Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 19, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | W. P. Carey Inc. | ||
Entity Central Index Key | 1025378 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 105,186,095 | ||
Entity Public Float | $6.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in real estate: | ||
Real estate, at cost (inclusive of $184,417 and $78,782, respectively, attributable to variable interest entities, or VIEs) | $5,006,682 | $2,516,325 |
Operating real estate, at cost (inclusive of $38,714 and $0, respectively, attributable to VIEs) | 84,885 | 6,024 |
Accumulated depreciation (inclusive of $19,982 and $18,238, respectively, attributable to VIEs) | -258,493 | -168,958 |
Net investments in properties | 4,833,074 | 2,353,391 |
Net investments in direct financing leases (inclusive of $61,609 and $18,089, respectively, attributable to VIEs) | 816,226 | 363,420 |
Assets held for sale | 7,255 | 86,823 |
Net investments in real estate | 5,656,555 | 2,803,634 |
Cash and cash equivalents (inclusive of $2,652 and $37, respectively, attributable to VIEs) | 198,683 | 117,519 |
Equity investments in real estate, the Managed REITs and BDC | 249,403 | 530,020 |
Due from affiliates | 34,477 | 32,034 |
Goodwill | 692,415 | 350,208 |
In-place lease and tenant relationship intangible assets, net (inclusive of $21,267 and $3,385, respectively, attributable to VIEs) | 993,819 | 471,719 |
Above-market rent intangible assets, net (inclusive of $13,767 and $2,544, respectively, attributable to VIEs) | 522,797 | 241,975 |
Other assets, net (inclusive of $18,603 and $4,246, respectively, attributable to VIEs) | 289,179 | 131,841 |
Total assets | 8,637,328 | 4,678,950 |
Liabilities: | ||
Non-recourse debt, net (inclusive of $125,226 and $29,042, respectively, attributable to VIEs) | 2,532,683 | 1,492,410 |
Senior credit facilities – revolver | 807,518 | 100,000 |
Senior credit facilities – term loan | 250,000 | 475,000 |
Senior unsecured notes, net | 498,345 | 0 |
Below-market rent and other intangible liabilities, net (inclusive of $9,305 and $3,481, respectively, attributable to VIEs) | 175,070 | 128,202 |
Accounts payable, accrued expenses and other liabilities (inclusive of $5,573 and $2,988, respectively, attributable to VIEs) | 293,846 | 166,385 |
Deferred income taxes (inclusive of $587 and $0, respectively, attributable to VIEs) | 82,982 | 39,040 |
Distributions payable | 100,078 | 67,746 |
Total liabilities | 4,740,522 | 2,468,783 |
Redeemable noncontrolling interest | 6,071 | 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; 105,085,069 and 69,299,949 shares issued, respectively; and 104,040,653 and 68,266,570 shares outstanding, respectively | 105 | 69 |
Additional paid-in capital | 4,322,273 | 2,256,503 |
Distributions in excess of accumulated earnings | -465,606 | -318,577 |
Deferred compensation obligation | 30,624 | 11,354 |
Accumulated other comprehensive (loss) income | -75,559 | 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 | 3,750,889 | 1,904,415 |
Noncontrolling interests | 139,846 | 298,316 |
Total equity | 3,890,735 | 2,202,731 |
Total liabilities and equity | $8,637,328 | $4,678,950 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Investments in real estate: | ||
Real estates, at cost attributable to consolidated VIEs | $5,006,682 | $2,516,325 |
Operating real estate, attributable to consolidated VIEs | 84,885 | 6,024 |
Accumulated depreciation attributable to consolidated VIEs | 258,493 | 168,958 |
Net investments in direct financing leases | 816,226 | 363,420 |
Cash and cash equivalents attributable to consolidated VIEs | 198,683 | 117,519 |
In-place lease and tenant relationships attributable to consolidated VIEs | 993,819 | 471,719 |
Above-market rent, net attributable to consolidated VIEs | 522,797 | 241,975 |
Other assets, net attributable to consolidated VIEs | 289,179 | 131,841 |
Liabilities: | ||
Non-recourse debt | 2,532,683 | 1,492,410 |
Below-market rent and other intangible liabilities attributable to consolidated VIEs | 175,070 | 128,202 |
Accounts payable, accrued expenses, and other liabilities attributable to consolidated VIEs | 293,846 | 166,385 |
Deferred income taxes attributable to VIEs | 82,982 | 39,040 |
W. P. Carey stockholders’ equity: | ||
Preferred stock, par share value | $0.00 | $0.00 |
Preferred stock, share authorized | 50,000,000 | 50,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, per share value | $0.00 | $0.00 |
Common stock, authorized | 450,000,000 | 450,000,000 |
Common stock, issued | 105,085,069 | 69,299,949 |
Common stock, outstanding | 104,040,653 | 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 | 184,417 | 78,782 |
Operating real estate, attributable to consolidated VIEs | 38,714 | 0 |
Accumulated depreciation attributable to consolidated VIEs | 19,982 | 18,238 |
Net investments in direct financing leases | 61,609 | 18,089 |
Cash and cash equivalents attributable to consolidated VIEs | 2,652 | 37 |
In-place lease and tenant relationships attributable to consolidated VIEs | 21,267 | 3,385 |
Above-market rent, net attributable to consolidated VIEs | 13,767 | 2,544 |
Other assets, net attributable to consolidated VIEs | 18,603 | 4,246 |
Liabilities: | ||
Non-recourse debt | 125,226 | 29,042 |
Below-market rent and other intangible liabilities attributable to consolidated VIEs | 9,305 | 3,481 |
Accounts payable, accrued expenses, and other liabilities attributable to consolidated VIEs | 5,573 | 2,988 |
Deferred income taxes attributable to VIEs | $587 | $0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real estate revenues: | |||
Lease revenues | $573,829 | $299,624 | $119,296 |
Operating property revenues | 28,913 | 956 | 925 |
Reimbursable tenant costs | 24,862 | 13,314 | 7,468 |
Lease termination income and other | 15,526 | 2,071 | 1,492 |
Total real estate revenue | 643,130 | 315,965 | 129,181 |
Revenues from the Managed REITS: | |||
Reimbursable costs | 130,212 | 73,572 | 98,245 |
Structuring revenue | 71,256 | 46,589 | 48,355 |
Asset management revenue | 38,063 | 42,670 | 56,666 |
Dealer manager fees | 23,532 | 10,856 | 19,914 |
Incentive, termination and subordinated disposition revenue | 0 | 199 | 0 |
Revenues from managed REITs | 263,063 | 173,886 | 223,180 |
Total revenues | 906,193 | 489,851 | 352,361 |
Operating Expenses | |||
Depreciation and amortization | 237,123 | 121,822 | 44,427 |
Reimbursable tenant and affiliate costs | 155,074 | 86,886 | 105,713 |
General and administrative | 91,588 | 67,063 | 68,854 |
Property expenses, excluding reimbursable tenant costs | 37,725 | 8,082 | 4,555 |
Merger and property acquisition expenses | 34,465 | 9,230 | 31,639 |
Stock-based compensation expense | 31,075 | 37,195 | 26,052 |
Impairment charges | 23,067 | 5,294 | 0 |
Dealer manager fees and expenses | 21,760 | 13,028 | 17,787 |
Subadvisor fees | 5,501 | 4,106 | 464 |
Total operating expenses | 637,378 | 352,706 | 299,491 |
Other Income and Expenses | |||
Interest expense | -178,122 | -103,728 | -46,448 |
Gain on change in control of interests | 105,947 | 0 | 20,744 |
Equity in earnings of equity method investments in real estate and the Managed REITs | 44,116 | 52,731 | 62,392 |
Other income and (expenses) | -11,977 | 9,421 | 2,389 |
Total other income and expenses | -40,036 | -41,576 | 39,077 |
Income from continuing operations before income taxes and gain (loss) on sale of real estate | 228,779 | 95,569 | 91,947 |
Provision for income taxes | -17,609 | -1,252 | -6,772 |
Income from continuing operations before gain (loss) on sale of real estate | 211,170 | 94,317 | 85,175 |
Income (loss) from discontinued operations, net of tax | 33,318 | 38,180 | -24,735 |
Gain (loss) on sale of real estate, net of tax | 1,581 | -332 | 2,339 |
Net Income | 246,069 | 132,165 | 62,779 |
Net income attributable to noncontrolling interests | -6,385 | -32,936 | -607 |
Net loss (income) attributable to redeemable noncontrolling interest | 142 | -353 | -40 |
Net Income Attributable to W. P. Carey | 239,826 | 98,876 | 62,132 |
Basic Earnings Per Share | |||
Income from continuing operations attributable to W. P. Carey | $2.08 | $1.22 | $1.83 |
Income (loss) from discontinued operations attributable to W. P. Carey | $0.34 | $0.21 | ($0.53) |
Net Income Attributable to W. P. Carey | $2.42 | $1.43 | $1.30 |
Diluted Earnings Per Share | |||
Income from continuing operations attributable to W. P. Carey | $2.06 | $1.21 | $1.80 |
Income (loss) from discontinued operations attributable to W. P. Carey | $0.33 | $0.20 | ($0.52) |
Net Income Attributable to W. P. Carey | $2.39 | $1.41 | $1.28 |
Weighted-Average Shares Outstanding | |||
Basic | 98,764,164 | 68,691,046 | 47,389,460 |
Diluted | 99,827,356 | 69,708,008 | 48,078,474 |
Amounts Attributable to W. P. Carey | |||
Income from continuing operations, net of tax | 206,329 | 84,637 | 87,571 |
Income (loss) from discontinued operations, net of tax | 33,497 | 14,239 | -25,439 |
Net Income Attributable to W. P. Carey | $239,826 | $98,876 | $62,132 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $246,069 | $132,165 | $62,779 |
Other Comprehensive (Loss) Income | |||
Foreign currency translation adjustments | -117,938 | 21,835 | 7,809 |
Realized and unrealized gain (loss) on derivative instruments | 21,085 | 20 | -2,262 |
Change in unrealized loss on marketable securities | -10 | 0 | -7 |
Net current period other comprehensive income (loss) | -96,863 | 21,855 | 5,540 |
Comprehensive Income | 149,206 | 154,020 | 68,319 |
Amounts Attributable to Noncontrolling Interests | |||
Net income attributable to noncontrolling interests | -6,385 | -32,936 | -607 |
Foreign currency translation adjustments | 5,977 | -1,883 | -1,676 |
Comprehensive income attributable to noncontrolling interests | -408 | -34,819 | -2,283 |
Amounts Attributable to Redeemable Noncontrolling Interest | |||
Net loss (income) attributable to redeemable noncontrolling interest | 142 | -353 | -40 |
Foreign currency translation adjustments | -9 | 13 | -6 |
Comprehensive loss (income) attributable to redeemable noncontrolling interest | 133 | -340 | -46 |
Comprehensive Income Attributable to W. P. Carey | $148,931 | $118,861 | $65,990 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | No Par Value Common Stock | $0.001 Par Value Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Deferred Compensation Obligation | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total W.P. Carey Members | Noncontrolling interest |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance - beginning of period at Dec. 31, 2011 | $716,402 | $779,071 | ($95,046) | $7,063 | ($8,507) | $682,581 | $33,821 | |||
Beginning equity balance - shares at Dec. 31, 2011 | 39,729,018 | |||||||||
W.P. Carey Stockholders | ||||||||||
Exchange of shares of W. P. Carey & Co. LLC shares for shares of W.P.Carey Inc. in connection with merger, value | 0 | 40 | -40 | 0 | ||||||
Exchange of shares of W. P. Carey & Co. LLC shares for shares of W.P.Carey Inc. in connection with the merger, shares | -39,834,827 | 39,834,827 | ||||||||
Shares issued to stockholders in connection with the merger, value | 1,380,361 | 28 | 1,380,333 | 1,380,361 | ||||||
Shares issued to stockholders in connection with the merger, shares | 28,170,643 | |||||||||
Shares issued in public offering, value | 0 | |||||||||
Purchase of noncontrolling interest | 237,359 | -154 | -154 | 237,513 | ||||||
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 | 1,553 | 1,553 | 1,553 | |||||||
Exercise of stock options and employee purchase under the employee share purchase plan, shares | 30,993 | 13,768 | ||||||||
Cash proceeds on issuance of shares to third party, value | 45,000 | 1 | 44,999 | 45,000 | ||||||
Cash proceeds on issuance of shares to third party, shares | 937,500 | |||||||||
Grants issued in connection with services rendered, value | 0 | 0 | ||||||||
Grants issued in connection with services rendered, shares | 427,425 | 3,822 | ||||||||
Shares issued under share incentive plans, value | 646 | 646 | 646 | |||||||
Shares issued under share incentive plans, shares | 238,728 | 27,044 | ||||||||
Contributions from noncontrolling interest | 3,291 | 0 | 3,291 | |||||||
Windfall tax benefits - share incentive plan | 10,185 | 10,185 | 10,185 | |||||||
Forfeitures of shares - value | 0 | 0 | ||||||||
Forfeitures of shares - shares | -29,919 | |||||||||
Amortization of stock-based compensation expense | 26,038 | 25,067 | 971 | 26,038 | ||||||
Redemption value adjustment | -840 | -840 | -840 | |||||||
Distributions to noncontrolling interests | -6,649 | -6,649 | ||||||||
Distributions declared | -138,944 | -139,268 | 324 | -138,944 | ||||||
Purchase of treasury stock from related party, value | -45,270 | -45,270 | -45,270 | |||||||
Purchase of treasury stock from related parties, shares | -561,418 | -416,408 | ||||||||
Cancellation of shares, value | -25,000 | 25,000 | ||||||||
Cancellation of shares, shares | -85,671 | |||||||||
Net income | 62,739 | 62,132 | 62,132 | 607 | ||||||
Other comprehensive income (loss): | ||||||||||
Foreign currency translation adjustments | 7,721 | 6,127 | 6,127 | 1,594 | ||||||
Realized and unrealized loss on derivative instruments | -2,262 | -2,262 | -2,262 | |||||||
Change in unrealized depreciation on marketable securities | -7 | -7 | -7 | |||||||
Balance - end 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 | |
Ending equity balance - shares at Dec. 31, 2012 | 0 | 68,485,525 | ||||||||
W.P. Carey Stockholders | ||||||||||
Shares issued in public offering, value | 0 | |||||||||
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, value | 0 | 0 | ||||||||
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 | 0 | 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 parties, 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 loss 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 | 0 | 68,266,570 | |||||||
W.P. Carey Stockholders | ||||||||||
Shares issued to stockholders in connection with the merger, value | 1,815,521 | 31 | 1,815,490 | 1,815,521 | ||||||
Shares issued to stockholders in connection with the merger, shares | 30,729,878 | |||||||||
Shares issued in public offering, value | 282,162 | 5 | 282,157 | 282,162 | ||||||
Shares issued in public offering, shares | 4,600,000 | |||||||||
Purchase of the remaining interests in less-than-wholly-owned investments that we already consolidate in connection merger | -280,936 | -41,374 | -41,374 | -239,562 | ||||||
Purchase of noncontrolling interest | 99,757 | 99,757 | ||||||||
Exercise of stock options and employee purchase under the employee share purchase plan, value | 1,890 | 1,890 | 1,890 | |||||||
Exercise of stock options and employee purchase under the employee share purchase plan, shares | 39,655 | |||||||||
Grants issued in connection with services rendered, value | -15,737 | -15,737 | -15,737 | |||||||
Grants issued in connection with services rendered, shares | 368,347 | |||||||||
Shares issued under share incentive plans, value | -1,428 | -1,428 | -1,428 | |||||||
Shares issued under share incentive plans, shares | 47,240 | |||||||||
Deferral of vested shares | 0 | -15,428 | 15,428 | 0 | ||||||
Contributions from noncontrolling interest | 570 | 570 | ||||||||
Windfall tax benefits - share incentive plan | 5,641 | 5,641 | 5,641 | |||||||
Amortization of stock-based compensation expense | 31,075 | 31,075 | 31,075 | |||||||
Redemption value adjustment | 306 | 306 | 306 | |||||||
Distributions to noncontrolling interests | -19,719 | -19,719 | ||||||||
Distributions declared | -379,835 | 3,178 | -386,855 | 3,842 | -379,835 | |||||
Purchase of treasury stock from related party, value | -678 | -678 | -678 | |||||||
Purchase of treasury stock from related parties, shares | -11,037 | |||||||||
Foreign currency translation | 76 | 76 | ||||||||
Net income | 246,211 | 239,826 | 239,826 | 6,385 | ||||||
Other comprehensive income (loss): | ||||||||||
Foreign currency translation adjustments | -117,947 | -111,970 | -111,970 | -5,977 | ||||||
Realized and unrealized loss on derivative instruments | 21,085 | 21,085 | 21,085 | |||||||
Change in unrealized depreciation on marketable securities | -10 | -10 | -10 | |||||||
Balance - end of period at Dec. 31, 2014 | $3,890,735 | $105 | $4,322,273 | ($465,606) | $30,624 | ($75,559) | ($60,948) | $3,750,889 | $139,846 | |
Ending equity balance - shares at Dec. 31, 2014 | 104,040,653 | 0 | 104,040,653 |
Consolidated_Statement_of_Equi1
Consolidated Statement of Equity (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Per shares distributions declared | $0.95 | $0.94 | $0.90 | $0.90 | $0.98 | $0.86 | $0.84 | $0.82 | $3.69 | $3.39 | $2.44 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows — Operating Activities | |||
Net income | $246,069 | $132,165 | $62,779 |
Adjustments to net income: | |||
Depreciation and amortization, including intangible assets and deferred financing costs | 248,549 | 140,316 | 55,114 |
Gain on change in control of interests | -105,947 | 0 | -20,794 |
Straight-line rent and amortization of rent-related intangibles | 44,843 | 21,333 | 2,831 |
Management and disposition income received in shares of Managed REITs and other | -39,866 | -33,572 | -28,477 |
Stock-based compensation expense | 31,075 | 37,195 | 26,038 |
(Gain) loss on sale of real estate | -29,250 | -39,711 | 2,773 |
Impairment charges | 23,067 | 13,709 | 22,962 |
Unrealized loss (gain) on derivatives and other | 3,246 | -7,529 | -1,861 |
Equity in earnings of equity method investments in real estate and the Managed REITs in excess of distributions received | -1,307 | -10,177 | -17,271 |
Amortization of deferred revenue | -786 | -9,436 | -9,436 |
Realized (gain) loss on extinguishment of debt and other | -234 | 1,375 | 595 |
Changes in assets and liabilities: | |||
Increase in structuring revenue receivable | -23,713 | -13,788 | -20,304 |
Increase in current and deferred income taxes payable | -19,087 | -21,978 | -6,936 |
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options | -17,165 | -11,476 | -6,135 |
Deferred acquisition fees received | 15,724 | 18,633 | 21,059 |
Decrease (increase) in prepaid taxes | 6,394 | -5,967 | -11,341 |
Net changes in other operating assets and liabilities | 17,480 | -3,184 | 9,047 |
Net Cash Provided by Operating Activities | 399,092 | 207,908 | 80,643 |
Cash Flows — Investing Activities | |||
Purchases of real estate and equity investments in real estate | -898,162 | -265,383 | -3,944 |
Proceeds from sale of real estate and equity investments | 285,742 | 171,300 | 73,204 |
Cash acquired in connection with merger | 65,429 | 0 | 178,945 |
Capital expenditures on owned real estate | -26,404 | -6,906 | -4,059 |
Capital contributions to equity investments | -25,468 | -1,945 | -726 |
Change in investing restricted cash | -23,731 | 43,067 | -9,119 |
Capital expenditures on corporate assets | -18,262 | -7,133 | -2,145 |
Distributions received from equity investments in real estate and the Managed REITs in excess of equity income | 13,101 | 58,018 | 46,294 |
Proceeds from repayment of short-term loan to affiliates | 11,000 | 15,000 | 0 |
Funding of short-term loan to affiliates | -11,000 | -15,000 | 0 |
Purchase of securities | -7,664 | 0 | 0 |
Other investing activities, net | -3,469 | 2,608 | 372 |
Cash paid to stockholders as compensation for merger | -1,338 | 0 | -152,356 |
Net Cash (Used in) Provided by Investing Activities | -640,226 | -6,374 | 126,466 |
Cash Flows — Financing Activities | |||
Proceeds from senior credit facilities | 1,757,151 | 735,000 | 300,000 |
Repayments of senior credit facilities | -1,415,000 | -413,000 | -280,160 |
Proceeds from issuance of senior unsecured notes | 498,195 | 0 | 0 |
Distributions paid | -347,902 | -220,395 | -113,867 |
Proceeds from issuance of shares in public offering | 282,162 | 0 | 0 |
Prepayments of mortgage principal | -220,786 | 0 | 0 |
Scheduled payments of mortgage principal | -205,024 | -391,764 | -54,964 |
Distributions paid to noncontrolling interests | -20,646 | -72,059 | -7,314 |
Proceeds from mortgage financing | 20,354 | 115,567 | 23,750 |
Payment of financing costs and mortgage deposits, net of deposits refunded | -12,321 | -2,368 | -2,557 |
Windfall tax benefit associated with stock-based compensation awards | 5,641 | 12,817 | 10,185 |
Proceeds from exercise of stock options and employee purchases under the employee share purchase plan | 1,890 | 2,312 | 51,644 |
Contributions from noncontrolling interests | 693 | 65,145 | 3,291 |
Purchase of treasury stock from related parties | -679 | -40,000 | -45,270 |
Change in financing restricted cash | -588 | -1,843 | 1,970 |
Net Cash Provided by (Used in) Financing Activities | 343,140 | -210,588 | -113,292 |
Change in Cash and Cash Equivalents During the Year | |||
Effect of exchange rate changes on cash | -20,842 | 2,669 | 790 |
Net increase (decrease) in cash and cash equivalents | 81,164 | -6,385 | 94,607 |
Cash and cash equivalents, beginning of year | 117,519 | 123,904 | 29,297 |
Cash and cash equivalents, end of year | $198,683 | $117,519 | $123,904 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Parentheticals 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 27, 2013 |
In Thousands, unless otherwise specified | |||
Business Combinations [Abstract] | |||
Net investments in properties | $4,833,074 | $2,353,391 | $33,625 |
Consolidated_Statements_of_Cas2
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Parentheticals 2) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Sep. 28, 2012 |
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 equity interest | 349,749 | |
Fair value of noncontrolling interests acquired | -278,187 | |
Total Consideration | 2,061,141 | |
Assets Acquired at Fair Value | ||
Net investments in properties | 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 | 346,642 | |
In-place lease, net | 553,723 | |
Above-market rent | 395,824 | |
Other assets | 85,567 | |
Liabilities Assumed at Fair Value | ||
Non-recourse debt | -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 | 1,995,712 | |
Cash acquired on acquisition of subsidiaries | 65,429 | |
CPA: 16 - Global | Other Jointly Owned Investments | ||
Total Consideration | ||
Fair value of equity interest | 172,720 | |
CPA: 15 - Global | ||
Total Consideration | ||
Fair value of W. P. Carey shares of common stock issued | 1,380,362 | |
Cash consideration for fractional shares | 152,356 | |
Total Consideration | 1,694,687 | |
Assets Acquired at Fair Value | ||
Net investments in properties | 1,762,872 | |
Net investments in direct financing leases | 315,789 | |
Equity investments in real estate | 166,247 | |
Goodwill | 268,683 | |
Intangible assets | 695,310 | |
Other assets | 81,750 | |
Liabilities Assumed at Fair Value | ||
Non-recourse debt | -1,350,755 | |
Accounts payable, accrued expenses and other liabilities | -84,640 | |
Below-market rent intangibles | -102,155 | |
Amounts attributable to noncontrolling interests | -237,359 | |
Net assets acquired excluding cash | 1,515,742 | |
Cash acquired on acquisition of subsidiaries | 178,945 | |
CPA: 15 - Global | Other Jointly Owned Investments | ||
Total Consideration | ||
Fair value of equity interest | $54,822 |
Consolidated_Statements_of_Cas3
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Parentheticals 3) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2013 |
Business Combinations [Abstract] | ||||
Cash consideration | $1,338 | $0 | $152,356 | |
Assets Acquired at Fair Value | ||||
Net investments in properties | 4,833,074 | 2,353,391 | 33,625 | |
In-place lease, net | 993,819 | 471,719 | 872 | |
Above-market rent | 522,797 | 241,975 | 722 | |
Other assets | 1,170 | |||
Liabilities Assumed at Fair Value | ||||
Non-recourse debt | -2,532,683 | -1,492,410 | -21,023 | |
Below-market rent intangibles | -1,618 | |||
Total identifiable net assets | $13,748 |
Consolidated_Statements_of_Cas4
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Parentheticals 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $156,335 | $98,599 | $38,092 |
Income taxes paid | $25,247 | $14,405 | $12,501 |
Business_and_Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization |
W. P. Carey Inc. is a 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 TRSs, we also earn revenue as the advisor to publicly-owned, non-listed REITs, which are sponsored by us under the CPA® brand name, that invest in similar properties. At December 31, 2014, we were the advisor to the following CPA® REITs: CPA®:17 – Global and CPA®:18 – Global. At that date, we were also the advisor to CWI, a publicly-owned, non-listed REIT that invests in lodging and lodging-related properties. Currently, we also serve as advisor to CWI 2, a new non-listed lodging REIT. We also have invested in CCIF, a newly formed BDC, and plan to serve as advisor to CCIF and to invest the funds that we raise on behalf of its two feeder funds, which will also be BDCs, in shares of CCIF. While we have filed registration statements for the BDCs with the SEC, none of these registration statements has been declared effective by the SEC and there can be no assurance as to whether or when such offerings will be commenced (Note 2). | |
We were formed as a corporation under the laws of Maryland on February 15, 2012. On September 28, 2012, CPA®:15 merged with and into us, with CPA®:15 surviving as an indirect, wholly-owned subsidiary of ours. In connection with the CPA®:15 Merger, W. P. Carey & Co. LLC, our predecessor, which was formed under the laws of Delaware on July 15, 1996, completed an internal reorganization whereby W. P. Carey & Co. LLC and its subsidiaries merged with and into us, with W. P. Carey as the surviving corporation, succeeding to and continuing to operate the existing business of our predecessor. Upon completion of the CPA®:15 Merger and the REIT reorganization, the shares of our predecessor were delisted from the New York Stock Exchange and canceled, and our common stock became listed on the New York Stock Exchange under the same ticker 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 (Note 3). In September 2014, we issued 4,600,000 shares of our common stock, $0.001 par value per share through the Equity Offering, 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 U.S. federal income taxation other than from our TRSs 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 United States, Europe, 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 through our ownership of 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). Our owned portfolio was comprised of our full or partial ownership interests in 783 properties, substantially all of which were net leased to 219 tenants, with an occupancy rate of 98.6%, and totaled approximately 87.3 million square feet (unaudited). | |
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 and performance 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. Collectively, at December 31, 2014, CPA®:17 – Global and CPA®:18 – Global owned all or a portion of 404 properties, including certain properties in which we have an ownership interest. Substantially all of these properties, totaling approximately 43.0 million square feet (unaudited), were net leased to 180 tenants, with an average occupancy rate of approximately 99.8%. The existing Managed REITs also had interests in 115 operating properties for an aggregate of approximately 12.8 million square feet (unaudited) at December 31, 2014. We have begun to explore alternatives for expanding our investment management operations beyond advising the existing Managed REITs. Any such expansion could involve the purchase of properties or other investments as principal, either for our owned portfolio or with the intention of transferring such investments to a newly-created fund, as well as the sponsorship of one or more funds to make investments other than primarily net-lease investments, like CWI, CWI 2 and the BDCs. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
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. The consolidated financial statements include the historical results of our predecessor prior to the REIT reorganization, the CPA®:15 Merger and the CPA®:16 Merger. | |
When we obtain an economic interest in an entity, we evaluate the entity to determine if it is deemed a VIE and, if so, whether we are deemed to be the primary beneficiary and are therefore required to consolidate the entity. 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. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of a VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the 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. | |
For an entity that is not considered to be a VIE but rather a voting interest entity, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (i) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (ii) substantive participating rights, the limited partners’ rights overcome the presumption of control by a general partner of the limited partnership, and, therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting. | |
We have an investment in a tenancy-in-common interest in various underlying international properties. Consolidation of this 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 this investment. We also have certain investments in wholly-owned tenancy-in-common interests, which we now consolidate after we obtained the remaining interests in the CPA®:16 Merger. | |
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 jointly-owned 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 December 31, 2014, none of our equity investments had carrying values below zero. | |
In June 2014, CWI 2 filed a registration statement on Form S-11 with the SEC to sell up to $1.0 billion of its common stock in an initial public offering, plus up to an additional $400.0 million of its common stock under a dividend reinvestment plan. In January 2015, CWI 2 amended the registration statement so that the offering is for up to $1.4 billion of its common stock plus up to an additional $600.0 million of its common stock through its dividend reinvestment plan. The registration statement was declared effective by the SEC on February 9, 2015. Through December 31, 2014, the financial activity of CWI 2, which had no significant assets, liabilities or operations, was included in our consolidated financial statements. We will continue to consolidate the financial activity of CWI 2 until it admits sufficient shareholders. | |
In September 2014, two feeder funds of CCIF, which are BDCs, each filed registration statements on Form N-2 with the SEC to sell up to 50,000,000 shares and 21,000,000 shares, respectively, of their beneficial interests in initial public offerings, with the proceeds to be invested in shares of CCIF. 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. In December 2014, we invested $25.0 million in CCIF, and now account for our interest in CCIF under the equity method of accounting (Note 7). | |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to the current period presentation. | |
Accounting for Acquisitions | |
In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We immediately expense acquisition-related costs and fees associated with business combinations. | |
Purchase Price Allocation | |
When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings and site improvements. The intangible assets, include the above- and below-market value of leases and the in-place leases, which includes a value for tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined primarily by reference to portfolio appraisals which determines their values, on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and the estimated residual value. The estimated residual value of each property is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate and deducting estimated costs of sale. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including the creditworthiness of the lessees, industry surveys, property type, location, and age, current lease rates relative to market lease rates, and anticipated lease duration. In the case where a tenant has a purchase option deemed to be materially favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. Where a property is deemed to have excess land, the discounted cash flow analysis includes the estimated excess land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property grown at estimated market growth rates through the year of lease expiration. See Real Estate Leased to Others and Depreciation below for a discussion of our significant accounting policies related to tangible assets. | |
We record above- and below-market lease intangible values for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated and in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over a period equal to the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements. | |
We measure the fair value of the below-market purchase option liabilities we acquired in connection with the CPA®:15 Merger and CPA®:16 Merger as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. | |
The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the capitalized value of in-place lease intangibles to expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. | |
If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to lease revenues and in-place lease values to amortization expense. | |
When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. | |
Goodwill | |
In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocated goodwill to the respective reporting units in which such goodwill arose. Goodwill acquired in the CPA®:15 Merger and the CPA®:16 Merger was attributed to the Real Estate Ownership segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. | |
Real Estate and Operating Real Estate | |
We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that increase the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred. | |
Assets Held for Sale | |
We classify those assets that are associated with operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated costs to sell. As described below, under Recent Accounting Requirements, on January 1, 2014, we adopted Accounting Standards Update 2014-08 and other than the properties classified as held for sale prior to adoption or acquired as held for sale upon acquisition no other sales qualify as discontinued operations. The results of operations and the related gain or loss on sale of properties that have been sold or that are classified as held for sale and in which we will have no significant continuing involvement are included in discontinued operations (Note 16). | |
If circumstances arise that we previously considered unlikely and, as a result, we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. | |
We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. | |
Notes Receivable | |
For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. Our notes receivable are included in Other assets, net in the consolidated financial statements. | |
Cash and Cash Equivalents | |
We consider all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. | |
Internal-Use Software Development Costs | |
We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage, including the costs associated with software that allows for the conversion of our old data to our new system. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Capitalized costs are amortized on a straight-line basis over the software’s estimated useful life, which is three to five years. Periodically, we reassess the useful life considering technology, obsolescence, and other factors. | |
Other Assets and Liabilities | |
We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets and notes receivable in Other assets. We include derivative liabilities, amounts held on behalf of tenants, and deferred revenue in Other liabilities. Deferred charges are costs incurred in connection with mortgage financings, refinancings, issuance of corporate bonds, and the amendment of our credit facility that are amortized over the terms of the debt and included in Interest expense in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term, and rent recognized on a straight-line basis. Marketable securities are classified as available-for-sale securities and reported at fair value with unrealized gains and losses on these securities reported as a component of Other comprehensive (loss) income until realized. | |
Allowance for Doubtful Accounts | |
We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms, and the amount can be reasonably estimated. | |
Revenue Recognition | |
Real Estate Leased to Others | |
We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. We charge expenditures for maintenance and repairs, including routine betterments, to operations as incurred. For the years ended December 31, 2014, 2013, and 2012, our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $59.8 million, $37.3 million, and $18.7 million, respectively. | |
Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. | |
We account for leases as operating or direct financing leases, as described below: | |
Operating leases — We record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred (Note 5). | |
Direct financing method — We record leases accounted for under the direct financing method as a net investment (Note 5). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. | |
Investment Management Operations | |
We earn structuring revenue and asset management revenue in connection with providing services to the Managed REITs. We earn structuring revenue for services we provide in connection with the analysis, negotiation, and structuring of transactions, including acquisitions and dispositions and the placement of mortgage financing obtained by the Managed REITs. Asset management revenue consists of property management, leasing, and advisory revenue. Receipt of the incentive revenue portion of the asset management revenue or performance revenue, however, which we received from CPA®:15 prior to the date of the CPA®:15 Merger on September 28, 2012, was subordinated to the achievement of specified cumulative return requirements by the stockholders of those CPA® REITs. At our option, the performance revenue could be collected in cash or shares of the CPA® REIT (Note 4). In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties. We may also earn termination revenue in connection with the termination of the advisory agreements for the Managed REITs. | |
We recognize all revenue as earned. We earn structuring revenue upon the consummation of a transaction and asset management revenue when services are performed. We recognize revenue subject to subordination only when the performance criteria of the Managed REIT is achieved and contractual limitations are not exceeded. | |
We earned subordinated disposition and incentive revenue from CPA®:15 until the completion of the CPA®:15 Merger on September 28, 2012 (Note 4), through which its stockholders received their initial investment plus a specified preferred return. We may earn termination revenue if a liquidity event is consummated by any of the other Managed REITs. As a condition of the CPA®:15 Merger and CPA®:16 Merger, we waived the subordinated disposition and termination fees that we would have been entitled to receive from CPA®:15 and CPA®:16 – Global upon their liquidation pursuant to the terms of our advisory agreements with CPA®:15 and CPA®:16 – Global, respectively (Note 4). | |
We are also reimbursed for certain costs incurred in providing services, including broker-dealer commissions paid on behalf of the Managed REITs, marketing costs, and the cost of personnel provided for the administration of the Managed REITs. We record reimbursement income as the expenses are incurred, subject to limitations on a Managed REIT’s ability to incur offering costs. | |
Depreciation | |
We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life. | |
Impairments | |
We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets, may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease; an upcoming lease expiration, a tenant with credit difficulty, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on marketable securities and goodwill. Our policies for evaluating whether these assets are impaired are presented below. | |
Real Estate | |
For real estate assets held for investment, which include finite-lived intangibles, in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as broker quotes or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally approximately ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. | |
Direct Financing Leases | |
We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. | |
When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable we assess the carrying amount for recoverability and if as a result of the decreased expected cash flows we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. | |
Assets Held for Sale | |
We classify real estate assets that are accounted for as operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. | |
Equity Investments in Real Estate and the Managed REITs | |
We evaluate our equity investments in real estate and in the Managed REITs on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values. For certain investments in the Managed REITs, we calculate the estimated fair value of our investment using the most recently published net asset value per share of each Managed REIT, which for CPA®:18 – Global is deemed to be the most recent public offering price through December 31, 2014, multiplied by the number of shares owned. | |
Goodwill | |
We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, that could impact our goodwill impairment calculations. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. | |
We calculate the estimated fair value of the Investment Management reporting unit by applying a price-to-EBITDA multiple to earnings. For the Real Estate Ownership reporting unit, we calculate its estimated fair value by applying an AFFO multiple. For both reporting units, the multiples are based on comparable companies. The selection of the comparable companies to be used in our evaluation process could have a significant impact on the fair value of our reporting units and possible impairments. The testing did not indicate any goodwill impairment as each of the reporting units with goodwill had fair value that was substantially in excess of the carrying value. | |
For the second step, if it were required, we compare the implied fair value of the goodwill for each reporting unit with its respective carrying amount and record an impairment charge equal to the excess of the carrying amount over the implied fair value. We would determine the implied fair value of the goodwill by allocating the estimated fair value of the reporting unit to its assets and liabilities. The excess of the estimated fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of the goodwill. | |
The goodwill recorded in our Investment Management reporting unit is evaluated in the fourth quarter of every year. In connection with the CPA®16: Merger and the CPA®:15 Merger, we recorded goodwill in our Real Estate Ownership reporting unit. Prior to the CPA®:15 Merger, there was no goodwill recorded in our Real Estate Ownership reporting unit. We perform our annual impairment test for goodwill in our Real Estate Ownership reporting unit during the fourth quarter of each year. | |
Stock-Based Compensation | |
We have granted restricted shares, or RSAs, stock options, RSUs, and PSUs to certain employees and independent directors. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. We recognize these compensation costs for only those shares expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. We include stock-based compensation within the listed shares caption of equity. | |
Foreign Currency | |
Translation | |
We have interests in real estate investments primarily in the European Union and United Kingdom for which the functional currency is the euro and the British pound sterling, respectively. We perform the translation from the euro or the British pound sterling to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income when we have substantially exited from all investments in the related currency. | |
Transaction Gains or Losses | |
A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of subordinated intercompany debt with scheduled principal payments, are included in the determination of net income. | |
Intercompany foreign currency transactions of a long term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity. | |
Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. For the years ended December 31, 2014, 2013, and 2012, we recognized net realized losses on such transactions of $0.4 million, $0.2 million, and $0.6 million, respectively. | |
Derivative Instruments | |
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 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. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive (loss) income into earnings when the hedged investment is either sold or substantially liquidated. | |
We use the portfolio exception in Accounting Standards Codification, 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, the “portfolio exception,” with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. | |
Income Taxes | |
We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders 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 believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. | |
We conduct business in various states and municipalities within the United States, Europe, and Asia and, as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state, and local taxes and a provision for such taxes is included in the consolidated financial statements. | |
We elect to treat certain of our corporate subsidiaries as TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. One of our TRS subsidiaries owns a hotel that is managed on our behalf by a third-party hotel management company. | |
Deferred income taxes are recorded for the corporate subsidiaries TRS and for the foreign taxes in those respective jurisdictions based on earnings reported. The current provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities (Note 15). | |
Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. | |
Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and foreign properties and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. | |
Deferred Income Taxes | |
We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 15). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit). | |
Real Estate Ownership Operations | |
We derive most of our REIT income from our real estate operations under our Real Estate Ownership segment. As such, our real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state, local, and foreign taxes, as applicable. | |
Investment Management Operations | |
We conduct our Investment Management operations primarily through TRSs. These operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations. | |
Earnings Per Share | |
Basic earnings per share is calculated by dividing net income available to common stockholders, as adjusted for unallocated earnings attributable to the unvested RSUs and RSAs by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflects potentially dilutive securities (options and PSUs) using the treasury stock method, except when the effect would be anti-dilutive. | |
Recent Accounting Requirements | |
The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standard Board are applicable to us: | |
ASU 2015-02, Consolidation (Topic 810). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2015-02 on our consolidated financial statements. | |
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 sales of real estate, 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 16 to the consolidated financial statements. By contrast, and as required by the new guidance, the results for the current and prior year periods 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 (Note 15). | |
Out-of-Period Adjustments | |
In 2013, we identified an error in the consolidated financial statements related to accounting for deferred foreign income taxes in connection with the initial acquisition accounting for 95 properties acquired in the CPA®:15 Merger and seven other properties acquired during 2000-2013 (Note 15). We concluded that this adjustment was not material to our financial position or results of operations for 2013 or any of the prior periods. As such, in 2013 we recorded out-of-period adjustments of $2.3 million and $37.5 million to reflect the cumulative deferred tax assets and liabilities, respectively, associated with the initial basis differential that resulted from the tax-basis carry-over of these properties as well as an aggregate corresponding increase to total assets of $32.4 million, primarily comprised of $31.4 million to Goodwill and $1.0 million to Net investments in properties. Additionally, this adjustment resulted in a net decrease of $2.3 million to Net income, including primarily a deferred income tax expense of $2.0 million. | |
During 2012, we identified errors in the consolidated financial statements related to prior years. The errors were primarily attributable to the misapplication of guidance in accounting for and clerical errors related to the expropriation of land related to two investments and our reimbursement of certain affiliated costs. We concluded that these adjustments were not material, individually or in the aggregate, to our results for 2012 or any of the prior periods, and as such, in 2012 we recorded an out-of-period adjustment to increase our income from operations by $2.5 million within continuing operations primarily attributable to an increase in Gain on sale of real estate of $2.0 million in the consolidated statement of income. | |
Use of Estimates | |
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. |
Merger_with_CPA16_and_CPA15
Merger with CPA:16 and CPA:15 | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Merger with CPA 16 | Mergers with CPA®:16 – Global and CPA®:15 | ||||||||||||
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. 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 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 $291.2 million 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 December 31, 2014 were $251.5 million and $91.1 million (inclusive of $2.4 million attributable to noncontrolling interests). | |||||||||||||
During the year ended December 31, 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 16). 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. | |||||||||||||
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 $30.5 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 year ended December 31, 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 prior to the CPA®:16 Merger. | |||||||||||||
Initially, 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 Note 2. During 2014, we identified certain measurement period adjustments that impacted the provisional accounting, which increased the total consideration by $3.2 million, and also increased total identifiable net assets by $5.8 million and increased amounts attributable to noncontrolling interests by $0.3 million, resulting in a $2.3 million decrease in goodwill. The following table summarizes the fair values of the assets acquired and liabilities assumed in the acquisition. | |||||||||||||
(In thousands) | |||||||||||||
Initially Reported at March 31, 2014 | Measurement Period Adjustments | As Revised at December 31, 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 CPA®:16 Merger | 347,164 | 2,585 | 349,749 | ||||||||||
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 | $ | 3,227 | $ | 2,061,141 | ||||||||
Assets Acquired at Fair Value | |||||||||||||
Net investments in real 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 | 3,535 | 85,567 | ||||||||||
3,811,802 | 4,923 | 3,816,725 | |||||||||||
Liabilities Assumed at Fair Value | |||||||||||||
Non-recourse debt and line of credit | (1,768,288 | ) | — | (1,768,288 | ) | ||||||||
Accounts payable, accrued expenses and other liabilities | (118,389 | ) | — | (118,389 | ) | ||||||||
Below-market rent and other intangible liabilities | (57,209 | ) | (360 | ) | (57,569 | ) | |||||||
Deferred tax liability | (59,629 | ) | 1,282 | (58,347 | ) | ||||||||
(2,003,515 | ) | 922 | (2,002,593 | ) | |||||||||
Total identifiable net assets | 1,808,287 | 5,845 | 1,814,132 | ||||||||||
Amounts attributable to noncontrolling interests | (99,345 | ) | (288 | ) | (99,633 | ) | |||||||
Goodwill | 348,972 | (2,330 | ) | 346,642 | |||||||||
$ | 2,057,914 | $ | 3,227 | $ | 2,061,141 | ||||||||
Goodwill | |||||||||||||
The $346.6 million of goodwill recorded in connection with the CPA®:16 Merger was primarily attributable to the premium we agreed to pay for CPA®:16 – Global’s common stock at the time we entered into the merger agreement in July 2013. 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 through 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 January 31, 2014. 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 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 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 $2.6 million, resulting in an increase of $2.6 million in Gain on change in control of interests. In accordance with Accounting Standards Codification 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 during, which was the difference between our carrying values and the fair values of our previously-held equity interests on January 31, 2014, 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 year ended December 31, 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 fair values of our previously-held noncontrolling interests on January 31, 2014, of approximately $236.8 million and approximately $278.2, respectively. During 2014, we identified certain measurement period adjustments that impacted the provisional accounting, which increased the fair value of our previously-held noncontrolling interests on January 31, 2014 by $0.6 million, resulting in a reduction of $0.6 million to additional paid-in-capital. | |||||||||||||
The 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 years ended December 31, 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): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Pro forma total revenues | $ | 931,309 | $ | 780,578 | |||||||||
Pro forma net income from continuing operations, net of tax | $ | 139,698 | $ | 146,525 | |||||||||
Pro forma net (income) loss attributable to noncontrolling interests | (5,380 | ) | 10,963 | ||||||||||
Pro forma net loss (income) attributable to redeemable noncontrolling interest | 142 | (1,909 | ) | ||||||||||
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey | $ | 134,460 | $ | 155,579 | |||||||||
Pro forma earnings per share: (a) | |||||||||||||
Basic | $ | 1.32 | $ | 1.56 | |||||||||
Diluted | $ | 1.31 | $ | 1.54 | |||||||||
Pro forma weighted-average shares outstanding: (b) | |||||||||||||
Basic | 101,296,847 | 99,420,924 | |||||||||||
Diluted | 102,360,038 | 100,437,886 | |||||||||||
___________ | |||||||||||||
(a) | The pro forma income attributable to W. P. Carey for the year ended December 31, 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 December 31, 2014; (ii) an aggregate gain on change in control of interests of $105.9 million; and (iii) an income tax expense of $4.8 million from a permanent difference upon recognition of taxable income associated with accelerated vesting of shares previously issued by CPA®:16 – Global to us for asset management and performance fees in connection with the CPA®:16 Merger. | ||||||||||||
(b) | The pro forma weighted-average shares outstanding for the years ended December 31, 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. | ||||||||||||
Merger with CPA®:15 | |||||||||||||
On February 17, 2012, our predecessor, W. P. Carey & Co. LLC, and CPA®:15 entered into a definitive agreement, or the CPA®:15 Merger Agreement, pursuant to which CPA®:15 would merge with and into W. P. Carey Inc. On September 28, 2012, CPA®:15 merged with and into W. P. Carey Inc., with CPA®:15 surviving as an indirect, wholly-owned subsidiary of W. P. Carey Inc. In the CPA®:15 Merger, CPA®:15’s stockholders received for each share of CPA®:15’s common stock owned 0.2326 shares of W. P. Carey Inc. common stock, which equated to $11.40 per share of CPA®:15 common stock based on the $49.00 per share closing price of W. P. Carey & Co. LLC’s shares on the New York Stock Exchange on that date, and $1.25 in cash for total consideration of $12.65 per share of CPA®:15. We paid total merger consideration of $1.5 billion, including cash of $152.4 million and the issuance of 28,170,643 shares of our common stock with a fair value of $1.4 billion on September 28, 2012, or the 2012 Merger Consideration, to the stockholders of CPA®:15 in exchange for 121,194,272 shares of CPA®:15 common stock that we did not previously own. In order to fund the cash portion of the 2012 Merger Consideration, we drew down the full amount of our then existing $175.0 million Term Loan Facility (Note 11). As a condition of the CPA®:15 Merger, we waived the subordinated disposition and termination fees that we would have been entitled to receive from CPA®:15 upon its liquidation pursuant to the terms of our advisory agreement with CPA®:15 (Note 4). | |||||||||||||
Immediately prior to the CPA®:15 Merger, CPA®:15’s portfolio was comprised of full or partial ownership interests in 305 properties, substantially all of which were triple-net leased to 76 tenants, and totaled approximately 27.0 million square feet, with an occupancy rate of approximately 99%. In the CPA®:15 Merger, we acquired these properties and their related leases with a weighted-average remaining life of 9.7 years. We also assumed the related property debt comprised of 58 fixed-rate and nine variable-rate non-recourse mortgage loans with a preliminary aggregate fair value of $1.2 billion and a weighted-average annual interest rate of 5.6%. During the period from January 1, 2012 through September 28, 2012, we earned $19.0 million in fees from CPA®:15 and recognized $4.5 million in equity earnings based on our ownership of shares in CPA®:15 prior to the CPA®:15 Merger. The lease revenues and income from operations contributed from the properties acquired from the date of the CPA®:15 Merger through December 31, 2012 were $57.3 million and $9.5 million (inclusive of $2.5 million attributable to noncontrolling interests), respectively. | |||||||||||||
We accounted for the CPA®:15 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 the shareholders of W. P. Carey & Co. LLC, our predecessor, held the largest portion of the voting rights in W. P. Carey Inc., upon completion of the CPA®:15 Merger. Acquisition costs of $31.7 million related to the CPA®:15 Merger have been expensed as incurred and classified within Merger and property acquisition expenses in the consolidated statements of income for the year ended December 31, 2012. | |||||||||||||
On September 19, 2012, we acquired a 52.63% ownership interest in Marcourt from an unrelated third party. At that time, CPA®:15 held a 47.37% ownership interest in Marcourt. Marcourt owns 12 Marriott Courtyard hotels located throughout the United States that are leased to and operated by Marriott International, Inc. We obtained this investment in contemplation of the CPA®:15 Merger and accounted for this step acquisition as part of the CPA®:15 Merger. Accordingly, the assets acquired and liabilities assumed from Marcourt in this transaction are included in the table below. | |||||||||||||
Initially, the purchase price in the CPA®:15 Merger was allocated to the assets acquired and liabilities assumed, based upon their preliminary fair values. The fair values of the lease intangibles acquired were measured in a manner consistent with our purchase price allocation policy described in Note 2. During the fourth quarter of 2012, we identified certain measurement period adjustments that impacted the provisional accounting, which increased the fair value of the identifiable real estate acquired and the noncontrolling interests acquired by $5.6 million and $0.7 million, respectively, resulting in a $6.3 million reduction in goodwill. The following table summarizes the fair values of the assets acquired and liabilities assumed in the acquisition. | |||||||||||||
(In thousands): | |||||||||||||
Total Consideration | |||||||||||||
Fair value of W. P. Carey shares of common stock issued | $ | 1,380,362 | |||||||||||
Cash consideration paid | 152,356 | ||||||||||||
Merger Consideration | 1,532,718 | ||||||||||||
Fair value of our equity interest in CPA®:15 prior to the CPA®:15 Merger | 107,147 | ||||||||||||
Fair value of our equity interest in jointly-owned investments with CPA®:15 prior to the CPA®:15 Merger | 54,822 | ||||||||||||
$ | 1,694,687 | ||||||||||||
Assets Acquired at Fair Value | |||||||||||||
Net investment in properties | $ | 1,762,872 | |||||||||||
Net investment in direct financing leases | 315,789 | ||||||||||||
Equity investments in real estate | 166,247 | ||||||||||||
Intangible assets (Note 8) | 695,310 | ||||||||||||
Cash and cash equivalents | 178,945 | ||||||||||||
Other assets | 81,750 | ||||||||||||
3,200,913 | |||||||||||||
Liabilities Assumed at Fair Value | |||||||||||||
Non-recourse debt | (1,350,755 | ) | |||||||||||
Below-market rent and other intangible liabilities | (102,155 | ) | |||||||||||
Accounts payable, accrued expenses and other liabilities | (84,640 | ) | |||||||||||
(1,537,550 | ) | ||||||||||||
Total identifiable net assets | 1,663,363 | ||||||||||||
Amounts attributable to noncontrolling interests | (237,359 | ) | |||||||||||
Goodwill | 268,683 | ||||||||||||
$ | 1,694,687 | ||||||||||||
Goodwill | |||||||||||||
Two items comprise a majority of the $268.7 million of goodwill recorded in the CPA®:15 Merger. First, at the time we entered into the CPA®:15 Merger Agreement, the market value of our stock was $45.07 per share. The increase in the market value of our stock of $3.93 per share from the date of the CPA®:15 Merger Agreement to $49.00 per share on the transaction date gave rise to approximately $110.8 million of the goodwill recorded, based on the fixed amount of 28,170,643 shares issued. Second, at the time we entered into the CPA®:15 Merger Agreement, the consideration represented a premium we agreed to pay for CPA®:15’s common stock. Management believes that the premium was supported by several factors of the combined entity, including the fact that (i) as a result of the CPA®:15 Merger, we became one of the largest publicly-traded REITs, with greater operating and financial flexibility and better access to capital markets and with a lower cost of capital than CPA®:15 had on a stand-alone basis; (ii) the CPA®:15 Merger eliminated costs associated with the advisory structure that CPA®:15 had previously; and (iii) the combined portfolio has greater tenant and geographic diversification and an improved overall weighted-average debt maturity and interest rate than either company had on a stand-alone basis. Based on the number of CPA®:15 shares ultimately exchanged of 121,194,272, this premium comprised approximately $121.2 million of the goodwill. In addition to these factors, since the September 30, 2011 valuation date there was a reduction in the fair value of CPA®:15’s net assets primarily attributable to the impact of foreign currency exchange rates during the period from September 30, 2011 to September 28, 2012. | |||||||||||||
The fair value of our 28,170,643 common shares issued in the CPA®:15 Merger as part of the consideration paid for CPA®:15 of $1.5 billion was derived from the closing market price of our common stock on September 28, 2012. 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, which was the closing date of the CPA®:15 Merger, in a manner consistent with the methodology described above. | |||||||||||||
Goodwill is not deductible for income tax purposes. | |||||||||||||
Equity Investments and Noncontrolling Interests | |||||||||||||
Additionally, we recognized a gain on change in control of interests of $14.7 million for the year ended December 31, 2012 related to the difference between the carrying value of $92.4 million and the fair value of $107.1 million of our previously-held equity interest in 10,389,079 shares of CPA®:15’s common stock. | |||||||||||||
The CPA®:15 Merger also resulted in our acquisition of the remaining interests in four investments in which we already had a joint interest and accounted for under the equity method (Note 7). Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for these acquisitions as step acquisitions utilizing the purchase method of accounting. Due to the change in control of the four jointly-owned investments that occurred, we recorded an aggregate gain of approximately $6.1 million related to the difference between our carrying values and the fair values of our previously-held equity interests on September 28, 2012, of $48.7 million and $54.8 million, respectively. Subsequent to the CPA®:15 Merger, we consolidate these wholly-owned investments. | |||||||||||||
The fair values of our previously-held equity interests and our noncontrolling interests were based on the estimated fair market values of the underlying real estate and 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 3.50% to 14.75%; | ||||||||||||
• | Discount rates applied to the estimated residual value of each property ranged from approximately 5.75% to 12.50%; | ||||||||||||
• | Residual capitalization rates applied to the properties ranged from approximately 7.00% to 11.50%. | ||||||||||||
• | The fair market value of such 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 cash flows ranged from approximately 2.70% to 10.00%. | ||||||||||||
No illiquidity adjustments to the equity interests or noncontrolling interests were deemed necessary as the investments are held with affiliates and do not allow for unilateral sale or financing by any of the affiliated parties. Furthermore, 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 consolidated pro forma financial information has been presented as if the CPA®:15 Merger, including the acquisition of Marcourt, had occurred on January 1, 2011 for the year ended December 31, 2012. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA®:15 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): | |||||||||||||
Year Ended | |||||||||||||
December 31, 2012 | |||||||||||||
Pro forma total revenues | $ | 512,822 | |||||||||||
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey | $ | 138,157 | |||||||||||
Pro forma earnings per share: | |||||||||||||
Basic | $ | 2 | |||||||||||
Diluted | $ | 1.98 | |||||||||||
Pro forma weighted-average shares outstanding: (a) | |||||||||||||
Basic | 68,382,378 | ||||||||||||
Diluted | 69,071,391 | ||||||||||||
___________ | |||||||||||||
(a) | The pro forma weighted average shares outstanding for the year ended December 31, 2012 were determined as if the 28,170,643 shares of our common stock issued to CPA®:15 stockholders in the CPA®:15 Merger were issued on January 1, 2011. |
Agreements_and_Transactions_wi
Agreements and Transactions with Related Parties | 12 Months Ended | |||||||||||
Dec. 31, 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, as well as from CPA®:15 for the periods indicated, included in the consolidated financial statements (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reimbursable costs from affiliates | $ | 130,212 | $ | 73,592 | $ | 97,638 | ||||||
Structuring revenue | 71,256 | 46,589 | 48,355 | |||||||||
Asset management revenue (a) | 37,970 | 42,579 | 56,576 | |||||||||
Distributions of Available Cash | 31,052 | 34,121 | 30,009 | |||||||||
Dealer manager fees | 23,532 | 10,856 | 19,914 | |||||||||
Deferred revenue earned | 786 | 8,492 | 8,492 | |||||||||
Interest income on deferred acquisition fees and loans to affiliates | 684 | 949 | 1,064 | |||||||||
Incentive, termination and subordinated disposition revenue | — | 199 | — | |||||||||
$ | 295,492 | $ | 217,377 | $ | 262,048 | |||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
CPA®:15 (b) | $ | — | $ | — | $ | 21,593 | ||||||
CPA®:16 – Global (c) | 7,999 | 53,166 | 50,929 | |||||||||
CPA®:17 – Global (d) | 68,710 | 69,275 | 174,192 | |||||||||
CPA®:18 – Global (d) | 129,642 | 29,293 | — | |||||||||
CWI (d) | 89,141 | 65,643 | 15,334 | |||||||||
$ | 295,492 | $ | 217,377 | $ | 262,048 | |||||||
___________ | ||||||||||||
(a) | Excludes amounts received from third parties. | |||||||||||
(b) | CPA®:15 merged with and into us on September 28, 2012. | |||||||||||
(c) | 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 its advisory agreement was waived upon the completion of the CPA®:16 Merger. The amount shown for the year ended December 31, 2014 reflects transactions through January 31, 2014. | |||||||||||
(d) | The advisory agreements with each of the CPA® REITs are scheduled to expire on December 31, 2015 and the advisory agreement with CWI is scheduled to expire on September 30, 2015 unless otherwise renewed. | |||||||||||
The following table presents a summary of amounts Due from affiliates (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred acquisition fees receivable | $ | 26,913 | $ | 19,684 | ||||||||
Organization and offering costs | 2,120 | 2,700 | ||||||||||
Accounts receivable | 2,680 | 3,716 | ||||||||||
Current acquisition fees receivable | 2,463 | 4,149 | ||||||||||
Reimbursable costs | 301 | 334 | ||||||||||
Asset management fee receivable | — | 1,451 | ||||||||||
$ | 34,477 | $ | 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®:15, prior to the CPA®:15 Merger, this revenue generally totaled 1.0% per annum, with a portion of this revenue, or 0.5%, contingent upon the achievement of specific performance criteria. For CPA®:16 – Global subsequent 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. | ||||||||||||
For the periods presented, 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. Starting in 2015, the independent directors of the CPA® REITs have the right to approve, upon our recommendation, paying the annual asset management fees due to us in cash, shares of stock, or a combination of both. 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. In 2012, we elected to receive all asset management revenue from CPA®:15 prior to the CPA®:15 Merger in cash, while for CPA®:16 – Global, we elected to receive 50% of asset management revenue in its shares with the remaining 50% payable in cash. For CPA®:17 – Global and CWI, we elected to receive asset management revenue in 2012 in their shares. | ||||||||||||
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 2.0%) 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, with no deferred acquisition revenue being earned. Total acquisition revenue from the Managed REITs cannot exceed 6% of the aggregate contract purchase price of all investments and loans. For CWI, we may also be entitled to fees for structuring loan refinancing transactions of up to 1.0% of the principal amount. This loan refinancing revenue, together with the acquisition revenue, is referred to as structuring revenue. | ||||||||||||
Unpaid deferred acquisition fees, including accrued interest, are included in Due from affiliates in the consolidated financial statements. Unpaid deferred acquisition 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, a Shareholder Servicing Fee, and certain personnel and overhead costs. Since October 1, 2012, personnel and overhead costs have been 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 closed 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 also earned 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 and was closed in December 2014. 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 closed 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 June 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 1.0% of the purchase price per share (or, once reported, the amount of the estimated net asset value 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. | ||||||||||||
Prior to the CPA®:16 Merger, we also received a commission of 5% of the distribution amount from CPA®:16 – Global pursuant to its distribution reinvestment and stock purchase plan. In March 2012, CPA®:16 – Global amended its dividend reinvestment and stock purchase plan to remove the commission and issue shares through the plan at 95% of its most recently published net asset value per share. We no longer received commissions on the shares issued pursuant to its distribution reinvestment and stock purchase plan from CPA®:16 – Global after the amendment. | ||||||||||||
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 December 31, 2014, we incurred organization and offering costs on behalf of CWI of approximately $12.8 million, which CWI is obligated to reimburse us, of which $12.5 million had been reimbursed as of December 31, 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 December 31, 2014, we incurred organization and offering costs on behalf of CPA®:18 – Global of approximately $8.1 million, and based on current fundraising projections, the entire amount is expected to be reimbursed by CPA®:18 – Global. As of December 31, 2014, $7.9 million had been reimbursed. | ||||||||||||
Distributions of Available Cash and Deferred Revenue Earned | ||||||||||||
We are entitled to receive distributions of up to 10% of 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 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 Equity in earnings of equity method investments in real estate and the Managed REITs within the Real Estate Ownership segment. | ||||||||||||
Incentive, Termination and Subordinated Disposition Revenue | ||||||||||||
We earn revenue related to the disposition of properties by the Managed REITs, subject to subordination provisions, which will only be recognized as the relevant conditions are met. Such revenue may include subordinated disposition revenue of no more than 3% of the value of any assets sold, payable only after stockholders have received back their initial investment plus a specified preferred return, and subordinated incentive revenue of 15% of the net cash proceeds distributable to stockholders from the disposition of properties, after recoupment by stockholders of their initial investment plus a specified preferred return. We may also, in connection with the termination of the advisory agreements for the Managed REITs, be entitled to a termination payment based on the amount by which the fair value of a Managed REITs’ properties, less indebtedness, exceeds investors’ capital plus a specified preferred return. | ||||||||||||
In connection with the CPA®:15 Merger and the CPA®:16 Merger, we waived the subordinated disposition and termination fees we would have been entitled to receive from CPA®:15 and CPA®:16 – Global upon their liquidations pursuant to the terms of our advisory agreement with each of CPA®:15 and CPA®:16 – Global. There was no gain or loss recognized in connection with waiving these subordinated disposition and termination fees. | ||||||||||||
Other Transactions with Affiliates | ||||||||||||
Transactions with Estate of Wm. Polk Carey | ||||||||||||
Voting Agreement — In July 2012, we entered into a Voting Agreement with the Estate of Wm. Polk Carey, our Chairman and founder who passed away on January 2, 2012, pursuant to which the Estate and W. P. Carey & Co., Inc., a wholly-owned corporation of the Estate, had agreed, among other things, to vote their share of our predecessor’s common stock, or the Listed Shares, at the special meeting of W. P. Carey & Co. LLC’s shareholders regarding the REIT conversion and CPA®:15 Merger in favor of those transactions. The REIT conversion and CPA®:15 Merger were approved by those shareholders on September 13, 2012 and the transactions closed on September 28, 2012. | ||||||||||||
