 | Senior Unsecured Notes | Carrying Value | ' | ' |
Liabilities: | ' | ' |
Non-recourse debt | 498,300 | 0 |
Level 2 | Senior Unsecured Notes | Fair Value | ' | ' |
Liabilities: | ' | ' |
Non-recourse debt | 518,523 | 0 |
Level 2 | Senior Unsecured Credit Facility | Carrying Value | ' | ' |
Liabilities: | ' | ' |
Lines of Credit, Fair Value Disclosure | 618,945 | 275,000 |
Level 2 | Senior Unsecured Credit Facility | Fair Value | ' | ' |
Liabilities: | ' | ' |
Lines of Credit, Fair Value Disclosure | 618,945 | 275,000 |
Level 2 | Unsecured Term Loan | Carrying Value | ' | ' |
Liabilities: | ' | ' |
Lines of Credit, Fair Value Disclosure | 0 | 300,000 |
Level 2 | Unsecured Term Loan | Fair Value | ' | ' |
Liabilities: | ' | ' |
Lines of Credit, Fair Value Disclosure | $0 | $300,000 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (Fair Value, Measurements, Nonrecurring, Level 3, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Impairment Disclosure | ' | ' | ' | ' |
Impairment charges on properties | $4,225 | $7,970 | $7,026 | $18,056 |
Continuing Operations | ' | ' | ' | ' |
Impairment Disclosure | ' | ' | ' | ' |
Impairment charges on properties | 4,225 | 6,554 | 7,026 | 12,082 |
Continuing Operations | Real Estate | ' | ' | ' | ' |
Impairment Disclosure | ' | ' | ' | ' |
Total fair value measurements | 6,665 | 0 | 6,665 | 0 |
Impairment charges on properties | 3,472 | 0 | 5,538 | 0 |
Continuing Operations | Net investments in direct financing leases | ' | ' | ' | ' |
Impairment Disclosure | ' | ' | ' | ' |
Total fair value measurements | 3,157 | 0 | 3,157 | 0 |
Impairment charges on properties | 753 | 0 | 753 | 0 |
Continuing Operations | Equity investments in real estate | ' | ' | ' | ' |
Impairment Disclosure | ' | ' | ' | ' |
Total fair value measurements | 0 | 4,350 | 0 | 4,350 |
Impairment charges on properties | 0 | 6,554 | 735 | 12,082 |
Discontinued Operations | ' | ' | ' | ' |
Impairment Disclosure | ' | ' | ' | ' |
Impairment charges on properties | 0 | 1,416 | 0 | 5,974 |
Discontinued Operations | Real Estate | ' | ' | ' | ' |
Impairment Disclosure | ' | ' | ' | ' |
Total fair value measurements | 0 | 9,468 | 0 | 16,376 |
Impairment charges on properties | 0 | 1,416 | 0 | 4,903 |
Discontinued Operations | Operating real estate | ' | ' | ' | ' |
Impairment Disclosure | ' | ' | ' | ' |
Total fair value measurements | ' | ' | 0 | 3,709 |
Impairment charges on properties | ' | ' | $0 | $1,071 |
Risk_Management_and_Use_of_Der2
Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
USD ($) | USD ($) | Interest expense | Other Income | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | Other Assets | Other Assets | Other Assets | Other Assets | Other Assets | Other Assets | Other Assets | Other Assets | Equity method investments | Equity method investments | Equity method investments | Equity method investments | CPA: 16 - Global | Euro | Euro | Revolving Credit Facility | Revolving Credit Facility | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Foreign currency contracts | Foreign currency contracts | Foreign currency contracts | Foreign currency contracts | Interest rate caps | Interest rate caps | Interest rate caps | Interest rate caps | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Level 3 | Cash Flow Hedging | Cash Flow Hedging | Euro | Euro | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Interest rate swap | Interest rate swap | Foreign currency contracts | Foreign currency contracts | CPA: 16 - Global | CPA: 16 - Global | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Foreign currency contracts | Foreign currency contracts | Interest rate caps | Interest rate caps | Stock warrants | Stock warrants | USD ($) | USD ($) | USD ($) | USD ($) | Other Assets | Interest rate caps | Interest rate cap two | USD ($) | EUR (€) | |||||||||
USD ($) | USD ($) | USD ($) | USD ($) | Interest rate swap | Foreign currency contracts | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Not Designated as Hedging Instrument | |||||||||||||||||||||||||||||
USD ($) | USD ($) | Stock warrants | |||||||||||||||||||||||||||||||||||||||||||
USD ($) | |||||||||||||||||||||||||||||||||||||||||||||
Footnote Details | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives in liability position | $14,581,000 | $21,812,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,097,000 | $2,734,000 | $451,000 | $7,083,000 | $2,000,000 | $1,200,000 | $9,033,000 | $11,995,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock warrants, fair value | 8,375,000 | 3,780,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 987,000 | 1,618,000 | 3,629,000 | 0 | 6,000 | 2,000 | 3,753,000 | 2,160,000 | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) | ' | ' | ' | ' | 16,075,000 | -4,065,000 | 11,321,000 | 771,000 | 689,000 | 16,000 | -928,000 | 3,669,000 | 15,372,000 | -4,058,000 | 12,256,000 | -2,885,000 | 14,000 | -23,000 | -7,000 | -13,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 300,000 | 500,000 | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | ' | ' | -324,000 | -642,000 | -2,511,000 | -1,493,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | -100,000 | -400,000 | -500,000 | ' | ' | ' | ' | ' |
