Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 18, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | W. P. Carey Inc. | ||
Entity Central Index Key | 1,025,378 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 6.1 | ||
Entity Common Stock, Shares Outstanding | 104,529,350 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in real estate: | ||
Real estate, at cost (inclusive of $256,573 and $184,417, respectively, attributable to variable interest entities, or VIEs) | $ 5,309,925 | $ 5,006,682 |
Operating real estate, at cost (inclusive of $38,714 and $38,714, respectively, attributable to VIEs) | 82,749 | 84,885 |
Accumulated depreciation (inclusive of $27,451 and $19,982, respectively, attributable to VIEs) | (381,529) | (258,493) |
Net investments in properties | 5,011,145 | 4,833,074 |
Net investments in direct financing leases (inclusive of $57,709 and $61,609, respectively, attributable to VIEs) | 756,353 | 816,226 |
Assets held for sale | 59,046 | 7,255 |
Net investments in real estate | 5,826,544 | 5,656,555 |
Equity investments in the Managed Programs and real estate | 275,473 | 249,403 |
Cash and cash equivalents (inclusive of $1,672 and $2,652, respectively, attributable to VIEs) | 157,227 | 198,683 |
Due from affiliates | 62,218 | 34,477 |
In-place lease and tenant relationship intangible assets, net (inclusive of $27,541 and $21,267, respectively, attributable to VIEs) | 902,848 | 993,819 |
Goodwill | 681,809 | 692,415 |
Above-market rent intangible assets, net (inclusive of $11,801 and $13,767, respectively, attributable to VIEs) | 475,072 | 522,797 |
Other assets, net (inclusive of $19,771 and $18,603, respectively, attributable to VIEs) | 373,482 | 300,330 |
Total assets | 8,754,673 | 8,648,479 |
Liabilities: | ||
Non-recourse debt, net (inclusive of $115,691 and $125,226, respectively, attributable to VIEs) | 2,271,204 | 2,532,683 |
Senior Unsecured Notes, net | 1,486,568 | 498,345 |
Senior Unsecured Credit Facility - Revolver | 485,021 | 807,518 |
Senior Unsecured Credit Facility - Term Loan | 250,000 | 250,000 |
Accounts payable, accrued expenses and other liabilities (inclusive of $9,268 and $5,573, respectively, attributable to VIEs) | 342,374 | 293,846 |
Below-market rent and other intangible liabilities, net (inclusive of $8,619 and $9,305, respectively, attributable to VIEs) | 154,315 | 175,070 |
Deferred income taxes (inclusive of $598 and $587, respectively, attributable to VIEs) | 86,104 | 94,133 |
Distributions payable | 102,715 | 100,078 |
Total liabilities | 5,178,301 | 4,751,673 |
Redeemable noncontrolling interest | $ 14,944 | $ 6,071 |
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; 104,448,777 and 104,040,653 shares, respectively, issued and outstanding | 104 | 104 |
Additional paid-in capital | 4,282,042 | 4,293,450 |
Distributions in excess of accumulated earnings | (738,652) | (497,730) |
Deferred compensation obligation | 56,040 | 30,624 |
Accumulated other comprehensive loss | (172,291) | (75,559) |
Total W. P. Carey stockholders’ equity | 3,427,243 | 3,750,889 |
Noncontrolling interests | 134,185 | 139,846 |
Total equity | 3,561,428 | 3,890,735 |
Total liabilities and equity | $ 8,754,673 | $ 8,648,479 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in real estate: | ||
Real estates, at cost attributable to consolidated VIEs | $ 5,309,925 | $ 5,006,682 |
Operating real estate, at cost attributable to VIEs | 82,749 | 84,885 |
Accumulated depreciation attributable to consolidated VIEs | 381,529 | 258,493 |
Net investment in direct financing leases | 756,353 | 816,226 |
Cash and cash equivalents attributable to consolidated VIEs | 157,227 | 198,683 |
In-place lease, net attributable to consolidated VIEs | 902,848 | 993,819 |
Above-market rent, net attributable to consolidated VIEs | 475,072 | 522,797 |
Other assets, net attributable to consolidated VIEs | 373,482 | 300,330 |
Liabilities: | ||
Non-recourse debt attributable to consolidated VIEs | 2,271,204 | 2,532,683 |
Accounts payable, accrued expenses, and other liabilities attributable to consolidated VIEs | 342,374 | 293,846 |
Below-market rent and other intangible liabilities, net attributable to consolidated VIEs | 154,315 | 175,070 |
Deferred income taxes attributable to consolidated VIEs | $ 86,104 | $ 94,133 |
W. P. Carey stockholders’ equity: | ||
Preferred stock, par share value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, per share value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 104,448,777 | 104,040,653 |
Common stock, shares outstanding | 104,448,777 | 104,040,653 |
Variable Interest Entity | ||
Investments in real estate: | ||
Real estates, at cost attributable to consolidated VIEs | $ 256,573 | $ 184,417 |
Operating real estate, at cost attributable to VIEs | 38,714 | 38,714 |
Accumulated depreciation attributable to consolidated VIEs | 27,451 | 19,982 |
Net investment in direct financing leases | 57,709 | 61,609 |
Cash and cash equivalents attributable to consolidated VIEs | 1,672 | 2,652 |
In-place lease, net attributable to consolidated VIEs | 27,541 | 21,267 |
Above-market rent, net attributable to consolidated VIEs | 11,801 | 13,767 |
Other assets, net attributable to consolidated VIEs | 19,771 | 18,603 |
Liabilities: | ||
Non-recourse debt attributable to consolidated VIEs | 115,691 | 125,226 |
Accounts payable, accrued expenses, and other liabilities attributable to consolidated VIEs | 9,268 | 5,573 |
Below-market rent and other intangible liabilities, net attributable to consolidated VIEs | 8,619 | 9,305 |
Deferred income taxes attributable to consolidated VIEs | $ 598 | $ 587 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real estate revenues: | |||
Lease revenues | $ 656,956 | $ 573,829 | $ 299,624 |
Operating property revenues | 30,515 | 28,925 | 956 |
Lease termination income and other | 25,145 | 17,767 | 2,071 |
Reimbursable tenant costs | 22,832 | 24,862 | 13,314 |
Total real estate revenue | 735,448 | 645,383 | 315,965 |
Revenues from the Managed Programs: | |||
Structuring revenue | 92,117 | 71,256 | 46,589 |
Reimbursable costs | 55,837 | 130,212 | 73,572 |
Asset management revenue | 49,984 | 38,063 | 42,670 |
Dealer manager fees | 4,794 | 23,532 | 10,856 |
Incentive, termination and subordinated disposition revenue | 203 | 0 | 199 |
Revenue from the Managed Programs | 202,935 | 263,063 | 173,886 |
Total revenues | 938,383 | 908,446 | 489,851 |
Operating Expenses | |||
Depreciation and amortization | 280,315 | 237,123 | 121,822 |
General and administrative | 103,172 | 91,588 | 67,063 |
Reimbursable tenant and affiliate costs | 78,669 | 155,074 | 86,886 |
Property expenses, excluding reimbursable tenant costs | 52,199 | 37,725 | 8,082 |
Impairment charges | 29,906 | 23,067 | 5,294 |
Stock-based compensation expense | 21,626 | 31,075 | 37,195 |
Dealer manager fees and expenses | 11,403 | 21,760 | 13,028 |
Subadvisor fees | 11,303 | 5,501 | 4,106 |
Merger, property acquisition, and other expenses | (7,764) | 34,465 | 9,230 |
Total operating expenses | 580,829 | 637,378 | 352,706 |
Other Income and Expenses | |||
Interest expense | (194,326) | (178,122) | (103,728) |
Equity in earnings of equity method investments in the Managed Programs and real estate | 51,020 | 44,116 | 52,731 |
Other income and (expenses) | 2,113 | (14,230) | 9,421 |
Gain on change in control of interests | 0 | 105,947 | 0 |
Total other income and expenses | (141,193) | (42,289) | (41,576) |
Income from continuing operations before income taxes and gain (loss) on sale of real estate | 216,361 | 228,779 | 95,569 |
Provision for income taxes | (37,621) | (17,609) | (1,252) |
Income from continuing operations before gain (loss) on sale of real estate | 178,740 | 211,170 | 94,317 |
Income from discontinued operations, net of tax | 0 | 33,318 | 38,180 |
Gain (loss) on sale of real estate, net of tax | 6,487 | 1,581 | (332) |
Net Income | 185,227 | 246,069 | 132,165 |
Net income attributable to noncontrolling interests | (12,969) | (6,385) | (32,936) |
Net loss (income) attributable to redeemable noncontrolling interest | 0 | 142 | (353) |
Net Income Attributable to W. P. Carey | $ 172,258 | $ 239,826 | $ 98,876 |
Basic Earnings Per Share | |||
Income from continuing operations attributable to W. P. Carey (usd per share) | $ 1.62 | $ 2.08 | $ 1.22 |
Income from discontinued operations attributable to W. P. Carey (usd per share) | 0 | 0.34 | 0.21 |
Net Income Attributable to W. P. Carey (usd per share) | 1.62 | 2.42 | 1.43 |
Diluted Earnings Per Share | |||
Income from continuing operations attributable to W. P. Carey (usd per share) | 1.61 | 2.06 | 1.21 |
Income from discontinued operations attributable to W. P. Carey (usd per share) | 0 | 0.33 | 0.20 |
Net Income Attributable to W. P. Carey (usd per share) | $ 1.61 | $ 2.39 | $ 1.41 |
Weighted-Average Shares Outstanding | |||
Basic, (in shares) | 105,675,692 | 98,764,164 | 68,691,046 |
Diluted (in shares) | 106,507,652 | 99,827,356 | 69,708,008 |
Amounts Attributable to W. P. Carey | |||
Income from continuing operations, net of tax | $ 172,258 | $ 206,329 | $ 84,637 |
Income from discontinued operations, net of tax | 0 | 33,497 | 14,239 |
Net Income Attributable to W. P. Carey | $ 172,258 | $ 239,826 | $ 98,876 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive Income | |||
Net Income | $ 185,227 | $ 246,069 | $ 132,165 |
Other Comprehensive (Loss) Income | |||
Foreign currency translation adjustments | (125,447) | (117,938) | 21,835 |
Realized and unrealized gain on derivative instruments | 24,053 | 21,085 | 20 |
Change in unrealized gain (loss) on marketable securities | 15 | (10) | 0 |
Net current period other comprehensive income (loss) | (101,379) | (96,863) | 21,855 |
Comprehensive Income | 83,848 | 149,206 | 154,020 |
Amounts Attributable to Noncontrolling Interests | |||
Net income attributable to noncontrolling interests | (12,969) | (6,385) | (32,936) |
Foreign currency translation adjustments | 4,647 | 5,977 | (1,883) |
Comprehensive income attributable to noncontrolling interests | (8,322) | (408) | (34,819) |
Amounts Attributable to Redeemable Noncontrolling Interest | |||
Net loss (income) attributable to redeemable noncontrolling interest | 0 | 142 | (353) |
Foreign currency translation adjustments | 0 | (9) | 13 |
Comprehensive loss (income) attributable to redeemable noncontrolling interest | 0 | 133 | (340) |
Comprehensive Income Attributable to W. P. Carey | $ 75,526 | $ 148,931 | $ 118,861 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Thousands | Total | $0.001 Par Value Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Deferred Compensation Obligation | Accumulated Other Comprehensive Income (Loss) | Total W. P. Carey Members | Noncontrolling interest |
Balance - beginning of period at Dec. 31, 2012 | $ 2,257,323 | $ 69 | $ 2,166,896 | $ (183,528) | $ 8,358 | $ (4,649) | $ 1,987,146 | $ 270,177 |
Beginning equity balance - shares at Dec. 31, 2012 | 68,485,525 | |||||||
W.P. Carey Stockholders | ||||||||
Reclassification Of Estate Shareholder Shares | 40,000 | 40,000 | 40,000 | |||||
Exercise of stock options and employee purchases under the employee share purchase plan, value | 2,312 | 2,312 | 2,312 | |||||
Exercise of stock options and employee purchases under the employee share purchase plan, shares | 55,423 | |||||||
Grants issued in connection with services rendered, shares, 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 interests | 65,145 | 65,145 | ||||||
Windfall tax benefits - share incentive plan | 12,817 | 12,817 | 12,817 | |||||
Amortization of stock-based compensation expense | 37,196 | 34,737 | 2,459 | 37,196 | ||||
Distributions to noncontrolling interests | (71,820) | (71,820) | ||||||
Distributions declared | (244,734) | (245,271) | 537 | (244,734) | ||||
Repurchase of shares, value | (40,000) | $ (1) | (19,548) | (20,451) | (40,000) | |||
Repurchase of shares, shares | (616,971) | |||||||
Foreign currency translation | (5) | (5) | ||||||
Net income | 131,812 | 98,876 | 98,876 | 32,936 | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments | 21,848 | 19,965 | 19,965 | 1,883 | ||||
Realized and unrealized gain on derivative instruments | 20 | 20 | 20 | |||||
Balance - end of period at Dec. 31, 2013 | 2,202,731 | $ 68 | 2,228,031 | (350,374) | 11,354 | 15,336 | 1,904,415 | 298,316 |
Ending equity balance - shares at Dec. 31, 2013 | 68,266,570 | |||||||
W.P. Carey Stockholders | ||||||||
Shares issued in public offering, value | 282,162 | $ 5 | 282,157 | 282,162 | ||||
Shares issued in public offering, shares | 4,600,000 | |||||||
Exercise of stock options and employee purchases under the employee share purchase plan, value | 1,890 | 1,890 | 1,890 | |||||
Exercise of stock options and employee purchases under the employee share purchase plan, shares | 39,655 | |||||||
Shares issued to stockholders of CPA:16 in connection with the CPA:16 Merger, value | 1,815,521 | $ 31 | 1,815,490 | 1,815,521 | ||||
Shares issued to stockholders of CPA:16 in connection with the CPA:16 Merger, shares | 30,729,878 | |||||||
Purchase of the remaining interests in less-than-wholly-owned investments that we already consolidate in connection with the CPA®:16 Merger | (280,936) | (41,374) | (41,374) | (239,562) | ||||
Purchase of noncontrolling interests in connection with the CPA®:16 Merger | 99,757 | 0 | 99,757 | |||||
Grants issued in connection with services rendered, shares, 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 interests | 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) | |||
Repurchase of shares, value | (678) | (351) | (327) | (678) | ||||
Repurchase of shares, 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 gain on derivative instruments | 21,085 | 21,085 | 21,085 | |||||
Change in unrealized gain on marketable securities | (10) | (10) | (10) | |||||
Balance - end of period at Dec. 31, 2014 | $ 3,890,735 | $ 104 | 4,293,450 | (497,730) | 30,624 | (75,559) | 3,750,889 | 139,846 |
Ending equity balance - shares at Dec. 31, 2014 | 104,040,653 | 104,040,653 | ||||||
W.P. Carey Stockholders | ||||||||
Exercise of stock options and employee purchases under the employee share purchase plan, value | $ 515 | 515 | 515 | |||||
Exercise of stock options and employee purchases under the employee share purchase plan, shares | 11,524 | |||||||
Grants issued in connection with services rendered, shares, value | (15,493) | (15,493) | (15,493) | |||||
Grants issued in connection with services rendered, shares | 331,252 | |||||||
Shares issued under share incentive plans, value | (3,250) | (3,250) | (3,250) | |||||
Shares issued under share incentive plans, shares | 65,348 | |||||||
Deferral of vested shares | 0 | (20,740) | 20,740 | |||||
Contributions from noncontrolling interests | 730 | 730 | ||||||
Windfall tax benefits - share incentive plan | 12,522 | 12,522 | 12,522 | |||||
Amortization of stock-based compensation expense | 21,626 | 21,626 | 21,626 | |||||
Redemption value adjustment | (8,873) | (8,873) | (8,873) | |||||
Distributions to noncontrolling interests | (14,713) | (14,713) | ||||||
Distributions declared | (406,219) | 2,285 | (413,180) | 4,676 | (406,219) | |||
Net income | 185,227 | 172,258 | 172,258 | 12,969 | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments | (125,447) | (120,800) | (120,800) | (4,647) | ||||
Realized and unrealized gain on derivative instruments | 24,053 | 24,053 | 24,053 | |||||
Change in unrealized gain on marketable securities | 15 | 15 | 15 | |||||
Balance - end of period at Dec. 31, 2015 | $ 3,561,428 | $ 104 | $ 4,282,042 | $ (738,652) | $ 56,040 | $ (172,291) | $ 3,427,243 | $ 134,185 |
Ending equity balance - shares at Dec. 31, 2015 | 104,448,777 | 104,448,777 |
Consolidated Statement of Equi7
Consolidated Statement of Equity (Parentheticals) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Distributions declared per share (usd per share) | $ 0.9646 | $ 0.955 | $ 0.954 | $ 0.9525 | $ 0.95 | $ 0.94 | $ 0.9 | $ 0.895 | $ 3.8261 | $ 3.685 | $ 3.39 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows — Operating Activities | |||
Net income | $ 185,227 | $ 246,069 | $ 132,165 |
Adjustments to net income: | |||
Depreciation and amortization, including intangible assets and deferred financing costs | 287,835 | 248,549 | 140,316 |
Impairment charges | 29,906 | 23,067 | 13,709 |
Management income received in shares of Managed REITs and other | (23,266) | (39,866) | (33,572) |
Stock-based compensation expense | 21,626 | 31,075 | 37,195 |
Straight-line rent, amortization of rent-related intangibles, and deferred rental revenue | 16,071 | 44,843 | 21,333 |
Allowance for credit losses | 8,748 | 0 | 0 |
Gain on sale of real estate | (6,487) | (29,250) | (39,711) |
Realized and unrealized (gain) loss on foreign currency transactions, derivatives, extinguishment of debt, and other | (1,978) | 3,012 | (6,154) |
Deferred income taxes | 1,476 | (18,565) | (19,465) |
Equity in losses (earnings) of equity method investments in the Managed Programs and real estate in excess of distributions received | 415 | (1,307) | (10,177) |
Gain on change in control of interests | 0 | (105,947) | 0 |
Amortization of deferred other revenue | 0 | (786) | (9,436) |
Changes in assets and liabilities: | |||
Increase in structuring revenue receivable | (29,327) | (23,713) | (13,788) |
Deferred acquisition revenue received | 23,469 | 15,724 | 18,633 |
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options | (18,742) | (17,165) | (11,476) |
Net changes in other operating assets and liabilities | (17,696) | 23,352 | (11,664) |
Net Cash Provided by Operating Activities | 477,277 | 399,092 | 207,908 |
Cash Flows — Investing Activities | |||
Purchases of real estate | (674,808) | (898,162) | (265,383) |
Funding of short-term loans to affiliates | (185,447) | (11,000) | (15,000) |
Proceeds from repayment of short-term loans to affiliates | 185,447 | 11,000 | 15,000 |
Proceeds from sale of real estate | 35,557 | 285,742 | 171,300 |
Investment in real estate under construction | (28,040) | (20,647) | 0 |
Change in investing restricted cash | 26,610 | (23,731) | 43,067 |
Capital contributions to equity investments in real estate | (16,229) | (25,468) | (1,945) |
Proceeds from repayment of note receivable | 10,441 | 1,915 | 0 |
Value added taxes paid in connection with acquisition of real estate | (10,401) | (7,036) | (502) |
Value added taxes refunded in connection with acquisition of real estate | 9,997 | 0 | 121 |
Distributions received from equity investments in the Managed Programs and real estate in excess of equity income | 8,200 | 13,101 | 58,018 |
Capital expenditures on owned real estate | (4,415) | (5,757) | (6,906) |
Capital expenditures on corporate assets | (4,321) | (18,262) | (7,133) |
Other investing activities, net | 2,224 | 1,652 | 2,989 |
Cash acquired in connection with the CPA®:16 Merger | 0 | 65,429 | 0 |
Purchase of securities | 0 | (7,664) | 0 |
Cash paid to stockholders of CPA®:16 – Global in the CPA®:16 Merger | 0 | (1,338) | 0 |
Net Cash Used in Investing Activities | (645,185) | (640,226) | (6,374) |
Cash Flows — Financing Activities | |||
Repayments of Senior Unsecured Credit Facility | (1,330,122) | (1,415,000) | (413,000) |
Proceeds from Senior Unsecured Credit Facility | 1,044,767 | 1,757,151 | 735,000 |
Proceeds from issuance of Senior Unsecured Notes | 1,022,303 | 498,195 | 0 |
Distributions paid | (403,555) | (347,902) | (220,395) |
Prepayments of mortgage principal | (91,560) | (220,786) | 0 |
Scheduled payments of mortgage principal | (90,328) | (205,024) | (391,764) |
Proceeds from mortgage financing | 22,667 | 20,354 | 115,567 |
Distributions paid to noncontrolling interests | (14,713) | (20,646) | (72,059) |
Windfall tax benefit associated with stock-based compensation awards | 12,522 | 5,641 | 12,817 |
Payment of financing costs | (10,878) | (12,321) | (2,368) |
Change in financing restricted cash | (9,811) | (588) | (1,843) |
Contributions from noncontrolling interests | 730 | 693 | 65,145 |
Proceeds from exercise of stock options and employee purchases under the employee share purchase plan | 515 | 1,890 | 2,312 |
Proceeds from issuance of shares in public offering | 0 | 282,162 | 0 |
Repurchase of shares | 0 | (679) | (40,000) |
Net Cash Provided by (Used in) Financing Activities | 152,537 | 343,140 | (210,588) |
Change in Cash and Cash Equivalents During the Year | |||
Effect of exchange rate changes on cash | (26,085) | (20,842) | 2,669 |
Net (decrease) increase in cash and cash equivalents | (41,456) | 81,164 | (6,385) |
Cash and cash equivalents, beginning of year | 198,683 | 117,519 | 123,904 |
Cash and cash equivalents, end of year | $ 157,227 | $ 198,683 | $ 117,519 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parentheticals 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 27, 2013 |
Supplemental Cash Flow Information | |||
Net investment in properties | $ 5,011,145 | $ 4,833,074 | $ 33,625 |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (Parentheticals 2) $ in Thousands | Jan. 31, 2014USD ($) |
CPA: 16 - Global | |
Total Consideration | |
Fair value of W.P.Carey shares of common stock issued | $ 1,815,521 |
Cash consideration paid | 1,338 |
Fair value equity interest in jointly-owned investments with equity investment prior to merger | 349,749 |
Fair value of noncontrolling interests acquired | (278,187) |
Total Consideration | 2,061,141 |
Assets Acquired at Fair Value | |
Net investments in real estate | 1,970,175 |
Net investment 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 intangible assets | 553,723 |
Above-market rent intangible assets | 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 and other intangible liabilities | (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 |
Jointly Owned Investments | CPA: 16 - Global | |
Total Consideration | |
Fair value equity interest in jointly-owned investments with equity investment prior to merger | $ 172,720 |
Consolidated Statements of Ca11
Consolidated Statements of Cash Flows (Parentheticals 3) $ in Thousands | Nov. 27, 2013USD ($) |
Total Consideration | |
Cash consideration | $ 13,748 |
Assets Acquired at Fair Value | |
Net investments in real estate | 33,625 |
In-place lease intangible assets | 872 |
Above-market rent intangible assets | 722 |
Other assets | 1,170 |
Liabilities Assumed at Fair Value | |
Non-recourse debt | (21,023) |
Below-market rent and other intangible liabilities | (1,618) |
Total identifiable net assets | $ 13,748 |
Consolidated Statements of Ca12
Consolidated Statements of Cash Flows (Parentheticals 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information | |||
Interest paid | $ 174,504 | $ 156,335 | $ 98,599 |