Share Purchase Agreement — Concurrently with the execution of the Voting Agreement, we entered into a Share Purchase Agreement with the Estate pursuant to which we agreed to purchase, at the option of the Estate, up to an aggregate amount of $85.0 million of our common stock — or, prior to the Merger, the Listed Shares of our predecessor — beneficially owned by the Estate. The Estate had three sale options. | ||||||||||||
On August 2, 2012, we repurchased 561,418 Listed shares for $25.0 million from the Estate at a price of $44.53 per share pursuant to the first sale option. On October 9, 2012, we repurchased an additional 410,964 shares of our common stock for $20.0 million from the Estate at a price of $48.67 per share pursuant to the second sale option. 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. | ||||||||||||
Because the Share Purchase Agreement contained put options that, if exercised, would obligate us to settle the transactions in cash, we accounted for the shares of our common stock owned by the Estate as redeemable securities in accordance with Accounting Standards Codification 480 “Distinguishing Liabilities from Equity” and Accounting Series Release No. 268, “Presentation in Financial Statements of Redeemable Preferred Stocks.” Accounting Series Release No. 268 requires us to reclassify a portion of our permanent equity to redeemable equity in order to reflect the future cash obligations that could arise if the Estate were to exercise the put options requiring us to purchase its shares. When the Estate exercised its sale options, we reclassified the amount from temporary equity to permanent equity, and reclassified the amount from Additional paid-in capital stock to Treasury stock. Accordingly, on the date of the execution of the Share Repurchase Agreement, we reclassified $85.0 million from Additional paid-in capital to Redeemable securities – related party, which represented the maximum amount that we would be required to pay should the Estate exercise all its sale options. Additionally, during 2013 and 2012, when we purchased our common stock in connection with the Estate’s exercise of the three sale options, we reclassified $40.0 million and $45.0 million, respectively, from Redeemable securities – related party to Additional paid-in capital and reclassified the shares from Additional paid-in capital to Treasury stock. | ||||||||||||
The following table presents a reconciliation of our Redeemable securities – related party (in thousands): | ||||||||||||
Years Ended December 31. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning balance | $ | — | $ | 40,000 | $ | — | ||||||
Reclassification from permanent equity to temporary equity | — | — | 85,000 | |||||||||
Redemptions of securities | — | (40,000 | ) | (45,000 | ) | |||||||
Ending balance | $ | — | $ | — | $ | 40,000 | ||||||
Registration Rights Agreement — Concurrently with the execution of the Voting Agreement and the Share Purchase Agreement, we and the Estate Shareholders entered into a Registration Rights Agreement. | ||||||||||||
The Registration Rights Agreement provides the Estate with, on or before September 28, 2015, subject to certain exceptions and limitations, three demand rights for the registration via an underwritten public offering of, in each instance, a minimum of (i) $50.0 million, with respect to one Demand Registration Right, and $75.0 million, with respect to two Demand Registration Rights, of shares of our common stock received in the REIT conversion in exchange for the Listed Shares of our predecessor that were owned by the Estate as of the date of the Registration Rights Agreement, as well as certain “piggyback” registration rights. During 2014, the Estate ceased to own a minimum of $50.0 million of our common stock. As a result, the Estate is effectively no longer able to utilize the Registration Rights Agreement. | ||||||||||||
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 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, with accrued interest, 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 the 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 | ||||||||||||
As discussed in Note 16, in November 2013, an entity in which we, two of our employees, and a third party owned 38.3%, 1.7%, and 60.0%, respectively, and which we consolidated, sold 19 of its 20 self-storage properties. In connection with the sale, we made distributions aggregating $3.8 million to the two employees, representing their share of the net proceeds from the sale. | ||||||||||||
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 | 12 Months Ended | |||||||
Dec. 31, 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): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 1,146,704 | $ | 534,697 | ||||
Buildings | 3,829,981 | 1,972,107 | ||||||
Real estate under construction | 29,997 | 9,521 | ||||||
Less: Accumulated depreciation | (253,627 | ) | (168,076 | ) | ||||
$ | 4,753,055 | $ | 2,348,249 | |||||
During 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 December 31, 2014 decreased by 11.7% to $1.2156 from $1.3768 at December 31, 2013. The impact of this strengthening was a $154.5 million decrease in the carrying value of Real estate from December 31, 2013 to December 31, 2014. | ||||||||
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 year ended December 31, 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 year ended December 31, 2014 (Note 6). | ||||||||
Acquisitions of Real Estate During 2014 – We entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, at a total cost of $366.9 million, including land of $33.1 million, buildings of $278.1 million, and net lease intangibles of $55.7 million (Note 8): | ||||||||
• | $41.9 million for an office building in Chandler, Arizona on March 26, 2014; | |||||||
• | $47.2 million for a warehouse/distribution facility in University Park, Illinois on May 15, 2014; | |||||||
• | $117.7 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 $14.7 million. In connection with this business combination, we recorded goodwill of $11.1 million (Note 8); | |||||||
• | $46.0 million for an office building in Westborough, Massachusetts on August 22, 2014; | |||||||
• | $56.0 million for an office building in Andover, Massachusetts on October 7, 2014; | |||||||
• | $29.1 million for an office building in Newport, United Kingdom on October 13, 2014; and | |||||||
• | $29.0 million for a light-industrial/distribution center in Opole, Poland on December 12, 2014. | |||||||
In connection with these transactions, we expensed acquisition-related costs totaling $3.3 million, which are included in Merger and property acquisition expenses in the consolidated financial statements. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisitions, as applicable. | ||||||||
We also entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and then entered into new leases with the sellers, at a total cost of $536.7 million, including land of $83.9 million, buildings of $366.6 million, net lease intangibles of $82.9 million (Note 8), a property classified as a net investment in direct financing lease of $3.3 million (Note 6), and acquisition-related costs of $17.8 million, which were capitalized: | ||||||||
• | $138.3 million for 10 industrial and 21 agricultural properties in various locations in Australia on October 28, 2014. We also committed to fund a tenant expansion allowance of $14.8 million; | |||||||
• | $19.8 million for a manufacturing facility in Lewisburg, Ohio on November 4, 2014; and | |||||||
• | $378.5 million for 70 office buildings in various locations in Spain on December 19, 2014. | |||||||
Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisitions, as applicable. The purchase price for our investment in Spain was allocated to the assets acquired based upon their preliminary estimated fair values, which are based on the best estimates of management to date. We are in the process of finalizing our assessment of the fair value of the assets acquired. For investments entered into subsequent to December 31, 2014, please see Note 19. | ||||||||
Acquisitions of Real Estate During 2013 – We entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and then entered into new leases with the sellers, at a total cost of $124.4 million, including land of $20.7 million, buildings of $77.2 million, net lease intangibles of $26.5 million (Note 8), and acquisition-related costs of $1.5 million, which were capitalized: | ||||||||
• | $72.4 million for an office building in Northfield, Illinois on January 11, 2013; and | |||||||
• | $52.1 million for an office facility and research and development facility in Tampere, Finland on June 4, 2013. | |||||||
We also entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, at a total cost of $157.7 million, including land of $17.2 million, buildings of $99.0 million, and net lease intangibles of $41.5 million (Note 8): | ||||||||
• | $63.3 million for an office building in Salford, United Kingdom on September 9, 2013; | |||||||
• | $35.3 million for a logistics facility in Venlo, Netherlands on April 15, 2013; | |||||||
• | $33.6 million for an office building in Lone Tree, Colorado on November 27, 2013. We also committed to funding a tenant improvement allowance of $5.2 million; and | |||||||
• | $25.5 million for an office building in Quincy, Massachusetts on June 7, 2013. | |||||||
In connection with these business combinations, we expensed aggregate acquisition-related costs of $4.2 million, which are included in Merger and property acquisition expenses in the consolidated financial statements. | ||||||||
We also entered into a build-to-suit transaction for the construction of an office building located in Mönchengladbach, Germany on December 4, 2013 for a total projected cost of up to $65.0 million, including acquisition expenses, of which we funded $26.4 million and incurred unpaid costs of $3.4 million through December 31, 2014. Amounts are based on the exchange rate of the euro on December 31, 2014. | ||||||||
Dollar amounts above are based on the exchange rate of the euro and the British pound sterling on the dates of acquisition, as applicable. | ||||||||
Acquisitions of Real Estate During 2012 – As discussed in Note 3, we acquired properties in the CPA®:15 Merger, which increased the carrying value of our real estate by $1.8 billion during the year ended December 31, 2012. | ||||||||
On September 13, 2012, we acquired a domestic investment at a total cost of $24.8 million, including net lease intangible assets totaling $6.6 million (Note 8) and acquisition-related costs. We updated our purchase price allocation during the fourth quarter of 2012, and recorded a measurement period adjustment of $5.3 million to reduce land and buildings and to increase net lease intangibles. We deemed this investment to be a real estate asset acquisition, and as such, we capitalized acquisition-related costs of $0.2 million. | ||||||||
Scheduled Future Minimum Rents | ||||||||
Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments under non-cancelable operating leases, at December 31, 2014 are as follows (in thousands): | ||||||||
Years Ending December 31, | Total | |||||||
2015 | $ | 569,427 | ||||||
2016 | 554,767 | |||||||
2017 | 533,942 | |||||||
2018 | 502,584 | |||||||
2019 | 454,038 | |||||||
Thereafter | 2,388,659 | |||||||
Total | $ | 5,003,417 | ||||||
Operating Real Estate | ||||||||
At December 31, 2014, Operating real estate consisted of our investments in two hotels acquired in the CPA®:16 Merger in January 2014 and two self-storage properties. At December 31, 2013, Operating real estate consisted of two self-storage properties. Below is a summary of our Operating real estate (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 7,074 | $ | 1,097 | ||||
Buildings | 77,811 | 4,927 | ||||||
Less: Accumulated depreciation | (4,866 | ) | (882 | ) | ||||
$ | 80,019 | $ | 5,142 | |||||
Depreciation expense, including the effect of foreign currency translation, on our real estate and operating real estate for the years ended December 31, 2014, 2013, and 2012 was $119.9 million, $61.8 million, and $25.7 million, respectively. | ||||||||
Assets Held for Sale | ||||||||
Below is a summary of our properties held for sale (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Real estate, net | $ | 5,969 | $ | 62,466 | ||||
Above-market rent intangible assets, net | 838 | 13,872 | ||||||
In-place lease intangible assets, net | 448 | 12,293 | ||||||
Below-market rent and other intangible liabilities, net | — | (1,808 | ) | |||||
Assets held for sale | $ | 7,255 | $ | 86,823 | ||||
At December 31, 2013, we had nine properties classified as Assets held for sale, all of which were sold during the year ended December 31, 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 year ended December 31, 2014. In accordance with our adoption of ASU 2014-08, the results of operations for these properties are reflected in the consolidated financial statements as discontinued operations (Note 16). | ||||||||
During the year ended December 31, 2014, we reclassified five properties with an aggregate carrying value of $8.6 million to Assets held for sale, one of which was sold as of December 31, 2014. There can be no assurance that the remaining properties will be sold at the contracted price or at all. In accordance with our adoption of ASU 2014-08, the results of operations for these properties are included within continuing operations in the consolidated financial statements. |
Finance_Receivables
Finance Receivables | 12 Months Ended | ||||||||||||
Dec. 31, 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): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Minimum lease payments receivable | $ | 904,788 | $ | 466,182 | |||||||||
Unguaranteed residual value | 818,334 | 363,903 | |||||||||||
1,723,122 | 830,085 | ||||||||||||
Less: unearned income | (906,896 | ) | (466,665 | ) | |||||||||
$ | 816,226 | $ | 363,420 | ||||||||||
2014 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $78.8 million for the year ended December 31, 2014. 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 year ended December 31, 2014 (Note 16). In connection with our acquisition of an investment in Australia, we acquired one property subject to a direct financing lease for $3.3 million. During 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 December 31, 2014 decreased by 11.7% to $1.2156 from $1.3768 at December 31, 2013. The impact of this strengthening was a $52.8 million decrease in the carrying value of Net investments in direct financing leases from December 31, 2013 to December 31, 2014. During the year ended December 31, 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 $1.3 million on eight 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 December 31, 2014, Other assets, net included $1.4 million of accounts receivable related to amounts billed under these direct financing leases. | |||||||||||||
2013 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $37.3 million for the year ended December 31, 2013. We reclassified $14.0 million of properties from Net investments in direct financing leases to Real estate (Note 5) in connection with the restructuring of six leases. Additionally, during 2013, we sold a net investment in a direct financing lease, which we acquired in the CPA®:15 Merger, for $5.5 million, net of selling costs, and recognized a loss on the sale of $0.3 million. We also recognized an impairment charge of $0.1 million on a property accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair value of the property’s residual value. At December 31, 2013, Other assets, net included $0.1 million of accounts receivable related to amounts billed under these direct financing leases. | |||||||||||||
2012 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $15.2 million for the year ended December 31, 2012. We sold a net investment in a direct financing lease for $2.0 million, net of selling costs, and recognized a net loss on sale of $0.2 million. In connection with the CPA®:15 Merger in September 2012, we acquired 15 direct financing leases with a total fair value of $315.8 million (Note 3). | |||||||||||||
Scheduled Future Minimum Rents | |||||||||||||
Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2014 are as follows (in thousands): | |||||||||||||
Years Ending December 31, | Total | ||||||||||||
2015 | $ | 78,488 | |||||||||||
2016 | 77,943 | ||||||||||||
2017 | 77,914 | ||||||||||||
2018 | 77,933 | ||||||||||||
2019 | 75,418 | ||||||||||||
Thereafter | 517,092 | ||||||||||||
Total | $ | 904,788 | |||||||||||
Notes Receivable | |||||||||||||
At December 31, 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 December 31, 2014 and 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 years ended December 31, 2014 and 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 fourth quarter of 2014. We believe the credit quality of our deferred acquisition fees receivable, which is not included in the table below, 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 / Obligors at December 31, | Carrying Value at December 31, | ||||||||||||
Internal Credit Quality Indicator | 2014 | 2013 | 2014 | 2013 | |||||||||
1 | 3 | 3 | $ | 79,343 | $ | 42,812 | |||||||
2 | 4 | 3 | 37,318 | 27,869 | |||||||||
3 | 23 | 8 | 592,631 | 284,968 | |||||||||
4 | 7 | 1 | 127,782 | 7,771 | |||||||||
5 | — | — | — | — | |||||||||
$ | 837,074 | $ | 363,420 | ||||||||||
Equity_Investment_in_Real_Esta
Equity Investment in Real Estate and the Managed REITs | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||
Equity Investments in Real Estate and REITs | Equity Investments in Real Estate and the Managed Programs | ||||||||||||||
We own interests in certain unconsolidated real estate investments with the Managed Programs and also own interests in the Managed Programs. 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 Equity in earnings of equity method 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): | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Proportionate share of equity in earnings of equity investments in the Managed REITs | $ | 2,425 | $ | 7,057 | $ | 8,867 | |||||||||
Amortization of basis differences on equity investments in the Managed REITs | (810 | ) | (5,115 | ) | (4,302 | ) | |||||||||
Other-than-temporary impairment charges on the Special Member Interest in | (735 | ) | (15,383 | ) | (9,910 | ) | |||||||||
CPA®:16 – Global’s operating partnership | |||||||||||||||
Distributions of Available Cash (Note 4) | 31,052 | 34,121 | 30,009 | ||||||||||||
Deferred revenue earned (Note 4) | 786 | 9,436 | 9,436 | ||||||||||||
Total equity in earnings of equity investments in the Managed REITs | 32,718 | 30,116 | 34,100 | ||||||||||||
Equity in earnings from other equity investments in real estate | 14,828 | 26,928 | 29,864 | ||||||||||||
Amortization of basis differences on other equity investments | (3,430 | ) | (4,313 | ) | (1,572 | ) | |||||||||
Equity in earnings of equity method investments in real estate and the Managed REITs | $ | 44,116 | $ | 52,731 | $ | 62,392 | |||||||||
Managed Programs | |||||||||||||||
We own interests in the Managed Programs 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 Programs. | |||||||||||||||
The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands): | |||||||||||||||
% of Outstanding Shares Owned at | Carrying Amount of Investment at | ||||||||||||||
December 31, | December 31, | ||||||||||||||
Fund | 2014 | 2013 | 2014 (a) (b) | 2013 (a) | |||||||||||
CPA®:16 – Global (c) | 100 | % | 18.533 | % | $ | — | $ | 282,520 | |||||||
CPA®:16 – Global operating partnership (d) | 100 | % | 0.015 | % | — | 813 | |||||||||
CPA®:17 – Global (e) | 2.676 | % | 1.91 | % | 79,429 | 57,753 | |||||||||
CPA®:17 – Global operating partnership (f) | 0.009 | % | 0.009 | % | — | — | |||||||||
CPA®:18 – Global | 0.221 | % | 0.127 | % | 2,784 | 320 | |||||||||
CPA®:18 – Global operating partnership (g) | 0.034 | % | 0.034 | % | 209 | 209 | |||||||||
CWI | 1.088 | % | 0.538 | % | 13,940 | 3,369 | |||||||||
CWI operating partnership (h) | 0.015 | % | 0.015 | % | — | — | |||||||||
Carey Credit Income Fund (i) | 50 | % | — | 25,000 | — | ||||||||||
$ | 121,362 | $ | 344,984 | ||||||||||||
___________ | |||||||||||||||
(a) | Includes asset management fees receivable, for which 240,318 shares, 37,870 class A shares, and 93,739 shares of common stock of CPA®:17 – Global, CPA®:18 – Global, and CWI, respectively, were issued during the first quarter of 2015. | ||||||||||||||
(b) | At December 31, 2014 and 2013, the aggregate unamortized basis differences on our equity investments in the Managed REITs were $20.2 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 wholly-owned subsidiaries with our subsidiary as the surviving entity, in the CPA®:16 Merger (Note 3). We received distributions of $6.4 million, $25.3 million, and $24.3 million from this affiliate during January 2014, the year ended December 31, 2013 and the year ended December 31, 2012, respectively. During the year ended December 31, 2013, equity income from CPA®:16 – Global and CPA®:16 – Global’s operating partnership exceeded 20% of our net income from continuing operations before income taxes. Therefore, the audited consolidated financial statements of CPA®:16 – Global are incorporated by reference in this Report. | ||||||||||||||
(d) | During January 2014 and the years ended December 31, 2013 and 2012, we recognized other-than-temporary impairment charges of $0.7 million, $15.4 million, and $9.9 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, $15.2 million, and $15.4 million from this investment during January 2014, the year ended December 31, 2013, and the year ended December 31, 2012, 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 $4.6 million, $3.0 million, and $1.6 million from this affiliate during 2014, 2013, and 2012, respectively. | ||||||||||||||
(f) | We received distributions of $20.4 million, $16.9 million, and $14.6 million from this affiliate during 2014, 2013, and 2012, respectively. | ||||||||||||||
(g) | We received distributions of $1.8 million and $0.1 million, from this affiliate, which commenced operations in May 2013, during the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||
(h) | We received distributions of $4.1 million and $1.9 million from this affiliate during the years ended December 31, 2014 and 2013, respectively. There were no such distributions received during the year ended December 31, 2012. | ||||||||||||||
(i) | In December 2014, we purchased 2,777,778 shares of CCIF at $9.00 per share for a total purchase price of $25.0 million. We account for our interest in this investment using the equity method of accounting because we share the decision-making with the third-party investment partner. As of December 31, 2014, CCIF has not yet admitted any additional shareholders. | ||||||||||||||
The following tables present estimated combined summarized financial information for the Managed Programs. 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 Programs and do not represent our proportionate share (in thousands): | |||||||||||||||
December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Real estate, net | $ | 5,969,011 | $ | 7,218,177 | |||||||||||
Other assets | 2,293,065 | 2,128,862 | |||||||||||||
Total assets | 8,262,076 | 9,347,039 | |||||||||||||
Debt | (3,387,795 | ) | (4,237,044 | ) | |||||||||||
Accounts payable, accrued expenses and other liabilities | (496,857 | ) | (571,097 | ) | |||||||||||
Total liabilities | (3,884,652 | ) | (4,808,141 | ) | |||||||||||
Noncontrolling interests | (170,249 | ) | (192,492 | ) | |||||||||||
Stockholders’ equity | $ | 4,207,175 | $ | 4,346,406 | |||||||||||
Years Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Revenues | $ | 825,405 | $ | 796,637 | $ | 860,983 | |||||||||
Expenses (a) | (838,100 | ) | (701,830 | ) | (759,435 | ) | |||||||||
(Loss) income from continuing operations | $ | (12,695 | ) | $ | 94,807 | $ | 101,548 | ||||||||
Net (loss) income attributable to the Managed Programs (b) (c) | $ | (12,695 | ) | $ | 104,342 | $ | 128,455 | ||||||||
___________ | |||||||||||||||
(a) | Total net expenses recognized by the Managed Programs during the year ended December 31, 2012 included $3.1 million of CPA®:15 Merger-related expenses incurred by CPA®:15, of which our share was approximately $0.2 million. | ||||||||||||||
(b) | Inclusive of impairment charges recognized by the Managed Programs totaling $1.3 million, $25.6 million, and $25.0 million during the years ended December 31, 2014, 2013, and 2012, respectively. These impairment charges reduced our income earned from these investments by approximately less than $0.1 million, $4.7 million, and $4.2 million during the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||
(c) | Amounts included net gains on sale of real estate recorded by the Managed Programs totaling $13.3 million, $7.7 million, and $35.4 million during the years ended December 31, 2014, 2013, and 2012, 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 Programs, and their respective carrying values (dollars in thousands): | |||||||||||||||
Ownership Interest | Carrying Value at December 31, | ||||||||||||||
Lessee | Co-owner(s) | at December 31, 2014 | 2014 | 2013 | |||||||||||
Same Store Equity Investments (a) (b) | |||||||||||||||
C1000 Logistiek Vastgoed B.V. (c) | CPA®:17 – Global | 15% | $ | 11,192 | $ | 13,673 | |||||||||
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH | CPA®:17 – Global | 33% | 6,949 | 7,267 | |||||||||||
Wanbishi Archives Co. Ltd. | CPA®:17 – Global | 3% | 341 | 395 | |||||||||||
18,482 | 21,335 | ||||||||||||||
Equity Investments Consolidated After the CPA®:16 Merger (d) | |||||||||||||||
Schuler A.G. (a) | CPA®:16 – Global | 100% | — | 65,798 | |||||||||||
Hellweg 2 (a) (e) | CPA®:16 – Global/ CPA®:17 – Global | 63% | — | 27,923 | |||||||||||
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% | 72,476 | 21,543 | |||||||||||
CPA®:17 – Global | |||||||||||||||
Frontier Spinning Mills, Inc. | CPA®:17 – Global | 40% | 15,609 | — | |||||||||||
Actebis Peacock GmbH (a) | CPA®:17 – Global | 30% | 6,369 | — | |||||||||||
94,454 | 21,543 | ||||||||||||||
Recently Acquired Equity Investment | |||||||||||||||
Beach House JV, LLC (g) | Third Party | N/A | 15,105 | — | |||||||||||
$ | 128,041 | $ | 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 total amount due under the arrangement was approximately $82.7 million at December 31, 2014. Of this amount, $12.4 million represents the amount we agreed to pay and is included within the carrying value of the investment at December 31, 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 year ended December 31, 2014, we received a preferred equity position in Beach House JV, LLC as part of the sale of our 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 of Beach House JV LLC. During the year ended December 31, 2014, we recognized $1.0 million of income related to this investment, which is included in Equity in earnings of equity method investments in real estate and the Managed REITs in the consolidated financial statements. | ||||||||||||||
The following tables present combined summarized financial information of our equity investments, excluding the Managed Programs. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands): | |||||||||||||||
December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Real estate, net | $ | 486,858 | $ | 1,038,422 | |||||||||||
Other assets | 81,232 | 146,635 | |||||||||||||
Total assets | 568,090 | 1,185,057 | |||||||||||||
Debt | (278,012 | ) | (695,429 | ) | |||||||||||
Accounts payable, accrued expenses and other liabilities | (10,057 | ) | (77,819 | ) | |||||||||||
Total liabilities | (288,069 | ) | (773,248 | ) | |||||||||||
Noncontrolling interests | (355 | ) | 176 | ||||||||||||
Stockholders’ equity | $ | 279,666 | $ | 411,985 | |||||||||||
Years Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Revenues | $ | 64,294 | $ | 117,278 | $ | 108,242 | |||||||||
Expenses | (27,801 | ) | (50,907 | ) | (64,453 | ) | |||||||||
Income from continuing operations | $ | 36,493 | $ | 66,371 | $ | 43,789 | |||||||||
Net income attributable to the jointly-owned investments (a) | $ | 36,493 | $ | 15,762 | $ | 79,591 | |||||||||
___________ | |||||||||||||||
(a) | Amount during the year ended December 31, 2012 included a net gain of approximately $34.0 million recognized by a jointly-owned investment as a result of selling its interests in the Médica investment. Our share of the gain was approximately $15.1 million. | ||||||||||||||
We received aggregate distributions of $12.5 million, $25.9 million, and $20.0 million from our other unconsolidated real estate investments for the years ended December 31, 2014, 2013, and 2012, respectively. At December 31, 2014 and 2013, the aggregate unamortized basis differences on our unconsolidated real estate investments were $5.8 million and $16.6 million, respectively. | |||||||||||||||
Hellweg 2 Restructuring | |||||||||||||||
In 2007, CPA®:14, CPA®:15, and CPA®:16 – Global, acquired a 33%, 40%, and 27% interest, respectively, in an entity, or Purchaser, for purposes of acquiring a 25% interest in a property holding company, or PropCo, that owns 37 do-it-yourself stores located in Germany. This is referred to as the Hellweg 2 transaction. The remaining 75% interest in PropCo was owned by a third party, or the Partner. In November 2010, CPA®:14, CPA®:15, and CPA®:16 – Global obtained a 70% additional interest in PropCo from the Partner, resulting in Purchaser owning approximately 95% of PropCo. In 2011, CPA®:17 – Global acquired CPA®:14’s interests, and in 2012, through the CPA®:15 Merger, we acquired CPA®:15’s interests. We had previously accounted for our investment under the equity method of accounting. In January 2014 in connection with the CPA®:16 Merger, we acquired CPA®:16 – Global’s interests in the investment. Subsequent to the acquisition, we consolidate this investment. | |||||||||||||||
In October 2013, the Partner’s remaining 5% equity interest in PropCo was acquired by CPA®:17 – Global, which resulted in PropCo incurring a German real estate transfer tax of $22.1 million, of which our share was approximately $8.4 million and was recorded within Equity in earnings of equity method investments in real estate and the Managed REITs in our consolidated statement of income for the year ended December 31, 2013. PropCo intends to appeal the real estate transfer tax upon assessment, but there is no certainty it will be successful in appealing its obligation. | |||||||||||||||
Acquisition of Unconsolidated Real Estate Investment During 2012 | |||||||||||||||
In December 2012, an entity in which we and CPA®:17 – Global hold 3% and 97% interests, respectively, purchased a warehouse/distribution facility in Japan for $52.1 million. Our share of the purchase price was approximately $1.5 million. We account for this investment under the equity method of accounting, as we do not have a controlling interest in the entity but exercise significant influence over it. In connection with this investment, the entity obtained mortgage financing on the property of $31.6 million at an annual interest rate of 2% and term of five years. Our share of the financing was approximately $0.9 million. Amounts are based on the exchange rate of the Japanese yen on the date of acquisition. | |||||||||||||||
Disposition of Unconsolidated Real Estate Investment During 2013 | |||||||||||||||
In June 2013, we contributed $2.9 million to partially repay the existing $17.1 million mortgage loan on our U.S. Airways investment. We refinanced the remaining mortgage loan with new financing of $13.9 million. Immediately after the refinancing, we sold our interest in the investment to a third party for $28.4 million, net of closing costs and our contribution to partially repay the loan, and recognized a gain on sale of $19.5 million. The gain was included in Equity in earnings of equity method investments in real estate and the Managed REITs in the consolidated financial statements. | |||||||||||||||
In October 2013, an entity in which we and CPA®:16 – Global held 30% and 70% interests, respectively, sold the five properties it owned for $41.4 million and recognized a net gain on sale of $0.5 million. The entity used a portion of the proceeds to repay the related mortgage loan, which had a carrying value of $25.7 million on the date of sale. Amounts presented are total amounts attributable to the whole entity and do not represent our proportionate share. In connection with the sale, the entity made a distribution of $4.2 million to us, representing our share of the net proceeds from the sale. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill And Intangible Assets Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure | 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 250 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 2014, which primarily reflects 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 | Amount | |||||||||||||||||||||||
Life | ||||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | 13.3 | $ | 700,850 | |||||||||||||||||||||
Above-market rent | 12.3 | 395,824 | ||||||||||||||||||||||
Below-market ground lease | 67.5 | 14,772 | ||||||||||||||||||||||
$ | 1,111,446 | |||||||||||||||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | 18.1 | $ | (59,740 | ) | ||||||||||||||||||||
Above-market ground lease | 31.5 | (6,712 | ) | |||||||||||||||||||||
$ | (66,452 | ) | ||||||||||||||||||||||
In connection with the CPA®:16 Merger and the CPA®:15 Merger, we recorded goodwill as a result of the merger considerations exceeding the fair values of the assets acquired and liabilities assumed (Note 3). 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 and CPA®:15 Merger. The following table presents a reconciliation of our goodwill (in thousands): | ||||||||||||||||||||||||
Real Estate Ownership | Investment Management | Total | ||||||||||||||||||||||
Balance at January 1, 2012 | $ | — | $ | 63,607 | $ | 63,607 | ||||||||||||||||||
Acquisition of CPA®:15 | 268,683 | — | 268,683 | |||||||||||||||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | (3,158 | ) | — | (3,158 | ) | |||||||||||||||||||
Balance at December 31, 2012 | 265,525 | 63,607 | 329,132 | |||||||||||||||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | (13,118 | ) | — | (13,118 | ) | |||||||||||||||||||
Adjustments related to deferred foreign income taxes (a) | 32,715 | — | 32,715 | |||||||||||||||||||||
Adjustment to purchase price allocation for the CPA®:15 Merger (b) | 1,479 | — | 1,479 | |||||||||||||||||||||
Balance at December 31, 2013 | 286,601 | 63,607 | 350,208 | |||||||||||||||||||||
Acquisition of CPA®:16 – Global | 346,642 | — | 346,642 | |||||||||||||||||||||
Other business combinations (c) | 13,585 | — | 13,585 | |||||||||||||||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | (3,762 | ) | — | (3,762 | ) | |||||||||||||||||||
Foreign currency translation adjustments and other | (14,258 | ) | — | (14,258 | ) | |||||||||||||||||||
Balance at December 31, 2014 | $ | 628,808 | $ | 63,607 | $ | 692,415 | ||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | In the fourth quarter of 2013, we recorded an out-of-period adjustment related to accounting for deferred foreign income taxes (Note 2). | |||||||||||||||||||||||
(b) | In the fourth quarter of 2013, we recorded an immaterial out-of-period adjustment to correct the purchase price allocation for the CPA®:15 Merger. | |||||||||||||||||||||||
(c) | Primarily relates to acquisition of an investment in Norway (Note 5). | |||||||||||||||||||||||
Current accounting guidance requires that we test for the recoverability of goodwill at the reporting unit level. The test for recoverability must be conducted at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. We performed our annual test for impairment during the fourth quarter of 2014 for goodwill recorded in both segments, and no impairment was indicated. | ||||||||||||||||||||||||
Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 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 | 17,584 | (26 | ) | 17,558 | 3,255 | — | 3,255 | |||||||||||||||||
50,349 | (32,791 | ) | 17,558 | 36,020 | (32,395 | ) | 3,625 | |||||||||||||||||
Lease Intangibles: | ||||||||||||||||||||||||
In-place lease and tenant relationship | 1,185,692 | (191,873 | ) | 993,819 | 557,984 | (86,265 | ) | 471,719 | ||||||||||||||||
Above-market rent | 639,370 | (116,573 | ) | 522,797 | 292,132 | (50,157 | ) | 241,975 | ||||||||||||||||
Below-market ground lease | 17,771 | (435 | ) | 17,336 | 4,386 | (22 | ) | 4,364 | ||||||||||||||||
1,842,833 | (308,881 | ) | 1,533,952 | 854,502 | (136,444 | ) | 718,058 | |||||||||||||||||
Unamortizable Goodwill and | ||||||||||||||||||||||||
Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||
Goodwill | 692,415 | — | 692,415 | 350,208 | — | 350,208 | ||||||||||||||||||
Trade name | 3,975 | — | 3,975 | 3,975 | — | 3,975 | ||||||||||||||||||
696,390 | — | 696,390 | 354,183 | — | 354,183 | |||||||||||||||||||
Total intangible assets | $ | 2,589,572 | $ | (341,672 | ) | $ | 2,247,900 | $ | 1,244,705 | $ | (168,839 | ) | $ | 1,075,866 | ||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | $ | (169,231 | ) | $ | 23,039 | $ | (146,192 | ) | $ | (116,939 | ) | $ | 11,832 | $ | (105,107 | ) | ||||||||
Above-market ground lease | (13,311 | ) | 1,144 | (12,167 | ) | (6,896 | ) | 512 | (6,384 | ) | ||||||||||||||
(182,542 | ) | 24,183 | (158,359 | ) | (123,835 | ) | 12,344 | (111,491 | ) | |||||||||||||||
Unamortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market purchase option | (16,711 | ) | — | (16,711 | ) | (16,711 | ) | — | (16,711 | ) | ||||||||||||||
Total intangible liabilities | $ | (199,253 | ) | $ | 24,183 | $ | (175,070 | ) | $ | (140,546 | ) | $ | 12,344 | $ | (128,202 | ) | ||||||||
Net amortization of intangibles, including the effect of foreign currency translation, was $174.0 million, $86.1 million, and $24.9 million for the years ended December 31, 2014, 2013, and 2012, 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 December 31, 2014, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): | ||||||||||||||||||||||||
Years Ending December 31, | Net Decrease in Lease Revenues | Increase to Amortization/Property Expenses | Net | |||||||||||||||||||||
2015 | $ | 54,208 | $ | 114,768 | $ | 168,976 | ||||||||||||||||||
2016 | 52,471 | 110,828 | 163,299 | |||||||||||||||||||||
2017 | 49,368 | 107,080 | 156,448 | |||||||||||||||||||||
2018 | 46,043 | 104,269 | 150,312 | |||||||||||||||||||||
2019 | 22,436 | 73,391 | 95,827 | |||||||||||||||||||||
Thereafter | 152,079 | 506,210 | 658,289 | |||||||||||||||||||||
Total | $ | 376,605 | $ | 1,016,546 | $ | 1,393,151 | ||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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. Unobservable inputs for WPCI include a discount for lack of marketability, a discount rate, and EBITDA 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 years ended December 31, 2014, 2013, and 2012. In connection with the CPA®:16 Merger, we acquired additional stock warrants, which had previously been granted by Hellweg 2 to CPA®:16 – Global, and which were classified as Level 3, at December 31, 2014 (Note 10). | ||||||||||||||||||||||||
Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Non-recourse debt (a) | 3 | $ | 2,532,683 | $ | 2,574,437 | $ | 1,492,410 | $ | 1,477,497 | |||||||||||||||
Senior Credit Facilities (a) (b) | 2 | 1,057,518 | 1,057,519 | 275,000 | 275,000 | |||||||||||||||||||
Senior unsecured notes (c) | 2 | 498,345 | 527,029 | — | — | |||||||||||||||||||
Deferred acquisition fees receivable (d) | 3 | 26,913 | 28,027 | 19,684 | 20,733 | |||||||||||||||||||
Notes receivable (a) (e) | 3 | 20,848 | 19,604 | — | — | |||||||||||||||||||
Unsecured Term Loan (b) | 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) | As described in Note 11, the Prior Senior Credit Facility and 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. | |||||||||||||||||||||||
(c) | We determined the estimated fair value of the 4.6% senior unsecured notes using quoted market prices in an open market with limited trading volume (Note 10). | |||||||||||||||||||||||
(d) | 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 108 - 355 basis points and 50 - 100 basis points, respectively, at December 31, 2014. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. | |||||||||||||||||||||||
(e) | We acquired these notes in the CPA®:16 Merger (Note 6). | |||||||||||||||||||||||
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 December 31, 2014 and 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 held for use 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, broker quotes or third-party appraisals. 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 reporting. 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 tables present information about our assets that were measured at fair value on a non-recurring basis (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||
Fair Value | Total Impairment | Fair Value | Total Impairment | Fair Value | Total Impairment | |||||||||||||||||||
Measurements | Charges | Measurements | Charges | Measurements | Charges | |||||||||||||||||||
Impairment Charges in Continuing Operations | ||||||||||||||||||||||||
Real estate | $ | 26,503 | $ | 21,738 | $ | 15,495 | $ | 4,673 | $ | — | $ | — | ||||||||||||
Net investments in direct financing leases | 39,158 | 1,329 | 891 | 68 | — | — | ||||||||||||||||||
Equity investments in real estate | — | 735 | 5,111 | 19,256 | 17,140 | 9,910 | ||||||||||||||||||
Marketable security | — | — | 483 | 553 | — | — | ||||||||||||||||||
23,802 | 24,550 | 9,910 | ||||||||||||||||||||||
Impairment Charges in Discontinued Operations | ||||||||||||||||||||||||
Real estate | — | — | 19,413 | 6,192 | 39,642 | 12,495 | ||||||||||||||||||
Operating real estate | — | — | 3,709 | 1,071 | 5,002 | 10,467 | ||||||||||||||||||
— | 7,263 | 22,962 | ||||||||||||||||||||||
$ | 23,802 | $ | 31,813 | $ | 32,872 | |||||||||||||||||||
Impairment charges, and their related triggering events and fair value measurements, recognized during 2014, 2013, and 2012 were as follows: | ||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||
During the year ended December 31, 2014, we recognized impairment charges totaling $7.8 million on six properties in order to reduce the carrying values of the properties to their estimated fair values, which approximated their estimated selling prices. Additionally, we recognized an impairment charge of $14.0 million on a property during the year ended December 31, 2014 as result of the tenant vacating the property. The fair value measurements relating to the $14.0 million impairment charge were determined by a direct cap approach and market approach and utilizing the average of these two approaches, as the property has potential utility as both a commercial net lease building (direct cap approach) and a redeveloped residential structure (market approach). The fair value under the market approach was determined by comparing the property to similar properties that have been sold or offered for sale, with adjustments made for differences in date of sale, age, condition, size, location, land/building ratio, local tax policies, and other physical characteristics and circumstances influencing the sale. The fair value under the direct cap approach was determined by estimating future net operating income of the leased up asset utilizing comparable market rents that have been leased or offered for lease, capitalizing the resulting net operating income utilizing a residual capitalization rate of 8.0%, offset by the leasing capital required to secure a tenant and the market vacancy assumptions. Significant increases or decreases to the inputs utilized for the market approach and income approach in isolation would result in a significant change in the fair value measurement. | ||||||||||||||||||||||||
During the year ended December 31, 2013, we recognized an impairment charge of $4.7 million on a property in France. This impairment was the result of writing down the property’s carrying value to its estimated fair value in connection with the tenant vacating the property. The fair value measurements related to the impairment charge were determined by estimating discounted cash flows using three significant unobservable inputs, which are the cash flow discount rate, the residual discount rate, and the residual capitalization rate equal to 12.75%, 11.75%, and 10.0%, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. | ||||||||||||||||||||||||
Net Investments in Direct Financing Leases | ||||||||||||||||||||||||
During the year ended December 31, 2014, we recognized impairment charges totaling $1.3 million on eight 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. During the year ended December 31, 2013, we recognized an impairment charge of $0.1 million on a property accounted for as Net investments in direct financing leases in order to reduce the carrying value of the property to its estimated fair value, which approximated its estimated selling price. | ||||||||||||||||||||||||
Equity Investments in Real Estate | ||||||||||||||||||||||||
During the years ended December 31, 2014, 2013, and 2012, we recognized other-than-temporary impairment charges totaling $0.7 million, $15.4 million, and $9.9 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 estimated fair value was computed 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. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. The valuation was also dependent upon the estimated date of a liquidity event for CPA®:16 – Global because cash flows attributable to this investment would cease upon such event. | ||||||||||||||||||||||||
During the year ended December 31, 2013, we recognized an other-than-temporary impairment charge of $3.9 million on a jointly-owned investment to reduce the carrying value of our investment to its estimated fair value, which was based on the contracted selling price of the properties held by the jointly-owned investment. The properties were sold in October 2013. | ||||||||||||||||||||||||
Marketable Security | ||||||||||||||||||||||||
During the year ended December 31, 2013, we recognized an other-than-temporary impairment charge of $0.6 million on an investment in an equity fund. During the fourth quarter of 2013, we received information that indicated the fair value of the equity fund was less than its carrying value. Since the fund was being wound down and the remaining investments had fair values less than their cost, this impairment was deemed other-than-temporary and the carrying value was written down to the estimated fair value. | ||||||||||||||||||||||||
Properties Sold | ||||||||||||||||||||||||
During the years ended December 31, 2013 and 2012, we recognized impairment charges on properties sold, including a hotel, totaling $7.3 million and $23.0 million, respectively, to reduce the carrying values of the properties to their selling prices. These impairment charges, which are included in discontinued operations, were the result of reducing these properties’ carrying values to their estimated fair values (Note 16), which approximated their estimated selling prices, in connection with anticipated sales. The fair value measurement related to these impairment charges, other than the fair value of the hotel, was determined in part by third-party sources, subject to our corroboration for reasonableness. The fair value of the hotel property was obtained using an estimate of discounted cash flows using three significant inputs, which are capitalization rate, cash flow discount rate, and residual discount rate of 9.5%, 7.5%, and 10.0%, respectively. |
Risk_Management_and_Use_of_Der
Risk Management and Use of Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 December 31, 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, Asia, and Australia 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 into, 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. For a derivative designated, and that qualified, as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) income into earnings when the hedged investment is either sold or substantially liquidated. 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 | Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | |||||||||||||||||
as Hedging Instruments | Balance Sheet Location | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||
Interest rate caps | Other assets, net | $ | 3 | $ | 2 | $ | — | $ | — | ||||||||||
Interest rate swaps | Other assets, net | 285 | 1,618 | — | — | ||||||||||||||
Foreign currency forward contracts (a) | Other assets, net | 16,307 | — | — | — | ||||||||||||||
Foreign currency forward contracts (a) | Accounts payable, accrued expenses and other liabilities | — | — | — | (7,083 | ) | |||||||||||||
Interest rate swaps (a) | Accounts payable, accrued expenses and other liabilities | — | — | (5,660 | ) | (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 | — | — | (7,496 | ) | (11,995 | ) | ||||||||||||
Total derivatives | $ | 20,348 | $ | 3,780 | $ | (13,156 | ) | $ | (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 $2.4 million and $5.0 million, respectively, at December 31, 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 December 31, 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 December 31, 2014 and 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) | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | 2012 | ||||||||||||||||
Interest rate swaps | $ | (2,628 | ) | $ | 4,720 | $ | (1,059 | ) | |||||||||||
Interest rate caps | 290 | (15 | ) | 277 | |||||||||||||||
Foreign currency forward contracts | 23,167 | (5,211 | ) | (1,480 | ) | ||||||||||||||
Derivatives in Net Investment Hedging Relationship (b) | |||||||||||||||||||
Foreign currency forward contracts | 2,566 | — | — | ||||||||||||||||
Total | $ | 23,395 | $ | (506 | ) | $ | (2,262 | ) | |||||||||||
Amount of Gain (Loss) Reclassified from | |||||||||||||||||||
Other Comprehensive (Loss) Income | |||||||||||||||||||
into Income (Effective Portion) (c) | |||||||||||||||||||
Derivative in Cash Flow Hedging Relationships | Location of Gain (Loss) Recognized in Income | Years Ended December 31, | |||||||||||||||||
2014 | 2013 (d) | 2012 (d) | |||||||||||||||||
Interest rate swaps | Interest expense | $ | (2,691 | ) | $ | (1,745 | ) | $ | (1,539 | ) | |||||||||
Foreign currency forward contracts | Other income and (expenses) | (103 | ) | (537 | ) | (239 | ) | ||||||||||||
Total | $ | (2,794 | ) | $ | (2,282 | ) | $ | (1,778 | ) | ||||||||||
__________ | |||||||||||||||||||
(a) | Excludes net gains (losses) of $0.3 million, $0.5 million, and less than $(0.1) million recognized on unconsolidated jointly-owned investments for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||
(b) | The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. | ||||||||||||||||||
(c) | Excludes net gains of $0.4 million, $0.5 million, and $0.4 million recognized on unconsolidated jointly-owned investments for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||
(d) | The amounts included in this column for the periods presented have been revised to reverse the signs that were incorrectly presented when originally reported. | ||||||||||||||||||
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 December 31, 2014, we estimate that an additional $2.7 million and $4.2 million will be reclassified as interest expense and other income, respectively, during the next 12 months. | |||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||
Income on Derivatives | |||||||||||||||||||
Location of Gain (Loss) | Years Ended December 31, | ||||||||||||||||||
Derivatives Not in Cash Flow Hedging Relationships | Recognized in Income | 2014 | 2013 | 2012 | |||||||||||||||
Interest rate swaps | Interest expense | $ | 3,186 | $ | 5,249 | $ | 429 | ||||||||||||
Stock warrants | Other income and (expenses) | 134 | 440 | 108 | |||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||
Interest rate swaps (a) | Interest expense | 761 | (20 | ) | 101 | ||||||||||||||
Total | $ | 4,081 | $ | 5,669 | $ | 638 | |||||||||||||
___________ | |||||||||||||||||||
(a) | Relates to the ineffective portion of the hedging relationship. | ||||||||||||||||||
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 historically attempted to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners obtained, and may in the future obtain, variable-rate, non-recourse mortgage loans, and as a result, we have entered into, and may continue to 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 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 December 31, 2014 are summarized as follows (currency in thousands): | |||||||||||||||||||
Number of Instruments | Notional | Fair Value at December 31, 2014 (a) | |||||||||||||||||
Amount | |||||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps | 14 | 129,313 | USD | $ | (4,324 | ) | |||||||||||||
Interest rate swaps | 2 | 8,174 | EUR | (1,051 | ) | ||||||||||||||
Interest rate caps (b) | 1 | 45,847 | EUR | 3 | |||||||||||||||
Not Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps (c) | 3 | 107,400 | EUR | (7,496 | ) | ||||||||||||||
$ | (12,868 | ) | |||||||||||||||||
__________ | |||||||||||||||||||
(a) | Fair value amounts are based on the exchange rate of the euro at December 31, 2014, as applicable. | ||||||||||||||||||
(b) | The applicable interest rate of the related debt was 1.0%, which was below the strike price of the cap of 3.0% at December 31, 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 December 31, 2014, which were designated as cash flow hedges (currency in thousands): | |||||||||||||||||||
Number of Instruments | Notional | Fair Value at December 31, 2014 (a) | |||||||||||||||||
Foreign Currency Derivatives | Amount | ||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 68 | 155,978 | EUR | $ | 12,573 | ||||||||||||||
Foreign currency forward contracts | 16 | 8,560 | GBP | 51 | |||||||||||||||
Foreign currency forward contracts | 20 | 25,082 | AUD | 1,117 | |||||||||||||||
Designated as Net Investment Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 5 | 84,522 | AUD | 2,566 | |||||||||||||||
$ | 16,307 | ||||||||||||||||||
__________ | |||||||||||||||||||
(a) | Fair value amounts are based on the applicable exchange rate of the foreign currency at December 31, 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 December 31, 2014. At December 31, 2014, our total credit exposure and the maximum exposure to any single counterparty was $16.2 million and $9.9 million, respectively. | |||||||||||||||||||
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 December 31, 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 $14.2 million and $22.9 million at December 31, 2014 and 2013, respectively, which included accrued interest and any adjustment for nonperformance risk. If we had breached any of these provisions at either December 31, 2014 or 2013, we could have been required to settle our obligations under these agreements at their aggregate termination value of $14.5 million or $24.4 million, respectively. | |||||||||||||||||||
Net Investment Hedge | |||||||||||||||||||
At December 31, 2014, amounts outstanding under the Revolver include $419.4 million borrowed in euros, and $62.1 million borrowed in British pounds (Note 11). These borrowings are designated as, and are effective as, economic hedges of our net investments in foreign entities. Variability in the exchange rates of the foreign currencies with respect to the U.S. dollar impacts our financial results as the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of changes in the foreign currencies to U.S. dollar exchange rates being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, the borrowings in euro and British pounds sterling under the Revolver are recorded at cost in the consolidated financial statements and all changes in the value related to changes in the spot rates 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 | 12 Months Ended | ||||
Dec. 31, 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. | |||||
At December 31, 2014, the Senior Unsecured Credit Facility was 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, which we refer to as the Accordion Feature (Note 19). 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 (Note 19), (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 December 31, 2014, the outstanding balance under the Senior Unsecured Credit Facility was $1.1 billion, including the $250.0 million drawn under the Term Loan Facility, $326.0 million borrowed under the Revolver in U.S. dollars, the equivalent of $419.4 million borrowed under the Revolver in euros, and the equivalent of $62.1 million borrowed under the Revolver in British pounds. In addition, as of December 31, 2014, our lenders had issued letters of credit totaling $1.1 million on our behalf in connection with certain contractual obligations, which reduce amounts that may be drawn under the Revolver. At December 31, 2014, our Revolver had unused capacity of $192.5 million, excluding amounts reserved for outstanding letters of credit. Based on our credit rating of BBB/Baa2 during the year ended December 31, 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 year ended December 31, 2014. | |||||
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 December 31, 2014. | |||||
Senior Unsecured Notes | |||||
In March 2014, we issued $500.0 million in corporate bonds 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, and commenced 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. 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 December 31, 2014. | |||||
See Note 19 for a discussion of additional senior notes issued, the exercise of the Accordion Feature, and certain amendments to the Senior Unsecured Credit Facility subsequent to December 31, 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, 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 $3.3 billion and $1.9 billion at December 31, 2014 and 2013, respectively. At December 31, 2014, our mortgage notes payable bore interest at fixed annual rates ranging from 2.6% to 11.5% and variable contractual annual rates ranging from 1.0% to 7.6%, with maturity dates ranging from 2015 to 2038 at December 31, 2014. | |||||
Financing Activity During 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 year ended December 31, 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 $220.8 million, with a weighted-average remaining term of 1.4 years on the dates 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 $8.1 million, of which $6.9 million is included in Other income and (expenses) and $1.2 million is included in Income from discontinued operations, net of tax in the consolidated financial statements. During the year ended December 31, 2014, we also paid $7.2 million for the defeasance of a mortgage loan. | |||||
During the year ended December 31, 2014, we drew down $20.4 million on a construction loan in relation to a build-to-suit transaction. | |||||
Financing Activity During 2013 — During the year ended December 31, 2013, in connection with our acquisitions (Note 5) during that period, we obtained non-recourse mortgage loans totaling $39.1 million with a weighted-average interest rate of 3.9% and term of 9.5 years. | |||||
During the year ended December 31, 2013, we also refinanced four maturing non-recourse mortgage loans totaling $48.7 million with new financing totaling $76.5 million. These new mortgage loans had a weighted-average annual interest rate and term of 5.0% and 9.3 years, respectively. | |||||
Financing Activity During 2012 — In connection with the CPA®:15 Merger (Note 3), we assumed property level debt comprised of nine variable-rate and 58 fixed-rate non-recourse mortgage loans with fair values totaling $295.2 million and $1.1 billion, respectively, on September 28, 2012 and recorded an aggregate net fair market value adjustment of $14.8 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 5.08% and 5.03%, respectively. The weighted-average annual interest rate for the variable-rate mortgages was calculated using the applicable interest rates on the date of the CPA®:15 Merger. | |||||
During the year ended December 31, 2012, we also refinanced four maturing non-recourse mortgages totaling $21.2 million with new financing totaling $23.8 million. These mortgage loans had a weighted-average annual interest rate and term of 4.2% and 11.5 years, respectively. | |||||
Foreign Currency Exchange Rate Impact | |||||
During the year ended December 31, 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 December 31, 2014 decreased by 11.7% to $1.2156 from $1.3768 at December 31, 2013. The impact of this strengthening was an aggregate decrease of $121.0 million in the carrying values of our Non-recourse debt and Senior Unsecured Credit Facility from December 31, 2013 to December 31, 2014. | |||||
Scheduled Debt Principal Payments | |||||
Scheduled debt principal payments during each of the next five calendar years following December 31, 2014 and thereafter are as follows (in thousands): | |||||
Years Ending December 31, | Total (a) | ||||
2015 | $ | 210,081 | |||
2016 (b) | 609,150 | ||||
2017 | 751,954 | ||||
2018 (c) | 1,088,374 | ||||
2019 | 99,777 | ||||
Thereafter through 2038 (d) | 1,323,978 | ||||
4,083,314 | |||||
Unamortized premium, net (e) | 5,232 | ||||
Total | $ | 4,088,546 | |||
__________ | |||||
(a) | Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2014. | ||||
(b) | Includes $250.0 million outstanding under our Term Loan Facility at December 31, 2014, which is scheduled to mature on January 31, 2016 unless extended pursuant to its terms. | ||||
(c) | Includes $807.5 million outstanding under our Revolver at December 31, 2014, which is scheduled to mature on January 31, 2018 unless extended pursuant to its terms. | ||||
(d) | Includes $500.0 million of outstanding 4.6% senior unsecured notes, which are scheduled to mature on April 1, 2024. | ||||
(e) | Represents the unamortized premium of $6.9 million in the aggregate resulting from the assumption of property-level debt in connection with the CPA®:15 Merger and the CPA®:16 Merger, partially offset by a $1.7 million unamortized discount on the 4.6% senior unsecured notes. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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, we and the other 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. The plaintiffs filed a Notice of Appeal on November 24, 2014 and have until August 24, 2015 to file that appeal. We believe that the plaintiffs' claims are without merit, and if the plaintiffs file a timely appeal, we intend to continue to defend the case vigorously. | |
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. |
Equity
Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Equity | Equity | |||||||||||||||
Common Stock | ||||||||||||||||
Distributions | ||||||||||||||||
Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents distributions per share, declared and paid during the years ended December 31, 2014 and 2013, reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): | ||||||||||||||||
Distributions Paid | ||||||||||||||||
During the Years Ended December 31, | On October 16, | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Ordinary income | $ | 3.6566 | $ | 3.1701 | $ | 0.6228 | ||||||||||
Return of capital | 0.0584 | 0.0099 | 0.0272 | |||||||||||||
Total distributions paid | $ | 3.715 | $ | 3.18 | $ | 0.65 | ||||||||||
During the fourth quarter of 2014, we declared a quarterly distribution of $0.95 per share, which was paid on January 15, 2015 to stockholders of record on December 31, 2014. | ||||||||||||||||
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): | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Net income attributable to W. P. Carey | $ | 239,826 | $ | 98,876 | $ | 62,132 | ||||||||||
Allocation of distribution equivalents paid on unvested RSUs and RSAs in excess of income | (1,007 | ) | (743 | ) | (535 | ) | ||||||||||
Net income – basic | 238,819 | 98,133 | 61,597 | |||||||||||||
Income effect of dilutive securities, net of taxes | (77 | ) | 187 | 23 | ||||||||||||
Net income – diluted | $ | 238,742 | $ | 98,320 | $ | 61,620 | ||||||||||
Weighted-average shares outstanding – basic | 98,764,164 | 68,691,046 | 47,389,460 | |||||||||||||
Effect of dilutive securities | 1,063,192 | 1,016,962 | 689,014 | |||||||||||||
Weighted-average shares outstanding – diluted | 99,827,356 | 69,708,008 | 48,078,474 | |||||||||||||
Securities totaling 114,919 shares associated with the Redeemable noncontrolling interest were excluded from the earnings per share computations above as their effect would have been anti-dilutive for the year ended December 31, 2013. There were no such anti-dilutive securities for the years ended December 31, 2014 and 2012. For information on long-term incentive plan awards issued to key employees subsequent to December 31, 2014 that could have a dilutive impact on our earnings per share calculation, please see Note 19. | ||||||||||||||||
Equity 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 Equity 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 Equity 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. We utilized $225.8 million of the net proceeds from the Equity Offering to pay down a portion of the amount then outstanding under our Revolver. | ||||||||||||||||
Sale of Common Shares | ||||||||||||||||
On October 19, 2012, we entered into an agreement to sell 937,500 shares of our common stock to an institutional investor, which were issued pursuant to our then existing shelf registration statement. The shares were issued in a privately negotiated transaction at a purchase price of $48.00 per share. The proceeds to us from the sale of these shares were $45.0 million. We delivered the shares to the institutional investor on October 19, 2012. | ||||||||||||||||
Noncontrolling Interests | ||||||||||||||||
Transfers to Noncontrolling Interests | ||||||||||||||||
The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands): | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Net income attributable to W. P. Carey | $ | 239,826 | $ | 98,876 | $ | 62,132 | ||||||||||
Transfers to noncontrolling interest | ||||||||||||||||
Decrease in W. P. Carey’s additional paid-in capital for purchase of the remaining interest in a jointly-owned investment | — | — | (154 | ) | ||||||||||||
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 | (41,374 | ) | — | — | ||||||||||||
Net transfers to noncontrolling interest | (41,374 | ) | — | (154 | ) | |||||||||||
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest | $ | 198,452 | $ | 98,876 | $ | 61,978 | ||||||||||
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 holder’s intention to 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 $6.1 million recorded represents our best estimate of the redemption value of that interest. | ||||||||||||||||
The following table presents a reconciliation of redeemable noncontrolling interest (in thousands): | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Beginning balance | $ | 7,436 | $ | 7,531 | $ | 7,700 | ||||||||||
Redemption value adjustment | (306 | ) | — | 840 | ||||||||||||
Net (loss) income | (142 | ) | 353 | 40 | ||||||||||||
Distributions | (926 | ) | (435 | ) | (1,055 | ) | ||||||||||
Change in other comprehensive income (loss) | 9 | (13 | ) | 6 | ||||||||||||
Ending balance | $ | 6,071 | $ | 7,436 | $ | 7,531 | ||||||||||
Other Comprehensive Income | ||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||
The following table presents the components of Accumulated other comprehensive (loss) income reflected in equity, net of tax. Amounts include our proportionate share of other comprehensive income or loss from our unconsolidated investments (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Unrealized gain on marketable securities | $ | 21 | $ | 31 | ||||||||||||
Realized and unrealized gain (loss) on derivative instruments | 13,597 | (7,488 | ) | |||||||||||||
Foreign currency translation adjustments | (89,177 | ) | 22,793 | |||||||||||||
Accumulated other comprehensive (loss) income | $ | (75,559 | ) | $ | 15,336 | |||||||||||
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): | ||||||||||||||||
Year Ended December 31, 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 | 17,911 | (117,938 | ) | (10 | ) | (100,037 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||
Interest expense | 2,691 | — | — | 2,691 | ||||||||||||
Other income and (expenses) | 103 | — | — | 103 | ||||||||||||
Equity in earnings of equity method investments in real estate and the Managed REITs | 380 | — | — | 380 | ||||||||||||
Total | 3,174 | — | — | 3,174 | ||||||||||||
Net current period other comprehensive income (loss) | 21,085 | (117,938 | ) | (10 | ) | (96,863 | ) | |||||||||
Net current period other comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests | — | 5,968 | — | 5,968 | ||||||||||||
Ending balance | $ | 13,597 | $ | (89,177 | ) | $ | 21 | $ | (75,559 | ) | ||||||
Year Ended December 31, 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 | (2,793 | ) | 21,835 | — | 19,042 | |||||||||||
Amounts reclassified from accumulated other comprehensive income to: | ||||||||||||||||
Interest expense | 1,745 | — | — | 1,745 | ||||||||||||
Other income and (expenses) | 537 | — | — | 537 | ||||||||||||
Equity in earnings of equity method investments in real estate and the Managed REITs | 531 | — | — | 531 | ||||||||||||
Total | 2,813 | — | — | 2,813 | ||||||||||||
Net current period other comprehensive income | 20 | 21,835 | — | 21,855 | ||||||||||||
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | — | (1,870 | ) | — | (1,870 | ) | ||||||||||
Ending balance | $ | (7,488 | ) | $ | 22,793 | $ | 31 | $ | 15,336 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
Gains and Losses on Derivative Instruments | Foreign Currency Translation Adjustments | Gains and Losses on Marketable Securities | Total | |||||||||||||
Beginning balance | $ | (5,246 | ) | $ | (3,299 | ) | $ | 38 | $ | (8,507 | ) | |||||
Other comprehensive (loss) income before reclassifications | (4,394 | ) | 7,809 | (7 | ) | 3,408 | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income to: | ||||||||||||||||
Interest expense | 1,539 | — | — | 1,539 | ||||||||||||
Other income and (expenses) | 239 | — | — | 239 | ||||||||||||
Equity in earnings of equity method investments in real estate and the Managed REITs | 354 | — | — | 354 | ||||||||||||
Total | 2,132 | — | — | 2,132 | ||||||||||||
Net current period other comprehensive (loss) income | (2,262 | ) | 7,809 | (7 | ) | 5,540 | ||||||||||
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | — | (1,682 | ) | — | (1,682 | ) | ||||||||||
Ending balance | $ | (7,508 | ) | $ | 2,828 | $ | 31 | $ | (4,649 | ) | ||||||
StockBased_and_Other_Compensat
Stock-Based and Other Compensation | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Stock-Based and Other Compensation | Stock-Based and Other Compensation | |||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||
At December 31, 2014, we maintained several stock-based compensation plans as described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $31.1 million, $37.3 million, and $26.2 million for the years ended December 31, 2014, 2013, and 2012, respectively, all of which are included in Stock-based compensation expense in the consolidated financial statements. The tax benefit recognized by us related to these awards totaled $17.3 million, $18.4 million, and $16.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||
2009 Incentive Plan | ||||||||||||||||||
We maintain the W. P. Carey, Inc. 2009 Share Incentive Plan, or the 2009 Incentive Plan, which as amended currently authorizes the issuance of up to 5,900,000 shares of our common stock. At December 31, 2014, there were 3,095,316 shares remain available for issuance under the 2009 Share Incentive Plan. The 2009 Incentive Plan provides for the grant of (i) stock options, (ii) RSUs, (iii) PSUs, and (iv) dividend equivalent rights. The vesting of grants under both plans is accelerated upon a change in our control and under certain other conditions. | ||||||||||||||||||
In December 2007, the Compensation Committee approved the long-term incentive plan, or LTIP, and terminated further contributions to the Partnership Equity Unit Plan described below. The following table presents LTIP awards granted in the past three years (PSUs are reflected at 100% of target but may settle at up to three times the target amount shown or less): | ||||||||||||||||||
2009 Incentive Plan | ||||||||||||||||||
Fiscal Year | RSUs Awarded | PSUs Awarded | ||||||||||||||||
2014 (a) | 172,460 | 89,653 | ||||||||||||||||
2013 (b) | 171,804 | 85,900 | ||||||||||||||||
2012 (c) | 259,400 | 314,400 | ||||||||||||||||
__________ | ||||||||||||||||||
(a) | Includes 10,500 RSUs issued in connection with entering into employment agreements with certain employees. Also includes 10,000 PSUs awarded related to 2012 awards for which the previously undetermined terms and conditions of the grant were finalized in 2014. | |||||||||||||||||
(b) | Includes 20,250 RSUs issued in connection with entering into employment agreements with certain employees. Also includes 10,000 PSUs awarded related to 2011 awards for which the previously undetermined terms and conditions of the grant were finalized in 2013. | |||||||||||||||||
(c) | Includes 78,000 RSUs and 142,000 PSUs issued in connection with entering into employment agreements with certain employees, and excludes 20,000 PSUs for which the terms and conditions were not determined at the time of grant. Also includes 10,000 PSUs awarded related to 2011 awards for which the previously undetermined terms and conditions of the grant were finalized in 2012. | |||||||||||||||||
2009 Non-Employee Directors Incentive Plan | ||||||||||||||||||
We maintain the W. P. Carey, Inc. 2009 Non-Employee Directors’ Incentive Plan, or the 2009 Directors’ Plan, which authorizes the issuance of 325,000 shares of our common stock in the aggregate. In the discretion of our board of directors, the awards may be in the form of RSUs, share options or RSAs, or any combination of the permitted awards. In July 2013, we issued 13,211 RSAs, with a total value of $0.9 million, to our directors under the 2009 Directors’ Plan in lieu of the RSUs that had been granted in previous years, as permitted under the terms of that plan. In July 2014, we issued 16,159 RSAs with a total value of $1.0 million to our directors. These RSAs are scheduled to vest one year from the date of grant. At December 31, 2014, there were 215,705 shares that remained available for issuance under this plan. | ||||||||||||||||||
Employee Share Purchase Plan | ||||||||||||||||||
We sponsor an employee share purchase plan, pursuant to which eligible employees may contribute up to 10% of compensation, subject to certain limits, to purchase our common stock. During the periods presented, employees were entitled to purchase stock semi-annually at a price equal to 85% of the fair market value at certain plan defined dates. Compensation expense under this plan for the years ended December 31, 2014, 2013, and 2012 was $0.3 million, $1.2 million, and $0.6 million, respectively. | ||||||||||||||||||
Partnership Equity Unit Plan | ||||||||||||||||||