Derivative instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | 1.10% | ' | ' |
Derivative, Cap Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | ' | ' |
Summary of Derivative Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amount reclassified from OCI to income, derivatives | ' | ' | 2,400,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total credit exposure on derivatives | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit exposure to any single counterparty | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives, net liability position | 15,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate termination value for immediate settlement | 16,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured credit facility and unsecured term loan | $618,945,000 | $575,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $226,400,000 | € 178,500,000 |
Risk_Management_and_Use_of_Der3
Risk Management and Use of Derivative Financial Instruments (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ' | ' |
Asset Derivatives Fair Value at | $8,375 | $3,780 |
Liability Derivatives Fair Value at | -14,581 | -21,812 |
Interest rate caps | Designated as Hedging Instrument | Other Assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives Fair Value at | 6 | 2 |
Stock warrants | Not Designated as Hedging Instrument | Other Assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives Fair Value at | 3,753 | 2,160 |
Foreign currency contracts | Designated as Hedging Instrument | Other Assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives Fair Value at | 3,629 | 0 |
Foreign currency contracts | Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Liability Derivatives Fair Value at | -451 | -7,083 |
Interest rate swap | Designated as Hedging Instrument | Other Assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives Fair Value at | 987 | 1,618 |
Interest rate swap | Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Liability Derivatives Fair Value at | -5,097 | -2,734 |
Interest rate swap | Not Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Liability Derivatives Fair Value at | ($9,033) | ($11,995) |
Risk_Management_and_Use_of_Der4
Risk Management and Use of Derivative Financial Instruments (Details 2) (Derivatives in Cash Flow Hedging Relationships, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) | $16,075 | ($4,065) | $11,321 | $771 |
Interest rate swap | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) | 689 | 16 | -928 | 3,669 |
Interest rate caps | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) | 14 | -23 | -7 | -13 |
Foreign currency contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) | $15,372 | ($4,058) | $12,256 | ($2,885) |
Risk_Management_and_Use_of_Der5
Risk Management and Use of Derivative Financial Instruments (Details 3) (Derivatives in Cash Flow Hedging Relationships, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ($324) | ($642) | ($2,511) | ($1,493) |
Interest rate swaps and caps | Interest expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -661 | -436 | -2,024 | -1,311 |
Foreign currency contracts | Other income and (expenses) | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $337 | ($206) | ($487) | ($182) |
Risk_Management_and_Use_of_Der6
Risk Management and Use of Derivative Financial Instruments (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Amount of Gain Recognized in Income on Derivatives | ' | ' | ' | ' |
Amount of Gain Recognized in Income on Derivatives | $1,275 | $881 | $2,126 | $4,571 |
Interest rate swap | Interest expense | ' | ' | ' | ' |
Amount of Gain Recognized in Income on Derivatives | ' | ' | ' | ' |
Amount of Gain Recognized in Income on Derivatives | 1,007 | 801 | 1,992 | 4,211 |
Stock warrants | Other income and (expenses) | ' | ' | ' | ' |
Amount of Gain Recognized in Income on Derivatives | ' | ' | ' | ' |
Amount of Gain Recognized in Income on Derivatives | $268 | $80 | $134 | $360 |
Risk_Management_and_Use_of_Der7
Risk Management and Use of Derivative Financial Instruments (Details 5) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | USD ($) | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships |
Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate caps | Interest rate caps | ||
Euro | Euro | USD ($) | Euro | Euro | Euro | Euro | ||
USD ($) | EUR (€) | instrument | USD ($) | EUR (€) | USD ($) | EUR (€) | ||
instrument | instrument | instrument | ||||||
Derivative Disclosure | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative number of instruments | ' | 3 | 3 | 14 | 2 | 2 | 2 | 2 |
Face Amount | ' | ' | € 108,048 | $130,298 | ' | € 8,225 | ' | € 107,554 |
Fair value | ($13,137) | ($9,033) | ' | ($2,957) | ($1,153) | ' | $6 | ' |
Risk_Management_and_Use_of_Der8
Risk Management and Use of Derivative Financial Instruments (Details 6) (Cash Flow Hedging) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | USD ($) | Forward contracts | Forward contracts | Forward contracts | Forward contracts |
Euro | Euro | GBP | GBP | ||
USD ($) | EUR (€) | USD ($) | GBP (£) | ||
instrument | instrument | ||||
Derivative Disclosure | ' | ' | ' | ' | ' |
Derivative number of instruments | ' | 72 | 72 | 17 | 17 |
Face Amount | ' | ' | € 163,500 | ' | £ 9,100 |