Income taxes paid | $ 61,697 | $ 25,247 | $ 14,405 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization W. P. Carey Inc., or W. P. Carey, is, together with its consolidated subsidiaries and predecessors, a 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 generally requires each tenant to pay substantially all of the costs associated with operating and maintaining the property. Originally founded in 1973, we reorganized as a REIT in September 2012 in connection with our merger with Corporate Property Associates 15 Incorporated. We refer to that merger as the CPA ® :15 Merger. On January 31, 2014, Corporate Property Associates 16 – Global Incorporated, or CPA ® :16 – Global, merged with and into us ( Note 3 ), which we refer to as the CPA ® :16 Merger. Our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.” We have elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code. As a REIT, we are not generally subject to United States federal income taxation other than from our taxable REIT subsidiaries, or 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. Through our TRSs we also earn revenue as the advisor to publicly-owned, non-listed REITs, which are sponsored by us under the Corporate Property Associates, or CPA ® , brand name that invest in similar properties. At December 31, 2015 , we were the advisor to Corporate Property Associates 17 – Global Incorporated, or CPA ® :17 – Global, and Corporate Property Associates 18 – Global Incorporated, or CPA ® :18 – Global. We were also the advisor to CPA ® :16 – Global until its merger with us on January 31, 2014. We refer to CPA ® :16 – Global, CPA ® :17 – Global, and CPA ® :18 – Global together as the CPA ® REITs. At December 31, 2015 , we were also the advisor to Carey Watermark Investors Incorporated, referred to as CWI 1, and Carey Watermark Investors 2 Incorporated, or CWI 2, two publicly-owned, non-listed REITs that invest in lodging and lodging-related properties. We refer to CWI 1 and CWI 2 together as the CWI REITs and, together with the CPA ® REITs, as the Managed REITs ( Note 4 ). At December 31, 2015 , we also served as the advisor to Carey Credit Income Fund, or CCIF, a business development company, or BDC ( Note 7 ). In July 2015, two registration statements on Form N-2 for two feeder funds of CCIF, or the CCIF Feeder Funds, were declared effective by the SEC. The CCIF Feeder Funds intend to invest the proceeds that they raise in their respective public offerings into the master fund, CCIF. The advisor to CCIF is wholly owned by us. We refer to CCIF and the CCIF Feeder Funds collectively as the Managed BDCs and, together with the Managed REITs, as the Managed Programs. 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 Programs ( Note 7 ). Through our special member interests in the operating partnerships of the Managed REITs, we also participate in their cash flows ( Note 4 ). At December 31, 2015 , our owned portfolio was comprised of our full or partial ownership interests in 869 properties, totaling approximately 90.1 million square feet (unaudited), substantially all of which were net leased to 222 tenants, with an occupancy rate of 98.8% . Investment Management — Through our TRSs, we structure and negotiate investments and debt placement transactions for the Managed REITs, for which we earn structuring revenue, and manage their portfolios of real estate investments, for which we earn asset-based management revenue. We also earn asset management revenue from CCIF based on the average of its gross assets at fair value. We may 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. At December 31, 2015 , CPA ® :17 – Global and CPA ® :18 – Global collectively owned all or a portion of 428 properties, including certain properties in which we have an ownership interest. Substantially all of these properties, totaling approximately 49.6 million square feet (unaudited), were net leased to 201 tenants, with an average occupancy rate of approximately 99.9% . The Managed REITs also had interests in 174 operating properties, totaling approximately 19.7 million square feet (unaudited). We continue to explore alternatives for expanding our investment management operations by raising funds beyond advising the existing Managed Programs. 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, such as the CWI REITs and the Managed BDCs. These new funds could invest primarily in assets other than net-lease real estate and could include funds raised through private placements or publicly-traded vehicles, either in the United States or internationally. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Summary of Significant Accounting Policies Critical Accounting Policies and Estimates 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 capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. Purchase Price Allocation of Tangible Assets — 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 (i) 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 (ii) by the estimated residual value, which 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. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. 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; • property 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 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 adjusted for estimated market growth rates through the year of lease expiration. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible 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 the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire 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. We evaluate the specific characteristics of each tenant’s lease and any pre-existing relationship with each tenant in determining the value of in-place lease intangibles. To determine the value of in-place lease intangibles, we consider the following: • estimated market rent; • estimated lease term, including renewal options at rental rates below estimated market rental rates; • estimated carrying costs of the property during a hypothetical expected lease-up period; and • current market conditions and costs to execute similar leases, including tenant improvement allowances and rent concessions. Estimated carrying costs of the property include real estate taxes, insurance, other property operating costs, and estimates of lost rentals at market rates during the market participants’ expected lease-up periods, based on assessments of specific market conditions. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. 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 include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements. 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 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 rental income and in-place lease values to amortization expense. Purchase Price Allocation of Debt — 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. Purchase Price Allocation of 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 allocate goodwill to the respective reporting units in which such goodwill arises. 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. All or a portion of the goodwill may be attributed to foreign deferred tax liabilities assumed in the business combination. The deferred tax liability results from the excess of basis under GAAP over the tax basis of the asset in the taxing jurisdiction. 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, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, 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 and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets 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. 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. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally 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. Assets Held for Sale — We classify real estate assets that are subject to 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 base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then 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. 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 and third-party estimates, where available. 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, and therefore the asset’s holding period is reduced, 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. Equity Investments in the Managed Programs and Real Estate — We evaluate our equity investments in the Managed Programs and real estate 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, 2015 , 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 and Real Estate Ownership reporting units is evaluated during 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. Other 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 interest as described below. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. At December 31, 2015 , we had 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 had certain investments in other wholly-owned tenancy-in-common interests, which we now consolidate after we obtained the remaining interests in the CPA ® :16 Merger. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we should be 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 or joint-venture agreement 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 the 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. At December 31, 2015 , we consolidated 20 VIEs. 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. 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, 2015 , one of our equity investments was a VIE and none had carrying values below zero. Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. Share Repurchases — During the year ended December 31, 2015, we determined that our presentation of common shares repurchased should be classified as a reduction to Common stock, for the par amount of the common stock repurchase, Additional paid-in capital, and Distributions in excess of accumulated earnings, and included as shares unissued within the consolidated financial statements. We previously classified common shares repurchased as Treasury stock. We repurchased 416,408 shares in 2012, 616,971 shares in 2013, and 11,037 shares in 2014. We evaluated the impact of this correction on previously-issued financial statements and concluded that they were not materially misstated. In order to conform previously-issued financial statements to the current period, we elected to revise previously-issued financial statements the next time such financial statements are filed. The accompanying consolidated balance sheet as of December 31, 2014 and the consolidated statements of equity for the years ended December 31, 2014 and 2013 have been revised accordingly. In addition, we will revise the consolidated statements of equity for the periods ended March 31, 2015, June 30, 2015, and September 30, 2015, as those financial statements are presented in future filings. The correction eliminates Treasury stock of $60.9 million and results in corresponding reductions of Common stock, Additional paid-in capital of $28.8 million , and Distributions in excess of accumulated earnings of $32.1 million , which results in no change in Total equity within the consolidated balance sheets as of December 31, 2014 and consolidated statements of equity for the years ended December 31, 2014 and 2013. The misclassification had no impact on the previously-reported consolidated statements of income, consolidated statements of comprehensive income, or consolidated statements of cash flows. 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 extend 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. Prior to January 1, 2014, the results of operations and the related gain or loss on sale of properties that have been sold or that were 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 seven 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, net. 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. 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. For the years ended December 31, 2015 , |
Merger with CPA_16 Global
Merger with CPA:16 Global | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Merger with CPA:16 - Global | Merger with CPA ® :16 – Global On July 25, 2013, we and CPA ® :16 – Global entered into a definitive agreement pursuant to which CPA ® :16 – Global would merge with and into one of our wholly-owned subsidiaries, subject to the approval of our stockholders and the stockholders of CPA ® :16 – Global. On January 24, 2014, our stockholders and the stockholders of CPA ® :16 – Global each approved the CPA ® :16 Merger, and the CPA ® :16 Merger closed on January 31, 2014. In the CPA ® :16 Merger, CPA ® :16 – Global stockholders received 0.1830 shares of our common stock in exchange for each share of CPA ® :16 – Global stock owned, pursuant to an exchange ratio based upon a value of $11.25 per share of CPA ® :16 – Global and the volume weighted-average trading price of our common stock for the five consecutive trading days ending on the third trading day preceding the closing of the transaction on January 31, 2014. CPA ® :16 – Global stockholders received cash in lieu of any fractional shares in the CPA ® :16 Merger. We paid total merger consideration of approximately $1.8 billion , including the issuance of 30,729,878 shares of our common stock with a fair value of $1.8 billion based on the closing price of our common stock on January 31, 2014, of $59.08 per share, to the stockholders of CPA ® :16 – Global in exchange for the 168,041,772 shares of CPA ® :16 – Global common stock that we and our affiliates did not previously own, and cash of $1.3 million paid in lieu of issuing any fractional shares, or collectively, the Merger Consideration. As a condition of the CPA ® :16 Merger, we waived the subordinated disposition and termination fees that we would have been entitled to receive from CPA ® :16 – Global upon its liquidation pursuant to the terms of our advisory agreement with CPA ® :16 – Global ( Note 4 ). Immediately prior to the CPA ® :16 Merger, CPA ® :16 – Global’s portfolio was comprised of the consolidated full or partial interests in 325 leased properties, substantially all of which were triple-net leased with an average remaining life of 10.4 years and an estimated contractual minimum annualized base rent, or ABR, totaling $300.1 million , and two hotel properties. The related property-level debt was comprised of 92 fixed-rate and 18 variable-rate non-recourse mortgage loans with an aggregate fair value of approximately $1.8 billion and a weighted-average annual interest rate of 5.6% at that date. Additionally, CPA ® :16 – Global had a line of credit with an outstanding balance of $170.0 million on the date of the closing of the CPA ® :16 Merger. In addition, CPA ® :16 – Global had equity interests in 18 unconsolidated investments, 11 of which were consolidated by us prior to the CPA ® :16 Merger, five of which were consolidated by us subsequent to the CPA ® :16 Merger, and two of which were jointly-owned with CPA ® :17 – Global. These investments owned 140 properties, substantially all of which were triple-net leased with an average remaining life of 8.6 years and an estimated ABR totaling $63.9 million , as of January 31, 2014. The debt related to these equity investments was comprised of 17 fixed-rate and five variable-rate non-recourse mortgage loans with an aggregate fair value of approximately $0.3 billion and a weighted-average annual interest rate of 4.8% on January 31, 2014. The lease revenues and income from continuing operations from the properties acquired from the date of the CPA ® :16 Merger through December 31, 2014 were $251.5 million and $91.1 million (inclusive of $2.4 million attributable to noncontrolling interests), respectively. During 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 all ten of 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. 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 related to the CPA ® :16 Merger of $30.5 million and $5.0 million were expensed as incurred for the years ended December 31, 2014 and 2013, respectively, and classified within Merger, property acquisition, and other expenses in the consolidated financial statements. In addition, CPA ® :16 – Global incurred a total of $10.6 million of merger expenses prior to January 31, 2014. Equity Investments and Noncontrolling Interests During the first quarter of 2014, we recognized a gain on change in control of interests of approximately $73.1 million , which was the difference between the carrying value of approximately $274.1 million and the preliminary estimated fair value of approximately $347.2 million of our previously-held equity interest in 38,229,294 shares of CPA ® :16 – Global’s common stock. During 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, or ASC, 805-10-25, we did not record the measurement period adjustments during the periods they occurred. Rather, such amounts are reflected in the financial statements for 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 the first quarter of 2014, which was the difference between our carrying values and the estimated fair values of our previously-held equity interests on the acquisition date of approximately $142.5 million and approximately $172.7 million , respectively. Subsequent to the CPA ® :16 Merger, we consolidate these wholly-owned investments. 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 during the first quarter of 2014 related to the difference between our carrying values and the preliminary estimated fair values of our previously-held noncontrolling interests on the acquisition date of approximately $236.8 million and $278.2 million , 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 the acquisition date by $0.6 million , resulting in a reduction of $0.6 million to additional paid-in-capital. 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 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 (a) $ 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: (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, and (iii) an income tax expense from a permanent difference upon recognition of deferred revenue associated with accelerated vesting of shares previously issued by CPA ® :16 – Global for asset management and performance fees 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 wit
Agreements and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Agreements and Transactions with Related Parties | Agreements and Transactions with Related Parties Advisory Agreements with the Managed Programs We have advisory agreements with each of the Managed Programs, pursuant to which we earn fees and are entitled to receive reimbursement for fund management expenses, as well as cash distributions. We also earn fees for serving as the dealer-manager of the public offerings of the Managed Programs. Unless otherwise renewed, the advisory agreement with each of the CPA ® REITs is scheduled to expire on March 31, 2016 and the advisory agreement with each of the CWI REITs is scheduled to expire on December 31, 2016. The advisory agreement with CCIF, which commenced February 27, 2015, is subject to renewal on or before February 26, 2017 unless otherwise renewed. The following tables present a summary of revenue earned and/or cash received from the Managed Programs for the periods indicated, included in the consolidated financial statements. Asset management revenue excludes amounts received from third parties (in thousands): Years Ended December 31, 2015 2014 2013 Structuring revenue $ 92,117 $ 71,256 $ 46,589 Reimbursable costs from affiliates 55,837 130,212 73,592 Asset management revenue 49,892 37,970 42,579 Distributions of Available Cash 38,406 31,052 34,121 Dealer manager fees 4,794 23,532 10,856 Interest income on deferred acquisition fees and loans to affiliates 1,639 684 949 Incentive, termination and subordinated disposition revenue 203 — 199 Deferred revenue earned — 786 8,492 $ 242,888 $ 295,492 $ 217,377 Years Ended December 31, 2015 2014 2013 CPA ® :16 – Global $ — $ 7,999 $ 53,166 CPA ® :17 – Global 81,740 68,710 69,275 CPA ® :18 – Global 85,431 129,642 29,293 CWI 1 44,712 89,141 65,643 CWI 2 30,340 — — CCIF 665 — — $ 242,888 $ 295,492 $ 217,377 The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands): December 31, 2015 2014 Deferred acquisition fees receivable $ 33,386 $ 26,913 Accounts receivable 15,711 2,680 Reimbursable costs 5,579 301 Current acquisition fees receivable 4,909 2,463 Asset management fee receivable 2,172 — Organization and offering costs 461 2,120 $ 62,218 $ 34,477 Asset Management Revenue Under the advisory agreements with the Managed Programs, we earn asset management revenue for managing their investment portfolios. The following table presents a summary of our asset management fee arrangements with the Managed Programs: Managed Program Rate Payable Description CPA ® :16 – Global 0.5% 2013 in shares of its common stock through July 31, 2013; in cash thereafter; 2014 in cash; 2015 N/A Rate is based on adjusted invested assets CPA ® :17 – Global 0.5% - 1.75% 2013 and 2014 in shares of its common stock; 2015 50% in cash and 50% in shares of its common stock Rate depends on the type of investment and is based on the average market or average equity value, as applicable CPA ® :18 – Global 0.5% - 1.5% 2013, 2014, and 2015 in shares of its class A common stock Rate depends on the type of investment and is based on the average market or average equity value, as applicable CWI 1 0.5% 2013 and 2014 in shares of its common stock; 2015 in cash Rate is based on the average market value of the investment; we are required to pay 20% of the asset management revenue we receive to the subadvisor CWI 2 0.55% 2013 and 2014 N/A; 2015 in shares of its class A common stock Rate is based on the average market value of the investment; we are required to pay 25% of the asset management revenue we receive to the subadvisor CCIF 1.75% - 2.00% 2013 and 2014 N/A; 2015 in cash Based on the average of gross assets at fair value; we are required to pay 50% of the asset management revenue we receive to the subadvisor Incentive Fees We are entitled to receive a quarterly incentive fee on income from CCIF equal to 100% of quarterly net investment income, before incentive fee payments, in excess of 1.875% of CCIF’s average adjusted capital up to a limit of 2.344% , plus 20% of net investment income, before incentive fee payments, in excess of 2.344% of average adjusted capital. We are also entitled to receive from CCIF an incentive fee on realized capital gains of 20% , net of (i) all realized capital losses and unrealized depreciation on a cumulative basis, and (ii) the aggregate amount, if any, of previously paid incentive fees on capital gains since inception. 