During 2003, we adopted a non-qualified deferred compensation plan, called the Partnership Equity Plan, or PEP, under which a portion of any participating officer’s cash compensation in excess of designated amounts was deferred and the officer was awarded Partnership Equity Plan Units, or PEP Units. Each of the PEPs is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation and subject to liability award accounting. The value of each PEP Unit is adjusted to reflect the underlying appraised value of the designated CPA® REIT. Additionally, each PEP Unit is entitled to distributions equal to the distribution rate of the CPA® REIT. All issuances of PEP Units, changes in the fair value of PEP Units and distributions paid are included in our compensation expense. On December 16, 2013, we paid $0.2 million in cash to the remaining holders of the PEP Units issued under the initial PEP, which was equal to the per-share 2012 Merger Consideration received by CPA®:15 stockholders or the net asset value per share of CPA®:16 – Global, as applicable. | ||||||||||||||||||
The plans are carried at fair value each quarter and are subject to changes in the fair value of the PEP units. Further contributions to the second PEP were terminated at December 31, 2007; however, this termination did not affect any awardees’ rights pursuant to awards granted under this plan. In December 2008, participants in the PEPs were required to make an election to either (i) remain in the PEPs, (ii) receive cash for their PEP Units (available to former employees only) or (iii) convert their PEP Units to fully vested RSUs (available to current employees only) to be issued under the 1997 Share Incentive Plan, or as amended, the 1997 Incentive Plan on June 15, 2009. Substantially all of the PEP participants elected to receive cash or convert their existing PEP Units to RSUs. The PEP participants electing to receive RSUs were required to defer receipt of the underlying shares of our common stock for a minimum of two years. While employed by us, these participants are entitled to receive dividend equivalents equal to the amount of dividends paid on the underlying common stock during the deferral period. At December 31, 2014 and 2013, we were obligated to issue 41,074 and 47,126 shares, respectively, of our common stock underlying these RSUs, which were recorded within W. P. Carey members’ equity as a Deferred compensation obligation of $1.1 million and $1.2 million, respectively. The remaining PEP liability pertaining to participants who elected to remain in the plans was $0.7 million at both December 31, 2014 and 2013. Those PEP Units are scheduled to be paid between 2017 and 2019. | ||||||||||||||||||
Restricted and Conditional Awards | ||||||||||||||||||
Nonvested RSAs, RSUs, and PSUs at December 31, 2014 and changes during the years ended December 31, 2014, 2013, and 2012 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, 2012 | 624,793 | $ | 33.26 | 673,428 | $ | 36.3 | ||||||||||||
Granted | 274,420 | 41.41 | 314,400 | 42.28 | ||||||||||||||
Vested (a) | (268,683 | ) | 32.56 | (235,189 | ) | 23.66 | ||||||||||||
Forfeited | (36,336 | ) | 36.33 | (49,494 | ) | 33.96 | ||||||||||||
Adjustment (b) | — | — | 296,368 | 26.01 | ||||||||||||||
Nonvested at December 31, 2012 | 594,194 | 37.15 | 999,513 | 34.55 | ||||||||||||||
Granted | 185,015 | 57.69 | 86,189 | 84.33 | ||||||||||||||
Vested (a) | (233,098 | ) | 36.76 | (324,161 | ) | 39.48 | ||||||||||||
Forfeited | (26,503 | ) | 43.05 | (30,108 | ) | 50.52 | ||||||||||||
Adjustment (b) | — | — | 489,287 | 67.22 | ||||||||||||||
Nonvested at December 31, 2013 | 519,608 | 45.19 | 1,220,720 | 28.28 | ||||||||||||||
Granted (c) | 188,619 | 61.08 | 89,653 | 76.05 | ||||||||||||||
Vested (a) | (264,724 | ) | 43.35 | (881,388 | ) | 51 | ||||||||||||
Forfeited | (1,001 | ) | 59.45 | (78 | ) | 54.31 | ||||||||||||
Adjustment (b) | — | — | 448,734 | 55.91 | ||||||||||||||
Nonvested at December 31, 2014 (d) | 442,502 | $ | 53.03 | 877,641 | $ | 32.06 | ||||||||||||
__________ | ||||||||||||||||||
(a) | The total fair value of shares vested during the years ended December 31, 2014, 2013, and 2012 was $56.4 million, $21.4 million, and $14.3 million, respectively. Upon vesting of the shares, employees have the option to take immediate delivery of the underlying shares or defer receipt to a future date. At December 31, 2014 and 2013, we were obligated to issue 848,788 and 363,052 shares, respectively, of our common stock underlying these shares, which is recorded within W. P. Carey members’ equity as a Deferred compensation obligation of $29.6 million and $10.1 million, respectively. | |||||||||||||||||
(b) | Vesting and payment of the PSUs is conditional on 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. Pursuant to a review of our current and expected performance versus the performance goals, we revised our estimate of the ultimate number of certain of the PSUs to be vested. As a result, we recorded adjustments in 2014, 2013, and 2012 to reflect the number of shares expected to be issued when the PSUs vest. | |||||||||||||||||
(c) | The grant date fair value of RSAs and RSUs are based on our stock price on the date of grant. The grant date fair value of the market-condition based 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 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. | |||||||||||||||||
(d) | At December 31, 2014, total unrecognized compensation expense related to these awards was approximately $24.0 million, with aggregate weighted-average remaining term of 1.7 years. | |||||||||||||||||
At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest based upon the extent to which we have met and expect to meet the performance goals and where appropriate, revise our estimate and associated expense. We do not adjust the associated expense for revision on PSUs expected to vest based on market performance. Upon vesting, the RSUs and PSUs may be converted into shares of our common stock. Both the RSUs and PSUs carry dividend equivalent rights. Dividend equivalent rights on RSUs are paid in cash on a quarterly basis whereas dividend equivalent rights on PSUs accrue during the performance period and may be converted into additional shares of common stock at the conclusion of the performance period to the extent the PSUs vest. Dividend equivalent rights are accounted for as a reduction to retained earnings to the extent that the awards are expected to vest. For awards that are not expected to vest or do not ultimately vest, dividend equivalent rights are accounted for as additional compensation expense. | ||||||||||||||||||
Stock Options | ||||||||||||||||||
Option activity and changes for all periods presented were as follows: | ||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||||||
Exercise Price | Remaining | Intrinsic Value | ||||||||||||||||
Contractual | ||||||||||||||||||
Term (in Years) | ||||||||||||||||||
Outstanding – beginning of year | 619,601 | $ | 30.3 | |||||||||||||||
Exercised | (140,718 | ) | 31.41 | |||||||||||||||
Canceled / Expired | (3,118 | ) | 32.99 | |||||||||||||||
Outstanding – end of year | 475,765 | $ | 29.95 | 1.75 | $ | 19,102,514 | ||||||||||||
Vested and expected to vest – end of year | 475,765 | $ | 29.95 | 1.75 | $ | 19,102,514 | ||||||||||||
Exercisable – end of year | 421,656 | $ | 29.75 | 1.64 | $ | 17,012,685 | ||||||||||||
Years Ended December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Shares | Weighted-Average | Weighted-Average | Shares | Weighted-Average | Weighted-Average | |||||||||||||
Exercise Price | Remaining | Exercise Price | Remaining | |||||||||||||||
Contractual | Contractual | |||||||||||||||||
Term (in Years) | Term (in Years) | |||||||||||||||||
Outstanding – beginning of year | 794,210 | $ | 30.32 | 1,208,041 | $ | 28.73 | ||||||||||||
Exercised | (169,412 | ) | 30.43 | (410,331 | ) | 25.94 | ||||||||||||
Canceled / Expired | (5,197 | ) | 29.84 | (3,500 | ) | 24.93 | ||||||||||||
Outstanding – end of year | 619,601 | $ | 30.3 | 2.59 | 794,210 | $ | 30.32 | 3.19 | ||||||||||
Exercisable – end of year | 511,811 | $ | 30.18 | 623,218 | $ | 30.22 | ||||||||||||
Options granted under the 1997 Incentive Plan generally have a ten-year term and generally vest in four equal annual installments. Options granted under the 1997 Directors’ Plan have a ten-year term and vest generally over three years from the date of grant. We have not issued option awards since 2008. The total intrinsic value of options exercised during the years ended December 31, 2014, 2013, and 2012 was $4.9 million, $5.7 million, and $9.3 million, respectively. | ||||||||||||||||||
At December 31, 2014, all of our options were fully vested and all related compensation expense has been previously recognized; however certain options had exercise limitations. | ||||||||||||||||||
We have the ability and intent to issue shares upon stock option exercises. Historically, we have issued authorized but unissued common stock to satisfy such exercises. Cash received from stock option exercises and purchases under our employee share purchase plan during the years ended December 31, 2014, 2013, and 2012 was $1.9 million, $2.3 million, and $6.8 million, respectively. | ||||||||||||||||||
Other Compensation | ||||||||||||||||||
Profit-Sharing Plan | ||||||||||||||||||
We sponsor a qualified profit-sharing plan and trust that generally permits all employees, as defined by the plan, to make pre-tax contributions into the plan. We are under no obligation to contribute to the plan and the amount of any contribution is determined by and at the discretion of our board of directors. Our board of directors can authorize contributions to a maximum of 15% of an eligible participant’s compensation, limited to less than $0.1 million annually per participant. In December 2014, our board of directors determined that the contribution to the plan for 2014 would be 10% of an eligible participant’s compensation, up to a maximum of $26,000. For the years ended December 31, 2014, 2013, and 2012, amounts expensed for contributions to the trust were $3.5 million, $4.5 million, and $4.4 million, respectively, which were included in General and administrative expenses in the accompanying consolidated financial statements. The profit-sharing plan is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation. | ||||||||||||||||||
Other | ||||||||||||||||||
We have employment contracts with certain senior executives. These contracts provide for severance payments in the event of termination under certain conditions including a change of control. During 2014, 2013, and 2012, we recognized severance costs totaling approximately $1.0 million, $0.7 million, and $1.1 million, respectively, related to several former employees who did not have employment contracts. Such costs are included in General and administrative expenses in the accompanying consolidated financial statements. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||
Income Tax Provision | |||||||||||||||||||||
The components of our provision for income taxes attributable to continuing operations for the periods presented are as follows (in thousands): | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Federal | |||||||||||||||||||||
Current | $ | 19,545 | $ | 8,274 | $ | 18,142 | |||||||||||||||
Deferred | (7,609 | ) | (13,029 | ) | (21,167 | ) | |||||||||||||||
11,936 | (4,755 | ) | (3,025 | ) | |||||||||||||||||
State and Local | |||||||||||||||||||||
Current | 13,422 | 4,970 | 12,303 | ||||||||||||||||||
Deferred | (4,693 | ) | (3,665 | ) | (5,644 | ) | |||||||||||||||
8,729 | 1,305 | 6,659 | |||||||||||||||||||
Foreign | |||||||||||||||||||||
Current | 6,869 | 7,144 | 3,138 | ||||||||||||||||||
Deferred | (9,925 | ) | (2,442 | ) | — | ||||||||||||||||
(3,056 | ) | 4,702 | 3,138 | ||||||||||||||||||
Total Provision | $ | 17,609 | $ | 1,252 | $ | 6,772 | |||||||||||||||
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): | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Income from continuing operations before | $ | 223,938 | $ | 85,889 | $ | 94,343 | |||||||||||||||
income taxes, net of amounts attributable to noncontrolling interests | |||||||||||||||||||||
Pre-tax income attributable to pass-through subsidiaries | (202,807 | ) | (96,314 | ) | (94,755 | ) | |||||||||||||||
Pre-tax income (loss) attributable to taxable subsidiaries | 21,131 | (10,425 | ) | (412 | ) | ||||||||||||||||
Federal provision at statutory tax rate (35%) | 7,396 | 35 | % | (3,649 | ) | (35.0 | )% | (144 | ) | (35.0 | )% | ||||||||||
State and local taxes, net of federal benefit | 2,296 | 10.9 | % | (166 | ) | (1.6 | )% | 616 | 149.5 | % | |||||||||||
Recognition of taxable income as a result of the | 4,833 | 22.9 | % | — | — | % | — | — | % | ||||||||||||
CPA®:16 Merger (a) | |||||||||||||||||||||
Amortization of intangible assets | — | — | % | 492 | 4.7 | % | 465 | 112.9 | % | ||||||||||||
Interest | 2,111 | 10 | % | — | — | % | — | — | % | ||||||||||||
Dividend income from Managed REITs | 939 | 4.4 | % | — | — | % | — | — | % | ||||||||||||
Other | 893 | 4.2 | % | (302 | ) | (2.9 | )% | 1,069 | 259.5 | % | |||||||||||
Tax provision — taxable subsidiaries | 18,468 | 87.4 | % | (3,625 | ) | (34.8 | )% | 2,006 | 486.9 | % | |||||||||||
Current foreign taxes | 6,869 | 7,144 | 3,138 | ||||||||||||||||||
Deferred foreign tax benefit (b) | (9,925 | ) | (2,442 | ) | — | ||||||||||||||||
Other state and local taxes | 2,197 | 175 | 1,628 | ||||||||||||||||||
Total provision | $ | 17,609 | $ | 1,252 | $ | 6,772 | |||||||||||||||
__________ | |||||||||||||||||||||
(a) | Represents income tax expense due to a permanent difference from the recognition of deferred revenue as a result of the accelerated vesting of shares previously issued by CPA®:16 – Global for asset management and performance fees and the payment of deferred acquisition fees in connection with the CPA®:16 Merger. | ||||||||||||||||||||
(b) | Represents deferred tax benefit associated with basis differences on certain foreign properties acquired. | ||||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||||
Deferred income taxes at December 31, 2014 and 2013 consist of the following (in thousands): | |||||||||||||||||||||
At December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Deferred Tax Assets | |||||||||||||||||||||
Unearned and deferred compensation | $ | 36,955 | $ | 29,104 | |||||||||||||||||
Net operating loss carryforwards | 16,627 | 17,034 | |||||||||||||||||||
Basis differences — foreign investments | 6,576 | 4,482 | |||||||||||||||||||
Other | 3,272 | 10,565 | |||||||||||||||||||
Total deferred income taxes | 63,430 | 61,185 | |||||||||||||||||||
Valuation allowance | (20,672 | ) | (18,214 | ) | |||||||||||||||||
Net deferred income taxes | 42,758 | 42,971 | |||||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||||
Basis differences — foreign investments | (95,619 | ) | (38,405 | ) | |||||||||||||||||
Basis differences — equity investees | (19,044 | ) | (9,870 | ) | |||||||||||||||||
Deferred revenue | (8,546 | ) | (30,248 | ) | |||||||||||||||||
Other | — | (187 | ) | ||||||||||||||||||
Total deferred tax liabilities | (123,209 | ) | (78,710 | ) | |||||||||||||||||
Net Deferred Tax Liability | $ | (80,451 | ) | $ | (35,739 | ) | |||||||||||||||
Our deferred tax assets and liabilities are primarily the result of temporary differences related to the following: | |||||||||||||||||||||
• | Basis differences between tax and U.S. GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, we assume the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the U.S. GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets; | ||||||||||||||||||||
• | Timing differences generated by differences in the U.S. GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets, as well as unearned and deferred compensation; | ||||||||||||||||||||
• | Basis differences in equity investments represents fees earned in shares recognized under U.S. GAAP into income and deferred for U.S. taxes based upon a share versing schedule; and | ||||||||||||||||||||
• | Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions, that may be realized in future periods if the respective subsidiary generates sufficient taxable income. | ||||||||||||||||||||
During the fourth quarter of 2013, we recorded an out-of-period adjustment to reflect deferred tax assets net of valuation allowances and deferred tax liabilities of $2.3 million and $37.5 million, respectively, associated with basis differences on certain foreign properties acquired in prior periods. In addition, this out-of-period adjustment included the recognition of a deferred tax provision of $2.0 million (Note 2). | |||||||||||||||||||||
As of December 31, 2014 and 2013, we had net operating losses in foreign jurisdictions of approximately $70.3 million and $61.7 million, respectively, translating to a deferred tax asset before valuation allowance of $16.6 million and $17.0 million, respectively. Our net operating losses began expiring in 2012 in certain foreign jurisdictions. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction. Management determined that, as of December 31, 2014 and 2013, $20.7 million and $18.2 million, respectively, of deferred tax assets related to basis differences and losses in foreign jurisdictions did not satisfy the recognition criteria set forth in accounting guidance for income taxes and established a valuation allowance for this amount. | |||||||||||||||||||||
Included in Other assets, net in the consolidated balance sheet at December 31, 2014 is deferred tax assets of $2.5 million related to foreign investments. | |||||||||||||||||||||
Real Estate Ownership Operations | |||||||||||||||||||||
Effective February 15, 2012, we elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders 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 believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. As a REIT, we expect to derive most of our REIT income from our real estate operations under our Real Estate Ownership segment. | |||||||||||||||||||||
Investment Management Operations | |||||||||||||||||||||
We conduct our investment management services in our Investment Management segment through TRSs. A TRS is a subsidiary of a REIT that is subject to corporate federal, state, local, and foreign taxes, as applicable. Our use of TRSs enables us to engage in certain businesses while complying with the REIT qualification requirements and also allows us to retain income generated by these businesses for reinvestment without the requirement to distribute those earnings. We conduct business in the United States, Asia, and the European Union, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. Certain of our inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation. Periodically, shares in the Managed REITs that are payable to our TRSs in consideration of services rendered are distributed from TRSs to us. | |||||||||||||||||||||
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 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. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
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 $10.3 million, $7.5 million and $4.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. Net income (loss) from the operations of these properties was $2.1 million, $(0.7) million and $1.6 million for the years ended December 31, 2014, 2013, and 2012, respectively, inclusive of Gain (loss) on sale of real estate, net of tax of $1.6 million, $(0.3) million and $(0.2) million, respectively. | ||||||||||||
2014 — During the year ended December 31, 2014, we sold 13 properties for a total proceeds of $45.6 million, net of selling costs, and we recognized a net loss on these sales of $5.1 million, excluding impairment charges totaling $1.8 million, of which $1.7 million and $0.1 million were recognized in 2014 and 2013, respectively. 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. We also recorded a receivable of $5.5 million from the tenant representing the present value of the termination fee from the tenant, which will be paid over 5.7 years. The total amount paid and to be paid was recorded as lease termination income, which was partially offset by the $8.4 million loss on the sale of the property. | ||||||||||||
During the year ended December 31, 2014, two domestic properties were foreclosed upon and sold for a total of $8.3 million. The proceeds from the sales were used to repay mortgage loans encumbering these properties. At the time of the sales, the properties had a total carrying value of $8.3 million and the related mortgage loans on the properties had total outstanding balance of $8.5 million. In connection with the sales, we recognized a net loss on the sales of $0.1 million, excluding an impairment charge of $3.5 million recognized in 2014. | ||||||||||||
In December 2014, we transferred ownership of a property in France and the related non-recourse mortgage loan to a third-party property manager for net proceeds of €1. As of the date of transfer, the property had a carrying value of $14.5 million, reflecting the impact of an impairment charge of $4.7 million recognized during 2013, and the related non-recourse mortgage loan had an outstanding balance of $19.4 million. In connection with the transfer, we recognized a net gain on sale of $6.7 million. | ||||||||||||
During the year ended December 31, 2014, we entered into contracts to sell four properties for a total of $10.0 million. In connection with these potential sales, we recognized an impairment charge of $1.3 million during the year ended December 31, 2014 to reduce the carrying values of the properties to their selling prices. At December 31, 2014, these properties were classified as Assets held for sale in the consolidated financial statements (Note 5). We completed the sale of two of these properties in January 2015. There can be no assurance that the remaining properties will be sold at the contracted prices, or at all. | ||||||||||||
In connection with those sales that constituted businesses during the year ended December 31, 2014, 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 value at the time of the sale (Note 8). | ||||||||||||
2013 — During the year ended December 31, 2013, we sold an investment in a direct financing lease for $5.5 million, net of selling costs, and recognized a loss on the sale of $0.3 million. The results of operations for this investment is included within continuing operations in the consolidated financial statements for the year ended December 31, 2013. | ||||||||||||
2012 — During the year ended December 31, 2012, we sold an investment in a direct financing lease for $2.0 million, net of selling costs, and recognized a net loss on sale of $0.2 million. The results of operations for this investment is included within continuing operations in the consolidated financial statements for the year ended December 31, 2012. | ||||||||||||
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): | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 8,931 | $ | 28,951 | $ | 27,137 | ||||||
Expenses | (2,039 | ) | (19,984 | ) | (23,895 | ) | ||||||
Loss on extinguishment of debt | (1,244 | ) | (2,415 | ) | — | |||||||
Gain (loss) on sale of real estate | 27,670 | 40,043 | (5,015 | ) | ||||||||
Impairment charges | — | (8,415 | ) | (22,962 | ) | |||||||
Income (loss) from discontinued operations | $ | 33,318 | $ | 38,180 | $ | (24,735 | ) | |||||
2014 — At December 31, 2013, we had nine properties classified as held-for-sale, all of which were sold during the year ended December 31, 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 year ended December 31, 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 $133.4 million. We sold all of these properties during the six months ended June 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. We did not allocate any goodwill to these properties since they qualified as held-for-sale at the time of acquisition and were not considered to have been integrated into the relevant reporting unit. | ||||||||||||
2013 — At December 31, 2013, we had seven properties classified as held-for-sale, all of which were sold during the year ended December 31, 2013. The properties were sold for a total of $22.7 million, net of selling costs, and we 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. | ||||||||||||
Additionally, during the year ended December 31, 2013, an entity in which we, two of our employees (Note 4), and a third party owned 38.3%, 1.7% and 60% respectively, and which we consolidated, sold 19 of its 20 self-storage properties for a total of $112.3 million, net of selling costs, and recognized a net gain on the sale of $39.6 million, inclusive of amounts attributable to noncontrolling interests of $24.4 million. In connection with the sale, we used a portion of the proceeds to repay the aggregate related mortgage loan obligations of $45.1 million and recognized a net loss on extinguishment of debt of $2.5 million, inclusive of amounts attributable to noncontrolling interests of $1.5 million. In connection with the sale, we made a distribution to noncontrolling interest holders of $40.8 million, representing their share of the net proceeds from the sale. | ||||||||||||
During the year ended December 31, 2013, we also sold a hotel for $3.7 million, net of selling costs, and recognized a net loss on the sale of $0.2 million, excluding impairment charges of $1.1 million and $10.5 million previously recognized during 2013 and 2012, respectively. | ||||||||||||
During the year ended December 31, 2013, we entered into contracts to sell nine properties for a total of $117.5 million. In connection with these potential sales, we recognized impairment charges totaling $3.4 million during the year ended December 31, 2013 to reduce the carrying values of the properties to their selling prices. At December 31, 2013, these properties were classified as Assets held for sale in the consolidated financial statements (Note 5). We completed the sale of these properties in 2014. | ||||||||||||
In connection with those sales of properties accounted for as businesses for the year ended December 31, 2013, we allocated goodwill totaling $13.1 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 or when contracted for sale (Note 8). | ||||||||||||
2012 — During the year ended December 31, 2012, we sold 13 domestic properties for $44.8 million, net of selling costs, and recognized an aggregate net loss on these sales of $1.4 million, excluding impairment charges of $12.5 million recognized in 2012. | ||||||||||||
We also sold a property in December 2012 that we acquired in the CPA®:15 Merger (Note 3). We sold the property for $25.3 million, net of selling costs, and recognized a net loss on this sale of $0.5 million. | ||||||||||||
In December 2012, we entered into a contract to sell a domestic property that we acquired in the CPA®:15 Merger for $1.4 million. We completed the sale of this property in January 2013. At December 31, 2012, this property was classified within Assets held for sale in the consolidated balance sheet. | ||||||||||||
In connection with those sales of properties accounted for as businesses for the year ended December 31, 2012, we allocated goodwill totaling $3.2 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). |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||
Dec. 31, 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): | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Real Estate Ownership | ||||||||||||||||
Revenues | $ | 643,130 | $ | 315,965 | $ | 129,181 | ||||||||||
Operating expenses (a) | (404,674 | ) | (178,962 | ) | (92,441 | ) | ||||||||||
Interest expense | (178,122 | ) | (103,728 | ) | (46,448 | ) | ||||||||||
Other income and expenses, excluding interest expense | 137,811 | 61,151 | 84,245 | |||||||||||||
Benefit from (provision) for income taxes | 916 | (4,703 | ) | (4,001 | ) | |||||||||||
Gain (loss) on sale of real estate, net of tax | 1,581 | (332 | ) | 2,339 | ||||||||||||
Net income attributable to noncontrolling interests | (5,573 | ) | (33,056 | ) | (3,245 | ) | ||||||||||
Net (loss) income attributable to noncontrolling interests of discontinued operations | (179 | ) | 23,941 | 704 | ||||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 194,890 | $ | 80,276 | $ | 70,334 | ||||||||||
Investment Management | ||||||||||||||||
Revenues (b) | $ | 263,063 | $ | 173,886 | $ | 223,180 | ||||||||||
Operating expenses (b) (c) | (232,704 | ) | (173,744 | ) | (207,050 | ) | ||||||||||
Other income and expenses, excluding interest expense | 275 | 1,001 | 1,280 | |||||||||||||
(Provision for) benefit from income taxes | (18,525 | ) | 3,451 | (2,771 | ) | |||||||||||
Net (income) loss attributable to noncontrolling interests | (812 | ) | 120 | 2,638 | ||||||||||||
Net loss (income) attributable to redeemable noncontrolling interest | 142 | (353 | ) | (40 | ) | |||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 11,439 | $ | 4,361 | $ | 17,237 | ||||||||||
Total Company | ||||||||||||||||
Revenues (b) | $ | 906,193 | $ | 489,851 | $ | 352,361 | ||||||||||
Operating expenses (a) (b) (c) | (637,378 | ) | (352,706 | ) | (299,491 | ) | ||||||||||
Interest expense | (178,122 | ) | (103,728 | ) | (46,448 | ) | ||||||||||
Other income and expenses, excluding interest expense | 138,086 | 62,152 | 85,525 | |||||||||||||
Provision for income taxes | (17,609 | ) | (1,252 | ) | (6,772 | ) | ||||||||||
Gain (loss) on sale of real estate, net of tax | 1,581 | (332 | ) | 2,339 | ||||||||||||
Net income attributable to noncontrolling interests | (6,385 | ) | (32,936 | ) | (607 | ) | ||||||||||
Net (loss) income attributable to noncontrolling interests of discontinued operations | (179 | ) | 23,941 | 704 | ||||||||||||
Net loss (income) attributable to redeemable noncontrolling interest | 142 | (353 | ) | (40 | ) | |||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 206,329 | $ | 84,637 | $ | 87,571 | ||||||||||
Total Long-Lived Assets (d) | Total Assets at December 31, | |||||||||||||||
at December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Real Estate Ownership | $ | 5,880,958 | $ | 3,333,654 | $ | 8,459,406 | $ | 4,537,853 | ||||||||
Investment Management | 25,000 | — | 177,922 | 141,097 | ||||||||||||
Total Company | $ | 5,905,958 | $ | 3,333,654 | $ | 8,637,328 | $ | 4,678,950 | ||||||||
__________ | ||||||||||||||||
(a) | Includes expenses incurred of $30.5 million and $5.0 million related to the CPA®:16 Merger for the years ended December 31, 2014 and 2013, respectively. Also includes expenses incurred of $31.7 million related to the CPA®:15 Merger for the year ended December 31, 2012. | |||||||||||||||
(b) | Included in revenues and operating expenses are reimbursable costs from affiliates totaling $130.2 million, $73.6 million, and $98.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||
(c) | Includes Stock-based compensation expense of $31.1 million, $37.3 million, and $26.2 million for the years ended December 31, 2014, 2013, and 2012, respectively, of which $18.4 million, $30.0 million, and $25.8 million, respectively, were included in the Investment Management segment. | |||||||||||||||
(d) | Consists of Net investments in real estate and Equity investments in real estate, the Managed REITs and BDC. Total long-lived assets for our Investment Management segment consists of our equity investment in CCIF (Note 7). | |||||||||||||||
Our portfolio is comprised of domestic and international investments. At December 31, 2014, our international investments within our Real Estate Ownership segment were comprised of investments in Australia, 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 December 31, 2014. The following tables present the geographic information (in thousands): | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Domestic | ||||||||||||||||
Revenues | $ | 424,325 | $ | 218,758 | $ | 100,620 | ||||||||||
Operating expenses | (284,508 | ) | (131,207 | ) | (79,640 | ) | ||||||||||
Interest expense | (117,603 | ) | (65,978 | ) | (35,238 | ) | ||||||||||
Other income and expenses, excluding interest expense | 138,957 | 57,852 | 63,252 | |||||||||||||
(Provision for) benefit from income taxes | (3,582 | ) | 19 | (2,614 | ) | |||||||||||
(Loss) gain on sale of real estate, net of tax | (5,119 | ) | (332 | ) | 2,242 | |||||||||||
Net income attributable to noncontrolling interests | (3,670 | ) | (34,342 | ) | (2,631 | ) | ||||||||||
Net (loss) income attributable to noncontrolling interests in discontinued operations | (177 | ) | 24,069 | 706 | ||||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 148,623 | $ | 68,839 | $ | 46,697 | ||||||||||
Germany | ||||||||||||||||
Revenues | $ | 72,978 | $ | 20,221 | $ | 4,750 | ||||||||||
Operating expenses | (40,707 | ) | (2,933 | ) | (796 | ) | ||||||||||
Interest expense | (18,880 | ) | (5,020 | ) | (1,258 | ) | ||||||||||
Other income and expenses, excluding interest expense | (6,255 | ) | (2,950 | ) | 3,279 | |||||||||||
Benefit from (provision for) income taxes | 3,338 | (1,663 | ) | (177 | ) | |||||||||||
Net income attributable to noncontrolling interests | (1,581 | ) | (3,172 | ) | (870 | ) | ||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 8,893 | $ | 4,483 | $ | 4,928 | ||||||||||
Other International | ||||||||||||||||
Revenues | $ | 145,827 | $ | 76,986 | $ | 23,811 | ||||||||||
Operating expenses | (79,459 | ) | (44,822 | ) | (12,005 | ) | ||||||||||
Interest expense | (41,639 | ) | (32,730 | ) | (9,952 | ) | ||||||||||
Other income and expenses, excluding interest expense | 5,109 | 6,249 | 17,714 | |||||||||||||
Benefit from (provision for) income taxes | 1,160 | (3,059 | ) | (1,210 | ) | |||||||||||
Gain on sale of real estate, net of tax | 6,700 | — | 97 | |||||||||||||
Net (income) loss attributable to noncontrolling interests | (322 | ) | 4,458 | 256 | ||||||||||||
Net loss attributable to noncontrolling interests in discontinued operations | (2 | ) | (128 | ) | (2 | ) | ||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 37,374 | $ | 6,954 | $ | 18,709 | ||||||||||
Total | ||||||||||||||||
Revenues | $ | 643,130 | $ | 315,965 | $ | 129,181 | ||||||||||
Operating expenses | (404,674 | ) | (178,962 | ) | (92,441 | ) | ||||||||||
Interest expense | (178,122 | ) | (103,728 | ) | (46,448 | ) | ||||||||||
Other income and expenses, excluding interest expense | 137,811 | 61,151 | 84,245 | |||||||||||||
Provision for income taxes | 916 | (4,703 | ) | (4,001 | ) | |||||||||||
Gain (loss) on sale of real estate, net of tax | 1,581 | (332 | ) | 2,339 | ||||||||||||
Net income attributable to noncontrolling interests | (5,573 | ) | (33,056 | ) | (3,245 | ) | ||||||||||
Net (loss) income attributable to noncontrolling interests in discontinued operations | (179 | ) | 23,941 | 704 | ||||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 194,890 | $ | 80,276 | $ | 70,334 | ||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Domestic | ||||||||||||||||
Long-lived assets (a) | $ | 3,804,424 | $ | 2,408,869 | ||||||||||||
Total assets | 5,602,069 | 3,271,851 | ||||||||||||||
Germany | ||||||||||||||||
Long-lived assets (a) | $ | 603,369 | $ | 314,423 | ||||||||||||
Total assets | 832,951 | 349,355 | ||||||||||||||
Other International | ||||||||||||||||
Long-lived assets (a) | $ | 1,473,165 | $ | 610,362 | ||||||||||||
Total assets | 2,024,386 | 916,647 | ||||||||||||||
Total | ||||||||||||||||
Long-lived assets (a) | $ | 5,880,958 | $ | 3,333,654 | ||||||||||||
Total assets | 8,459,406 | 4,537,853 | ||||||||||||||
__________ | ||||||||||||||||
(a) | Consists of Net investments in real estate and Equity investments in real estate, the Managed REITs and BDC, excluding our equity investment in CCIF (Note 7). |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) | |||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||
Revenues (a) | $ | 209,008 | $ | 252,907 | $ | 195,945 | $ | 248,333 | ||||||||
Expenses (a) | 171,605 | 161,359 | 128,178 | 176,236 | ||||||||||||
Net income (a) (b) (c) | 117,318 | 66,972 | 28,316 | 33,463 | ||||||||||||
Net income attributable to noncontrolling interests | (1,578 | ) | (2,344 | ) | (993 | ) | (1,470 | ) | ||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (262 | ) | 111 | 14 | 279 | |||||||||||
Net income attributable to W. P. Carey | $ | 115,478 | $ | 64,739 | $ | 27,337 | $ | 32,272 | ||||||||
Earnings per share attributable to W. P. Carey (d): | ||||||||||||||||
Basic | $ | 1.29 | $ | 0.64 | $ | 0.27 | $ | 0.31 | ||||||||
Diluted | $ | 1.27 | $ | 0.64 | $ | 0.27 | $ | 0.3 | ||||||||
Distributions declared per share | $ | 0.895 | $ | 0.9 | $ | 0.94 | $ | 0.95 | ||||||||
Three Months Ended | ||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | |||||||||||||
Revenues | $ | 106,030 | $ | 112,221 | $ | 132,592 | $ | 139,008 | ||||||||
Expenses | 75,194 | 80,811 | 91,625 | 105,076 | ||||||||||||
Net income (e) | 15,839 | 45,816 | 21,650 | 48,860 | ||||||||||||
Net income attributable to noncontrolling interests (f) | (1,708 | ) | (2,692 | ) | (2,912 | ) | (25,624 | ) | ||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 50 | 43 | (232 | ) | (214 | ) | ||||||||||
Net income attributable to W. P. Carey | $ | 14,181 | $ | 43,167 | $ | 18,506 | $ | 23,022 | ||||||||
Earnings per share attributable to W. P. Carey: | ||||||||||||||||
Basic | $ | 0.2 | $ | 0.63 | $ | 0.27 | $ | 0.33 | ||||||||
Diluted | $ | 0.2 | $ | 0.62 | $ | 0.27 | $ | 0.33 | ||||||||
Distributions declared per share | $ | 0.82 | $ | 0.84 | $ | 0.86 | $ | 0.98 | ||||||||
__________ | ||||||||||||||||
(a) | Amounts for 2014 include the impact of the CPA®:16 Merger (Note 3). | |||||||||||||||
(b) | Amount for the three months ended March 31, 2014 includes a net Gain on change in control of interests of $105.9 million recognized in connection with the CPA®:16 Merger. 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 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. During the fourth quarter of 2014, we identified a second measurement period adjustment that impacted the provisional accounting, which increased the fair value of our previously-held equity interest in shares of CPA®:16 – Global’s common stock by $1.3 million, resulting in a corresponding increase in Gain on change in control of interests. In accordance with Accounting Standards Codification 805-10-25, we did not record the measurement period adjustments in the quarters they were identified. Rather, such amounts are reflected in the three months ended March 31, 2014. | |||||||||||||||
(c) | During the fourth quarter of 2014, we identified errors related to the accounting for a direct financing lease and the purchase accounting for the CPA®:16 Merger, resulting in decreases in Equity in earnings of equity method investments in real estate and the Managed REITs of $2.2 million and in Other income and (expenses) of $1.6 million. We concluded that these adjustments were not material to our financial position or results of operations for the fourth quarter of 2014 or any prior quarters. As such, we recorded total out-of-period adjustments of $3.8 million in the fourth quarter of 2014 to reflect the decreases in Equity in earnings of equity method investments in real estate and the Managed REITs and in Other income and (expenses) and corresponding decreases to Equity investments in real estate, the Managed REITs and BDC and Goodwill. | |||||||||||||||
(d) | For the year ended December 31, 2014, total quarterly basic and diluted earnings per share were $0.09 higher than the corresponding earnings per share as computed on an annual basis, as a result of the change in the shares outstanding for each of the periods, primarily due to the issuance of shares in the CPA®:16 Merger (Note 3) and the Equity Offering (Note 13). | |||||||||||||||
(e) | Amount for the three months ended June 30, 2013 includes a net gain of $19.5 million on the sale of our U.S. Airways investment (Note 7). | |||||||||||||||
(f) | Amount for the three months ended December 31, 2013 includes a net gain of $39.6 million on the sale of 19 of our 20 self-storage properties, inclusive of amounts attributable to noncontrolling interests of $24.4 million (Note 16). |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Senior Unsecured Credit Facility | |
On January 15, 2015, we exercised the Accordion Feature (Note 11) under our Senior Unsecured Credit Facility increasing the maximum borrowing capacity of the Revolver from $1.0 billion to $1.5 billion. We also amended the Senior Unsecured Credit Facility as follows: (i) established a new $500.0 million accordion feature that, if exercised, would increase our maximum borrowing capacity under the Senior Unsecured Credit Facility to $2.25 billion, and (ii) increased the amount under the Revolver that may be borrowed in certain currencies other than the U.S. dollar to the equivalent of $750.0 million from $500.0 million. All other existing terms of the Senior Unsecured Credit Facility remain unchanged. | |
Senior Unsecured Notes | |
On January 21, 2015, we issued €500.0 million of senior unsecured notes at a price of 99.220% of par value in a registered public offering. These senior unsecured notes have an eight-year term and are scheduled to mature on January 20, 2023 with an annual interest rate of 2.0%. The proceeds from the issuance were used to partially pay down the amount then outstanding under our Revolver, to fund an acquisition, and for general corporate purposes. | |
On January 26, 2015, we issued $450.0 million of senior unsecured notes at a price of 99.372% of par value in a registered public offering. These senior unsecured notes have a 10-year term and are scheduled to mature on February 1, 2025 with an annual interest rate of 4.0%. The proceeds from the issuance were used to partially pay down the amount then outstanding under our Revolver, to fund acquisitions and for general corporate purposes. | |
Acquisition | |
In January and February 2015, we entered into two foreign investments for a total price of approximately $390.4 million, including a portfolio of 73 auto dealership properties in the United Kingdom for a total purchase price of approximately $347.3 million. The unencumbered portfolio contains 73 properties consisting of approximately 1.5 million square feet to be leased for an average 15-year term. 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. | |
2015 LTIP Awards | |
In February 2015, the compensation committee of our board of directors approved long-term incentive plan awards to key employees consisting of 160,491 RSUs and 65,277 PSUs, which will have a dilutive impact on our future earnings per share calculations. | |
Advisory and Dealer Manager Agreements | |
On February 9, 2015, we entered into an advisory agreement with CWI 2 whereby we perform various services, including but not limited to the day-to-day management of CWI 2 and transaction-related services. We also entered into a dealer manager agreement with CWI 2 to manage its public offering of common stocks. |
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | W. P. CAREY INC. | ||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
Years Ended December 31, 2014, 2013, and 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance at | Other | Deductions | Balance at | |||||||||||||
Beginning | Additions (a) (b) | End of Year | |||||||||||||||
of Year | |||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Valuation reserve for deferred tax assets | $ | 18,214 | $ | 2,458 | $ | — | $ | 20,672 | |||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Valuation reserve for deferred tax assets | $ | 15,133 | $ | 3,081 | $ | — | $ | 18,214 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Valuation reserve for deferred tax assets | $ | — | $ | 15,133 | $ | — | $ | 15,133 | |||||||||
__________ | |||||||||||||||||
(a) | The amount for the year ended December 31, 2013 includes the amount recorded in connection with the out-of-period adjustment related to deferred foreign income taxes (Note 2). | ||||||||||||||||
(b) | Amount for the year ended December 31, 2012 represents the amount acquired in the CPA®:15 Merger related to net operating loss carryforwards. During 2013, we corrected an error in this schedule that increased the valuation reserve for deferred tax assets for the year ended December 31, 2012 from $11.9 million to $15.1 million. |
Schedule_IIIReal_Estate_and_Ac
Schedule III-Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III- REAL ESTATE AND ACCUMULATED DEPRECIATION | W. P. CAREY INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
is Computed | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate Under Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||
Office facilities in Broomfield, CO | $ | — | $ | 248 | $ | 2,538 | $ | 4,844 | $ | (4,791 | ) | $ | 1,983 | $ | 856 | $ | 2,839 | $ | 854 | 1974 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||||||
Industrial facilities in Erlanger, KY | 11,433 | 1,526 | 21,427 | 2,966 | 141 | 1,526 | 24,534 | 26,060 | 10,744 | 1979; 1987 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Thurmont, MD and Farmington, NY | — | 729 | 5,903 | — | — | 729 | 5,903 | 6,632 | 269 | 1964; 1983 | Jan. 1998 | 15 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Montgomery, AL | — | 855 | 6,762 | 277 | (6,978 | ) | 142 | 774 | 916 | 453 | 1987 | Jan. 1998 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Anchorage, AK and Commerce, CA | — | 4,905 | 11,898 | — | 12 | 4,905 | 11,910 | 16,815 | 2,827 | 1948; 1975 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Toledo, OH | — | 224 | 2,408 | — | — | 224 | 2,408 | 2,632 | 1,204 | 1966 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Goshen, IN | — | 239 | 940 | — | — | 239 | 940 | 1,179 | 227 | 1973 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Raleigh, NC | — | 1,638 | 2,844 | 187 | (2,554 | ) | 828 | 1,287 | 2,115 | 596 | 1983 | Jan. 1998 | 20 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in King of Prussia, PA | — | 1,219 | 6,283 | 1,295 | — | 1,219 | 7,578 | 8,797 | 3,051 | 1968 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Pinconning, MI | — | 32 | 1,692 | — | — | 32 | 1,692 | 1,724 | 719 | 1948 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in San Fernando, CA | 6,774 | 2,052 | 5,322 | — | (1,889 | ) | 1,494 | 3,991 | 5,485 | 1,716 | 1962; 1979 | Jan. 1998 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas | — | 9,382 | — | 238 | 3,371 | 9,210 | 3,781 | 12,991 | 373 | Various | Jan. 1998 | 15 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Glendora, CA | — | 1,135 | — | — | 17 | 1,152 | — | 1,152 | — | N/A | Jan. 1998 | N/A | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Doraville, GA | 4,637 | 3,288 | 9,864 | 1,546 | 274 | 3,288 | 11,684 | 14,972 | 4,509 | 1964 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facilities in Collierville, TN and warehouse/distribution facility in Corpus Christi, TX | 49,666 | 3,490 | 72,497 | — | (15,609 | ) | 288 | 60,090 | 60,378 | 7,835 | 1989; 1999 | Jan. 1998 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Land in Irving and Houston, TX | 7,747 | 9,795 | — | — | — | 9,795 | — | 9,795 | — | N/A | Jan. 1998 | N/A | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Chandler, AZ | 10,672 | 5,035 | 18,957 | 7,435 | 541 | 5,035 | 26,933 | 31,968 | 10,527 | 1989 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Bridgeton, MO | — | 842 | 4,762 | 2,523 | 71 | 842 | 7,356 | 8,198 | 2,212 | 1972 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facilities in Drayton Plains, MI and Citrus Heights, CA | — | 1,039 | 4,788 | 202 | 193 | 1,039 | 5,183 | 6,222 | 1,308 | 1972 | Jan. 1998 | 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Memphis, TN | — | 1,882 | 3,973 | 255 | (3,893 | ) | 328 | 1,889 | 2,217 | 730 | 1969 | Jan. 1998 | 15 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facility in Bellevue, WA | — | 4,125 | 11,812 | 393 | (123 | ) | 4,371 | 11,836 | 16,207 | 4,943 | 1994 | Apr. 1998 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Houston, TX | — | 3,260 | 22,574 | 1,628 | (23,311 | ) | 211 | 3,940 | 4,151 | 3,023 | 1982 | Jun. 1998 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Rio Rancho, NM | 7,610 | 1,190 | 9,353 | 1,742 | — | 1,467 | 10,818 | 12,285 | 4,214 | 1999 | Jul. 1998 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Moorestown, NJ | — | 351 | 5,981 | 1,122 | 43 | 351 | 7,146 | 7,497 | 3,236 | 1964 | Feb. 1999 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
is Computed | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | |||||||||||||||||||||||||||||||||||||||||||||
Office facility in Norcross, GA | 27,446 | 5,200 | 25,585 | 11,822 | (28,152 | ) | 2,646 | 11,809 | 14,455 | — | 1975 | Jun. 1999 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Illkirch, France | 9,590 | — | 18,520 | 6 | 7,661 | — | 26,187 | 26,187 | 9,650 | 2001 | Dec. 2001 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Lenexa, KS and Winston-Salem, NC | — | 1,860 | 12,539 | 2,875 | (1,067 | ) | 1,725 | 14,482 | 16,207 | 3,816 | 1968; 1980; 1983 | Sep. 2002 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facilities in Playa Vista and Venice, CA | 47,943 | 2,032 | 10,152 | 52,816 | 1 | 5,889 | 59,112 | 65,001 | 6,405 | 1991; 1999 | Sep. 2004; Sep. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Greenfield, IN | — | 2,807 | 10,335 | 223 | (8,383 | ) | 967 | 4,015 | 4,982 | 1,139 | 1995 | Sep. 2004 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Birmingham, AL | — | 1,256 | 7,704 | — | — | 1,256 | 7,704 | 8,960 | 1,982 | 1995 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Scottsdale, AZ | 1,146 | 586 | 46 | — | — | 586 | 46 | 632 | 12 | 1988 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Hot Springs, AR | — | 850 | 2,939 | 2 | (2,614 | ) | — | 1,177 | 1,177 | 303 | 1985 | Sep. 2004 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Apopka, FL | — | 362 | 10,855 | 670 | (155 | ) | 337 | 11,395 | 11,732 | 2,860 | 1969 | Sep. 2004 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Land in San Leandro, CA | — | 1,532 | — | — | — | 1,532 | — | 1,532 | — | N/A | Dec. 2006 | N/A | |||||||||||||||||||||||||||||||||||||||
Sports facility in Austin, TX | 2,841 | 1,725 | 5,168 | — | — | 1,725 | 5,168 | 6,893 | 1,466 | 1995 | Dec. 2006 | 29 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Wroclaw, Poland | 7,426 | 3,600 | 10,306 | — | (2,912 | ) | 3,040 | 7,954 | 10,994 | 1,402 | 2007 | Dec. 2007 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Fort Worth, TX | 32,457 | 4,600 | 37,580 | — | — | 4,600 | 37,580 | 42,180 | 4,619 | 2003 | Feb. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Mallorca, Spain | — | 11,109 | 12,636 | — | 417 | 11,284 | 12,878 | 24,162 | 1,475 | 2008 | Jun. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facilities in San Diego, CA | 32,980 | 7,247 | 29,098 | 967 | (5,514 | ) | 4,762 | 27,036 | 31,798 | 4,375 | 1989 | May-11 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA | 22,000 | 5,646 | 12,367 | — | — | 5,646 | 12,367 | 18,013 | 760 | 2005; 2007 | Sep. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | 139,685 | 32,680 | 198,999 | — | — | 32,680 | 198,999 | 231,679 | 12,317 | 1989; 1990 | Sep. 2012 | 34 - 37 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH | 7,870 | 4,403 | 20,298 | — | (3,870 | ) | 2,589 | 18,242 | 20,831 | 803 | 1968; 1979; 1995 | Sep. 2012; Jan. 2014 | 30 yrs. | ||||||||||||||||||||||||||||||||||||||
Land in Irvine, CA | 1,636 | 4,173 | — | — | — | 4,173 | — | 4,173 | — | N/A | Sep. 2012 | N/A | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Alpharetta, GA | 7,373 | 2,198 | 6,349 | — | — | 2,198 | 6,349 | 8,547 | 476 | 1997 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Clinton, NJ | 23,905 | 2,866 | 34,834 | — | — | 2,866 | 34,834 | 37,700 | 2,613 | 1987 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facilities in St. Petersburg, FL | — | 3,280 | 24,627 | — | — | 3,280 | 24,627 | 27,907 | 1,847 | 1980; 1996; 1999 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Movie theater in Baton Rouge, LA | 9,703 | 4,168 | 5,724 | — | — | 4,168 | 5,724 | 9,892 | 429 | 2003 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facilities in San Diego, CA | — | 7,804 | 16,729 | 457 | — | 7,804 | 17,186 | 24,990 | 1,259 | 2002 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Richmond, CA | — | 895 | 1,953 | — | — | 895 | 1,953 | 2,848 | 146 | 1987; 1999 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | |||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
is Computed | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | |||||||||||||||||||||||||||||||||||||||||||||
Industrial and warehouse/distribution facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX | 59,794 | 16,386 | 84,668 | — | — | 16,386 | 84,668 | 101,054 | 6,298 | Various | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France | — | 15,779 | 89,421 | — | (5,759 | ) | 14,915 | 84,526 | 99,441 | 6,327 | Various | Sep. 2012 | 30 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facilities in Orlando, FL; Rocky Mount, NC, and Lewisville, TX | — | 2,163 | 17,715 | — | — | 2,163 | 17,715 | 19,878 | 1,329 | Various | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Chattanooga, TN | — | 558 | 5,923 | — | — | 558 | 5,923 | 6,481 | 439 | 1974; 1989 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Mooresville, NC | 5,585 | 756 | 9,775 | — | — | 756 | 9,775 | 10,531 | 723 | 1997 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in McCalla, AL | — | 960 | 14,472 | 6,350 | — | 960 | 20,822 | 21,782 | 1,565 | 2004 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Lower Makefield Township, PA | 10,019 | 1,726 | 12,781 | — | — | 1,726 | 12,781 | 14,507 | 943 | 2002 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Fort Smith, AZ | — | 1,063 | 6,159 | — | — | 1,063 | 6,159 | 7,222 | 451 | 1982 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facilities in Greenwood, IN and Buffalo, NY | 9,239 | — | 19,990 | — | — | — | 19,990 | 19,990 | 1,447 | 2003; 2004 | Sep. 2012 | 30 - 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Bowling Green, KY and Jackson, TN | 6,758 | 1,492 | 8,182 | — | — | 1,492 | 8,182 | 9,674 | 597 | 1989; 1995 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | 34,473 | 14,006 | 33,683 | — | (1,961 | ) | 12,045 | 33,683 | 45,728 | 2,368 | 1988; 2004 | Sep. 2012 | 31 - 32 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | 11,104 | 6,559 | 19,078 | — | — | 6,559 | 19,078 | 25,637 | 1,381 | Various | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY | 13,335 | 6,080 | 23,424 | — | — | 6,080 | 23,424 | 29,504 | 1,682 | 1990; 1994; 2000 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Kahl, Germany | — | 6,694 | — | — | (367 | ) | 6,327 | — | 6,327 | — | N/A | Sep. 2012 | N/A | ||||||||||||||||||||||||||||||||||||||
Sports facilities in Englewood, CO; Memphis TN; and Bedford, TX | 8,660 | 4,877 | 4,258 | — | 4,823 | 4,877 | 9,081 | 13,958 | 628 | 1990; 1995; 2001 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facilities in Mons, Belgium | 9,253 | 1,505 | 6,026 | 653 | (481 | ) | 1,423 | 6,280 | 7,703 | 410 | 1982; 1983 | Sep. 2012 | 32 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Oceanside, CA and Concordville, PA | 3,963 | 3,333 | 8,270 | — | — | 3,333 | 8,270 | 11,603 | 595 | 1989; 1996 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Self-storage facilities located throughout the United States | — | 74,551 | 319,186 | — | (50 | ) | 74,501 | 319,186 | 393,687 | 22,739 | Various | Sep. 2012 | 31 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in La Vista, NE | 21,568 | 4,196 | 23,148 | — | — | 4,196 | 23,148 | 27,344 | 1,555 | 2005 | Sep. 2012 | 33 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Pleasanton, CA | 11,321 | 3,675 | 7,468 | — | — | 3,675 | 7,468 | 11,143 | 531 | 2000 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in San Marcos, TX | — | 440 | 688 | — | — | 440 | 688 | 1,128 | 49 | 2000 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | |||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | is Computed | ||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | |||||||||||||||||||||||||||||||||||||||||||||
Office facilities in Espoo, Finland | 48,016 | 40,555 | 15,662 | — | (3,077 | ) | 38,335 | 14,805 | 53,140 | 1,049 | 1972 | Sep. 2012 | 31 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Chicago, IL | 14,663 | 2,169 | 19,010 | — | — | 2,169 | 19,010 | 21,179 | 1,340 | 1910 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Louisville, CO | 8,743 | 5,342 | 8,786 | 1,587 | — | 5,481 | 10,234 | 15,715 | 701 | 1993 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Hollywood and Orlando, FL | — | 3,639 | 1,269 | — | — | 3,639 | 1,269 | 4,908 | 89 | 1996 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Golden, CO | — | 808 | 4,304 | 77 | — | 808 | 4,381 | 5,189 | 337 | 1998 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Texarkana, TX and Orem, UT | — | 1,755 | 4,493 | — | — | 1,755 | 4,493 | 6,248 | 317 | 1991; 1997 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Eugene, OR | 4,554 | 2,286 | 3,783 | — | — | 2,286 | 3,783 | 6,069 | 267 | 1980 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Neenah, WI | — | 438 | 4,954 | — | — | 438 | 4,954 | 5,392 | 349 | 1993 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in South Jordan, UT | 12,538 | 2,183 | 11,340 | — | — | 2,183 | 11,340 | 13,523 | 799 | 1995 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Ennis, TX | 2,430 | 478 | 4,087 | 145 | — | 478 | 4,232 | 4,710 | 332 | 1989 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Tucson, AZ; Garden Grove, CA; and Canton, MI | — | 6,343 | 379 | — | (5,138 | ) | 1,584 | — | 1,584 | — | N/A | Sep. 2012 | N/A | ||||||||||||||||||||||||||||||||||||||
Retail facility in Braintree, MA | 3,256 | 2,409 | — | 6,184 | (1,403 | ) | 1,006 | 6,184 | 7,190 | 173 | 1994 | Sep. 2012 | 30 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Helsinki, Finland | 65,604 | 26,560 | 20,735 | — | (2,589 | ) | 25,106 | 19,600 | 44,706 | 1,367 | 1969 | Sep. 2012 | 32 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Paris, France | 66,699 | 23,387 | 43,450 | — | (3,659 | ) | 22,107 | 41,071 | 63,178 | 2,822 | 1975 | Sep. 2012 | 32 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | 130,556 | 26,564 | 72,866 | — | (5,444 | ) | 25,109 | 68,877 | 93,986 | 6,496 | Various | Sep. 2012 | 23 - 34 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Laupheim, Germany | — | 2,072 | 8,339 | — | (570 | ) | 1,959 | 7,882 | 9,841 | 887 | 1960 | Sep. 2012 | 20 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facilities in Danbury, CT and Bedford, MA | 11,145 | 3,519 | 16,329 | — | — | 3,519 | 16,329 | 19,848 | 1,228 | 1965; 1980 | Sep. 2012 | 29 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Northfield, IL | 36,500 | 18,979 | 40,063 | — | — | 18,979 | 40,063 | 59,042 | 2,574 | 1990 | Jan. 2013 | 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Venlo, Netherlands | — | 10,154 | 18,590 | — | (1,873 | ) | 9,492 | 17,379 | 26,871 | 853 | Various | Apr. 2013 | 35 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial and office facilities in Tampere, Finland | — | 2,309 | 37,153 | — | (2,665 | ) | 2,126 | 34,671 | 36,797 | 1,753 | 2012 | Jun. 2013 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Quincy, MA | — | 2,316 | 21,537 | — | — | 2,316 | 21,537 | 23,853 | 915 | 1989 | Jun. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Salford, United Kingdom | — | — | 30,012 | — | (209 | ) | — | 29,803 | 29,803 | 1,020 | 1997 | Sep. 2013 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Lone Tree, CO | — | 4,761 | 28,864 | 662 | — | 4,761 | 29,526 | 34,287 | 890 | 2001 | Nov. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Sports facility in Houston, TX | 3,499 | 2,430 | 2,270 | — | — | 2,430 | 2,270 | 4,700 | 92 | 1995 | Jan. 2014 | 23 yrs. | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | is Computed | ||||||||||||||||||||||||||||||||||||||||||||
Sports facility in St. Charles, MO | — | 1,966 | 1,368 | 80 | — | 1,966 | 1,448 | 3,414 | 47 | 1987 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Sports facility in Salt Lake City, UT | 3,015 | 856 | 2,804 | — | — | 856 | 2,804 | 3,660 | 99 | 1999 | Jan. 2014 | 26 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Scottsdale, AZ | 10,869 | 22,300 | — | — | — | 22,300 | — | 22,300 | — | N/A | Jan. 2014 | N/A | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Aurora, CO | 3,156 | 737 | 2,609 | — | — | 737 | 2,609 | 3,346 | 76 | 1985 | Jan. 2014 | 32 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facilities in Sunnyvale, CA | 55,241 | 43,489 | 73,035 | — | — | 43,489 | 73,035 | 116,524 | 2,687 | 1993; 1995 | Jan. 2014 | 25 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Burlington, NJ | — | 3,989 | 6,213 | — | — | 3,989 | 6,213 | 10,202 | 223 | 1999 | Jan. 2014 | 26 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Albuquerque, NM | — | 2,467 | 3,476 | — | — | 2,467 | 3,476 | 5,943 | 120 | 1993 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Champlin, MN and industrial facilities in Robbinsville, NJ; North Salt Lake, UT; and Radford, VA | 5,823 | 10,601 | 17,626 | — | — | 10,601 | 17,626 | 28,227 | 616 | 1981; 1995; 1998 | Jan. 2014 | 26 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Murrysville, PA and Wylie, TX | — | 2,185 | 12,058 | — | 1 | 2,185 | 12,059 | 14,244 | 410 | 1940; 2001 | Jan. 2014 | 27 - 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Welcome, NC | — | 980 | 11,230 | — | — | 980 | 11,230 | 12,210 | 370 | 1995 | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD | 27,569 | 4,005 | 44,192 | — | — | 4,005 | 44,192 | 48,197 | 1,694 | 1911; 1967; 1982 | Jan. 2014 | 24 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | 21,050 | 8,451 | 25,457 | — | 298 | 8,451 | 25,755 | 34,206 | 820 | 1978; 1979; 1986 | Jan. 2014 | 17 - 34 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Torrance, CA | 23,899 | 8,412 | 12,241 | — | — | 8,412 | 12,241 | 20,653 | 458 | 1973 | Jan. 2014 | 25 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Houston, TX | 3,605 | 6,578 | 424 | — | — | 6,578 | 424 | 7,002 | 14 | 1978 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Doncaster, United Kingdom | — | 4,257 | 4,248 | — | (7,144 | ) | 1,361 | — | 1,361 | — | N/A | Jan. 2014 | N/A | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Norwich, CT | 12,160 | 3,885 | 21,342 | — | 2 | 3,885 | 21,344 | 25,229 | 691 | 1960 | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Norwich, CT | — | 1,437 | 9,669 | — | — | 1,437 | 9,669 | 11,106 | 313 | 2007 | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Johnstown, PA and warehouse/distribution facility in Whitehall, PA | — | 7,435 | 9,093 | — | 17 | 7,435 | 9,110 | 16,545 | 360 | 1986; 1992 | Jan. 2014 | 23 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facilities in York, PA | 9,096 | 3,776 | 10,092 | — | — | 3,776 | 10,092 | 13,868 | 297 | 1992 | Jan. 2014 | 26 - 34 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Pittsburgh, PA | — | 1,151 | 10,938 | — | — | 1,151 | 10,938 | 12,089 | 404 | 1991 | Jan. 2014 | 25 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Atlanta, GA; Cincinnati, OH; and Elkwood, VA | — | 5,356 | 4,121 | — | (711 | ) | 4,998 | 3,768 | 8,766 | 102 | 1958; 1975 | Jan. 2014 | 28 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Harrisburg, NC | — | 1,753 | 5,840 | — | (111 | ) | 1,642 | 5,840 | 7,482 | 205 | 2000 | Jan. 2014 | 26 yrs. | ||||||||||||||||||||||||||||||||||||||
Learning center in Nashville, TN | 5,555 | 1,098 | 7,043 | — | — | 1,098 | 7,043 | 8,141 | 206 | 1988 | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | is Computed | ||||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Boé, Carpiquet, Lagnieu, Le Mans, Lieusaint, Lunéville, and Saint-Germain-du-Puy, France and land in Le Mans and Vendin-le-Vieil, France | 53,492 | 62,183 | 26,928 | — | (9,532 | ) | 55,534 | 24,045 | 79,579 | 773 | Various | Jan. 2014 | 28 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Chandler, AZ; industrial, office, and warehouse/distribution facilities in Englewood, CO; and land in Englewood, CO | 5,898 | 4,306 | 7,235 | — | 3 | 4,306 | 7,238 | 11,544 | 219 | Various | Jan. 2014 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Ringwood, NJ | 1,411 | 2,499 | 3,532 | — | (4,600 | ) | 867 | 564 | 1,431 | 16 | 1962 | Jan. 2014 | 32 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Cynthiana, KY | 2,741 | 1,274 | 3,505 | — | 2 | 1,274 | 3,507 | 4,781 | 104 | 1967 | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Columbia, SC | 10,651 | 2,843 | 11,886 | — | — | 2,843 | 11,886 | 14,729 | 481 | 1962 | Jan. 2014 | 23 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Midlothian, VA | 1,465 | 2,824 | — | — | — | 2,824 | — | 2,824 | — | N/A | Jan. 2014 | N/A | |||||||||||||||||||||||||||||||||||||||
Residential facility in Laramie, WY | 16,610 | 1,966 | 18,896 | — | — | 1,966 | 18,896 | 20,862 | 1,057 | 2007 | Jan. 2014 | 33 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Greenville, SC | 9,121 | 562 | 7,916 | — | 43 | 562 | 7,959 | 8,521 | 290 | 1972 | Jan. 2014 | 25 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Mendota, IL; Toppenish and Yakima, WA; and Plover, WI | 10,079 | 1,444 | 21,208 | — | — | 1,444 | 21,208 | 22,652 | 864 | 1996 | Jan. 2014 | 23 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Allen, TX and office facility in Sunnyvale, CA | 12,228 | 9,297 | 24,086 | — | — | 9,297 | 24,086 | 33,383 | 712 | 1981; 1997 | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Hampton, NH | 10,384 | 8,990 | 7,362 | — | — | 8,990 | 7,362 | 16,352 | 222 | 1976 | Jan. 2014 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities located throughout France | 23,649 | 36,306 | 5,212 | — | (4,441 | ) | 32,423 | 4,654 | 37,077 | 186 | Various | Jan. 2014 | 23 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facility in Fairfax, VA | 5,275 | 3,402 | 16,353 | — | — | 3,402 | 16,353 | 19,755 | 567 | 1998 | Jan. 2014 | 26 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Lombard, IL | 5,275 | 5,087 | 8,578 | — | — | 5,087 | 8,578 | 13,665 | 298 | 1999 | Jan. 2014 | 26 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Plainfield, IN | 21,073 | 1,578 | 29,415 | — | — | 1,578 | 29,415 | 30,993 | 886 | 1997 | Jan. 2014 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Kennesaw, GA | 4,480 | 2,849 | 6,180 | — | — | 2,849 | 6,180 | 9,029 | 214 | 1999 | Jan. 2014 | 26 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Leawood, KS | 9,394 | 1,487 | 13,417 | — | — | 1,487 | 13,417 | 14,904 | 466 | 1997 | Jan. 2014 | 26 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Tolland, CT | 8,336 | 1,817 | 5,709 | — | 11 | 1,817 | 5,720 | 7,537 | 191 | 1968 | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Office and industrial facilities in Sankt Ingbert, Germany | 7,192 | 1,140 | 7,442 | — | (918 | ) | 1,018 | 6,646 | 7,664 | 186 | 1992 | Jan. 2014 | 33 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Lincolnton, NC and Mauldin, SC | 10,166 | 1,962 | 9,247 | — | — | 1,962 | 9,247 | 11,209 | 301 | 1988; 1996 | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facilities located throughout Germany | 310,842 | 81,109 | 153,927 | — | (25,143 | ) | 72,432 | 137,461 | 209,893 | 4,429 | Various | Jan. 2014 | Various | ||||||||||||||||||||||||||||||||||||||
Office facility in Southfield, MI | — | 1,726 | 4,856 | — | — | 1,726 | 4,856 | 6,582 | 144 | 1985 | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in The Woodlands, TX | 21,481 | 3,204 | 24,997 | — | — | 3,204 | 24,997 | 28,201 | 726 | 1997 | Jan. 2014 | 32 yrs. | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
is Computed | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | |||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Guelph, Canada | 5,635 | 2,151 | 1,750 | — | (150 | ) | 2,068 | 1,683 | 3,751 | 49 | 2002 | Jan. 2014 | 34 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facilities in Shah Alam, Malaysia | 6,605 | — | 10,429 | — | (454 | ) | — | 9,975 | 9,975 | 306 | 1989; 1992 | Jan. 2014 | 30 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Lam Luk Ka and Bang Pa-in, Thailand | 13,002 | 13,054 | 19,497 | — | 159 | 13,118 | 19,592 | 32,710 | 575 | Various | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Valdosta, GA and Johnson City, TN | 8,849 | 1,080 | 14,998 | — | — | 1,080 | 14,998 | 16,078 | 516 | 1978; 1998 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Amherst, NY | 8,478 | 674 | 7,971 | — | — | 674 | 7,971 | 8,645 | 325 | 1984 | Jan. 2014 | 23 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial and warehouse/distribution facilities in Westfield, MA | — | 1,922 | 9,755 | — | 9 | 1,922 | 9,764 | 11,686 | 325 | 1954; 1997 | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Kottka, Finland | 5,389 | — | 8,546 | — | (914 | ) | — | 7,632 | 7,632 | 319 | 1999; 2001 | Jan. 2014 | 21 - 23 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Bloomington, MN | — | 2,942 | 7,155 | — | — | 2,942 | 7,155 | 10,097 | 231 | 1988 | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Gorinchem, Netherlands | 4,479 | 1,143 | 5,648 | — | (726 | ) | 1,021 | 5,044 | 6,065 | 163 | 1995 | Jan. 2014 | 28 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facility in Cresskill, NJ | 6,368 | 2,366 | 5,482 | — | 19 | 2,366 | 5,501 | 7,867 | 161 | 1975 | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Livingston, NJ | 5,425 | 2,932 | 2,001 | — | 14 | 2,932 | 2,015 | 4,947 | 68 | 1966 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Maplewood, NJ | 1,717 | 845 | 647 | — | 4 | 845 | 651 | 1,496 | 22 | 1954 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Montclair, NJ | 4,574 | 1,905 | 1,403 | — | 6 | 1,905 | 1,409 | 3,314 | 47 | 1950 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Morristown, NJ | 11,111 | 3,258 | 8,352 | — | 26 | 3,258 | 8,378 | 11,636 | 282 | 1973 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Summit, NJ | 2,771 | 1,228 | 1,465 | — | 8 | 1,228 | 1,473 | 2,701 | 50 | 1950 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany | — | 2,789 | 8,750 | — | (1,189 | ) | 2,491 | 7,859 | 10,350 | 295 | 1898; 1956; 1978 | Jan. 2014 | 24 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facilities in Georgetown, TX and Woodland, WA | 3,252 | 965 | 4,113 | — | — | 965 | 4,113 | 5,078 | 112 | 1998; 2001; 2005 | Jan. 2014 | 33 - 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Learning centers in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX | — | 5,365 | 7,845 | — | 5 | 5,365 | 7,850 | 13,215 | 258 | Various | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Ylämylly, Finland | 8,195 | 1,669 | 6,034 | — | (825 | ) | 1,490 | 5,388 | 6,878 | 145 | 1999 | Jan. 2014 | 34 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Salisbury, NC | 6,653 | 1,499 | 8,185 | — | — | 1,499 | 8,185 | 9,684 | 270 | 2000 | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | 3,851 | 2,831 | 10,565 | — | — | 2,831 | 10,565 | 13,396 | 355 | 1970; 1991; 1995 | Jan. 2014 | 26 - 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Cambridge, Canada | — | 1,849 | 7,371 | — | (354 | ) | 1,778 | 7,088 | 8,866 | 207 | 2001 | Jan. 2014 | 31 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN | 13,147 | 2,962 | 17,832 | — | — | 2,962 | 17,832 | 20,794 | 522 | Various | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Ramos Arizpe, Mexico | — | 1,059 | 2,886 | — | — | 1,059 | 2,886 | 3,945 | 84 | 2000 | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
is Computed | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | |||||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Salt Lake City, UT | 5,078 | 2,783 | 3,773 | — | — | 2,783 | 3,773 | 6,556 | 110 | Various | Jan. 2014 | 31 - 33 yrs. | |||||||||||||||||||||||||||||||||||||||
Residential facility in Blairsville, PA | 12,858 | 1,631 | 23,163 | — | — | 1,631 | 23,163 | 24,794 | 1,163 | 2005 | Jan. 2014 | 33 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Nashville, TN | — | 1,078 | 5,619 | — | — | 1,078 | 5,619 | 6,697 | 240 | 1962 | Jan. 2014 | 21 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Lafayette, LA | 1,816 | 1,048 | 1,507 | — | — | 1,048 | 1,507 | 2,555 | 51 | 1995 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Atlanta, Doraville, and Rockmart, GA | 55,849 | 6,488 | 77,192 | — | — | 6,488 | 77,192 | 83,680 | 2,473 | 1959; 1962; 1991 | Jan. 2014 | 23 - 33 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Flora, MS and Muskogee, OK | 3,475 | 554 | 4,353 | — | — | 554 | 4,353 | 4,907 | 122 | 1992; 2002 | Jan. 2014 | 33 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Richmond, MO | 5,156 | 2,211 | 8,505 | — | — | 2,211 | 8,505 | 10,716 | 282 | 1996 | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Dallas, TX | 6,261 | 468 | 8,042 | — | — | 468 | 8,042 | 8,510 | 311 | 1997 | Jan. 2014 | 24 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Tuusula, Finland | — | 6,173 | 10,321 | — | (1,764 | ) | 5,513 | 9,217 | 14,730 | 330 | 1975 | Jan. 2014 | 26 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Turku, Finland | 27,922 | 5,343 | 34,106 | — | (4,221 | ) | 4,771 | 30,457 | 35,228 | 1,000 | 1981 | Jan. 2014 | 28 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Turku, Finland | 5,165 | 1,105 | 10,243 | — | (1,197 | ) | 987 | 9,164 | 10,151 | 302 | 1981 | Jan. 2014 | 28 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Baraboo, WI | — | 917 | 10,663 | — | — | 917 | 10,663 | 11,580 | 742 | 1988 | Jan. 2014 | 13 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Phoenix, AZ | 19,408 | 6,747 | 21,352 | — | — | 6,747 | 21,352 | 28,099 | 703 | 1996 | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Calgary, Canada | — | 3,721 | — | — | (143 | ) | 3,578 | — | 3,578 | — | N/A | Jan. 2014 | N/A | ||||||||||||||||||||||||||||||||||||||
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainsville, TX | 2,580 | 955 | 4,779 | — | — | 955 | 4,779 | 5,734 | 141 | 1950; 1986; 1996 | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Buffalo Grove, IL | 7,847 | 1,492 | 12,233 | — | — | 1,492 | 12,233 | 13,725 | 362 | 1996 | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Glasgow, United Kingdom | 5,507 | 1,460 | 4,069 | — | (331 | ) | 1,372 | 3,826 | 5,198 | 111 | 2000 | Jan. 2014 | 32 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Spanish Fork, UT | 7,254 | 991 | 7,901 | — | — | 991 | 7,901 | 8,892 | 221 | 2001 | Jan. 2014 | 33 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial, office, and warehouse/distribution facilities in Perris, CA; Eugene, OR; West Jordan, UT; and Tacoma, WA | — | 8,989 | 5,435 | — | 8 | 8,989 | 5,443 | 14,432 | 177 | Various | Jan. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Carlsbad, CA | — | 3,230 | 5,492 | — | — | 3,230 | 5,492 | 8,722 | 213 | 1999 | Jan. 2014 | 24 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Pensacola, FL | 1,025 | 1,746 | — | — | — | 1,746 | — | 1,746 | — | N/A | Jan. 2014 | N/A | |||||||||||||||||||||||||||||||||||||||
Movie theater in Port St. Lucie, FL | 5,559 | 4,654 | 2,576 | — | — | 4,654 | 2,576 | 7,230 | 86 | 2000 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Movie theater in Hickory Creek, TX | — | 1,693 | 3,342 | — | — | 1,693 | 3,342 | 5,035 | 114 | 2000 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Nurieux-Volognat, France | — | 121 | 5,328 | — | (474 | ) | 108 | 4,867 | 4,975 | 138 | 2000 | Jan. 2014 | 32 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Suwanee, GA | 15,559 | 2,330 | 8,406 | — | — | 2,330 | 8,406 | 10,736 | 227 | 1995 | Jan. 2014 | 34 yrs. | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
is Computed | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | |||||||||||||||||||||||||||||||||||||||||||||
Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse/distribution facility in Wichita, KS | 7,607 | 1,878 | 8,579 | — | — | 1,878 | 8,579 | 10,457 | 335 | Various | Jan. 2014 | 24 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Fort Dodge, IN and Menomonie and Oconomowoc, WI | 8,931 | 1,403 | 11,098 | — | — | 1,403 | 11,098 | 12,501 | 623 | 1996 | Jan. 2014 | 16 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Mesa, AZ | 4,990 | 2,888 | 4,282 | — | — | 2,888 | 4,282 | 7,170 | 144 | 1991 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in North Amityville, NY | 8,025 | 3,486 | 11,413 | — | — | 3,486 | 11,413 | 14,899 | 401 | 1981 | Jan. 2014 | 26 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Greenville, SC | — | 567 | 10,217 | — | 15 | 567 | 10,232 | 10,799 | 454 | 1960 | Jan. 2014 | 21 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Fort Collins, CO | 7,894 | 821 | 7,236 | — | — | 821 | 7,236 | 8,057 | 202 | 1993 | Jan. 2014 | 33 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Piscataway, NJ | — | 4,984 | 34,165 | 13,195 | — | 4,984 | 47,360 | 52,344 | 1,098 | 1968 | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Elk Grove Village, IL | 1,767 | 4,037 | — | — | — | 4,037 | — | 4,037 | — | N/A | Jan. 2014 | N/A | |||||||||||||||||||||||||||||||||||||||
Office facilities in Washington, MI | 26,751 | 4,085 | 7,496 | — | — | 4,085 | 7,496 | 11,581 | 209 | 1987; 1990 | Jan. 2014 | 33 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Houston, TX | — | 522 | 7,448 | — | — | 522 | 7,448 | 7,970 | 256 | 1999 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX | 7,057 | 4,049 | 13,021 | — | 133 | 4,049 | 13,154 | 17,203 | 643 | Various | Jan. 2014 | 12 - 22 yrs. | |||||||||||||||||||||||||||||||||||||||
Learning center in Sacramento, CA | 27,639 | — | 13,715 | — | — | — | 13,715 | 13,715 | 375 | 2005 | Jan. 2014 | 34 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX | — | 5,138 | 8,387 | — | 43 | 5,138 | 8,430 | 13,568 | 278 | 1969; 1974; 1984 | Jan. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Tinton Falls, NJ | 7,220 | 1,958 | 7,993 | — | — | 1,958 | 7,993 | 9,951 | 239 | 2001 | Jan. 2014 | 31 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Woodland, WA | — | 707 | 1,562 | — | — | 707 | 1,562 | 2,269 | 41 | 2009 | Jan. 2014 | 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Gyál and Herceghalom, Hungary | 39,054 | 14,601 | 21,915 | — | (3,906 | ) | 13,039 | 19,571 | 32,610 | 875 | 2002; 2004 | Jan. 2014 | 21 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Windsor, CT | — | 453 | 637 | — | — | 453 | 637 | 1,090 | 17 | 1999 | Jan. 2014 | 33 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Aurora, CO | 2,900 | 574 | 3,999 | — | — | 574 | 3,999 | 4,573 | 93 | 2012 | Jan. 2014 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Chandler, AZ | — | 5,318 | 27,551 | — | — | 5,318 | 27,551 | 32,869 | 599 | 2008 | Mar. 2014 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in University Park, IL | — | 7,962 | 32,756 | — | — | 7,962 | 32,756 | 40,718 | 617 | 2008 | May-14 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Stavanger, Norway | — | 10,296 | 91,744 | — | (15,978 | ) | 8,684 | 77,378 | 86,062 | 824 | 1975 | Aug. 2014 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Westborough, MA | — | 3,409 | 37,914 | — | — | 3,409 | 37,914 | 41,323 | 339 | 1992 | Aug. 2014 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Andover, MA | — | 3,980 | 45,120 | — | — | 3,980 | 45,120 | 49,100 | 281 | 1999 | Oct. 2014 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Newport, United Kingdom | — | — | 22,587 | — | (767 | ) | — | 21,820 | 21,820 | 137 | 2014 | Oct. 2014 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | is Computed | ||||||||||||||||||||||||||||||||||||||||||||
Industrial facilities located throughout Australia | — | 30,455 | 94,724 | — | (8,671 | ) | 28,211 | 88,297 | 116,508 | 952 | Various | Oct. 2014 | Various | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Lewisburg, OH | — | 1,627 | 13,721 | — | — | 1,627 | 13,721 | 15,348 | 64 | 2014 | Nov. 2014 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Opole, Poland | — | 2,151 | 21,438 | — | (527 | ) | 2,103 | 20,959 | 23,062 | 33 | 2014 | Dec. 2014 | 38 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facilities located throughout Spain | — | 51,778 | 257,624 | — | (3,995 | ) | 51,110 | 254,297 | 305,407 | 217 | Various | Dec. 2014 | Various | ||||||||||||||||||||||||||||||||||||||
$ | 2,285,751 | $ | 1,210,177 | $ | 3,868,939 | $ | 125,424 | $ | (227,855 | ) | $ | 1,146,704 | $ | 3,829,981 | $ | 4,976,685 | $ | 253,627 | |||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at | Date of Construction | Date Acquired | ||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | which Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Investments (b) | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Direct Financing Method | |||||||||||||||||||||||||||||||||||||||||||||||||||
Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, North Carolina, and Texas | $ | — | $ | — | $ | 16,416 | $ | — | $ | (4,164 | ) | $ | 12,252 | Various | Jan. 1998 | ||||||||||||||||||||||||||||||||||||
Industrial facilities in Glendora, CA and Romulus, MI | — | 454 | 13,251 | 9 | (3,092 | ) | 10,622 | 1950; 1970 | Jan. 1998 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Irving and Houston, TX | 18,720 | — | 27,599 | — | (3,932 | ) | 23,667 | 1978 | Jan. 1998 | ||||||||||||||||||||||||||||||||||||||||||
Learning centers in Tucson, AZ; Garden Grove, CA; and Canton, MI | — | — | 7,840 | — | (6,030 | ) | 1,810 | Various | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Retail facility in Freehold, NJ | 8,153 | — | 17,067 | — | (72 | ) | 16,995 | 2004 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX | 4,625 | 2,089 | 14,211 | — | (214 | ) | 16,086 | 1969; 1996; 2000 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Retail facilities in Osnabruck, Borken, Bunde, Arnstadt, Dorsten, Duisburg, Freiberg, Leimbach-Kaiserro, Monheim, Oberhausen, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, Wuppertal, and Monheim, Germany | — | 28,734 | 145,854 | — | (9,767 | ) | 164,821 | Various | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Brierley Hill, United Kingdom | 10,047 | 2,147 | 12,357 | — | (85 | ) | 14,419 | 1996 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution and industrial facilities in Mesquite, TX | 6,527 | 2,851 | 15,899 | — | (556 | ) | 18,194 | 1961; 1972; 1975 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Rochester, MN | 4,477 | 881 | 17,039 | — | (113 | ) | 17,807 | 1997 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Office facility in Irvine, CA | 6,560 | — | 17,027 | — | (291 | ) | 16,736 | 1981 | Sep. 2012 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Brownwood, TX | — | 722 | 6,268 | — | — | 6,990 | 1964 | Sep. 2012 | |||||||||||||||||||||||||||||||||||||||||||
Office facility in Scottsdale, AZ | 21,165 | — | 43,570 | — | (146 | ) | 43,424 | 1977 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Retail facilities in El Paso, Fabens, and Socorro, TX | 12,858 | 4,777 | 17,823 | — | 3 | 22,603 | Various | Jan. 2014 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Dallas, TX | — | 3,190 | 10,010 | — | — | 13,200 | 1968 | Jan. 2014 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Eagan, MN | 7,269 | — | 11,548 | — | (19 | ) | 11,529 | 1975 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Albemarle and Old Fort, NC; Holmesville, OH; and Springfield, TN | 9,287 | 6,542 | 20,668 | — | (38 | ) | 27,172 | Various | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Movie theater in Midlothian, VA | 8,649 | — | 16,546 | — | 127 | 16,673 | 2000 | Jan. 2014 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facilities located throughout France | 16,197 | — | 27,270 | — | (2,004 | ) | 25,266 | Various | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Retail facility in Gronau, Germany | 6,326 | 281 | 4,401 | — | (500 | ) | 4,182 | 1989 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial and office facilities in Marktheidenfeld, Germany | — | 1,629 | 22,396 | — | (2,827 | ) | 21,198 | 2002 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial and warehouse/distribution facilities in Newbridge, United Kingdom | 12,723 | 6,851 | 22,868 | — | (1,981 | ) | 27,738 | 1998 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Learning center in Mooresville, NC | 4,136 | 1,795 | 15,955 | — | 2 | 17,752 | 2002 | Jan. 2014 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Mount Carmel, IL | — | 135 | 3,265 | — | 28 | 3,428 | 1896 | Jan. 2014 | |||||||||||||||||||||||||||||||||||||||||||
Industrial, office, and warehouse/distribution facilities in Bad Hersfeld, Germany | 21,945 | 15,287 | 29,292 | — | (4,764 | ) | 39,815 | Various | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Retail facility in Vantaa, Finland | — | 5,291 | 15,522 | — | (2,225 | ) | 18,588 | 2004 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Retail facility in Linkoping, Sweden | — | 1,484 | 9,402 | — | (1,813 | ) | 9,073 | 2004 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Calgary, Canada | — | — | 7,076 | — | (268 | ) | 6,808 | 1965 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV | 11,650 | 5,780 | 40,860 | — | (42 | ) | 46,598 | Various | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial and office facilities in Leeds, United Kingdom | — | 2,712 | 16,501 | — | (953 | ) | 18,260 | 1950; 1960; 1980 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Movie theater in Pensacola, FL | 7,647 | — | 13,034 | — | (4 | ) | 13,030 | 2001 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Monheim, Germany | — | 2,939 | 7,379 | — | (1,112 | ) | 9,206 | 1981 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at | Date of Construction | Date Acquired | ||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | which Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Investments (b) | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Göppingen, Germany | — | 10,717 | 60,120 | — | (7,826 | ) | 63,011 | 1930 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Elk Grove Village, IL | 3,443 | — | 7,863 | — | 2 | 7,865 | 1980 | Jan. 2014 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Sankt Ingbert, Germany | — | 2,786 | 26,902 | — | (3,301 | ) | 26,387 | 1960 | Jan. 2014 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in New South Wales, Australia | — | 283 | 2,978 | — | (240 | ) | 3,021 | 1970 | Oct. 2014 | ||||||||||||||||||||||||||||||||||||||||||
$ | 202,404 | $ | 110,357 | $ | 764,077 | $ | 9 | $ | (58,217 | ) | $ | 816,226 | |||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Costs | Increase | Gross Amount at which Carried | Life on which | |||||||||||||||||||||||||||||||||||||||||||||||
Capitalized | (Decrease) | at Close of Period (c) | Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | in Net | in Latest | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | Investments (b) | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Income is | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Personal Property | Land | Buildings | Personal Property | Total | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Computed | |||||||||||||||||||||||||||||||||||||||
Operating Real Estate – Hotels | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bloomington, MN | $ | 19,287 | $ | 3,810 | $ | 29,126 | $ | 3,622 | $ | 80 | $ | — | $ | 3,857 | $ | 29,159 | $ | 3,622 | $ | 36,638 | $ | 1,523 | 2008 | Jan. 2014 | 34 yrs. | ||||||||||||||||||||||||||
Memphis, TN | 27,806 | 2,120 | 36,594 | 3,647 | 35 | — | 2,120 | 36,629 | 3,647 | 42,396 | 2,264 | 1985 | Jan. 2014 | 22 yrs. | |||||||||||||||||||||||||||||||||||||
Operating Real Estate – Self-Storage Facilities | |||||||||||||||||||||||||||||||||||||||||||||||||||
Taunton, MA | $ | — | $ | 4,300 | $ | 12,274 | $ | — | $ | 303 | $ | (13,689 | ) | $ | 537 | $ | 2,651 | $ | — | $ | 3,188 | $ | 781 | 2001 | Dec. 2006 | 25 yrs. | |||||||||||||||||||||||||
Pensacola, FL | 1,720 | 560 | 2,082 | — | 21 | — | 560 | 2,103 | — | 2,663 | 298 | 2004 | Sep. 2010 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
$ | 48,813 | $ | 10,790 | $ | 80,076 | $ | 7,269 | $ | 439 | $ | (13,689 | ) | $ | 7,074 | $ | 70,542 | $ | 7,269 | $ | 84,885 | $ | 4,866 | |||||||||||||||||||||||||||||
__________ | |||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Consists of the cost of improvements and acquisition costs subsequent to acquisition, including legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(b) | The increase (decrease) in net investment was primarily due to (i) the amortization of unearned income from net investment in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received, (ii) sales of properties, (iii) impairment charges, and (iv) changes in foreign currency exchange rates. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(c) | A reconciliation of real estate and accumulated depreciation follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||
W. P. CAREY INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||
NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Real Estate Subject to | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,506,804 | $ | 2,331,613 | $ | 646,482 | |||||||||||||||||||||||||||||||||||||||||||||
Additions | 2,785,863 | 216,422 | 1,776,628 | ||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | 18,474 | 7,422 | 815 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | (137,018 | ) | (8,347 | ) | (75,548 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (157,262 | ) | 26,729 | 13,263 | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification to assets held for sale | (33,162 | ) | (72,827 | ) | (17,681 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Reclassification from direct financing lease | 13,663 | 13,952 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification from real estate under construction | — | 2,875 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | (20,677 | ) | (11,035 | ) | (12,346 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 4,976,685 | $ | 2,506,804 | $ | 2,331,613 | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation for | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Subject to Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 168,076 | $ | 116,075 | $ | 118,054 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 112,758 | 60,470 | 24,302 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | (20,740 | ) | (533 | ) | (22,947 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (5,318 | ) | 1,194 | 358 | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification to assets held for sale | (1,149 | ) | (9,130 | ) | (3,692 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 253,627 | $ | 168,076 | $ | 116,075 | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,024 | $ | 99,703 | $ | 109,875 | |||||||||||||||||||||||||||||||||||||||||||||
Additions | 78,423 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | 438 | 706 | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | — | (93,314 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | — | (1,071 | ) | (10,467 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 84,885 | $ | 6,024 | $ | 99,703 | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation for | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 882 | $ | 19,993 | $ | 17,121 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 3,984 | 2,242 | 2,872 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | — | (21,353 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 4,866 | $ | 882 | $ | 19,993 | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $3.8 billion. |
Schedule_IV_Mortgage_Loan_on_R
Schedule IV - Mortgage Loan on Real Estate Schedule IV - Mortgage Loan on Real Estate | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Mortgage Loans on Real Estate [Abstract] | |||||||||||||
Schedule IV - Mortgage Loan on Real Estate | SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE | ||||||||||||
December 31, 2014 | |||||||||||||
(dollars in thousands) | |||||||||||||
Interest Rate | Final Maturity Date | Fair Value | Carrying Amount | ||||||||||
Description | |||||||||||||
Note receivable — Production Resource Group - Las Vegas | 7.90% | Mar. 2029 | $ | 9,555 | $ | 10,888 | |||||||
Note receivable — Reyes | 10.80% | Feb. 2015 | 10,049 | 9,960 | |||||||||
$ | 19,604 | $ | 20,848 | ||||||||||
NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE | |||||||||||||
(in thousands) | |||||||||||||
Reconciliation of Mortgage Loans on Real Estate | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | — | $ | — | $ | — | |||||||
Additions (a) | 21,060 | — | — | ||||||||||
Amortization and accretion | (212 | ) | — | — | |||||||||
Ending balance | $ | 20,848 | $ | — | $ | — | |||||||
__________ | |||||||||||||
(a) | We acquired these notes at a discount of $0.3 million in the CPA®:16 Merger (Note 6). |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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. The consolidated financial statements include the historical results of our predecessor prior to the REIT reorganization, the CPA®:15 Merger and the CPA®:16 Merger. | |
When we obtain an economic interest in an entity, we evaluate the entity to determine if it is deemed a VIE and, if so, whether we are deemed to be the primary beneficiary and are therefore required to consolidate the entity. 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. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of a VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. | |
Reclassifications | Reclassifications |
Certain prior period amounts have been reclassified to conform to the current period presentation. | |
Accounting for Acquisitions | Accounting for Acquisitions |
In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We immediately expense acquisition-related costs and fees associated with business combinations. | |
Purchase Price Allocation | |
When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings and site improvements. The intangible assets, include the above- and below-market value of leases and the in-place leases, which includes a value for tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined primarily by reference to portfolio appraisals which determines their values, on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and the estimated residual value. The estimated residual value of each property is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate and deducting estimated costs of sale. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including the creditworthiness of the lessees, industry surveys, property type, location, and age, current lease rates relative to market lease rates, and anticipated lease duration. In the case where a tenant has a purchase option deemed to be materially favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. Where a property is deemed to have excess land, the discounted cash flow analysis includes the estimated excess land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property grown at estimated market growth rates through the year of lease expiration. See Real Estate Leased to Others and Depreciation below for a discussion of our significant accounting policies related to tangible assets. | |
We record above- and below-market lease intangible values for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated and in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over a period equal to the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements. | |
We measure the fair value of the below-market purchase option liabilities we acquired in connection with the CPA®:15 Merger and CPA®:16 Merger as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. | |
The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the capitalized value of in-place lease intangibles to expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. | |
If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to lease revenues and in-place lease values to amortization expense. | |
When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. | |
Goodwill | Goodwill |
In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocated goodwill to the respective reporting units in which such goodwill arose. Goodwill acquired in the CPA®:15 Merger and the CPA®:16 Merger was attributed to the Real Estate Ownership segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. | |
Operating Real Estate | Operating Real Estate |
We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that increase the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred. | |
Assets Held for Sale | Assets Held for Sale |
We classify those assets that are associated with operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated costs to sell. As described below, under Recent Accounting Requirements, on January 1, 2014, we adopted Accounting Standards Update 2014-08 and other than the properties classified as held for sale prior to adoption or acquired as held for sale upon acquisition no other sales qualify as discontinued operations. The results of operations and the related gain or loss on sale of properties that have been sold or that are classified as held for sale and in which we will have no significant continuing involvement are included in discontinued operations (Note 16). | |
If circumstances arise that we previously considered unlikely and, as a result, we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. | |
We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. | |
Receivables | Notes Receivable |
For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. Our notes receivable are included in Other assets, net in the consolidated financial statements. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
We consider all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. | |
Internal Use Software Development Costs | Internal-Use Software Development Costs |
We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage, including the costs associated with software that allows for the conversion of our old data to our new system. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Capitalized costs are amortized on a straight-line basis over the software’s estimated useful life, which is three to five years. Periodically, we reassess the useful life considering technology, obsolescence, and other factors. | |
Other Assets and Liabilities | Other Assets and Liabilities |
We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets and notes receivable in Other assets. We include derivative liabilities, amounts held on behalf of tenants, and deferred revenue in Other liabilities. Deferred charges are costs incurred in connection with mortgage financings, refinancings, issuance of corporate bonds, and the amendment of our credit facility that are amortized over the terms of the debt and included in Interest expense in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term, and rent recognized on a straight-line basis. Marketable securities are classified as available-for-sale securities and reported at fair value with unrealized gains and losses on these securities reported as a component of Other comprehensive (loss) income until realized. | |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts |
We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms, and the amount can be reasonably estimated. | |
Revenue Recognition | Revenue Recognition |
Real Estate Leased to Others | |
We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. We charge expenditures for maintenance and repairs, including routine betterments, to operations as incurred. For the years ended December 31, 2014, 2013, and 2012, our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $59.8 million, $37.3 million, and $18.7 million, respectively. | |
Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. | |
We account for leases as operating or direct financing leases, as described below: | |
Operating leases — We record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred (Note 5). | |
Direct financing method — We record leases accounted for under the direct financing method as a net investment (Note 5). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. | |
Investment Management Operations | |
We earn structuring revenue and asset management revenue in connection with providing services to the Managed REITs. We earn structuring revenue for services we provide in connection with the analysis, negotiation, and structuring of transactions, including acquisitions and dispositions and the placement of mortgage financing obtained by the Managed REITs. Asset management revenue consists of property management, leasing, and advisory revenue. Receipt of the incentive revenue portion of the asset management revenue or performance revenue, however, which we received from CPA®:15 prior to the date of the CPA®:15 Merger on September 28, 2012, was subordinated to the achievement of specified cumulative return requirements by the stockholders of those CPA® REITs. At our option, the performance revenue could be collected in cash or shares of the CPA® REIT (Note 4). In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties. We may also earn termination revenue in connection with the termination of the advisory agreements for the Managed REITs. | |
We recognize all revenue as earned. We earn structuring revenue upon the consummation of a transaction and asset management revenue when services are performed. We recognize revenue subject to subordination only when the performance criteria of the Managed REIT is achieved and contractual limitations are not exceeded. | |
We earned subordinated disposition and incentive revenue from CPA®:15 until the completion of the CPA®:15 Merger on September 28, 2012 (Note 4), through which its stockholders received their initial investment plus a specified preferred return. We may earn termination revenue if a liquidity event is consummated by any of the other Managed REITs. As a condition of the CPA®:15 Merger and CPA®:16 Merger, we waived the subordinated disposition and termination fees that we would have been entitled to receive from CPA®:15 and CPA®:16 – Global upon their liquidation pursuant to the terms of our advisory agreements with CPA®:15 and CPA®:16 – Global, respectively (Note 4). | |
We are also reimbursed for certain costs incurred in providing services, including broker-dealer commissions paid on behalf of the Managed REITs, marketing costs, and the cost of personnel provided for the administration of the Managed REITs. We record reimbursement income as the expenses are incurred, subject to limitations on a Managed REIT’s ability to incur offering costs. | |
Depreciation | Depreciation |
We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life. | |
Impairments | Impairments |
We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets, may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease; an upcoming lease expiration, a tenant with credit difficulty, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on marketable securities and goodwill. Our policies for evaluating whether these assets are impaired are presented below. | |
Real Estate | |
For real estate assets held for investment, which include finite-lived intangibles, in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as broker quotes or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally approximately ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. | |
Direct Financing Leases | |
We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. | |
When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable we assess the carrying amount for recoverability and if as a result of the decreased expected cash flows we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. | |
Assets Held for Sale | |
We classify real estate assets that are accounted for as operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. | |
Equity Investments in Real Estate and the Managed REITs | |
We evaluate our equity investments in real estate and in the Managed REITs on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values. For certain investments in the Managed REITs, we calculate the estimated fair value of our investment using the most recently published net asset value per share of each Managed REIT, which for CPA®:18 – Global is deemed to be the most recent public offering price through December 31, 2014, multiplied by the number of shares owned. | |
Goodwill | |
We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, that could impact our goodwill impairment calculations. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. | |
We calculate the estimated fair value of the Investment Management reporting unit by applying a price-to-EBITDA multiple to earnings. For the Real Estate Ownership reporting unit, we calculate its estimated fair value by applying an AFFO multiple. For both reporting units, the multiples are based on comparable companies. The selection of the comparable companies to be used in our evaluation process could have a significant impact on the fair value of our reporting units and possible impairments. The testing did not indicate any goodwill impairment as each of the reporting units with goodwill had fair value that was substantially in excess of the carrying value. | |
For the second step, if it were required, we compare the implied fair value of the goodwill for each reporting unit with its respective carrying amount and record an impairment charge equal to the excess of the carrying amount over the implied fair value. We would determine the implied fair value of the goodwill by allocating the estimated fair value of the reporting unit to its assets and liabilities. The excess of the estimated fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of the goodwill. | |
The goodwill recorded in our Investment Management reporting unit is evaluated in the fourth quarter of every year. In connection with the CPA®16: Merger and the CPA®:15 Merger, we recorded goodwill in our Real Estate Ownership reporting unit. Prior to the CPA®:15 Merger, there was no goodwill recorded in our Real Estate Ownership reporting unit. We perform our annual impairment test for goodwill in our Real Estate Ownership reporting unit during the fourth quarter of each year. | |
Stock-Based Compensation | Stock-Based Compensation |
We have granted restricted shares, or RSAs, stock options, RSUs, and PSUs to certain employees and independent directors. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. We recognize these compensation costs for only those shares expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. We include stock-based compensation within the listed shares caption of equity. | |
Foreign Currency | Foreign Currency |
Translation | |
We have interests in real estate investments primarily in the European Union and United Kingdom for which the functional currency is the euro and the British pound sterling, respectively. We perform the translation from the euro or the British pound sterling to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income when we have substantially exited from all investments in the related currency. | |
Transaction Gains or Losses | |
A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of subordinated intercompany debt with scheduled principal payments, are included in the determination of net income. | |
Intercompany foreign currency transactions of a long term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity. | |
Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. For the years ended December 31, 2014, 2013, and 2012, we recognized net realized losses on such transactions of $0.4 million, $0.2 million, and $0.6 million, respectively. | |
Derivatives Instruments | Derivative Instruments |
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 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. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive (loss) income into earnings when the hedged investment is either sold or substantially liquidated. | |
We use the portfolio exception in Accounting Standards Codification, 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, the “portfolio exception,” with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. | |
Income Taxes | Income Taxes |
We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders 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 believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. | |
We conduct business in various states and municipalities within the United States, Europe, and Asia and, as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state, and local taxes and a provision for such taxes is included in the consolidated financial statements. | |
We elect to treat certain of our corporate subsidiaries as TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. One of our TRS subsidiaries owns a hotel that is managed on our behalf by a third-party hotel management company. | |
Deferred income taxes are recorded for the corporate subsidiaries TRS and for the foreign taxes in those respective jurisdictions based on earnings reported. The current provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities (Note 15). | |
Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. | |
Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and foreign properties and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. | |
Deferred Income Taxes | |
We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 15). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit). | |
Real Estate Ownership Operations | |
We derive most of our REIT income from our real estate operations under our Real Estate Ownership segment. As such, our real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state, local, and foreign taxes, as applicable. | |
Investment Management Operations | |
We conduct our Investment Management operations primarily through TRSs. These operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations. | |
Earnings Per Share | Earnings Per Share |
Basic earnings per share is calculated by dividing net income available to common stockholders, as adjusted for unallocated earnings attributable to the unvested RSUs and RSAs by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflects potentially dilutive securities (options and PSUs) using the treasury stock method, except when the effect would be anti-dilutive. | |
Recent Accounting Requirements | Recent Accounting Requirements |
The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standard Board are applicable to us: | |
ASU 2015-02, Consolidation (Topic 810). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2015-02 on our consolidated financial statements. | |
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 sales of real estate, 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 16 to the consolidated financial statements. By contrast, and as required by the new guidance, the results for the current and prior year periods 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 (Note 15). | |
Use of Estimates | Use of Estimates |
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. | |
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. |
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 holder’s intention to exercise of the put option, pursuant to which we are required to purchase the third party’s 7.7% interest in WPCI. |
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_and_CPA15_Ta
Merger with CPA:16 and CPA:15 (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Schedule of Business Acquisitions, by Acquisition | (In thousands) | ||||||||||||
Initially Reported at March 31, 2014 | Measurement Period Adjustments | As Revised at December 31, 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 CPA®:16 Merger | 347,164 | 2,585 | 349,749 | ||||||||||
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 | $ | 3,227 | $ | 2,061,141 | ||||||||
Assets Acquired at Fair Value | |||||||||||||
Net investments in real 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 | 3,535 | 85,567 | ||||||||||
3,811,802 | 4,923 | 3,816,725 | |||||||||||
Liabilities Assumed at Fair Value | |||||||||||||
Non-recourse debt and line of credit | (1,768,288 | ) | — | (1,768,288 | ) | ||||||||
Accounts payable, accrued expenses and other liabilities | (118,389 | ) | — | (118,389 | ) | ||||||||
Below-market rent and other intangible liabilities | (57,209 | ) | (360 | ) | (57,569 | ) | |||||||
Deferred tax liability | (59,629 | ) | 1,282 | (58,347 | ) | ||||||||
(2,003,515 | ) | 922 | (2,002,593 | ) | |||||||||
Total identifiable net assets | 1,808,287 | 5,845 | 1,814,132 | ||||||||||
Amounts attributable to noncontrolling interests | (99,345 | ) | (288 | ) | (99,633 | ) | |||||||
Goodwill | 348,972 | (2,330 | ) | 346,642 | |||||||||
$ | 2,057,914 | $ | 3,227 | $ | 2,061,141 | ||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed in the acquisition. | |||||||||||||
(In thousands): | |||||||||||||
Total Consideration | |||||||||||||
Fair value of W. P. Carey shares of common stock issued | $ | 1,380,362 | |||||||||||
Cash consideration paid | 152,356 | ||||||||||||
Merger Consideration | 1,532,718 | ||||||||||||
Fair value of our equity interest in CPA®:15 prior to the CPA®:15 Merger | 107,147 | ||||||||||||
Fair value of our equity interest in jointly-owned investments with CPA®:15 prior to the CPA®:15 Merger | 54,822 | ||||||||||||
$ | 1,694,687 | ||||||||||||
Assets Acquired at Fair Value | |||||||||||||
Net investment in properties | $ | 1,762,872 | |||||||||||
Net investment in direct financing leases | 315,789 | ||||||||||||
Equity investments in real estate | 166,247 | ||||||||||||
Intangible assets (Note 8) | 695,310 | ||||||||||||
Cash and cash equivalents | 178,945 | ||||||||||||
Other assets | 81,750 | ||||||||||||
3,200,913 | |||||||||||||
Liabilities Assumed at Fair Value | |||||||||||||
Non-recourse debt | (1,350,755 | ) | |||||||||||
Below-market rent and other intangible liabilities | (102,155 | ) | |||||||||||
Accounts payable, accrued expenses and other liabilities | (84,640 | ) | |||||||||||
(1,537,550 | ) | ||||||||||||
Total identifiable net assets | 1,663,363 | ||||||||||||
Amounts attributable to noncontrolling interests | (237,359 | ) | |||||||||||
Goodwill | 268,683 | ||||||||||||
$ | 1,694,687 | ||||||||||||
Business Acquisition, Pro Forma Information | (In thousands, except share and per share amounts): | ||||||||||||
Year Ended | |||||||||||||
December 31, 2012 | |||||||||||||
Pro forma total revenues | $ | 512,822 | |||||||||||
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey | $ | 138,157 | |||||||||||
Pro forma earnings per share: | |||||||||||||
Basic | $ | 2 | |||||||||||
Diluted | $ | 1.98 | |||||||||||
Pro forma weighted-average shares outstanding: (a) | |||||||||||||
Basic | 68,382,378 | ||||||||||||
Diluted | 69,071,391 | ||||||||||||
___________ | |||||||||||||
(a) | The pro forma weighted average shares outstanding for the year ended December 31, 2012 were determined as if the 28,170,643 shares of our common stock issued to CPA®:15 stockholders in the CPA®:15 Merger were issued on January 1, 2011. | ||||||||||||
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): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Pro forma total revenues | $ | 931,309 | $ | 780,578 | |||||||||
Pro forma net income from continuing operations, net of tax | $ | 139,698 | $ | 146,525 | |||||||||
Pro forma net (income) loss attributable to noncontrolling interests | (5,380 | ) | 10,963 | ||||||||||
Pro forma net loss (income) attributable to redeemable noncontrolling interest | 142 | (1,909 | ) | ||||||||||
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey | $ | 134,460 | $ | 155,579 | |||||||||
Pro forma earnings per share: (a) | |||||||||||||
Basic | $ | 1.32 | $ | 1.56 | |||||||||
Diluted | $ | 1.31 | $ | 1.54 | |||||||||
Pro forma weighted-average shares outstanding: (b) | |||||||||||||
Basic | 101,296,847 | 99,420,924 | |||||||||||
Diluted | 102,360,038 | 100,437,886 | |||||||||||
___________ | |||||||||||||
(a) | The pro forma income attributable to W. P. Carey for the year ended December 31, 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 December 31, 2014; (ii) an aggregate gain on change in control of interests of $105.9 million; and (iii) an income tax expense of $4.8 million from a permanent difference upon recognition of taxable income associated with accelerated vesting of shares previously issued by CPA®:16 – Global to us for asset management and performance fees in connection with the CPA®:16 Merger. | ||||||||||||
(b) | The pro forma weighted-average shares outstanding for the years ended December 31, 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) | 12 Months Ended | |||||||||||
Dec. 31, 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, as well as from CPA®:15 for the periods indicated, included in the consolidated financial statements (in thousands): | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reimbursable costs from affiliates | $ | 130,212 | $ | 73,592 | $ | 97,638 | ||||||
Structuring revenue | 71,256 | 46,589 | 48,355 | |||||||||
Asset management revenue (a) | 37,970 | 42,579 | 56,576 | |||||||||
Distributions of Available Cash | 31,052 | 34,121 | 30,009 | |||||||||
Dealer manager fees | 23,532 | 10,856 | 19,914 | |||||||||
Deferred revenue earned | 786 | 8,492 | 8,492 | |||||||||
Interest income on deferred acquisition fees and loans to affiliates | 684 | 949 | 1,064 | |||||||||
Incentive, termination and subordinated disposition revenue | — | 199 | — | |||||||||
$ | 295,492 | $ | 217,377 | $ | 262,048 | |||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
CPA®:15 (b) | $ | — | $ | — | $ | 21,593 | ||||||
CPA®:16 – Global (c) | 7,999 | 53,166 | 50,929 | |||||||||
CPA®:17 – Global (d) | 68,710 | 69,275 | 174,192 | |||||||||
CPA®:18 – Global (d) | 129,642 | 29,293 | — | |||||||||
CWI (d) | 89,141 | 65,643 | 15,334 | |||||||||
$ | 295,492 | $ | 217,377 | $ | 262,048 | |||||||
___________ | ||||||||||||
(a) | Excludes amounts received from third parties. | |||||||||||
(b) | CPA®:15 merged with and into us on September 28, 2012. | |||||||||||
(c) | 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 its advisory agreement was waived upon the completion of the CPA®:16 Merger. The amount shown for the year ended December 31, 2014 reflects transactions through January 31, 2014. | |||||||||||
(d) | The advisory agreements with each of the CPA® REITs are scheduled to expire on December 31, 2015 and the advisory agreement with CWI is scheduled to expire on September 30, 2015 unless otherwise renewed. | |||||||||||
Schedule of Balances Due to and From Related Party | The following table presents a summary of amounts Due from affiliates (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred acquisition fees receivable | $ | 26,913 | $ | 19,684 | ||||||||
Organization and offering costs | 2,120 | 2,700 | ||||||||||
Accounts receivable | 2,680 | 3,716 | ||||||||||
Current acquisition fees receivable | 2,463 | 4,149 | ||||||||||
Reimbursable costs | 301 | 334 | ||||||||||
Asset management fee receivable | — | 1,451 | ||||||||||
$ | 34,477 | $ | 32,034 | |||||||||
Reconciliation of Reedemable Securities | The following table presents a reconciliation of our Redeemable securities – related party (in thousands): | |||||||||||
Years Ended December 31. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning balance | $ | — | $ | 40,000 | $ | — | ||||||
Reclassification from permanent equity to temporary equity | — | — | 85,000 | |||||||||
Redemptions of securities | — | (40,000 | ) | (45,000 | ) | |||||||
Ending balance | $ | — | $ | — | $ | 40,000 | ||||||
Net_Investments_in_Properties_
Net Investments in Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
Net Investments in Real Estate Properties | ||||||||
At December 31, 2014, Operating real estate consisted of our investments in two hotels acquired in the CPA®:16 Merger in January 2014 and two self-storage properties. At December 31, 2013, Operating real estate consisted of two self-storage properties. Below is a summary of our Operating real estate (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 7,074 | $ | 1,097 | ||||
Buildings | 77,811 | 4,927 | ||||||
Less: Accumulated depreciation | (4,866 | ) | (882 | ) | ||||
$ | 80,019 | $ | 5,142 | |||||
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): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 1,146,704 | $ | 534,697 | ||||
Buildings | 3,829,981 | 1,972,107 | ||||||
Real estate under construction | 29,997 | 9,521 | ||||||
Less: Accumulated depreciation | (253,627 | ) | (168,076 | ) | ||||
$ | 4,753,055 | $ | 2,348,249 | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments under non-cancelable operating leases, at December 31, 2014 are as follows (in thousands): | |||||||
Years Ending December 31, | Total | |||||||
2015 | $ | 569,427 | ||||||
2016 | 554,767 | |||||||
2017 | 533,942 | |||||||
2018 | 502,584 | |||||||
2019 | 454,038 | |||||||
Thereafter | 2,388,659 | |||||||
Total | $ | 5,003,417 | ||||||
Disclosure of Long Lived Assets Held-for-sale | Below is a summary of our properties held for sale (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Real estate, net | $ | 5,969 | $ | 62,466 | ||||
Above-market rent intangible assets, net | 838 | 13,872 | ||||||
In-place lease intangible assets, net | 448 | 12,293 | ||||||
Below-market rent and other intangible liabilities, net | — | (1,808 | ) | |||||
Assets held for sale | $ | 7,255 | $ | 86,823 | ||||
Finance_Receivables_Tables
Finance Receivables (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Capital Leases Net Investment In Direct Financing Leases | Net investments in direct financing leases is summarized as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Minimum lease payments receivable | $ | 904,788 | $ | 466,182 | |||||||||
Unguaranteed residual value | 818,334 | 363,903 | |||||||||||
1,723,122 | 830,085 | ||||||||||||
Less: unearned income | (906,896 | ) | (466,665 | ) | |||||||||
$ | 816,226 | $ | 363,420 | ||||||||||
Schedule Of Future Minimum Lease Payments For Capital Leases | Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2014 are as follows (in thousands): | ||||||||||||
Years Ending December 31, | Total | ||||||||||||
2015 | $ | 78,488 | |||||||||||
2016 | 77,943 | ||||||||||||
2017 | 77,914 | ||||||||||||
2018 | 77,933 | ||||||||||||
2019 | 75,418 | ||||||||||||
Thereafter | 517,092 | ||||||||||||
Total | $ | 904,788 | |||||||||||
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 / Obligors at December 31, | Carrying Value at December 31, | ||||||||||||
Internal Credit Quality Indicator | 2014 | 2013 | 2014 | 2013 | |||||||||
1 | 3 | 3 | $ | 79,343 | $ | 42,812 | |||||||
2 | 4 | 3 | 37,318 | 27,869 | |||||||||
3 | 23 | 8 | 592,631 | 284,968 | |||||||||
4 | 7 | 1 | 127,782 | 7,771 | |||||||||
5 | — | — | — | — | |||||||||
$ | 837,074 | $ | 363,420 | ||||||||||
Equity_Investment_in_Real_Esta1
Equity Investment in Real Estate and the Managed REITs (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||
Schedule of Equity Method Investments | The following table presents Equity in earnings of equity method 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): | ||||||||||||||
Years Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Proportionate share of equity in earnings of equity investments in the Managed REITs | $ | 2,425 | $ | 7,057 | $ | 8,867 | |||||||||
Amortization of basis differences on equity investments in the Managed REITs | (810 | ) | (5,115 | ) | (4,302 | ) | |||||||||
Other-than-temporary impairment charges on the Special Member Interest in | (735 | ) | (15,383 | ) | (9,910 | ) | |||||||||
CPA®:16 – Global’s operating partnership | |||||||||||||||
Distributions of Available Cash (Note 4) | 31,052 | 34,121 | 30,009 | ||||||||||||
Deferred revenue earned (Note 4) | 786 | 9,436 | 9,436 | ||||||||||||
Total equity in earnings of equity investments in the Managed REITs | 32,718 | 30,116 | 34,100 | ||||||||||||
Equity in earnings from other equity investments in real estate | 14,828 | 26,928 | 29,864 | ||||||||||||
Amortization of basis differences on other equity investments | (3,430 | ) | (4,313 | ) | (1,572 | ) | |||||||||
Equity in earnings of equity method investments in real estate and the Managed REITs | $ | 44,116 | $ | 52,731 | $ | 62,392 | |||||||||
The following tables present estimated combined summarized financial information for the Managed Programs. 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 Programs and do not represent our proportionate share (in thousands): | |||||||||||||||
December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Real estate, net | $ | 5,969,011 | $ | 7,218,177 | |||||||||||
Other assets | 2,293,065 | 2,128,862 | |||||||||||||
Total assets | 8,262,076 | 9,347,039 | |||||||||||||
Debt | (3,387,795 | ) | (4,237,044 | ) | |||||||||||
Accounts payable, accrued expenses and other liabilities | (496,857 | ) | (571,097 | ) | |||||||||||
Total liabilities | (3,884,652 | ) | (4,808,141 | ) | |||||||||||
Noncontrolling interests | (170,249 | ) | (192,492 | ) | |||||||||||
Stockholders’ equity | $ | 4,207,175 | $ | 4,346,406 | |||||||||||
Years Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Revenues | $ | 825,405 | $ | 796,637 | $ | 860,983 | |||||||||
Expenses (a) | (838,100 | ) | (701,830 | ) | (759,435 | ) | |||||||||
(Loss) income from continuing operations | $ | (12,695 | ) | $ | 94,807 | $ | 101,548 | ||||||||
Net (loss) income attributable to the Managed Programs (b) (c) | $ | (12,695 | ) | $ | 104,342 | $ | 128,455 | ||||||||
___________ | |||||||||||||||
(a) | Total net expenses recognized by the Managed Programs during the year ended December 31, 2012 included $3.1 million of CPA®:15 Merger-related expenses incurred by CPA®:15, of which our share was approximately $0.2 million. | ||||||||||||||
(b) | Inclusive of impairment charges recognized by the Managed Programs totaling $1.3 million, $25.6 million, and $25.0 million during the years ended December 31, 2014, 2013, and 2012, respectively. These impairment charges reduced our income earned from these investments by approximately less than $0.1 million, $4.7 million, and $4.2 million during the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||
(c) | Amounts included net gains on sale of real estate recorded by the Managed Programs totaling $13.3 million, $7.7 million, and $35.4 million during the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||
The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands): | |||||||||||||||
% of Outstanding Shares Owned at | Carrying Amount of Investment at | ||||||||||||||
December 31, | December 31, | ||||||||||||||
Fund | 2014 | 2013 | 2014 (a) (b) | 2013 (a) | |||||||||||
CPA®:16 – Global (c) | 100 | % | 18.533 | % | $ | — | $ | 282,520 | |||||||
CPA®:16 – Global operating partnership (d) | 100 | % | 0.015 | % | — | 813 | |||||||||
CPA®:17 – Global (e) | 2.676 | % | 1.91 | % | 79,429 | 57,753 | |||||||||
CPA®:17 – Global operating partnership (f) | 0.009 | % | 0.009 | % | — | — | |||||||||
CPA®:18 – Global | 0.221 | % | 0.127 | % | 2,784 | 320 | |||||||||
CPA®:18 – Global operating partnership (g) | 0.034 | % | 0.034 | % | 209 | 209 | |||||||||
CWI | 1.088 | % | 0.538 | % | 13,940 | 3,369 | |||||||||
CWI operating partnership (h) | 0.015 | % | 0.015 | % | — | — | |||||||||
Carey Credit Income Fund (i) | 50 | % | — | 25,000 | — | ||||||||||
$ | 121,362 | $ | 344,984 | ||||||||||||
___________ | |||||||||||||||
(a) | Includes asset management fees receivable, for which 240,318 shares, 37,870 class A shares, and 93,739 shares of common stock of CPA®:17 – Global, CPA®:18 – Global, and CWI, respectively, were issued during the first quarter of 2015. | ||||||||||||||
(b) | At December 31, 2014 and 2013, the aggregate unamortized basis differences on our equity investments in the Managed REITs were $20.2 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 wholly-owned subsidiaries with our subsidiary as the surviving entity, in the CPA®:16 Merger (Note 3). We received distributions of $6.4 million, $25.3 million, and $24.3 million from this affiliate during January 2014, the year ended December 31, 2013 and the year ended December 31, 2012, respectively. During the year ended December 31, 2013, equity income from CPA®:16 – Global and CPA®:16 – Global’s operating partnership exceeded 20% of our net income from continuing operations before income taxes. Therefore, the audited consolidated financial statements of CPA®:16 – Global are incorporated by reference in this Report. | ||||||||||||||
(d) | During January 2014 and the years ended December 31, 2013 and 2012, we recognized other-than-temporary impairment charges of $0.7 million, $15.4 million, and $9.9 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, $15.2 million, and $15.4 million from this investment during January 2014, the year ended December 31, 2013, and the year ended December 31, 2012, 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 $4.6 million, $3.0 million, and $1.6 million from this affiliate during 2014, 2013, and 2012, respectively. | ||||||||||||||
(f) | We received distributions of $20.4 million, $16.9 million, and $14.6 million from this affiliate during 2014, 2013, and 2012, respectively. | ||||||||||||||
(g) | We received distributions of $1.8 million and $0.1 million, from this affiliate, which commenced operations in May 2013, during the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||
(h) | We received distributions of $4.1 million and $1.9 million from this affiliate during the years ended December 31, 2014 and 2013, respectively. There were no such distributions received during the year ended December 31, 2012. | ||||||||||||||
(i) | In December 2014, we purchased 2,777,778 shares of CCIF at $9.00 per share for a total purchase price of $25.0 million. We account for our interest in this investment using the equity method of accounting because we share the decision-making with the third-party investment partner. As of December 31, 2014, CCIF has not yet admitted any additional shareholders. | ||||||||||||||
The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): | |||||||||||||||
Ownership Interest | Carrying Value at December 31, | ||||||||||||||
Lessee | Co-owner(s) | at December 31, 2014 | 2014 | 2013 | |||||||||||
Same Store Equity Investments (a) (b) | |||||||||||||||
C1000 Logistiek Vastgoed B.V. (c) | CPA®:17 – Global | 15% | $ | 11,192 | $ | 13,673 | |||||||||
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH | CPA®:17 – Global | 33% | 6,949 | 7,267 | |||||||||||
Wanbishi Archives Co. Ltd. | CPA®:17 – Global | 3% | 341 | 395 | |||||||||||
18,482 | 21,335 | ||||||||||||||
Equity Investments Consolidated After the CPA®:16 Merger (d) | |||||||||||||||
Schuler A.G. (a) | CPA®:16 – Global | 100% | — | 65,798 | |||||||||||
Hellweg 2 (a) (e) | CPA®:16 – Global/ CPA®:17 – Global | 63% | — | 27,923 | |||||||||||
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% | 72,476 | 21,543 | |||||||||||
CPA®:17 – Global | |||||||||||||||
Frontier Spinning Mills, Inc. | CPA®:17 – Global | 40% | 15,609 | — | |||||||||||
Actebis Peacock GmbH (a) | CPA®:17 – Global | 30% | 6,369 | — | |||||||||||
94,454 | 21,543 | ||||||||||||||
Recently Acquired Equity Investment | |||||||||||||||
Beach House JV, LLC (g) | Third Party | N/A | 15,105 | — | |||||||||||
$ | 128,041 | $ | 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 total amount due under the arrangement was approximately $82.7 million at December 31, 2014. Of this amount, $12.4 million represents the amount we agreed to pay and is included within the carrying value of the investment at December 31, 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 year ended December 31, 2014, we received a preferred equity position in Beach House JV, LLC as part of the sale of our 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 of Beach House JV LLC. During the year ended December 31, 2014, we recognized $1.0 million of income related to this investment, which is included in Equity in earnings of equity method investments in real estate and the Managed REITs in the consolidated financial statements. | ||||||||||||||
The following tables present combined summarized financial information of our equity investments, excluding the Managed Programs. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands): | |||||||||||||||
December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Real estate, net | $ | 486,858 | $ | 1,038,422 | |||||||||||
Other assets | 81,232 | 146,635 | |||||||||||||
Total assets | 568,090 | 1,185,057 | |||||||||||||
Debt | (278,012 | ) | (695,429 | ) | |||||||||||
Accounts payable, accrued expenses and other liabilities | (10,057 | ) | (77,819 | ) | |||||||||||
Total liabilities | (288,069 | ) | (773,248 | ) | |||||||||||
Noncontrolling interests | (355 | ) | 176 | ||||||||||||
Stockholders’ equity | $ | 279,666 | $ | 411,985 | |||||||||||
Years Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Revenues | $ | 64,294 | $ | 117,278 | $ | 108,242 | |||||||||
Expenses | (27,801 | ) | (50,907 | ) | (64,453 | ) | |||||||||
Income from continuing operations | $ | 36,493 | $ | 66,371 | $ | 43,789 | |||||||||
Net income attributable to the jointly-owned investments (a) | $ | 36,493 | $ | 15,762 | $ | 79,591 | |||||||||
___________ | |||||||||||||||
(a) | Amount during the year ended December 31, 2012 included a net gain of approximately $34.0 million recognized by a jointly-owned investment as a result of selling its interests in the Médica investment. Our share of the gain was approximately $15.1 million. |
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill And Intangible Assets Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule Of Acquired Finite Lived Intangible Assets Liabilites By Major Class | In connection with our investment activity during 2014, which primarily reflects 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 | Amount | |||||||||||||||||||||||
Life | ||||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | 13.3 | $ | 700,850 | |||||||||||||||||||||
Above-market rent | 12.3 | 395,824 | ||||||||||||||||||||||
Below-market ground lease | 67.5 | 14,772 | ||||||||||||||||||||||
$ | 1,111,446 | |||||||||||||||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | 18.1 | $ | (59,740 | ) | ||||||||||||||||||||
Above-market ground lease | 31.5 | (6,712 | ) | |||||||||||||||||||||
$ | (66,452 | ) | ||||||||||||||||||||||
Schedule Of Goodwill | The following table presents a reconciliation of our goodwill (in thousands): | |||||||||||||||||||||||
Real Estate Ownership | Investment Management | Total | ||||||||||||||||||||||
Balance at January 1, 2012 | $ | — | $ | 63,607 | $ | 63,607 | ||||||||||||||||||
Acquisition of CPA®:15 | 268,683 | — | 268,683 | |||||||||||||||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | (3,158 | ) | — | (3,158 | ) | |||||||||||||||||||
Balance at December 31, 2012 | 265,525 | 63,607 | 329,132 | |||||||||||||||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | (13,118 | ) | — | (13,118 | ) | |||||||||||||||||||
Adjustments related to deferred foreign income taxes (a) | 32,715 | — | 32,715 | |||||||||||||||||||||
Adjustment to purchase price allocation for the CPA®:15 Merger (b) | 1,479 | — | 1,479 | |||||||||||||||||||||
Balance at December 31, 2013 | 286,601 | 63,607 | 350,208 | |||||||||||||||||||||
Acquisition of CPA®:16 – Global | 346,642 | — | 346,642 | |||||||||||||||||||||
Other business combinations (c) | 13,585 | — | 13,585 | |||||||||||||||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | (3,762 | ) | — | (3,762 | ) | |||||||||||||||||||
Foreign currency translation adjustments and other | (14,258 | ) | — | (14,258 | ) | |||||||||||||||||||
Balance at December 31, 2014 | $ | 628,808 | $ | 63,607 | $ | 692,415 | ||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | In the fourth quarter of 2013, we recorded an out-of-period adjustment related to accounting for deferred foreign income taxes (Note 2). | |||||||||||||||||||||||
(b) | In the fourth quarter of 2013, we recorded an immaterial out-of-period adjustment to correct the purchase price allocation for the CPA®:15 Merger. | |||||||||||||||||||||||
(c) | Primarily relates to 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): | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 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 | 17,584 | (26 | ) | 17,558 | 3,255 | — | 3,255 | |||||||||||||||||
50,349 | (32,791 | ) | 17,558 | 36,020 | (32,395 | ) | 3,625 | |||||||||||||||||
Lease Intangibles: | ||||||||||||||||||||||||
In-place lease and tenant relationship | 1,185,692 | (191,873 | ) | 993,819 | 557,984 | (86,265 | ) | 471,719 | ||||||||||||||||
Above-market rent | 639,370 | (116,573 | ) | 522,797 | 292,132 | (50,157 | ) | 241,975 | ||||||||||||||||
Below-market ground lease | 17,771 | (435 | ) | 17,336 | 4,386 | (22 | ) | 4,364 | ||||||||||||||||
1,842,833 | (308,881 | ) | 1,533,952 | 854,502 | (136,444 | ) | 718,058 | |||||||||||||||||
Unamortizable Goodwill and | ||||||||||||||||||||||||
Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||
Goodwill | 692,415 | — | 692,415 | 350,208 | — | 350,208 | ||||||||||||||||||
Trade name | 3,975 | — | 3,975 | 3,975 | — | 3,975 | ||||||||||||||||||
696,390 | — | 696,390 | 354,183 | — | 354,183 | |||||||||||||||||||
Total intangible assets | $ | 2,589,572 | $ | (341,672 | ) | $ | 2,247,900 | $ | 1,244,705 | $ | (168,839 | ) | $ | 1,075,866 | ||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | $ | (169,231 | ) | $ | 23,039 | $ | (146,192 | ) | $ | (116,939 | ) | $ | 11,832 | $ | (105,107 | ) | ||||||||
Above-market ground lease | (13,311 | ) | 1,144 | (12,167 | ) | (6,896 | ) | 512 | (6,384 | ) | ||||||||||||||
(182,542 | ) | 24,183 | (158,359 | ) | (123,835 | ) | 12,344 | (111,491 | ) | |||||||||||||||
Unamortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market purchase option | (16,711 | ) | — | (16,711 | ) | (16,711 | ) | — | (16,711 | ) | ||||||||||||||
Total intangible liabilities | $ | (199,253 | ) | $ | 24,183 | $ | (175,070 | ) | $ | (140,546 | ) | $ | 12,344 | $ | (128,202 | ) | ||||||||
Schedule Of Finite Lived Intangible Assets Future Amortization Expense | Based on the intangible assets and liabilities recorded at December 31, 2014, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): | |||||||||||||||||||||||
Years Ending December 31, | Net Decrease in Lease Revenues | Increase to Amortization/Property Expenses | Net | |||||||||||||||||||||
2015 | $ | 54,208 | $ | 114,768 | $ | 168,976 | ||||||||||||||||||
2016 | 52,471 | 110,828 | 163,299 | |||||||||||||||||||||
2017 | 49,368 | 107,080 | 156,448 | |||||||||||||||||||||
2018 | 46,043 | 104,269 | 150,312 | |||||||||||||||||||||
2019 | 22,436 | 73,391 | 95,827 | |||||||||||||||||||||
Thereafter | 152,079 | 506,210 | 658,289 | |||||||||||||||||||||
Total | $ | 376,605 | $ | 1,016,546 | $ | 1,393,151 | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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): | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Non-recourse debt (a) | 3 | $ | 2,532,683 | $ | 2,574,437 | $ | 1,492,410 | $ | 1,477,497 | |||||||||||||||
Senior Credit Facilities (a) (b) | 2 | 1,057,518 | 1,057,519 | 275,000 | 275,000 | |||||||||||||||||||
Senior unsecured notes (c) | 2 | 498,345 | 527,029 | — | — | |||||||||||||||||||
Deferred acquisition fees receivable (d) | 3 | 26,913 | 28,027 | 19,684 | 20,733 | |||||||||||||||||||
Notes receivable (a) (e) | 3 | 20,848 | 19,604 | — | — | |||||||||||||||||||
Unsecured Term Loan (b) | 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) | As described in Note 11, the Prior Senior Credit Facility and 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. | |||||||||||||||||||||||
(c) | We determined the estimated fair value of the 4.6% senior unsecured notes using quoted market prices in an open market with limited trading volume (Note 10). | |||||||||||||||||||||||
(d) | 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 108 - 355 basis points and 50 - 100 basis points, respectively, at December 31, 2014. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. | |||||||||||||||||||||||
(e) | We acquired these notes in the CPA®:16 Merger (Note 6). | |||||||||||||||||||||||
Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis | The following tables present information about our assets that were measured at fair value on a non-recurring basis (in thousands): | |||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||
Fair Value | Total Impairment | Fair Value | Total Impairment | Fair Value | Total Impairment | |||||||||||||||||||
Measurements | Charges | Measurements | Charges | Measurements | Charges | |||||||||||||||||||
Impairment Charges in Continuing Operations | ||||||||||||||||||||||||
Real estate | $ | 26,503 | $ | 21,738 | $ | 15,495 | $ | 4,673 | $ | — | $ | — | ||||||||||||
Net investments in direct financing leases | 39,158 | 1,329 | 891 | 68 | — | — | ||||||||||||||||||
Equity investments in real estate | — | 735 | 5,111 | 19,256 | 17,140 | 9,910 | ||||||||||||||||||
Marketable security | — | — | 483 | 553 | — | — | ||||||||||||||||||
23,802 | 24,550 | 9,910 | ||||||||||||||||||||||
Impairment Charges in Discontinued Operations | ||||||||||||||||||||||||
Real estate | — | — | 19,413 | 6,192 | 39,642 | 12,495 | ||||||||||||||||||
Operating real estate | — | — | 3,709 | 1,071 | 5,002 | 10,467 | ||||||||||||||||||
— | 7,263 | 22,962 | ||||||||||||||||||||||
$ | 23,802 | $ | 31,813 | $ | 32,872 | |||||||||||||||||||
Risk_Management_and_Use_of_Der1
Risk Management and Use of Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 | Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | |||||||||||||||||
as Hedging Instruments | Balance Sheet Location | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||
Interest rate caps | Other assets, net | $ | 3 | $ | 2 | $ | — | $ | — | ||||||||||
Interest rate swaps | Other assets, net | 285 | 1,618 | — | — | ||||||||||||||
Foreign currency forward contracts (a) | Other assets, net | 16,307 | — | — | — | ||||||||||||||
Foreign currency forward contracts (a) | Accounts payable, accrued expenses and other liabilities | — | — | — | (7,083 | ) | |||||||||||||
Interest rate swaps (a) | Accounts payable, accrued expenses and other liabilities | — | — | (5,660 | ) | (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 | — | — | (7,496 | ) | (11,995 | ) | ||||||||||||
Total derivatives | $ | 20,348 | $ | 3,780 | $ | (13,156 | ) | $ | (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 $2.4 million and $5.0 million, respectively, at December 31, 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 December 31, 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) | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | 2012 | ||||||||||||||||
Interest rate swaps | $ | (2,628 | ) | $ | 4,720 | $ | (1,059 | ) | |||||||||||
Interest rate caps | 290 | (15 | ) | 277 | |||||||||||||||
Foreign currency forward contracts | 23,167 | (5,211 | ) | (1,480 | ) | ||||||||||||||
Derivatives in Net Investment Hedging Relationship (b) | |||||||||||||||||||
Foreign currency forward contracts | 2,566 | — | — | ||||||||||||||||
Total | $ | 23,395 | $ | (506 | ) | $ | (2,262 | ) | |||||||||||
Amount of Gain (Loss) Reclassified from | |||||||||||||||||||
Other Comprehensive (Loss) Income | |||||||||||||||||||
into Income (Effective Portion) (c) | |||||||||||||||||||
Derivative in Cash Flow Hedging Relationships | Location of Gain (Loss) Recognized in Income | Years Ended December 31, | |||||||||||||||||
2014 | 2013 (d) | 2012 (d) | |||||||||||||||||
Interest rate swaps | Interest expense | $ | (2,691 | ) | $ | (1,745 | ) | $ | (1,539 | ) | |||||||||
Foreign currency forward contracts | Other income and (expenses) | (103 | ) | (537 | ) | (239 | ) | ||||||||||||
Total | $ | (2,794 | ) | $ | (2,282 | ) | $ | (1,778 | ) | ||||||||||
__________ | |||||||||||||||||||
(a) | Excludes net gains (losses) of $0.3 million, $0.5 million, and less than $(0.1) million recognized on unconsolidated jointly-owned investments for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||
(b) | The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. | ||||||||||||||||||
(c) | Excludes net gains of $0.4 million, $0.5 million, and $0.4 million recognized on unconsolidated jointly-owned investments for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||
(d) | The amounts included in this column for the periods presented have been revised to reverse the signs that were incorrectly presented when originally reported. | ||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | At December 31, 2014, we estimate that an additional $2.7 million and $4.2 million will be reclassified as interest expense and other income, respectively, during the next 12 months. | ||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||
Income on Derivatives | |||||||||||||||||||
Location of Gain (Loss) | Years Ended December 31, | ||||||||||||||||||
Derivatives Not in Cash Flow Hedging Relationships | Recognized in Income | 2014 | 2013 | 2012 | |||||||||||||||
Interest rate swaps | Interest expense | $ | 3,186 | $ | 5,249 | $ | 429 | ||||||||||||
Stock warrants | Other income and (expenses) | 134 | 440 | 108 | |||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||
Interest rate swaps (a) | Interest expense | 761 | (20 | ) | 101 | ||||||||||||||
Total | $ | 4,081 | $ | 5,669 | $ | 638 | |||||||||||||
___________ | |||||||||||||||||||
(a) | Relates to the ineffective portion of the hedging relationship. | ||||||||||||||||||
Schedule of Derivative Instruments | The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2014, which were designated as cash flow hedges (currency in thousands): | ||||||||||||||||||
Number of Instruments | Notional | Fair Value at December 31, 2014 (a) | |||||||||||||||||
Foreign Currency Derivatives | Amount | ||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 68 | 155,978 | EUR | $ | 12,573 | ||||||||||||||
Foreign currency forward contracts | 16 | 8,560 | GBP | 51 | |||||||||||||||
Foreign currency forward contracts | 20 | 25,082 | AUD | 1,117 | |||||||||||||||
Designated as Net Investment Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 5 | 84,522 | AUD | 2,566 | |||||||||||||||
$ | 16,307 | ||||||||||||||||||
__________ | |||||||||||||||||||
(a) | Fair value amounts are based on the applicable exchange rate of the foreign currency at December 31, 2014. | ||||||||||||||||||
The interest rate swaps and caps that we had outstanding on our consolidated subsidiaries at December 31, 2014 are summarized as follows (currency in thousands): | |||||||||||||||||||
Number of Instruments | Notional | Fair Value at December 31, 2014 (a) | |||||||||||||||||
Amount | |||||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps | 14 | 129,313 | USD | $ | (4,324 | ) | |||||||||||||
Interest rate swaps | 2 | 8,174 | EUR | (1,051 | ) | ||||||||||||||
Interest rate caps (b) | 1 | 45,847 | EUR | 3 | |||||||||||||||
Not Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps (c) | 3 | 107,400 | EUR | (7,496 | ) | ||||||||||||||
$ | (12,868 | ) | |||||||||||||||||
__________ | |||||||||||||||||||
(a) | Fair value amounts are based on the exchange rate of the euro at December 31, 2014, as applicable. | ||||||||||||||||||
(b) | The applicable interest rate of the related debt was 1.0%, which was below the strike price of the cap of 3.0% at December 31, 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. |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of Debt | Scheduled debt principal payments during each of the next five calendar years following December 31, 2014 and thereafter are as follows (in thousands): | ||||
Years Ending December 31, | Total (a) | ||||
2015 | $ | 210,081 | |||
2016 (b) | 609,150 | ||||
2017 | 751,954 | ||||
2018 (c) | 1,088,374 | ||||
2019 | 99,777 | ||||
Thereafter through 2038 (d) | 1,323,978 | ||||
4,083,314 | |||||
Unamortized premium, net (e) | 5,232 | ||||
Total | $ | 4,088,546 | |||
__________ | |||||
(a) | Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2014. | ||||
(b) | Includes $250.0 million outstanding under our Term Loan Facility at December 31, 2014, which is scheduled to mature on January 31, 2016 unless extended pursuant to its terms. | ||||
(c) | Includes $807.5 million outstanding under our Revolver at December 31, 2014, which is scheduled to mature on January 31, 2018 unless extended pursuant to its terms. | ||||
(d) | Includes $500.0 million of outstanding 4.6% senior unsecured notes, which are scheduled to mature on April 1, 2024. | ||||
(e) | Represents the unamortized premium of $6.9 million in the aggregate resulting from the assumption of property-level debt in connection with the CPA®:15 Merger and the CPA®:16 Merger, partially offset by a $1.7 million unamortized discount on the 4.6% senior unsecured notes. |
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Schedule of Distributions Paid Per Share for Tax | The following table presents distributions per share, declared and paid during the years ended December 31, 2014 and 2013, reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): | |||||||||||||||
Distributions Paid | ||||||||||||||||
During the Years Ended December 31, | On October 16, | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Ordinary income | $ | 3.6566 | $ | 3.1701 | $ | 0.6228 | ||||||||||
Return of capital | 0.0584 | 0.0099 | 0.0272 | |||||||||||||
Total distributions paid | $ | 3.715 | $ | 3.18 | $ | 0.65 | ||||||||||
Earnings Per Share Reconciliation Table | The following table summarizes basic and diluted earnings (in thousands, except share amounts): | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Net income attributable to W. P. Carey | $ | 239,826 | $ | 98,876 | $ | 62,132 | ||||||||||
Allocation of distribution equivalents paid on unvested RSUs and RSAs in excess of income | (1,007 | ) | (743 | ) | (535 | ) | ||||||||||
Net income – basic | 238,819 | 98,133 | 61,597 | |||||||||||||
Income effect of dilutive securities, net of taxes | (77 | ) | 187 | 23 | ||||||||||||
Net income – diluted | $ | 238,742 | $ | 98,320 | $ | 61,620 | ||||||||||
Weighted-average shares outstanding – basic | 98,764,164 | 68,691,046 | 47,389,460 | |||||||||||||
Effect of dilutive securities | 1,063,192 | 1,016,962 | 689,014 | |||||||||||||
Weighted-average shares outstanding – diluted | 99,827,356 | 69,708,008 | 48,078,474 | |||||||||||||
Redeemable Noncontrolling Interest | The following table presents a reconciliation of redeemable noncontrolling interest (in thousands): | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Beginning balance | $ | 7,436 | $ | 7,531 | $ | 7,700 | ||||||||||
Redemption value adjustment | (306 | ) | — | 840 | ||||||||||||
Net (loss) income | (142 | ) | 353 | 40 | ||||||||||||
Distributions | (926 | ) | (435 | ) | (1,055 | ) | ||||||||||
Change in other comprehensive income (loss) | 9 | (13 | ) | 6 | ||||||||||||
Ending balance | $ | 6,071 | $ | 7,436 | $ | 7,531 | ||||||||||
Transfers to Noncontrolling Interests | ||||||||||||||||
The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands): | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Net income attributable to W. P. Carey | $ | 239,826 | $ | 98,876 | $ | 62,132 | ||||||||||
Transfers to noncontrolling interest | ||||||||||||||||
Decrease in W. P. Carey’s additional paid-in capital for purchase of the remaining interest in a jointly-owned investment | — | — | (154 | ) | ||||||||||||
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 | (41,374 | ) | — | — | ||||||||||||
Net transfers to noncontrolling interest | (41,374 | ) | — | (154 | ) | |||||||||||