Fair value, foreign currency derivatives | $3,178 | $3,589 | ' | ($411) | ' |
Debt_Narratives_Details
Debt (Narratives) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Fixed interest rate | Variable interest rate | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Unsecured Term Loan | Non-Recourse Debt | Mortgage Loan | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | Merged Entities | Subsequent Event | |
USD ($) | USD ($) | USD | Euro | Euro | GBP | Moody's, Baa2 Rating | Standard & Poor's, BBB Rating | Maximum | Maximum | Maximum | Minimum | Minimum | Minimum | USD ($) | USD ($) | Maximum | Maximum | Minimum | Minimum | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Moody's, Baa2 Rating | Standard & Poor's, BBB Rating | USD ($) | USD ($) | USD ($) | USD ($) | Fixed interest rate | Variable interest rate | Unsecured Term Loan | USD ($) | Revolving Credit Facility | |||||||||
USD ($) | USD ($) | EUR (€) | USD ($) | Eurocurrency | Base Rate | Eurocurrency | Base Rate | Eurocurrency | Base Rate | Eurocurrency | Base Rate | loan | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||
loan | loan | ||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, covenant compliance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'We were in compliance with all of these covenants at September 30, 2014. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt scheduled to mature in 2016 | $623,740,000 | $623,740,000 | ' | $623,740,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt scheduled to mature in 2018 | 656,476,000 | 656,476,000 | ' | 656,476,000 | ' | ' | ' | ' | 368,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt scheduled to mature through 2038 | 1,429,879,000 | 1,429,879,000 | ' | 1,429,879,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.70% | 0.70% | ' | 0.93% | 0.00% | ' | ' | 1.95% | 0.95% | 1.00% | 0.00% | ' | ' | ' | 4.60% | 4.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt financing cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing amount | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 175,000,000 | ' | ' | ' | ' | 1,250,000,000 | ' | 625,000,000 | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured credit facility and unsecured term loan | 618,945,000 | 618,945,000 | ' | 618,945,000 | ' | 575,000,000 | ' | ' | ' | ' | 110,000,000 | 226,400,000 | 178,500,000 | 32,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | 765,000,000 | 618,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,000,000 | ' | ' | 170,000,000 | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,800,000 |
Repayments of senior credit facility | ' | ' | ' | 1,395,000,000 | 348,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share issued in public offering, shares | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, amount available in foreign currency | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available for swing line loan | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available for letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument borrowing capacity fee (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in maximum line of credit borrowing amount | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, available | ' | ' | ' | ' | ' | ' | ' | ' | 631,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum cash distribution, percent of Adjusted Funds from Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum cash distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | ' | ' | ' | ' | ' | ' |
Gain (Loss) on extinguishment of debt, net of tax | ' | ' | ' | 410,000 | -36,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,000,000 | ' | ' | ' | ' | ' | ' |
Loss in extinguishment of debt, discontinued operations | ' | 0 | 0 | 1,267,000 | -98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' |
Credit facility potential increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Unsecured Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of par value received for debt issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.64% | 99.64% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount (premium) | -3,976,000 | -3,976,000 | ' | -3,976,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 1,800,000 | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,700,000 | ' |
Debt instrument, effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.65% | 4.65% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, payment term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'ten-year term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, frequency of periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'semi-annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, call feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Senior Unsecured Notes can be redeemed at par within three months of maturity, or we can call the notes at any time for the principal, accrued interest and a make-whole amount based upon a rate of the ten-year U.S. Treasury yield plus 30 basis points. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, credit rating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Baa2 | 'BBB | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Baa2 | 'BBB- | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non Recourse Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral mortgage loan, carrying value | 3,500,000,000 | 3,500,000,000 | ' | 3,500,000,000 | ' | 1,900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan on real estate, minimum interest rate | ' | ' | ' | ' | ' | ' | 3.20% | 1.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan on real estate, maximum interest rate | ' | ' | ' | ' | ' | ' | 7.80% | 7.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date, range start | ' | ' | ' | 31-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date, range end | ' | ' | ' | 31-Dec-38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in exchange rate | 7.90% | 7.90% | ' | 7.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency exchange rate | 1.2687 | 1.2687 | ' | 1.2687 | ' | 1.3768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in value of balance sheet item due to foreign currency translation | ' | 55,096,000 | -17,675,000 | 52,140,000 | -13,017,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,200,000 | ' | ' | ' | ' | ' | ' | ' |
Carrying value of foreclosed property | 3,700,000 | 3,700,000 | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage debt associated with foreclosed debt | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000,000 | 161,900,000 | ' | ' | ' |
Mortgage loans on real estate, weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.30% | ' | 5.79% | 3.63% | ' | ' | ' |
Number of loans assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97 | 18 | ' | ' | ' |
Fair value market adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | ' | ' | ' | ' | ' |
Number of loans paid off in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' |
Prepayment of mortgage principal | ' | ' | ' | 216,065,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 216,100,000 | ' | ' | ' | ' | ' | ' |
Debt instrument remaining term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 4 months 24 days | ' | ' | ' | ' | ' | ' |
Payment for debt defeasance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,200,000 | ' | ' | ' | ' | ' | ' |
Proceeds from mortgage financing | ' | ' | ' | $12,330,000 | $113,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Details_1
Debt (Details 1) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Long-term Debt, by Maturity | ' |
2014 (remainder) | $130,334 |
2015 | 205,428 |
2016 | 623,740 |
2017 | 769,545 |
2018 | 656,476 |
Thereafter through 2038 (d) | 1,429,879 |
Long Term Debt Before Unamortized Discount | 3,815,402 |
Unamortized premium, net | 3,976 |
Total scheduled debt principal payments | $3,819,378 |
StockBased_Compensation_and_Eq2
Stock-Based Compensation and Equity (Narratives) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | |
Officers | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | Subsequent Event | Additional Paid-in Capital | |||||||
WPCI | Measurement period adjustment | Measurement period adjustment | Revolving Credit Facility | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | $7,979,000 | $7,852,000 | $22,979,000 | $25,430,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from stock based compensation expense | ' | ' | 0 | 17,300,000 | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free interest rate | ' | ' | ' | 0.65% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions expected volatility rate | ' | ' | ' | 25.89% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions expected volatility rate peer index | ' | ' | ' | 21.77% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions expected dividend rate | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of vested stock | ' | ' | ' | 24,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation, shares | 889,863 | 889,863 | ' | 889,863 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation obligation | 30,624,000 | 30,624,000 | ' | 30,624,000 | ' | 11,354,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock based compensation expense | 31,400,000 | 31,400,000 | ' | 31,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining term | ' | ' | ' | '1 year 8 months 1 day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised in period | 600,000 | ' | ' | 93,745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised during the period, aggregate intrinsic value | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of noncontrolling interests acquired | ' | ' | ' | ' | ' | ' | ' | 278,187,000 | 278,829,000 | 278,187,000 | -642,000 | 600,000 | ' | ' |
Stock options outstanding | 525,035 | 525,035 | ' | 525,035 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercisable | 453,324 | 453,324 | ' | 453,324 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share issued in public offering, shares | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, per share value | $0.00 | $0.00 | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
Share price | $64 | $64 | ' | $64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of shares in public offering | ' | ' | ' | 282,586,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 282,157,000 |