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. Structuring Revenue Under the terms of the advisory agreements, we earn revenue for structuring and negotiating investments and related financing for the Managed REITs. We do not earn any structuring revenue from the Managed BDCs. The following table presents a summary of our structuring fee arrangements with the Managed REITs: Managed Program Rate Payable Description CPA ® :17 – Global 1% - 1.75%, 4.5% In cash; for non net-lease investments, 1% - 1.75% upon completion; for net-lease investments, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments Based on the total aggregate cost of the net-lease investments made; also based on the total aggregate cost of the non net-lease investments made; total limited to 6% of the contract prices in aggregate CPA ® :18 – Global 4.5% In cash; for all investments other than readily marketable real estate securities for which we will not receive any acquisition fees, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments Based on the total aggregate cost of the investments made; total limited to 6% of the contract prices in aggregate CWI REITs 2.5% In cash upon completion Based on the total aggregate cost of the lodging investments made; loan refinancing transactions up to 1% of the principal amount; total limited to 6% of the contract prices in aggregate Reimbursable Costs from Affiliates The Managed Programs reimburse us for certain costs that we incur on their behalf, which consist primarily of broker-dealer commissions, marketing costs, an annual distribution and shareholder servicing fee, or Shareholder Servicing Fee, and certain personnel and overhead costs, as applicable. The following tables present summaries of such fee arrangements: Broker-Dealer Selling Commissions Managed Program Rate Payable Description CPA ® :18 – Global and CWI 2 Class A Shares, and CWI 1 Common Stock $0.70 In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold CPA ® :18 – Global Class C Shares $0.14 In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold CWI 2 Class T Shares $0.19 In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold CCIF Feeder Funds 0% - 3% In cash upon share settlement; 100% re-allowed to broker-dealers Based on the selling price of each share sold Dealer Manager Fees Managed Program Rate Payable Description CPA ® :18 – Global and CWI 2 Class A Shares, and CWI 1 Common Stock $0.30 Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers CPA ® :18 – Global Class C Shares $0.21 Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers CWI 2 Class T Shares $0.26 Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers CCIF Feeder Funds 2.75% - 3.0% Based on the selling price of each share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers Annual Distribution and Shareholder Servicing Fee Managed Program Rate Payable Description CPA ® :18 – Global Class C Shares 1.0% Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers Based on the purchase price per share sold or, once reported, the NAV; cease paying when underwriting compensation from all sources equals 10% of gross offering proceeds CWI 2 Class T Shares 1.0% Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers Based on the purchase price per share sold or, once reported, the NAV; limited to six years and 10% of gross offering proceeds Personnel and Overhead Costs Managed Program Payable Description CPA ® :17 – Global and CPA ® :18 – Global In cash Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to the CPA ® REITs based on the average of the trailing 12-month aggregate reported revenues of the Managed REITs and us, and for 2015, are capped at 2.4% of each CPA ® REIT’s pro rata lease revenues; for the legal transactions group, costs are charged according to a fee schedule CWI 1 2013 N/A; 2014 in shares of its common stock; 2015 in cash Actual expenses incurred; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter CWI 2 2013 and 2014 N/A; 2015 in cash Actual expenses incurred; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter CCIF and CCIF Feeder Funds 2013 and 2014 N/A; 2015 in cash Actual expenses incurred Organization and Offering Costs Managed Program Payable Description CPA ® :18 – Global and CWI 2 In cash; within 60 days after the end of the quarter in which the offering terminates Actual costs incurred from 1.5% through 4.0% of the gross offering proceeds, depending on the amount raised CWI 1 In cash; within 60 days after the end of the quarter in which the offering terminates Actual costs incurred up to 4.0% of the gross offering proceeds CCIF and CCIF Feeder Funds In cash; payable monthly Up to 1.5% of the gross offering proceeds For CCIF, total reimbursements to us for personnel and overhead costs and organization and offering costs may not exceed 18% of total Front End Fees, as defined in its Declaration of Trust, so that total funds available for investment may not be lower than 82% of total gross proceeds. Expense Support and Conditional Reimbursements Under the expense support and conditional reimbursement agreement we have with each of the CCIF Feeder Funds, we and the CCIF subadvisor are obligated to reimburse the CCIF Feeder Fund 50% of the excess of the cumulative distributions paid to the CCIF Feeder Funds’ shareholders over the available operating funds on a monthly basis. Following any month in which the available operating funds exceed the cumulative distributions paid to its shareholders, the excess operating funds are used to reimburse us and the CCIF subadvisor for any expense payment we made within three years prior to the last business day of such month that have not been previously reimbursed by the CCIF Feeder Fund, up to the lesser of (i) 1.75% of each CCIF Feeder Fund’s average net assets or (ii) the percentage of each CCIF Feeder Fund’s average net assets attributable to its common shares represented by other operating expenses during the fiscal year in which such expense support payment from us and the CCIF’s subadvisor was made, provided that the effective rate of distributions per share at the time of reimbursement is not less than such rate at the time of expense payment. Distributions of Available Cash and Deferred Revenue Earned We are entitled to receive distributions of up to 10% of the Available Cash (as defined in the respective advisory agreements) from the operating partnerships of each of the Managed REITs, as described in their respective operating partnership agreements, payable quarterly in arrears. In May 2011, we acquired a special member interest, or the Special Member Interest, in CPA ® :16 – Global’s operating partnership. We initially recorded this Special Member Interest at its fair value, and amortized it into earnings as deferred revenue 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 the Managed Programs and real estate within the Real Estate Ownership segment. Other Transactions with Affiliates Loans to Affiliates During 2015 and 2014, our board of directors approved unsecured loans from us to CPA ® :17 – Global of up to $75.0 million , CPA ® :18 – Global of up to $100.0 million , CWI 1 and CWI 2 of up to $110.0 million in the aggregate, and CCIF of up to $50.0 million , with each loan 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. During 2015 and 2014, various loans aggregating $185.4 million and $11.0 million , respectively, were made to the Managed Programs, all of which were repaid during the same year. All of the loans were made at an interest rate equal to the London Interbank Offered Rate, or LIBOR, as of the issue date, plus 1.1% . During 2015, we arranged a credit agreement for each of CPA ® :17 – Global, CWI 1, and CCIF, and our board of directors terminated its previous authorizations to provide loans to CPA ® :17 – Global and CWI 1. Share Purchase Agreement In July 2012, we entered into a Share Purchase Agreement with the Estate of Wm. Polk Carey, our Chairman and founder who passed away on January 2, 2012, 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 beneficially owned by the Estate. The Estate had three sale options. We exercised the first two sale options during 2012. On March 28, 2013, we received an irrevocable notice from the Estate of Wm. Polk Carey to exercise its final sale option. 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, which was recorded as a reduction to Common stock, Additional paid-in capital, and Distributions in excess of accumulated earnings in our consolidated financial statements. 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. During 2013, when we purchased our common stock in connection with the Estate’s exercise of the third and final sale option, we reclassified $40.0 million from Redeemable securities – related party to stockholders’ equity. Share Repurchases 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 their portion of the Merger Consideration in exchange for their shares of CPA ® :16 – Global common stock ( 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. At December 31, 2015 , we owned interests ranging from 3% to 90% in jointly-owned investments, including a jointly-controlled tenancy-in-common interest in several properties, with the remaining interests generally held by affiliates, and stock of each of the Managed REITs and CCIF. We consolidate certain of these investments and account for the remainder under the equity method of accounting ( Note 7 ). |
Net Investments in Properties
Net Investments in Properties | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Land $ 1,160,567 $ 1,146,704 Buildings 4,147,644 3,829,981 Real estate under construction 1,714 29,997 Less: Accumulated depreciation (372,735 ) (253,627 ) $ 4,937,190 $ 4,753,055 During 2015 , 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, 2015 decreased by 10.4% to $1.0887 from $1.2156 at December 31, 2014 . As a result, the carrying value of our Real estate decreased by $177.3 million from December 31, 2014 to December 31, 2015 . Depreciation expense, including the effect of foreign currency translation, on our real estate and operating real estate for the years ended December 31, 2015 , 2014 , and 2013 was $141.5 million , $117.6 million , and $59.6 million respectively. Acquisitions of Real Estate During 2015 – 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 $561.6 million , including land of $89.5 million , buildings of $382.6 million , and net lease intangibles of $89.5 million ( Note 8 ): • an investment of $345.9 million for 73 auto dealership properties in various locations in the United Kingdom on January 28, 2015; • an investment of $42.4 million for a logistics facility in Rotterdam, the Netherlands on February 11, 2015; • an investment of $23.2 million for a retail facility in Bad Fischau, Austria on April 10, 2015; • an investment of $26.3 million for a logistics facility in Oskarshamn, Sweden on June 17, 2015; • an investment of $41.2 million for three truck and bus service facilities in Gersthofen and Senden, Germany on August 12, 2015 and Leopoldsdorf, Austria on August 24, 2015; • an investment of $51.7 million for six hotel properties in Iowa, Louisiana, Missouri, New Jersey, North Carolina, and Texas on October 15, 2015; and • an investment of $30.9 million for an office building in Irvine, California on December 22, 2015. In connection with these transactions, we also expensed acquisition-related costs totaling $11.1 million , which are included in Merger, property acquisition, and other expenses in the consolidated financial statements. We also entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and simultaneously entered into new leases in connection with the acquisitions, at a total cost of $116.0 million , including land of $8.6 million , buildings of $68.1 million , net lease intangibles of $39.4 million ( Note 8 ), and acquisition-related costs of $3.9 million , which were capitalized: • an investment of $53.5 million for an office building in Sunderland, United Kingdom on August 6, 2015; and • an investment of $62.5 million for ten auto dealership properties in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands on November 11, 2015. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisitions, as applicable. 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 : • an investment of $41.9 million for an office building in Chandler, Arizona on March 26, 2014; • an investment of $47.2 million for a warehouse facility in University Park, Illinois on May 15, 2014; • an investment of $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 ); • an investment of $46.0 million for an office building in Westborough, Massachusetts on August 22, 2014; • an investment of $56.0 million for an office building in Andover, Massachusetts on October 7, 2014; • an investment of $29.1 million for an office building in Newport, United Kingdom on October 13, 2014; and • an investment of $29.0 million for a light-industrial/distribution center in Opole, Poland on December 12, 2014. In connection with these transactions, we also expensed acquisition-related costs totaling $3.3 million , which are included in Merger, property acquisition, and other expenses in the consolidated financial statements. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisition, 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 simultaneously entered into new leases in connection with the acquisitions, 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 , 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: • an investment of $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 ; • an investment of $19.8 million for a manufacturing facility in Lewisburg, Ohio on November 4, 2014; and • an investment of $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. 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. 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, in connection with the extensions of the underlying leases ( Note 6 ). 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 simultaneously entered into new leases in connection with the acquisitions, 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 , and acquisition-related costs of $1.5 million , which were capitalized: • an investment of $72.4 million for an office building in Northfield, Illinois on January 11, 2013; and • an investment of $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 : • an investment of $35.3 million for a logistics facility in Venlo, Netherlands on April 15, 2013; • an investment of $25.5 million for an office building in Quincy, Massachusetts on June 7, 2013; • an investment of $63.3 million for an office building in Salford, United Kingdom on September 9, 2013; and • an investment of $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 . In connection with these business combinations, we also expensed aggregate acquisition-related costs of $4.2 million , which are included in Merger, property acquisition, and other expenses in the consolidated financial statements. Dollar amounts are based on the exchange rate of the euro and the British pound sterling on the dates of acquisition, as applicable. Real Estate Under Construction On December 4, 2013, we entered into a build-to-suit transaction for the construction of an office building located in Mönchengladbach, Germany for a total projected cost of up to $65.0 million , including acquisition expenses, which was based on the exchange rate of the euro on that date. During the years ended December 31, 2015 and 2014, we funded approximately $28.0 million and $20.6 million , respectively. The building was placed in service in September 2015 at a cost totaling $53.2 million and we have no further funding commitment as of December 31, 2015 . 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, 2015 are as follows (in thousands): Years Ending December 31, Total 2016 $ 611,361 2017 600,116 2018 573,110 2019 527,494 2020 484,060 Thereafter 2,887,773 Total $ 5,683,914 Operating Real Estate At December 31, 2015 , Operating real estate consisted of our investments in two hotels and one self-storage property. During the year ended December 31, 2015 , we sold one self-storage property ( Note 16 ). At December 31, 2014 , Operating real estate consisted of our investments in two hotels and two self-storage properties. Below is a summary of our Operating real estate (in thousands): December 31, 2015 2014 Land $ 6,578 $ 7,074 Buildings 76,171 77,811 Less: Accumulated depreciation (8,794 ) (4,866 ) $ 73,955 $ 80,019 Assets Held for Sale Below is a summary of our properties held for sale (in thousands): December 31, 2015 2014 Real estate, net $ 59,046 $ 5,969 Above-market rent intangible assets, net — 838 In-place lease intangible assets, net — 448 Assets held for sale $ 59,046 $ 7,255 At December 31, 2015 , we had two properties classified as Assets held for sale ( Note 16 ). There can be no assurance that the properties will be sold at the contracted prices, or at all. At December 31, 2014 , we had four properties classified as Assets held for sale, all of which were sold during the year ended December 31, 2015 . |
Finance Receivables
Finance Receivables | 12 Months Ended |
Dec. 31, 2015 | |
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. Our notes receivable are included in Other assets, net in the consolidated financial statements. Earnings from our note receivable are included in Lease termination income and other 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, 2015 2014 Minimum lease payments receivable $ 797,736 $ 904,788 Unguaranteed residual value 760,448 818,334 1,558,184 1,723,122 Less: unearned income (801,831 ) (906,896 ) $ 756,353 $ 816,226 2015 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $74.4 million for the year ended December 31, 2015 . During the year ended December 31, 2015 , the U.S. dollar strengthened against the euro, resulting in a $43.7 million decrease in the carrying value of Net investments in direct financing leases from December 31, 2014 to December 31, 2015 . We also recognized impairment charges totaling $3.3 million on five 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, 2015 , Other assets, net included accounts receivable of $1.2 million related to amounts billed under these direct financing leases. 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 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 in connection with the extensions 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 accounts receivable of $1.4 million 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 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. 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, 2015 are as follows (in thousands): Years Ending December 31, Total 2016 $ 75,613 2017 75,378 2018 75,449 2019 72,929 2020 72,390 Thereafter 425,977 Total $ 797,736 Notes Receivable At December 31, 2015 and 2014 , we had a note receivable with an outstanding balance of $10.7 million and $10.9 million , respectively, representing the expected future payments under a sales type lease, which was included in Other assets, net in the consolidated financial statements. At December 31, 2014, we had a B-note with an outstanding balance of $10.0 million . In February 2015, the B-note was repaid in full to us for $10.0 million . Deferred Acquisition Fees Receivable As described in Note 5 , 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. During the year ended December 31, 2015 , we established an allowance for credit losses of $8.7 million on a direct financing lease due to a decline in the estimated amount of future payments we will receive from the tenant, including the possible early termination of the direct financing lease, which was recorded in Property expenses, excluding reimbursable tenant costs in the consolidated financial statements. At both December 31, 2015 and 2014 , none of the balances of our finance receivables were past due. Other than the lease extensions noted under Net Investment in Direct Financing Leases above, there were no modifications of finance receivables during the years ended December 31, 2015 or 2014 . 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 2015. We believe the credit quality of our deferred acquisition fees receivable falls under category one , as the CPA ® REITs are expected to have the available cash to make such payments. A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants / Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2015 2014 2015 2014 1 2 3 $ 90,818 $ 79,343 2 3 4 53,492 37,318 3 23 22 512,724 592,631 4 6 7 110,002 127,782 5 — — — — $ 767,036 $ 837,074 |
Equity Investments in the Manag
Equity Investments in the Managed Programs and Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments in the Managed Programs and Real Estate | Equity Investments in the Managed Programs and Real Estate 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 the Managed Programs and real estate, 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, 2015 2014 2013 Distributions of Available Cash ( Note 4 ) $ 38,406 $ 31,052 $ 34,121 Amortization of basis differences on equity investments in the Managed Programs (806 ) (810 ) (5,115 ) Proportionate share of (losses) earnings from equity investments in the Managed Programs (454 ) 2,425 7,057 Deferred revenue earned ( Note 4 ) — 786 9,436 Other-than-temporary impairment charges on the Special Member Interest in CPA ® :16 – Global’s operating partnership — (735 ) (15,383 ) Total equity earnings from the Managed Programs 37,146 32,718 30,116 Equity earnings from other equity investments 17,559 14,828 26,928 Amortization of basis differences on other equity investments (3,685 ) (3,430 ) (4,313 ) Equity in earnings of equity method investments in the Managed Programs and real estate $ 51,020 $ 44,116 $ 52,731 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. Operating results of the Managed REITs are included in the Real Estate Ownership segment and operating results of CCIF are included in the Investment Management segment. 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 2015 2014 2015 2014 CPA ® :17 – Global 3.087 % 2.676 % $ 87,912 $ 79,429 CPA ® :17 – Global operating partnership 0.009 % 0.009 % — — CPA ® :18 – Global 0.735 % 0.221 % 9,279 2,784 CPA ® :18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 1.131 % 1.088 % 12,619 13,940 CWI 1 operating partnership 0.015 % 0.015 % — — CWI 2 0.379 % — % 949 — CWI 2 operating partnership 0.015 % — % 300 — CCIF 47.882 % 50.000 % 22,214 25,000 $ 133,482 $ 121,362 CPA ® :17 – Global — The c arrying value of our investment in CPA ® :17 – Global at December 31, 2015 includes asset management fees receivable, for which 128,392 shares of CPA ® :17 – Global common stock were issued during the first quarter of 2016. We received distributions from this investment during the years ended December 31, 2015 , 2014 , and 2013 of $5.9 million , $4.6 million , and $3.0 million , respectively. We received distributions from our investment in the CPA ® :17 – Global operating partnership during the years ended December 31, 2015 , 2014 , and 2013 of $24.7 million , $20.4 million , and $16.9 million , respectively. CPA ® :18 – Global — The c arrying value of our investment in CPA ® :18 – Global at December 31, 2015 includes asset management fees receivable, for which 81,338 shares of CPA ® :18 – Global class A common stock were issued during the first quarter of 2016. We received distributions from our investment in the CPA ® :18 – Global operating partnership during the years ended December 31, 2015 , 2014 , and 2013 of $6.3 million , $1.8 million , and $0.1 million , respectively. CWI 1 — We received distributions from our investment in the CWI 1 operating partnership during the years ended December 31, 2015 , 2014 , and 2013 of $7.1 million , $4.1 million , and $1.9 million , respectively. CWI 2 — On May 30, 2014, we purchased 22,222 shares of CWI 2’s class A common stock, par value $0.001 per share, for an aggregate purchase price of $0.2 million . On May 15, 2015, upon CWI 2 reaching its minimum offering proceeds and admitting new stockholders, we began to account for our interest in CWI 2 under the equity method of accounting after consolidating this investment since its inception in June 2014. As of December 31, 2015 , we had not received any distributions from this investment. The carrying value of our investment in CWI 2 at December 31, 2015 includes asset management fees receivable, for which 18,022 shares of class A common stock of CWI 2 were issued during the first quarter of 2016. On March 27, 2015, we purchased a 0.015% special general partnership interest in the CWI 2 operating partnership for $0.3 million . This special general partnership interest entitles us to receive distributions of our proportionate share of earnings up to 10% of the Available Cash from CWI 2’s operating partnership ( Note 4 ). During the year ended December 31, 2015 , we received $0.3 million of distributions from this investment. CCIF — W e received $0.8 million of distributions from our CCIF investment during the year ended December 31, 2015 . CPA ® :16 – Global — 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. At December 31, 2015 and 2014 , the aggregate unamortized basis differences on our equity investments in the Managed Programs were $27.4 million and $20.2 million , respectively. The following tables present estimated combined summarized financial information for the Managed Programs. Amounts provided are expected total amounts attributable to the Managed Programs and do not represent our proportionate share (in thousands): December 31, 2015 2014 Real estate, net $ 6,886,709 $ 5,969,011 Other assets 2,426,189 2,293,065 Total assets 9,312,898 8,262,076 Debt (4,432,082 ) (3,387,795 ) Accounts payable, accrued expenses and other liabilities (612,974 ) (496,857 ) Total liabilities (5,045,056 ) (3,884,652 ) Noncontrolling interests (253,020 ) (170,249 ) Stockholders’ equity $ 4,014,822 $ 4,207,175 Years Ended December 31, 2015 2014 2013 Revenues $ 1,157,432 $ 825,405 $ 796,637 Expenses (1,120,090 ) (816,630 ) (669,554 ) Income from continuing operations $ 37,342 $ 8,775 $ 127,083 Net (loss) income attributable to the Managed Programs (a) (b) $ (6,450 ) $ (12,695 ) $ 104,342 __________ (a) Inclusive of impairment charges recognized by the Managed Programs totaling $1.0 million , $1.3 million , and $25.6 million during the years ended December 31, 2015 , 2014 , and 2013 , respectively. These impairment charges reduced our income earned from these investments by less than $0.1 million , less than $0.1 million , and $4.7 million during the years ended December 31, 2015 , 2014 , and 2013 , respectively. (b) Amounts included net gains on sale of real estate recorded by the Managed REITs totaling $8.9 million , $13.3 million , and $7.7 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. These net gains on sale of real estate increased our income earned from these investments by $0.1 million , $0.4 million , and $0.1 million during the years ended December 31, 2015 , 2014 , and 2013 , respectively Interests in Other Unconsolidated Real Estate Investments We own equity interests in single-tenant net-leased properties that are generally leased to companies through noncontrolling interests (i) in partnerships and limited liability companies that we do not control but over which we exercise significant influence or (ii) as tenants-in-common subject to common control. Generally, the underlying investments are jointly-owned with affiliates. We account for these investments under the equity method of accounting. Earnings for each investment are recognized in accordance with each respective investment agreement. Investments in unconsolidated investments are required to be evaluated periodically. We periodically compare an investment’s carrying value to its estimated fair value and recognize an impairment charge to the extent that the carrying value exceeds fair value and such decline is determined to be other than temporary. The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Ownership Interest at Carrying Value at December 31, Lessee Co-owner December 31, 2015 2015 2014 Existing Equity Investments (a) Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH CPA ® :17 – Global 33% $ 9,507 $ 6,949 C1000 Logistiek Vastgoed B.V. CPA ® :17 – Global 15% 9,381 11,192 Wanbishi Archives Co. Ltd. CPA ® :17 – Global 3% 335 341 19,223 18,482 Equity Investments Acquired in the CPA ® :16 Merger The New York Times Company CPA ® :17 – Global 45% 70,976 72,476 Frontier Spinning Mills, Inc. CPA ® :17 – Global 40% 24,288 15,609 Actebis Peacock GmbH CPA ® :17 – Global 30% 12,186 6,369 107,450 94,454 Recently Acquired Equity Investment Beach House JV, LLC Third Party N/A 15,318 15,105 $ 141,991 $ 128,041 __________ (a) Represents equity investments we acquired prior to January 1, 2013. Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH — The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. In the second quarter of 2015, we recognized equity income of approximately $2.1 million , representing our share of the bankruptcy proceeds received by the jointly-owned investment. The proceeds were used to repay the mortgage loan encumbering the two properties owned by the jointly-owned investment in the amount of $14.3 million , of which our share was $4.7 million , in the third quarter of 2015. C1000 Logistiek Vastgoed B.V . — The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. This investment represents a tenancy-in-common interest, whereby the property is encumbered by the debt for which we are jointly and severally liable. For this investment, the co-obligor is CPA ® :17 – Global and the amount due under the arrangement was approximately $72.5 million at December 31, 2015 . Of this amount, $10.9 million represents the amount we agreed to pay and is included within the carrying value of the investment at December 31, 2015 . Wanbishi Archives Co. Ltd. — The carrying value of this investment is affected by fluctuations in the exchange rate of the yen. Frontier Spinning Mills, Inc. — We made a contribution of $8.6 million in the second quarter of 2015 to this jointly-owned investment to repay the related non-recourse mortgage loan. Actebis Peacock GmbH — The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. We made a contribution of $6.2 million in the third quarter of 2015 to this jointly-owned investment to repay the related non-recourse mortgage loan. Beach House JV, LLC — In March 2014, we received a preferred equity position in Beach House JV, LLC as part of the sale of the Soho House investment. During the year ended December 31, 2015 , we received $1.1 million of distributions and recognized $1.3 million of income from this investment. 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, 2015 2014 Real estate, net $ 464,730 $ 486,858 Other assets 64,989 81,232 Total assets 529,719 568,090 Debt (201,611 ) (278,012 ) Accounts payable, accrued expenses and other liabilities (9,394 ) (10,057 ) Total liabilities (211,005 ) (288,069 ) Noncontrolling interests (355 ) (355 ) Stockholders’ equity $ 318,359 $ 279,666 Years Ended December 31, 2015 2014 2013 Revenues $ 61,887 $ 64,294 $ 117,278 Expenses (21,124 ) (27,801 ) (50,907 ) Income from continuing operations $ 40,763 $ 36,493 $ 66,371 Net income attributable to the jointly-owned investments $ 40,763 $ 36,493 $ 15,762 We received aggregate distributions of $13.3 million , $12.5 million , and $25.9 million from our other unconsolidated real estate investments for the years ended December 31, 2015 , 2014 , and 2013 , respectively. At December 31, 2015 and 2014 , the aggregate unamortized basis differences on our unconsolidated real estate investments were $5.7 million and $5.8 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 recording a German real estate transfer tax of $22.1 million , of which our share was approximately $8.4 million and was reflected within Equity in earnings of equity method investments in the Managed Programs and real estate in our consolidated financial statements for the year ended December 31, 2013. In connection with the CPA ® :16 Merger, we acquired CPA ® :16 – Global’s controlling interest in the Hellweg 2 investment. During the fourth quarter of 2015, the German tax authority revoked its previous position on the application of a ruling in a Federal German tax court. Based on this change in position, the obligation to pay the German real estate transfer taxes recorded in connection with the Hellweg 2 restructuring, as well as those recorded in connection with the CPA ® :15 Merger, were no longer deemed probable of occurring. As a result, we reversed liabilities totaling $25.0 million , including $17.1 million recorded in connection with the Hellweg 2 restructuring and $7.9 million recorded in connection with the CPA ® :15 Merger, which is reflected in Merger, property acquisition, and other expenses in the consolidated financial statements for the year ended December 31, 2015. Disposition of Unconsolidated Real Estate Investments 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 the Managed Programs and real estate 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 , of which our share was $0.2 million . The gain was included in Equity in earnings of equity method investments in the Managed Programs and real estate in the consolidated financial statements. 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, 2015 | |
Goodwill And Intangible Assets Liabilities Disclosure [Abstract] | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles In connection with our acquisitions of properties, we have recorded net lease intangibles that are being amortized over periods ranging from one year to 43 years . In addition, we have several ground lease intangibles that are being amortized over periods of up to 99 years . In-place lease and tenant relationship intangibles are included in In-place lease and tenant relationship intangible assets, net in the consolidated financial statements. Above-market rent intangibles are included in Above-market rent intangible assets, net in the consolidated financial statements. 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 2015 , we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): Weighted-Average Life Amount Amortizable Intangible Assets In-place lease 13.4 $ 92,012 Above-market rent 15.3 32,739 Below-market ground lease 63.1 9,997 Indefinite-Lived Intangible Asset Below-market ground lease N/A 881 $ 135,629 Amortizable Intangible Liabilities Below-market rent 14.6 $ (6,798 ) 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, 2013 $ 265,525 $ 63,607 $ 329,132 Adjustments related to deferred foreign income taxes (a) 32,715 — 32,715 Allocation of goodwill to the cost basis of properties sold or classified as held for sale (13,118 ) — (13,118 ) 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 Foreign currency translation adjustments and other (14,258 ) — (14,258 ) 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 ) Balance at December 31, 2014 628,808 63,607 692,415 Foreign currency translation adjustments and other (10,548 ) — (10,548 ) Allocation of goodwill to the cost basis of properties sold or classified as held for sale (1,762 ) — (1,762 ) Other business combinations 1,704 — 1,704 Balance at December 31, 2015 $ 618,202 $ 63,607 $ 681,809 ___________ (a) In 2013, we identified an error in the consolidated financial statements related to accounting for deferred foreign income taxes. W e 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 the fourth quarter of 2013 we recorded an out-of-period adjustment related to the error, which included an adjustment to goodwill. (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 2015 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, 2015 2014 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 $ (32,765 ) $ — Internal-use software development costs 18,188 (2,038 ) 16,150 17,584 (26 ) 17,558 50,953 (34,803 ) 16,150 50,349 (32,791 ) 17,558 Lease Intangibles: In-place lease and tenant relationship 1,205,585 (302,737 ) 902,848 1,185,692 (191,873 ) 993,819 Above-market rent 649,035 (173,963 ) 475,072 639,370 (116,573 ) 522,797 Below-market ground lease 25,403 (889 ) 24,514 17,771 (435 ) 17,336 1,880,023 (477,589 ) 1,402,434 1,842,833 (308,881 ) 1,533,952 Unamortizable Goodwill and Indefinite-Lived Intangible Assets Goodwill 681,809 — 681,809 692,415 — 692,415 Trade name 3,975 — 3,975 3,975 — 3,975 Below-market ground lease 895 — 895 — — — 686,679 — 686,679 696,390 — 696,390 Total intangible assets $ 2,617,655 $ (512,392 ) $ 2,105,263 $ 2,589,572 $ (341,672 ) $ 2,247,900 Amortizable Intangible Liabilities Below-market rent $ (171,199 ) $ 44,873 $ (126,326 ) $ (169,231 ) $ 23,039 $ (146,192 ) Above-market ground lease (13,052 ) 1,774 (11,278 ) (13,311 ) 1,144 (12,167 ) (184,251 ) 46,647 (137,604 ) (182,542 ) 24,183 (158,359 ) Unamortizable Intangible Liabilities Below-market purchase option (16,711 ) — (16,711 ) (16,711 ) — (16,711 ) Total intangible liabilities $ (200,962 ) $ 46,647 $ (154,315 ) $ (199,253 ) $ 24,183 $ (175,070 ) Net amortization of intangibles, including the effect of foreign currency translation, was $180.8 million , $174.0 million , and $86.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues; amortization of management contracts, in-place lease and tenant relationship intangibles is included in Depreciation and amortization; and amortization of above-market ground lease and below-market ground lease intangibles is included in Property expenses. Based on the intangible assets and liabilities recorded at December 31, 2015 , 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 Total 2016 $ 36,464 $ 125,954 $ 162,418 2017 51,494 103,062 154,556 2018 48,639 99,392 148,031 2019 44,715 90,574 135,289 2020 37,053 82,126 119,179 Thereafter 130,381 431,126 561,507 Total $ 348,746 $ 932,234 $ 1,280,980 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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 an interest rate cap, interest rate swaps, stock warrants, foreign currency forward contracts, and foreign currency collars ( Note 10 ). The interest rate cap, interest rate swaps, foreign currency forward contracts, and foreign currency forward collars 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 ( Note 10 ). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and 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 14 ). We determined the valuation of redeemable noncontrolling interest using widely accepted valuation techniques, including comparable transaction analysis, comparable public company analysis, and discounted cash flow analysis. We classified this liability as Level 3. At December 31, 2015 , unobservable inputs for determining the estimated fair value of WPCI included, but were not limited to, a discount for lack of marketability, a discount rate, revenue, EBITDA (including normalized and run-rate EBITDA), and termination multiples with weighted-average ranges, across all valuation techniques utilized, as applicable, of 10% - 20% , 14% - 16% , 1.1 x - 8.8 x, 3.2 x - 18.8 x, and 5.5 x - 7.5 x, 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, 2015 or 2014 . Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2015 December 31, 2014 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse debt, net (a) 3 $ 2,271,204 $ 2,293,542 $ 2,532,683 $ 2,574,437 Senior Unsecured Notes, net (b) 2 1,486,568 1,459,544 498,345 527,029 Senior Unsecured Credit Facility (c) 2 735,021 735,022 1,057,518 1,057,519 Deferred acquisition fees receivable (d) 3 33,386 32,919 26,913 28,027 Notes receivable (a) 3 10,689 10,610 20,848 19,604 __________ (a) We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, where applicable, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity and the current market interest rate. (b) We determined the estimated fair value of the Senior Unsecured Notes ( Note 11 ) using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, we determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. (c) We determined the estimated fair value of our Senior Unsecured Credit Facility ( Note 11 ) using a discounted cash flow model with rates that take into account the market-based credit spread and our credit rating. (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 of 203 - 213 basis points and an illiquidity adjustment of 75 basis points at December 31, 2015 . Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both December 31, 2015 and 2014 . 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 not recoverable. 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 table presents information about our other assets that were measured at fair value on a non-recurring basis (in thousands): Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Fair Value Measurements Total Impairment Charges Fair Value Total Impairment Fair Value Total Impairment Impairment Charges in Continuing Operations Real estate $ 63,027 $ 26,597 $ 26,503 $ 21,738 $ 15,495 $ 4,673 Net investments in direct financing leases 65,132 3,309 39,158 1,329 891 68 Equity investments in real estate — — — 735 5,111 19,256 Marketable security — — — — 483 553 29,906 23,802 24,550 Impairment Charges in Discontinued Operations Real estate — — — — 19,413 6,192 Operating real estate — — — — 3,709 1,071 — — 7,263 $ 29,906 $ 23,802 $ 31,813 Impairment charges, and their related triggering events and fair value measurements, recognized during 2015 , 2014 , and 2013 were as follows: Real Estate 2015 — During the year ended December 31, 2015, we recognized impairment charges totaling $26.6 million on seven properties and a parcel of vacant land in order to reduce the carrying values of the properties to their estimated fair values. The fair value measurements for five of the properties and the parcel of vacant land approximated their estimated selling prices, and we recognized impairment charges totaling $10.9 million on these properties. We reduced the estimated holding period for another property due to the expected expiration of its related lease within one year after December 31, 2015 and recognized an impairment charge of $8.7 million on the property. The fair value measurement related to the impairment charge was 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 9.25% , 9.75% , and 8.5% , respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. The building located on another property will be demolished in accordance with a plan to redevelop the property, and the fair value of the building was reduced to zero. We recognized an impairment charge of $6.9 million on this property. 2014 — During the year ended December 31, 2014, we recognized impairment charges totaling $7.8 million on 13 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. 2013 — 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 10.00% , 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 The fair value measurements related to the impairment charges recognized on our Net investments in direct financing leases during 2015 and 2014 were determined by estimating market rents at the time the leases expire, taking into account the following factors related to the properties and their locations: (i) estimated rent growth in property location; (ii) the quality of the property relative to other properties nearby; and (iii) the number of vacant properties nearby. 2015 — During the year ended December 31, 2015, we recognized impairment charges totaling $3.3 million on five 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. 2014 — 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. 2013 — 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 and 2013, we recognized other-than-temporary impairment charges totaling $0.7 million and $15.4 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, r espectively. 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. Properties Included in Discontinued Operations During the year ended December 31, 2013, we recognized impairment charges on properties sold that are included in discontinued operations, including a hotel, totaling $7.3 million 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% , respe ctively. |
Risk Management and Use of Deri
Risk Management and Use of Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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 and Senior Unsecured Notes ( Note 11 ), at December 31, 2015 . 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 Europe, Asia, and Australia and are subject to risks associated with fluctuating 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. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts and we may be granted common stock warrants by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include a counterparty to a hedging arrangement defaulting 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 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 is 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 the change in fair value of any derivative is immediately recognized in earnings. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Foreign currency forward contracts Other assets, net $ 38,975 $ 16,307 $ — $ — Foreign currency collars Other assets, net 7,718 — — — Interest rate swaps Other assets, net — 285 — — Interest rate cap Other assets, net — 3 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (4,762 ) (5,660 ) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 3,618 3,753 — — Interest rate swaps (a) Other assets, net 9 — — — Interest rate swaps (a) Accounts payable, accrued expenses and other liabilities — — (2,612 ) (7,496 ) Total derivatives $ 50,320 $ 20,348 $ (7,374 ) $ (13,156 ) __________ (a) 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, 2015 and 2014 , 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 (Loss) Gain Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2015 2014 2013 Foreign currency forward contracts $ 15,949 $ 23,167 $ (5,211 ) Foreign currency collars 7,769 — — Interest rate swaps (284 ) (2,628 ) 4,720 Interest rate caps 64 290 (15 ) Derivatives in Net Investment Hedging Relationships (b) Foreign currency forward contracts 5,819 2,566 — Total $ 29,317 $ 23,395 $ (506 ) Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion) (c) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2015 2014 2013 Foreign currency forward contracts Other income and (expenses) $ 7,272 $ (103 ) $ (537 ) Interest rate swaps and caps Interest expense (2,291 ) (2,691 ) (1,745 ) Foreign currency collars Other income and (expenses) 357 — — Total $ 5,338 $ (2,794 ) $ (2,282 ) __________ (a) Excludes net gains of $0.6 million , $0.3 million , and $0.5 million recognized on unconsolidated jointly-owned investments for the years ended December 31, 2015 , 2014 , and 2013 , 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 recognized on unconsolidated jointly-owned investments of $0.4 million and $0.5 million for the years ended December 31, 2014 and 2013 , respectively. There were no such gains or losses recognized for the year ended December 31, 2015 . 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. As of December 31, 2015 , we estimate that an additional $1.8 million and $9.3 million will be reclassified as interest expense and other income, respectively, during the next 12 months. Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2015 2014 2013 Interest rate swaps Interest expense $ 4,164 $ 3,186 $ 5,249 Foreign currency collars Other income and (expenses) 514 — — Foreign currency forwards Other income and (expenses) (296 ) — — Stock warrants Other income and (expenses) (134 ) 134 440 Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 649 761 (20 ) Foreign currency forward contracts Other income and (expenses) 45 — — Foreign currency collars Other income and (expenses) 23 — — Total $ 4,965 $ 4,081 $ 5,669 __________ (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 Cap We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain variable-rate, non-recourse mortgage loans and, as a result, 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 a 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 cap that our consolidated subsidiaries had outstanding at December 31, 2015 are summarized as follows (currency in thousands): Number of Instruments Notional Amount Fair Value of (a) Interest Rate Derivatives Designated as Cash Flow Hedging Instruments Interest rate swaps 13 122,159 USD $ (4,154 ) Interest rate swap 1 6,011 EUR (608 ) Interest rate cap (b) 1 41,372 EUR — Not Designated as Cash Flow Hedging Instruments Interest rate swaps (c) 2 105,110 EUR (2,612 ) Interest rate swap (c) 1 3,127 USD 9 $ (7,365 ) __________ (a) Fair value amounts are based on the exchange rate of the euro at December 31, 2015 , as applicable. (b) The applicable interest rate of the related debt was 0.9% , which was below the strike price of the cap of 3.0% at December 31, 2015 . (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 and Collars We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling, the Australian dollar, 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 that there is a 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 and collars. 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. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. 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. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2015 , which were designated as cash flow hedges (currency in thousands): Number of Instruments Notional Fair Value at December 31, 2015 (a) Foreign Currency Derivatives Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 52 127,747 EUR $ 27,754 Foreign currency collars 25 90,100 EUR 4,441 Foreign currency collars 22 48,300 GBP 3,277 Foreign currency forward contracts 16 20,302 AUD 2,258 Foreign currency forward contracts 12 6,420 GBP 578 Designated as Net Investment Hedging Instruments Foreign currency forward contracts 5 84,522 AUD 8,385 $ 46,693 __________ (a) Fair value amounts are based on the applicable exchange rate of the foreign currency at December 31, 2015 . 