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest | $ | 198,452 | $ | 98,876 | $ | 61,978 | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the components of Accumulated other comprehensive (loss) income reflected in equity, net of tax. Amounts include our proportionate share of other comprehensive income or loss from our unconsolidated investments (in thousands): | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Unrealized gain on marketable securities | $ | 21 | $ | 31 | ||||||||||||
Realized and unrealized gain (loss) on derivative instruments | 13,597 | (7,488 | ) | |||||||||||||
Foreign currency translation adjustments | (89,177 | ) | 22,793 | |||||||||||||
Accumulated other comprehensive (loss) income | $ | (75,559 | ) | $ | 15,336 | |||||||||||
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): | |||||||||||||||
Year Ended December 31, 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 | 17,911 | (117,938 | ) | (10 | ) | (100,037 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||
Interest expense | 2,691 | — | — | 2,691 | ||||||||||||
Other income and (expenses) | 103 | — | — | 103 | ||||||||||||
Equity in earnings of equity method investments in real estate and the Managed REITs | 380 | — | — | 380 | ||||||||||||
Total | 3,174 | — | — | 3,174 | ||||||||||||
Net current period other comprehensive income (loss) | 21,085 | (117,938 | ) | (10 | ) | (96,863 | ) | |||||||||
Net current period other comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests | — | 5,968 | — | 5,968 | ||||||||||||
Ending balance | $ | 13,597 | $ | (89,177 | ) | $ | 21 | $ | (75,559 | ) | ||||||
Year Ended December 31, 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 | (2,793 | ) | 21,835 | — | 19,042 | |||||||||||
Amounts reclassified from accumulated other comprehensive income to: | ||||||||||||||||
Interest expense | 1,745 | — | — | 1,745 | ||||||||||||
Other income and (expenses) | 537 | — | — | 537 | ||||||||||||
Equity in earnings of equity method investments in real estate and the Managed REITs | 531 | — | — | 531 | ||||||||||||
Total | 2,813 | — | — | 2,813 | ||||||||||||
Net current period other comprehensive income | 20 | 21,835 | — | 21,855 | ||||||||||||
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | — | (1,870 | ) | — | (1,870 | ) | ||||||||||
Ending balance | $ | (7,488 | ) | $ | 22,793 | $ | 31 | $ | 15,336 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
Gains and Losses on Derivative Instruments | Foreign Currency Translation Adjustments | Gains and Losses on Marketable Securities | Total | |||||||||||||
Beginning balance | $ | (5,246 | ) | $ | (3,299 | ) | $ | 38 | $ | (8,507 | ) | |||||
Other comprehensive (loss) income before reclassifications | (4,394 | ) | 7,809 | (7 | ) | 3,408 | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income to: | ||||||||||||||||
Interest expense | 1,539 | — | — | 1,539 | ||||||||||||
Other income and (expenses) | 239 | — | — | 239 | ||||||||||||
Equity in earnings of equity method investments in real estate and the Managed REITs | 354 | — | — | 354 | ||||||||||||
Total | 2,132 | — | — | 2,132 | ||||||||||||
Net current period other comprehensive (loss) income | (2,262 | ) | 7,809 | (7 | ) | 5,540 | ||||||||||
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | — | (1,682 | ) | — | (1,682 | ) | ||||||||||
Ending balance | $ | (7,508 | ) | $ | 2,828 | $ | 31 | $ | (4,649 | ) | ||||||
StockBased_and_Other_Compensat1
Stock-Based and Other Compensation (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Long Term Incentive Plan Awards Granted | The following table presents LTIP awards granted in the past three years (PSUs are reflected at 100% of target but may settle at up to three times the target amount shown or less): | |||||||||||||||||
2009 Incentive Plan | ||||||||||||||||||
Fiscal Year | RSUs Awarded | PSUs Awarded | ||||||||||||||||
2014 (a) | 172,460 | 89,653 | ||||||||||||||||
2013 (b) | 171,804 | 85,900 | ||||||||||||||||
2012 (c) | 259,400 | 314,400 | ||||||||||||||||
__________ | ||||||||||||||||||
(a) | Includes 10,500 RSUs issued in connection with entering into employment agreements with certain employees. Also includes 10,000 PSUs awarded related to 2012 awards for which the previously undetermined terms and conditions of the grant were finalized in 2014. | |||||||||||||||||
(b) | Includes 20,250 RSUs issued in connection with entering into employment agreements with certain employees. Also includes 10,000 PSUs awarded related to 2011 awards for which the previously undetermined terms and conditions of the grant were finalized in 2013. | |||||||||||||||||
(c) | Includes 78,000 RSUs and 142,000 PSUs issued in connection with entering into employment agreements with certain employees, and excludes 20,000 PSUs for which the terms and conditions were not determined at the time of grant. Also includes 10,000 PSUs awarded related to 2011 awards for which the previously undetermined terms and conditions of the grant were finalized in 2012. | |||||||||||||||||
Restricted Stock, RSU and PSU Rollforward | Nonvested RSAs, RSUs, and PSUs at December 31, 2014 and changes during the years ended December 31, 2014, 2013, and 2012 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, 2012 | 624,793 | $ | 33.26 | 673,428 | $ | 36.3 | ||||||||||||
Granted | 274,420 | 41.41 | 314,400 | 42.28 | ||||||||||||||
Vested (a) | (268,683 | ) | 32.56 | (235,189 | ) | 23.66 | ||||||||||||
Forfeited | (36,336 | ) | 36.33 | (49,494 | ) | 33.96 | ||||||||||||
Adjustment (b) | — | — | 296,368 | 26.01 | ||||||||||||||
Nonvested at December 31, 2012 | 594,194 | 37.15 | 999,513 | 34.55 | ||||||||||||||
Granted | 185,015 | 57.69 | 86,189 | 84.33 | ||||||||||||||
Vested (a) | (233,098 | ) | 36.76 | (324,161 | ) | 39.48 | ||||||||||||
Forfeited | (26,503 | ) | 43.05 | (30,108 | ) | 50.52 | ||||||||||||
Adjustment (b) | — | — | 489,287 | 67.22 | ||||||||||||||
Nonvested at December 31, 2013 | 519,608 | 45.19 | 1,220,720 | 28.28 | ||||||||||||||
Granted (c) | 188,619 | 61.08 | 89,653 | 76.05 | ||||||||||||||
Vested (a) | (264,724 | ) | 43.35 | (881,388 | ) | 51 | ||||||||||||
Forfeited | (1,001 | ) | 59.45 | (78 | ) | 54.31 | ||||||||||||
Adjustment (b) | — | — | 448,734 | 55.91 | ||||||||||||||
Nonvested at December 31, 2014 (d) | 442,502 | $ | 53.03 | 877,641 | $ | 32.06 | ||||||||||||
__________ | ||||||||||||||||||
(a) | The total fair value of shares vested during the years ended December 31, 2014, 2013, and 2012 was $56.4 million, $21.4 million, and $14.3 million, respectively. Upon vesting of the shares, employees have the option to take immediate delivery of the underlying shares or defer receipt to a future date. At December 31, 2014 and 2013, we were obligated to issue 848,788 and 363,052 shares, respectively, of our common stock underlying these shares, which is recorded within W. P. Carey members’ equity as a Deferred compensation obligation of $29.6 million and $10.1 million, respectively. | |||||||||||||||||
(b) | Vesting and payment of the PSUs is conditional on 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. Pursuant to a review of our current and expected performance versus the performance goals, we revised our estimate of the ultimate number of certain of the PSUs to be vested. As a result, we recorded adjustments in 2014, 2013, and 2012 to reflect the number of shares expected to be issued when the PSUs vest. | |||||||||||||||||
(c) | The grant date fair value of RSAs and RSUs are based on our stock price on the date of grant. The grant date fair value of the market-condition based 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 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. | |||||||||||||||||
(d) | At December 31, 2014, total unrecognized compensation expense related to these awards was approximately $24.0 million, with aggregate weighted-average remaining term of 1.7 years. | |||||||||||||||||
Schedule of Share Based Compensation Stock Option Activity | Option activity and changes for all periods presented were as follows: | |||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||||||
Exercise Price | Remaining | Intrinsic Value | ||||||||||||||||
Contractual | ||||||||||||||||||
Term (in Years) | ||||||||||||||||||
Outstanding – beginning of year | 619,601 | $ | 30.3 | |||||||||||||||
Exercised | (140,718 | ) | 31.41 | |||||||||||||||
Canceled / Expired | (3,118 | ) | 32.99 | |||||||||||||||
Outstanding – end of year | 475,765 | $ | 29.95 | 1.75 | $ | 19,102,514 | ||||||||||||
Vested and expected to vest – end of year | 475,765 | $ | 29.95 | 1.75 | $ | 19,102,514 | ||||||||||||
Exercisable – end of year | 421,656 | $ | 29.75 | 1.64 | $ | 17,012,685 | ||||||||||||
Years Ended December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Shares | Weighted-Average | Weighted-Average | Shares | Weighted-Average | Weighted-Average | |||||||||||||
Exercise Price | Remaining | Exercise Price | Remaining | |||||||||||||||
Contractual | Contractual | |||||||||||||||||
Term (in Years) | Term (in Years) | |||||||||||||||||
Outstanding – beginning of year | 794,210 | $ | 30.32 | 1,208,041 | $ | 28.73 | ||||||||||||
Exercised | (169,412 | ) | 30.43 | (410,331 | ) | 25.94 | ||||||||||||
Canceled / Expired | (5,197 | ) | 29.84 | (3,500 | ) | 24.93 | ||||||||||||
Outstanding – end of year | 619,601 | $ | 30.3 | 2.59 | 794,210 | $ | 30.32 | 3.19 | ||||||||||
Exercisable – end of year | 511,811 | $ | 30.18 | 623,218 | $ | 30.22 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of our provision for income taxes attributable to continuing operations for the periods presented are as follows (in thousands): | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Federal | |||||||||||||||||||||
Current | $ | 19,545 | $ | 8,274 | $ | 18,142 | |||||||||||||||
Deferred | (7,609 | ) | (13,029 | ) | (21,167 | ) | |||||||||||||||
11,936 | (4,755 | ) | (3,025 | ) | |||||||||||||||||
State and Local | |||||||||||||||||||||
Current | 13,422 | 4,970 | 12,303 | ||||||||||||||||||
Deferred | (4,693 | ) | (3,665 | ) | (5,644 | ) | |||||||||||||||
8,729 | 1,305 | 6,659 | |||||||||||||||||||
Foreign | |||||||||||||||||||||
Current | 6,869 | 7,144 | 3,138 | ||||||||||||||||||
Deferred | (9,925 | ) | (2,442 | ) | — | ||||||||||||||||
(3,056 | ) | 4,702 | 3,138 | ||||||||||||||||||
Total Provision | $ | 17,609 | $ | 1,252 | $ | 6,772 | |||||||||||||||
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): | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Income from continuing operations before | $ | 223,938 | $ | 85,889 | $ | 94,343 | |||||||||||||||
income taxes, net of amounts attributable to noncontrolling interests | |||||||||||||||||||||
Pre-tax income attributable to pass-through subsidiaries | (202,807 | ) | (96,314 | ) | (94,755 | ) | |||||||||||||||
Pre-tax income (loss) attributable to taxable subsidiaries | 21,131 | (10,425 | ) | (412 | ) | ||||||||||||||||
Federal provision at statutory tax rate (35%) | 7,396 | 35 | % | (3,649 | ) | (35.0 | )% | (144 | ) | (35.0 | )% | ||||||||||
State and local taxes, net of federal benefit | 2,296 | 10.9 | % | (166 | ) | (1.6 | )% | 616 | 149.5 | % | |||||||||||
Recognition of taxable income as a result of the | 4,833 | 22.9 | % | — | — | % | — | — | % | ||||||||||||
CPA®:16 Merger (a) | |||||||||||||||||||||
Amortization of intangible assets | — | — | % | 492 | 4.7 | % | 465 | 112.9 | % | ||||||||||||
Interest | 2,111 | 10 | % | — | — | % | — | — | % | ||||||||||||
Dividend income from Managed REITs | 939 | 4.4 | % | — | — | % | — | — | % | ||||||||||||
Other | 893 | 4.2 | % | (302 | ) | (2.9 | )% | 1,069 | 259.5 | % | |||||||||||
Tax provision — taxable subsidiaries | 18,468 | 87.4 | % | (3,625 | ) | (34.8 | )% | 2,006 | 486.9 | % | |||||||||||
Current foreign taxes | 6,869 | 7,144 | 3,138 | ||||||||||||||||||
Deferred foreign tax benefit (b) | (9,925 | ) | (2,442 | ) | — | ||||||||||||||||
Other state and local taxes | 2,197 | 175 | 1,628 | ||||||||||||||||||
Total provision | $ | 17,609 | $ | 1,252 | $ | 6,772 | |||||||||||||||
__________ | |||||||||||||||||||||
(a) | Represents income tax expense due to a permanent difference from the recognition of deferred revenue as a result of the accelerated vesting of shares previously issued by CPA®:16 – Global for asset management and performance fees and the payment of deferred acquisition fees in connection with the CPA®:16 Merger. | ||||||||||||||||||||
(b) | Represents deferred tax benefit associated with basis differences on certain foreign properties acquired. | ||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes at December 31, 2014 and 2013 consist of the following (in thousands): | ||||||||||||||||||||
At December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Deferred Tax Assets | |||||||||||||||||||||
Unearned and deferred compensation | $ | 36,955 | $ | 29,104 | |||||||||||||||||
Net operating loss carryforwards | 16,627 | 17,034 | |||||||||||||||||||
Basis differences — foreign investments | 6,576 | 4,482 | |||||||||||||||||||
Other | 3,272 | 10,565 | |||||||||||||||||||
Total deferred income taxes | 63,430 | 61,185 | |||||||||||||||||||
Valuation allowance | (20,672 | ) | (18,214 | ) | |||||||||||||||||
Net deferred income taxes | 42,758 | 42,971 | |||||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||||
Basis differences — foreign investments | (95,619 | ) | (38,405 | ) | |||||||||||||||||
Basis differences — equity investees | (19,044 | ) | (9,870 | ) | |||||||||||||||||
Deferred revenue | (8,546 | ) | (30,248 | ) | |||||||||||||||||
Other | — | (187 | ) | ||||||||||||||||||
Total deferred tax liabilities | (123,209 | ) | (78,710 | ) | |||||||||||||||||
Net Deferred Tax Liability | $ | (80,451 | ) | $ | (35,739 | ) | |||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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): | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 8,931 | $ | 28,951 | $ | 27,137 | ||||||
Expenses | (2,039 | ) | (19,984 | ) | (23,895 | ) | ||||||
Loss on extinguishment of debt | (1,244 | ) | (2,415 | ) | — | |||||||
Gain (loss) on sale of real estate | 27,670 | 40,043 | (5,015 | ) | ||||||||
Impairment charges | — | (8,415 | ) | (22,962 | ) | |||||||
Income (loss) from discontinued operations | $ | 33,318 | $ | 38,180 | $ | (24,735 | ) | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following tables present a summary of comparative results and assets for these business segments (in thousands): | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Real Estate Ownership | ||||||||||||||||
Revenues | $ | 643,130 | $ | 315,965 | $ | 129,181 | ||||||||||
Operating expenses (a) | (404,674 | ) | (178,962 | ) | (92,441 | ) | ||||||||||
Interest expense | (178,122 | ) | (103,728 | ) | (46,448 | ) | ||||||||||
Other income and expenses, excluding interest expense | 137,811 | 61,151 | 84,245 | |||||||||||||
Benefit from (provision) for income taxes | 916 | (4,703 | ) | (4,001 | ) | |||||||||||
Gain (loss) on sale of real estate, net of tax | 1,581 | (332 | ) | 2,339 | ||||||||||||
Net income attributable to noncontrolling interests | (5,573 | ) | (33,056 | ) | (3,245 | ) | ||||||||||
Net (loss) income attributable to noncontrolling interests of discontinued operations | (179 | ) | 23,941 | 704 | ||||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 194,890 | $ | 80,276 | $ | 70,334 | ||||||||||
Investment Management | ||||||||||||||||
Revenues (b) | $ | 263,063 | $ | 173,886 | $ | 223,180 | ||||||||||
Operating expenses (b) (c) | (232,704 | ) | (173,744 | ) | (207,050 | ) | ||||||||||
Other income and expenses, excluding interest expense | 275 | 1,001 | 1,280 | |||||||||||||
(Provision for) benefit from income taxes | (18,525 | ) | 3,451 | (2,771 | ) | |||||||||||
Net (income) loss attributable to noncontrolling interests | (812 | ) | 120 | 2,638 | ||||||||||||
Net loss (income) attributable to redeemable noncontrolling interest | 142 | (353 | ) | (40 | ) | |||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 11,439 | $ | 4,361 | $ | 17,237 | ||||||||||
Total Company | ||||||||||||||||
Revenues (b) | $ | 906,193 | $ | 489,851 | $ | 352,361 | ||||||||||
Operating expenses (a) (b) (c) | (637,378 | ) | (352,706 | ) | (299,491 | ) | ||||||||||
Interest expense | (178,122 | ) | (103,728 | ) | (46,448 | ) | ||||||||||
Other income and expenses, excluding interest expense | 138,086 | 62,152 | 85,525 | |||||||||||||
Provision for income taxes | (17,609 | ) | (1,252 | ) | (6,772 | ) | ||||||||||
Gain (loss) on sale of real estate, net of tax | 1,581 | (332 | ) | 2,339 | ||||||||||||
Net income attributable to noncontrolling interests | (6,385 | ) | (32,936 | ) | (607 | ) | ||||||||||
Net (loss) income attributable to noncontrolling interests of discontinued operations | (179 | ) | 23,941 | 704 | ||||||||||||
Net loss (income) attributable to redeemable noncontrolling interest | 142 | (353 | ) | (40 | ) | |||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 206,329 | $ | 84,637 | $ | 87,571 | ||||||||||
Reconciliation Of Assets From Segment To Consolidated | ||||||||||||||||
Total Long-Lived Assets (d) | Total Assets at December 31, | |||||||||||||||
at December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Real Estate Ownership | $ | 5,880,958 | $ | 3,333,654 | $ | 8,459,406 | $ | 4,537,853 | ||||||||
Investment Management | 25,000 | — | 177,922 | 141,097 | ||||||||||||
Total Company | $ | 5,905,958 | $ | 3,333,654 | $ | 8,637,328 | $ | 4,678,950 | ||||||||
__________ | ||||||||||||||||
(a) | Includes expenses incurred of $30.5 million and $5.0 million related to the CPA®:16 Merger for the years ended December 31, 2014 and 2013, respectively. Also includes expenses incurred of $31.7 million related to the CPA®:15 Merger for the year ended December 31, 2012. | |||||||||||||||
(b) | Included in revenues and operating expenses are reimbursable costs from affiliates totaling $130.2 million, $73.6 million, and $98.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||
(c) | Includes Stock-based compensation expense of $31.1 million, $37.3 million, and $26.2 million for the years ended December 31, 2014, 2013, and 2012, respectively, of which $18.4 million, $30.0 million, and $25.8 million, respectively, were included in the Investment Management segment. | |||||||||||||||
(d) | Consists of Net investments in real estate and Equity investments in real estate, the Managed REITs and BDC. Total long-lived assets for our Investment Management segment consists of our equity investment in CCIF (Note 7). | |||||||||||||||
Schedule Of International Investment By Segment | The following tables present the geographic information (in thousands): | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Domestic | ||||||||||||||||
Revenues | $ | 424,325 | $ | 218,758 | $ | 100,620 | ||||||||||
Operating expenses | (284,508 | ) | (131,207 | ) | (79,640 | ) | ||||||||||
Interest expense | (117,603 | ) | (65,978 | ) | (35,238 | ) | ||||||||||
Other income and expenses, excluding interest expense | 138,957 | 57,852 | 63,252 | |||||||||||||
(Provision for) benefit from income taxes | (3,582 | ) | 19 | (2,614 | ) | |||||||||||
(Loss) gain on sale of real estate, net of tax | (5,119 | ) | (332 | ) | 2,242 | |||||||||||
Net income attributable to noncontrolling interests | (3,670 | ) | (34,342 | ) | (2,631 | ) | ||||||||||
Net (loss) income attributable to noncontrolling interests in discontinued operations | (177 | ) | 24,069 | 706 | ||||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 148,623 | $ | 68,839 | $ | 46,697 | ||||||||||
Germany | ||||||||||||||||
Revenues | $ | 72,978 | $ | 20,221 | $ | 4,750 | ||||||||||
Operating expenses | (40,707 | ) | (2,933 | ) | (796 | ) | ||||||||||
Interest expense | (18,880 | ) | (5,020 | ) | (1,258 | ) | ||||||||||
Other income and expenses, excluding interest expense | (6,255 | ) | (2,950 | ) | 3,279 | |||||||||||
Benefit from (provision for) income taxes | 3,338 | (1,663 | ) | (177 | ) | |||||||||||
Net income attributable to noncontrolling interests | (1,581 | ) | (3,172 | ) | (870 | ) | ||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 8,893 | $ | 4,483 | $ | 4,928 | ||||||||||
Other International | ||||||||||||||||
Revenues | $ | 145,827 | $ | 76,986 | $ | 23,811 | ||||||||||
Operating expenses | (79,459 | ) | (44,822 | ) | (12,005 | ) | ||||||||||
Interest expense | (41,639 | ) | (32,730 | ) | (9,952 | ) | ||||||||||
Other income and expenses, excluding interest expense | 5,109 | 6,249 | 17,714 | |||||||||||||
Benefit from (provision for) income taxes | 1,160 | (3,059 | ) | (1,210 | ) | |||||||||||
Gain on sale of real estate, net of tax | 6,700 | — | 97 | |||||||||||||
Net (income) loss attributable to noncontrolling interests | (322 | ) | 4,458 | 256 | ||||||||||||
Net loss attributable to noncontrolling interests in discontinued operations | (2 | ) | (128 | ) | (2 | ) | ||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 37,374 | $ | 6,954 | $ | 18,709 | ||||||||||
Total | ||||||||||||||||
Revenues | $ | 643,130 | $ | 315,965 | $ | 129,181 | ||||||||||
Operating expenses | (404,674 | ) | (178,962 | ) | (92,441 | ) | ||||||||||
Interest expense | (178,122 | ) | (103,728 | ) | (46,448 | ) | ||||||||||
Other income and expenses, excluding interest expense | 137,811 | 61,151 | 84,245 | |||||||||||||
Provision for income taxes | 916 | (4,703 | ) | (4,001 | ) | |||||||||||
Gain (loss) on sale of real estate, net of tax | 1,581 | (332 | ) | 2,339 | ||||||||||||
Net income attributable to noncontrolling interests | (5,573 | ) | (33,056 | ) | (3,245 | ) | ||||||||||
Net (loss) income attributable to noncontrolling interests in discontinued operations | (179 | ) | 23,941 | 704 | ||||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 194,890 | $ | 80,276 | $ | 70,334 | ||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Domestic | ||||||||||||||||
Long-lived assets (a) | $ | 3,804,424 | $ | 2,408,869 | ||||||||||||
Total assets | 5,602,069 | 3,271,851 | ||||||||||||||
Germany | ||||||||||||||||
Long-lived assets (a) | $ | 603,369 | $ | 314,423 | ||||||||||||
Total assets | 832,951 | 349,355 | ||||||||||||||
Other International | ||||||||||||||||
Long-lived assets (a) | $ | 1,473,165 | $ | 610,362 | ||||||||||||
Total assets | 2,024,386 | 916,647 | ||||||||||||||
Total | ||||||||||||||||
Long-lived assets (a) | $ | 5,880,958 | $ | 3,333,654 | ||||||||||||
Total assets | 8,459,406 | 4,537,853 | ||||||||||||||
__________ | ||||||||||||||||
(a) | Consists of Net investments in real estate and Equity investments in real estate, the Managed REITs and BDC, excluding our equity investment in CCIF (Note 7). |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | (Dollars in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||
Revenues (a) | $ | 209,008 | $ | 252,907 | $ | 195,945 | $ | 248,333 | ||||||||
Expenses (a) | 171,605 | 161,359 | 128,178 | 176,236 | ||||||||||||
Net income (a) (b) (c) | 117,318 | 66,972 | 28,316 | 33,463 | ||||||||||||
Net income attributable to noncontrolling interests | (1,578 | ) | (2,344 | ) | (993 | ) | (1,470 | ) | ||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (262 | ) | 111 | 14 | 279 | |||||||||||
Net income attributable to W. P. Carey | $ | 115,478 | $ | 64,739 | $ | 27,337 | $ | 32,272 | ||||||||
Earnings per share attributable to W. P. Carey (d): | ||||||||||||||||
Basic | $ | 1.29 | $ | 0.64 | $ | 0.27 | $ | 0.31 | ||||||||
Diluted | $ | 1.27 | $ | 0.64 | $ | 0.27 | $ | 0.3 | ||||||||
Distributions declared per share | $ | 0.895 | $ | 0.9 | $ | 0.94 | $ | 0.95 | ||||||||
Three Months Ended | ||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | |||||||||||||
Revenues | $ | 106,030 | $ | 112,221 | $ | 132,592 | $ | 139,008 | ||||||||
Expenses | 75,194 | 80,811 | 91,625 | 105,076 | ||||||||||||
Net income (e) | 15,839 | 45,816 | 21,650 | 48,860 | ||||||||||||
Net income attributable to noncontrolling interests (f) | (1,708 | ) | (2,692 | ) | (2,912 | ) | (25,624 | ) | ||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 50 | 43 | (232 | ) | (214 | ) | ||||||||||
Net income attributable to W. P. Carey | $ | 14,181 | $ | 43,167 | $ | 18,506 | $ | 23,022 | ||||||||
Earnings per share attributable to W. P. Carey: | ||||||||||||||||
Basic | $ | 0.2 | $ | 0.63 | $ | 0.27 | $ | 0.33 | ||||||||
Diluted | $ | 0.2 | $ | 0.62 | $ | 0.27 | $ | 0.33 | ||||||||
Distributions declared per share | $ | 0.82 | $ | 0.84 | $ | 0.86 | $ | 0.98 | ||||||||
__________ | ||||||||||||||||
(a) | Amounts for 2014 include the impact of the CPA®:16 Merger (Note 3). | |||||||||||||||
(b) | Amount for the three months ended March 31, 2014 includes a net Gain on change in control of interests of $105.9 million recognized in connection with the CPA®:16 Merger. 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 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. During the fourth quarter of 2014, we identified a second measurement period adjustment that impacted the provisional accounting, which increased the fair value of our previously-held equity interest in shares of CPA®:16 – Global’s common stock by $1.3 million, resulting in a corresponding increase in Gain on change in control of interests. In accordance with Accounting Standards Codification 805-10-25, we did not record the measurement period adjustments in the quarters they were identified. Rather, such amounts are reflected in the three months ended March 31, 2014. | |||||||||||||||
(c) | During the fourth quarter of 2014, we identified errors related to the accounting for a direct financing lease and the purchase accounting for the CPA®:16 Merger, resulting in decreases in Equity in earnings of equity method investments in real estate and the Managed REITs of $2.2 million and in Other income and (expenses) of $1.6 million. We concluded that these adjustments were not material to our financial position or results of operations for the fourth quarter of 2014 or any prior quarters. As such, we recorded total out-of-period adjustments of $3.8 million in the fourth quarter of 2014 to reflect the decreases in Equity in earnings of equity method investments in real estate and the Managed REITs and in Other income and (expenses) and corresponding decreases to Equity investments in real estate, the Managed REITs and BDC and Goodwill. | |||||||||||||||
(d) | For the year ended December 31, 2014, total quarterly basic and diluted earnings per share were $0.09 higher than the corresponding earnings per share as computed on an annual basis, as a result of the change in the shares outstanding for each of the periods, primarily due to the issuance of shares in the CPA®:16 Merger (Note 3) and the Equity Offering (Note 13). | |||||||||||||||
(e) | Amount for the three months ended June 30, 2013 includes a net gain of $19.5 million on the sale of our U.S. Airways investment (Note 7). | |||||||||||||||
(f) | Amount for the three months ended December 31, 2013 includes a net gain of $39.6 million on the sale of 19 of our 20 self-storage properties, inclusive of amounts attributable to noncontrolling interests of $24.4 million (Note 16). |
Business_Narratives_Details
Business (Narratives) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
property | |||
sqft | |||
tenant | |||
Additional disclosures | |||
Shares issued in public offering | 4,600,000 | ||
Common stock, par value | $0.00 | $0.00 | $0.00 |
Share price | $64 | ||
Number of real estate properties | 783 | ||
Number of tenants | 219 | ||
Square footage of real estate properties | 87,300,000 | ||
Occupancy rate | 98.60% | ||
Managed REITs | Operating real estate | |||
Additional disclosures | |||
Number of operating properties | 115 | ||
Square footage of operating properties | 12,800,000 | ||
CPA REITs | |||
Additional disclosures | |||
Number of real estate properties | 404 | ||
Number of tenants | 180 | ||
Square footage of real estate properties | 43,000,000 | ||
Occupancy rate | 99.80% |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jan. 31, 2015 | Sep. 30, 2014 | |
Basis of Consolidation | |||||||
Common stock, authorized | 450,000,000 | 450,000,000 | 450,000,000 | ||||
Real estate tax expense | $59,800,000 | $37,300,000 | $18,700,000 | ||||
Transaction gains or losses | |||||||
Foreign currency transaction losses | -400,000 | -200,000 | -600,000 | ||||
Out-of-Period Adjustment | |||||||
Out of period adjustment | 2,300,000 | ||||||
Equity investments in real estate | 530,020,000 | 249,403,000 | 530,020,000 | ||||
Deferred tax asset | |||||||
Out-of-Period Adjustment | |||||||
Out of period adjustment | 2,300,000 | ||||||
Deferred tax liability | |||||||
Out-of-Period Adjustment | |||||||
Out of period adjustment | 37,500,000 | ||||||
Assets | |||||||
Out-of-Period Adjustment | |||||||
Out of period adjustment | 32,400,000 | ||||||
Goodwill | |||||||
Out-of-Period Adjustment | |||||||
Out of period adjustment | 31,400,000 | ||||||
Net investment in property | |||||||
Out-of-Period Adjustment | |||||||
Out of period adjustment | 1,000,000 | ||||||
Net income | |||||||
Out-of-Period Adjustment | |||||||
Out of period adjustment | -2,000,000 | ||||||
Income from continuing operations | |||||||
Out-of-Period Adjustment | |||||||
Out of period adjustment, number of investments | 2 | ||||||
Operating income | |||||||
Out-of-Period Adjustment | |||||||
Out of period adjustment | 2,500,000 | ||||||
Gain on sale of real estate | |||||||
Out-of-Period Adjustment | |||||||
Out of period adjustment | 2,000,000 | ||||||
Internal-use software development costs | Minimum | |||||||
Depreciation | |||||||
Fixed asset useful life | 3 years | ||||||
Internal-use software development costs | Maximum | |||||||
Depreciation | |||||||
Fixed asset useful life | 5 years | ||||||
Building and building improvements | |||||||
Depreciation | |||||||
Fixed asset useful life | 40 years | ||||||
Furniture and fixtures | |||||||
Depreciation | |||||||
Fixed asset useful life | 7 years | ||||||
CWI 2 | |||||||
Basis of Consolidation | |||||||
Common stock maximum offering amount | 1,000,000,000 | ||||||
Common stock maximum offering value per dividend reinvestment plan | 400,000,000 | ||||||
CWI 2 | Subsequent Event | |||||||
Basis of Consolidation | |||||||
Common stock maximum offering amount | 1,400,000,000 | ||||||
Common stock maximum offering value per dividend reinvestment plan | 600,000,000 | ||||||
Carey Credit Income Fund Series 2015 A | |||||||
Basis of Consolidation | |||||||
Common stock, authorized | 50,000,000 | ||||||
Carey Credit Income Fund Series 2015 T | |||||||
Basis of Consolidation | |||||||
Common stock, authorized | 21,000,000 | ||||||
Carey Credit Income Fund | |||||||
Out-of-Period Adjustment | |||||||
Equity investments in real estate | $0 | $25,000,000 | $0 | ||||
CPA: 15 - Global | Accounting for deferred foreign income taxes | |||||||
Out-of-Period Adjustment | |||||||
Out of period adjustment, number of properties | 95 | ||||||
CPA: 15 - Global | Accounting for deferred foreign income taxes | Acquired 2000-2013 | |||||||
Out-of-Period Adjustment | |||||||
Out of period adjustment, number of properties | 7 |
Merger_with_CPA16_and_CPA15_Na
Merger with CPA:16 and CPA:15 (Narratives) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 11 Months Ended | 21 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||
Nov. 27, 2013 | Sep. 28, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2011 | Sep. 19, 2012 | Jul. 31, 2013 | ||
property | property | investment | property | |||||||||||||||||||||||
tenant | tenant | |||||||||||||||||||||||||
sqft | sqft | |||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Per share closing price | $59.08 | |||||||||||||||||||||||||
Cash consideration | $13,748,000 | $1,338,000 | $0 | $152,356,000 | ||||||||||||||||||||||
Number of real estate properties | 783 | 783 | 783 | 783 | ||||||||||||||||||||||
Number of tenants | 219 | 219 | 219 | 219 | ||||||||||||||||||||||
Square footage of real estate properties | 87,300,000 | 87,300,000 | 87,300,000 | 87,300,000 | ||||||||||||||||||||||
Occupancy rate | 98.60% | |||||||||||||||||||||||||
Non-recourse debt | 21,023,000 | 2,532,683,000 | 1,492,410,000 | 2,532,683,000 | 1,492,410,000 | 2,532,683,000 | 2,532,683,000 | |||||||||||||||||||
Mortgage loans on real estate, interest rate | 0.00% | 4.20% | ||||||||||||||||||||||||
Senior credit facilities – revolver | 807,518,000 | 100,000,000 | 807,518,000 | 100,000,000 | 807,518,000 | 807,518,000 | ||||||||||||||||||||
Revenue from related parties | 295,492,000 | 217,377,000 | 262,048,000 | |||||||||||||||||||||||
Income from operations | 211,170,000 | 94,317,000 | 85,175,000 | |||||||||||||||||||||||
Operating expenses | 176,236,000 | 128,178,000 | 161,359,000 | 171,605,000 | 105,076,000 | 91,625,000 | 80,811,000 | 75,194,000 | 637,378,000 | 352,706,000 | 299,491,000 | |||||||||||||||
Merger and acquisition expense | 34,465,000 | 9,230,000 | 31,639,000 | |||||||||||||||||||||||
Total identifiable net assets | 13,748,000 | |||||||||||||||||||||||||
Goodwill | 692,415,000 | 350,208,000 | 692,415,000 | 350,208,000 | 329,132,000 | 692,415,000 | 329,132,000 | 329,132,000 | 692,415,000 | 63,607,000 | ||||||||||||||||
Market value of stock | $45.07 | |||||||||||||||||||||||||
Increase decrease in market value of stock price | $3.93 | |||||||||||||||||||||||||
Gain on change in control of interests | 105,947,000 | 0 | 20,744,000 | |||||||||||||||||||||||
Recognition of deferred revenue as a result of the CPA®:16 Merger | 4,800,000 | |||||||||||||||||||||||||
Valuation techniques | The fair values of our previously-held equity interests and our noncontrolling interests were based on the estimated fair market values of the underlying real estate and 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 3.50% to 14.75%; | |||||||||||||||||||||||||
• | Discount rates applied to the estimated residual value of each property ranged from approximately 5.75% to 12.50%; | |||||||||||||||||||||||||
• | Residual capitalization rates applied to the properties ranged from approximately 7.00% to 11.50%. | |||||||||||||||||||||||||
• | The fair market value of such 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 cash flows ranged from approximately 2.70% to 10.00%. | |||||||||||||||||||||||||
The 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%. | |||||||||||||||||||||||||
Marcourt Investments Inc | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Number of real estate properties | 12 | |||||||||||||||||||||||||
Equity method investment, ownership percentage | 52.63% | |||||||||||||||||||||||||
CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Share per share exchange rate | 0.183 | |||||||||||||||||||||||||
Per share exchange rate | $11.25 | |||||||||||||||||||||||||
Merger consideration | 1,816,859,000 | 1,816,859,000 | 1,800,000,000 | |||||||||||||||||||||||
Shares issued as compensation, shares | 30,729,878 | |||||||||||||||||||||||||
Fair value of W. P. Carey shares of common stock issued | 1,815,521,000 | |||||||||||||||||||||||||
Shares of acquired entity received | 168,041,772 | |||||||||||||||||||||||||
Cash consideration | 1,338,000 | 1,338,000 | 1,338,000 | |||||||||||||||||||||||
Non-recourse debt | 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 | |||||||||||||||||||
Senior credit facilities – revolver | 170,000,000 | |||||||||||||||||||||||||
Lease revenues | 251,500,000 | |||||||||||||||||||||||||
Income from operations | 91,100,000 | |||||||||||||||||||||||||
Income attributable to noncontrolling interests | 2,400,000 | |||||||||||||||||||||||||
Merger and acquisition expense | 30,500,000 | 5,000,000 | 10,600,000 | |||||||||||||||||||||||
Total identifiable net assets | 1,814,132,000 | 1,808,287,000 | 1,814,132,000 | 1,808,287,000 | 1,814,132,000 | 1,814,132,000 | ||||||||||||||||||||
Amounts attributable to noncontrolling interest | 99,633,000 | 99,345,000 | 99,633,000 | 99,345,000 | 99,633,000 | 99,633,000 | 99,633,000 | |||||||||||||||||||
Goodwill | 346,642,000 | 348,972,000 | 346,642,000 | 348,972,000 | 346,642,000 | 346,642,000 | 346,642,000 | |||||||||||||||||||
Carrying value of equity investment in CPA pre merger | 274,100,000 | |||||||||||||||||||||||||
Fair value of equity interest | 349,749,000 | 347,164,000 | 349,749,000 | |||||||||||||||||||||||
Number of unconsolidated investments | 18 | |||||||||||||||||||||||||
Number of shares owned | 38,229,294 | |||||||||||||||||||||||||
Total Consideration | 2,061,141,000 | 2,057,914,000 | 2,061,141,000 | |||||||||||||||||||||||
Fair value of noncontrolling interests acquired | 278,187,000 | 278,829,000 | 278,187,000 | 278,829,000 | 278,187,000 | 278,187,000 | 278,187,000 | |||||||||||||||||||
Fair value of W.P.Carey shares of common stock issued | 1,815,521,000 | 1,815,521,000 | ||||||||||||||||||||||||
CPA: 16 - Global | Level 3 | Net operating income | Minimum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 4.75% | |||||||||||||||||||||||||
CPA: 16 - Global | Level 3 | Net operating income | Maximum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 15.25% | |||||||||||||||||||||||||
CPA: 16 - Global | Level 3 | Estimated residual value | Minimum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 4.75% | |||||||||||||||||||||||||
CPA: 16 - Global | Level 3 | Estimated residual value | Maximum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 14.00% | |||||||||||||||||||||||||
CPA: 16 - Global | Level 3 | Residual capitalization rates | Minimum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 5.00% | |||||||||||||||||||||||||
CPA: 16 - Global | Level 3 | Residual capitalization rates | Maximum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 12.50% | |||||||||||||||||||||||||
CPA: 16 - Global | Level 3 | Cash flows | Minimum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 1.80% | |||||||||||||||||||||||||
CPA: 16 - Global | Level 3 | Cash flows | Maximum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 8.75% | |||||||||||||||||||||||||
CPA: 16 - Global | Additional Paid-in Capital | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Noncontrolling interest, decrease from redemption or purchase of interest | 42,000,000 | |||||||||||||||||||||||||
CPA: 15 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Share per share exchange rate | 0.2326 | |||||||||||||||||||||||||
Per share exchange rate | $11.40 | |||||||||||||||||||||||||
Merger consideration | 1,500,000,000 | 1,532,718,000 | ||||||||||||||||||||||||
Shares issued as compensation, shares | 28,170,643 | |||||||||||||||||||||||||
Fair value of W. P. Carey shares of common stock issued | 1,380,362,000 | |||||||||||||||||||||||||
Per share closing price | $49 | |||||||||||||||||||||||||
Cash per share exchange rate | $1.25 | |||||||||||||||||||||||||
Total per share consideration | $12.65 | |||||||||||||||||||||||||
Shares of acquired entity received | 121,194,272 | |||||||||||||||||||||||||
Cash consideration | 152,356,000 | 152,356,000 | ||||||||||||||||||||||||
Increase in term loan facility | 175,000,000 | |||||||||||||||||||||||||
Number of real estate properties | 305 | |||||||||||||||||||||||||
Number of tenants | 76 | |||||||||||||||||||||||||
Square footage of real estate properties | 27,000,000 | |||||||||||||||||||||||||
Occupancy rate | 99.00% | |||||||||||||||||||||||||
Weighted average lease term | 9 years 8 months 12 days | |||||||||||||||||||||||||
Pro rata non-recourse debt | 1,200,000,000 | |||||||||||||||||||||||||
Non-recourse debt | 1,350,755,000 | 1,350,755,000 | 1,350,755,000 | 1,350,755,000 | ||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 5.60% | |||||||||||||||||||||||||
Revenue from related parties | 19,000,000 | |||||||||||||||||||||||||
Equity income from managed REITs | 4,500,000 | |||||||||||||||||||||||||
Lease revenues | 57,300,000 | |||||||||||||||||||||||||
Income from operations | 9,500,000 | |||||||||||||||||||||||||
Income attributable to noncontrolling interests | 2,500,000 | |||||||||||||||||||||||||
Total identifiable net assets | 1,663,363,000 | 1,663,363,000 | 1,663,363,000 | |||||||||||||||||||||||
Amounts attributable to noncontrolling interest | 237,359,000 | 237,359,000 | 237,359,000 | 237,359,000 | ||||||||||||||||||||||
Goodwill | 268,683,000 | 268,683,000 | 268,683,000 | 268,683,000 | ||||||||||||||||||||||
Fair value of equity interest | 107,147,000 | |||||||||||||||||||||||||
Total Consideration | 1,694,687,000 | 1,694,687,000 | ||||||||||||||||||||||||
Fair value of W.P.Carey shares of common stock issued | 1,380,362,000 | |||||||||||||||||||||||||
CPA: 15 - Global | Level 3 | Net operating income | Minimum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 3.50% | |||||||||||||||||||||||||
CPA: 15 - Global | Level 3 | Net operating income | Maximum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 14.75% | |||||||||||||||||||||||||
CPA: 15 - Global | Level 3 | Estimated residual value | Minimum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 5.75% | |||||||||||||||||||||||||
CPA: 15 - Global | Level 3 | Estimated residual value | Maximum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 12.50% | |||||||||||||||||||||||||
CPA: 15 - Global | Level 3 | Residual capitalization rates | Minimum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 7.00% | |||||||||||||||||||||||||
CPA: 15 - Global | Level 3 | Residual capitalization rates | Maximum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 11.50% | |||||||||||||||||||||||||
CPA: 15 - Global | Level 3 | Cash flows | Minimum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 2.70% | |||||||||||||||||||||||||
CPA: 15 - Global | Level 3 | Cash flows | Maximum | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Discount rate | 10.00% | |||||||||||||||||||||||||
CPA: 15 - Global | Premium on Stock Price | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Goodwill | 121,200,000 | |||||||||||||||||||||||||
CPA: 15 - Global | Market Value Fluctuation | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Goodwill | 110,800,000 | |||||||||||||||||||||||||
Gain on change in control of interests | 6,100,000 | |||||||||||||||||||||||||
CPA: 15 - Global | Marcourt Investments Inc | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Equity method investment, ownership percentage | 47.37% | |||||||||||||||||||||||||
Measurement period adjustment | CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Merger consideration | 0 | |||||||||||||||||||||||||
Cash consideration | 0 | |||||||||||||||||||||||||
Non-recourse debt | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Total identifiable net assets | 5,845,000 | 5,845,000 | 5,845,000 | 5,845,000 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interest | 288,000 | 288,000 | 288,000 | 288,000 | ||||||||||||||||||||||
Goodwill | -2,330,000 | -2,330,000 | -2,330,000 | -2,330,000 | ||||||||||||||||||||||
Gain on change in control of interests | 1,300,000 | 1,300,000 | 2,600,000 | |||||||||||||||||||||||
Fair value of equity interest | 1,300,000 | 1,300,000 | 2,585,000 | |||||||||||||||||||||||
Total Consideration | 3,227,000 | |||||||||||||||||||||||||
Noncontrolling interest, decrease from redemption or purchase of interest | 600,000 | |||||||||||||||||||||||||
Fair value of noncontrolling interests acquired | -642,000 | -642,000 | -642,000 | -642,000 | ||||||||||||||||||||||
Fair value of W.P.Carey shares of common stock issued | 0 | |||||||||||||||||||||||||
Measurement period adjustment | CPA: 15 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Total identifiable net assets | 5,600,000 | 5,600,000 | 5,600,000 | |||||||||||||||||||||||
Amounts attributable to noncontrolling interest | 700,000 | 700,000 | 700,000 | |||||||||||||||||||||||
Goodwill | -6,300,000 | -6,300,000 | -6,300,000 | |||||||||||||||||||||||
Consolidated or partially leased investments | CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Number of real estate properties | 325 | |||||||||||||||||||||||||
Weighted average lease term | 10 years 4 months 24 days | |||||||||||||||||||||||||
Triple-net lease, current minimum base rent receivable | 300,100,000 | |||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 5.60% | |||||||||||||||||||||||||
Unconsolidated investments | CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Number of real estate properties | 140 | |||||||||||||||||||||||||
Weighted average lease term | 8 years 7 months 6 days | |||||||||||||||||||||||||
Triple-net lease, current minimum base rent receivable | 63,900,000 | |||||||||||||||||||||||||
Non-recourse debt | 291,200,000 | |||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.80% | |||||||||||||||||||||||||
Number of consolidated investments (previously held by CPA 16) | 11 | |||||||||||||||||||||||||
Number of investments consolidated after merger | 5 | |||||||||||||||||||||||||
Number of jointly owned investments with affiliate | 2 | |||||||||||||||||||||||||
Direct financing lease | CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Number of properties sold | 1 | 1 | 1 | 1 | ||||||||||||||||||||||
Fixed interest rate | CPA: 15 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Loans outstanding, count | 58 | |||||||||||||||||||||||||
Fixed interest rate | Consolidated or partially leased investments | CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Loans outstanding, count | 92 | |||||||||||||||||||||||||
Fixed interest rate | Unconsolidated investments | CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Loans outstanding, count | 17 | |||||||||||||||||||||||||
Variable interest rate | CPA: 15 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Loans outstanding, count | 9 | |||||||||||||||||||||||||
Variable interest rate | Consolidated or partially leased investments | CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Loans outstanding, count | 18 | |||||||||||||||||||||||||
Variable interest rate | Unconsolidated investments | CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Loans outstanding, count | 5 | |||||||||||||||||||||||||
Previously Held Value in Entity | CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Gain on change in control of interests | 73,100,000 | |||||||||||||||||||||||||
Number of jointly owned investments with affiliate | 12 | |||||||||||||||||||||||||
Carrying value of noncontrolling interest acquired | 236,800,000 | |||||||||||||||||||||||||
Previously Held Value in Entity | CPA: 15 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Gain on change in control of interests | 14,700,000 | |||||||||||||||||||||||||
Fair value of equity interest | 107,147,000 | |||||||||||||||||||||||||
Number of shares owned | 10,389,079 | |||||||||||||||||||||||||
Carrying value of W. P. Carey & Co. LLC equity interest in jointly-owned investments with CPA:15 prior to the CPA:15 Merger | 92,400,000 | |||||||||||||||||||||||||
Other Jointly Owned Investments | CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Gain on change in control of interests | 30,200,000 | |||||||||||||||||||||||||
Carrying value of equity investment in CPA pre merger | 142,500,000 | |||||||||||||||||||||||||
Fair value of equity interest | 172,720,000 | 172,720,000 | 172,720,000 | |||||||||||||||||||||||
Number of jointly owned investments with affiliate | 9 | |||||||||||||||||||||||||
Discount rate | 5.00% | |||||||||||||||||||||||||
Other Jointly Owned Investments | CPA: 15 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Carrying value of equity investment in CPA pre merger | 48,700,000 | |||||||||||||||||||||||||
Fair value of equity interest | 54,822,000 | 54,822,000 | ||||||||||||||||||||||||
Other Jointly Owned Investments | Measurement period adjustment | CPA: 16 - Global | ||||||||||||||||||||||||||
Merger Disclosure | ||||||||||||||||||||||||||
Fair value of equity interest | $0 |
Merger_with_CPA16_and_CPA15_De
Merger with CPA:16 and CPA:15 (Details 1) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Nov. 27, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Sep. 28, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Total Consideration | ||||||||||||
Cash consideration for fractional shares | $13,748 | $1,338 | $0 | $152,356 | ||||||||
Assets Acquired at Fair Value | ||||||||||||
Investments in real estate | 33,625 | 4,833,074 | 2,353,391 | 4,833,074 | 4,833,074 | |||||||
Net investments in direct financing leases | 816,226 | 363,420 | 816,226 | 816,226 | ||||||||
Equity investments in real estate | 249,403 | 530,020 | 249,403 | 249,403 | ||||||||
Assets held for sale | 7,255 | 86,823 | 7,255 | 7,255 | ||||||||
In-place lease, net | 872 | 993,819 | 471,719 | 993,819 | 993,819 | |||||||
Above-market rent | 722 | 522,797 | 241,975 | 522,797 | 522,797 | |||||||
Other assets | 1,170 | |||||||||||
Liabilities Assumed at Fair Value | ||||||||||||
Non-recourse debt | -21,023 | -2,532,683 | -1,492,410 | -2,532,683 | -2,532,683 | |||||||
Below-market rent intangibles | -1,618 | |||||||||||
Total identifiable net assets | -13,748 | |||||||||||
Goodwill | 692,415 | 350,208 | 329,132 | 692,415 | 692,415 | 329,132 | 63,607 | |||||
CPA: 16 - Global | ||||||||||||
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 | 1,338 | |||||||||
Merger consideration | 1,816,859 | 1,800,000 | 1,816,859 | |||||||||
Fair value of equity interest | 347,164 | 349,749 | 349,749 | |||||||||
Fair value of noncontrolling interests acquired | -278,187 | -278,829 | -278,187 | -278,187 | -278,187 | |||||||
Total Consideration | 2,057,914 | 2,061,141 | 2,061,141 | |||||||||
Assets Acquired at Fair Value | ||||||||||||
Investments in real estate | 1,970,175 | 1,969,274 | 1,970,175 | 1,970,175 | 1,970,175 | |||||||
Net investments in direct financing leases | 538,225 | 538,607 | 538,225 | 538,225 | 538,225 | |||||||
Equity investments in real estate | 74,367 | 74,367 | 74,367 | 74,367 | 74,367 | |||||||
Assets held for sale | 133,415 | 132,951 | 133,415 | 133,415 | 133,415 | |||||||
In-place lease, net | 553,723 | 553,479 | 553,723 | 553,723 | 553,723 | |||||||
Above-market rent | 395,824 | 395,663 | 395,824 | 395,824 | 395,824 | |||||||
Cash and cash equivalents | 65,429 | 65,429 | 65,429 | 65,429 | 65,429 | |||||||
Other assets | 85,567 | 82,032 | 85,567 | 85,567 | 85,567 | |||||||
Assets Acquired at Fair value | 3,816,725 | 3,811,802 | 3,816,725 | 3,816,725 | ||||||||
Liabilities Assumed at Fair Value | ||||||||||||
Non-recourse debt | -1,768,288 | -1,768,288 | -1,768,288 | -1,768,288 | -1,768,288 | |||||||
Accounts payable, accrued expenses and other liabilities | -118,389 | -118,389 | -118,389 | -118,389 | -118,389 | |||||||
Below-market rent intangibles | -57,569 | -57,209 | -57,569 | -57,569 | -57,569 | |||||||
Deferred tax liability | -58,347 | -59,629 | -58,347 | -58,347 | -58,347 | |||||||
Liabilities Assumed at Fair Value | -2,002,593 | -2,003,515 | -2,002,593 | -2,002,593 | ||||||||
Total identifiable net assets | -1,814,132 | -1,808,287 | -1,814,132 | -1,814,132 | ||||||||
Amounts attributable to noncontrolling interests | -99,633 | -99,345 | -99,633 | -99,633 | -99,633 | |||||||
Goodwill | 346,642 | 348,972 | 346,642 | 346,642 | 346,642 | |||||||
Net acquisition | 2,061,141 | 2,057,914 | 2,061,141 | 2,061,141 | ||||||||
CPA: 16 - Global | Other Jointly Owned Investments | ||||||||||||
Total Consideration | ||||||||||||
Fair value of equity interest | 172,720 | 172,720 | 172,720 | |||||||||
CPA: 16 - Global | Measurement period adjustment | ||||||||||||
Total Consideration | ||||||||||||
Fair value of W.P.Carey shares of common stock issued | 0 | |||||||||||
Cash consideration for fractional shares | 0 | |||||||||||
Merger consideration | 0 | |||||||||||
Fair value of equity interest | 1,300 | 1,300 | 2,585 | |||||||||
Fair value of noncontrolling interests acquired | 642 | 642 | 642 | |||||||||
Total Consideration | 3,227 | |||||||||||
Assets Acquired at Fair Value | ||||||||||||
Investments in real estate | 901 | 901 | 901 | |||||||||
Net investments in direct financing leases | -382 | -382 | -382 | |||||||||
Equity investments in real estate | 0 | 0 | 0 | |||||||||
Assets held for sale | 464 | 464 | 464 | |||||||||
In-place lease, net | 244 | 244 | 244 | |||||||||
Above-market rent | 161 | 161 | 161 | |||||||||
Cash and cash equivalents | 0 | 0 | 0 | |||||||||
Other assets | 3,535 | 3,535 | 3,535 | |||||||||
Assets Acquired at Fair value | 4,923 | 4,923 | 4,923 | |||||||||
Liabilities Assumed at Fair Value | ||||||||||||
Non-recourse debt | 0 | 0 | 0 | |||||||||
Accounts payable, accrued expenses and other liabilities | 0 | 0 | 0 | |||||||||
Below-market rent intangibles | -360 | -360 | -360 | |||||||||
Deferred tax liability | 1,282 | 1,282 | 1,282 | |||||||||
Liabilities Assumed at Fair Value | 922 | 922 | 922 | |||||||||
Total identifiable net assets | -5,845 | -5,845 | -5,845 | |||||||||
Amounts attributable to noncontrolling interests | -288 | -288 | -288 | |||||||||
Goodwill | -2,330 | -2,330 | -2,330 | |||||||||
Net acquisition | 3,227 | 3,227 | 3,227 | |||||||||
CPA: 16 - Global | Measurement period adjustment | Other Jointly Owned Investments | ||||||||||||
Total Consideration | ||||||||||||
Fair value of equity interest | 0 | |||||||||||
CPA: 15 - Global | ||||||||||||
Total Consideration | ||||||||||||
Fair value of W.P.Carey shares of common stock issued | 1,380,362 | |||||||||||
Cash consideration for fractional shares | 152,356 | 152,356 | ||||||||||
Merger consideration | 1,500,000 | 1,532,718 | ||||||||||
Fair value of equity interest | 107,147 | |||||||||||
Total Consideration | 1,694,687 | 1,694,687 | ||||||||||
Assets Acquired at Fair Value | ||||||||||||
Investments in real estate | 1,762,872 | 1,762,872 | 1,762,872 | |||||||||
Net investments in direct financing leases | 315,789 | 315,789 | 315,789 | |||||||||
Equity investments in real estate | 166,247 | 166,247 | 166,247 | |||||||||
Intangible assets | 695,310 | 695,310 | 695,310 | |||||||||
Cash and cash equivalents | 178,945 | 178,945 | 178,945 | |||||||||
Other assets | 81,750 | 81,750 | 81,750 | |||||||||
Assets Acquired at Fair value | 3,200,913 | 3,200,913 | ||||||||||
Liabilities Assumed at Fair Value | ||||||||||||
Non-recourse debt | -1,350,755 | -1,350,755 | -1,350,755 | |||||||||
Accounts payable, accrued expenses and other liabilities | -84,640 | -84,640 | -84,640 | |||||||||
Below-market rent intangibles | -102,155 | -102,155 | -102,155 | |||||||||
Liabilities Assumed at Fair Value | -1,537,550 | -1,537,550 | ||||||||||
Total identifiable net assets | -1,663,363 | -1,663,363 | ||||||||||
Amounts attributable to noncontrolling interests | -237,359 | -237,359 | -237,359 | |||||||||
Goodwill | 268,683 | 268,683 | 268,683 | |||||||||
Net acquisition | 1,694,687 | 1,694,687 | ||||||||||
CPA: 15 - Global | Other Jointly Owned Investments | ||||||||||||
Total Consideration | ||||||||||||
Fair value of equity interest | 54,822 | 54,822 | ||||||||||
CPA: 15 - Global | Measurement period adjustment | ||||||||||||
Liabilities Assumed at Fair Value | ||||||||||||
Total identifiable net assets | -5,600 | -5,600 | ||||||||||
Amounts attributable to noncontrolling interests | -700 | -700 | ||||||||||
Goodwill | ($6,300) | ($6,300) |
Merger_with_CPA16_and_CPA15_De1
Merger with CPA:16 and CPA:15 (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pro Forma Financial Information | |||
Pro forma total revenue | $931,309 | $780,578 | $512,822,000 |
Pro forma net income from continuing operations, net of tax | 139,698 | 146,525 | |
Pro forma net income attributable to noncontrolling interests | -5,380 | 10,963 | |
Pro forma net loss (income) attributable to redeemable noncontrolling interest | 142 | -1,909 | |
Pro forma net income from continuing operations, net of tax attributable to W. P. Carey | $134,460 | $155,579 | $138,157,000 |
Pro forma earnings per share | |||
Basic ( in dollar per share) | $1.32 | $1.56 | $2 |
Diluted ( in dollar per share) | $1.31 | $1.54 | $1.98 |
Pro forma weighted average shares | |||
Basic | 101,296,847 | 99,420,924 | 68,382,378 |
Diluted | 102,360,038 | 100,437,886 | 69,071,391 |
Agreements_and_Transactions_wi2
Agreements and Transactions with Related Parties (Narratives) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
Apr. 04, 2013 | Oct. 09, 2012 | Aug. 02, 2012 | Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 25, 2014 | Nov. 30, 2013 | Mar. 31, 2012 | Jan. 31, 2013 | Aug. 20, 2013 | Sep. 30, 2013 | |
property | officer | ||||||||||||
Structuring revenue | |||||||||||||
Installment period for deferred acquisition fee receivable | three years | ||||||||||||
Subordinated incentive revenue | 15.00% | ||||||||||||
Distributions Of Available Cash and Deferred Revenue Earned | |||||||||||||
Percentage of Available Cash distribution to advisor | 10.00% | ||||||||||||
Share Purchase Agreement | |||||||||||||
Repurchase of common stock | $40,000,000 | $20,000,000 | $25,000,000 | $700,000 | $679,000 | $40,000,000 | $45,270,000 | ||||||
Stock repurchased during period, shares | 616,971 | 410,964 | 561,418 | 11,037 | |||||||||
Common stock market value on excerise date | $64.83 | $48.67 | $44.53 | ||||||||||
Redemption value adjustment | 0 | 0 | 85,000,000 | ||||||||||
Redemption of securities | 0 | 40,000,000 | 45,000,000 | ||||||||||
Number of real estate properties | 783 | ||||||||||||
Long-term net lease | |||||||||||||
Structuring revenue | |||||||||||||
Percentage of acquisition fees earned | 4.50% | ||||||||||||
Long-term net lease | Current | |||||||||||||
Structuring revenue | |||||||||||||
Percentage of acquisition fees earned | 2.50% | ||||||||||||
Long-term net lease | Deferred | |||||||||||||
Structuring revenue | |||||||||||||
Percentage of acquisition fees earned | 2.00% | ||||||||||||
Maximum | |||||||||||||
Structuring revenue | |||||||||||||
Unpaid transaction fee interest rate | 5.00% | ||||||||||||
Subordinated disposition revenue | 3.00% | ||||||||||||
Share Purchase Agreement | |||||||||||||
Ownership interest in joint ventures | 90.00% | ||||||||||||
Maximum | Contract sales price of investment | |||||||||||||
Structuring revenue | |||||||||||||
Percentage of acquisition fees earned | 6.00% | ||||||||||||
Minimum | |||||||||||||
Structuring revenue | |||||||||||||
Unpaid transaction fee interest rate | 2.00% | ||||||||||||
Share Purchase Agreement | |||||||||||||
Ownership interest in joint ventures | 3.00% | ||||||||||||
CPA: 15 - Global | Average invested assets | |||||||||||||
Revenue from related parties | |||||||||||||
Percentage of asset management fees earned | 1.00% | ||||||||||||
CPA: 15 - Global | Deferred | Average invested assets | |||||||||||||
Revenue from related parties | |||||||||||||
Percentage of asset management fees earned | 0.50% | ||||||||||||
CPA: 16 - Global | |||||||||||||
Revenue from related parties | |||||||||||||
Asset management revenue receivable in shares, percent | 50.00% | ||||||||||||
Asset management revenue receivable in cash, percent | 50.00% | ||||||||||||
Reimbursed costs from affiliates and wholesaling revenue | |||||||||||||
Commission Rate | 5.00% | ||||||||||||
DRIP rate | 95.00% | ||||||||||||
CPA: 16 - Global | Average invested assets | |||||||||||||
Revenue from related parties | |||||||||||||
Percentage of asset management fees earned | 0.50% | ||||||||||||
CPA: 17 - Global | |||||||||||||
Reimbursed costs from affiliates and wholesaling revenue | |||||||||||||
Selling commission per share sold | $0.65 | ||||||||||||
Dealer manager fee per share sold | $0.35 | ||||||||||||
CPA: 17 - Global | Maximum | |||||||||||||
Revenue from related parties | |||||||||||||
Percentage of asset management fees earned | 1.75% | ||||||||||||
CPA: 17 - Global | Maximum | Average equity value | |||||||||||||
Structuring revenue | |||||||||||||
Percentage of acquisition fees earned | 1.75% | ||||||||||||
CPA: 17 - Global | Minimum | |||||||||||||
Revenue from related parties | |||||||||||||
Percentage of asset management fees earned | 0.50% | ||||||||||||
CPA: 17 - Global | Minimum | Average equity value | |||||||||||||
Structuring revenue | |||||||||||||
Percentage of acquisition fees earned | 0.00% | ||||||||||||
CPA:18 - Global | |||||||||||||
Reimbursed costs from affiliates and wholesaling revenue | |||||||||||||
Organization and offering costs incurred | 8,100,000 | ||||||||||||
Reimbursed offering costs | 7,900,000 | ||||||||||||
Aggregate gross proceeds threshold | 1.50% | ||||||||||||
Share Purchase Agreement | |||||||||||||
Line of credit, maximum borrowing amount | 100,000,000 | ||||||||||||
Loans and leases receivable, from related party | 15,000,000 | ||||||||||||
CPA:18 - Global | Class A | |||||||||||||
Reimbursed costs from affiliates and wholesaling revenue | |||||||||||||
Selling commission per share sold | $0.70 | ||||||||||||
Dealer manager fee per share sold | $0.30 | ||||||||||||
CPA:18 - Global | Class C | |||||||||||||
Reimbursed costs from affiliates and wholesaling revenue | |||||||||||||
Selling commission per share sold | $0.14 | ||||||||||||
Dealer manager fee per share sold | $0.21 | ||||||||||||
Shareholder servicing, percentage | 1.00% | ||||||||||||
Underwriting compensation limit, percentage | 10.00% | ||||||||||||
CPA:18 - Global | Maximum | |||||||||||||
Revenue from related parties | |||||||||||||
Percentage of asset management fees earned | 1.50% | ||||||||||||
CPA:18 - Global | Minimum | |||||||||||||
Revenue from related parties | |||||||||||||
Percentage of asset management fees earned | 0.50% | ||||||||||||
CWI | |||||||||||||
Structuring revenue | |||||||||||||
Percentage of loan refinancing fee | 1.00% | ||||||||||||
Reimbursed costs from affiliates and wholesaling revenue | |||||||||||||
Selling commission per share sold | $0.70 | $0.70 | |||||||||||
Dealer manager fee per share sold | $0.30 | $0.30 | |||||||||||
Maximum percent of offering proceeds | 2.00% | ||||||||||||
Maximum percentage of follow-on offering proceeds | 4.00% | ||||||||||||
Organization and offering costs incurred | 12,800,000 | ||||||||||||
Reimbursed offering costs | 12,500,000 | ||||||||||||
Share Purchase Agreement | |||||||||||||
Line of credit, maximum borrowing amount | 75,000,000 | ||||||||||||
Debt instrument, description of variable rate basis | LIBOR plus 1.1% | ||||||||||||
Debt instrument, basis spread on variable rate | 1.10% | ||||||||||||
Loans and leases receivable, from related party | 11,000,000 | ||||||||||||
Receivable Maturity Date | 30-Jun-15 | ||||||||||||
CWI | Contract sales price of investment | |||||||||||||
Structuring revenue | |||||||||||||
Percentage of acquisition fees earned | 2.50% | ||||||||||||
CWI | Lodging-related investments | |||||||||||||
Revenue from related parties | |||||||||||||
Percentage of asset management fees earned | 0.50% | ||||||||||||
Options One | |||||||||||||
Share Purchase Agreement | |||||||||||||
Registration rights agreement | 50,000,000 | ||||||||||||
Options Two | |||||||||||||
Share Purchase Agreement | |||||||||||||
Registration rights agreement | 75,000,000 | ||||||||||||
Self-storage | |||||||||||||
Share Purchase Agreement | |||||||||||||
Number of officers | 2 | ||||||||||||
Distribution to noncontrolling interest holders | $3,800,000 |
Agreements_and_Transactions_wi3
Agreements and Transactions with Related Parties (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from related parties: | |||
Reimbursable costs from affiliates | $130,212 | $73,592 | $97,638 |
Structuring revenue | 71,256 | 46,589 | 48,355 |
Asset management revenue | 37,970 | 42,579 | 56,576 |
Distributions of Available Cash | 31,052 | 34,121 | 30,009 |
Dealer manager fees | 23,532 | 10,856 | 19,914 |
Deferred revenue earned | 786 | 8,492 | 8,492 |
Interest income on deferred acquisition fees and loans to affiliates | 684 | 949 | 1,064 |
Incentive, termination and subordinated disposition revenue | 0 | 199 | 0 |
Total deferred revenue earned | $295,492 | $217,377 | $262,048 |
Agreements_and_Transactions_wi4
Agreements and Transactions with Related Parties (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction | |||
Revenue from related parties | $295,492 | $217,377 | $262,048 |
CPA: 15 - Global | |||
Related Party Transaction | |||
Revenue from related parties | 0 | 0 | 21,593 |
CPA: 16 - Global | |||
Related Party Transaction | |||
Revenue from related parties | 7,999 | 53,166 | 50,929 |
CPA: 17 - Global | |||
Related Party Transaction | |||
Revenue from related parties | 68,710 | 69,275 | 174,192 |
CPA:18 - Global | |||
Related Party Transaction | |||
Revenue from related parties | 129,642 | 29,293 | 0 |
CWI | |||
Related Party Transaction | |||
Revenue from related parties | $89,141 | $65,643 | $15,334 |
Agreements_and_Transactions_wi5
Agreements and Transactions with Related Parties (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Due from affiliates | ||
Deferred acquisition fees receivable | $26,913 | $19,684 |
Organization and offering costs | 2,120 | 2,700 |
Accounts receivable | 2,680 | 3,716 |
Current acquisition fees receivable | 2,463 | 4,149 |
Reimbursable costs | 301 | 334 |
Asset management fee receivable | 0 | 1,451 |
Due from affiliates | $34,477 | $32,034 |
Agreements_and_Transactions_wi6
Agreements and Transactions with Related Parties (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Redeemable Securities | |||
Beginning balance | $0 | $40,000 | $0 |
Reclassification from permanent equity to temporary equity | 0 | 0 | 85,000 |
Redemption of securities | 0 | -40,000 | -45,000 |
Ending balance | $0 | $0 | $40,000 |
Net_Investments_in_Properties_1
Net Investments in Properties (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 13, 2012 | Dec. 31, 2012 | Oct. 28, 2014 | Nov. 04, 2014 | Dec. 19, 2014 | Dec. 12, 2014 | Mar. 26, 2014 | 15-May-14 | Aug. 06, 2014 | Aug. 22, 2014 | Oct. 07, 2014 | Oct. 13, 2014 | Jan. 11, 2013 | Jun. 07, 2013 | Nov. 27, 2013 | Jun. 04, 2013 | Sep. 09, 2013 | Apr. 15, 2013 | Dec. 04, 2013 | Dec. 31, 2011 | Sep. 28, 2012 | Mar. 31, 2014 | Jan. 31, 2014 | Oct. 08, 2014 | Dec. 04, 2014 | |
property | property | property | ||||||||||||||||||||||||||
Real Estate Properties | ||||||||||||||||||||||||||||
Number of real estate properties | 783 | |||||||||||||||||||||||||||
Depreciation | $119,900,000 | $61,800,000 | $25,700,000 | |||||||||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||||||||||||
Increase decrease in foreign currency exchange rate | -11.70% | |||||||||||||||||||||||||||
Foreign currency exchange rate | 1.2156 | 1.3768 | ||||||||||||||||||||||||||
Foreign currency translation adjustments | -117,938,000 | 21,835,000 | 7,809,000 | |||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Number of real estate properties | 783 | |||||||||||||||||||||||||||
Acquired finite-lived intangible asset, acquisition | 1,111,446,000 | |||||||||||||||||||||||||||
Net investments in direct financing leases | 816,226,000 | 363,420,000 | ||||||||||||||||||||||||||
Goodwill | 692,415,000 | 350,208,000 | 329,132,000 | 329,132,000 | 63,607,000 | |||||||||||||||||||||||
Assets Held For Sale | ||||||||||||||||||||||||||||
Assets held for sale | 7,255,000 | 86,823,000 | ||||||||||||||||||||||||||
Net investments in properties | 4,833,074,000 | 2,353,391,000 | 33,625,000 | |||||||||||||||||||||||||
Direct financing lease | ||||||||||||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||||||||||||
Foreign currency translation adjustments | -52,800,000 | |||||||||||||||||||||||||||
Transfers to real estate | 13,700,000 | 14,000,000 | ||||||||||||||||||||||||||
Assets held-for-sale | ||||||||||||||||||||||||||||
Real Estate Properties | ||||||||||||||||||||||||||||
Number of real estate properties | 9 | |||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Number of real estate properties | 9 | |||||||||||||||||||||||||||
Assets Held For Sale | ||||||||||||||||||||||||||||
Transfers from real estate | 8,600,000 | |||||||||||||||||||||||||||
CPA: 15 - Global | ||||||||||||||||||||||||||||
Real Estate Properties | ||||||||||||||||||||||||||||
Number of real estate properties | 305 | |||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Number of real estate properties | 305 | |||||||||||||||||||||||||||
Net investments in direct financing leases | 315,789,000 | 315,789,000 | 315,789,000 | |||||||||||||||||||||||||
Acquired finite-lived intangible asset, business combination | 695,310,000 | 695,310,000 | 695,310,000 | |||||||||||||||||||||||||
Goodwill | 268,683,000 | 268,683,000 | 268,683,000 | |||||||||||||||||||||||||
Assets Held For Sale | ||||||||||||||||||||||||||||
Net investments in properties | 1,762,872,000 | 1,762,872,000 | 1,762,872,000 | |||||||||||||||||||||||||
CPA: 16 - Global | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Net investments in direct financing leases | 538,225,000 | 538,607,000 | 538,225,000 | |||||||||||||||||||||||||
Goodwill | 346,642,000 | 348,972,000 | 346,642,000 | |||||||||||||||||||||||||
Assets Held For Sale | ||||||||||||||||||||||||||||
Assets held for sale | 133,415,000 | 132,951,000 | 133,415,000 | |||||||||||||||||||||||||
Net investments in properties | 1,970,175,000 | 1,969,274,000 | 1,970,175,000 | |||||||||||||||||||||||||
CPA: 16 - Global | Direct financing lease | ||||||||||||||||||||||||||||
Assets Held For Sale | ||||||||||||||||||||||||||||
Number of properties sold | 1 | |||||||||||||||||||||||||||
CPA: 16 - Global | Assets held-for-sale | ||||||||||||||||||||||||||||
Real Estate Properties | ||||||||||||||||||||||||||||
Number of real estate properties | 10 | |||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Number of real estate properties | 10 | |||||||||||||||||||||||||||
Self-storage | ||||||||||||||||||||||||||||
Real Estate Properties | ||||||||||||||||||||||||||||
Number of real estate properties | 2 | |||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Number of real estate properties | 2 | |||||||||||||||||||||||||||
Hotel | ||||||||||||||||||||||||||||
Real Estate Properties | ||||||||||||||||||||||||||||
Number of real estate properties | 2 | |||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Number of real estate properties | 2 | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||||||||||||
Foreign currency translation adjustments | -154,500,000 | |||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 536,700,000 | 124,400,000 | ||||||||||||||||||||||||||
Acquired finite-lived intangible asset, acquisition | 82,900,000 | 26,500,000 | ||||||||||||||||||||||||||
Acquisition-related cost | 17,800,000 | |||||||||||||||||||||||||||
Acquisition costs, capitalized | 1,500,000 | |||||||||||||||||||||||||||
Real estate under construction | 29,997,000 | 9,521,000 | ||||||||||||||||||||||||||
Land aquired | 83,900,000 | 20,700,000 | ||||||||||||||||||||||||||
Buildings acquired | 366,600,000 | 77,200,000 | ||||||||||||||||||||||||||
Assets Held For Sale | ||||||||||||||||||||||||||||
Net investments in properties | 4,753,055,000 | 2,348,249,000 | ||||||||||||||||||||||||||
Real estate | Walgreens Co. | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 24,800,000 | |||||||||||||||||||||||||||
Acquired finite-lived intangible asset, acquisition | 6,600,000 | |||||||||||||||||||||||||||
Measurement period adjustment | 5,300,000 | |||||||||||||||||||||||||||
Acquisition-related cost | 200,000 | |||||||||||||||||||||||||||
Real estate | Agricultural facilities in Australia | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 138,300,000 | |||||||||||||||||||||||||||
Net investments in direct financing leases | 3,300,000 | |||||||||||||||||||||||||||
Real estate | Agricultural facilities in Australia | Industrial | ||||||||||||||||||||||||||||
Real Estate Properties | ||||||||||||||||||||||||||||
Commitment for capital expenditures | 14,800,000 | |||||||||||||||||||||||||||
Number of real estate properties | 10 | |||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Number of real estate properties | 10 | |||||||||||||||||||||||||||
Real estate | Agricultural facilities in Australia | Agricultural | ||||||||||||||||||||||||||||
Real Estate Properties | ||||||||||||||||||||||||||||
Number of real estate properties | 21 | |||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Number of real estate properties | 21 | |||||||||||||||||||||||||||
Real estate | Manufacturing facility in Lewisburg Ohio | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 19,800,000 | |||||||||||||||||||||||||||
Real estate | Various Offices in Spain | ||||||||||||||||||||||||||||
Real Estate Properties | ||||||||||||||||||||||||||||
Number of real estate properties | 70 | |||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 378,500,000 | |||||||||||||||||||||||||||
Number of real estate properties | 70 | |||||||||||||||||||||||||||
Real estate | Industrial/distribution center in Opole, Poland | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 29,000,000 | |||||||||||||||||||||||||||
Real estate | CPA: 16 - Global | ||||||||||||||||||||||||||||
Real Estate Properties | ||||||||||||||||||||||||||||
Number of real estate properties | 225 | |||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Number of real estate properties | 225 | |||||||||||||||||||||||||||
Business combination | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 366,900,000 | 157,700,000 | ||||||||||||||||||||||||||
Acquisition costs, expensed | 3,300,000 | 4,200,000 | ||||||||||||||||||||||||||
Land aquired | 33,100,000 | 17,200,000 | ||||||||||||||||||||||||||
Buildings acquired | 278,100,000 | 99,000,000 | ||||||||||||||||||||||||||
Acquired finite-lived intangible asset, business combination | 55,700,000 | 41,500,000 | ||||||||||||||||||||||||||
Business combination | Office Building | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 41,900,000 | |||||||||||||||||||||||||||
Business combination | Logistic facility | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 47,200,000 | |||||||||||||||||||||||||||
Business combination | Office building in Stavanger, Norway | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 117,700,000 | |||||||||||||||||||||||||||
Deferred tax liability | 14,700,000 | |||||||||||||||||||||||||||
Goodwill | 11,100,000 | |||||||||||||||||||||||||||
Business combination | Office building Westborough, MA | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 46,000,000 | |||||||||||||||||||||||||||
Business combination | Office building Andover, MA | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 56,000,000 | |||||||||||||||||||||||||||
Business combination | Office building Newport, United Kingdom | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 29,100,000 | |||||||||||||||||||||||||||
Domestic | Real estate | Office | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 72,400,000 | |||||||||||||||||||||||||||
Domestic | Business combination | Office | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 25,500,000 | |||||||||||||||||||||||||||
Domestic | Business combination | Office Building | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 33,600,000 | |||||||||||||||||||||||||||
Commitment for tenant improvement | 5,200,000 | |||||||||||||||||||||||||||
International | Real estate | Research and development facility | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 52,100,000 | |||||||||||||||||||||||||||
International | Business combination | Office | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 63,300,000 | |||||||||||||||||||||||||||
International | Business combination | Logistic facility | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Investment purchase price | 35,300,000 | |||||||||||||||||||||||||||
International | Built to Suit | Office Building | ||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||
Contractual commitment | 65,000,000 | |||||||||||||||||||||||||||
Investment purchase price | 26,400,000 | |||||||||||||||||||||||||||
Acquisition-related cost | $3,400,000 | |||||||||||||||||||||||||||
Hotel | ||||||||||||||||||||||||||||
Assets Held For Sale | ||||||||||||||||||||||||||||
Number of properties sold | 1 |
Net_Investments_in_Properties_2
Net Investments in Properties (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 27, 2013 |
In Thousands, unless otherwise specified | |||
Real Estate Investment Property At Cost | |||
Accumulated depreciation | ($258,493) | ($168,958) | |
Net investments in properties | 4,833,074 | 2,353,391 | 33,625 |
Real estate | |||