Distributions Declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions declared | ' | $0.94 | $0.86 | $2.73 | $2.52 | $3.39 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | 15-Oct-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minority interest ownership interest | ' | ' | ' | ' | ' | ' | 7.70% | ' | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest | 6,346,000 | 6,346,000 | ' | 6,346,000 | ' | 7,436,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $225,800,000 | ' |
StockBased_Compensation_and_Eq3
Stock-Based Compensation and Equity Stock-Based Compensation and Equity (Details 1) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Stock And RSU Awards | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | ' |
Nonvested, beginning balance - shares | 519,608 |
Granted - shares | 179,621 |
Vested - shares | -264,726 |
Forfeited - shares | -667 |
Adjustments - shares | 0 |
Nonvested, ending balance - shares | 433,836 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' |
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share) | $45.19 |
Granted, weighted average grant date fair value (in dollars per share) | $60.71 |
Vested, weighted average grant date fair value (in dollars per share) | $43.35 |
Forfeited, weighted average grant date fair value (in dollars per share) | $68.05 |
Adjustments, weighted average grant date fair value (in dollars per share) | $0 |
Nonvested, weighted average grant date fair value (in dollars per share) | $52.71 |
Performance Stock Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | ' |
Nonvested, beginning balance - shares | 1,220,720 |
Granted - shares | 89,653 |
Vested - shares | -881,388 |
Forfeited - shares | 0 |
Adjustments - shares | 448,811 |
Nonvested, ending balance - shares | 877,796 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' |
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share) | $28.28 |
Granted, weighted average grant date fair value (in dollars per share) | $76.05 |
Vested, weighted average grant date fair value (in dollars per share) | $15.04 |
Forfeited, weighted average grant date fair value (in dollars per share) | $0 |
Adjustments, weighted average grant date fair value (in dollars per share) | $55.91 |
Nonvested, weighted average grant date fair value (in dollars per share) | $32.06 |
StockBased_Compensation_and_Eq4
Stock-Based Compensation and Equity (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share | ' | ' | ' | ' |
Net income attributable to W. P. Carey | $27,337 | $18,506 | $206,252 | $75,854 |
Allocation of distribution equivalents paid on unvested RSUs and RSAs in excess of income | -113 | -139 | -849 | -570 |
Net Income - basic | 27,224 | 18,367 | 205,403 | 75,284 |
Income effect of dilutive securities, net of taxes | -8 | 128 | 74 | 77 |
Net Income - diluted | $27,216 | $18,495 | $205,477 | $75,361 |
Weighted average shares outstanding - basic | 100,282,082 | 68,397,176 | 96,690,675 | 68,719,264 |
Effect of dilutive securities | 848,366 | 1,003,649 | 1,038,306 | 1,127,056 |
Weighted average shares outstanding - diluted | 101,130,448 | 69,400,825 | 97,728,981 | 69,846,320 |
Anti-dilutive shares | 0 | 105,920 | 0 | 0 |
StockBased_Compensation_and_Eq5
Stock-Based Compensation and Equity (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | ' | ' | ' | ' | ' |
Balance - beginning of period | ' | ' | $7,436 | ' | ' |
Net income | -14 | 232 | 137 | 139 | ' |
Distributions | ' | ' | -15,270 | ' | -71,820 |
Change in other comprehensive income | -32 | -21 | -5 | 0 | ' |
Balance - end of period | 6,346 | ' | 6,346 | ' | 7,436 |
Redeemable Noncontrolling Interest | ' | ' | ' | ' | ' |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | ' | ' | ' | ' | ' |
Balance - beginning of period | ' | ' | 7,436 | 7,531 | 7,531 |
Redemption value adjustment | ' | ' | -306 | 0 | ' |
Net income | ' | ' | 137 | 139 | ' |
Distributions | ' | ' | -926 | -354 | ' |
Change in other comprehensive income | ' | ' | 5 | 0 | ' |
Balance - end of period | $6,346 | $7,316 | $6,346 | $7,316 | ' |
StockBased_Compensation_and_Eq6
Stock-Based Compensation and Equity (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Transfers to Noncontrolling Interest | ' | ' | ' | ' |
Net income attributable to W. P. Carey | $27,337 | $18,506 | $206,252 | $75,854 |
Transfers to noncontrolling interest | ' | ' | ' | ' |
Decrease in W. P. Carey’s additional paid-in capital for purchases of less-than-wholly-owned investments in connection with the CPA®:16 Merger (a) | ' | ' | -41,374 | 0 |
Net transfers to noncontrolling interest | ' | ' | -41,374 | 0 |
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest | ' | ' | $164,878 | $75,854 |
StockBased_Compensation_and_Eq7
Stock-Based Compensation and Equity (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reconciliation Of Accumulated Comprehensive Income | ' | ' | ' | ' |
Balance - beginning of period | $14,215 | ($2,984) | $15,336 | ($4,649) |
Other comprehensive (loss) income before reclassifications | -39,383 | 12,964 | -43,444 | 12,290 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 426 | 698 | 2,891 | 1,969 |
Net current period other comprehensive (loss) income | -38,957 | 13,662 | -40,553 | 14,259 |
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest | 3,471 | -2,052 | 3,946 | -984 |