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 any collateral received. No collateral was received as of December 31, 2015 . At December 31, 2015 , our total credit exposure and the maximum exposure to any single counterparty was $44.9 million and $26.3 million , respectively. Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 2015 , we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $8.2 million and $14.2 million at December 31, 2015 and 2014 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2015 or 2014 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $8.3 million and $14.5 million , respectively. Net Investment Hedges At December 31, 2015 and December 31, 2014, the amounts borrowed in euro outstanding under our Revolver ( Note 11 ) were €361.0 million and €345.0 million , respectively, and the amounts borrowed in British pounds sterling were none and £40.0 million , respectively. Additionally, we have issued senior notes denominated in euro with a principal amount of €500.0 million ( 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 our 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. At December 31, 2015 , we had foreign currency forward contracts that were designated as net investment hedges, as discussed in “Derivative Financial Instruments” above. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Senior Unsecured Credit Facility At December 31, 2014, we had a senior credit facility that provided for a $1.0 billion unsecured revolving credit facility, or our Revolver, and a $250.0 million term loan facility, or our Term Loan Facility, which we refer to collectively as the Senior Unsecured Credit Facility. At December 31, 2014, the Senior Unsecured Credit Facility also permitted (i) up to $500.0 million under our Revolver to be borrowed in certain currencies other than the U.S. dollar, (ii) swing line loans of up to $50.0 million under our Revolver, and (iii) the issuance of letters of credit under our 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. The Senior Unsecured Credit Facility also contained an accordion feature, which allowed us to increase the maximum borrowing capacity of our Revolver from $1.0 billion to $1.5 billion . We exercised this accordion feature on January 15, 2015. At that time, we also amended the Senior Unsecured Credit Facility as follows: (i) established a new $500.0 million accordion feature that, if exercised, subject to lender commitments, would increase our maximum borrowing capacity under our Revolver to $2.0 billion and under the Senior Unsecured Credit Facility in the aggregate to $2.25 billion , and (ii) increased the amount under our 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 remained unchanged. In connection with the exercise of the accordion feature and the amendment of the Senior Unsecured Credit Facility in January 2015, we incurred financing costs totaling $3.1 million , which are included in Other assets, net in the consolidated financial statements, and are being amortized to Interest expense over the remaining terms of the facilities. At December 31, 2015 , our Revolver had unused capacity of $1.0 billion , excluding amounts reserved for outstanding letters of credit. As of December 31, 2015 , our lenders had issued letters of credit totaling $1.6 million on our behalf in connection with certain contractual obligations, which reduce amounts that may be drawn under our Revolver by the same amount. We also incurred a facility fee of 0.20% of the total commitment on our Revolver during the year ended December 31, 2015 . On January 29, 2016, we exercised our option to extend our Term Loan Facility by an additional year to January 31, 2017 ( Note 19 ). We have options to extend the maturity date of the Revolver and Term Loan Facility by another year, subject to the conditions provided in the Second Amended and Restated Credit Agreement. The following table presents a summary of our Senior Unsecured Credit Facility (dollars in millions): Interest Rate at December 31, 2015 (a) Outstanding Balance at December 31, Senior Unsecured Credit Facility Maturity Date 2015 2014 Revolver: Revolver - borrowing in euros LIBOR + 1.10% 1/31/2018 $ 393.0 $ 419.4 Revolver - borrowing in U.S. dollars (b) LIBOR + 1.10%; EURIBOR + 1.10% 1/31/2018 92.0 326.0 Revolver - borrowing in British pounds sterling N/A 1/31/2018 — 62.1 485.0 807.5 Term Loan Facility (c) LIBOR + 1.25% 1/31/2016 250.0 250.0 $ 735.0 $ 1,057.5 __________ (a) Interest rate at December 31, 2015 is based on our credit rating of BBB/Baa2 . (b) EURIBOR means Euro Interbank Offered Rate. (c) Our Term Loan Facility was scheduled to mature on January 31, 2016. However, on January 29, 2016, we exercised our option to extend the maturity of our Term Loan Facility by an additional year to January 31, 2017 ( Note 19 ). Senior Unsecured Notes Since January 1, 2014, we have issued senior unsecured notes in three separate registered public offerings with an aggregate carrying amount of $1.5 billion as of December 31, 2015 , which we refer to collectively as the Senior Unsecured Notes. Interest on the Senior Unsecured Notes is payable in arrears, annually for foreign notes and semi-annually for domestic notes. 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 applicable government bond yield plus 30 basis points for the 2.0% Senior Euro Notes and the 4.6% Senior Notes, and 35 basis points for the 4.0% Senior Notes. The following table presents a summary of our Senior Unsecured Notes (currency in millions): Carrying Value at December 31, Senior Unsecured Notes Issue Date Principal Amount Price of Par Value Discount Effective Interest Rate Coupon Rate Maturity Date 2015 2014 4.6% Senior Notes 3/14/2014 $ 500.0 99.639 % $ 1.8 4.645 % 4.6 % 4/1/2024 $ 496.0 $ 498.3 2.0% Senior Euro Notes 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 540.6 — 4.0% Senior Notes 1/26/2015 $ 450.0 99.372 % $ 2.8 4.077 % 4.0 % 2/1/2025 450.0 — $ 1,486.6 $ 498.3 Proceeds from the issuances of these notes were used primarily to partially pay down the amounts then outstanding under our Revolver. In connection with these offerings, we incurred financing costs totaling $7.8 million and $4.2 million during the years ended December 31, 2015 and 2014 , respectively, which are included in Other assets, net in the consolidated financial statements, and are being amortized to Interest expense over the respective terms of the Senior Unsecured Notes. The Senior Unsecured Credit Facility and the Senior Unsecured Notes include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. 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, 2015 . Unsecured Term Loan In July 2013, we entered into a credit agreement 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 $3.0 billion and $3.3 billion at December 31, 2015 and 2014 , respectively. At December 31, 2015 , our mortgage notes payable bore interest at fixed annual rates ranging from 2.0% to 8.7% and variable contractual annual rates ranging from 0.9% to 7.6% , with maturity dates ranging from January 2016 to 2038 . Foreign Currency Exchange Rate Impact During the year ended December 31, 2015 , the U.S. dollar strengthened against the euro, resulting in an aggregate decrease of $166.0 million in the aggregate carrying values of our Non-recourse debt, Senior Unsecured Credit Facility, and 2.0% Senior Euro Notes from December 31, 2014 to December 31, 2015 . Scheduled Debt Principal Payments Scheduled debt principal payments during each of the next five calendar years following December 31, 2015 and thereafter are as follows (in thousands): Years Ending December 31, Total (a) 2016 $ 648,344 2017 697,749 2018 750,932 2019 99,753 2020 218,995 Thereafter through 2038 2,080,575 4,496,348 Unamortized discount, net (b) (3,555 ) Total $ 4,492,793 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2015 . (b) Represents the unamortized discount on the Senior Unsecured Notes of $7.8 million partially offset by unamortized premium of $4.2 million in the aggregate resulting from the assumption of property-level debt in connection with the CPA ® :15 Merger and CPA ® :16 Merger. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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 regarding the CPA ® :16 Merger. On April 11, 2014, we and the other defendants filed a motion to dismiss the complaint, as amended, in its entirety, and on October 15, 2014, the judge granted that motion to dismiss. The plaintiffs filed a Notice of Appeal on November 24, 2014 and had until August 24, 2015 to file that appeal. On August 21, 2015, plaintiffs withdrew with prejudice their Notice of Appeal. As a result, the decision that the trial court rendered in our favor on October 15, 2014 is now final, and the case has been dismissed. 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, 2015 | |
Equity [Abstract] | |
Equity | Equity Common Stock 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, 2015 and 2014 , 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, 2015 2014 2013 Ordinary income $ 3.5497 $ 3.6566 $ 3.1701 Return of capital 0.2618 0.0584 0.0099 Total distributions paid $ 3.8115 $ 3.7150 $ 3.1800 During the fourth quarter of 2015 , we declared a quarterly distribution of $0.9646 per share, which was paid on January 15, 2016 to stockholders of record on December 31, 2015 , in the amount of $102.7 million . Earnings Per Share Under current authoritative guidance for determining earnings per share, all nonvested 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 nonvested RSUs and RSAs contain rights to receive non-forfeitable distribution equivalents or distributions, respectively, 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 nonvested RSUs and RSAs from the numerator and such nonvested shares in the denominator. The following table summarizes basic and diluted earnings (in thousands, except share amounts): Years Ended December 31, 2015 2014 2013 Net income attributable to W. P. Carey $ 172,258 $ 239,826 $ 98,876 Allocation of distribution equivalents paid on nonvested RSUs and RSAs in excess of income (579 ) (1,007 ) (743 ) Net income – basic 171,679 238,819 98,133 Income effect of dilutive securities, net of taxes — (77 ) 187 Net income – diluted $ 171,679 $ 238,742 $ 98,320 Weighted-average shares outstanding – basic 105,675,692 98,764,164 68,691,046 Effect of dilutive securities 831,960 1,063,192 1,016,962 Weighted-average shares outstanding – diluted 106,507,652 99,827,356 69,708,008 Securities totaling 114,919 shares associated with the Redeemable noncontrolling interest were excluded from the earnings per share computation above as their effect would have been anti-dilutive for the year ended December 31, 2013. There were no such anti-dilutive securities for the years ended December 31, 2015 and 2014 . At-The-Market Equity Offering Program On June 3, 2015, we filed a prospectus supplement with the SEC pursuant to which we may offer and sell shares of our common stock, up to an aggregate gross sales price of $400.0 million , through an “at-the-market,” or ATM, offering program with a consortium of banks acting as sales agents. We intend to use the net proceeds from any such ATM offering to reduce indebtedness, which may include amounts outstanding under our Revolver, to fund potential future acquisitions, and for general corporate purposes. Through December 31, 2015 , we had not issued any shares pursuant to this ATM program. 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. Noncontrolling Interests Redeemable Noncontrolling Interest W e account for the noncontrolling interest in WPCI held by a third party as a redeemable noncontrolling interest, as we have an obligation to redeem 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. On October 1, 2013, we received a notice from the holder of the noncontrolling interest in WPCI regarding the exercise of the put option, pursuant to which we are required to purchase the third party’s 7.7% interest in WPCI. Pursuant to the terms of the related put agreement, the value of that interest was 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 determine when the redemption will occur. The following table presents a reconciliation of redeemable noncontrolling interest (in thousands): Years Ended December 31, 2015 2014 2013 Beginning balance $ 6,071 $ 7,436 $ 7,531 Redemption value adjustment 8,873 (306 ) — Net income — (142 ) 353 Distributions — (926 ) (435 ) Change in other comprehensive income — 9 (13 ) Ending balance $ 14,944 $ 6,071 $ 7,436 Transfers to Noncontrolling Interests The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands): Years Ended December 31, 2015 2014 2013 Net income attributable to W. P. Carey $ 172,258 $ 239,826 $ 98,876 Transfers to noncontrolling interest Decrease in W. P. Carey’s additional paid-in capital for purchases of less-than-wholly-owned investments in connection with the CPA ® :16 Merger — (41,374 ) — Net transfers to noncontrolling interest — (41,374 ) — Change from net income attributable to W. P. Carey and transfers to noncontrolling interest $ 172,258 $ 198,452 $ 98,876 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): Gains and Losses on Derivative Instruments Foreign Currency Translation Adjustments Gains and Losses on Marketable Securities Total Balance at January 1, 2013 $ (7,508 ) $ 2,828 $ 31 $ (4,649 ) Other comprehensive income (loss) before reclassifications (2,793 ) 21,835 — 19,042 Amounts reclassified from accumulated other comprehensive income (loss) to: Interest expense 1,745 — — 1,745 Other income and (expenses) 537 — — 537 Equity in earnings of equity method investments in the Managed Programs and real estate 531 — — 531 Total 2,813 — — 2,813 Net current period other comprehensive income (loss) 20 21,835 — 21,855 Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest — (1,870 ) — (1,870 ) Balance at December 31, 2013 (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 the Managed Programs and real estate 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 loss attributable to noncontrolling interests and redeemable noncontrolling interest — 5,968 — 5,968 Balance at December 31, 2014 13,597 (89,177 ) 21 (75,559 ) Other comprehensive income (loss) before reclassifications 29,391 (125,447 ) 15 (96,041 ) Amounts reclassified from accumulated other comprehensive income (loss) to: Interest expense 2,291 — — 2,291 Other income and (expenses) (7,629 ) — — (7,629 ) Total (5,338 ) — — (5,338 ) Net current period other comprehensive (loss) income 24,053 (125,447 ) 15 (101,379 ) Net current period other comprehensive gain attributable to noncontrolling interests — 4,647 — 4,647 Balance at December 31, 2015 $ 37,650 $ (209,977 ) $ 36 $ (172,291 ) |
Stock-Based Compensation and Ot
Stock-Based Compensation and Other Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation and Other Compensation | Stock-Based and Other Compensation Stock-Based Compensation At December 31, 2015 , we maintained several stock-based compensation plans as described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $21.6 million , $31.1 million , and $37.2 million for the years ended December 31, 2015 , 2014 , and 2013 , 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 $12.5 million , $17.3 million , and $18.4 million for the years ended December 31, 2015 , 2014 , and 2013 , 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, 2015 , there were 2,361,843 shares 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. During the years ended December 31, 2015 , 2014 , and 2013 , we awarded RSUs totaling 173,741 , 172,460 , and 171,804 , respectively, and PSUs totaling 75,277 , 89,653 , and 85,900 , respectively, to key employees. PSUs are reflected at 100% of target but may settle at up to three times the target amount shown or less. PSUs awarded during each of the years ended December 31, 2015 , 2014 , and 2013 include 10,000 PSUs awarded for which the undetermined terms and conditions of the grant were finalized in subsequent years. 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. In July 2015, we issued 16,152 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, 2015 , there were 199,553 shares that remained available for issuance under this plan. Employee Share Purchase Plan We sponsor an employee share purchase plan, or ESPP, pursuant to which eligible employees may contribute up to 10% of compensation, subject to certain limits, to purchase our common stock. During the year ended December 31, 2015 , employees were entitled to purchase stock through the ESPP semi-annually at a price equal to 90% of the fair market value at certain plan defined dates. During the years ended December 31, 2014 and 2013 , employees were entitled to purchase stock through the ESPP 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, 2015 , 2014 , and 2013 was less than $0.1 million , $0.3 million , and $1.2 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, 2015 and 2014 , we were obligated to issue 40,904 and 41,074 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 $1.1 million , respectively. The remaining PEP liability pertaining to participants who elected to remain in the plans was $0.7 million at both December 31, 2015 and 2014 . Those PEP Units are scheduled to be paid between 2017 and 2019. Restricted and Conditional Awards Nonvested RSAs, RSUs, and PSUs at December 31, 2015 and changes during the years ended December 31, 2015 , 2014 , and 2013 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Nonvested at January 1, 2013 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 188,619 61.08 89,653 76.05 Vested (a) (264,724 ) 43.35 (881,388 ) 51.00 Forfeited (1,001 ) 59.45 (78 ) 54.31 Adjustment (b) — — 448,734 55.91 Nonvested at December 31, 2014 442,502 53.03 877,641 32.06 Granted (c) 189,893 69.92 75,277 83.68 Vested (a) (264,628 ) 49.69 (792,465 ) 56.77 Forfeited (10,996 ) 66.46 — — Adjustment (b) — — 179,905 49.70 Nonvested at December 31, 2015 (d) 356,771 $ 64.09 340,358 $ 52.26 __________ (a) The total fair value of shares vested during the years ended December 31, 2015 , 2014 , and 2013 was $58.1 million , $56.4 million , and $21.4 million , respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date, pursuant to previously-made deferral elections. At December 31, 2015 and 2014 , we had an obligation to issue 1,395,907 and 848,788 shares, respectively, of our common stock underlying such deferred awards, which is recorded within W. P. Carey stockholders’ equity as a Deferred compensation obligation of $55.0 million and $29.6 million , respectively. (b) Vesting and payment of the PSUs is conditioned upon certain company and market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest. (c) The grant date fair values of RSAs and RSUs reflect our stock price on the date of grant. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate a range of possible future stock prices for both us and the plan defined peer index over the three-year performance period. To estimate the fair value of PSUs granted during the year ended December 31, 2015 , we used a risk-free interest rate of 1.0% and an expected volatility rate of 20.2% (the plan defined peer index assumes 13.5% ) and assumed a dividend yield of zero . (d) At December 31, 2015 , total unrecognized compensation expense related to these awards was approximately $20.1 million , with an 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, 2015 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Outstanding – beginning of year 475,765 $ 29.95 Exercised (213,479 ) 28.57 Canceled / Expired (3,499 ) 28.71 Outstanding – end of year 258,787 $ 31.10 1.06 $ 7,220,287 Vested and expected to vest – end of year 258,787 $ 31.10 1.06 $ 7,220,287 Exercisable – end of year 236,112 $ 30.99 0.99 $ 6,613,542 Years Ended December 31, 2014 2013 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Outstanding – beginning of year 619,601 $ 30.30 794,210 $ 30.32 Exercised (140,718 ) 31.41 (169,412 ) 30.43 Canceled / Expired (3,118 ) 32.99 (5,197 ) 29.84 Outstanding – end of year 475,765 $ 29.95 1.75 619,601 $ 30.30 2.59 Exercisable – end of year 421,656 $ 29.75 511,811 $ 30.18 Options granted under the 1997 Incentive Plan generally have a ten -year term and generally vested in four equal annual installments. Options granted under the 1997 Directors’ Plan have a ten -year term and generally vested over three years from the date of grant. We have not issued option awards since 2008. Our options will be fully expired in February 2018 . The total intrinsic value of options exercised during the years ended December 31, 2015 , 2014 , and 2013 was $7.4 million , $4.9 million , and $5.7 million , respectively. The tax benefit recognized by us related to these awards totaled $3.4 million during the year ended December 31, 2015 . At December 31, 2015 , 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 the ESPP during the years ended December 31, 2015 , 2014 , and 2013 was $0.5 million , $1.9 million , and $2.3 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 $26,500 annually per participant. In December 2014, our board of directors determined that the contribution to the plan for 2015 and 2014 would be 10% of an eligible participant’s compensation, up to a maximum of $26,500 for 2015 and $26,000 for 2014. For the years ended December 31, 2015 , 2014 , and 2013 , amounts expensed for contributions to the trust were $4.1 million , $3.5 million , and $4.5 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. In connection with entering into these employment contracts, we awarded RSUs totaling 10,500 and 20,250 to the senior executives during the years ended December 31, 2014 and 2013 , respectively. There were no such RSUs issued during the year ended December 31, 2015 . These contracts also provide for severance payments in the event of termination under certain conditions including a change of control ( Note 19 ). During the years ended December 31, 2015 , 2014 , and 2013 , we recognized severance costs totaling approximately $0.8 million , $1.0 million , and $0.7 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, 2015 | |