Real Estate Investment Property At Cost | |||
Land | 1,146,704 | 534,697 | |
Buildings | 3,829,981 | 1,972,107 | |
Real estate under construction | 29,997 | 9,521 | |
Accumulated depreciation | -253,627 | -168,076 | |
Net investments in properties | 4,753,055 | 2,348,249 | |
Operating real estate | |||
Real Estate Investment Property At Cost | |||
Land | 7,074 | 1,097 | |
Buildings | 77,811 | 4,927 | |
Accumulated depreciation | -4,866 | -882 | |
Net investments in properties | $80,019 | $5,142 |
Net_Investments_in_Properties_3
Net Investments in Properties (Details 2) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2015 | $569,427 |
2016 | 554,767 |
2016 | 533,942 |
2018 | 502,584 |
2019 | 454,038 |
Thereafter | 2,388,659 |
Total | $5,003,417 |
Net_Investments_in_Properties_4
Net Investments in Properties Net Investments in Properties (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale | ||
Assets held for sale | $7,255 | $86,823 |
Real Estate | ||
Long Lived Assets Held-for-sale | ||
Assets held for sale | 5,969 | 62,466 |
Above-market rent | ||
Long Lived Assets Held-for-sale | ||
Assets held for sale | 838 | 13,872 |
In-place lease | ||
Long Lived Assets Held-for-sale | ||
Assets held for sale | 448 | 12,293 |
Below-market rent and other intangibles | ||
Long Lived Assets Held-for-sale | ||
Assets held for sale | $0 | ($1,808) |
Finance_Receivables_Narratives
Finance Receivables (Narratives) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jan. 31, 2014 | Sep. 28, 2012 | |
lease | lease | |||||
Finance Receivables | ||||||
Increase decrease in foreign currency exchange rate | -11.70% | |||||
Foreign currency exchange rate | 1.2156 | 1.3768 | ||||
Foreign currency translation adjustments | ($117,938,000) | $21,835,000 | $7,809,000 | |||
Interest income from direct financing lease | 78,800,000 | 37,300,000 | 15,200,000 | |||
Accounts receivable billed under direct financing lease | 1,400,000 | 100,000 | ||||
Net investments in direct financing leases | 816,226,000 | 363,420,000 | ||||
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 December 31, 2014 and 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 fourth quarter of 2014. | |||||
CPA: 16 - Global | ||||||
Finance Receivables | ||||||
Notes receivable | 11,100,000 | |||||
Number of DFL acquired from Merger | 98 | |||||
Net investments in direct financing leases | 538,225,000 | 538,607,000 | 538,225,000 | |||
CPA: 15 - Global | ||||||
Finance Receivables | ||||||
Number of DFL acquired from Merger | 15 | |||||
Net investments in direct financing leases | 315,789,000 | 315,789,000 | ||||
Minimum | ||||||
Finance Receivables | ||||||
Deferred financing receivable term | 3 years | |||||
Continuing Operations | ||||||
Finance Receivables | ||||||
Proceeds from sale of direct financing lease | 5,500,000 | 2,000,000 | ||||
Gain (loss) on sale of direct financing lease | -300,000 | -200,000 | ||||
Level 3 | Fair Value, Measurements, Nonrecurring | ||||||
Finance Receivables | ||||||
Impairment charges on properties | 23,802,000 | 31,813,000 | 32,872,000 | |||
Level 3 | Fair Value, Measurements, Nonrecurring | Continuing Operations | ||||||
Finance Receivables | ||||||
Impairment charges on properties | 23,802,000 | 24,550,000 | 9,910,000 | |||
Net Investments In Direct Financing Lease [Member] | Level 3 | Fair Value, Measurements, Nonrecurring | Continuing Operations | ||||||
Finance Receivables | ||||||
Impairment charges on properties | 1,329,000 | 68,000 | 0 | |||
Direct financing lease | ||||||
Finance Receivables | ||||||
Foreign currency translation adjustments | -52,800,000 | |||||
Transfers to real estate | -13,700,000 | -14,000,000 | ||||
B Note | CPA: 16 - Global | ||||||
Finance Receivables | ||||||
Notes receivable | 9,900,000 | |||||
Interest rate on receivable | 6.30% | |||||
Receivable maturity date | 11-Feb-15 | |||||
Real estate | ||||||
Finance Receivables | ||||||
Foreign currency translation adjustments | -154,500,000 | |||||
Real estate | Agricultural facilities in Australia | ||||||
Finance Receivables | ||||||
Net investments in direct financing leases | $3,300,000 |
Finance_Receivables_Details_1
Finance Receivables (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Net Investments in Direct Financing Leases | ||
Minimum lease payments receivable | $904,788 | $466,182 |
Unguaranteed residual value | 818,334 | 363,903 |
Gross minimum lease payments receivable | 1,723,122 | 830,085 |
Less: unearned income | -906,896 | -466,665 |
Net investments in direct financing leases | $816,226 | $363,420 |
Finance_Receivables_Details_2
Finance Receivables (Details 2) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity | |
2015 | $78,488 |
2016 | 77,943 |
2017 | 77,914 |
2018 | 77,933 |
2019 | 75,418 |
Thereafter | 517,092 |
Total | $904,788 |
Finance_Receivables_Details_3
Finance Receivables (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | tenant | |
Credit Quality Of Finanace Receivables | ||
Number of tenants/ Obligors | 219 | |
Financing Receivable | $837,074 | $363,420 |
Internally Assigned Grade 1 | ||
Credit Quality Of Finanace Receivables | ||
Number of tenants/ Obligors | 3 | 3 |
Financing Receivable | 79,343 | 42,812 |
Internally Assigned Grade 2 | ||
Credit Quality Of Finanace Receivables | ||
Number of tenants/ Obligors | 4 | 3 |
Financing Receivable | 37,318 | 27,869 |
Internally Assigned Grade 3 | ||
Credit Quality Of Finanace Receivables | ||
Number of tenants/ Obligors | 23 | 8 |
Financing Receivable | 592,631 | 284,968 |
Internally Assigned Grade 4 | ||
Credit Quality Of Finanace Receivables | ||
Number of tenants/ Obligors | 7 | 1 |
Financing Receivable | 127,782 | 7,771 |
Internally Assigned Grade 5 | ||
Credit Quality Of Finanace Receivables | ||
Number of tenants/ Obligors | 0 | 0 |
Financing Receivable | $0 | $0 |
Equity_Investment_in_Real_Esta2
Equity Investment in Real Estate and the Managed REITs (Narratives) (Details) (USD $) | 12 Months Ended | 9 Months Ended | 21 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Nov. 30, 2010 | Nov. 27, 2013 | Dec. 31, 2007 | Mar. 31, 2014 | Sep. 28, 2012 | |
property | property | property | |||||||||||||
Investments in REITs | |||||||||||||||
Gain (loss) on sale of investment properties | $29,250,000 | $39,711,000 | ($2,773,000) | ||||||||||||
Merger and property acquisition expenses | 34,465,000 | 9,230,000 | 31,639,000 | ||||||||||||
Income from equity method investments | 44,116,000 | 52,731,000 | 62,392,000 | ||||||||||||
Aggregate unamortized basis difference on equity investments | 5,800,000 | 16,600,000 | |||||||||||||
Other Transactions | |||||||||||||||
Income from equity method investments | 44,116,000 | 52,731,000 | 62,392,000 | ||||||||||||
Number of real estate properties | 783 | ||||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Repayments of secured debt | 205,024,000 | 391,764,000 | 54,964,000 | ||||||||||||
Non-recourse debt | 2,532,683,000 | 1,492,410,000 | 21,023,000 | ||||||||||||
Proceeds from mortgage financing | 20,354,000 | 115,567,000 | 23,750,000 | ||||||||||||
Equity investments in real estate | 249,403,000 | 530,020,000 | |||||||||||||
Propco | |||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 95.00% | 75.00% | |||||||||||||
Number of real estate properties | 37 | ||||||||||||||
Real Estate Investments | |||||||||||||||
Investments in REITs | |||||||||||||||
Distributions received from equity investment | 12,500,000 | 25,900,000 | 20,000,000 | ||||||||||||
Other Transactions | |||||||||||||||
Distributions received from equity investment | 12,500,000 | 25,900,000 | 20,000,000 | ||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 128,041,000 | 185,036,000 | |||||||||||||
CPA: 16 - Global | |||||||||||||||
Investments in REITs | |||||||||||||||
Merger and property acquisition expenses | 5,000,000 | 30,500,000 | 10,600,000 | ||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Non-recourse debt | 1,768,288,000 | 1,768,288,000 | 1,768,288,000 | 1,768,288,000 | |||||||||||
Equity investments in real estate | 74,367,000 | 74,367,000 | 74,367,000 | 74,367,000 | |||||||||||
CPA: 15 - Global | |||||||||||||||
Investments in REITs | |||||||||||||||
Income from equity method investments | -200,000 | ||||||||||||||
Other Transactions | |||||||||||||||
Income from equity method investments | -200,000 | ||||||||||||||
Number of real estate properties | 305 | ||||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Non-recourse debt | 1,350,755,000 | 1,350,755,000 | 1,350,755,000 | ||||||||||||
Equity investments in real estate | 166,247,000 | 166,247,000 | 166,247,000 | ||||||||||||
CPA: 16 - Global | |||||||||||||||
Investments in REITs | |||||||||||||||
Distributions received from equity investment | 25,300,000 | 24,300,000 | 6,400,000 | ||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 100.00% | 18.53% | |||||||||||||
Distributions received from equity investment | 25,300,000 | 24,300,000 | 6,400,000 | ||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 0 | 282,520,000 | |||||||||||||
CPA:16 - Global operating partnership | |||||||||||||||
Investments in REITs | |||||||||||||||
Distributions received from equity investment | 15,200,000 | 15,400,000 | 4,800,000 | ||||||||||||
Other-than-temporary impairment charges | 700,000 | 15,400,000 | 9,900,000 | ||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 100.00% | 0.02% | |||||||||||||
Distributions received from equity investment | 15,200,000 | 15,400,000 | 4,800,000 | ||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 0 | 813,000 | |||||||||||||
CPA: 17 - Global | |||||||||||||||
Investments in REITs | |||||||||||||||
Asset management fees receivable, shares | 240,318 | ||||||||||||||
Distributions received from equity investment | 4,600,000 | 3,000,000 | 1,600,000 | ||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 2.68% | 1.91% | |||||||||||||
Distributions received from equity investment | 4,600,000 | 3,000,000 | 1,600,000 | ||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 79,429,000 | 57,753,000 | |||||||||||||
CPA: 17 - Global | Propco | |||||||||||||||
Other Transactions | |||||||||||||||
Increase in ownership interest in equity investments | 5.00% | ||||||||||||||
CPA:17 - Global operating partnership | |||||||||||||||
Investments in REITs | |||||||||||||||
Distributions received from equity investment | 20,400,000 | 16,900,000 | 14,600,000 | ||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 0.01% | 0.01% | |||||||||||||
Distributions received from equity investment | 20,400,000 | 16,900,000 | 14,600,000 | ||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 0 | 0 | |||||||||||||
CPA:18 - Global | |||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 0.22% | 0.13% | |||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 2,784,000 | 320,000 | |||||||||||||
CPA:18 - Global operating partnership | |||||||||||||||
Investments in REITs | |||||||||||||||
Distributions received from equity investment | 1,800,000 | 100,000 | |||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 0.03% | 0.03% | |||||||||||||
Distributions received from equity investment | 1,800,000 | 100,000 | |||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 209,000 | 209,000 | |||||||||||||
CWI | |||||||||||||||
Investments in REITs | |||||||||||||||
Asset management fees receivable, shares | 93,739 | ||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 1.09% | 0.54% | |||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 13,940,000 | 3,369,000 | |||||||||||||
Managed REITs | |||||||||||||||
Investments in REITs | |||||||||||||||
Aggregate unamortized basis difference on equity investments | 20,200,000 | 80,500,000 | |||||||||||||
Managed Programs | |||||||||||||||
Investments in REITs | |||||||||||||||
Gain (loss) on sale of investment properties | 13,300,000 | 7,700,000 | 35,400,000 | ||||||||||||
Other-than-temporary impairment charges | 1,300,000 | 25,600,000 | 25,000,000 | ||||||||||||
Income from equity method investments | -100,000 | -4,700,000 | -4,200,000 | ||||||||||||
Other Transactions | |||||||||||||||
Income from equity method investments | -100,000 | -4,700,000 | -4,200,000 | ||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 121,362,000 | 344,984,000 | |||||||||||||
Managed Programs | CPA: 15 - Global | |||||||||||||||
Investments in REITs | |||||||||||||||
Merger and property acquisition expenses | 3,100,000 | ||||||||||||||
CWI operating partnership | |||||||||||||||
Investments in REITs | |||||||||||||||
Distributions received from equity investment | 4,100,000 | 1,900,000 | |||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 0.02% | 0.02% | |||||||||||||
Distributions received from equity investment | 4,100,000 | 1,900,000 | |||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 0 | 0 | |||||||||||||
Carey Credit Income Fund | |||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 50.00% | 0.00% | |||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 25,000,000 | 0 | |||||||||||||
Investment Owned, Shares | 2,777,778 | ||||||||||||||
Price per share | $9 | ||||||||||||||
C1000 Logestiek Vastgoed B.V. | CPA: 17 - Global | Real Estate Investments | |||||||||||||||
Investments in REITs | |||||||||||||||
Mortgage debt tenants in common | 82,700,000 | ||||||||||||||
Pro rata share mortgage debt on tenancy in common | 12,400,000 | ||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 15.00% | ||||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 11,192,000 | 13,673,000 | |||||||||||||
Hellweg Die Profi-Baumarkte GmbH & Co. K.G | CPA: 16 - Global | Real Estate Investments | |||||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Increase in ownership percentage of equity investments | 25.00% | ||||||||||||||
The New York Times Company | CPA: 16 - Global | Real Estate Investments | |||||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Increase in ownership percentage of equity investments | 27.00% | ||||||||||||||
Beach House JV, LLC | |||||||||||||||
Investments in REITs | |||||||||||||||
Income from equity method investments | 1,000,000 | ||||||||||||||
Other Transactions | |||||||||||||||
Income from equity method investments | 1,000,000 | ||||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Investment interest rate | 8.50% | ||||||||||||||
Redeemable preferred units owned | 100 | ||||||||||||||
U.S. Airways Group, Inc. | |||||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Repayments of secured debt | 2,900,000 | ||||||||||||||
Non-recourse debt | 17,100,000 | ||||||||||||||
Proceeds from mortgage financing | 13,900,000 | ||||||||||||||
Proceeds from the sales of real estate investment | 28,400,000 | ||||||||||||||
Gain (loss) on sale of equity investments | 19,500,000 | ||||||||||||||
Wanbishi Archives Co. Ltd. | |||||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Interest rate on debt | 2.00% | 2.00% | |||||||||||||
Debt maturity term | 5 years | ||||||||||||||
Non-recourse debt | 31,600,000 | 31,600,000 | |||||||||||||
Wanbishi Archives Co. Ltd. | Real Estate Investments | |||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 3.00% | 3.00% | |||||||||||||
Investment purchase price | 1,500,000 | ||||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Non-recourse debt | 900,000 | 900,000 | |||||||||||||
Wanbishi Archives Co. Ltd. | CPA: 17 - Global | |||||||||||||||
Other Transactions | |||||||||||||||
Investment purchase price | 52,100,000 | ||||||||||||||
Wanbishi Archives Co. Ltd. | CPA: 17 - Global | Real Estate Investments | |||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 3.00% | 97.00% | 97.00% | ||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Equity investments in real estate | 341,000 | 395,000 | |||||||||||||
Medica France, S.A. | Combined Equity Investments | |||||||||||||||
Investments in REITs | |||||||||||||||
Gain (loss) on sale of investment properties | 34,000,000 | ||||||||||||||
Income from equity method investments | 15,100,000 | ||||||||||||||
Other Transactions | |||||||||||||||
Income from equity method investments | 15,100,000 | ||||||||||||||
The Talaria Company (Hinckley) | |||||||||||||||
Investments in REITs | |||||||||||||||
Distributions received from equity investment | 4,200,000 | ||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 30.00% | ||||||||||||||
Distributions received from equity investment | 4,200,000 | ||||||||||||||
Acquisition and Disposition of Unconsolidated Real Estate Investment | |||||||||||||||
Number of properties sold | 5 | ||||||||||||||
Non-recourse debt | 25,700,000 | ||||||||||||||
Proceeds from the sales of real estate investment | 41,400,000 | ||||||||||||||
Gain (loss) on sale of equity investments | 500,000 | ||||||||||||||
The Talaria Company (Hinckley) | CPA: 16 - Global | |||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 70.00% | ||||||||||||||
Hellweg 2 | |||||||||||||||
Investments in REITs | |||||||||||||||
Income from equity method investments | -8,400,000 | ||||||||||||||
Other Transactions | |||||||||||||||
Income from equity method investments | -8,400,000 | ||||||||||||||
Hellweg 2 | Propco | |||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 25.00% | ||||||||||||||
Real estate transfer tax | 22,100,000 | ||||||||||||||
Increase in ownership interest in equity investments | 70.00% | ||||||||||||||
Hellweg 2 | CPA: 15 - Global | |||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 40.00% | ||||||||||||||
Hellweg 2 | CPA: 16 - Global | |||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 27.00% | ||||||||||||||
Hellweg 2 | CPA 14 | |||||||||||||||
Other Transactions | |||||||||||||||
Equity method investment, ownership percentage | 33.00% | ||||||||||||||
Class A | CPA:18 - Global | |||||||||||||||
Investments in REITs | |||||||||||||||
Asset management fees receivable, shares | 37,870 |
Equity_Investment_in_Real_Esta3
Equity Investment in Real Estate and the Managed REITs (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Equity Method Investments | |||
Income from equity method investments | $44,116 | $52,731 | $62,392 |
Distributions of Available Cash (Note 4) | 1,307 | 10,177 | 17,271 |
Managed REITs | |||
Schedule Of Equity Method Investments | |||
Income from equity method investments | 2,425 | 7,057 | 8,867 |
Amortization of basis differences on equity investments | -810 | -5,115 | -4,302 |
Other-than-temporary impairment charges on the Special Member Interest in CPA®:16 – Global’s operating partnership | -735 | -15,383 | -9,910 |
Distributions of Available Cash (Note 4) | 31,052 | 34,121 | 30,009 |
Deferred revenue earned (Note 4) | 786 | 9,436 | 9,436 |
Total equity in earnings of equity investments in the Managed REITs | 32,718 | 30,116 | 34,100 |
Other Jointly Owned Investments | |||
Schedule Of Equity Method Investments | |||
Income from equity method investments | 14,828 | 26,928 | 29,864 |
Amortization of basis differences on equity investments | ($3,430) | ($4,313) | ($1,572) |
Equity_Investment_in_Real_Esta4
Equity Investment in Real Estate and the Managed REITs (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in REITs | ||
Equity investments in real estate | $249,403 | $530,020 |
Managed Programs | ||
Investments in REITs | ||
Equity investments in real estate | 121,362 | 344,984 |
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 | 2.68% | 1.91% |
Equity investments in real estate | 79,429 | 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 | 0.22% | 0.13% |
Equity investments in real estate | 2,784 | 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 | 1.09% | 0.54% |
Equity investments in real estate | 13,940 | 3,369 |
CWI operating partnership | ||
Investments in REITs | ||
Equity method investment, ownership percentage | 0.02% | 0.02% |
Equity investments in real estate | 0 | 0 |
Carey Credit Income Fund | ||
Investments in REITs | ||
Equity method investment, ownership percentage | 50.00% | 0.00% |
Equity investments in real estate | $25,000 | $0 |
Equity_Investment_in_Real_Esta5
Equity Investment in Real Estate and the Managed REITs (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Managed Programs | ||
Equity Method Investment Summarized Financial Information | ||
Real estate, net | $5,969,011 | $7,218,177 |
Other assets | 2,293,065 | 2,128,862 |
Total assets | 8,262,076 | 9,347,039 |
Debt | -3,387,795 | -4,237,044 |
Accounts payable, accrued expenses and other liabilities | -496,857 | -571,097 |
Total liabilities | -3,884,652 | -4,808,141 |
Noncontrolling interests | -170,249 | -192,492 |
Stockholders’ equity | 4,207,175 | 4,346,406 |
Combined Equity Investments | ||
Equity Method Investment Summarized Financial Information | ||
Real estate, net | 486,858 | 1,038,422 |
Other assets | 81,232 | 146,635 |
Total assets | 568,090 | 1,185,057 |
Debt | -278,012 | -695,429 |
Accounts payable, accrued expenses and other liabilities | -10,057 | -77,819 |
Total liabilities | -288,069 | -773,248 |
Noncontrolling interests | -355 | 176 |
Stockholders’ equity | $279,666 | $411,985 |
Equity_Investment_in_Real_Esta6
Equity Investment in Real Estate and the Managed REITs (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Combined Equity Investments | |||
Equity Method Investment Summarized Financial Information Income Statement | |||
Revenues | $64,294 | $117,278 | $108,242 |
Expenses | -27,801 | -50,907 | -64,453 |
(Loss) income from continuing operations | 36,493 | 66,371 | 43,789 |
Net (loss) income attributable to the Managed Programs or jointly owned investments | 36,493 | 15,762 | 79,591 |
Managed Programs | |||
Equity Method Investment Summarized Financial Information Income Statement | |||
Revenues | 825,405 | 796,637 | 860,983 |
Expenses | -838,100 | -701,830 | -759,435 |
(Loss) income from continuing operations | -12,695 | 94,807 | 101,548 |
Net (loss) income attributable to the Managed Programs or jointly owned investments | ($12,695) | $104,342 | $128,455 |
Equity_Investment_in_Real_Esta7
Equity Investment in Real Estate and the Managed REITs (Details 5) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Investments in REITs | |||
Equity investments in real estate | $249,403 | $530,020 | |
CPA: 17 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 2.68% | 1.91% | |
Equity investments in real estate | 79,429 | 57,753 | |
CPA: 16 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 100.00% | 18.53% | |
Equity investments in real estate | 0 | 282,520 | |
Real Estate Investments | |||
Investments in REITs | |||
Equity investments in real estate | 128,041 | 185,036 | |
C1000 Logestiek Vastgoed B.V. | Real Estate Investments | CPA: 17 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 15.00% | ||
Equity investments in real estate | 11,192 | 13,673 | |
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH | Real Estate Investments | CPA: 17 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 33.00% | ||
Equity investments in real estate | 6,949 | 7,267 | |
Wanbishi Archives Co. Ltd. | Real Estate Investments | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 3.00% | ||
Wanbishi Archives Co. Ltd. | Real Estate Investments | CPA: 17 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 3.00% | 97.00% | |
Equity investments in real estate | 341 | 395 | |
Schuler A.G. | Real Estate Investments | CPA: 16 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 100.00% | ||
Equity investments in real estate | 0 | 65,798 | |
Hellweg Die Profi-Baumarkte GmbH & Co. K.G | Real Estate Investments | CPA 16/17 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 63.00% | ||
Equity investments in real estate | 0 | 27,923 | |
Advanced Micro Devices | Real Estate Investments | CPA: 16 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 100.00% | ||
Equity investments in real estate | 0 | 22,392 | |
The Upper Deck Company | Real Estate Investments | CPA: 16 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 100.00% | ||
Equity investments in real estate | 0 | 7,518 | |
Del Monte Corporation | Real Estate Investments | CPA: 16 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 100.00% | ||
Equity investments in real estate | 0 | 7,145 | |
Builders FirstSource, Inc. | Real Estate Investments | CPA: 16 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 100.00% | ||
Equity investments in real estate | 0 | 4,968 | |
PetSmart, Inc. | Real Estate Investments | CPA: 16 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 100.00% | ||
Equity investments in real estate | 0 | 3,877 | |
Consolidated Systems, Inc. | Real Estate Investments | CPA: 16 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 100.00% | ||
Equity investments in real estate | 0 | 3,176 | |
SaarOTEC | Real Estate Investments | CPA: 16 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 100.00% | ||
Equity investments in real estate | 0 | -639 | |
The New York Times Company | Real Estate Investments | CPA 16/17 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 45.00% | ||
Equity investments in real estate | 72,476 | 21,543 | |
Frontier Spinning Mills, Inc. | Real Estate Investments | CPA: 17 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 40.00% | ||
Equity investments in real estate | 15,609 | 0 | |
Actebis Peacock GmbH | Real Estate Investments | CPA: 17 - Global | |||
Investments in REITs | |||
Equity method investment, ownership percentage | 30.00% | ||
Equity investments in real estate | 6,369 | 0 | |
Beach House JV, LLC | Real Estate Investments | Third Party | |||
Investments in REITs | |||
Equity investments in real estate | $15,105 | $0 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Narratives) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $692,415,000 | $350,208,000 | $329,132,000 | $63,607,000 |
Finite-Lived Intangible Assets, Net | ||||
Amortization of intangible assets | 174,000,000 | 86,100,000 | 24,900,000 | |
Goodwill, acquired | $346,642,000 | $268,683,000 | ||
Below-market ground lease | ||||
Finite-Lived Intangible Assets, Net | ||||
Finite lived intangible assets useful life | 250 years | |||
Maximum | ||||
Finite-Lived Intangible Assets, Net | ||||
Finite lived intangible assets useful life | 40 years | |||
Minimum | ||||
Finite-Lived Intangible Assets, Net | ||||
Finite lived intangible assets useful life | 1 year |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Acquired Finite Lived Intangible Assets Liabilities | |
Acquired finite-lived intangible asset, acquisition | $1,111,446 |
Acquired finite-lived intangible liability, acquisition | -66,452 |
Below-market rent | |
Acquired Finite Lived Intangible Assets Liabilities | |
Acquired finite lived intangible liabilities weighted average useful life | 18 years 1 month 6 days |
Acquired finite-lived intangible liability, acquisition | -59,740 |
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 | 13 years 3 months 18 days |
Acquired finite-lived intangible asset, acquisition | 700,850 |
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 | 67 years 6 months |
Acquired finite-lived intangible asset, acquisition | $14,772 |
Goodwill_and_Other_Intangibles4
Goodwill and Other Intangibles (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | |||
Balance - beginning of period | $350,208 | $329,132 | $63,607 |
Goodwill | 346,642 | 268,683 | |
Adjustments | 32,715 | ||
Adjustment to purchase price allocation for the CPA®:15 Merger (b) | 1,479 | ||
Other business combinations | 13,585 | ||
Allocation of goodwill to properties sold within the reporting unit | -3,762 | -13,118 | -3,158 |
Foreign currency translation adjustments and other | -14,258 | ||
Balance - end of period | 692,415 | 350,208 | 329,132 |
Real Estate Ownership | |||
Goodwill [Roll Forward] | |||
Balance - beginning of period | 286,601 | 265,525 | 0 |
Goodwill | 346,642 | 268,683 | |
Adjustments | 32,715 | ||
Adjustment to purchase price allocation for the CPA®:15 Merger (b) | 1,479 | ||
Other business combinations | 13,585 | ||
Allocation of goodwill to properties sold within the reporting unit | -3,762 | -13,118 | -3,158 |
Foreign currency translation adjustments and other | -14,258 | ||
Balance - end of period | 628,808 | 286,601 | 265,525 |
Investment Management | |||
Goodwill [Roll Forward] | |||
Balance - beginning of period | 63,607 | 63,607 | 63,607 |
Goodwill | 0 | 0 | |
Adjustments | 0 | ||
Adjustment to purchase price allocation for the CPA®:15 Merger (b) | 0 | ||
Other business combinations | 0 | ||
Allocation of goodwill to properties sold within the reporting unit | 0 | 0 | 0 |
Foreign currency translation adjustments and other | 0 | ||
Balance - end of period | $63,607 | $63,607 | $63,607 |
Goodwill_and_Other_Intangibles5
Goodwill and Other Intangibles (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortizable Intangible Assets | ||
Less: accumulated amortization | ($341,672) | ($168,839) |
Indefinite Lived Intangible Assets Including Goodwill | ||
Indefinite-lived intangible assets | 696,390 | 354,183 |
Total intangible assets, gross | 2,589,572 | 1,244,705 |
Total intangible assets, net | 2,247,900 | 1,075,866 |
Amortizable Intangible Liabilities | ||
Finite-lived intangible liabilities, gross | -182,542 | -123,835 |
Less: accumulated amortization | 24,183 | 12,344 |
Net amortizable intangible liabilities | -158,359 | -111,491 |
Indefinite Lived Intangible Liabilities | ||
Total intangible liabilities, gross | -199,253 | -140,546 |
Total intangible liabilities, net | -175,070 | -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 | -169,231 | -116,939 |
Less: accumulated amortization | 23,039 | 11,832 |
Net amortizable intangible liabilities | -146,192 | -105,107 |
Above-market ground lease | ||
Amortizable Intangible Liabilities | ||
Finite-lived intangible liabilities, gross | -13,311 | -6,896 |
Less: accumulated amortization | 1,144 | 512 |
Net amortizable intangible liabilities | -12,167 | -6,384 |
Goodwill | ||
Indefinite Lived Intangible Assets Including Goodwill | ||
Indefinite-lived intangible assets | 692,415 | 350,208 |
Trade name | ||
Indefinite Lived Intangible Assets Including Goodwill | ||
Indefinite-lived intangible assets | 3,975 | 3,975 |
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 | 17,584 | 3,255 |
Less: accumulated amortization | -26 | 0 |
Amortizable intangible assets | 17,558 | 3,255 |
Contracts including internal software development costs | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 50,349 | 36,020 |
Less: accumulated amortization | -32,791 | -32,395 |
Amortizable intangible assets | 17,558 | 3,625 |
Tenant relationship | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 1,185,692 | 557,984 |
Less: accumulated amortization | -191,873 | -86,265 |
Amortizable intangible assets | 993,819 | 471,719 |
Above-market rent | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 639,370 | 292,132 |
Less: accumulated amortization | -116,573 | -50,157 |
Amortizable intangible assets | 522,797 | 241,975 |
Below-market ground lease | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 17,771 | 4,386 |
Less: accumulated amortization | -435 | -22 |
Amortizable intangible assets | 17,336 | 4,364 |
Lease intangibles | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 1,842,833 | 854,502 |
Less: accumulated amortization | -308,881 | -136,444 |
Amortizable intangible assets | $1,533,952 | $718,058 |
Goodwill_and_Other_Intangibles6
Goodwill and Other Intangibles (Details 4) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Net | |
2015 | $168,976 |
2016 | 163,299 |
2017 | 156,448 |
2018 | 150,312 |
2019 | 95,827 |
Thereafter | 658,289 |
Finite lived intangible assets liabilites, net | 1,393,151 |
Net Decrease in Lease Revenues | |
Net | |
2015 | 54,208 |
2016 | 52,471 |
2017 | 49,368 |
2018 | 46,043 |
2019 | 22,436 |
Thereafter | 152,079 |
Finite lived intangible assets liabilites, net | 376,605 |
Increase to Amortization/Property Expenses | |
Net | |
2015 | 114,768 |
2016 | 110,828 |
2017 | 107,080 |
2018 | 104,269 |
2019 | 73,391 |
Thereafter | 506,210 |
Finite lived intangible assets liabilites, net | $1,016,546 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narratives) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 |
CPA: 16 - Global | Maximum | ||||
Fair value inputs | ||||
Discount rate | 15.75% | |||
Gen and admin to assets ratio | 0.45% | |||
CPA: 16 - Global | Minimum | ||||
Fair value inputs | ||||
Discount rate | 12.75% | |||
Gen and admin to assets ratio | 0.35% | |||
CPA:16 - Global operating partnership | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Other-than-temporary impairment charges | 700 | $15,400 | $9,900 | |
Redeemable noncontrolling interest | Maximum | ||||
Fair value inputs | ||||
Lack of marketability | 30.00% | |||
Discount rate | 26.00% | |||
EBITDA Multiple | 5 | |||
Redeemable noncontrolling interest | Minimum | ||||
Fair value inputs | ||||
Lack of marketability | 20.00% | |||
Discount rate | 22.00% | |||
EBITDA Multiple | 3 | |||
Deferred acquisition fees receivable | Maximum | ||||
Fair value inputs | ||||
Leverage adjusted unsecured spread | 3.55% | |||
Illiquidity Adjustment | 1.00% | |||
Deferred acquisition fees receivable | Minimum | ||||
Fair value inputs | ||||
Leverage adjusted unsecured spread | 1.08% | |||
Illiquidity Adjustment | 0.50% | |||
Hotel | ||||
Fair value inputs | ||||
Discount rate | 10.00% | |||
Capitalization rate | 9.50% | |||
Cash flows discount rate | 7.50% | |||
Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair value inputs | ||||
Impairment charges on properties | 23,802 | 31,813 | 32,872 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Continuing Operations | ||||
Fair value inputs | ||||
Impairment charges on properties | 23,802 | 24,550 | 9,910 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Continuing Operations | Real Estate | ||||
Fair value inputs | ||||
Discount rate | 11.75% | |||
Impairment charges on properties | 21,738 | 4,673 | 0 | |
Capitalization rate | 10.00% | |||
Cash flows discount rate | 12.75% | |||
Fair Value, Measurements, Nonrecurring | Level 3 | Continuing Operations | Real Estate | Vacant properties | ||||
Fair value inputs | ||||
Impairment charges on properties | 14,000 | |||
Capitalization rate | 8.00% | |||
Fair Value, Measurements, Nonrecurring | Level 3 | Continuing Operations | Real Estate | Disposal properties | ||||
Fair value inputs | ||||
Impairment charges on properties | 7,800 | |||
Fair Value, Measurements, Nonrecurring | Level 3 | Continuing Operations | Net investments in direct financing lease | ||||
Fair value inputs | ||||
Impairment charges on properties | 1,329 | 68 | 0 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Continuing Operations | Equity method investments | ||||
Fair value inputs | ||||
Impairment charges on properties | 735 | 19,256 | 9,910 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Continuing Operations | Equity method investments | The Talaria Company (Hinckley) | ||||
Fair value inputs | ||||
Impairment charges on properties | 3,900 | |||
Fair Value, Measurements, Nonrecurring | Level 3 | Continuing Operations | Equity method investments | CPA:16 - Global operating partnership | ||||
Fair value inputs | ||||
Impairment charges on properties | 15,400 | |||
Fair Value, Measurements, Nonrecurring | Level 3 | Continuing Operations | Marketable securities | ||||
Fair value inputs | ||||
Impairment charges on properties | 0 | 553 | 0 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Discontinued Operations | ||||
Fair value inputs | ||||
Impairment charges on properties | 0 | 7,263 | 22,962 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Discontinued Operations | Real Estate | ||||
Fair value inputs | ||||
Impairment charges on properties | 0 | $6,192 | $12,495 | |
Senior unsecured notes | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Debt instrument stated interest rate | 4.60% | |||
Senior unsecured notes | Level 2 | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Debt instrument stated interest rate | 4.60% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | Level 2 | Senior unsecured notes | ||
Liabilities: | ||
Debt fair value | $498,345 | $0 |
Carrying Value | Level 2 | Senior unsecured credit facility | ||
Liabilities: | ||
Lines of Credit, Fair Value Disclosure | 1,057,518 | 275,000 |
Carrying Value | Level 2 | Unsecured Term Loan | ||
Liabilities: | ||
Lines of Credit, Fair Value Disclosure | 0 | 300,000 |
Carrying Value | Level 3 | ||
Liabilities: | ||
Debt fair value | 2,532,683 | 1,492,410 |
Fair Value | Level 2 | Senior unsecured notes | ||
Liabilities: | ||
Debt fair value | 527,029 | 0 |
Fair Value | Level 2 | Senior unsecured credit facility | ||
Liabilities: | ||
Lines of Credit, Fair Value Disclosure | 1,057,519 | 275,000 |
Fair Value | Level 2 | Unsecured Term Loan | ||
Liabilities: | ||
Lines of Credit, Fair Value Disclosure | 0 | 300,000 |
Fair Value | Level 3 | ||
Liabilities: | ||
Debt fair value | 2,574,437 | 1,477,497 |
Notes receivable | Carrying Value | Level 3 | ||
Assets: | ||
Receivable, fair value | 20,848 | 0 |
Notes receivable | Fair Value | Level 3 | ||
Assets: | ||
Receivable, fair value | 19,604 | 0 |
Deferred acquisition fees receivable | Carrying Value | Level 3 | ||
Assets: | ||
Receivable, fair value | 26,913 | 19,684 |
Deferred acquisition fees receivable | Fair Value | Level 3 | ||
Assets: | ||
Receivable, fair value | $28,027 | $20,733 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (Fair Value, Measurements, Nonrecurring, Level 3, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Impairment Disclosure | |||
Impairment charges on properties | $23,802 | $31,813 | $32,872 |
Continuing Operations | |||
Impairment Disclosure | |||
Impairment charges on properties | 23,802 | 24,550 | 9,910 |
Discontinued Operations | |||
Impairment Disclosure | |||
Impairment charges on properties | 0 | 7,263 | 22,962 |
Real Estate | Continuing Operations | |||
Impairment Disclosure | |||
Total fair value measurements | 26,503 | 15,495 | 0 |
Impairment charges on properties | 21,738 | 4,673 | 0 |
Real Estate | Discontinued Operations | |||
Impairment Disclosure | |||
Total fair value measurements | 0 | 19,413 | 39,642 |
Impairment charges on properties | 0 | 6,192 | 12,495 |
Operating real estate | Discontinued Operations | |||
Impairment Disclosure | |||
Total fair value measurements | 0 | 3,709 | 5,002 |
Impairment charges on properties | 0 | 1,071 | 10,467 |
Net investments in direct financing lease | Continuing Operations | |||
Impairment Disclosure | |||
Total fair value measurements | 39,158 | 891 | 0 |
Impairment charges on properties | 1,329 | 68 | 0 |
Equity investments in real estate | Continuing Operations | |||
Impairment Disclosure | |||
Total fair value measurements | 0 | 5,111 | 17,140 |
Impairment charges on properties | 735 | 19,256 | 9,910 |
Marketable securities | Continuing Operations | |||
Impairment Disclosure | |||
Total fair value measurements | 0 | 483 | 0 |
Impairment charges on properties | $0 | $553 | $0 |
Risk_Management_and_Use_of_Der2
Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | 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 | 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 | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | Other Assets | Other Assets | Other Assets | Other Assets | Other Assets | Other Assets | Level 3 | Unconsolidated investments | Unconsolidated investments | Unconsolidated investments | Euro | Euro | Euro | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Interest rate cap | Interest rate cap | Interest rate cap | Interest rate swap | Interest rate swap | Interest rate swap | Foreign currency contracts | Foreign currency contracts | Foreign currency contracts | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | CPA: 16 - Global | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Not Designated as Hedging Instrument | USD ($) | USD ($) | Euro | GBP | ||||
USD ($) | 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 | Stock warrants | Stock warrants | Interest rate swap | Interest rate swap | Interest rate cap | Interest rate cap | Interest rate swap | Interest rate swap | Foreign currency contracts | Foreign currency contracts | Other Assets | USD ($) | USD ($) | USD ($) | Interest rate cap | Interest rate swap | Interest rate swap | USD ($) | USD ($) | |||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | Interest rate swap | Foreign currency contracts | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Not Designated as Hedging Instrument | EUR (€) | EUR (€) | EUR (€) | |||||||||||||||||||||||||
USD ($) | USD ($) | Stock warrants | ||||||||||||||||||||||||||||||||||||||||||
USD ($) | ||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Total credit exposure on derivatives | $16,200,000 | |||||||||||||||||||||||||||||||||||||||||||
Credit exposure to single counterparty | 9,900,000 | |||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Asset Derivatives Fair Value at | 20,348,000 | 3,780,000 | 0 | 0 | 0 | 0 | 2,400,000 | 5,000,000 | 3,753,000 | 2,160,000 | 0 | 0 | 3,000 | 2,000 | 285,000 | 1,618,000 | 16,307,000 | 0 | 1,300,000 | |||||||||||||||||||||||||
Summary of Derivative Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Estimated amount reclassified from OCI to income, derivatives | 2,700,000 | -4,200,000 | ||||||||||||||||||||||||||||||||||||||||||
Derivatives, net liability position | 14,200,000 | 22,900,000 | ||||||||||||||||||||||||||||||||||||||||||
Aggregate termination value for immediate settlement | 14,500,000 | 24,400,000 | ||||||||||||||||||||||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instrument, interest rate | 1.00% | |||||||||||||||||||||||||||||||||||||||||||
Derivative, Cap Interest Rate | 3.00% | |||||||||||||||||||||||||||||||||||||||||||
Notional Amount | 129,313,000 | 45,847,000 | 8,174,000 | 107,400,000 | ||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 23,395,000 | -506,000 | -2,262,000 | 290,000 | -15,000 | 277,000 | -2,628,000 | 4,720,000 | -1,059,000 | 23,167,000 | -5,211,000 | -1,480,000 | 300,000 | 500,000 | -100,000 | |||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -2,794,000 | -2,282,000 | -1,778,000 | -2,691,000 | -1,745,000 | -1,539,000 | -103,000 | -537,000 | -239,000 | 400,000 | 500,000 | 400,000 | ||||||||||||||||||||||||||||||||
Asset derivatives fair value | 20,348,000 | 3,780,000 | 0 | 0 | 0 | 0 | 2,400,000 | 5,000,000 | 3,753,000 | 2,160,000 | 0 | 0 | 3,000 | 2,000 | 285,000 | 1,618,000 | 16,307,000 | 0 | 1,300,000 | |||||||||||||||||||||||||
Line of credit | $807,518,000 | $100,000,000 | $1,100,000,000 | $765,000,000 | $419,400,000 | $62,100,000 |
Risk_Management_and_Use_of_Der3
Risk Management and Use of Derivative Financial Instruments (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | $20,348 | $3,780 |
Liability Derivatives Fair Value at | -13,156 | -21,812 |
Interest rate cap | Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 3 | 2 |
Liability Derivatives Fair Value at | 0 | 0 |
Interest rate swap | Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 285 | 1,618 |
Liability Derivatives Fair Value at | 0 | 0 |
Interest rate swap | Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 0 | 0 |
Liability Derivatives Fair Value at | -5,660 | -2,734 |
Interest rate swap | Not Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 0 | 0 |
Liability Derivatives Fair Value at | -7,496 | -11,995 |
Foreign forward currency contracts | Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 16,307 | 0 |
Liability Derivatives Fair Value at | 0 | 0 |
Foreign forward currency contracts | Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 0 | 0 |
Liability Derivatives Fair Value at | 0 | -7,083 |
Stock warrants | Not Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 3,753 | 2,160 |
Liability Derivatives Fair Value at | $0 | $0 |
Risk_Management_and_Use_of_Der4
Risk Management and Use of Derivative Financial Instruments (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $23,395 | ($506) | ($2,262) |
Interest rate swap | Derivatives in Cash Flow Hedging Relationships | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -2,628 | 4,720 | -1,059 |
Interest rate cap | Derivatives in Cash Flow Hedging Relationships | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 290 | -15 | 277 |
Foreign currency contracts | Derivatives in Cash Flow Hedging Relationships | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 23,167 | -5,211 | -1,480 |
Foreign currency contracts | Derivatives in Net Investment Hedging Relationships | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 2,566 | 0 | 0 |
Equity method investments | Derivatives in Cash Flow Hedging Relationships | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $300 | $500 | ($100) |
Risk_Management_and_Use_of_Der5
Risk Management and Use of Derivative Financial Instruments (Details 3) (Derivatives in Cash Flow Hedging Relationships, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | ($2,794) | ($2,282) | ($1,778) |
Interest rate swap | |||
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 | -2,691 | -1,745 | -1,539 |
Foreign currency contracts | |||
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 | -103 | -537 | -239 |
Equity method investments | |||
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 | $400 | $500 | $400 |
Risk_Management_and_Use_of_Der6
Risk Management and Use of Derivative Financial Instruments (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $4,081 | $5,669 | $638 |
Interest rate swap | Interest expense | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | 3,186 | 5,249 | 429 |
Stock warrants | Other income and (expenses) | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | 134 | 440 | 108 |
Ineffective Hedging | Interest rate swap | Interest expense | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $761 | ($20) | $101 |
Risk_Management_and_Use_of_Der7
Risk Management and Use of Derivative Financial Instruments (Details 5) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | 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 cap | Interest rate cap | Interest rate swap | Interest rate swap | Interest rate swap | ||
Euro | Euro | Euro | Euro | USD ($) | Euro | Euro | ||
USD ($) | EUR (€) | USD ($) | EUR (€) | instrument | USD ($) | EUR (€) | ||
instrument | instrument | instrument | ||||||
Derivative Disclosure | ||||||||
Derivative number of instruments | 3 | 3 | 1 | 1 | 14 | 2 | 2 | |
Notional Amount | € 107,400 | € 45,847 | $129,313 | € 8,174 | ||||
Fair value | ($12,868) | ($7,496) | $3 | ($4,324) | ($1,051) |
Risk_Management_and_Use_of_Der8
Risk Management and Use of Derivative Financial Instruments (Details 6) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Derivatives in Net Investment Hedging Relationships | Derivatives in Net Investment Hedging Relationships |
Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | ||
Euro | Euro | GBP | GBP | AUD | AUD | AUD | AUD | ||
USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | USD ($) | ||||
instrument | instrument | instrument | instrument | ||||||
Derivative Disclosure | |||||||||
Derivative number of instruments | 68 | 68 | 16 | 16 | 20 | 20 | 5 | 5 | |
Notional Amount | € 155,978 | £ 8,560 | 25,082 | 84,522 | |||||
Fair value, foreign currency derivatives | $16,307 | $12,573 | $51 | $1,117 | $2,566 |
Debt_Narratives_Details
Debt (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Oct. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 28, 2012 | Jul. 31, 2013 | |
loan | loan | ||||||||
Credit Facilities and Notes | |||||||||
Senior credit facilities – revolver | $807,518,000 | $100,000,000 | |||||||
Debt instrument, Unamortized discount (premium), net | -5,232,000 | ||||||||
Non Recourse Debt | |||||||||
Collateral mortgage loan, carrying value | 3,300,000,000 | 1,900,000,000 | |||||||
Mortgage loan on real estate, maturity date, range start | 31-Dec-15 | ||||||||
Mortgage loan on real estate, maturity date, range end | 31-Dec-38 | ||||||||
Increase decrease in foreign currency exchange rate | -11.70% | ||||||||
Amount of debt acquired | 76,500,000 | 23,800,000 | |||||||
Mortgage loans on real estate, interest rate | 0.00% | 4.20% | |||||||
Payments of principal balance of debt | 220,786,000 | 0 | 0 | ||||||
Gain (loss) on extinguishment of debt, reported in continuing operations | -1,244,000 | -2,415,000 | 0 | ||||||
Proceeds from mortgage financing | 20,354,000 | 115,567,000 | 23,750,000 | ||||||
Number of loans | 4 | 4 | |||||||
Repayments of debt | 48,700,000 | 21,200,000 | |||||||
Mortgage loan term | 9 years 3 months 18 days | 11 years 6 months | |||||||
Debt scheduled to mature in 2016 | 609,150,000 | ||||||||
Debt scheduled to mature in 2018 | 1,088,374,000 | ||||||||
Debt instrument scheduled to mature through 2026 | 1,323,978,000 | ||||||||
Foreign Currency Rate Disclosure | |||||||||
Foreign currency exchange rate | 1.2156 | 1.3768 | |||||||
Foreign currency translation adjustments | -117,938,000 | 21,835,000 | 7,809,000 | ||||||
Fixed interest rate | |||||||||
Non Recourse Debt | |||||||||
Mortgage loan on real estate, minimum interest rate | 2.60% | ||||||||
Mortgage loan on real estate, maximum interest rate | 11.50% | ||||||||
Variable interest rate | |||||||||
Non Recourse Debt | |||||||||
Mortgage loan on real estate, minimum interest rate | 1.00% | ||||||||
Mortgage loan on real estate, maximum interest rate | 7.60% | ||||||||
Domestic | |||||||||
Non Recourse Debt | |||||||||
Amount of debt acquired | 39,100,000 | ||||||||
Mortgage loans on real estate, interest rate | 3.90% | ||||||||
Mortgage loan term | 9 years 6 months | ||||||||
Senior Unsecured Credit Facility | |||||||||
Credit Facilities and Notes | |||||||||
Line of credit, maximum borrowing amount | 1,000,000,000 | 625,000,000 | 1,250,000,000 | ||||||
Senior credit facilities – revolver | 1,100,000,000 | 765,000,000 | |||||||
Debt instrument, covenant compliance | We were in compliance with all of these covenants at December 31, 2014. | ||||||||
Credit facility potential increase amount | 500,000,000 | ||||||||
Amount available in foreign currency | 500,000,000 | ||||||||
Amount available for swing line loan | 50,000,000 | ||||||||
Line of credit facility, available | 192,500,000 | ||||||||
Letters of Credit Outstanding, Amount | 1,100,000 | ||||||||
Line of credit facility, commitment fee percentage | 0.20% | ||||||||
Increase in maximum borrowing amount on line of credit | 50,000,000 | ||||||||
Debt instrument, basis spread on variable rate | 1.10% | ||||||||
Percent of adjusted funds from operations | 95.00% | ||||||||
Maximum cash distribution | 100,000,000 | ||||||||
Debt instrument, maturity date | 31-Jan-18 | ||||||||
Debt issuance financing cost | 7,900,000 | ||||||||
Non Recourse Debt | |||||||||
Gain (loss) on extinguishment of debt, reported in continuing operations | -2,100,000 | ||||||||
Repayments of debt | 225,800,000 | ||||||||
Debt scheduled to mature in 2018 | 807,500,000 | ||||||||
Senior Unsecured Credit Facility | Standard & Poor's, BBB Rating | |||||||||
Credit Facilities and Notes | |||||||||
Debt instrument, credit rating | BBB | ||||||||
Senior Unsecured Credit Facility | Moody's, Baa2 Rating | |||||||||
Credit Facilities and Notes | |||||||||
Debt instrument, credit rating | BBa2 | ||||||||
Senior Unsecured Credit Facility | Maximum | |||||||||
Credit Facilities and Notes | |||||||||
Line of credit facility, commitment fee percentage | 0.30% | ||||||||
Senior Unsecured Credit Facility | Maximum | Eurocurrency | |||||||||
Credit Facilities and Notes | |||||||||
Debt instrument stated interest rate | 1.70% | ||||||||
Senior Unsecured Credit Facility | Maximum | Base Rate | |||||||||
Credit Facilities and Notes | |||||||||
Debt instrument stated interest rate | 0.70% | ||||||||
Senior Unsecured Credit Facility | Minimum | |||||||||
Credit Facilities and Notes | |||||||||
Line of credit facility, commitment fee percentage | 0.13% | ||||||||
Senior Unsecured Credit Facility | Minimum | Eurocurrency | |||||||||
Credit Facilities and Notes | |||||||||
Debt instrument stated interest rate | 0.93% | ||||||||
Senior Unsecured Credit Facility | Minimum | Base Rate | |||||||||
Credit Facilities and Notes | |||||||||
Debt instrument stated interest rate | 0.00% | ||||||||
Term Loan Facility | |||||||||
Credit Facilities and Notes | |||||||||
Line of credit, maximum borrowing amount | 250,000,000 | 175,000,000 | |||||||
Senior credit facilities – revolver | 250,000,000 | ||||||||
Debt instrument, basis spread on variable rate | 1.25% | ||||||||
Debt instrument, maturity date | 31-Jan-16 | ||||||||
Non Recourse Debt | |||||||||
Debt scheduled to mature in 2016 | 250,000,000 | ||||||||
Term Loan Facility | Maximum | Eurocurrency | |||||||||
Credit Facilities and Notes | |||||||||
Debt instrument stated interest rate | 1.95% | ||||||||
Term Loan Facility | Maximum | Base Rate | |||||||||
Credit Facilities and Notes | |||||||||
Debt instrument stated interest rate | 0.95% | ||||||||
Term Loan Facility | Minimum | Eurocurrency | |||||||||
Credit Facilities and Notes | |||||||||
Debt instrument stated interest rate | 1.00% | ||||||||
Term Loan Facility | Minimum | Base Rate | |||||||||
Credit Facilities and Notes | |||||||||
Debt instrument stated interest rate | 0.00% | ||||||||
Senior Credit Facility | |||||||||
Credit Facilities and Notes | |||||||||
Line of credit, maximum borrowing amount | 450,000,000 | ||||||||
Debt instrument, covenant compliance | We were in compliance with all of these covenants at December 31, 2014. | ||||||||
Debt instrument stated interest rate | 4.60% | 4.60% | |||||||
Debt instrument, face amount | 500,000,000 | 500,000,000 | |||||||
Undiscounted rate on debt issued | 99.64% | 99.64% | |||||||
Debt instrument, Unamortized discount (premium), net | 1,700,000 | 1,800,000 | 1,800,000 | ||||||
Debt Instrument, interest rate, effective percentage | 4.65% | 4.65% | |||||||
Debt instrument, payment terms | ten-year term | ||||||||
Debt instrument, maturity date | 1-Apr-24 | 1-Apr-24 | |||||||
Debt instrument, frequency of periodic payments | 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 issuance financing cost | 4,200,000 | ||||||||
Non Recourse Debt | |||||||||
Debt instrument scheduled to mature through 2026 | 500,000,000 | ||||||||
Unsecured Term Loan [Member] | |||||||||
Credit Facilities and Notes | |||||||||
Line of credit, maximum borrowing amount | 300,000,000 | ||||||||
Non Recourse Debt | |||||||||
Foreign Currency Rate Disclosure | |||||||||
Foreign currency translation adjustments | -121,000,000 | ||||||||
Mortgages | |||||||||
Non Recourse Debt | |||||||||
Mortgage loans on real estate, interest rate | 5.30% | ||||||||
Number Of loans paid off | 20 | ||||||||
Payments of principal balance of debt | 220,800,000 | ||||||||
Debt instrument remaining term | 1 year 4 months 24 days | ||||||||
Gains (losses) on extinguishment of debt | -8,100,000 | ||||||||
Gain (loss) on extinguishment of debt, reported in continuing operations | -6,900,000 | ||||||||
Gain (losses) on extinguishment of debt, reported in discontinued operations | -1,200,000 | ||||||||
Defeasance of debt | 7,200,000 | ||||||||
CPA: 16 - Global | |||||||||
Credit Facilities and Notes | |||||||||
Senior credit facilities – revolver | 170,000,000 | ||||||||
Non Recourse Debt | |||||||||
Fair value market adjustment | 9,800,000 | ||||||||
CPA: 16 - Global | Fixed interest rate | |||||||||
Non Recourse Debt | |||||||||
Number of loans assumed | 97 | ||||||||
Amount of debt acquired | 1,400,000,000 | ||||||||
Mortgage loans on real estate, interest rate | 5.79% | ||||||||
CPA: 16 - Global | Variable interest rate | |||||||||
Non Recourse Debt | |||||||||
Number of loans assumed | 18 | ||||||||
Amount of debt acquired | 161,900,000 | ||||||||
Mortgage loans on real estate, interest rate | 3.63% | ||||||||
CPA15 Merger | |||||||||
Non Recourse Debt | |||||||||
Fair value market adjustment | 14,800,000 | ||||||||
Mortgage loans on real estate, interest rate | 5.60% | ||||||||
CPA15 Merger | Fixed interest rate | |||||||||
Non Recourse Debt | |||||||||
Number of loans assumed | 58 | ||||||||
Amount of debt acquired | 1,100,000,000 | ||||||||
Mortgage loans on real estate, interest rate | 5.08% | ||||||||
CPA15 Merger | Variable interest rate | |||||||||
Non Recourse Debt | |||||||||
Number of loans assumed | 9 | ||||||||
Amount of debt acquired | 295,200,000 | ||||||||
Mortgage loans on real estate, interest rate | 5.03% | ||||||||
Merged Entities | |||||||||
Credit Facilities and Notes | |||||||||
Debt instrument, Unamortized discount (premium), net | -6,900,000 | ||||||||
GBP | Senior Unsecured Credit Facility | |||||||||
Credit Facilities and Notes | |||||||||
Senior credit facilities – revolver | 62,100,000 | ||||||||
USD | Senior Unsecured Credit Facility | |||||||||
Credit Facilities and Notes | |||||||||
Senior credit facilities – revolver | 326,000,000 | ||||||||
Euro | Senior Unsecured Credit Facility | |||||||||
Credit Facilities and Notes | |||||||||
Senior credit facilities – revolver | $419,400,000 |
Debt_Details_1
Debt (Details 1) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Long-term Debt, by Maturity | |
2015 | $210,081 |
2016 | 609,150 |
2017 | 751,954 |
2018 | 1,088,374 |
2019 | 99,777 |
Thereafter through 2026 | 1,323,978 |
Long Term Debt Before Unamortized Discount | 4,083,314 |
Unamortized premium, net | 5,232 |
Total scheduled debt principal payments | $4,088,546 |
Equity_Narratives_Details
Equity (Narratives) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||
Oct. 19, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Oct. 01, 2013 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Per shares distributions declared | $0.95 | $0.94 | $0.90 | $0.90 | $0.98 | $0.86 | $0.84 | $0.82 | $3.69 | $3.39 | $2.44 | ||||
Redeemable Noncontrolling Interest | |||||||||||||||
Redeemable noncontrolling interest | $6,071,000 | $7,436,000 | $6,071,000 | $7,436,000 | |||||||||||
Common stock, par value | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||||
Share price | $64 | ||||||||||||||
Proceeds from issuance of shares in public offering | 282,162,000 | 0 | 0 | ||||||||||||
Repayments of debt | 48,700,000 | 21,200,000 | |||||||||||||
Sales of Common Stock | |||||||||||||||
Shares issued in public offering | 4,600,000 | ||||||||||||||
Common stock, issued | 937,500 | 105,085,069 | 69,299,949 | 105,085,069 | 69,299,949 | ||||||||||
Sales price of stock (per share) | $48 | ||||||||||||||
Proceeds from issuance of common stock | 45,000,000 | ||||||||||||||
WPCI | |||||||||||||||
Redeemable Noncontrolling Interest | |||||||||||||||
Minority interest ownership | 7.70% | ||||||||||||||
Underwriters option | |||||||||||||||
Sales of Common Stock | |||||||||||||||
Shares issued in public offering | 600,000 | ||||||||||||||
Additional Paid-in Capital | |||||||||||||||
Redeemable Noncontrolling Interest | |||||||||||||||
Proceeds from issuance of shares in public offering | 282,157,000 | ||||||||||||||
Redeemable noncontrolling interest | |||||||||||||||
Redeemable Noncontrolling Interest | |||||||||||||||
Redeemable noncontrolling interest | 6,071,000 | 7,436,000 | 6,071,000 | 7,436,000 | 7,531,000 | 7,700,000 | |||||||||
Senior Unsecured Credit Facility | |||||||||||||||
Redeemable Noncontrolling Interest | |||||||||||||||
Repayments of debt | $225,800,000 |
Equity_Details_1
Equity (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends Payable | |||
Common Stock, Dividends, Per Share, Cash Paid | $3.71 | $3.18 | $0.65 |
Ordinary Income | |||
Dividends Payable | |||
Common Stock, Dividends, Per Share, Cash Paid | $3.66 | $3.17 | $0.62 |
Return Of Capital | |||
Dividends Payable | |||
Common Stock, Dividends, Per Share, Cash Paid | $0.06 | $0.01 | $0.03 |
Equity_Details_2
Equity (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share | |||||||||||
Net income attributable to W. P. Carey | $32,272 | $27,337 | $64,739 | $115,478 | $23,022 | $18,506 | $43,167 | $14,181 | $239,826 | $98,876 | $62,132 |
Allocation of distribution equivalents paid on unvested RSUs and RSAs in excess of income | -1,007 | -743 | -535 | ||||||||
Net Income - basic | 238,819 | 98,133 | 61,597 | ||||||||
Income effect of dilutive securities, net of taxes | -77 | 187 | 23 | ||||||||
Net Income - diluted | $238,742 | $98,320 | $61,620 | ||||||||
Weighted average shares outstanding - basic | 98,764,164 | 68,691,046 | 47,389,460 | ||||||||
Effect of dilutive securities | 1,063,192 | 1,016,962 | 689,014 | ||||||||
Weighted average shares outstanding - diluted | 99,827,356 | 69,708,008 | 48,078,474 | ||||||||
Anti-dilutive shares | 0 | 114,919 | 0 |
Equity_Details_3
Equity (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Transfers to Noncontrolling Interest | |||||||||||
Net income attributable to W. P. Carey | $32,272 | $27,337 | $64,739 | $115,478 | $23,022 | $18,506 | $43,167 | $14,181 | $239,826 | $98,876 | $62,132 |
Transfers to noncontrolling interest | |||||||||||
Net transfers to noncontrolling interest | -41,374 | 0 | -154 | ||||||||
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest | 198,452 | 98,876 | 61,978 | ||||||||
50 Rock | |||||||||||
Transfers to noncontrolling interest | |||||||||||
Decrease in W.P. Careys' additional paid-in capital for purchases | 0 | 0 | -154 | ||||||||
CPA: 16 - Global Merger | |||||||||||
Transfers to noncontrolling interest | |||||||||||
Decrease in W.P. Careys' additional paid-in capital for purchases | ($41,374) | $0 | $0 |
Equity_Details_4
Equity (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |||||||||||
Balance - beginning of period | $7,436 | $7,436 | |||||||||
Net (loss) income | -279 | -14 | -111 | 262 | 214 | 232 | -43 | -50 | -142 | 353 | 40 |
Distributions | -19,719 | -71,820 | -6,649 | ||||||||
Change in other comprehensive income (loss) | -9 | 13 | -6 | ||||||||
Balance - end of period | 6,071 | 7,436 | 6,071 | 7,436 | |||||||
Redeemable noncontrolling interest | |||||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |||||||||||
Balance - beginning of period | 7,436 | 7,531 | 7,436 | 7,531 | 7,700 | ||||||
Redemption value adjustment | -306 | 0 | 840 | ||||||||
Net (loss) income | -142 | 353 | 40 | ||||||||
Distributions | -926 | -435 | -1,055 | ||||||||
Change in other comprehensive income (loss) | 9 | -13 | 6 | ||||||||
Balance - end of period | $6,071 | $7,436 | $6,071 | $7,436 | $7,531 |
Equity_Details_5
Equity (Details 5) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Unrealized gain on marketable securities | $21 | $31 | ||
Realized and unrealized loss on derivative instruments | 13,597 | -7,488 | ||
Foreign currency translation adjustments | -89,177 | 22,793 | ||
Accumulated other comprehensive income | ($75,559) | $15,336 | ($4,649) | ($8,507) |
Equity_Details_6
Equity (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation Of Accumulated Comprehensive Income | |||
Balance - beginning of period | $15,336 | ($4,649) | ($8,507) |
Other comprehensive income (loss) before reclassifications | -100,037 | 19,042 | 3,408 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | 3,174 | 2,813 | 2,132 |
Net current period other comprehensive income (loss) | -96,863 | 21,855 | 5,540 |
Net current period other comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests | 5,968 | -1,870 | -1,682 |
Balance - end of period | -75,559 | 15,336 | -4,649 |
Interest expense | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | 2,691 | 1,745 | 1,539 |
Other income and (expenses) | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | 103 | 537 | 239 |
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) | 380 | 531 | 354 |
Gains and Losses on Derivative Instruments | |||
Reconciliation Of Accumulated Comprehensive Income | |||
Balance - beginning of period | -7,488 | -7,508 | -5,246 |
Other comprehensive income (loss) before reclassifications | 17,911 | -2,793 | -4,394 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | 3,174 | 2,813 | 2,132 |
Net current period other comprehensive income (loss) | 21,085 | 20 | -2,262 |
Net current period other comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests | 0 | 0 | 0 |
Balance - end of period | 13,597 | -7,488 | -7,508 |
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) | 2,691 | 1,745 | 1,539 |
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) | 103 | 537 | 239 |
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) | 380 | 531 | 354 |
Foreign Currency Translation Adjustments | |||
Reconciliation Of Accumulated Comprehensive Income | |||
Balance - beginning of period | 22,793 | 2,828 | -3,299 |
Other comprehensive income (loss) before reclassifications | -117,938 | 21,835 | 7,809 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | -117,938 | 21,835 | 7,809 |
Net current period other comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests | 5,968 | -1,870 | -1,682 |
Balance - end of period | -89,177 | 22,793 | 2,828 |
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 |
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 |
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 |
Gains and Losses on Marketable Securities | |||
Reconciliation Of Accumulated Comprehensive Income | |||
Balance - beginning of period | 31 | 31 | 38 |
Other comprehensive income (loss) before reclassifications | -10 | 0 | -7 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | -10 | 0 | -7 |
Net current period other comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests | 0 | 0 | 0 |
Balance - end of period | 21 | 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 |
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 |
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 |
StockBased_Compensation_and_Eq
Stock-Based Compensation and Equity (Narratives) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Dec. 16, 2013 | |
Stock-Based and Other Compensation Additional Disclosures | ||||||
Employee service share-based compensation, tax benefit from compensation expense | $17,300,000 | $18,400,000 | $16,200,000 | |||
Stock-based compensation expense | 31,075,000 | 37,195,000 | 26,052,000 | |||
Deferred compensation obligation | -30,624,000 | -11,354,000 | ||||
Options exercised during the period, aggeregate instrinsic value | 4,900,000 | 5,700,000 | 9,300,000 | |||
Fair value of vested stock | 56,400,000 | 21,400,000 | 14,300,000 | |||
Severance costs | 1,000,000 | 700,000 | 1,100,000 | |||
Deferred Profit Sharing | ||||||
Stock-Based and Other Compensation Additional Disclosures | ||||||
Maximum percentage of annual contribution allowed to employees | 10.00% | 15.00% | ||||
Maximum annual contributions per employee, amount | 26,000 | 100,000 | ||||
Profit sharing expense | 3,500,000 | 4,500,000 | 4,400,000 | |||
2009 Share Incentive Plan | ||||||
Stock-Based and Other Compensation Additional Disclosures | ||||||
Shares authorized for grant | 5,900,000 | |||||
Shares available for grant | 3,095,316 | |||||
Share-based award description | The 2009 Incentive Plan provides for the grant of (i)Â stock options, (ii)Â RSUs, (iii)Â PSUs, and (iv)Â dividend equivalent rights. The vesting of grants under both plans is accelerated upon a change in our control and under certain other conditions. | |||||
2009 Non-Employee Directors Plan | ||||||
Stock-Based and Other Compensation Additional Disclosures | ||||||
Shares authorized for grant | 325,000 | |||||
Shares available for grant | 215,705 | |||||
Share based incentive plan shares issued, shares | 16,159 | 13,211 | ||||
Share based incentive plan shares issued, value | 1,000,000 | 900,000 | ||||
Share-based compensation arrangement by share-based payment Award, award vesting period | 1 year | |||||
Share-based award description | In the discretion of our board of directors, the awards may be in the form of RSUs, share options or RSAs, or any combination of the permitted awards. | |||||
1997 Incentive Plan | ||||||
Stock-Based and Other Compensation Additional Disclosures | ||||||
Share-based compensation arrangement by share-based payment Award, award vesting period | 4 years | |||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | |||||
Share-based award description | These RSAs are scheduled to vest one year from the date of grant. | |||||
!997 Directors' Plan | ||||||
Stock-Based and Other Compensation Additional Disclosures | ||||||
Share-based compensation arrangement by share-based payment Award, award vesting period | 3 years | |||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | |||||
Employee Stock Purchase Plan | ||||||
Stock-Based and Other Compensation Additional Disclosures | ||||||
Share-based compensation arrangement by share-based payment award, maximum employee subscription rate | 10.00% | |||||
Share based compensation, effective share purchase price for participants | 85.00% | |||||
Stock-based compensation expense | 300,000 | 1,200,000 | 600,000 | |||
Proceeds from stock plans | 1,900,000 | 2,300,000 | 6,800,000 | |||
Partnership Equity Unit Plan [Member] | ||||||
Stock-Based and Other Compensation Additional Disclosures | ||||||
Share-based compensation arrangement by share-based payment Award, award vesting period | 2 years | |||||
Payment of deferred compensation | 200,000 | |||||
Stock options required to be issued | 41,074 | 47,126 | ||||
Deferred compensation obligation | 1,100,000 | 1,200,000 | ||||
Deferred compensation | 700,000 | 700,000 | ||||
Long Term Incentive Plan [Member] | ||||||
Stock-Based and Other Compensation Additional Disclosures | ||||||
Stock options required to be issued | 848,788 | 363,052 | ||||
Deferred compensation obligation | 29,600,000 | 10,100,000 | ||||
Risk free interest rate | 0.65% | |||||
Fair value assumptions expected volatility rate | 25.89% | |||||
Fair value assumptions expected volatility rate peer index | 21.77% | |||||
Unrecognized stock based compensation expense | 24,000,000 | |||||
Weighted-average remaining term | 1 year 8 months 9 days | |||||
Long Term Incentive Plan [Member] | ||||||
Stock-Based and Other Compensation Additional Disclosures | ||||||
Stock-based compensation expense | $31,100,000 | $37,300,000 | $26,200,000 |
StockBased_Compensation_and_Eq1
Stock-Based Compensation and Equity (Details 1) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock And RSU Awards | |||
Long Term Incentive Plan | |||
Shares granted in period | 188,619 | 185,015 | 274,420 |
PSU Awards | |||
Long Term Incentive Plan | |||
Shares granted in period | 89,653 | 86,189 | 314,400 |
2009 Share Incentive Plan | Restricted Stock And RSU Awards | |||
Long Term Incentive Plan | |||
Shares granted in period | 172,460 | 171,804 | 259,400 |
2009 Share Incentive Plan | Restricted Stock And RSU Awards | Employment agreements | |||
Long Term Incentive Plan | |||
Shares granted in period | 10,500 | 20,250 | 78,000 |
2009 Share Incentive Plan | PSU Awards | |||
Long Term Incentive Plan | |||
Shares granted in period | 89,653 | 85,900 | 314,400 |
2009 Share Incentive Plan | PSU Awards | Employment agreements | |||
Long Term Incentive Plan | |||
Shares granted in period | 142,000 | ||
Performance stock awards excluded from LTIP count | 10,000 | 10,000 | 20,000 |
Performance stock awards previously excluded from LTIP count | 10,000 |
StockBased_Compensation_and_Eq2
Stock-Based Compensation and Equity (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | 594,194 | 624,793 |
Granted - shares | 188,619 | 185,015 | 274,420 |
Vested - shares | -264,724 | -233,098 | -268,683 |
Forfeited - shares | -1,001 | -26,503 | -36,336 |
Adjustments - shares | 0 | 0 | 0 |
Novested, ending balance - shares | 442,502 | 519,608 | 594,194 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |||
Novested, beginning balance, weighted average grant date fair value | $45.19 | $37.15 | $33.26 |
Granted, weighted average grant date fair value | $61.08 | $57.69 | $41.41 |
Vested, weighted average grant date fair value | $43.35 | $36.76 | $32.56 |
Forfeited, weighted average grant date fair value | $59.45 | $43.05 | $36.33 |
Adjustments, weighted average grant date fair value | $0 | $0 | $0 |
Novested, weighted average grant date fair value | $53.03 | $45.19 | $37.15 |
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 | 999,513 | 673,428 |
Granted - shares | 89,653 | 86,189 | 314,400 |
Vested - shares | -881,388 | -324,161 | -235,189 |
Forfeited - shares | -78 | -30,108 | -49,494 |
Adjustments - shares | 448,734 | 489,287 | 296,368 |
Novested, ending balance - shares | 877,641 | 1,220,720 | 999,513 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |||
Novested, beginning balance, weighted average grant date fair value | $28.28 | $34.55 | $36.30 |
Granted, weighted average grant date fair value | $76.05 | $84.33 | $42.28 |
Vested, weighted average grant date fair value | $51 | $39.48 | $23.66 |
Forfeited, weighted average grant date fair value | $54.31 | $50.52 | $33.96 |
Adjustments, weighted average grant date fair value | $55.91 | $67.22 | $26.01 |
Novested, weighted average grant date fair value | $32.06 | $28.28 | $34.55 |
StockBased_Compensation_and_Eq3
Stock-Based Compensation and Equity (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of year - shares | 619,601 | 794,210 | 1,208,041 |
Exercised - shares | -140,718 | -169,412 | -410,331 |
Forfieted/ Expired - shares | -3,118 | -5,197 | -3,500 |
Outstanding at end of year - shares | 475,765 | 619,601 | 794,210 |
Vested and expected to vest at end of year - shares | 475,765 | ||
Exercisable at end of year - shares | 421,656 | 511,811 | 623,218 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding at beginning of year - weighted average excercise price | $30.30 | $30.32 | $28.73 |
Exercised - weighted average exercise price | $31.41 | $30.43 | $25.94 |
Forfieted/ Expired - weighted average excercise price | $32.99 | $29.84 | $24.93 |
Outstanding at end of year - weighted average excercise price | $29.95 | $30.30 | $30.32 |
Vested and expected to vest at end of year - weighted average excercise price | $29.95 | ||
Exercisable at end of year - weighted average exercise price | $29.75 | $30.18 | $30.22 |
Outstanding at end of year - weighted average contractual term (in Years) | 1 year 9 months | 2 years 7 months 2 days | 3 years 2 months 9 days |
Vested and expected to vest at end of year - weighted average contractual term (in Years) | 1 year 9 months | ||
Exercisable at end of year - weighted average contractual term (in Years) | 1 year 7 months 21 days | ||
Outstanding at end of year - aggregate intrinsic value | $19,102,514 | ||
Vested and expected to vest at end of year - aggregate intrinsic value | 19,102,514 | ||
Exercisable at end of year- aggregate intrinsic value | $17,012,685 |
Income_Taxes_Narratives_Detail
Income Taxes (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | |
Income Tax Disclosures | ||
Out of period adjustment | $2,300,000 | |
Deferred tax asset of foreign net operating loss, before valuation allowance | 17,034,000 | 16,627,000 |
Deferred tax asset, valuation allowance | 18,214,000 | 20,672,000 |
Deferred income tax asset net of valuations | 42,971,000 | 42,758,000 |
Basis differences - foreign investments | 4,482,000 | 6,576,000 |
Net income | ||
Income Tax Disclosures | ||
Out of period adjustment | -2,000,000 | |
Foreign Tax | ||
Income Tax Disclosures | ||
Operating loss carryforward | 61,700,000 | 70,300,000 |
Deferred income tax asset net of valuations | 2,500,000 | |
Minimum | ||
Income Tax Disclosures | ||
Open tax years by major jurisdictions | 2014 | |
Maximum | ||
Income Tax Disclosures | ||
Open tax years by major jurisdictions | 2008 | |
Deferred tax asset | Accounting for income taxes in foreign jurisdictions | ||
Income Tax Disclosures | ||
Out of period adjustment | 2,300,000 | |
Deferred tax liability | Accounting for income taxes in foreign jurisdictions | ||
Income Tax Disclosures | ||
Out of period adjustment | ($37,500,000) |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Federal | |||
Current | $19,545 | $8,274 | $18,142 |
Deferred | -7,609 | -13,029 | -21,167 |
Federal income taxes | 11,936 | -4,755 | -3,025 |
State and Local | |||
Current | 13,422 | 4,970 | 12,303 |
Deferred | -4,693 | -3,665 | -5,644 |