Balance - end of period | -21,271 | 8,626 | -21,271 | 8,626 |
Interest expense | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 661 | 436 | 2,024 | 1,311 |
Other income and (expenses) | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | -337 | 206 | 487 | 182 |
Net income from equity investments in real estate and the Managed REITs | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 102 | 56 | 380 | 476 |
Gains and Losses on Derivative Instruments | ' | ' | ' | ' |
Reconciliation Of Accumulated Comprehensive Income | ' | ' | ' | ' |
Balance - beginning of period | -12,052 | -2,253 | -7,488 | -7,508 |
Other comprehensive (loss) income before reclassifications | 15,725 | -4,711 | 8,696 | -727 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 426 | 698 | 2,891 | 1,969 |
Net current period other comprehensive (loss) income | 16,151 | -4,013 | 11,587 | 1,242 |
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest | 0 | 0 | 0 | 0 |
Balance - end of period | 4,099 | -6,266 | 4,099 | -6,266 |
Gains and Losses on Derivative Instruments | Interest expense | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 661 | 436 | 2,024 | 1,311 |
Gains and Losses on Derivative Instruments | Other income and (expenses) | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | -337 | 206 | 487 | 182 |
Gains and Losses on Derivative Instruments | Net income from equity investments in real estate and the Managed REITs | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 102 | 56 | 380 | 476 |
Foreign Currency Translation Adjustments | ' | ' | ' | ' |
Reconciliation Of Accumulated Comprehensive Income | ' | ' | ' | ' |
Balance - beginning of period | 26,224 | -762 | 22,793 | 2,828 |
Other comprehensive (loss) income before reclassifications | -55,096 | 17,675 | -52,140 | 13,017 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Net current period other comprehensive (loss) income | -55,096 | 17,675 | -52,140 | 13,017 |
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest | 3,471 | -2,052 | 3,946 | -984 |
Balance - end of period | -25,401 | 14,861 | -25,401 | 14,861 |
Foreign Currency Translation Adjustments | Interest expense | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Foreign Currency Translation Adjustments | Other income and (expenses) | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Foreign Currency Translation Adjustments | Net income from equity investments in real estate and the Managed REITs | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Gains and Losses on Marketable Securities | ' | ' | ' | ' |
Reconciliation Of Accumulated Comprehensive Income | ' | ' | ' | ' |
Balance - beginning of period | 43 | 31 | 31 | 31 |
Other comprehensive (loss) income before reclassifications | -12 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Net current period other comprehensive (loss) income | -12 | 0 | 0 | 0 |
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest | 0 | 0 | 0 | 0 |
Balance - end of period | 31 | 31 | 31 | 31 |
Gains and Losses on Marketable Securities | Interest expense | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Gains and Losses on Marketable Securities | Other income and (expenses) | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Gains and Losses on Marketable Securities | Net income from equity investments in real estate and the Managed REITs | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) to: | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income (loss) | $0 | $0 | $0 | $0 |
Income_Taxes_Narratives_Detail
Income Taxes (Narratives) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 06, 2014 |
In Millions, unless otherwise specified | Maximum | Minimum | Business combination | |
Office building in Stavanger, Norway | ||||
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Deferred tax liability | ' | ' | ' | $14.60 |
Unrecognized tax benefits | $1.60 | ' | ' | ' |
Income Tax Disclosures | ' | ' | ' | ' |
Open tax years by major jurisdictions | ' | '2014 | '2008 | ' |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reconciliation of total provision for income taxes | ' | ' | ' | ' |
Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests | ' | ' | $184,191 | $77,859 |
Pre-tax income attributable to pass-through subsidiaries | ' | ' | -177,077 | -88,155 |
Pre-tax income (loss) attributable to taxable subsidiaries | ' | ' | 7,114 | -10,296 |
Federal provision at statutory tax rate (35%) | ' | ' | 2,490 | -3,604 |
State and local taxes, net of federal benefit | ' | ' | 775 | -1,122 |
Recognition of deferred revenue as a result of the CPA®:16 Merger | ' | ' | 4,848 | 0 |
Amortization of intangible assets | ' | ' | 0 | 23 |
Interest | ' | ' | 1,739 | 0 |
Other | ' | ' | 904 | -209 |
Tax provision - taxable subsidiaries | ' | ' | 10,756 | -4,912 |
Deferred foreign tax benefit (b) | ' | ' | -6,767 | -145 |
Current foreign taxes | ' | ' | 5,553 | 7,889 |
Other state and local taxes | ' | ' | 1,633 | 218 |
Income tax expense from continuing operations | $901 | $5,391 | $11,175 | $3,050 |
Effective Income Tax Rate Reconciliation, Percent | ' | ' | ' | ' |
Income tax rate - federal | ' | ' | 35.00% | 35.00% |
Income tax rate - state and local | ' | ' | 10.90% | 10.90% |
Income tax rate - deferred revenue | ' | ' | 68.10% | 0.00% |