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, 2015 2014 2013 Federal Current $ 10,551 $ 19,545 $ 8,274 Deferred 1,901 (7,609 ) (13,029 ) 12,452 11,936 (4,755 ) State and Local Current 9,075 13,422 4,970 Deferred 1,158 (4,693 ) (3,665 ) 10,233 8,729 1,305 Foreign Current 16,656 6,869 7,144 Deferred (1,720 ) (9,925 ) (2,442 ) 14,936 (3,056 ) 4,702 Total Provision $ 37,621 $ 17,609 $ 1,252 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 year ended December 31, 2015 is as follows (in thousands, except percentages): Year Ended December 31, 2015 Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests $ 209,879 Pre-tax income attributable to pass-through subsidiaries (137,536 ) Pre-tax income attributable to taxable subsidiaries $ 72,343 Federal provision at statutory tax rate (35%) $ 25,244 35.0 % Rate differential (10,589 ) (14.6 )% Change in valuation allowance 9,074 12.5 % Non-deductible expense 6,982 9.6 % State and local taxes, net of federal benefit 6,151 8.4 % Exempt income (5,475 ) (7.6 )% Other 1,053 1.5 % Tax provision — taxable subsidiaries 32,440 44.8 % Non-income taxes 5,181 Total provision $ 37,621 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 Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests $ 223,938 $ 85,889 Pre-tax income attributable to pass-through subsidiaries (202,807 ) (96,314 ) Pre-tax income (loss) attributable to taxable subsidiaries $ 21,131 $ (10,425 ) Federal provision at statutory tax rate (35%) $ 7,396 35.0 % $ (3,649 ) (35.0 )% Recognition of taxable income as a result of the CPA ® :16 Merger (a) 4,833 22.9 % — — % State and local taxes, net of federal benefit 2,296 10.9 % (166 ) (1.6 )% Interest 2,111 10.0 % — — % Dividend income from Managed REITs 939 4.4 % — — % Amortization of intangible assets — — % 492 4.7 % Other 893 4.2 % (302 ) (2.9 )% Tax provision — taxable subsidiaries 18,468 87.4 % (3,625 ) (34.8 )% Deferred foreign tax benefit (b) (9,925 ) (2,442 ) Current foreign taxes 6,869 7,144 Other state and local taxes 2,197 175 Total provision $ 17,609 $ 1,252 __________ (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, 2015 and 2014 consist of the following (in thousands): At December 31, 2015 2014 Deferred Tax Assets Unearned and deferred compensation $ 35,525 $ 36,955 Net operating loss carryforwards 19,553 16,627 Basis differences — foreign investments 6,975 6,576 Other 3,788 3,272 Total deferred tax assets 65,841 63,430 Valuation allowance (29,746 ) (20,672 ) Net deferred tax assets 36,095 42,758 Deferred Tax Liabilities Basis differences — foreign investments (81,058 ) (95,619 ) Basis differences — equity investees (19,925 ) (19,044 ) Deferred revenue (8,654 ) (8,546 ) Total deferred tax liabilities (109,637 ) (123,209 ) Net Deferred Tax Liability $ (73,542 ) $ (80,451 ) 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 vesting 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 8 ). As of December 31, 2015 and 2014 , our taxable subsidiaries have recorded deferred tax assets of $19.6 million and $16.6 million , respectively, in connection with U.S. federal, state and local, and foreign net operating loss carryforwards. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction. If not utilized, our federal and state and local net operating losses will begin to expire in 2034 and our foreign net operating losses began expiring in 2012 . As of December 31, 2015 and 2014 , we recorded a valuation allowance of $29.7 million and $20.7 million , respectively, related to these net operating loss carryforwards and basis difference in U.S. and foreign jurisdictions. Included in Other assets, net in the consolidated balance sheet at December 31, 2015 and 2014 is deferred tax assets of $12.6 million and $13.7 million , respectively. Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2015 2014 Beginning balance $ 2,055 $ 109 Addition based on tax positions related to the current year 1,510 1,946 Addition based on tax positions related to prior years 1,447 — Decrease due to lapse in statute of limitations (572 ) — Foreign currency translation adjustments (136 ) — Ending balance $ 4,304 $ 2,055 At December 31, 2015 and 2014, we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2015, we had approximately $0.7 million of accrued interest related to uncertain tax positions. 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, 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. 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 2009 through 2015 remain open to adjustment in the major tax jurisdictions. The U.S. Federal examination of Carey Asset Management for the year ended December 31, 2011 was finalized through the IRS appeals process, but we are awaiting the final closing agreement. |
Property Dispositions and Disco
Property Dispositions and Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions and Discontinued Operations | Property Dispositions and Discontinued Operations From time to time, we may decide to sell a property. We have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may make a decision to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. For those properties sold or classified as held for sale prior to January 1, 2014, we classify current and prior period results of operations of the property as discontinued operations in accordance with our adoption of ASU 2014-08. 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 sold or classified as held for sale that did not qualify for discontinued operations are included within continuing operations in the consolidated financial statements and are summarized as follows (in thousands): Years Ended December 31, 2015 2014 2013 Revenues $ 32,416 $ 21,427 $ 15,762 Expenses (19,306 ) (17,707 ) (15,872 ) Gain (loss) on sale of real estate 6,487 1,338 (332 ) Impairment charges (4,071 ) (8,537 ) (4,741 ) (Loss) gain on extinguishment of debt (3,179 ) — 113 (Provision for) benefit from income taxes (227 ) 1,347 465 Income (loss) from continuing operations from properties sold or classified as held for sale, net of income taxes (a) $ 12,120 $ (2,132 ) $ (4,605 ) __________ (a) Amounts for the years ended December 31, 2014 and 2013 included net losses of $0.1 million and $2.7 million , respectively, attributable to noncontrolling interests. 2015 — During the year ended December 31, 2015, we sold 13 properties for total proceeds of $35.7 million , net of selling costs, and we recognized a net gain on these sales of $5.9 million . We recognized impairment charges ( Note 9 ) on these properties totaling $6.0 million , of which $2.7 million and $3.3 million were recognized during 2015 and 2014, respectively, and a gain on extinguishment of debt of $2.1 million in 2015. In addition, during July 2015, a domestic vacant property was foreclosed upon and sold for $1.4 million . We recognized a gain on sale of $0.6 million in connection with that disposition. In connection with those sales that constituted businesses, during the year ended December 31, 2015 we allocated goodwill totaling $1.7 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 ). In the fourth quarter of 2015, we executed a lease amendment with a tenant in a domestic office building. The amendment extended the lease term an additional 15 years to January 31, 2037 and provided a one-time rent payment of $25.0 million , which was paid to us on December 18, 2015. The lease amendment also provided an option to terminate the lease effective February 29, 2016, with additional lease termination fees of $22.2 million to be paid to us on or five days before February 29, 2016 upon exercise of the option. The tenant exercised the option on January 1, 2016. The aggregate of the additional rent payment of $25.0 million and the lease termination fees of $22.2 million are being amortized to lease termination income from the lease amendment date on December 4, 2015 through the end of the lease term on February 29, 2016, resulting in $15.0 million recognized during the year ended December 31, 2015 within Lease termination income and other in the consolidated financial statements. In connection with the lease amendment, we defeased the mortgage loan encumbering the property with a principal balance of $36.5 million , and recognized a loss on extinguishment of debt of $5.3 million , which was included in Other income and (expenses) in the consolidated financial statements. In addition, during the fourth quarter of 2015 we entered into an agreement to sell the property to a third party, and the buyer placed a deposit of $12.7 million for the purchase of the property that is being held in escrow. At December 31, 2015, this property was classified as held for sale ( Note 5 ). In addition, we had an international property classified as held for sale, and it is probable that these two properties will be sold within one year from December 31, 2015 ( Note 5 ). We are actively pursuing the sale of the international property, which management and the lender have approved. There can be no assurance that the properties will be sold at the contracted prices, or at all. At December 31, 2015, the domestic property had a carrying value of $55.2 million , and the international property had a carrying value of $3.9 million , reflecting an impairment charge of $1.4 million ( Note 9 ) recognized during the year ended December 31, 2015. 2014 — During the year ended December 31, 2014, we sold 13 properties for 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 recognized 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 a total outstanding balance of $8.5 million . 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 estimated 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 these properties during the year ended December 31, 2015 . 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 are included within continuing operations in the consolidated financial statements for the year ended December 31, 2013. Property Dispositions Included in Discontinued Operations The results of operations for properties that have been classified as held for sale or have been sold prior to January 1, 2014 and the properties that were acquired as held for sale in the CPA ® :16 Merger are reflected in the consolidated financial statements as discontinued operations, net of tax and are summarized as follows (in thousands): Years Ended December 31, 2015 2014 2013 Revenues $ — $ 8,931 $ 28,951 Expenses — (2,039 ) (19,984 ) Loss on extinguishment of debt — (1,244 ) (2,415 ) Gain on sale of real estate — 27,670 40,043 Impairment charges — — (8,415 ) Income from discontinued operations $ — $ 33,318 $ 38,180 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, 2012, 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 previously recognized during 2013. 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 60.0% 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 previously recognized during 2013 . 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. 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 ). |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Real Estate Ownership Revenues (a) $ 735,448 $ 645,383 $ 315,965 Operating expenses (a) (b) (c) (d) (426,814 ) (404,674 ) (178,962 ) Interest expense (194,326 ) (178,122 ) (103,728 ) Other income and expenses, excluding interest expense (e) 54,924 135,558 61,151 (Provision for) benefit from income taxes (17,948 ) 916 (4,703 ) Gain (loss) on sale of real estate, net of tax 6,487 1,581 (332 ) Net income attributable to noncontrolling interests (10,961 ) (5,573 ) (33,056 ) Net (loss) income attributable to noncontrolling interests of discontinued operations — (179 ) 23,941 Income from continuing operations attributable to W. P. Carey $ 146,810 $ 194,890 $ 80,276 Investment Management Revenues (a) $ 202,935 $ 263,063 $ 173,886 Operating expenses (a) (c) (d) (154,015 ) (232,704 ) (173,744 ) Other income and expenses, excluding interest expense (1,791 ) 275 1,001 (Provision for) benefit from income taxes (19,673 ) (18,525 ) 3,451 Net (income) loss attributable to noncontrolling interests (2,008 ) (812 ) 120 Net loss (income) attributable to redeemable noncontrolling interests — 142 (353 ) Income from continuing operations attributable to W. P. Carey $ 25,448 $ 11,439 $ 4,361 Total Company Revenues (a) $ 938,383 $ 908,446 $ 489,851 Operating expenses (a) (b) (c) (d) (580,829 ) (637,378 ) (352,706 ) Interest expense (194,326 ) (178,122 ) (103,728 ) Other income and expenses, excluding interest expense (e) 53,133 135,833 62,152 Provision for income taxes (37,621 ) (17,609 ) (1,252 ) Gain (loss) on sale of real estate, net of tax 6,487 1,581 (332 ) Net income attributable to noncontrolling interests (12,969 ) (6,385 ) (32,936 ) Net (loss) income attributable to noncontrolling interests of discontinued operations — (179 ) 23,941 Net loss (income) attributable to redeemable noncontrolling interests — 142 (353 ) Income from continuing operations attributable to W. P. Carey $ 172,258 $ 206,329 $ 84,637 Total Long-Lived Assets (f) at December 31, Total Assets at December 31, 2015 2014 2015 2014 Real Estate Ownership $ 6,079,803 $ 5,880,958 $ 8,550,128 $ 8,459,406 Investment Management 22,214 25,000 204,545 189,073 Total Company $ 6,102,017 $ 5,905,958 $ 8,754,673 $ 8,648,479 __________ (a) Included in revenues and operating expenses are reimbursable tenant and affiliate costs totaling $78.7 million , $155.1 million , and $86.9 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. (b) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7) , which is reflected in Merger, property acquisition, and other expenses in the consolidated financial statements. Amount for the years ended December 31, 2014 and 2013 includes expenses incurred of $30.5 million and $5.0 million , respectively, related to the CPA ® :16 Merger. (c) Includes Stock-based compensation expense of $21.6 million , $31.1 million , and $37.2 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, of which $13.8 million , $18.4 million , and $30.0 million , respectively, were included in the Investment Management segment. (d) Includes expenses related to our review of strategic alternatives of $5.7 million for the year ended December 31, 2015 , of which $2.1 million was included in the Investment Management segment. (e) Amount for the year ended December 31, 2014 includes a net Gain on change in control of interests of $105.9 million recognized in connection with the CPA ® :16 Merger ( Note 3 ). (f) Consists of Net investments in real estate and Equity investments in the Managed Programs and real estate . 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, 2015 , our international investments within our Real Estate Ownership segment were comprised of investments in Germany, France, the United Kingdom, Spain, Finland, Poland, the Netherlands, Norway, Austria, Hungary, Sweden, Belgium, Australia, Thailand, Malaysia, Japan, Canada, and Mexico. 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 for the years ended December 31, 2015 , 2014 , or 2013 , or more than 10% of total long-lived assets at December 31, 2015 or 2014 . The following tables present the geographic information (in thousands): Years Ended December 31, 2015 2014 2013 Domestic Revenues $ 468,703 $ 426,578 $ 218,758 Operating expenses (296,265 ) (284,362 ) (126,493 ) Interest expense (153,219 ) (117,603 ) (65,970 ) Other income and expenses, excluding interest expense 50,891 146,156 88,593 (Provision for) benefit from income taxes (6,219 ) (3,238 ) 13 Gain (loss) on sale of real estate, net of tax 2,941 (5,119 ) (332 ) Net income attributable to noncontrolling interests (5,358 ) (4,233 ) (34,321 ) Net (loss) income attributable to noncontrolling interests in discontinued operations — (179 ) 23,941 Income from continuing operations attributable to W. P. Carey $ 61,474 $ 158,000 $ 104,189 Germany Revenues $ 65,777 $ 72,978 $ 20,221 Operating benefits (expenses) (a) 818 (40,847 ) (3,011 ) Interest expense (15,432 ) (18,880 ) (5,020 ) Other income and expenses, excluding interest expense 4,175 (10,698 ) (29,284 ) (Provision for) benefit from income taxes (4,357 ) 3,163 (1,693 ) Gain on sale of real estate, net of tax 21 — — Net income attributable to noncontrolling interests (5,537 ) (1,017 ) (3,188 ) Income (loss) from continuing operations attributable to W. P. Carey $ 45,465 $ 4,699 $ (21,975 ) Other International Revenues $ 200,968 $ 145,827 $ 76,986 Operating expenses (131,367 ) (79,465 ) (49,458 ) Interest expense (25,675 ) (41,639 ) (32,738 ) Other income and expenses, excluding interest expense (142 ) 100 1,842 (Provision for) benefit from income taxes (7,372 ) 991 (3,023 ) Gain on sale of real estate, net of tax 3,525 6,700 — Net (income) loss attributable to noncontrolling interests (66 ) (323 ) 4,453 Income (loss) from continuing operations attributable to W. P. Carey $ 39,871 $ 32,191 $ (1,938 ) Total Revenues $ 735,448 $ 645,383 $ 315,965 Operating expenses (426,814 ) (404,674 ) (178,962 ) Interest expense (194,326 ) (178,122 ) (103,728 ) Other income and expenses, excluding interest expense 54,924 135,558 61,151 (Provision for) benefit from income taxes (17,948 ) 916 (4,703 ) Gain (loss) on sale of real estate, net of tax 6,487 1,581 (332 ) Net income attributable to noncontrolling interests (10,961 ) (5,573 ) (33,056 ) Net (loss) income attributable to noncontrolling interests in discontinued operations — (179 ) 23,941 Income from continuing operations attributable to W. P. Carey $ 146,810 $ 194,890 $ 80,276 December 31, 2015 2014 Domestic Long-lived assets (b) $ 3,794,232 $ 3,804,430 Total assets 5,447,818 5,567,383 Germany Long-lived assets (b) $ 581,283 $ 609,739 Total assets 790,890 875,840 Other International Long-lived assets (b) $ 1,704,288 $ 1,466,789 Total assets 2,311,420 2,016,183 Total Long-lived assets (b) $ 6,079,803 $ 5,880,958 Total assets 8,550,128 8,459,406 __________ (a) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes ( Note 7 ). (b) Consists of Net investments in real estate and Equity investments in the Managed Programs and real estate , excluding our equity investment in CCIF ( Note 7 ). |
Selected Quarterly Financial In
Selected Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | Selected Quarterly Financial Data (Unaudited) (dollars in thousands, except per share amounts) Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues (a) $ 220,388 $ 238,079 $ 214,666 $ 265,250 Expenses (a) 140,479 130,382 159,066 150,902 Net income (a) 38,582 66,923 23,578 56,144 Net income attributable to noncontrolling interests (2,466 ) (3,575 ) (1,833 ) (5,095 ) Net income attributable to redeemable noncontrolling interests — — — — Net income attributable to W. P. Carey (a) $ 36,116 $ 63,348 $ 21,745 $ 51,049 Earnings per share attributable to W. P. Carey: Basic $ 0.34 $ 0.60 $ 0.20 $ 0.48 Diluted $ 0.34 $ 0.59 $ 0.20 $ 0.48 Distributions declared per share $ 0.9525 $ 0.9540 $ 0.9550 $ 0.9646 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Revenues $ 209,195 $ 253,414 $ 197,006 $ 248,831 Expenses 171,605 161,360 128,174 176,239 Net income (b) 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 (c) : Basic $ 1.29 $ 0.64 $ 0.27 $ 0.31 Diluted $ 1.27 $ 0.64 $ 0.27 $ 0.30 Distributions declared per share $ 0.8950 $ 0.9000 $ 0.9400 $ 0.9500 __________ (a) Amount for the three months ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7) and $15.0 million of termination income related to a domestic property classified as held for sale ( Note 16 ). (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 ( Note 3 ). (c) 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 ). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Issuance of Stock-Based Compensation Awards During the first quarter of 2016 and through the date of this Report, in connection with our annual LTIP award program ( Note 14 ), we issued 210,249 RSUs and 184,755 PSUs to key employees, which will have a dilutive impact on our future earnings per share calculations. Change in Management On February 10, 2016, we announced that Mark J. DeCesaris, a member of our board of directors, was appointed Chief Executive Officer, effective immediately. Mr. DeCesaris succeeded Trevor P. Bond, who resigned as Chief Executive Officer and as a director to pursue other interests. Mr. DeCesaris has served on our board of directors since 2012 and previously served in various capacities for W. P. Carey from 2005 until 2013, including as our Chief Financial Officer. In connection with his resignation, we and Mr. Bond entered into a letter agreement, dated February 10, 2016. Under the terms of the agreement, subject to certain conditions, Mr. Bond will be entitled to receive the severance benefits provided for in his employment agreement and, subject to satisfaction of applicable performance conditions and proration, vesting of his outstanding unvested performance stock units in accordance with their terms. In addition, previously-granted restricted stock units that were scheduled to vest on February 15, 2016 vested in accordance with their terms. In connection with the separation agreement, we will record approximately $5.1 million of severance-related expense in our consolidated financial statements during the three months ended March 31, 2016 ( Note 14 ). Senior Unsecured Credit Facility On January 29, 2016, we exercised our option to extend our Term Loan Facility ( Note 11 ) by an additional year to January 31, 2017. In connection with the extension, we incurred financing costs of $0.3 million . |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 , and 2013 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2015 Valuation reserve for deferred tax assets $ 20,672 $ 10,001 $ (927 ) $ 29,746 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 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Real Estate Under Operating Leases Industrial facilities in Erlanger, KY $ 11,107 $ 1,526 $ 21,427 $ 2,966 $ 141 $ 1,526 $ 24,534 $ 26,060 $ 11,396 1979; 1987 Jan. 1998 40 yrs. Industrial facilities in Thurmont, MD and Farmington, NY — 729 5,903 — — 729 5,903 6,632 663 1964; 1983 Jan. 1998 15 yrs. Retail facility in Montgomery, AL — 855 6,762 277 (6,978 ) 142 774 916 471 1987 Jan. 1998 40 yrs. Warehouse facilities in Anchorage, AK and Commerce, CA — 4,905 11,898 — 12 4,905 11,910 16,815 3,421 1948; 1975 Jan. 1998 40 yrs. Industrial facility in Toledo, OH — 224 2,408 — — 224 2,408 2,632 1,304 1966 Jan. 1998 40 yrs. Industrial facility in Goshen, IN — 239 940 — — 239 940 1,179 274 1973 Jan. 1998 40 yrs. Office facility in Raleigh, NC — 1,638 2,844 187 (2,554 ) 828 1,287 2,115 666 1983 Jan. 1998 20 yrs. Office facility in King of Prussia, PA — 1,219 6,283 1,295 — 1,219 7,578 8,797 3,248 1968 Jan. 1998 40 yrs. Industrial facility in Pinconning, MI — 32 1,692 — — 32 1,692 1,724 761 1948 Jan. 1998 40 yrs. Industrial facilities in San Fernando, CA 6,658 2,052 5,322 — (1,889 ) 1,494 3,991 5,485 1,814 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 12,991 668 Various Jan. 1998 15 yrs. Land in Glendora, CA — 1,135 — — 17 1,152 — 1,152 — N/A Jan. 1998 N/A Land in Doraville, GA — 3,288 9,864 1,546 (11,410 ) 3,288 — 3,288 — N/A Jan. 1998 N/A Office facilities in Collierville, TN and warehouse facility in Corpus Christi, TX 48,320 3,490 72,497 — (15,609 ) 288 60,090 60,378 9,853 1989; 1999 Jan. 1998 40 yrs. Land in Irving and Houston, TX — 9,795 — — — 9,795 — 9,795 — N/A Jan. 1998 N/A Industrial facility in Chandler, AZ 9,891 5,035 18,957 7,435 541 5,035 26,933 31,968 11,313 1989 Jan. 1998 40 yrs. Office facility in Bridgeton, MO — 842 4,762 2,523 71 842 7,356 8,198 2,566 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 1,438 1972 Jan. 1998 35 yrs. Warehouse facility in Memphis, TN — 1,882 3,973 255 (3,893 ) 328 1,889 2,217 834 1969 Jan. 1998 15 yrs. Retail facility in Bellevue, WA — 4,125 11,812 393 (123 ) 4,371 11,836 16,207 5,219 1994 Apr. 1998 40 yrs. Office facility in Houston, TX — 3,260 22,574 1,628 (23,754 ) 211 3,497 3,708 2,620 1982 Jun. 1998 40 yrs. Office facility in Rio Rancho, NM 7,313 1,190 9,353 1,742 — 1,467 10,818 12,285 4,550 1999 Jul. 1998 40 yrs. Office facility in Moorestown, NJ — 351 5,981 1,470 43 351 7,494 7,845 3,430 1964 Feb. 1999 40 yrs. Office facility in Norcross, GA 26,951 5,200 25,585 11,822 (28,152 ) 2,646 11,809 14,455 481 1975 Jun. 1999 40 yrs. Office facility in Illkirch, France 7,322 — 18,520 6 1,041 — 19,567 19,567 9,224 2001 Dec. 2001 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Industrial facilities in Lenexa, KS and Winston-Salem, NC — 1,860 12,539 2,875 (1,067 ) 1,725 14,482 16,207 4,279 1968; 1980; 1983 Sep. 2002 40 yrs. Office facilities in Playa Vista and Venice, CA 46,741 2,032 10,152 52,817 1 5,889 59,113 65,002 8,184 1991; 1999 Sep. 2004; Sep. 2012 40 yrs. Warehouse facility in Greenfield, IN — 2,807 10,335 223 (8,383 ) 967 4,015 4,982 1,282 1995 Sep. 2004 40 yrs. Warehouse facilities in Birmingham, AL — 1,256 7,704 — — 1,256 7,704 8,960 2,175 1995 Sep. 2004 40 yrs. Industrial facility in Scottsdale, AZ 1,102 586 46 — — 586 46 632 13 1988 Sep. 2004 40 yrs. Retail facility in Hot Springs, AR — 850 2,939 2 (2,614 ) — 1,177 1,177 333 1985 Sep. 2004 40 yrs. Warehouse facilities in Apopka, FL — 362 10,855 783 (155 ) 337 11,508 11,845 3,091 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 2,664 1,725 5,168 — — 1,725 5,168 6,893 1,647 1995 Dec. 2006 29 yrs. Retail facility in Wroclaw, Poland 6,544 3,600 10,306 — (4,061 ) 2,722 7,123 9,845 1,430 2007 Dec. 2007 40 yrs. Office facility in Fort Worth, TX 31,870 4,600 37,580 — — 4,600 37,580 42,180 5,558 2003 Feb. 2010 40 yrs. Warehouse facility in Mallorca, Spain — 11,109 12,636 — (2,104 ) 10,106 11,535 21,641 1,606 2008 Jun. 2010 40 yrs. Office facilities in San Diego, CA 32,661 7,247 29,098 1,214 (5,514 ) 4,762 27,283 32,045 5,376 1989 May 2011 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 1,085 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 137,717 32,680 198,999 — — 32,680 198,999 231,679 17,801 1989; 1990 Sep. 2012 34 - 37 yrs. Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH 7,597 4,403 20,298 — (3,870 ) 2,589 18,242 20,831 1,442 1968; 1979; 1995 Sep. 2012; Jan. 2014 30 yrs. Land in Irvine, CA 1,625 4,173 — — — 4,173 — 4,173 — N/A Sep. 2012 N/A Industrial facility in Alpharetta, GA 7,197 2,198 6,349 — — 2,198 6,349 8,547 688 1997 Sep. 2012 30 yrs. Office facility in Clinton, NJ 22,947 2,866 34,834 — — 2,866 34,834 37,700 3,776 1987 Sep. 2012 30 yrs. Office facilities in St. Petersburg, FL — 3,280 24,627 — — 3,280 24,627 27,907 2,662 1980; 1996; 1999 Sep. 2012 30 yrs. Movie theater in Baton Rouge, LA 9,524 4,168 5,724 — — 4,168 5,724 9,892 621 2003 Sep. 2012 30 yrs. Office facilities in San Diego, CA — 7,804 16,729 1,656 — 7,804 18,385 26,189 1,969 2002 Sep. 2012 30 yrs. Industrial facilities in Richmond, CA — 895 1,953 — — 895 1,953 2,848 212 1987; 1999 Sep. 2012 30 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Cost Capitalized (a) Increase (b) Gross Amount at which (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Initial Cost to Company Description Encumbrances Land Buildings Land Buildings Total Industrial and warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX 58,262 16,386 84,668 — — 16,386 84,668 101,054 9,103 Various Sep. 2012 30 yrs. Warehouse facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France — 15,779 89,421 — (16,139 ) 13,359 75,702 89,061 8,191 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 1,920 Various Sep. 2012 30 yrs. Industrial facilities in Chattanooga, TN — 558 5,923 — — 558 5,923 6,481 635 1974; 1989 Sep. 2012 30 yrs. Industrial facility in Mooresville, NC 5,077 756 9,775 — — 756 9,775 10,531 1,045 1997 Sep. 2012 30 yrs. Industrial facility in McCalla, AL — 960 14,472 6,350 — 960 20,822 21,782 2,450 2004 Sep. 2012 31 yrs. Office facility in Lower Makefield Township, PA 9,549 1,726 12,781 — — 1,726 12,781 14,507 1,363 2002 Sep. 2012 30 yrs. Industrial facility in Fort Smith, AZ — 1,063 6,159 — — 1,063 6,159 7,222 651 1982 Sep. 2012 30 yrs. Retail facilities in Greenwood, IN and Buffalo, NY 8,755 — 19,990 — — — 19,990 19,990 2,092 2003; 2004 Sep. 2012 30 - 31 yrs. Industrial facilities in Bowling Green, KY and Jackson, TN 6,391 1,492 8,182 — — 1,492 8,182 9,674 863 1989; 1995 Sep. 2012 31 yrs. Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA 32,553 14,006 33,683 — (1,961 ) 12,045 33,683 45,728 3,422 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 10,146 6,559 19,078 — — 6,559 19,078 25,637 1,996 Various Sep. 2012 31 yrs. Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY 12,339 6,080 23,424 — — 6,080 23,424 29,504 2,431 1990; 1994; 2000 Sep. 2012 31 yrs. Land in Kahl, Germany — 6,694 — — (1,027 ) 5,667 — 5,667 — N/A Sep. 2012 N/A Sports facilities in Englewood, CO; Memphis TN; and Bedford, TX 7,925 4,877 4,258 — 4,823 4,877 9,081 13,958 993 1990; 1995; 2001 Sep. 2012 31 yrs. Office facilities in Mons, Belgium 7,820 1,505 6,026 653 (1,285 ) 1,274 5,625 6,899 543 1982; 1983 Sep. 2012 32 yrs. Warehouse facilities in Oceanside, CA and Concordville, PA 3,667 3,333 8,270 — — 3,333 8,270 11,603 861 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 32,867 Various Sep. 2012 31 yrs. Warehouse facility in La Vista, NE 21,137 4,196 23,148 — — 4,196 23,148 27,344 2,247 2005 Sep. 2012 33 yrs. Office facility in Pleasanton, CA 10,478 3,675 7,468 — — 3,675 7,468 11,143 767 2000 Sep. 2012 31 yrs. Office facility in San Marcos, TX — 440 688 — — 440 688 1,128 71 2000 Sep. 2012 31 yrs. Office facilities in Espoo, Finland 40,826 40,555 15,662 — (20,107 ) 26,980 9,130 36,110 79 1972 Sep. 2012 31 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Cost Capitalized (a) Increase (b) Gross Amount at which (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Initial Cost to Company Description Encumbrances Land Buildings Land Buildings Total Office facility in Chicago, IL 14,217 2,169 19,010 — — 2,169 19,010 21,179 1,937 1910 Sep. 2012 31 yrs. Industrial facility in Louisville, CO 7,997 5,342 8,786 1,849 — 5,481 10,496 15,977 1,220 1993 Sep. 2012 31 yrs. Industrial facilities in Hollywood and Orlando, FL — 3,639 1,269 — — 3,639 1,269 4,908 129 1996 Sep. 2012 31 yrs. Warehouse facility in Golden, CO — 808 4,304 77 — 808 4,381 5,189 489 1998 Sep. 2012 30 yrs. Industrial facilities in Texarkana, TX and Orem, UT — 1,755 4,493 — — 1,755 4,493 6,248 458 1991; 1997 Sep. 2012 31 yrs. Industrial facility in Eugene, OR 4,460 2,286 3,783 — — 2,286 3,783 6,069 385 1980 Sep. 2012 31 yrs. Industrial facility in Neenah, WI — 438 4,954 64 — 438 5,018 5,456 506 1993 Sep. 2012 31 yrs. Industrial facility in South Jordan, UT 12,246 2,183 11,340 — — 2,183 11,340 13,523 1,156 1995 Sep. 2012 31 yrs. Warehouse facility in Ennis, TX 2,333 478 4,087 145 — 478 4,232 4,710 499 1989 Sep. 2012 31 yrs. Retail facility in Braintree, MA 3,127 2,409 — 6,184 (1,403 ) 1,006 6,184 7,190 380 1994 Sep. 2012 30 yrs. Office facility in Helsinki, Finland 58,756 26,560 20,735 92 (7,256 ) 22,485 17,646 40,131 1,770 1969 Sep. 2012 32 yrs. Office facility in Paris, France 58,508 23,387 43,450 — (10,255 ) 19,799 36,783 56,582 3,653 1975 Sep. 2012 32 yrs. Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland 114,073 26,564 72,866 — (15,255 ) 22,488 61,687 84,175 8,412 Various Sep. 2012 23 - 34 yrs. Office facility in Laupheim, Germany — 2,072 8,339 — (1,598 ) 1,754 7,059 8,813 1,149 1960 Sep. 2012 20 yrs. Industrial facilities in Danbury, CT and Bedford, MA 10,144 3,519 16,329 — — 3,519 16,329 19,848 1,776 1965; 1980 Sep. 2012 29 yrs. Warehouse facilities in Venlo, Netherlands — 10,154 18,590 — (4,678 ) 8,501 15,565 24,066 1,224 Various Apr. 2013 35 yrs. Industrial and office facilities in Tampere, Finland — 2,309 37,153 — (6,506 ) 1,904 31,052 32,956 2,561 2012 Jun. 2013 40 yrs. Office facility in Quincy, MA — 2,316 21,537 — — 2,316 21,537 23,853 1,493 1989 Jun. 2013 40 yrs. Office facility in Salford, United Kingdom — — 30,012 — (1,553 ) — 28,459 28,459 1,704 1997 Sep. 2013 40 yrs. Office facility in Lone Tree, CO — 4,761 28,864 1,377 — 4,761 30,241 35,002 1,738 2001 Nov. 2013 40 yrs. Office facility in Mönchengladbach, Germany 29,449 2,154 6,917 44,205 (1,241 ) 2,091 49,944 52,035 415 2015 Dec. 2013 40 yrs. Sports facility in Houston, TX 3,340 2,430 2,270 — — 2,430 2,270 4,700 194 1995 Jan. 2014 23 yrs. Sports facility in St. Charles, MO — 1,966 1,368 80 — 1,966 1,448 3,414 101 1987 Jan. 2014 27 yrs. Sports facility in Salt Lake City, UT 2,918 856 2,804 — — 856 2,804 3,660 208 1999 Jan. 2014 26 yrs. Land in Scottsdale, AZ 10,599 22,300 — — — 22,300 — 22,300 — N/A Jan. 2014 N/A Industrial facility in Aurora, CO 3,056 737 2,609 — — 737 2,609 3,346 158 1985 Jan. 2014 32 yrs. Office facilities in Sunnyvale, CA 52,922 43,489 73,035 — — 43,489 73,035 116,524 5,626 1993; 1995 Jan. 2014 25 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Warehouse facility in Burlington, NJ — 3,989 6,213 — — 3,989 6,213 10,202 468 1999 Jan. 2014 26 yrs. Industrial facility in Albuquerque, NM — 2,467 3,476 606 — 2,467 4,082 6,549 270 1993 Jan. 2014 27 yrs. Industrial facilities in Robbinsville, NJ; North Salt Lake, UT; and Radford, VA 1,472 10,601 17,626 — (6,780 ) 7,894 13,553 21,447 991 1981; 1995; 1998 Jan. 2014 26 yrs. Industrial facilities in Murrysville, PA and Wylie, TX — 2,185 12,058 — 1 2,185 12,059 14,244 859 1940; 2001 Jan. 2014 27 - 28 yrs. Industrial facility in Welcome, NC — 980 11,230 — — 980 11,230 12,210 774 1995 Jan. 2014 28 yrs. Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD 26,453 4,005 44,192 — — 4,005 44,192 48,197 3,547 1911; 1967; 1982 Jan. 2014 24 yrs. Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN 20,142 8,451 25,457 — 298 8,451 25,755 34,206 1,716 1978; 1979; 1986 Jan. 2014 17 - 34 yrs. Retail facility in Torrance, CA 24,188 8,412 12,241 1,213 — 8,412 13,454 21,866 982 1973 Jan. 2014 25 yrs. Office facility in Houston, TX 3,503 6,578 424 — — 6,578 424 7,002 13 1978 Jan. 2014 27 yrs. Land in Doncaster, United Kingdom — 4,257 4,248 — (7,767 ) 738 — 738 — N/A Jan. 2014 N/A Warehouse facility in Norwich, CT 11,450 3,885 21,342 — 2 3,885 21,344 25,229 1,446 1960 Jan. 2014 28 yrs. Warehouse facility in Norwich, CT — 1,437 9,669 — — 1,437 9,669 11,106 655 2007 Jan. 2014 28 yrs. Retail facility in Johnstown, PA and warehouse facility in Whitehall, PA — 7,435 9,093 — 17 7,435 9,110 16,545 755 1986; 1992 Jan. 2014 23 yrs. Retail facilities in York, PA 8,860 3,776 10,092 — — 3,776 10,092 13,868 623 1992 Jan. 2014 26 - 34 yrs. Industrial facility in Pittsburgh, PA — 1,151 10,938 — — 1,151 10,938 12,089 845 1991 Jan. 2014 25 yrs. Warehouse facilities in Atlanta, GA and Elkwood, VA — 5,356 4,121 — (2,104 ) 4,284 3,089 7,373 215 1958; 1975 Jan. 2014 28 yrs. Warehouse facility in Harrisburg, NC — 1,753 5,840 — (111 ) 1,642 5,840 7,482 428 2000 Jan. 2014 26 yrs. Learning center in Nashville, TN 5,402 1,098 7,043 816 — 1,098 7,859 8,957 478 1988 Jan. 2014 31 yrs. Warehouse facilities in Boé, Carpiquet, Lagnieu, Le Mans, Lunéville, and Saint-Germain-du-Puy, France and land in Le Mans and Vendin-le-Vieil, France 38,350 62,183 26,928 — (19,517 ) 48,253 21,341 69,594 1,440 Various Jan. 2014 28 yrs. Industrial facility in Chandler, AZ; industrial, office, and warehouse facilities in Englewood, CO; and land in Englewood, CO 5,456 4,306 7,235 — 3 4,306 7,238 11,544 458 Various Jan. 2014 30 yrs. Industrial facility in Cynthiana, KY 2,556 1,274 3,505 176 (107 ) 1,274 3,574 4,848 219 1967 Jan. 2014 31 yrs. Industrial facility in Columbia, SC 10,387 2,843 11,886 — — 2,843 11,886 14,729 1,007 1962 Jan. 2014 23 yrs. Land in Midlothian, VA 1,390 2,824 — — — 2,824 — 2,824 — N/A Jan. 2014 N/A Residential facility in Laramie, WY 16,125 1,966 18,896 — — 1,966 18,896 20,862 2,160 2007 Jan. 2014 33 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Office facility in Greenville, SC 8,784 562 7,916 — 43 562 7,959 8,521 607 1972 Jan. 2014 25 yrs. Warehouse facilities in Mendota, IL; Toppenish and Yakima, WA; and Plover, WI 9,729 1,444 21,208 — — 1,444 21,208 22,652 1,810 1996 Jan. 2014 23 yrs. Industrial facility in Allen, TX and office facility in Sunnyvale, CA 11,259 9,297 24,086 — — 9,297 24,086 33,383 1,491 1981; 1997 Jan. 2014 31 yrs. Industrial facilities in Hampton, NH 9,641 8,990 7,362 — — 8,990 7,362 16,352 464 1976 Jan. 2014 30 yrs. Industrial facilities located throughout France 20,481 36,306 5,212 — (8,312 ) 29,038 4,168 33,206 349 Various Jan. 2014 23 yrs. Retail facility in Fairfax, VA 5,114 3,402 16,353 — — 3,402 16,353 19,755 1,188 1998 Jan. 2014 26 yrs. Retail facility in Lombard, IL 5,114 5,087 8,578 — — 5,087 8,578 13,665 623 1999 Jan. 2014 26 yrs. Warehouse facility in Plainfield, IN 20,529 1,578 29,415 — — 1,578 29,415 30,993 1,856 1997 Jan. 2014 30 yrs. Retail facility in Kennesaw, GA 4,111 2,849 6,180 — — 2,849 6,180 9,029 449 1999 Jan. 2014 26 yrs. Retail facility in Leawood, KS 9,094 1,487 13,417 — — 1,487 13,417 14,904 975 1997 Jan. 2014 26 yrs. Office facility in Tolland, CT 8,158 1,817 5,709 — 11 1,817 5,720 7,537 399 1968 Jan. 2014 28 yrs. Warehouse facilities in Lincolnton, NC and Mauldin, SC 9,946 1,962 9,247 — — 1,962 9,247 11,209 630 1988; 1996 Jan. 2014 28 yrs. Retail facilities located throughout Germany 272,225 81,109 153,927 — (47,054 ) 64,871 123,111 187,982 8,306 Various Jan. 2014 Various Office facility in Southfield, MI — 1,726 4,856 — — 1,726 4,856 6,582 301 1985 Jan. 2014 31 yrs. Office facility in The Woodlands, TX 20,705 3,204 24,997 — — 3,204 24,997 28,201 1,519 1997 Jan. 2014 32 yrs. Industrial facility in Guelph, Canada 4,472 2,151 1,750 — (760 ) 1,732 1,409 3,141 83 2002 Jan. 2014 34 yrs. Industrial facilities in Shah Alam, Malaysia 5,021 — 10,429 — (2,340 ) — 8,089 8,089 519 1989; 1992 Jan. 2014 30 yrs. Warehouse facilities in Lam Luk Ka and Bang Pa-in, Thailand 10,751 13,054 19,497 — (2,723 ) 11,962 17,866 29,828 1,098 Various Jan. 2014 31 yrs. Warehouse facilities in Valdosta, GA and Johnson City, TN 8,444 1,080 14,998 — — 1,080 14,998 16,078 1,079 1978; 1998 Jan. 2014 27 yrs. Industrial facility in Amherst, NY 8,227 674 7,971 — — 674 7,971 8,645 680 1984 Jan. 2014 23 yrs. Industrial and warehouse facilities in Westfield, MA — 1,922 9,755 — 9 1,922 9,764 11,686 682 1954; 1997 Jan. 2014 28 yrs. Warehouse facilities in Kottka, Finland — — 8,546 — (1,711 ) — 6,835 6,835 599 1999; 2001 Jan. 2014 21 - 23 yrs. Office facility in Bloomington, MN — 2,942 7,155 — — 2,942 7,155 10,097 483 1988 Jan. 2014 28 yrs. Warehouse facility in Gorinchem, Netherlands 3,816 1,143 5,648 — (1,360 ) 914 4,517 5,431 305 1995 Jan. 2014 28 yrs. Retail facility in Cresskill, NJ 6,138 2,366 5,482 — 19 2,366 5,501 7,867 338 1975 Jan. 2014 31 yrs. Retail facility in Livingston, NJ 5,309 2,932 2,001 — 14 2,932 2,015 4,947 142 1966 Jan. 2014 27 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Retail facility in Maplewood, NJ 1,662 845 647 — 4 845 651 1,496 46 1954 Jan. 2014 27 yrs. Retail facility in Montclair, NJ 4,445 1,905 1,403 — 6 1,905 1,409 3,314 99 1950 Jan. 2014 27 yrs. Retail facility in Morristown, NJ 10,815 3,258 8,352 — 26 3,258 8,378 11,636 590 1973 Jan. 2014 27 yrs. Retail facility in Summit, NJ 2,695 1,228 1,465 — 8 1,228 1,473 2,701 104 1950 Jan. 2014 27 yrs. Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany — 2,789 8,750 — (2,269 ) 2,231 7,039 9,270 553 1898; 1956; 1978 Jan. 2014 24 yrs. Industrial facilities in Georgetown, TX and Woodland, WA 3,099 965 4,113 — — 965 4,113 5,078 233 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 13,215 540 Various Jan. 2014 28 yrs. Industrial facility in Ylämylly, Finland 7,066 1,669 6,034 — (1,542 ) 1,335 4,826 6,161 271 1999 Jan. 2014 34 yrs. Industrial facility in Salisbury, NC 6,398 1,499 8,185 — — 1,499 8,185 9,684 564 2000 Jan. 2014 28 yrs. Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH 3,763 2,831 10,565 — — 2,831 10,565 13,396 744 1970; 1991; 1995 Jan. 2014 26 - 27 yrs. Industrial facility in Cambridge, Canada — 1,849 7,371 — (1,796 ) 1,489 5,935 7,424 364 2001 Jan. 2014 31 yrs. Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN 12,252 2,962 17,832 — — 2,962 17,832 20,794 1,092 Various Jan. 2014 31 yrs. Industrial facility in Ramos Arizpe, Mexico — 1,059 2,886 — — 1,059 2,886 3,945 176 2000 Jan. 2014 31 yrs. Industrial facilities in Salt Lake City, UT 4,863 2,783 3,773 — — 2,783 3,773 6,556 231 Various Jan. 2014 31 - 33 yrs. Residential facility in Blairsville, PA 12,143 1,631 23,163 — — 1,631 23,163 24,794 2,384 2005 Jan. 2014 33 yrs. Industrial facility in Nashville, TN — 1,078 5,619 — — 1,078 5,619 6,697 504 1962 Jan. 2014 21 yrs. Office facility in Lafayette, LA 1,748 1,048 1,507 — — 1,048 1,507 2,555 106 1995 Jan. 2014 27 yrs. Warehouse facilities in Atlanta, Doraville, and Rockmart, GA 54,099 6,488 77,192 — — 6,488 77,192 83,680 5,178 1959; 1962; 1991 Jan. 2014 23 - 33 yrs. Warehouse facilities in Flora, MS and Muskogee, OK 3,410 554 4,353 — — 554 4,353 4,907 254 1992; 2002 Jan. 2014 33 yrs. Industrial facility in Richmond, MO 4,842 2,211 8,505 — — 2,211 8,505 10,716 590 1996 Jan. 2014 28 yrs. Warehouse facility in Dallas, TX 6,066 468 8,042 — — 468 8,042 8,510 652 1997 Jan. 2014 24 yrs. Industrial facility in Tuusula, Finland — 6,173 10,321 — (3,302 ) 4,937 8,255 13,192 619 1975 Jan. 2014 26 yrs. Office facility in Turku, Finland 23,852 5,343 34,106 — (7,898 ) 4,273 27,278 31,551 1,875 1981 Jan. 2014 28 yrs. Industrial facility in Turku, Finland 4,412 1,105 10,243 — (2,257 ) 884 8,207 9,091 566 1981 Jan. 2014 28 yrs. Industrial facility in Baraboo, WI — 917 10,663 — — 917 10,663 11,580 1,558 1988 Jan. 2014 13 yrs. Warehouse facility in Phoenix, AZ 18,972 6,747 21,352 — — 6,747 21,352 28,099 1,472 1996 Jan. 2014 28 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Land in Calgary, Canada — 3,721 — — (725 ) 2,996 — 2,996 — N/A Jan. 2014 N/A Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX 2,398 955 4,779 — — 955 4,779 5,734 295 1950; 1986; 1996 Jan. 2014 31 yrs. Industrial facility in Buffalo Grove, IL 7,322 1,492 12,233 — — 1,492 12,233 13,725 757 1996 Jan. 2014 31 yrs. Warehouse facility in Spanish Fork, UT 7,055 991 7,901 — — 991 7,901 8,892 463 2001 Jan. 2014 33 yrs. Industrial, office, and warehouse facilities in Perris, CA; Eugene, OR; West Jordan, UT; and Tacoma, WA — 8,989 5,435 — 8 8,989 5,443 14,432 371 Various Jan. 2014 28 yrs. Office facility in Carlsbad, CA — 3,230 5,492 — — 3,230 5,492 8,722 445 1999 Jan. 2014 24 yrs. Land in Pensacola, FL 1,026 1,746 — — — 1,746 — 1,746 — N/A Jan. 2014 N/A Movie theater in Port St. Lucie, FL 5,393 4,654 2,576 — — 4,654 2,576 7,230 180 2000 Jan. 2014 27 yrs. Movie theater in Hickory Creek, TX — 1,693 3,342 — — 1,693 3,342 5,035 239 2000 Jan. 2014 27 yrs. Industrial facility in Nurieux-Volognat, France — 121 5,328 — (994 ) 96 4,359 4,455 258 2000 Jan. 2014 32 yrs. Warehouse facility in Suwanee, GA 15,278 2,330 8,406 — — 2,330 8,406 10,736 476 1995 Jan. 2014 34 yrs. Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS 7,336 1,878 8,579 — — 1,878 8,579 10,457 701 Various Jan. 2014 24 yrs. Industrial facilities in Fort Dodge, IN and Menomonie and Oconomowoc, WI 8,649 1,403 11,098 — — 1,403 11,098 12,501 1,306 1996 Jan. 2014 16 yrs. Industrial facility in Mesa, AZ 4,768 2,888 4,282 — — 2,888 4,282 7,170 301 1991 Jan. 2014 27 yrs. Industrial facility in North Amityville, NY 7,735 3,486 11,413 — — 3,486 11,413 14,899 840 1981 Jan. 2014 26 yrs. Warehouse facilities in Greenville, SC — 567 10,217 — 15 567 10,232 10,799 950 1960 Jan. 2014 21 yrs. Industrial facility in Fort Collins, CO 7,532 821 7,236 — — 821 7,236 8,057 422 1993 Jan. 2014 33 yrs. Office facility in Piscataway, NJ — 4,984 34,165 31,616 — 4,984 65,781 70,765 3,004 1968 Jan. 2014 31 yrs. Land in Elk Grove Village, IL 1,711 4,037 — — — 4,037 — 4,037 — N/A Jan. 2014 N/A Office facilities in Washington, MI 26,757 4,085 7,496 — — 4,085 7,496 11,581 438 1987; 1990 Jan. 2014 33 yrs. Office facility in Houston, TX — 522 7,448 227 — 522 7,675 8,197 542 1999 Jan. 2014 27 yrs. Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX 6,623 4,049 13,021 — 133 4,049 13,154 17,203 1,347 Various Jan. 2014 12 - 22 yrs. Learning center in Sacramento, CA 27,284 — 13,715 — — — 13,715 13,715 786 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 13,568 582 1969; 1974; 1984 Jan. 2014 27 yrs. Office facility in Tinton Falls, NJ 6,869 1,958 7,993 — — 1,958 7,993 9,951 500 2001 Jan. 2014 31 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Industrial facility in Woodland, WA — 707 1,562 — — 707 1,562 2,269 85 2009 Jan. 2014 35 yrs. Warehouse facilities in Gyál and Herceghalom, Hungary 33,523 14,601 21,915 — (7,310 ) 11,678 17,528 29,206 1,642 2002; 2004 Jan. 2014 21 yrs. Industrial facility in Windsor, CT — 453 637 — — 453 637 1,090 37 1999 Jan. 2014 33 yrs. Industrial facility in Aurora, CO 2,823 574 3,999 — — 574 3,999 4,573 195 2012 Jan. 2014 40 yrs. Office facility in Chandler, AZ — 5,318 27,551 — — 5,318 27,551 32,869 1,400 2008 Mar. 2014 40 yrs. Warehouse facility in University Park, IL — 7,962 32,756 221 — 7,962 32,977 40,939 1,544 2008 May 2014 40 yrs. Office facility in Stavanger, Norway — 10,296 91,744 — (30,185 ) 7,320 64,535 71,855 2,336 1975 Aug. 2014 40 yrs. Office facility in Westborough, MA — 3,409 37,914 — — 3,409 37,914 41,323 1,416 1992 Aug. 2014 40 yrs. Office facility in Andover, MA — 3,980 45,120 — — 3,980 45,120 49,100 1,481 1999 Oct. 2014 40 yrs. Office facility in Newport, United Kingdom — — 22,587 — (1,751 ) — 20,836 20,836 656 2014 Oct. 2014 40 yrs. Industrial facilities located throughout Australia — 30,455 94,724 53 (20,810 ) 25,272 79,150 104,422 6,110 Various Oct. 2014 Various Industrial facility in Lewisburg, OH — 1,627 13,721 — — 1,627 13,721 15,348 448 2014 Nov. 2014 40 yrs. Industrial facility in Opole, Poland — 2,151 21,438 — (2,934 ) 1,884 18,771 20,655 579 2014 Dec. 2014 38 yrs. Office facilities located throughout Spain — 51,778 257,624 — (33,636 ) 48,938 226,828 275,766 6,102 Various Dec. 2014 Various Retail facilities located throughout the United Kingdom — 66,319 230,113 — (6,623 ) 64,837 224,972 289,809 6,914 Various Jan. 2015 20 - 40 yrs. Warehouse facility in Rotterdam, Netherlands — — 33,935 — (1,383 ) — 32,552 32,552 774 2014 Feb. 2015 40 yrs. Retail facility in Bad Fischau, Austria — 2,855 18,829 — 224 2,884 19,024 21,908 453 1998 Apr. 2015 40 yrs. Industrial facility in Oskarshamn, Sweden — 3,090 18,262 — (453 ) 3,025 17,874 20,899 266 2015 Jun. 2015 40 yrs. Office facility in Sunderland, United Kingdom — 2,912 30,140 — (1,591 ) 2,771 28,690 31,461 337 2007 Aug. 2015 40 yrs. Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria — 9,449 15,838 — (557 ) 9,241 15,489 24,730 204 2008; 2010 Aug. 2015 40 yrs. Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX — — 49,190 — — — 49,190 49,190 310 1988; 1989; 1990 Oct. 2015 38 - 40 yrs. Retail facilities located in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands — 5,698 38,130 — 597 5,775 38,650 44,425 167 Various Nov. 2015 30 - 40 yrs. Office facility in Irvine, CA — 7,626 16,137 — — 7,626 16,137 23,763 12 1977 Dec. 2015 40 yrs. $ 2,080,307 $ 1,279,611 $ 4,268,407 $ 189,559 $ (429,366 ) $ 1,160,567 $ 4,147,644 $ 5,308,211 $ 372,735 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period Total Date of Construction Date Acquired Description Encumbrances Land Buildings 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 (3,477 ) 10,237 1950; 1970 Jan. 1998 Industrial facilities in Irving and Houston, TX — — 27,599 — (3,952 ) 23,647 1978 Jan. 1998 Retail facility in Freehold, NJ 8,088 — 17,067 — (108 ) 16,959 2004 Sep. 2012 Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX 4,277 2,089 14,211 — (329 ) 15,971 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 — (27,070 ) 147,518 Various Sep. 2012 Warehouse facility in Brierley Hill, United Kingdom — 2,147 12,357 — (574 ) 13,930 1996 Sep. 2012 Warehouse and industrial facilities in Mesquite, TX 6,337 2,851 15,899 — (1,254 ) 17,496 1961; 1972; 1975 Sep. 2012 Industrial facility in Rochester, MN 4,074 881 17,039 — (1,520 ) 16,400 1997 Sep. 2012 Office facility in Irvine, CA 6,428 — 17,027 — (522 ) 16,505 1981 Sep. 2012 Industrial facility in Brownwood, TX — 722 6,268 — (1 ) 6,989 1964 Sep. 2012 Office facility in Scottsdale, AZ 20,559 — 43,570 — (315 ) 43,255 1977 Jan. 2014 Retail facilities in El Paso, Fabens, and Socorro, TX 12,170 4,777 17,823 — (6 ) 22,594 Various Jan. 2014 Industrial facility in Dallas, TX — 3,190 10,010 — — 13,200 1968 Jan. 2014 Industrial facility in Eagan, MN 7,111 — 11,548 — (77 ) 11,471 1975 Jan. 2014 Industrial facilities in Albemarle and Old Fort, NC; Holmesville, OH; and Springfield, TN 8,982 6,542 20,668 — (1,185 ) 26,025 Various Jan. 2014 Movie theater in Midlothian, VA 8,244 — 16,546 — 201 16,747 2000 Jan. 2014 Industrial facilities located throughout France 14,036 — 27,270 — (4,752 ) 22,518 Various Jan. 2014 Retail facility in Gronau, Germany 5,674 281 4,401 — (937 ) 3,745 1989 Jan. 2014 Industrial and office facilities in Marktheidenfeld, Germany — 1,629 22,396 — (5,310 ) 18,715 2002 Jan. 2014 Industrial and warehouse facilities in Newbridge, United Kingdom 11,952 6,851 22,868 — (3,467 ) 26,252 1998 Jan. 2014 Learning center in Mooresville, NC 3,759 1,795 15,955 — 2 17,752 2002 Jan. 2014 Industrial facility in Mount |
Schedule IV - Mortgage Loan on