State and local income taxes | 8,729 | 1,305 | 6,659 |
Foreign | |||
Current | 6,869 | 7,144 | 3,138 |
Deferred | -9,925 | -2,442 | 0 |
Foreign income taxes | -3,056 | 4,702 | 3,138 |
Income tax expense from continuing operations | $17,609 | $1,252 | $6,772 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of total provision for income taxes | |||
Income from continuing operations before income taxes | $223,938 | $85,889 | $94,343 |
Pre-tax income attributable to pass-through subsidiaries | -202,807 | -96,314 | -94,755 |
Pre-tax income (loss) attributable to taxable subsidiaries | 21,131 | -10,425 | -412 |
Federal provision at statutory tax rate (35%) | 7,396 | -3,649 | -144 |
State and local taxes, net of federal benefit | 2,296 | -166 | 616 |
Recognition of deferred revenue as a result of the CPA®:16 Merger | 4,833 | 0 | 0 |
Amortization of intangible assets | 0 | 492 | 465 |
Interest | 2,111 | 0 | 0 |
Dividend income from Managed REITs | 939 | 0 | 0 |
Other | 893 | -302 | 1,069 |
Tax provision - taxable subsidiaries | 18,468 | -3,625 | 2,006 |
Current foreign taxes | 6,869 | 7,144 | 3,138 |
Deferred foreign tax benefit (b) | -9,925 | -2,442 | 0 |
Other state and local taxes | 2,197 | 175 | 1,628 |
Income tax expense from continuing operations | $17,609 | $1,252 | $6,772 |
Effective Income Tax Rate Reconciliation, Percent | |||
Income tax rate - federal | 35.00% | 35.00% | 35.00% |
Income tax rate - state and local | 10.90% | 1.60% | 149.50% |
Income tax rate - deferred revenue | 22.90% | 0.00% | 0.00% |
Income tax rate - amortization of intangible assets | 0.00% | 4.70% | 112.90% |
Income tax rate - interest | 10.00% | 0.00% | 0.00% |
Income tax rate - dividend income from Managed REITs | 4.40% | 0.00% | 0.00% |
Income tax rate - other | 4.20% | 2.90% | 259.50% |
Income tax rate - total | 87.40% | 34.80% | 486.90% |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets | ||
Unearned and deferred compensation | $36,955 | $29,104 |
Basis differences - foreign investments | 6,576 | 4,482 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 16,627 | 17,034 |
Other | 3,272 | 10,565 |
Total deferred income taxes | 63,430 | 61,185 |
Valuation allowance | -20,672 | -18,214 |
Net deferred income taxes | 42,758 | 42,971 |
Deferred Tax Liabilities | ||
Basis differences — foreign investments | -95,619 | -38,405 |
Basis differences — equity investees | -19,044 | -9,870 |
Receivables from affiliates | -8,546 | -30,248 |
Other | 0 | -187 |
Total deferred tax liabilities | -123,209 | -78,710 |
Net Deferred Tax Liability | ($80,451) | ($35,739) |
Discontinued_Operations_Narrat
Discontinued Operations (Narratives) (Details) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Continuing Operations | Continuing Operations | Hotel | Hotel | Hotel | Assets held-for-sale | Assets held-for-sale | Assets held-for-sale | Assets held-for-sale | Domestic Properties Thirteen | Domestic Properties Thirteen | Property Acquired in CPA 15 Merger | Self-storage | Self-storage | Self-storage | Self-storage | Contracted Properties | Contracted Properties | Properties Sold | Properties Sold | Properties Sold | Properties Sold | Be Aerospace | Officers | Third Party | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Property in France | Property in France | Property in France | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | CPA: 16 - Global | Manufacturing Facility | Third Party Purchaser | Previous Tenant | |
property | property | USD ($) | USD ($) | property | Discontinued Operations | Discontinued Operations | USD ($) | USD ($) | Discontinued Operations | Discontinued Operations | Continuing Operations | Discontinued Operations | Discontinued Operations | officer | Discontinued Operations | Discontinued Operations | Discontinued Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Continuing Operations | Discontinued Operations | Self-storage | Self-storage | USD ($) | USD ($) | USD ($) | Continuing Operations | Discontinued Operations | Discontinued Operations | Continuing Operations | Discontinued Operations | Discontinued Operations | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | Continuing Operations | Continuing Operations | Continuing Operations | USD ($) | USD ($) | USD ($) | Assets held-for-sale | Assets held-for-sale | Assets held-for-sale | Continuing Operations | Manufacturing Facility | Manufacturing Facility | |||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | officer | property | USD ($) | Subsequent Event | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Discontinued Operations | Discontinued Operations | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | property | Discontinued Operations | USD ($) | Continuing Operations | Continuing Operations | |||||||||||||||||||||||||
property | property | property | property | property | property | property | property | property | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operation Additional Disclosures | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $248,333,000 | $195,945,000 | $252,907,000 | $209,008,000 | $139,008,000 | $132,592,000 | $112,221,000 | $106,030,000 | $906,193,000 | $489,851,000 | $352,361,000 | $7,500,000 | $4,200,000 | $10,300,000 | $643,130,000 | $315,965,000 | $129,181,000 | $424,325,000 | $218,758,000 | $100,620,000 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) from operations | 228,779,000 | 95,569,000 | 91,947,000 | 2,100,000 | -700,000 | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate, included in continuing operations | 1,581,000 | -332,000 | 2,339,000 | -5,100,000 | 1,600,000 | -300,000 | -200,000 | 1,581,000 | -332,000 | 2,339,000 | -100,000 | -5,119,000 | -332,000 | 2,242,000 | 6,700,000 | -8,400,000 | |||||||||||||||||||||||||||||||||||||||||||||
Properties sold | 1 | 13 | 19 | 2 | 13 | 13 | 2 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held for sale | 7,255,000 | 86,823,000 | 7,255,000 | 86,823,000 | 133,415,000 | 132,951,000 | 133,415,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 783 | 783 | 20 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale of properties | 3,700,000 | 116,400,000 | 44,800,000 | 1,400,000 | 112,300,000 | 45,600,000 | 25,300,000 | 22,700,000 | 1 | 123,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from foreclosed property | 8,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of foreclosed property | 8,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing cost | 15,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan on foreclosed property | 8,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable | 5,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | 2,532,683,000 | 1,492,410,000 | 2,532,683,000 | 1,492,410,000 | 21,023,000 | 19,400,000 | 1,768,288,000 | 1,768,288,000 | 1,768,288,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of investment properties | 29,250,000 | 39,711,000 | -2,773,000 | -200,000 | 28,000,000 | 1,400,000 | 39,600,000 | -500,000 | 600,000 | -300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment recognized on asset to be disposed | 1,100,000 | 10,500,000 | 3,400,000 | 3,100,000 | 12,500,000 | 1,300,000 | 1,700,000 | 100,000 | 1,800,000 | 3,500,000 | 3,900,000 | 200,000 | 4,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Payment of mortgage obligation | 11,400,000 | 45,100,000 | 5,700,000 | 18,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate investment property | 4,833,074,000 | 2,353,391,000 | 4,833,074,000 | 2,353,391,000 | 33,625,000 | 14,500,000 | 1,970,175,000 | 1,969,274,000 | 1,970,175,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt, reported in continuing operations | -1,244,000 | -2,415,000 | 0 | -100,000 | -2,500,000 | -100,000 | -1,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of officers | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in joint ventures | 38.30% | 1.70% | 60.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 179,000 | -23,941,000 | -704,000 | 24,400,000 | 179,000 | -23,941,000 | -704,000 | 177,000 | -24,069,000 | -706,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt attributable to noncontrolling interest, net of tax | -1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to noncontrolling interest holders | 20,646,000 | 72,059,000 | 7,314,000 | 40,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill allocation adjustment | 3,762,000 | 13,118,000 | 3,158,000 | 3,762,000 | 13,118,000 | 3,158,000 | 2,700,000 | 3,200,000 | 7,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties held for sale | 9 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract selling price | 117,500,000 | 10,000,000 | 5,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Termination Income | 1,400,000 | 4,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of direct financing lease | 5,500,000 | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of direct financing lease | ($300,000) | ($200,000) |
Discontinued_Operations_Detail
Discontinued Operations (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | |||
Revenues | $8,931 | $28,951 | $27,137 |
Expenses | -2,039 | -19,984 | -23,895 |
Loss on extinguishment of debt | -1,244 | -2,415 | 0 |
Gain (loss) on sale of real estate | 27,670 | 40,043 | -5,015 |
Impairment charges | 0 | -8,415 | -22,962 |
Income (loss) from discontinued operations, net of tax | $33,318 | $38,180 | ($24,735) |
Segment_Reporting_Narratives_D
Segment Reporting (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | 21 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 |
segment | |||||||||||||
Segment Reporting Information Profit Loss | |||||||||||||
Number of business segments | 2 | ||||||||||||
Operating expenses | $176,236 | $128,178 | $161,359 | $171,605 | $105,076 | $91,625 | $80,811 | $75,194 | $637,378 | $352,706 | $299,491 | ||
Reimbursable costs from affiliates | 130,212 | 73,572 | 98,245 | ||||||||||
Affiliates Reimbursement Revenue | 130,212 | 73,592 | 97,638 | ||||||||||
Stock-based compensation expense | 31,075 | 37,195 | 26,052 | ||||||||||
Merger and property acquisition expenses | 34,465 | 9,230 | 31,639 | ||||||||||
Investment Management | |||||||||||||
Segment Reporting Information Profit Loss | |||||||||||||
Operating expenses | 232,704 | 173,744 | 207,050 | ||||||||||
Stock-based compensation expense | 18,400 | 30,000 | 25,800 | ||||||||||
Real Estate Ownership | |||||||||||||
Segment Reporting Information Profit Loss | |||||||||||||
Operating expenses | 404,674 | 178,962 | 92,441 | ||||||||||
CPA: 16 - Global | Real Estate Ownership | |||||||||||||
Segment Reporting Information Profit Loss | |||||||||||||
Merger and property acquisition expenses | 30,500 | 5,000 | |||||||||||
CPA: 15 - Global | Real Estate Ownership | |||||||||||||
Segment Reporting Information Profit Loss | |||||||||||||
Merger and property acquisition expenses | 31,700 | ||||||||||||
CPA: 16 - Global | |||||||||||||
Segment Reporting Information Profit Loss | |||||||||||||
Merger and property acquisition expenses | 5,000 | 30,500 | 10,600 | ||||||||||
Long Term Incentive Plan [Member] | |||||||||||||
Segment Reporting Information Profit Loss | |||||||||||||
Stock-based compensation expense | $31,100 | $37,300 | $26,200 |
Segment_Reporting_Details_1
Segment Reporting (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information Profit Loss | |||||||||||
Revenues | $248,333 | $195,945 | $252,907 | $209,008 | $139,008 | $132,592 | $112,221 | $106,030 | $906,193 | $489,851 | $352,361 |
Operating expenses | -176,236 | -128,178 | -161,359 | -171,605 | -105,076 | -91,625 | -80,811 | -75,194 | -637,378 | -352,706 | -299,491 |
Interest expense | -178,122 | -103,728 | -46,448 | ||||||||
Other income and expenses, excluding interest expense | 138,086 | 62,152 | 85,525 | ||||||||
Provision for income taxes | -17,609 | -1,252 | -6,772 | ||||||||
Gain (loss) on sale of real estate, net of tax | 1,581 | -332 | 2,339 | ||||||||
Net income attributable to noncontrolling interests | -1,470 | -993 | -2,344 | -1,578 | -25,624 | -2,912 | -2,692 | -1,708 | -6,385 | -32,936 | -607 |
Net (loss) income attributable to noncontrolling interests of discontinued operations | -179 | 23,941 | 704 | ||||||||
Net loss (income) attributable to redeemable noncontrolling interest | 279 | 14 | 111 | -262 | -214 | -232 | 43 | 50 | 142 | -353 | -40 |
Income from continuing operations before income taxes | 206,329 | 84,637 | 87,571 | ||||||||
Real Estate Ownership | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 643,130 | 315,965 | 129,181 | ||||||||
Operating expenses | -404,674 | -178,962 | -92,441 | ||||||||
Interest expense | -178,122 | -103,728 | -46,448 | ||||||||
Other income and expenses, excluding interest expense | 137,811 | 61,151 | 84,245 | ||||||||
Provision for income taxes | 916 | -4,703 | -4,001 | ||||||||
Gain (loss) on sale of real estate, net of tax | 1,581 | -332 | 2,339 | ||||||||
Net income attributable to noncontrolling interests | -5,573 | -33,056 | -3,245 | ||||||||
Net (loss) income attributable to noncontrolling interests of discontinued operations | -179 | 23,941 | 704 | ||||||||
Income from continuing operations before income taxes | 194,890 | 80,276 | 70,334 | ||||||||
Investment Management | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 263,063 | 173,886 | 223,180 | ||||||||
Operating expenses | -232,704 | -173,744 | -207,050 | ||||||||
Other income and expenses, excluding interest expense | 275 | 1,001 | 1,280 | ||||||||
Provision for income taxes | -18,525 | 3,451 | -2,771 | ||||||||
Net income attributable to noncontrolling interests | -812 | 120 | 2,638 | ||||||||
Net loss (income) attributable to redeemable noncontrolling interest | 142 | -353 | -40 | ||||||||
Income from continuing operations before income taxes | $11,439 | $4,361 | $17,237 |
Segment_Reporting_Details_2
Segment Reporting (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Long-lived assets | $5,905,958 | $3,333,654 |
Total assets | 8,637,328 | 4,678,950 |
Real Estate Ownership | ||
Assets | ||
Long-lived assets | 5,880,958 | 3,333,654 |
Total assets | 8,459,406 | 4,537,853 |
Investment Management | ||
Assets | ||
Long-lived assets | 25,000 | 0 |
Total assets | $177,922 | $141,097 |
Segment_Reporting_Details_3
Segment Reporting (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information Profit Loss | |||||||||||
Revenues | $248,333 | $195,945 | $252,907 | $209,008 | $139,008 | $132,592 | $112,221 | $106,030 | $906,193 | $489,851 | $352,361 |
Operating expenses | -176,236 | -128,178 | -161,359 | -171,605 | -105,076 | -91,625 | -80,811 | -75,194 | -637,378 | -352,706 | -299,491 |
Interest expense | -178,122 | -103,728 | -46,448 | ||||||||
Other income and expenses, excluding interest expense | 138,086 | 62,152 | 85,525 | ||||||||
Provision for income taxes | -17,609 | -1,252 | -6,772 | ||||||||
Gain (loss) on sale of real estate, net of tax | 1,581 | -332 | 2,339 | ||||||||
Net income attributable to noncontrolling interests | -1,470 | -993 | -2,344 | -1,578 | -25,624 | -2,912 | -2,692 | -1,708 | -6,385 | -32,936 | -607 |
Net (loss) income attributable to noncontrolling interests in discontinued operations | -179 | 23,941 | 704 | ||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 206,329 | 84,637 | 87,571 | ||||||||
Real Estate Investments | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 643,130 | 315,965 | 129,181 | ||||||||
Operating expenses | -404,674 | -178,962 | -92,441 | ||||||||
Interest expense | -178,122 | -103,728 | -46,448 | ||||||||
Other income and expenses, excluding interest expense | 137,811 | 61,151 | 84,245 | ||||||||
Provision for income taxes | 916 | -4,703 | -4,001 | ||||||||
Gain (loss) on sale of real estate, net of tax | 1,581 | -332 | 2,339 | ||||||||
Net income attributable to noncontrolling interests | -5,573 | -33,056 | -3,245 | ||||||||
Net (loss) income attributable to noncontrolling interests in discontinued operations | -179 | 23,941 | 704 | ||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 194,890 | 80,276 | 70,334 | ||||||||
Domestic | Real Estate Investments | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 424,325 | 218,758 | 100,620 | ||||||||
Operating expenses | -284,508 | -131,207 | -79,640 | ||||||||
Interest expense | -117,603 | -65,978 | -35,238 | ||||||||
Other income and expenses, excluding interest expense | 138,957 | 57,852 | 63,252 | ||||||||
Provision for income taxes | -3,582 | 19 | -2,614 | ||||||||
Gain (loss) on sale of real estate, net of tax | -5,119 | -332 | 2,242 | ||||||||
Net income attributable to noncontrolling interests | -3,670 | -34,342 | -2,631 | ||||||||
Net (loss) income attributable to noncontrolling interests in discontinued operations | -177 | 24,069 | 706 | ||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 148,623 | 68,839 | 46,697 | ||||||||
Germany | Real Estate Investments | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 72,978 | 20,221 | 4,750 | ||||||||
Operating expenses | -40,707 | -2,933 | -796 | ||||||||
Interest expense | -18,880 | -5,020 | -1,258 | ||||||||
Other income and expenses, excluding interest expense | -6,255 | -2,950 | 3,279 | ||||||||
Provision for income taxes | 3,338 | -1,663 | -177 | ||||||||
Net income attributable to noncontrolling interests | -1,581 | -3,172 | -870 | ||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 8,893 | 4,483 | 4,928 | ||||||||
Other International | Real Estate Investments | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 145,827 | 76,986 | 23,811 | ||||||||
Operating expenses | -79,459 | -44,822 | -12,005 | ||||||||
Interest expense | -41,639 | -32,730 | -9,952 | ||||||||
Other income and expenses, excluding interest expense | 5,109 | 6,249 | 17,714 | ||||||||
Provision for income taxes | 1,160 | -3,059 | -1,210 | ||||||||
Gain (loss) on sale of real estate, net of tax | 6,700 | 0 | 97 | ||||||||
Net income attributable to noncontrolling interests | -322 | 4,458 | 256 | ||||||||
Net (loss) income attributable to noncontrolling interests in discontinued operations | -2 | -128 | -2 | ||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $37,374 | $6,954 | $18,709 |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Long-lived assets | $5,905,958 | $3,333,654 |
Total assets | 8,637,328 | 4,678,950 |
Real Estate Investments | ||
Assets | ||
Long-lived assets | 5,880,958 | 3,333,654 |
Total assets | 8,459,406 | 4,537,853 |
Domestic | Real Estate Investments | ||
Assets | ||
Long-lived assets | 3,804,424 | 2,408,869 |
Total assets | 5,602,069 | 3,271,851 |
Germany | Real Estate Investments | ||
Assets | ||
Long-lived assets | 603,369 | 314,423 |
Total assets | 832,951 | 349,355 |
Other International | Real Estate Investments | ||
Assets | ||
Long-lived assets | 1,473,165 | 610,362 |
Total assets | $2,024,386 | $916,647 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) Selected Quarterly Financial Data (Unaudited) (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | |
property | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain on change in control of interests | $105,947,000 | $0 | $20,744,000 | |||||||
Net income attributable to noncontrolling interest | 179,000 | -23,941,000 | -704,000 | |||||||
Gain (loss) on sale of investment properties | 29,250,000 | 39,711,000 | -2,773,000 | |||||||
Out of period adjustment | 2,300,000 | |||||||||
Number of real estate properties | 783 | 783 | 783 | |||||||
Earnings per share attributable to W.P. Carey shareholders | ||||||||||
Impact of change In shares outstanding on basic earnings per share | $0.09 | |||||||||
U.S. Airways Group, Inc. | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain on sale of equity investments | 19,500,000 | |||||||||
CPA: 16 - Global | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Fair value of equity interest | 347,164,000 | 349,749,000 | 349,749,000 | |||||||
Measurement period adjustment | CPA: 16 - Global | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain on change in control of interests | 1,300,000 | 1,300,000 | 2,600,000 | |||||||
Out of period adjustment | -3,800,000 | |||||||||
Fair value of equity interest | 1,300,000 | 1,300,000 | 2,585,000 | |||||||
Measurement period adjustment | CPA: 16 - Global | Equity investments in real estate | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Out of period adjustment | -2,200,000 | |||||||||
Measurement period adjustment | CPA: 16 - Global | Other income and (expenses) | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Out of period adjustment | ($1,600,000) |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data | |||||||||||
Revenues | $248,333 | $195,945 | $252,907 | $209,008 | $139,008 | $132,592 | $112,221 | $106,030 | $906,193 | $489,851 | $352,361 |
Expenses | 176,236 | 128,178 | 161,359 | 171,605 | 105,076 | 91,625 | 80,811 | 75,194 | 637,378 | 352,706 | 299,491 |
Net income | 33,463 | 28,316 | 66,972 | 117,318 | 48,860 | 21,650 | 45,816 | 15,839 | 246,069 | 132,165 | 62,779 |
Net loss (income) attributable to noncontrolling interests | -1,470 | -993 | -2,344 | -1,578 | -25,624 | -2,912 | -2,692 | -1,708 | -6,385 | -32,936 | -607 |
Net (income) loss attributable to redeemable noncontrolling interests | 279 | 14 | 111 | -262 | -214 | -232 | 43 | 50 | 142 | -353 | -40 |
Net Income Attributable to W. P. Carey | $32,272 | $27,337 | $64,739 | $115,478 | $23,022 | $18,506 | $43,167 | $14,181 | $239,826 | $98,876 | $62,132 |
Earnings per share attributable to W.P. Carey shareholders | |||||||||||
Basic | $0.31 | $0.27 | $0.64 | $1.29 | $0.33 | $0.27 | $0.63 | $0.20 | $2.42 | $1.43 | $1.30 |
Diluted | $0.30 | $0.27 | $0.64 | $1.27 | $0.33 | $0.27 | $0.62 | $0.20 | $2.39 | $1.41 | $1.28 |
Per shares distributions declared | $0.95 | $0.94 | $0.90 | $0.90 | $0.98 | $0.86 | $0.84 | $0.82 | $3.69 | $3.39 | $2.44 |
Subsequent_Events_Narratives_D
Subsequent Events (Narratives) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Jan. 26, 2015 | Jan. 21, 2015 | Feb. 28, 2015 | Jan. 26, 2015 | Jan. 21, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Jan. 15, 2015 | Jan. 15, 2015 |
USD ($) | USD ($) | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |
sqft | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | RSU | PSU Awards | Auto Dealership | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | ||||
property | USD ($) | USD ($) | Accordion Feature | ||||||||||||
property | USD ($) | ||||||||||||||
sqft | |||||||||||||||
Subsequent Event | |||||||||||||||
Line of credit, maximum borrowing amount | $1,000,000,000 | $1,250,000,000 | $625,000,000 | $1,500,000,000 | $2,250,000,000 | ||||||||||
Amount available in foreign currency | 500,000,000 | 750 | |||||||||||||
Line of credit | 807,518,000 | 100,000,000 | 1,100,000,000 | 765,000,000 | 500,000,000 | ||||||||||
Senior unsecured notes, net | 498,345,000 | 0 | 450,000,000 | 500,000,000 | |||||||||||
Undiscounted rate on debt issued | 99.37% | 99.22% | |||||||||||||
Debt maturity term | 10 years | 8 years | |||||||||||||
Debt instrument, maturity date | 31-Jan-18 | 1-Feb-25 | 20-Jan-23 | ||||||||||||
Debt instrument stated interest rate | 4.00% | 2.00% | |||||||||||||
Number of real estate properties | 783 | 73 | |||||||||||||
Investment purchase price | $390,400,000 | $347,300,000 | |||||||||||||
Square footage of real estate properties | 87,300,000 | 1,500,000 | |||||||||||||
Lease term | 15 years | ||||||||||||||
Shares approved for issuance | 160,491 | 65,277 |
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts Schedule II - Valuation And Qualifying Accounts (Narratives) (Details) (Valuation reserve for deferred tax asset, USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts Disclosure | ||||
Valuation Allowances and Reserves, Balance | $20,672 | $18,214 | $15,133 | $0 |
Other Additions | 2,458 | 3,081 | 15,133 | |
Scenario, Previously Reported | ||||
Valuation and Qualifying Accounts Disclosure | ||||
Valuation Allowances and Reserves, Balance | $11,900 |
Schedule_II_Valuation_And_Qual2
Schedule II - Valuation And Qualifying Accounts (Details) (Valuation reserve for deferred tax asset, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation reserve for deferred tax asset | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $18,214 | $15,133 | $0 |
Other Additions | 2,458 | 3,081 | 15,133 |
Deductions | 0 | 0 | 0 |
Balance at end of year | $20,672 | $18,214 | $15,133 |
Schedule_IIIReal_Estate_and_Ac1
Schedule III-Real Estate and Accumulated Depreciation (Narratives) (Details) (USD $) | Dec. 31, 2014 |
In Billions, unless otherwise specified | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Federal income tax basis | $3.80 |
Schedule_IIIReal_Estate_and_Ac2
Schedule III-Real Estate and Accumulated Depreciation (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $2,285,751 | |||
Initial Cost | ||||
Land | 1,210,177 | |||
Buildings | 3,868,939 | |||
Cost Capitalized Subsequent to Acquisition | 125,424 | |||
Increase (Decrease) in Net Investments | -227,855 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,146,704 | |||
Buildings | 3,829,981 | |||
Total | 4,976,685 | 2,506,804 | 2,331,613 | 646,482 |
Accumulated Depreciation | 253,627 | 168,076 | 116,075 | 118,054 |
Real estate under operating lease | Office facilities in Broomfield, CO | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 248 | |||
Buildings | 2,538 | |||
Cost Capitalized Subsequent to Acquisition | 4,844 | |||
Increase (Decrease) in Net Investments | -4,791 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,983 | |||
Buildings | 856 | |||
Total | 2,839 | |||
Accumulated Depreciation | 854 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-74 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Industrial facilities in Erlanger, KY | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 11,433 | |||
Initial Cost | ||||
Land | 1,526 | |||
Buildings | 21,427 | |||
Cost Capitalized Subsequent to Acquisition | 2,966 | |||
Increase (Decrease) in Net Investments | 141 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,526 | |||
Buildings | 24,534 | |||
Total | 26,060 | |||
Accumulated Depreciation | 10,744 | |||
Date Acquired | 31-Jan-98 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Industrial facilities in Erlanger, KY | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-79 | |||
Real estate under operating lease | Industrial facilities in Erlanger, KY | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-87 | |||
Real estate under operating lease | Industrial facilities in Thurmont, MD and Farmington, NY | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 729 | |||
Buildings | 5,903 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 729 | |||
Buildings | 5,903 | |||
Total | 6,632 | |||
Accumulated Depreciation | 269 | |||
Date Acquired | 31-Jan-98 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Real estate under operating lease | Industrial facilities in Thurmont, MD and Farmington, NY | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-64 | |||
Real estate under operating lease | Industrial facilities in Thurmont, MD and Farmington, NY | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-83 | |||
Real estate under operating lease | Retail facility in Montgomery, AL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 855 | |||
Buildings | 6,762 | |||
Cost Capitalized Subsequent to Acquisition | 277 | |||
Increase (Decrease) in Net Investments | -6,978 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 142 | |||
Buildings | 774 | |||
Total | 916 | |||
Accumulated Depreciation | 453 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-87 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Anchorage, AK and Commerce, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,905 | |||
Buildings | 11,898 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 12 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,905 | |||
Buildings | 11,910 | |||
Total | 16,815 | |||
Accumulated Depreciation | 2,827 | |||
Date Acquired | 31-Jan-98 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Anchorage, AK and Commerce, CA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-48 | |||
Real estate under operating lease | Warehouse/distribution facilities in Anchorage, AK and Commerce, CA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-75 | |||
Real estate under operating lease | Industrial facility in Toledo, OH | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 224 | |||
Buildings | 2,408 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 224 | |||
Buildings | 2,408 | |||
Total | 2,632 | |||
Accumulated Depreciation | 1,204 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-66 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Industrial facility in Goshen, IN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 239 | |||
Buildings | 940 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 239 | |||
Buildings | 940 | |||
Total | 1,179 | |||
Accumulated Depreciation | 227 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-73 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Raleigh, NC | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,638 | |||
Buildings | 2,844 | |||
Cost Capitalized Subsequent to Acquisition | 187 | |||
Increase (Decrease) in Net Investments | -2,554 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 828 | |||
Buildings | 1,287 | |||
Total | 2,115 | |||
Accumulated Depreciation | 596 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-83 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Real estate under operating lease | Office facility in King of Prussia, PA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,219 | |||
Buildings | 6,283 | |||
Cost Capitalized Subsequent to Acquisition | 1,295 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,219 | |||
Buildings | 7,578 | |||
Total | 8,797 | |||
Accumulated Depreciation | 3,051 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-68 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Industrial facility in Pinconning, MI | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 32 | |||
Buildings | 1,692 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 32 | |||
Buildings | 1,692 | |||
Total | 1,724 | |||
Accumulated Depreciation | 719 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-48 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Industrial facilities in San Fernando, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 6,774 | |||
Initial Cost | ||||
Land | 2,052 | |||
Buildings | 5,322 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,889 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,494 | |||
Buildings | 3,991 | |||
Total | 5,485 | |||
Accumulated Depreciation | 1,716 | |||
Date Acquired | 31-Jan-98 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Industrial facilities in San Fernando, CA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-62 | |||
Real estate under operating lease | Industrial facilities in San Fernando, CA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-79 | |||
Real estate under operating lease | Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 9,382 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 238 | |||
Increase (Decrease) in Net Investments | 3,371 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,210 | |||
Buildings | 3,781 | |||
Total | 12,991 | |||
Accumulated Depreciation | 373 | |||
Date Acquired | 31-Jan-98 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Real estate under operating lease | Land in Glendora, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,135 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 17 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,152 | |||
Buildings | 0 | |||
Total | 1,152 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 31-Jan-98 | |||
Real estate under operating lease | Industrial facility in Doraville, GA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 4,637 | |||
Initial Cost | ||||
Land | 3,288 | |||
Buildings | 9,864 | |||
Cost Capitalized Subsequent to Acquisition | 1,546 | |||
Increase (Decrease) in Net Investments | 274 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,288 | |||
Buildings | 11,684 | |||
Total | 14,972 | |||
Accumulated Depreciation | 4,509 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-64 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facilities in Collierville, TN and warehouse/distribution facility in Corpus Christi, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 49,666 | |||
Initial Cost | ||||
Land | 3,490 | |||
Buildings | 72,497 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -15,609 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 288 | |||
Buildings | 60,090 | |||
Total | 60,378 | |||
Accumulated Depreciation | 7,835 | |||
Date Acquired | 31-Jan-98 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facilities in Collierville, TN and warehouse/distribution facility in Corpus Christi, TX | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-89 | |||
Real estate under operating lease | Office facilities in Collierville, TN and warehouse/distribution facility in Corpus Christi, TX | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-99 | |||
Real estate under operating lease | Land in Irving and Houston, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,747 | |||
Initial Cost | ||||
Land | 9,795 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,795 | |||
Buildings | 0 | |||
Total | 9,795 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 31-Jan-98 | |||
Real estate under operating lease | Industrial facility in Chandler, AZ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 10,672 | |||
Initial Cost | ||||
Land | 5,035 | |||
Buildings | 18,957 | |||
Cost Capitalized Subsequent to Acquisition | 7,435 | |||
Increase (Decrease) in Net Investments | 541 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,035 | |||
Buildings | 26,933 | |||
Total | 31,968 | |||
Accumulated Depreciation | 10,527 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-89 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Bridgeton, MO | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 842 | |||
Buildings | 4,762 | |||
Cost Capitalized Subsequent to Acquisition | 2,523 | |||
Increase (Decrease) in Net Investments | 71 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 842 | |||
Buildings | 7,356 | |||
Total | 8,198 | |||
Accumulated Depreciation | 2,212 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-72 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Retail facilities in Drayton Plains, MI and Citrus Heights, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,039 | |||
Buildings | 4,788 | |||
Cost Capitalized Subsequent to Acquisition | 202 | |||
Increase (Decrease) in Net Investments | 193 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,039 | |||
Buildings | 5,183 | |||
Total | 6,222 | |||
Accumulated Depreciation | 1,308 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-72 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real estate under operating lease | Warehouse/distribution facility in Memphis, TN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,882 | |||
Buildings | 3,973 | |||
Cost Capitalized Subsequent to Acquisition | 255 | |||
Increase (Decrease) in Net Investments | -3,893 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 328 | |||
Buildings | 1,889 | |||
Total | 2,217 | |||
Accumulated Depreciation | 730 | |||
Date Acquired | 31-Jan-98 | |||
Date of Construction | 31-Dec-69 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Real estate under operating lease | Retail facility in Bellevue, WA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,125 | |||
Buildings | 11,812 | |||
Cost Capitalized Subsequent to Acquisition | 393 | |||
Increase (Decrease) in Net Investments | -123 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,371 | |||
Buildings | 11,836 | |||
Total | 16,207 | |||
Accumulated Depreciation | 4,943 | |||
Date Acquired | 30-Apr-98 | |||
Date of Construction | 31-Dec-94 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Houston, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,260 | |||
Buildings | 22,574 | |||
Cost Capitalized Subsequent to Acquisition | 1,628 | |||
Increase (Decrease) in Net Investments | -23,311 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 211 | |||
Buildings | 3,940 | |||
Total | 4,151 | |||
Accumulated Depreciation | 3,023 | |||
Date Acquired | 30-Jun-98 | |||
Date of Construction | 31-Dec-82 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Rio Rancho, NM | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,610 | |||
Initial Cost | ||||
Land | 1,190 | |||
Buildings | 9,353 | |||
Cost Capitalized Subsequent to Acquisition | 1,742 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,467 | |||
Buildings | 10,818 | |||
Total | 12,285 | |||
Accumulated Depreciation | 4,214 | |||
Date Acquired | 31-Jul-98 | |||
Date of Construction | 31-Dec-99 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Moorestown, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 351 | |||
Buildings | 5,981 | |||
Cost Capitalized Subsequent to Acquisition | 1,122 | |||
Increase (Decrease) in Net Investments | 43 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 351 | |||
Buildings | 7,146 | |||
Total | 7,497 | |||
Accumulated Depreciation | 3,236 | |||
Date Acquired | 28-Feb-99 | |||
Date of Construction | 31-Dec-64 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Norcross, GA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 27,446 | |||
Initial Cost | ||||
Land | 5,200 | |||
Buildings | 25,585 | |||
Cost Capitalized Subsequent to Acquisition | 11,822 | |||
Increase (Decrease) in Net Investments | -28,152 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,646 | |||
Buildings | 11,809 | |||
Total | 14,455 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 30-Jun-99 | |||
Date of Construction | 31-Dec-75 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Illkirch, France | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 9,590 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 18,520 | |||
Cost Capitalized Subsequent to Acquisition | 6 | |||
Increase (Decrease) in Net Investments | 7,661 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 26,187 | |||
Total | 26,187 | |||
Accumulated Depreciation | 9,650 | |||
Date Acquired | 31-Dec-01 | |||
Date of Construction | 31-Dec-01 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Industrial facilities in Lenexa, KS and Winston-Salem, NC | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,860 | |||
Buildings | 12,539 | |||
Cost Capitalized Subsequent to Acquisition | 2,875 | |||
Increase (Decrease) in Net Investments | -1,067 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,725 | |||
Buildings | 14,482 | |||
Total | 16,207 | |||
Accumulated Depreciation | 3,816 | |||
Date Acquired | 30-Sep-02 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Industrial facilities in Lenexa, KS and Winston-Salem, NC | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-68 | |||
Real estate under operating lease | Industrial facilities in Lenexa, KS and Winston-Salem, NC | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-80 | |||
Real estate under operating lease | Industrial facilities in Lenexa, KS and Winston-Salem, NC | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-83 | |||
Real estate under operating lease | Office facilities in Playa Vista and Venice, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 47,943 | |||
Initial Cost | ||||
Land | 2,032 | |||
Buildings | 10,152 | |||
Cost Capitalized Subsequent to Acquisition | 52,816 | |||
Increase (Decrease) in Net Investments | 1 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,889 | |||
Buildings | 59,112 | |||
Total | 65,001 | |||
Accumulated Depreciation | 6,405 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facilities in Playa Vista and Venice, CA | Acquisition Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date Acquired | 30-Sep-04 | |||
Real estate under operating lease | Office facilities in Playa Vista and Venice, CA | Acquisition Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date Acquired | 30-Sep-12 | |||
Real estate under operating lease | Office facilities in Playa Vista and Venice, CA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-91 | |||
Real estate under operating lease | Office facilities in Playa Vista and Venice, CA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-99 | |||
Real estate under operating lease | Warehouse/distribution facility in Greenfield, IN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,807 | |||
Buildings | 10,335 | |||
Cost Capitalized Subsequent to Acquisition | 223 | |||
Increase (Decrease) in Net Investments | -8,383 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 967 | |||
Buildings | 4,015 | |||
Total | 4,982 | |||
Accumulated Depreciation | 1,139 | |||
Date Acquired | 30-Sep-04 | |||
Date of Construction | 31-Dec-95 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Birmingham, AL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,256 | |||
Buildings | 7,704 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,256 | |||
Buildings | 7,704 | |||
Total | 8,960 | |||
Accumulated Depreciation | 1,982 | |||
Date Acquired | 30-Sep-04 | |||
Date of Construction | 31-Dec-95 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Industrial facility in Scottsdale, AZ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 1,146 | |||
Initial Cost | ||||
Land | 586 | |||
Buildings | 46 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 586 | |||
Buildings | 46 | |||
Total | 632 | |||
Accumulated Depreciation | 12 | |||
Date Acquired | 30-Sep-04 | |||
Date of Construction | 31-Dec-88 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Retail facility in Hot Springs, AR | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 850 | |||
Buildings | 2,939 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Increase (Decrease) in Net Investments | -2,614 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 1,177 | |||
Total | 1,177 | |||
Accumulated Depreciation | 303 | |||
Date Acquired | 30-Sep-04 | |||
Date of Construction | 31-Dec-85 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Apopka, FL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 362 | |||
Buildings | 10,855 | |||
Cost Capitalized Subsequent to Acquisition | 670 | |||
Increase (Decrease) in Net Investments | -155 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 337 | |||
Buildings | 11,395 | |||
Total | 11,732 | |||
Accumulated Depreciation | 2,860 | |||
Date Acquired | 30-Sep-04 | |||
Date of Construction | 31-Dec-69 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Land in San Leandro, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,532 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,532 | |||
Buildings | 0 | |||
Total | 1,532 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 31-Dec-06 | |||
Real estate under operating lease | Sports facility in Austin, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 2,841 | |||
Initial Cost | ||||
Land | 1,725 | |||
Buildings | 5,168 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,725 | |||
Buildings | 5,168 | |||
Total | 6,893 | |||
Accumulated Depreciation | 1,466 | |||
Date Acquired | 31-Dec-06 | |||
Date of Construction | 31-Dec-95 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Real estate under operating lease | Retail facility in Wroclaw, Poland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,426 | |||
Initial Cost | ||||
Land | 3,600 | |||
Buildings | 10,306 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -2,912 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,040 | |||
Buildings | 7,954 | |||
Total | 10,994 | |||
Accumulated Depreciation | 1,402 | |||
Date Acquired | 31-Dec-07 | |||
Date of Construction | 31-Dec-07 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Fort Worth, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 32,457 | |||
Initial Cost | ||||
Land | 4,600 | |||
Buildings | 37,580 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,600 | |||
Buildings | 37,580 | |||
Total | 42,180 | |||
Accumulated Depreciation | 4,619 | |||
Date Acquired | 28-Feb-10 | |||
Date of Construction | 31-Dec-03 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Warehouse/distribution facility in Mallorca, Spain | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 11,109 | |||
Buildings | 12,636 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 417 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 11,284 | |||
Buildings | 12,878 | |||
Total | 24,162 | |||
Accumulated Depreciation | 1,475 | |||
Date Acquired | 30-Jun-10 | |||
Date of Construction | 31-Dec-08 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facilities in San Diego, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 32,980 | |||
Initial Cost | ||||
Land | 7,247 | |||
Buildings | 29,098 | |||
Cost Capitalized Subsequent to Acquisition | 967 | |||
Increase (Decrease) in Net Investments | -5,514 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,762 | |||
Buildings | 27,036 | |||
Total | 31,798 | |||
Accumulated Depreciation | 4,375 | |||
Date Acquired | 31-May-11 | |||
Date of Construction | 31-Dec-89 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 22,000 | |||
Initial Cost | ||||
Land | 5,646 | |||
Buildings | 12,367 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,646 | |||
Buildings | 12,367 | |||
Total | 18,013 | |||
Accumulated Depreciation | 760 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-05 | |||
Real estate under operating lease | Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-07 | |||
Real estate under operating lease | Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 139,685 | |||
Initial Cost | ||||
Land | 32,680 | |||
Buildings | 198,999 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 32,680 | |||
Buildings | 198,999 | |||
Total | 231,679 | |||
Accumulated Depreciation | 12,317 | |||
Date Acquired | 30-Sep-12 | |||
Real estate under operating lease | Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-89 | |||
Real estate under operating lease | Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-90 | |||
Real estate under operating lease | Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real estate under operating lease | Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Real estate under operating lease | Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,870 | |||
Initial Cost | ||||
Land | 4,403 | |||
Buildings | 20,298 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -3,870 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,589 | |||
Buildings | 18,242 | |||
Total | 20,831 | |||
Accumulated Depreciation | 803 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH | Acquisition Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date Acquired | 30-Sep-12 | |||
Real estate under operating lease | Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH | Acquisition Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-68 | |||
Real estate under operating lease | Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-79 | |||
Real estate under operating lease | Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-95 | |||
Real estate under operating lease | Land in Irvine, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 1,636 | |||
Initial Cost | ||||
Land | 4,173 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,173 | |||
Buildings | 0 | |||
Total | 4,173 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 30-Sep-12 | |||
Real estate under operating lease | Industrial facility in Alpharetta, GA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,373 | |||
Initial Cost | ||||
Land | 2,198 | |||
Buildings | 6,349 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,198 | |||
Buildings | 6,349 | |||
Total | 8,547 | |||
Accumulated Depreciation | 476 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-97 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Office facility in Clinton, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 23,905 | |||
Initial Cost | ||||
Land | 2,866 | |||
Buildings | 34,834 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,866 | |||
Buildings | 34,834 | |||
Total | 37,700 | |||
Accumulated Depreciation | 2,613 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-87 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Office facilities in St. Petersburg, FL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,280 | |||
Buildings | 24,627 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,280 | |||
Buildings | 24,627 | |||
Total | 27,907 | |||
Accumulated Depreciation | 1,847 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Office facilities in St. Petersburg, FL | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-80 | |||
Real estate under operating lease | Office facilities in St. Petersburg, FL | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-96 | |||
Real estate under operating lease | Office facilities in St. Petersburg, FL | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-99 | |||
Real estate under operating lease | Movie theater in Baton Rouge, LA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 9,703 | |||
Initial Cost | ||||
Land | 4,168 | |||
Buildings | 5,724 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,168 | |||
Buildings | 5,724 | |||
Total | 9,892 | |||
Accumulated Depreciation | 429 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-03 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Office facilities in San Diego, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 7,804 | |||
Buildings | 16,729 | |||
Cost Capitalized Subsequent to Acquisition | 457 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,804 | |||
Buildings | 17,186 | |||
Total | 24,990 | |||
Accumulated Depreciation | 1,259 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-02 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Industrial facilities in Richmond, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 895 | |||
Buildings | 1,953 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 895 | |||
Buildings | 1,953 | |||
Total | 2,848 | |||
Accumulated Depreciation | 146 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Industrial facilities in Richmond, CA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-87 | |||
Real estate under operating lease | Industrial facilities in Richmond, CA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-99 | |||
Real estate under operating lease | Industrial and warehouse/distribution facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 59,794 | |||
Initial Cost | ||||
Land | 16,386 | |||
Buildings | 84,668 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 16,386 | |||
Buildings | 84,668 | |||
Total | 101,054 | |||
Accumulated Depreciation | 6,298 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 15,779 | |||
Buildings | 89,421 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -5,759 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 14,915 | |||
Buildings | 84,526 | |||
Total | 99,441 | |||
Accumulated Depreciation | 6,327 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Industrial facilities in Orlando, FL; Rocky Mount, NC, and Lewisville, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,163 | |||
Buildings | 17,715 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,163 | |||
Buildings | 17,715 | |||
Total | 19,878 | |||
Accumulated Depreciation | 1,329 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Industrial facilities in Chattanooga, TN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 558 | |||
Buildings | 5,923 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 558 | |||
Buildings | 5,923 | |||
Total | 6,481 | |||
Accumulated Depreciation | 439 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Industrial facilities in Chattanooga, TN | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-74 | |||
Real estate under operating lease | Industrial facilities in Chattanooga, TN | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-89 | |||
Real estate under operating lease | Industrial facility in Mooresville, NC | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,585 | |||
Initial Cost | ||||
Land | 756 | |||
Buildings | 9,775 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 756 | |||
Buildings | 9,775 | |||
Total | 10,531 | |||
Accumulated Depreciation | 723 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Industrial facility in Mooresville, NC | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-97 | |||
Real estate under operating lease | Industrial facility in McCalla, AL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 960 | |||
Buildings | 14,472 | |||
Cost Capitalized Subsequent to Acquisition | 6,350 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 960 | |||
Buildings | 20,822 | |||
Total | 21,782 | |||
Accumulated Depreciation | 1,565 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-04 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Office facility in Lower Makefield Township, PA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 10,019 | |||
Initial Cost | ||||
Land | 1,726 | |||
Buildings | 12,781 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,726 | |||
Buildings | 12,781 | |||
Total | 14,507 | |||
Accumulated Depreciation | 943 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-02 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Industrial facility in Fort Smith, AZ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,063 | |||
Buildings | 6,159 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,063 | |||
Buildings | 6,159 | |||
Total | 7,222 | |||
Accumulated Depreciation | 451 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-82 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Retail facilities in Greenwood, IN and Buffalo, NY | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 9,239 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 19,990 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 19,990 | |||
Total | 19,990 | |||
Accumulated Depreciation | 1,447 | |||
Date Acquired | 30-Sep-12 | |||
Real estate under operating lease | Retail facilities in Greenwood, IN and Buffalo, NY | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-03 | |||
Real estate under operating lease | Retail facilities in Greenwood, IN and Buffalo, NY | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-04 | |||
Real estate under operating lease | Retail facilities in Greenwood, IN and Buffalo, NY | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Retail facilities in Greenwood, IN and Buffalo, NY | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facilities in Bowling Green, KY and Jackson, TN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 6,758 | |||
Initial Cost | ||||
Land | 1,492 | |||
Buildings | 8,182 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,492 | |||
Buildings | 8,182 | |||
Total | 9,674 | |||
Accumulated Depreciation | 597 | |||
Date Acquired | 30-Sep-12 | |||
Real estate under operating lease | Industrial facilities in Bowling Green, KY and Jackson, TN | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-89 | |||
Real estate under operating lease | Industrial facilities in Bowling Green, KY and Jackson, TN | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-95 | |||
Real estate under operating lease | Industrial facilities in Bowling Green, KY and Jackson, TN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 34,473 | |||
Initial Cost | ||||
Land | 14,006 | |||
Buildings | 33,683 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,961 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 12,045 | |||
Buildings | 33,683 | |||
Total | 45,728 | |||
Accumulated Depreciation | 2,368 | |||
Date Acquired | 30-Sep-12 | |||
Real estate under operating lease | Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-88 | |||
Real estate under operating lease | Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-04 | |||
Real estate under operating lease | Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real estate under operating lease | Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 11,104 | |||
Initial Cost | ||||
Land | 6,559 | |||
Buildings | 19,078 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,559 | |||
Buildings | 19,078 | |||
Total | 25,637 | |||
Accumulated Depreciation | 1,381 | |||
Date Acquired | 30-Sep-12 | |||
Real estate under operating lease | Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 13,335 | |||
Initial Cost | ||||
Land | 6,080 | |||
Buildings | 23,424 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,080 | |||
Buildings | 23,424 | |||
Total | 29,504 | |||
Accumulated Depreciation | 1,682 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-90 | |||
Real estate under operating lease | Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-94 | |||
Real estate under operating lease | Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-00 | |||
Real estate under operating lease | Land in Kahl, Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 6,694 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -367 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,327 | |||
Buildings | 0 | |||
Total | 6,327 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 30-Sep-12 | |||
Real estate under operating lease | Sports facilities in Englewood, CO; Memphis TN; and Bedford, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 8,660 | |||
Initial Cost | ||||
Land | 4,877 | |||
Buildings | 4,258 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 4,823 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,877 | |||
Buildings | 9,081 | |||
Total | 13,958 | |||
Accumulated Depreciation | 628 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Sports facilities in Englewood, CO; Memphis TN; and Bedford, TX | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-90 | |||
Real estate under operating lease | Sports facilities in Englewood, CO; Memphis TN; and Bedford, TX | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-95 | |||
Real estate under operating lease | Sports facilities in Englewood, CO; Memphis TN; and Bedford, TX | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-01 | |||
Real estate under operating lease | Office facilities in Mons, Belgium | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 9,253 | |||
Initial Cost | ||||
Land | 1,505 | |||
Buildings | 6,026 | |||
Cost Capitalized Subsequent to Acquisition | 653 | |||
Increase (Decrease) in Net Investments | -481 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,423 | |||
Buildings | 6,280 | |||
Total | 7,703 | |||
Accumulated Depreciation | 410 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real estate under operating lease | Office facilities in Mons, Belgium | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-82 | |||
Real estate under operating lease | Office facilities in Mons, Belgium | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-83 | |||
Real estate under operating lease | Warehouse/distribution facilities in Oceanside, CA and Concordville, PA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 3,963 | |||
Initial Cost | ||||
Land | 3,333 | |||
Buildings | 8,270 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,333 | |||
Buildings | 8,270 | |||
Total | 11,603 | |||
Accumulated Depreciation | 595 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Oceanside, CA and Concordville, PA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-89 | |||
Real estate under operating lease | Warehouse/distribution facilities in Oceanside, CA and Concordville, PA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-96 | |||
Real estate under operating lease | Self-storage facilities located throughout the United States | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 74,551 | |||
Buildings | 319,186 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -50 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 74,501 | |||
Buildings | 319,186 | |||
Total | 393,687 | |||
Accumulated Depreciation | 22,739 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Warehouse/distribution facility in La Vista, NE | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 21,568 | |||
Initial Cost | ||||
Land | 4,196 | |||
Buildings | 23,148 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,196 | |||
Buildings | 23,148 | |||
Total | 27,344 | |||
Accumulated Depreciation | 1,555 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-05 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Office facility in Pleasanton, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 11,321 | |||
Initial Cost | ||||
Land | 3,675 | |||
Buildings | 7,468 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,675 | |||
Buildings | 7,468 | |||
Total | 11,143 | |||
Accumulated Depreciation | 531 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-00 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Office facility in San Marcos, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 440 | |||
Buildings | 688 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 440 | |||
Buildings | 688 | |||
Total | 1,128 | |||
Accumulated Depreciation | 49 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-00 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Office facilities in Espoo, Finland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 48,016 | |||
Initial Cost | ||||
Land | 40,555 | |||
Buildings | 15,662 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -3,077 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 38,335 | |||
Buildings | 14,805 | |||
Total | 53,140 | |||
Accumulated Depreciation | 1,049 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-72 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Office facility in Chicago, IL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 14,663 | |||
Initial Cost | ||||
Land | 2,169 | |||
Buildings | 19,010 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,169 | |||
Buildings | 19,010 | |||
Total | 21,179 | |||
Accumulated Depreciation | 1,340 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facility in Louisville, CO | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 8,743 | |||
Initial Cost | ||||
Land | 5,342 | |||
Buildings | 8,786 | |||
Cost Capitalized Subsequent to Acquisition | 1,587 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,481 | |||
Buildings | 10,234 | |||
Total | 15,715 | |||
Accumulated Depreciation | 701 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-93 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facilities in Hollywood and Orlando, FL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,639 | |||
Buildings | 1,269 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,639 | |||
Buildings | 1,269 | |||
Total | 4,908 | |||
Accumulated Depreciation | 89 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-96 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Warehouse/distribution facility in Golden, CO | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 808 | |||
Buildings | 4,304 | |||
Cost Capitalized Subsequent to Acquisition | 77 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 808 | |||
Buildings | 4,381 | |||
Total | 5,189 | |||
Accumulated Depreciation | 337 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-98 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Industrial facilities in Texarkana, TX and Orem, UT | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,755 | |||
Buildings | 4,493 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,755 | |||
Buildings | 4,493 | |||
Total | 6,248 | |||
Accumulated Depreciation | 317 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facilities in Texarkana, TX and Orem, UT | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-91 | |||
Real estate under operating lease | Industrial facilities in Texarkana, TX and Orem, UT | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-97 | |||
Real estate under operating lease | Industrial facility in Eugene, OR | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 4,554 | |||
Initial Cost | ||||
Land | 2,286 | |||
Buildings | 3,783 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,286 | |||
Buildings | 3,783 | |||
Total | 6,069 | |||
Accumulated Depreciation | 267 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-80 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facility in Neenah, WI | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 438 | |||
Buildings | 4,954 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 438 | |||
Buildings | 4,954 | |||
Total | 5,392 | |||
Accumulated Depreciation | 349 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facility in Neenah, WI | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-93 | |||
Real estate under operating lease | Industrial facility in South Jordan, UT | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 12,538 | |||
Initial Cost | ||||
Land | 2,183 | |||
Buildings | 11,340 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,183 | |||
Buildings | 11,340 | |||
Total | 13,523 | |||
Accumulated Depreciation | 799 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-95 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Warehouse/distribution facility in Ennis, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 2,430 | |||
Initial Cost | ||||
Land | 478 | |||
Buildings | 4,087 | |||
Cost Capitalized Subsequent to Acquisition | 145 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 478 | |||
Buildings | 4,232 | |||
Total | 4,710 | |||
Accumulated Depreciation | 332 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-89 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Land in Tucson, AZ; Garden Grove, CA; and Canton, MI | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 6,343 | |||
Buildings | 379 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -5,138 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,584 | |||
Buildings | 0 | |||
Total | 1,584 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 30-Sep-12 | |||
Real estate under operating lease | Retail facility in Braintree, MA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 3,256 | |||
Initial Cost | ||||
Land | 2,409 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 6,184 | |||
Increase (Decrease) in Net Investments | -1,403 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,006 | |||
Buildings | 6,184 | |||
Total | 7,190 | |||
Accumulated Depreciation | 173 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-94 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Office facility in Helsinki, Finland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 65,604 | |||
Initial Cost | ||||
Land | 26,560 | |||
Buildings | 20,735 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -2,589 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 25,106 | |||
Buildings | 19,600 | |||
Total | 44,706 | |||
Accumulated Depreciation | 1,367 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-69 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real estate under operating lease | Office facility in Paris, France | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 66,699 | |||
Initial Cost | ||||
Land | 23,387 | |||
Buildings | 43,450 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -3,659 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 22,107 | |||
Buildings | 41,071 | |||
Total | 63,178 | |||
Accumulated Depreciation | 2,822 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-75 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real estate under operating lease | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 130,556 | |||
Initial Cost | ||||
Land | 26,564 | |||
Buildings | 72,866 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -5,444 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 25,109 | |||
Buildings | 68,877 | |||
Total | 93,986 | |||
Accumulated Depreciation | 6,496 | |||
Date Acquired | 30-Sep-12 | |||
Real estate under operating lease | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real estate under operating lease | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real estate under operating lease | Office facility in Laupheim, Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,072 | |||
Buildings | 8,339 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -570 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,959 | |||
Buildings | 7,882 | |||
Total | 9,841 | |||
Accumulated Depreciation | 887 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-60 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Real estate under operating lease | Industrial facilities in Danbury, CT and Bedford, MA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 11,145 | |||
Initial Cost | ||||
Land | 3,519 | |||
Buildings | 16,329 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,519 | |||
Buildings | 16,329 | |||
Total | 19,848 | |||
Accumulated Depreciation | 1,228 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Real estate under operating lease | Industrial facilities in Danbury, CT and Bedford, MA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-65 | |||
Real estate under operating lease | Industrial facilities in Danbury, CT and Bedford, MA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-80 | |||
Real estate under operating lease | Office facility in Northfield, IL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 36,500 | |||
Initial Cost | ||||
Land | 18,979 | |||
Buildings | 40,063 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 18,979 | |||
Buildings | 40,063 | |||
Total | 59,042 | |||
Accumulated Depreciation | 2,574 | |||
Date Acquired | 31-Jan-13 | |||
Date of Construction | 31-Dec-90 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Venlo, Netherlands | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 10,154 | |||
Buildings | 18,590 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,873 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,492 | |||
Buildings | 17,379 | |||
Total | 26,871 | |||
Accumulated Depreciation | 853 | |||
Date Acquired | 30-Apr-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real estate under operating lease | Industrial and office facilities in Tampere, Finland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,309 | |||
Buildings | 37,153 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -2,665 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,126 | |||
Buildings | 34,671 | |||
Total | 36,797 | |||
Accumulated Depreciation | 1,753 | |||
Date Acquired | 30-Jun-13 | |||
Date of Construction | 31-Dec-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Quincy, MA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,316 | |||
Buildings | 21,537 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,316 | |||
Buildings | 21,537 | |||
Total | 23,853 | |||
Accumulated Depreciation | 915 | |||
Date Acquired | 30-Jun-13 | |||
Date of Construction | 31-Dec-89 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Salford, United Kingdom | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 30,012 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -209 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 29,803 | |||
Total | 29,803 | |||
Accumulated Depreciation | 1,020 | |||
Date Acquired | 30-Sep-13 | |||
Date of Construction | 31-Dec-97 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Lone Tree, CO | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,761 | |||
Buildings | 28,864 | |||
Cost Capitalized Subsequent to Acquisition | 662 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,761 | |||
Buildings | 29,526 | |||
Total | 34,287 | |||
Accumulated Depreciation | 890 | |||
Date Acquired | 30-Nov-13 | |||
Date of Construction | 31-Dec-01 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Sports facility in Houston, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 3,499 | |||
Initial Cost | ||||
Land | 2,430 | |||
Buildings | 2,270 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,430 | |||
Buildings | 2,270 | |||
Total | 4,700 | |||
Accumulated Depreciation | 92 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-95 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real estate under operating lease | Sports facility in St. Charles, MO | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,966 | |||
Buildings | 1,368 | |||
Cost Capitalized Subsequent to Acquisition | 80 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,966 | |||
Buildings | 1,448 | |||
Total | 3,414 | |||
Accumulated Depreciation | 47 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-87 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Sports facility in Salt Lake City, UT | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 3,015 | |||
Initial Cost | ||||
Land | 856 | |||
Buildings | 2,804 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 856 | |||
Buildings | 2,804 | |||
Total | 3,660 | |||
Accumulated Depreciation | 99 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-99 | |||
Real estate under operating lease | Land in Scottsdale, AZ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 10,869 | |||
Initial Cost | ||||
Land | 22,300 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 22,300 | |||
Buildings | 0 | |||
Total | 22,300 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Industrial facility in Aurora, CO | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 3,156 | |||
Initial Cost | ||||
Land | 737 | |||
Buildings | 2,609 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 737 | |||
Buildings | 2,609 | |||
Total | 3,346 | |||
Accumulated Depreciation | 76 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-85 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real estate under operating lease | Office facilities in Sunnyvale, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 55,241 | |||
Initial Cost | ||||
Land | 43,489 | |||
Buildings | 73,035 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 43,489 | |||
Buildings | 73,035 | |||
Total | 116,524 | |||
Accumulated Depreciation | 2,687 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Real estate under operating lease | Office facilities in Sunnyvale, CA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-93 | |||
Real estate under operating lease | Office facilities in Sunnyvale, CA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-95 | |||
Real estate under operating lease | Warehouse/distribution facility in Burlington, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,989 | |||
Buildings | 6,213 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,989 | |||
Buildings | 6,213 | |||
Total | 10,202 | |||
Accumulated Depreciation | 223 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-99 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | Industrial facility in Albuquerque, NM | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,467 | |||
Buildings | 3,476 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,467 | |||
Buildings | 3,476 | |||
Total | 5,943 | |||
Accumulated Depreciation | 120 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-93 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Warehouse/distribution facility in Champlin, MN and industrial facilities in Robbinsville, NJ; North Salt Lake, UT; and Radford, VA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,823 | |||
Initial Cost | ||||
Land | 10,601 | |||
Buildings | 17,626 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 10,601 | |||
Buildings | 17,626 | |||
Total | 28,227 | |||
Accumulated Depreciation | 616 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | Warehouse/distribution facility in Champlin, MN and industrial facilities in Robbinsville, NJ; North Salt Lake, UT; and Radford, VA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-81 | |||
Real estate under operating lease | Warehouse/distribution facility in Champlin, MN and industrial facilities in Robbinsville, NJ; North Salt Lake, UT; and Radford, VA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-95 | |||