Income tax rate - amortization of intangible assets | ' | ' | 0.00% | -0.20% |
Income tax rate - interest | ' | ' | 24.40% | 0.00% |
Income tax rate - other | ' | ' | 12.70% | 2.00% |
Income tax rate - total | ' | ' | 151.10% | 47.70% |
Property_Dispositions_and_Disc2
Property Dispositions and Discontinued Operations (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
property | Hotel | Hotel | Land | Manufacturing facility | Previous Tenant | Third Party Purchaser | Jointly Owned Investments | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | Assets held-for-sale | Assets held-for-sale | Assets held-for-sale | Assets held-for-sale | Assets held-for-sale | Assets held-for-sale | Assets held-for-sale | CPA: 15 | Affiliate | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | |||||
Manufacturing facility | Manufacturing facility | CPA: 16 - Global | property | property | property | CPA: 16 - Global | Jointly Owned Investments | Jointly Owned Investments | property | property | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | |||||||||||||||||||||||
property | ||||||||||||||||||||||||||||||||||||||
Discontinued Operation Additional Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $195,945,000 | $132,592,000 | $657,861,000 | ' | $350,843,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000 | $6,300,000 | $2,600,000 | ' | ' | ' | ' | $164,212,000 | $79,810,000 | $476,018,000 | $233,951,000 | ' | ' | ' | ' | ' | $107,799,000 | $54,953,000 | $314,911,000 | $162,784,000 | ' |
Net Income attributable to W. P. Carey | 27,337,000 | 18,506,000 | 206,252,000 | ' | 75,854,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 300,000 | 1,700,000 | 1,100,000 | ' | ' | ' | ' | 28,687,000 | 13,695,000 | 201,844,000 | 73,494,000 | ' | ' | ' | ' | ' | 13,731,000 | 12,954,000 | 184,678,000 | 66,397,000 | ' |
Number of properties held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 3 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 7 | ' | ' | ' | ' | ' | ' |
Assets held for sale | 0 | ' | 0 | 86,823,000 | ' | ' | ' | ' | ' | ' | ' | ' | 133,415,000 | 132,951,000 | 133,415,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the sale of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 116,400,000 | ' | ' | 123,400,000 | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | 40,600,000 | 22,700,000 | ' | ' | ' | ' | ' | ' |
Proceeds from sale of land | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse debt | 2,702,133,000 | ' | 2,702,133,000 | 1,492,410,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,768,288,000 | 1,768,288,000 | 1,768,288,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,702,133,000 | ' | 2,702,133,000 | ' | 1,492,410,000 | 6,000,000 | ' | ' | ' | 1,633,872,000 | ' | 1,633,872,000 | ' | 874,035,000 |
Gain (loss) on the sale of real estate | ' | ' | 24,188,000 | ' | 290,000 | ' | ' | 300,000 | -8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,000,000 | ' | ' | -300,000 | ' | ' | ' | ' | ' | ' | ' | 100,000 | -3,800,000 | 600,000 | ' | ' | ' | ' | ' | ' |
Impairment recognized on asset to be disposed | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | 200,000 | ' | ' | ' | ' | ' |
Payment of mortgage obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | 18,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | ' | ' | ' | ' | ' | ' |
Gain (Loss) on extinguishment of debt, net of tax | ' | ' | 410,000 | ' | -36,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | ' | ' | -1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Goodwill allocation adjustment | ' | ' | 2,743,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,743,000 | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' |
Contract selling price | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract termination income | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,400,000 | $1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Jointly owned investments, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties sold or reclassified during the period | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Dispositions_and_Disc3
Property Dispositions and Discontinued Operations (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | ' | ' | ' | ' |
Revenues | $377 | $6,946 | $8,586 | $25,094 |
Expenses | -142 | -5,391 | -1,928 | -17,382 |
(Loss) gain on extinguishment of debt | 0 | 0 | -1,267 | 98 |
Gain on sale of real estate | 0 | 239 | 27,672 | 622 |
Impairment charges | 0 | -1,416 | 0 | -6,366 |
Income from discontinued operations | $235 | $378 | $33,063 | $2,066 |
Segment_Reporting_Narratives_D
Segment Reporting (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of business segments | ' | ' | 2 | ' |
Segment Reporting Information Profit Loss | ' | ' | ' | ' |
Operating expenses | $128,219 | $91,625 | $461,188 | $247,630 |
Reimbursable tenant and affiliate costs | 20,993 | 26,883 | 114,413 | 60,475 |
Reimbursable costs from affiliates | 14,722 | 23,259 | 96,379 | 50,694 |
Stock-based compensation expense | 7,979 | 7,852 | 22,979 | 25,430 |
Real Estate Ownership | ' | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' | ' |
Operating expenses | 94,227 | 45,298 | 294,572 | 127,790 |