Real estate under operating lease | Warehouse/distribution facility in Champlin, MN and industrial facilities in Robbinsville, NJ; North Salt Lake, UT; and Radford, VA | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-98 | |||
Real estate under operating lease | Industrial facilities in Murrysville, PA and Wylie, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,185 | |||
Buildings | 12,058 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,185 | |||
Buildings | 12,059 | |||
Total | 14,244 | |||
Accumulated Depreciation | 410 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Industrial facilities in Murrysville, PA and Wylie, TX | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-40 | |||
Real estate under operating lease | Industrial facilities in Murrysville, PA and Wylie, TX | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-01 | |||
Real estate under operating lease | Industrial facilities in Murrysville, PA and Wylie, TX | Minimum | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Industrial facilities in Murrysville, PA and Wylie, TX | Maximum | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Industrial facility in Welcome, NC | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 980 | |||
Buildings | 11,230 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 980 | |||
Buildings | 11,230 | |||
Total | 12,210 | |||
Accumulated Depreciation | 370 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-95 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 27,569 | |||
Initial Cost | ||||
Land | 4,005 | |||
Buildings | 44,192 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,005 | |||
Buildings | 44,192 | |||
Total | 48,197 | |||
Accumulated Depreciation | 1,694 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Real estate under operating lease | Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-11 | |||
Real estate under operating lease | Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-67 | |||
Real estate under operating lease | Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-82 | |||
Real estate under operating lease | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 21,050 | |||
Initial Cost | ||||
Land | 8,451 | |||
Buildings | 25,457 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 298 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,451 | |||
Buildings | 25,755 | |||
Total | 34,206 | |||
Accumulated Depreciation | 820 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-78 | |||
Real estate under operating lease | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-79 | |||
Real estate under operating lease | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-86 | |||
Real estate under operating lease | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 17 years | |||
Real estate under operating lease | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real estate under operating lease | Retail facility in Torrance, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 23,899 | |||
Initial Cost | ||||
Land | 8,412 | |||
Buildings | 12,241 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,412 | |||
Buildings | 12,241 | |||
Total | 20,653 | |||
Accumulated Depreciation | 458 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-73 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Real estate under operating lease | Office facility in Houston, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 3,605 | |||
Initial Cost | ||||
Land | 6,578 | |||
Buildings | 424 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,578 | |||
Buildings | 424 | |||
Total | 7,002 | |||
Accumulated Depreciation | 14 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-78 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Land in Doncaster, United Kingdom | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,257 | |||
Buildings | 4,248 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -7,144 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,361 | |||
Buildings | 0 | |||
Total | 1,361 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Warehouse/distribution facility in Norwich, CT | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 12,160 | |||
Initial Cost | ||||
Land | 3,885 | |||
Buildings | 21,342 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 2 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,885 | |||
Buildings | 21,344 | |||
Total | 25,229 | |||
Accumulated Depreciation | 691 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-60 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Warehouse/distribution facility in Norwich, CT | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,437 | |||
Buildings | 9,669 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,437 | |||
Buildings | 9,669 | |||
Total | 11,106 | |||
Accumulated Depreciation | 313 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-07 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Retail facility in Johnstown, PA and warehouse/distribution facility in Whitehall, PA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 7,435 | |||
Buildings | 9,093 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 17 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,435 | |||
Buildings | 9,110 | |||
Total | 16,545 | |||
Accumulated Depreciation | 360 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real estate under operating lease | Retail facility in Johnstown, PA and warehouse/distribution facility in Whitehall, PA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-86 | |||
Real estate under operating lease | Retail facility in Johnstown, PA and warehouse/distribution facility in Whitehall, PA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-92 | |||
Real estate under operating lease | Retail facilities in York, PA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 9,096 | |||
Initial Cost | ||||
Land | 3,776 | |||
Buildings | 10,092 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,776 | |||
Buildings | 10,092 | |||
Total | 13,868 | |||
Accumulated Depreciation | 297 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-92 | |||
Real estate under operating lease | Retail facilities in York, PA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | Retail facilities in York, PA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real estate under operating lease | Industrial facility in Pittsburgh, PA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,151 | |||
Buildings | 10,938 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,151 | |||
Buildings | 10,938 | |||
Total | 12,089 | |||
Accumulated Depreciation | 404 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-91 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Atlanta, GA; Cincinnati, OH; and Elkwood, VA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,356 | |||
Buildings | 4,121 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -711 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,998 | |||
Buildings | 3,768 | |||
Total | 8,766 | |||
Accumulated Depreciation | 102 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Atlanta, GA; Cincinnati, OH; and Elkwood, VA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-58 | |||
Real estate under operating lease | Warehouse/distribution facilities in Atlanta, GA; Cincinnati, OH; and Elkwood, VA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-75 | |||
Real estate under operating lease | Warehouse/distribution facility in Harrisburg, NC | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,753 | |||
Buildings | 5,840 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -111 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,642 | |||
Buildings | 5,840 | |||
Total | 7,482 | |||
Accumulated Depreciation | 205 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-00 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | Learning center in Nashville, TN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,555 | |||
Initial Cost | ||||
Land | 1,098 | |||
Buildings | 7,043 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,098 | |||
Buildings | 7,043 | |||
Total | 8,141 | |||
Accumulated Depreciation | 206 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-88 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Boé, Carpiquet, Lagnieu, Le Mans, Lieusaint, Lunéville, and Saint-Germain-du-Puy, France and land in Le Mans and Vendin-le-Vieil, France | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 53,492 | |||
Initial Cost | ||||
Land | 62,183 | |||
Buildings | 26,928 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -9,532 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 55,534 | |||
Buildings | 24,045 | |||
Total | 79,579 | |||
Accumulated Depreciation | 773 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Industrial facility in Chandler, AZ; industrial, office, and warehouse/distribution facilities in Englewood, CO; and land in Englewood, CO | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,898 | |||
Initial Cost | ||||
Land | 4,306 | |||
Buildings | 7,235 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 3 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,306 | |||
Buildings | 7,238 | |||
Total | 11,544 | |||
Accumulated Depreciation | 219 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Warehouse/distribution facility in Ringwood, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 1,411 | |||
Initial Cost | ||||
Land | 2,499 | |||
Buildings | 3,532 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -4,600 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 867 | |||
Buildings | 564 | |||
Total | 1,431 | |||
Accumulated Depreciation | 16 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-62 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real estate under operating lease | Industrial facility in Cynthiana, KY | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 2,741 | |||
Initial Cost | ||||
Land | 1,274 | |||
Buildings | 3,505 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 2 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,274 | |||
Buildings | 3,507 | |||
Total | 4,781 | |||
Accumulated Depreciation | 104 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-67 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facility in Columbia, SC | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 10,651 | |||
Initial Cost | ||||
Land | 2,843 | |||
Buildings | 11,886 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,843 | |||
Buildings | 11,886 | |||
Total | 14,729 | |||
Accumulated Depreciation | 481 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-62 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real estate under operating lease | Land in Midlothian, VA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 1,465 | |||
Initial Cost | ||||
Land | 2,824 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,824 | |||
Buildings | 0 | |||
Total | 2,824 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Residential facility in Laramie, WY | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 16,610 | |||
Initial Cost | ||||
Land | 1,966 | |||
Buildings | 18,896 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,966 | |||
Buildings | 18,896 | |||
Total | 20,862 | |||
Accumulated Depreciation | 1,057 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-07 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Office facility in Greenville, SC | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 9,121 | |||
Initial Cost | ||||
Land | 562 | |||
Buildings | 7,916 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 43 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 562 | |||
Buildings | 7,959 | |||
Total | 8,521 | |||
Accumulated Depreciation | 290 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-72 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Mendota, IL; Toppenish and Yakima, WA; and Plover, WI | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 10,079 | |||
Initial Cost | ||||
Land | 1,444 | |||
Buildings | 21,208 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,444 | |||
Buildings | 21,208 | |||
Total | 22,652 | |||
Accumulated Depreciation | 864 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-96 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real estate under operating lease | Industrial facility in Allen, TX and office facility in Sunnyvale, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 12,228 | |||
Initial Cost | ||||
Land | 9,297 | |||
Buildings | 24,086 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,297 | |||
Buildings | 24,086 | |||
Total | 33,383 | |||
Accumulated Depreciation | 712 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facility in Allen, TX and office facility in Sunnyvale, CA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-81 | |||
Real estate under operating lease | Industrial facility in Allen, TX and office facility in Sunnyvale, CA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-97 | |||
Real estate under operating lease | Industrial facilities in Hampton, NH | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 10,384 | |||
Initial Cost | ||||
Land | 8,990 | |||
Buildings | 7,362 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,990 | |||
Buildings | 7,362 | |||
Total | 16,352 | |||
Accumulated Depreciation | 222 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-76 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Industrial facilities located throughout France | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 23,649 | |||
Initial Cost | ||||
Land | 36,306 | |||
Buildings | 5,212 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -4,441 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 32,423 | |||
Buildings | 4,654 | |||
Total | 37,077 | |||
Accumulated Depreciation | 186 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real estate under operating lease | Retail facility in Fairfax, VA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,275 | |||
Initial Cost | ||||
Land | 3,402 | |||
Buildings | 16,353 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,402 | |||
Buildings | 16,353 | |||
Total | 19,755 | |||
Accumulated Depreciation | 567 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-98 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | Retail facility in Lombard, IL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,275 | |||
Initial Cost | ||||
Land | 5,087 | |||
Buildings | 8,578 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,087 | |||
Buildings | 8,578 | |||
Total | 13,665 | |||
Accumulated Depreciation | 298 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-99 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | Warehouse/distribution facility in Plainfield, IN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 21,073 | |||
Initial Cost | ||||
Land | 1,578 | |||
Buildings | 29,415 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,578 | |||
Buildings | 29,415 | |||
Total | 30,993 | |||
Accumulated Depreciation | 886 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-97 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Retail facility in Kennesaw, GA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 4,480 | |||
Initial Cost | ||||
Land | 2,849 | |||
Buildings | 6,180 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,849 | |||
Buildings | 6,180 | |||
Total | 9,029 | |||
Accumulated Depreciation | 214 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-99 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | Retail facility in Leawood, KS | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 9,394 | |||
Initial Cost | ||||
Land | 1,487 | |||
Buildings | 13,417 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,487 | |||
Buildings | 13,417 | |||
Total | 14,904 | |||
Accumulated Depreciation | 466 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-97 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | Office facility in Tolland, CT | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 8,336 | |||
Initial Cost | ||||
Land | 1,817 | |||
Buildings | 5,709 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 11 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,817 | |||
Buildings | 5,720 | |||
Total | 7,537 | |||
Accumulated Depreciation | 191 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-68 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Office and industrial facilities in Sankt Ingbert, Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,192 | |||
Initial Cost | ||||
Land | 1,140 | |||
Buildings | 7,442 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -918 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,018 | |||
Buildings | 6,646 | |||
Total | 7,664 | |||
Accumulated Depreciation | 186 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-92 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Lincolnton, NC and Mauldin, SC | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 10,166 | |||
Initial Cost | ||||
Land | 1,962 | |||
Buildings | 9,247 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,962 | |||
Buildings | 9,247 | |||
Total | 11,209 | |||
Accumulated Depreciation | 301 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Lincolnton, NC and Mauldin, SC | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-88 | |||
Real estate under operating lease | Warehouse/distribution facilities in Lincolnton, NC and Mauldin, SC | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-96 | |||
Real estate under operating lease | Retail facilities located throughout Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 310,842 | |||
Initial Cost | ||||
Land | 81,109 | |||
Buildings | 153,927 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -25,143 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 72,432 | |||
Buildings | 137,461 | |||
Total | 209,893 | |||
Accumulated Depreciation | 4,429 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Office facility in Southfield, MI | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,726 | |||
Buildings | 4,856 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,726 | |||
Buildings | 4,856 | |||
Total | 6,582 | |||
Accumulated Depreciation | 144 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-85 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Office facility in The Woodlands, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 21,481 | |||
Initial Cost | ||||
Land | 3,204 | |||
Buildings | 24,997 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,204 | |||
Buildings | 24,997 | |||
Total | 28,201 | |||
Accumulated Depreciation | 726 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-97 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real estate under operating lease | Industrial facility in Guelph, Canada | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,635 | |||
Initial Cost | ||||
Land | 2,151 | |||
Buildings | 1,750 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -150 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,068 | |||
Buildings | 1,683 | |||
Total | 3,751 | |||
Accumulated Depreciation | 49 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-02 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real estate under operating lease | Industrial facilities in Shah Alam, Malaysia | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 6,605 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 10,429 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -454 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 9,975 | |||
Total | 9,975 | |||
Accumulated Depreciation | 306 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real estate under operating lease | Industrial facilities in Shah Alam, Malaysia | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-89 | |||
Real estate under operating lease | Industrial facilities in Shah Alam, Malaysia | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-92 | |||
Real estate under operating lease | Warehouse/distribution facilities in Lam Luk Ka and Bang Pa-in, Thailand | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 13,002 | |||
Initial Cost | ||||
Land | 13,054 | |||
Buildings | 19,497 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 159 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 13,118 | |||
Buildings | 19,592 | |||
Total | 32,710 | |||
Accumulated Depreciation | 575 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Valdosta, GA and Johnson City, TN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 8,849 | |||
Initial Cost | ||||
Land | 1,080 | |||
Buildings | 14,998 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,080 | |||
Buildings | 14,998 | |||
Total | 16,078 | |||
Accumulated Depreciation | 516 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Valdosta, GA and Johnson City, TN | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-78 | |||
Real estate under operating lease | Warehouse/distribution facilities in Valdosta, GA and Johnson City, TN | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-98 | |||
Real estate under operating lease | Industrial facility in Amherst, NY | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 8,478 | |||
Initial Cost | ||||
Land | 674 | |||
Buildings | 7,971 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 674 | |||
Buildings | 7,971 | |||
Total | 8,645 | |||
Accumulated Depreciation | 325 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-84 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real estate under operating lease | Industrial and warehouse/distribution facilities in Westfield, MA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,922 | |||
Buildings | 9,755 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 9 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,922 | |||
Buildings | 9,764 | |||
Total | 11,686 | |||
Accumulated Depreciation | 325 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Industrial and warehouse/distribution facilities in Westfield, MA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-54 | |||
Real estate under operating lease | Industrial and warehouse/distribution facilities in Westfield, MA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-97 | |||
Real estate under operating lease | Warehouse/distribution facilities in Kottka, Finland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,389 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 8,546 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -914 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 7,632 | |||
Total | 7,632 | |||
Accumulated Depreciation | 319 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Warehouse/distribution facilities in Kottka, Finland | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-99 | |||
Real estate under operating lease | Warehouse/distribution facilities in Kottka, Finland | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-01 | |||
Real estate under operating lease | Warehouse/distribution facilities in Kottka, Finland | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Kottka, Finland | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real estate under operating lease | Office facility in Bloomington, MN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,942 | |||
Buildings | 7,155 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,942 | |||
Buildings | 7,155 | |||
Total | 10,097 | |||
Accumulated Depreciation | 231 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-88 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Warehouse/distribution facility in Gorinchem, Netherlands | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 4,479 | |||
Initial Cost | ||||
Land | 1,143 | |||
Buildings | 5,648 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -726 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,021 | |||
Buildings | 5,044 | |||
Total | 6,065 | |||
Accumulated Depreciation | 163 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-95 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Retail facility in Cresskill, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 6,368 | |||
Initial Cost | ||||
Land | 2,366 | |||
Buildings | 5,482 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 19 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,366 | |||
Buildings | 5,501 | |||
Total | 7,867 | |||
Accumulated Depreciation | 161 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-75 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Retail facility in Livingston, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,425 | |||
Initial Cost | ||||
Land | 2,932 | |||
Buildings | 2,001 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 14 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,932 | |||
Buildings | 2,015 | |||
Total | 4,947 | |||
Accumulated Depreciation | 68 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-66 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Retail facility in Maplewood, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 1,717 | |||
Initial Cost | ||||
Land | 845 | |||
Buildings | 647 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 4 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 845 | |||
Buildings | 651 | |||
Total | 1,496 | |||
Accumulated Depreciation | 22 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-54 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Retail facility in Montclair, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 4,574 | |||
Initial Cost | ||||
Land | 1,905 | |||
Buildings | 1,403 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 6 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,905 | |||
Buildings | 1,409 | |||
Total | 3,314 | |||
Accumulated Depreciation | 47 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-50 | |||
Real estate under operating lease | Retail facility in Morristown, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 11,111 | |||
Initial Cost | ||||
Land | 3,258 | |||
Buildings | 8,352 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 26 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,258 | |||
Buildings | 8,378 | |||
Total | 11,636 | |||
Accumulated Depreciation | 282 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-73 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Retail facility in Summit, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 2,771 | |||
Initial Cost | ||||
Land | 1,228 | |||
Buildings | 1,465 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 8 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,228 | |||
Buildings | 1,473 | |||
Total | 2,701 | |||
Accumulated Depreciation | 50 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-50 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,789 | |||
Buildings | 8,750 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,189 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,491 | |||
Buildings | 7,859 | |||
Total | 10,350 | |||
Accumulated Depreciation | 295 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Real estate under operating lease | Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | Dec 31, 1898 | |||
Real estate under operating lease | Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-56 | |||
Real estate under operating lease | Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-78 | |||
Real estate under operating lease | Industrial facilities in Georgetown, TX and Woodland, WA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 3,252 | |||
Initial Cost | ||||
Land | 965 | |||
Buildings | 4,113 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 965 | |||
Buildings | 4,113 | |||
Total | 5,078 | |||
Accumulated Depreciation | 112 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Industrial facilities in Georgetown, TX and Woodland, WA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-98 | |||
Real estate under operating lease | Industrial facilities in Georgetown, TX and Woodland, WA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-01 | |||
Real estate under operating lease | Industrial facilities in Georgetown, TX and Woodland, WA | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-05 | |||
Real estate under operating lease | Industrial facilities in Georgetown, TX and Woodland, WA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Industrial facilities in Georgetown, TX and Woodland, WA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real estate under operating lease | Learning centers in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,365 | |||
Buildings | 7,845 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 5 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,365 | |||
Buildings | 7,850 | |||
Total | 13,215 | |||
Accumulated Depreciation | 258 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Industrial facility in Ylämylly, Finland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 8,195 | |||
Initial Cost | ||||
Land | 1,669 | |||
Buildings | 6,034 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -825 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,490 | |||
Buildings | 5,388 | |||
Total | 6,878 | |||
Accumulated Depreciation | 145 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-99 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real estate under operating lease | Industrial facility in Salisbury, NC | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 6,653 | |||
Initial Cost | ||||
Land | 1,499 | |||
Buildings | 8,185 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,499 | |||
Buildings | 8,185 | |||
Total | 9,684 | |||
Accumulated Depreciation | 270 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-00 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 3,851 | |||
Initial Cost | ||||
Land | 2,831 | |||
Buildings | 10,565 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,831 | |||
Buildings | 10,565 | |||
Total | 13,396 | |||
Accumulated Depreciation | 355 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-70 | |||
Real estate under operating lease | Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-91 | |||
Real estate under operating lease | Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-95 | |||
Real estate under operating lease | Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Industrial facility in Cambridge, Canada | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,849 | |||
Buildings | 7,371 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -354 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,778 | |||
Buildings | 7,088 | |||
Total | 8,866 | |||
Accumulated Depreciation | 207 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-01 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 13,147 | |||
Initial Cost | ||||
Land | 2,962 | |||
Buildings | 17,832 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,962 | |||
Buildings | 17,832 | |||
Total | 20,794 | |||
Accumulated Depreciation | 522 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facility in Ramos Arizpe, Mexico | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,059 | |||
Buildings | 2,886 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,059 | |||
Buildings | 2,886 | |||
Total | 3,945 | |||
Accumulated Depreciation | 84 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-00 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facilities in Salt Lake City, UT | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,078 | |||
Initial Cost | ||||
Land | 2,783 | |||
Buildings | 3,773 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,783 | |||
Buildings | 3,773 | |||
Total | 6,556 | |||
Accumulated Depreciation | 110 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Industrial facilities in Salt Lake City, UT | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facilities in Salt Lake City, UT | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Residential facility in Blairsville, PA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 12,858 | |||
Initial Cost | ||||
Land | 1,631 | |||
Buildings | 23,163 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,631 | |||
Buildings | 23,163 | |||
Total | 24,794 | |||
Accumulated Depreciation | 1,163 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-05 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Industrial facility in Nashville, TN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,078 | |||
Buildings | 5,619 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,078 | |||
Buildings | 5,619 | |||
Total | 6,697 | |||
Accumulated Depreciation | 240 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-62 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | |||
Real estate under operating lease | Office facility in Lafayette, LA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 1,816 | |||
Initial Cost | ||||
Land | 1,048 | |||
Buildings | 1,507 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,048 | |||
Buildings | 1,507 | |||
Total | 2,555 | |||
Accumulated Depreciation | 51 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-95 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Atlanta, Doraville, and Rockmart, GA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 55,849 | |||
Initial Cost | ||||
Land | 6,488 | |||
Buildings | 77,192 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,488 | |||
Buildings | 77,192 | |||
Total | 83,680 | |||
Accumulated Depreciation | 2,473 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Warehouse/distribution facilities in Atlanta, Doraville, and Rockmart, GA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-59 | |||
Real estate under operating lease | Warehouse/distribution facilities in Atlanta, Doraville, and Rockmart, GA | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-62 | |||
Real estate under operating lease | Warehouse/distribution facilities in Atlanta, Doraville, and Rockmart, GA | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-91 | |||
Real estate under operating lease | Warehouse/distribution facilities in Atlanta, Doraville, and Rockmart, GA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Atlanta, Doraville, and Rockmart, GA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Flora, MS and Muskogee, OK | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 3,475 | |||
Initial Cost | ||||
Land | 554 | |||
Buildings | 4,353 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 554 | |||
Buildings | 4,353 | |||
Total | 4,907 | |||
Accumulated Depreciation | 122 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Flora, MS and Muskogee, OK | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-92 | |||
Real estate under operating lease | Warehouse/distribution facilities in Flora, MS and Muskogee, OK | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-02 | |||
Real estate under operating lease | Industrial facility in Richmond, MO | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,156 | |||
Initial Cost | ||||
Land | 2,211 | |||
Buildings | 8,505 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,211 | |||
Buildings | 8,505 | |||
Total | 10,716 | |||
Accumulated Depreciation | 282 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-96 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Warehouse/distribution facility in Dallas, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 6,261 | |||
Initial Cost | ||||
Land | 468 | |||
Buildings | 8,042 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 468 | |||
Buildings | 8,042 | |||
Total | 8,510 | |||
Accumulated Depreciation | 311 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-97 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Real estate under operating lease | Industrial facility in Tuusula, Finland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 6,173 | |||
Buildings | 10,321 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,764 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,513 | |||
Buildings | 9,217 | |||
Total | 14,730 | |||
Accumulated Depreciation | 330 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-75 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | Office facility in Turku, Finland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 27,922 | |||
Initial Cost | ||||
Land | 5,343 | |||
Buildings | 34,106 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -4,221 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,771 | |||
Buildings | 30,457 | |||
Total | 35,228 | |||
Accumulated Depreciation | 1,000 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-81 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Industrial facility in Turku, Finland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,165 | |||
Initial Cost | ||||
Land | 1,105 | |||
Buildings | 10,243 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,197 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 987 | |||
Buildings | 9,164 | |||
Total | 10,151 | |||
Accumulated Depreciation | 302 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-81 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Industrial facility in Baraboo, WI | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 917 | |||
Buildings | 10,663 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 917 | |||
Buildings | 10,663 | |||
Total | 11,580 | |||
Accumulated Depreciation | 742 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-88 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 13 years | |||
Real estate under operating lease | Warehouse/distribution facility in Phoenix, AZ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 19,408 | |||
Initial Cost | ||||
Land | 6,747 | |||
Buildings | 21,352 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,747 | |||
Buildings | 21,352 | |||
Total | 28,099 | |||
Accumulated Depreciation | 703 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-96 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Land in Calgary, Canada | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,721 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -143 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,578 | |||
Buildings | 0 | |||
Total | 3,578 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Industrial facilities in Sandersville, GA; Erwin, TN; and Gainsville, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 2,580 | |||
Initial Cost | ||||
Land | 955 | |||
Buildings | 4,779 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 955 | |||
Buildings | 4,779 | |||
Total | 5,734 | |||
Accumulated Depreciation | 141 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facilities in Sandersville, GA; Erwin, TN; and Gainsville, TX | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-50 | |||
Real estate under operating lease | Industrial facilities in Sandersville, GA; Erwin, TN; and Gainsville, TX | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-86 | |||
Real estate under operating lease | Industrial facilities in Sandersville, GA; Erwin, TN; and Gainsville, TX | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-96 | |||
Real estate under operating lease | Industrial facility in Buffalo Grove, IL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,847 | |||
Initial Cost | ||||
Land | 1,492 | |||
Buildings | 12,233 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,492 | |||
Buildings | 12,233 | |||
Total | 13,725 | |||
Accumulated Depreciation | 362 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-96 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facility in Glasgow, United Kingdom | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,507 | |||
Initial Cost | ||||
Land | 1,460 | |||
Buildings | 4,069 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -331 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,372 | |||
Buildings | 3,826 | |||
Total | 5,198 | |||
Accumulated Depreciation | 111 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-00 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real estate under operating lease | Warehouse/distribution facility in Spanish Fork, UT | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,254 | |||
Initial Cost | ||||
Land | 991 | |||
Buildings | 7,901 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 991 | |||
Buildings | 7,901 | |||
Total | 8,892 | |||
Accumulated Depreciation | 221 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-01 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Industrial, office, and warehouse/distribution facilities in Perris, CA; Eugene, OR; West Jordan, UT; and Tacoma, WA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 8,989 | |||
Buildings | 5,435 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 8 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,989 | |||
Buildings | 5,443 | |||
Total | 14,432 | |||
Accumulated Depreciation | 177 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real estate under operating lease | Office facility in Carlsbad, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,230 | |||
Buildings | 5,492 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,230 | |||
Buildings | 5,492 | |||
Total | 8,722 | |||
Accumulated Depreciation | 213 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-99 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Real estate under operating lease | Land in Pensacola, FL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 1,025 | |||
Initial Cost | ||||
Land | 1,746 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,746 | |||
Buildings | 0 | |||
Total | 1,746 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Movie theater in Port St. Lucie, FL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,559 | |||
Initial Cost | ||||
Land | 4,654 | |||
Buildings | 2,576 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,654 | |||
Buildings | 2,576 | |||
Total | 7,230 | |||
Accumulated Depreciation | 86 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-00 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Movie theater in Hickory Creek, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,693 | |||
Buildings | 3,342 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,693 | |||
Buildings | 3,342 | |||
Total | 5,035 | |||
Accumulated Depreciation | 114 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-00 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Industrial facility in Nurieux-Volognat, France | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 121 | |||
Buildings | 5,328 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -474 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 108 | |||
Buildings | 4,867 | |||
Total | 4,975 | |||
Accumulated Depreciation | 138 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-00 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real estate under operating lease | Warehouse/distribution facility in Suwanee, GA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 15,559 | |||
Initial Cost | ||||
Land | 2,330 | |||
Buildings | 8,406 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,330 | |||
Buildings | 8,406 | |||
Total | 10,736 | |||
Accumulated Depreciation | 227 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-95 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real estate under operating lease | Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse/distribution facility in Wichita, KS | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,607 | |||
Initial Cost | ||||
Land | 1,878 | |||
Buildings | 8,579 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,878 | |||
Buildings | 8,579 | |||
Total | 10,457 | |||
Accumulated Depreciation | 335 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Real estate under operating lease | Industrial facilities in Fort Dodge, IN and Menomonie and Oconomowoc, WI | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 8,931 | |||
Initial Cost | ||||
Land | 1,403 | |||
Buildings | 11,098 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,403 | |||
Buildings | 11,098 | |||
Total | 12,501 | |||
Accumulated Depreciation | 623 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-96 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 16 years | |||
Real estate under operating lease | Industrial facility in Mesa, AZ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 4,990 | |||
Initial Cost | ||||
Land | 2,888 | |||
Buildings | 4,282 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,888 | |||
Buildings | 4,282 | |||
Total | 7,170 | |||
Accumulated Depreciation | 144 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-91 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Industrial facility in North Amityville, NY | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 8,025 | |||
Initial Cost | ||||
Land | 3,486 | |||
Buildings | 11,413 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,486 | |||
Buildings | 11,413 | |||
Total | 14,899 | |||
Accumulated Depreciation | 401 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-81 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Greenville, SC | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 567 | |||
Buildings | 10,217 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 15 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 567 | |||
Buildings | 10,232 | |||
Total | 10,799 | |||
Accumulated Depreciation | 454 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-60 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | |||
Real estate under operating lease | Industrial facility in Fort Collins, CO | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,894 | |||
Initial Cost | ||||
Land | 821 | |||
Buildings | 7,236 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 821 | |||
Buildings | 7,236 | |||
Total | 8,057 | |||
Accumulated Depreciation | 202 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-93 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Office facility in Piscataway, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,984 | |||
Buildings | 34,165 | |||
Cost Capitalized Subsequent to Acquisition | 13,195 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,984 | |||
Buildings | 47,360 | |||
Total | 52,344 | |||
Accumulated Depreciation | 1,098 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-68 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Land in Elk Grove Village, IL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 1,767 | |||
Initial Cost | ||||
Land | 4,037 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,037 | |||
Buildings | 0 | |||
Total | 4,037 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Office facilities in Washington, MI | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 26,751 | |||
Initial Cost | ||||
Land | 4,085 | |||
Buildings | 7,496 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,085 | |||
Buildings | 7,496 | |||
Total | 11,581 | |||
Accumulated Depreciation | 209 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Office facilities in Washington, MI | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-87 | |||
Real estate under operating lease | Office facilities in Washington, MI | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-90 | |||
Real estate under operating lease | Office facility in Houston, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 522 | |||
Buildings | 7,448 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 522 | |||
Buildings | 7,448 | |||
Total | 7,970 | |||
Accumulated Depreciation | 256 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-99 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,057 | |||
Initial Cost | ||||
Land | 4,049 | |||
Buildings | 13,021 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 133 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,049 | |||
Buildings | 13,154 | |||
Total | 17,203 | |||
Accumulated Depreciation | 643 | |||
Date Acquired | 31-Jan-14 | |||
Real estate under operating lease | Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 12 years | |||
Real estate under operating lease | Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 22 years | |||
Real estate under operating lease | Learning center in Sacramento, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 27,639 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 13,715 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 13,715 | |||
Total | 13,715 | |||
Accumulated Depreciation | 375 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-05 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real estate under operating lease | Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,138 | |||
Buildings | 8,387 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 43 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,138 | |||
Buildings | 8,430 | |||
Total | 13,568 | |||
Accumulated Depreciation | 278 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real estate under operating lease | Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-69 | |||
Real estate under operating lease | Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-74 | |||
Real estate under operating lease | Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-84 | |||
Real estate under operating lease | Office facility in Tinton Falls, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,220 | |||
Initial Cost | ||||
Land | 1,958 | |||
Buildings | 7,993 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,958 | |||
Buildings | 7,993 | |||
Total | 9,951 | |||
Accumulated Depreciation | 239 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-01 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real estate under operating lease | Industrial facility in Woodland, WA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 707 | |||
Buildings | 1,562 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 707 | |||
Buildings | 1,562 | |||
Total | 2,269 | |||
Accumulated Depreciation | 41 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-09 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Gyál and Herceghalom, Hungary | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 39,054 | |||
Initial Cost | ||||
Land | 14,601 | |||
Buildings | 21,915 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -3,906 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 13,039 | |||
Buildings | 19,571 | |||
Total | 32,610 | |||
Accumulated Depreciation | 875 | |||
Date Acquired | 31-Jan-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | |||
Real estate under operating lease | Warehouse/distribution facilities in Gyál and Herceghalom, Hungary | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-02 | |||
Real estate under operating lease | Warehouse/distribution facilities in Gyál and Herceghalom, Hungary | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-04 | |||
Real estate under operating lease | Industrial facility in Windsor, CT | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 453 | |||
Buildings | 637 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 453 | |||
Buildings | 637 | |||
Total | 1,090 | |||
Accumulated Depreciation | 17 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-99 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real estate under operating lease | Industrial facility in Aurora, CO | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 2,900 | |||
Initial Cost | ||||
Land | 574 | |||
Buildings | 3,999 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 574 | |||
Buildings | 3,999 | |||
Total | 4,573 | |||
Accumulated Depreciation | 93 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Chandler, AZ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,318 | |||
Buildings | 27,551 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,318 | |||
Buildings | 27,551 | |||
Total | 32,869 | |||
Accumulated Depreciation | 599 | |||
Date Acquired | 31-Mar-14 | |||
Date of Construction | 31-Dec-08 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Warehouse/distribution facility in University Park, IL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 7,962 | |||
Buildings | 32,756 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,962 | |||
Buildings | 32,756 | |||
Total | 40,718 | |||
Accumulated Depreciation | 617 | |||
Date Acquired | 31-May-14 | |||
Date of Construction | 31-Dec-08 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Stavanger, Norway | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 10,296 | |||
Buildings | 91,744 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -15,978 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,684 | |||
Buildings | 77,378 | |||
Total | 86,062 | |||
Accumulated Depreciation | 824 | |||
Date Acquired | 31-Aug-14 | |||
Date of Construction | 31-Dec-75 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Westborough, MA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,409 | |||
Buildings | 37,914 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,409 | |||
Buildings | 37,914 | |||
Total | 41,323 | |||
Accumulated Depreciation | 339 | |||
Date Acquired | 31-Aug-14 | |||
Date of Construction | 31-Dec-92 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Andover, MA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,980 | |||
Buildings | 45,120 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,980 | |||
Buildings | 45,120 | |||
Total | 49,100 | |||
Accumulated Depreciation | 281 | |||
Date Acquired | 31-Oct-14 | |||
Date of Construction | 31-Dec-99 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Office facility in Newport, United Kingdom | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 22,587 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -767 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 21,820 | |||
Total | 21,820 | |||
Accumulated Depreciation | 137 | |||
Date Acquired | 31-Oct-14 | |||
Date of Construction | 31-Dec-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Industrial facilities located throughout Australia | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 30,455 | |||
Buildings | 94,724 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -8,671 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 28,211 | |||
Buildings | 88,297 | |||
Total | 116,508 | |||
Accumulated Depreciation | 952 | |||
Date Acquired | 31-Oct-14 | |||
Real estate under operating lease | Industrial facility in Lewisburg, OH | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,627 | |||
Buildings | 13,721 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,627 | |||
Buildings | 13,721 | |||
Total | 15,348 | |||
Accumulated Depreciation | 64 | |||
Date Acquired | 30-Nov-14 | |||
Date of Construction | 31-Dec-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real estate under operating lease | Industrial facility in Opole, Poland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,151 | |||
Buildings | 21,438 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -527 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,103 | |||
Buildings | 20,959 | |||
Total | 23,062 | |||
Accumulated Depreciation | 33 | |||
Date Acquired | 31-Dec-14 | |||
Date of Construction | 31-Dec-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Real estate under operating lease | Office facilities located throughout Spain | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 51,778 | |||
Buildings | 257,624 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -3,995 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 51,110 | |||
Buildings | 254,297 | |||
Total | 305,407 | |||
Accumulated Depreciation | 217 | |||
Date Acquired | 31-Dec-14 | |||
Direct financing method | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 202,404 | |||
Initial Cost | ||||
Land | 110,357 | |||
Buildings | 764,077 | |||
Cost Capitalized Subsequent to Acquisition | 9 | |||
Increase (Decrease) in Net Investments | -58,217 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 816,226 | |||
Direct financing method | Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, North Carolina, and Texas | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 16,416 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -4,164 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 12,252 | |||
Date Acquired | 31-Jan-98 | |||
Direct financing method | Industrial facilities in Glendora, CA and Romulus, MI | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 454 | |||
Buildings | 13,251 | |||
Cost Capitalized Subsequent to Acquisition | 9 | |||
Increase (Decrease) in Net Investments | -3,092 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 10,622 | |||
Date Acquired | 31-Jan-98 | |||
Direct financing method | Industrial facilities in Glendora, CA and Romulus, MI | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-50 | |||
Direct financing method | Industrial facilities in Glendora, CA and Romulus, MI | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-70 | |||
Direct financing method | Industrial facilities in Irving and Houston, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 18,720 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 27,599 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -3,932 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 23,667 | |||
Date Acquired | 31-Jan-98 | |||
Direct financing method | Industrial facilities in Irving and Houston, TX | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-78 | |||
Direct financing method | Learning centers in Tucson, AZ; Garden Grove, CA; and Canton, MI | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 7,840 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -6,030 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 1,810 | |||
Date Acquired | 30-Sep-12 | |||
Direct financing method | Retail facility in Freehold, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 8,153 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 17,067 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -72 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 16,995 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-04 | |||
Direct financing method | Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 4,625 | |||
Initial Cost | ||||
Land | 2,089 | |||
Buildings | 14,211 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -214 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 16,086 | |||
Date Acquired | 30-Sep-12 | |||
Direct financing method | Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-69 | |||
Direct financing method | Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-96 | |||
Direct financing method | Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-00 | |||
Direct financing method | Retail facilities in Osnabruck, Borken, Bunde, Arnstadt, Dorsten, Duisburg, Freiberg, Leimbach-Kaiserro, Monheim, Oberhausen, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, Wuppertal, and Monheim, Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 28,734 | |||
Buildings | 145,854 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -9,767 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 164,821 | |||
Date Acquired | 30-Sep-12 | |||
Direct financing method | Warehouse/distribution facility in Brierley Hill, United Kingdom | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 10,047 | |||
Initial Cost | ||||
Land | 2,147 | |||
Buildings | 12,357 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -85 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 14,419 | |||
Date Acquired | 30-Sep-12 | |||
Direct financing method | Warehouse/distribution facility in Brierley Hill, United Kingdom | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-96 | |||
Direct financing method | Warehouse/distribution and industrial facilities in Mesquite, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 6,527 | |||
Initial Cost | ||||
Land | 2,851 | |||
Buildings | 15,899 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -556 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 18,194 | |||
Date Acquired | 30-Sep-12 | |||
Direct financing method | Warehouse/distribution and industrial facilities in Mesquite, TX | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-61 | |||
Direct financing method | Warehouse/distribution and industrial facilities in Mesquite, TX | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-72 | |||
Direct financing method | Warehouse/distribution and industrial facilities in Mesquite, TX | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-75 | |||
Direct financing method | Industrial facility in Rochester, MN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 4,477 | |||
Initial Cost | ||||
Land | 881 | |||
Buildings | 17,039 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -113 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 17,807 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-97 | |||
Direct financing method | Office facility in Irvine, CA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 6,560 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 17,027 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -291 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 16,736 | |||
Date Acquired | 30-Sep-12 | |||
Direct financing method | Office facility in Irvine, CA | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-81 | |||
Direct financing method | Industrial facility in Brownwood, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 722 | |||
Buildings | 6,268 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 6,990 | |||
Date Acquired | 30-Sep-12 | |||
Date of Construction | 31-Dec-64 | |||
Direct financing method | Office facility in Scottsdale, AZ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 21,165 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 43,570 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -146 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 43,424 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-77 | |||
Direct financing method | Retail facilities in El Paso, Fabens, and Socorro, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 12,858 | |||
Initial Cost | ||||
Land | 4,777 | |||
Buildings | 17,823 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 3 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 22,603 | |||
Date Acquired | 31-Jan-14 | |||
Direct financing method | Industrial facility in Dallas, TX | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,190 | |||
Buildings | 10,010 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 13,200 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-68 | |||
Direct financing method | Industrial facility in Eagan, MN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,269 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 11,548 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -19 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 11,529 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-75 | |||
Direct financing method | Industrial facilities in Albemarle and Old Fort, NC; Holmesville, OH; and Springfield, TN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 9,287 | |||
Initial Cost | ||||
Land | 6,542 | |||
Buildings | 20,668 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -38 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 27,172 | |||
Date Acquired | 31-Jan-14 | |||
Direct financing method | Movie theater in Midlothian, VA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 8,649 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 16,546 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 127 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 16,673 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-00 | |||
Direct financing method | Industrial facilities located throughout France | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 16,197 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 27,270 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -2,004 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 25,266 | |||
Date Acquired | 31-Jan-14 | |||
Direct financing method | Retail facility in Gronau, Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 6,326 | |||
Initial Cost | ||||
Land | 281 | |||
Buildings | 4,401 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -500 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 4,182 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-89 | |||
Direct financing method | Industrial and office facilities in Marktheidenfeld, Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,629 | |||
Buildings | 22,396 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -2,827 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 21,198 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-02 | |||
Direct financing method | Industrial and warehouse/distribution facilities in Newbridge, United Kingdom | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 12,723 | |||
Initial Cost | ||||
Land | 6,851 | |||
Buildings | 22,868 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,981 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 27,738 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-98 | |||
Direct financing method | Learning center in Mooresville, NC | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 4,136 | |||
Initial Cost | ||||
Land | 1,795 | |||
Buildings | 15,955 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 2 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 17,752 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-02 | |||
Direct financing method | Industrial facility in Mount Carmel, IL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 135 | |||
Buildings | 3,265 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 28 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 3,428 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | Dec 31, 1896 | |||
Direct financing method | Industrial, office, and warehouse/distribution facilities in Bad Hersfeld, Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 21,945 | |||
Initial Cost | ||||
Land | 15,287 | |||
Buildings | 29,292 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -4,764 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 39,815 | |||
Date Acquired | 31-Jan-14 | |||
Direct financing method | Retail facility in Vantaa, Finland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,291 | |||
Buildings | 15,522 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -2,225 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 18,588 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-04 | |||
Direct financing method | Retail facility in Linkoping, Sweden | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,484 | |||
Buildings | 9,402 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,813 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 9,073 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-04 | |||
Direct financing method | Industrial facility in Calgary, Canada | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 7,076 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -268 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 6,808 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-65 | |||
Direct financing method | Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 11,650 | |||
Initial Cost | ||||
Land | 5,780 | |||
Buildings | 40,860 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -42 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 46,598 | |||
Date Acquired | 31-Jan-14 | |||
Direct financing method | Industrial and office facilities in Leeds, United Kingdom | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,712 | |||
Buildings | 16,501 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -953 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 18,260 | |||
Date Acquired | 31-Jan-14 | |||
Direct financing method | Industrial and office facilities in Leeds, United Kingdom | Date of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-50 | |||
Direct financing method | Industrial and office facilities in Leeds, United Kingdom | Date of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-60 | |||
Direct financing method | Industrial and office facilities in Leeds, United Kingdom | Date of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-80 | |||
Direct financing method | Movie theater in Pensacola, FL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 7,647 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 13,034 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -4 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 13,030 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-01 | |||
Direct financing method | Industrial facility in Monheim, Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,939 | |||
Buildings | 7,379 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,112 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 9,206 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-81 | |||
Direct financing method | Industrial facility in Göppingen, Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 10,717 | |||
Buildings | 60,120 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -7,826 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 63,011 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-30 | |||
Direct financing method | Warehouse/distribution facility in Elk Grove Village, IL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 3,443 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 7,863 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 2 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 7,865 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-80 | |||
Direct financing method | Industrial facility in Sankt Ingbert, Germany | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,786 | |||
Buildings | 26,902 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -3,301 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 26,387 | |||
Date Acquired | 31-Jan-14 | |||
Date of Construction | 31-Dec-60 | |||
Direct financing method | Industrial facility in New South Wales, Australia | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 283 | |||
Buildings | 2,978 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -240 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 3,021 | |||
Date Acquired | 31-Oct-14 | |||
Date of Construction | 31-Dec-70 | |||
Operating real estate | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 48,813 | |||
Initial Cost | ||||
Land | 10,790 | |||
Buildings | 80,076 | |||
Personal property | 7,269 | |||
Cost Capitalized Subsequent to Acquisition | 439 | |||
Increase (Decrease) in Net Investments | -13,689 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,074 | |||
Buildings | 70,542 | |||
Personal property | 7,269 | |||
Total | 84,885 | 6,024 | 99,703 | 109,875 |
Accumulated Depreciation | 4,866 | 882 | 19,993 | 17,121 |
Operating real estate | Hotel in Bloomington, MN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 19,287 | |||
Initial Cost | ||||
Land | 3,810 | |||
Buildings | 29,126 | |||
Personal property | 3,622 | |||
Cost Capitalized Subsequent to Acquisition | 80 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,857 | |||
Buildings | 29,159 | |||
Personal property | 3,622 | |||
Total | 36,638 | |||
Accumulated Depreciation | 1,523 | |||
Date Acquired | 31-Dec-14 | |||
Date of Construction | 31-Dec-08 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Operating real estate | hotel in Memphis, TN | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 27,806 | |||
Initial Cost | ||||
Land | 2,120 | |||
Buildings | 36,594 | |||
Personal property | 3,647 | |||
Cost Capitalized Subsequent to Acquisition | 35 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,120 | |||
Buildings | 36,629 | |||
Personal property | 3,647 | |||
Total | 42,396 | |||
Accumulated Depreciation | 2,264 | |||
Date Acquired | 31-Dec-14 | |||
Date of Construction | 31-Dec-85 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 22 years | |||
Operating real estate | Self-storage facility in Taunton, MA | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,300 | |||
Buildings | 12,274 | |||
Personal property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 303 | |||
Increase (Decrease) in Net Investments | -13,689 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 537 | |||
Buildings | 2,651 | |||
Personal property | 0 | |||
Total | 3,188 | |||
Accumulated Depreciation | 781 | |||
Date Acquired | 31-Dec-06 | |||
Date of Construction | 31-Dec-01 | |||
Operating real estate | Self-storage facility in Taunton, MA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating real estate | Self-storage facility in Pensacola, FL | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 1,720 | |||
Initial Cost | ||||
Land | 560 | |||
Buildings | 2,082 | |||
Personal property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 21 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 560 | |||
Buildings | 2,103 | |||
Personal property | 0 | |||
Total | 2,663 | |||
Accumulated Depreciation | $298 | |||
Date Acquired | 30-Sep-10 | |||
Date of Construction | 31-Dec-04 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years |
Schedule_IIIReal_Estate_and_Ac3
Schedule III-Real Estate and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real estate subject to operating leases | |||
Rollforward of Carrying Amounts of Real Estate Investments | |||
Beginning balance | $2,506,804 | $2,331,613 | $646,482 |
Additions | 2,785,863 | 216,422 | 1,776,628 |
Improvements | 18,474 | 7,422 | 815 |
Dispositions | -137,018 | -8,347 | -75,548 |
Foreign currency translation adjustment | -157,262 | 26,729 | 13,263 |
Reclassification to assets held for sale | -33,162 | -72,827 | -17,681 |
Reclassification from direct financing lease | 13,663 | 13,952 | 0 |
Reclassification from real estate under construction | 0 | 2,875 | 0 |
Impairment charges | -20,677 | -11,035 | -12,346 |
Ending balance | 4,976,685 | 2,506,804 | 2,331,613 |
Rollforward of Accumulated Depreciation of Real Estate Investments | |||
Beginning balance | 168,076 | 116,075 | 118,054 |
Depreciation expense | 112,758 | 60,470 | 24,302 |
Dispositions | -20,740 | -533 | -22,947 |
Foreign currency translation adjustment | -5,318 | 1,194 | 358 |
Relcassification from (to) equity investment, direct financing lease, intangible assets or assets held for sale | -1,149 | -9,130 | -3,692 |
Ending Balance | 253,627 | 168,076 | 116,075 |
Operating real estate | |||
Rollforward of Carrying Amounts of Real Estate Investments | |||
Beginning balance | 6,024 | 99,703 | 109,875 |
Additions | 78,423 | 0 | 0 |
Improvements | 438 | 706 | 295 |
Dispositions | 0 | -93,314 | 0 |
Impairment charges | 0 | -1,071 | -10,467 |
Ending balance | 84,885 | 6,024 | 99,703 |
Rollforward of Accumulated Depreciation of Real Estate Investments | |||
Beginning balance | 882 | 19,993 | 17,121 |
Depreciation expense | 3,984 | 2,242 | 2,872 |
Dispositions | 0 | -21,353 | 0 |
Ending Balance | $4,866 | $882 | $19,993 |
Schedule_IV_Mortgage_Loan_on_R1
Schedule IV - Mortgage Loan on Real Estate Schedule IV - Mortgage Loan on Real Estate (Narratives) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Mortgage Loans on Real Estate [Abstract] | |
Discount on receivables | $0.30 |
Schedule_IV_Mortgage_Loan_on_R2
Schedule IV - Mortgage Loan on Real Estate Schedule IV - Mortgage Loan on Real Estate (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Mortgage Loans on Real Estate | |||
Interest Rate | 0.00% | 4.20% | |
Fair Value | $19,604 | ||
Carrying Amount | 20,848 | ||
Production Resource Group | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 7.90% | ||
Final Maturity Date | 31-Mar-29 | ||
Fair Value | 9,555 | ||
Carrying Amount | 10,888 | ||
Reyes | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 10.80% | ||
Final Maturity Date | 28-Feb-15 | ||
Fair Value | 10,049 | ||
Carrying Amount | $9,960 |
Schedule_IV_Mortgage_Loan_on_R3
Schedule IV - Mortgage Loan on Real Estate Schedule IV - Mortgage Loan on Real Estate (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Mortgage Loans on Real Estate | |||
Balance at beginning of year | $0 | $0 | $0 |
Additions (a) | 21,060 | 0 | 0 |
Amortization and accretion | -212 | 0 | 0 |
Ending balance | $20,848 | $0 | $0 |