Investment Management | ' | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' | ' |
Operating expenses | 33,992 | 46,327 | 166,616 | 119,840 |
Reimbursable tenant and affiliate costs | 14,700 | 23,300 | 96,400 | 50,700 |
Stock-based compensation expense | 7,700 | 7,600 | 22,300 | 24,100 |
CPA: 16 - Global | Real Estate Ownership | ' | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' | ' |
Operating expenses | ' | ' | $30,400 | ' |
Segment_Reporting_Details_1
Segment Reporting (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information Profit Loss | ' | ' | ' | ' |
Revenues | $195,945 | $132,592 | $657,861 | $350,843 |
Operating expenses | -128,219 | -91,625 | -461,188 | -247,630 |
Interest expense | -46,534 | -26,262 | -133,342 | -77,596 |
Other, net | 7,530 | 11,958 | 129,566 | 59,004 |
Provision for income taxes | -901 | -5,391 | -11,175 | -3,050 |
Gain (loss) on sale of real estate, net of tax | 260 | 0 | -3,482 | -332 |
Net income attributable to noncontrolling interests | -993 | -2,912 | -4,914 | -7,312 |
Net income (loss) attributable to noncontrolling interests of discontinued operations | 5 | 413 | -173 | 1,021 |
Net loss (income) attributable to redeemable noncontrolling interests | 14 | -232 | -137 | -139 |
Income from continuing operations attributable to W. P. Carey | 27,107 | 18,541 | 173,016 | 74,809 |
Real Estate Ownership | ' | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' | ' |
Revenues | 164,212 | 79,810 | 476,018 | 233,951 |
Operating expenses | -94,227 | -45,298 | -294,572 | -127,790 |
Interest expense | -46,534 | -26,262 | -133,342 | -77,596 |
Other, net | 7,370 | 11,713 | 129,573 | 58,231 |
Provision for income taxes | -1,872 | -3,689 | -944 | -7,260 |
Gain (loss) on sale of real estate, net of tax | 260 | 0 | -3,482 | -332 |
Net income attributable to noncontrolling interests | -757 | -2,957 | -4,470 | -7,776 |
Net income (loss) attributable to noncontrolling interests of discontinued operations | 5 | 413 | -173 | 1,021 |
Income from continuing operations attributable to W. P. Carey | 28,457 | 13,730 | 168,608 | 72,449 |
Investment Management | ' | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' | ' |
Revenues | 31,733 | 52,782 | 181,843 | 116,892 |
Operating expenses | -33,992 | -46,327 | -166,616 | -119,840 |
Other, net | 160 | 245 | -7 | 773 |
Provision for income taxes | 971 | -1,702 | -10,231 | 4,210 |
Net income attributable to noncontrolling interests | -236 | 45 | -444 | 464 |
Net loss (income) attributable to redeemable noncontrolling interests | 14 | -232 | -137 | -139 |
Income from continuing operations attributable to W. P. Carey | ($1,350) | $4,811 | $4,408 | $2,360 |
Segment_Reporting_Details_2
Segment Reporting (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Long-lived assets | $5,469,846 | $3,333,654 |
Total assets | 8,501,449 | 4,678,950 |
Real Estate Ownership | ' | ' |
Assets | ' | ' |
Long-lived assets | 5,469,846 | 3,333,654 |
Total assets | 8,146,004 | 4,537,853 |
Investment Management | ' | ' |
Assets | ' | ' |
Long-lived assets | 0 | 0 |
Total assets | $355,445 | $141,097 |
Segment_Reporting_Details_3
Segment Reporting (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Germany | Germany | Germany | Germany | Germany | Other International | Other International | Other International | Other International | Other International | ||||||
Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | ||||||||||||
Segment Reporting Information Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $195,945 | $132,592 | $657,861 | $350,843 | ' | $164,212 | $79,810 | $476,018 | $233,951 | ' | ' | $107,799 | $54,953 | $314,911 | $162,784 | ' | $19,663 | $5,132 | $54,767 | $14,957 | ' | $36,750 | $19,725 | $106,340 | $56,210 | ' |
Income from continuing operations (a) | ' | ' | ' | ' | ' | 30,821 | 19,963 | 177,677 | 86,796 | ' | ' | 15,146 | 14,087 | 160,238 | 71,411 | ' | 6,341 | 5,197 | -656 | 12,492 | ' | 9,334 | 679 | 18,095 | 2,893 | ' |
Net income attributable to noncontrolling interests | -993 | -2,912 | -4,914 | -7,312 | ' | -757 | -2,957 | -4,470 | -7,776 | ' | ' | -543 | -3,209 | -2,781 | -8,019 | ' | -88 | -460 | -1,760 | -1,934 | ' | -126 | 712 | 71 | 2,177 | ' |
Net Income attributable to W. P. Carey | 27,337 | 18,506 | 206,252 | 75,854 | ' | 28,687 | 13,695 | 201,844 | 73,494 | ' | ' | 13,731 | 12,954 | 184,678 | 66,397 | ' | 7,089 | 3,683 | -720 | 8,967 | ' | 7,867 | -2,942 | 17,886 | -1,870 | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | 5,469,846 | ' | 5,469,846 | ' | 3,333,654 | 5,469,846 | ' | 5,469,846 | ' | 3,333,654 | ' | 3,772,632 | ' | 3,772,632 | ' | 2,172,549 | 622,164 | ' | 622,164 | ' | 314,423 | 1,075,050 | ' | 1,075,050 | ' | 846,682 |
Non-recourse debt | $2,702,133 | ' | $2,702,133 | ' | $1,492,410 | $2,702,133 | ' | $2,702,133 | ' | $1,492,410 | $6,000 | $1,633,872 | ' | $1,633,872 | ' | $874,035 | $336,396 | ' | $336,396 | ' | $76,222 | $731,865 | ' | $731,865 | ' | $542,153 |
Subsequent_Events_Narratives_D
Subsequent Events (Narratives) (Details) (Subsequent Event, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2014 |
Subsequent Events | ' |
Investment purchase price | $225.60 |
Revolving Credit Facility | ' |
Subsequent Events | ' |
Repayment of debt | $225.80 |