Schedule IV - Mortgage Loan on Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loan on Real Estate | SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2015 (dollars in thousands) Interest Rate Final Maturity Date Fair Value Carrying Amount Description Note receivable — Production Resource Group - Las Vegas 7.9% Mar. 2029 $ 10,610 $ 10,689 NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE (in thousands) Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2015 2014 2013 Balance at beginning of year $ 20,848 $ — $ — Additions (a) — 21,060 — Amortization and accretion 63 (212 ) — Repayments (a) (10,222 ) — — Ending balance $ 10,689 $ 20,848 $ — __________ (a) We acquired two notes at a discount of $0.3 million in the CPA ® :16 Merger. One of the notes was repaid in full to us in 2015 ( Note 6 ). |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. Purchase Price Allocation of Tangible Assets — 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 (i) 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 (ii) by the estimated residual value, which 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. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. 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; • property 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 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 adjusted for estimated market growth rates through the year of lease expiration. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible 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 the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire 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. We evaluate the specific characteristics of each tenant’s lease and any pre-existing relationship with each tenant in determining the value of in-place lease intangibles. To determine the value of in-place lease intangibles, we consider the following: • estimated market rent; • estimated lease term, including renewal options at rental rates below estimated market rental rates; • estimated carrying costs of the property during a hypothetical expected lease-up period; and • current market conditions and costs to execute similar leases, including tenant improvement allowances and rent concessions. Estimated carrying costs of the property include real estate taxes, insurance, other property operating costs, and estimates of lost rentals at market rates during the market participants’ expected lease-up periods, based on assessments of specific market conditions. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. 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 include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements. 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 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 rental income and in-place lease values to amortization expense. Purchase Price Allocation of Debt — 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. Purchase Price Allocation of 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 allocate goodwill to the respective reporting units in which such goodwill arises. 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. |
Impairment | 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, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, 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 and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets 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. 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. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally 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. Assets Held for Sale — We classify real estate assets that are subject to 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 base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then 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. 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 and third-party estimates, where available. 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, and therefore the asset’s holding period is reduced, 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. Equity Investments in the Managed Programs and Real Estate — We evaluate our equity investments in the Managed Programs and real estate 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, 2015 , multiplied by the number of shares owned. |
Goodwill | 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 and Real Estate Ownership reporting units is evaluated during 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. |
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 interest as described below. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. At December 31, 2015 , we had 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 had certain investments in other wholly-owned tenancy-in-common interests, which we now consolidate after we obtained the remaining interests in the CPA ® :16 Merger. |
Variable Interest Entity | When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we should be 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 or joint-venture agreement 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 the 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. At December 31, 2015 , we consolidated 20 VIEs. 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. 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, 2015 , one of our equity investments was a VIE and none had carrying values below zero. |
Reclassification | Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. |
Real Estate and Operating Real Estate | 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 extend 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. Prior to January 1, 2014, the results of operations and the related gain or loss on sale of properties that have been sold or that were 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 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 Cost | 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 seven 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, net. 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. |
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. For the years ended December 31, 2015 , 2014 , and 2013 , our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $57.7 million , $59.8 million , and $37.3 million , respectively. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or 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. For our 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 ). We record leases accounted for under the direct financing method as a net investment ( Note 6 ). 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. Revenue Recognition, Investment Management Operations — We earn structuring revenue and asset management revenue in connection with providing services to the Managed Programs. 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 is earned from property management, leasing, and advisory services performed. Receipt of the incentive revenue portion of the asset management revenue or performance revenue, however, 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 may earn termination revenue if a liquidity event is consummated by any of the Managed REITs. 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 ). We are also reimbursed for certain costs incurred in providing services, including broker-dealer commissions paid and annual distribution and shareholder servicing fees incurred on behalf of the Managed Programs, marketing costs, and the cost of personnel provided for the administration of the Managed Programs. We record reimbursement income as the expenses are incurred, subject to limitations on a Managed Program’s ability to incur offering costs or limitations imposed by the advisory agreements. |
Asset Retirement Obligations | sset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective. |
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. |
Stock-based Compensation | Stock-Based Compensation — We have granted stock options, restricted stock awards, or RSAs, restricted shares units, or RSUs, and performance share units, or 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 Additional paid-in capital caption of equity. |
Foreign Currency | Foreign Currency Translation and Transaction Gains and Losses — We have interests in real estate investments primarily in the European Union, the United Kingdom, and Australia for which the functional currency is the euro, the British pound sterling, and the Australian dollar, respectively. We perform the translation from the euro, the British pound sterling, or the Australian dollar 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. 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 short-term 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. |
Derivative 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 that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. 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 , 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. 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). 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. 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. During the year ended December 31, 2015, we revised our December 31, 2014 consolidated balance sheet to correct the misclassification of certain deferred tax assets that were previously netted in deferred income tax liabilities. Such deferred income tax assets of approximately $11.2 million are included in Other assets, net in the revised consolidated balance sheet as of December 31, 2014. |
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. |
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. |
Recent Accounting Requirements | Recent Accounting Requirements The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board, or FASB, are applicable to us: ASU 2015-16, Business Combinations (Topic 805) — ASU 2015-16 requires that an acquirer recognize adjustments identified during the business combination measurement period in the reporting period in which the adjustment amounts are determined. The effects on earnings due to changes in depreciation, amortization, or other income effects as a result of the change are also recognized in the same period’s financial statements. ASU 2015-16 also requires that acquirers present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, early adoption is permitted, and prospective application is required for adjustments that are identified after the effective date of this update. We elected to early adopt ASU 2015-16 and implemented the standard prospectively beginning July 1, 2015. The adoption and implementation of the standard did not have a material impact on our financial statements. ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) — ASU 2015-03 changes the presentation of debt issuance costs, which are currently recognized as a deferred charge (that is, an asset) and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 does not affect the recognition and measurement guidance for debt issuance costs. ASU 2015-03 is effective for periods beginning after December 15, 2015, early adoption is permitted and retrospective application is required. We are currently evaluating the impact of ASU 2015-03 on our consolidated financial statements and expect to reclassify $12.6 million of deferred financing costs, net from Other assets, net to Non-recourse debt, net, Senior Unsecured Credit Facility - Term Loan, and Senior Unsecured Notes, net as of January 1, 2016. ASU 2015-02, Consolidation (Topic 810) — We will adopt ASU 2015-02 on January 1, 2016 and are currently in the process of evaluating its impact on the consolidated financial statements. We are evaluating our joint ventures, as well as existing leases that create VIEs based on lease terms, including a fixed-price purchase option or fixed-price renewal option. We generally create our joint ventures as partnerships in the form of a limited liability company or a limited partnership. ASU 2015-02 requires an entity to classify a limited liability company or a limited partnership as a VIE unless the partnership provides partners with either substantive kick-out rights or substantive participating rights over the managing member or general partner. Since a majority of our partnerships lack kick-out rights or substantive participating rights over the managing member or general partner, the impact of this new guidance for us is primarily a change in classification from voting interest entity to VIE. This ASU does not change the criteria regarding which party consolidates a VIE. Thus, the change in classification will require us to include additional entities as part of our VIE disclosures. However, there is not expected to be an impact to our consolidated balance sheets or results of operations for any of the periods presented. ASU 2014-12, Compensation - Stock Compensation (Topic 718) — ASU 2014-12 provides guidance on share-based payment awards, in which a performance target that affects vesting and that could be achieved after the requisite vesting period be treated as a performance condition. ASU 2014-12 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2014-12 on our consolidated financial statements. ASU 2014-09 , Revenue from Contracts with Customers (Topic 606) — ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but will apply to reimbursed tenant costs and revenues generated from our operating properties and our Investment Management business. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017, the original public company effective date. 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. Proposed Accounting Change The following proposed accounting change may potentially impact our Real Estate Ownership and Investment Management segments if the outcome has a significant influence on sale-leaseback demand in the marketplace: The FASB previously issued an Exposure Draft on a joint proposal with the International Accounting Standards Board, or IASB, that would significantly transform lease accounting from the existing model. These changes would impact most companies but are particularly applicable to those that are significant users of real estate. The proposal outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. In November 2015, the FASB directed the staff to draft a final ASU on leases for vote by written ballot. In addition, the FASB decided that for (i) public business entities, (ii) a not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an-over-the-counter market, and (iii) an employee benefit plan that files or furnishes statements with or to the SEC (collectively referred to as “public business entities”), the final leases standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; for all other entities, the final leases standard will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities upon issuance of the final standard. In the first quarter of 2016, the IASB and FASB finalized their lease standards, which brings most leases on the balance sheet for lessees under a single model. For lessors, however, the accounting remains largely unchanged and the distinction between operating and finance leases is retained. Both standards are effective for annual reporting periods beginning on or after January 1, 2019. For some companies, the new accounting guidance may influence whether or not, or the extent to which, they may enter into the type of sale-leaseback transactions in which we specialize. We are evaluating the impact of the new standards and have not determined if they will have a material impact on our business. |
Goodwill and Intangible Assets, Intangible Assets | 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. In connection with our acquisitions of properties, we have recorded net lease intangibles that are being amortized over periods ranging from one year to 43 years . In addition, we have several ground lease intangibles that are being amortized over periods of up to 99 years . In-place lease and tenant relationship intangibles are included in In-place lease and tenant relationship intangible assets, net in the consolidated financial statements. Above-market rent intangibles are included in Above-market rent intangible assets, net in the consolidated financial statements. 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. |
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 W. P. Carey International, LLC, or WPCI, held by a third party as a redeemable noncontrolling interest ( Note 14 ). We determined the valuation of redeemable noncontrolling interest using widely accepted valuation techniques, including comparable transaction analysis, comparable public company analysis, and discounted cash flow analysis. |
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. For those properties sold or classified as held for sale prior to January 1, 2014, we classify current and prior period results of operations of the property as discontinued operations in accordance with our adoption of ASU 2014-08. All property dispositions are recorded within our Real Estate Ownership segment. |
Merger with CPA_16 Global (Tabl
Merger with CPA:16 Global (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | 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 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 (a) $ 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: (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, and (iii) an income tax expense from a permanent difference upon recognition of deferred revenue associated with accelerated vesting of shares previously issued by CPA ® :16 – Global for asset management and performance fees 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 w37
Agreements and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Programs for the periods indicated, included in the consolidated financial statements. Asset management revenue excludes amounts received from third parties (in thousands): Years Ended December 31, 2015 2014 2013 Structuring revenue $ 92,117 $ 71,256 $ 46,589 Reimbursable costs from affiliates 55,837 130,212 73,592 Asset management revenue 49,892 37,970 42,579 Distributions of Available Cash 38,406 31,052 34,121 Dealer manager fees 4,794 23,532 10,856 Interest income on deferred acquisition fees and loans to affiliates 1,639 684 949 Incentive, termination and subordinated disposition revenue 203 — 199 Deferred revenue earned — 786 8,492 $ 242,888 $ 295,492 $ 217,377 Years Ended December 31, 2015 2014 2013 CPA ® :16 – Global $ — $ 7,999 $ 53,166 CPA ® :17 – Global 81,740 68,710 69,275 CPA ® :18 – Global 85,431 129,642 29,293 CWI 1 44,712 89,141 65,643 CWI 2 30,340 — — CCIF 665 — — $ 242,888 $ 295,492 $ 217,377 |
Schedule of Balances Due to and From Related Party | The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands): December 31, 2015 2014 Deferred acquisition fees receivable $ 33,386 $ 26,913 Accounts receivable 15,711 2,680 Reimbursable costs 5,579 301 Current acquisition fees receivable 4,909 2,463 Asset management fee receivable 2,172 — Organization and offering costs 461 2,120 $ 62,218 $ 34,477 |
Schedule of Related Party Fees | Asset Management Revenue Under the advisory agreements with the Managed Programs, we earn asset management revenue for managing their investment portfolios. The following table presents a summary of our asset management fee arrangements with the Managed Programs: Managed Program Rate Payable Description CPA ® :16 – Global 0.5% 2013 in shares of its common stock through July 31, 2013; in cash thereafter; 2014 in cash; 2015 N/A Rate is based on adjusted invested assets CPA ® :17 – Global 0.5% - 1.75% 2013 and 2014 in shares of its common stock; 2015 50% in cash and 50% in shares of its common stock Rate depends on the type of investment and is based on the average market or average equity value, as applicable CPA ® :18 – Global 0.5% - 1.5% 2013, 2014, and 2015 in shares of its class A common stock Rate depends on the type of investment and is based on the average market or average equity value, as applicable CWI 1 0.5% 2013 and 2014 in shares of its common stock; 2015 in cash Rate is based on the average market value of the investment; we are required to pay 20% of the asset management revenue we receive to the subadvisor CWI 2 0.55% 2013 and 2014 N/A; 2015 in shares of its class A common stock Rate is based on the average market value of the investment; we are required to pay 25% of the asset management revenue we receive to the subadvisor CCIF 1.75% - 2.00% 2013 and 2014 N/A; 2015 in cash Based on the average of gross assets at fair value; we are required to pay 50% of the asset management revenue we receive to the subadvisor Structuring Revenue Under the terms of the advisory agreements, we earn revenue for structuring and negotiating investments and related financing for the Managed REITs. We do not earn any structuring revenue from the Managed BDCs. The following table presents a summary of our structuring fee arrangements with the Managed REITs: Managed Program Rate Payable Description CPA ® :17 – Global 1% - 1.75%, 4.5% In cash; for non net-lease investments, 1% - 1.75% upon completion; for net-lease investments, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments Based on the total aggregate cost of the net-lease investments made; also based on the total aggregate cost of the non net-lease investments made; total limited to 6% of the contract prices in aggregate CPA ® :18 – Global 4.5% In cash; for all investments other than readily marketable real estate securities for which we will not receive any acquisition fees, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments Based on the total aggregate cost of the investments made; total limited to 6% of the contract prices in aggregate CWI REITs 2.5% In cash upon completion Based on the total aggregate cost of the lodging investments made; loan refinancing transactions up to 1% of the principal amount; total limited to 6% of the contract prices in aggregate Reimbursable Costs from Affiliates The Managed Programs reimburse us for certain costs that we incur on their behalf, which consist primarily of broker-dealer commissions, marketing costs, an annual distribution and shareholder servicing fee, or Shareholder Servicing Fee, and certain personnel and overhead costs, as applicable. The following tables present summaries of such fee arrangements: Broker-Dealer Selling Commissions Managed Program Rate Payable Description CPA ® :18 – Global and CWI 2 Class A Shares, and CWI 1 Common Stock $0.70 In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold CPA ® :18 – Global Class C Shares $0.14 In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold CWI 2 Class T Shares $0.19 In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold CCIF Feeder Funds 0% - 3% In cash upon share settlement; 100% re-allowed to broker-dealers Based on the selling price of each share sold Dealer Manager Fees Managed Program Rate Payable Description CPA ® :18 – Global and CWI 2 Class A Shares, and CWI 1 Common Stock $0.30 Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers CPA ® :18 – Global Class C Shares $0.21 Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers CWI 2 Class T Shares $0.26 Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers CCIF Feeder Funds 2.75% - 3.0% Based on the selling price of each share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers Annual Distribution and Shareholder Servicing Fee Managed Program Rate Payable Description CPA ® :18 – Global Class C Shares 1.0% Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers Based on the purchase price per share sold or, once reported, the NAV; cease paying when underwriting compensation from all sources equals 10% of gross offering proceeds CWI 2 Class T Shares 1.0% Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers Based on the purchase price per share sold or, once reported, the NAV; limited to six years and 10% of gross offering proceeds Personnel and Overhead Costs Managed Program Payable Description CPA ® :17 – Global and CPA ® :18 – Global In cash Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to the CPA ® REITs based on the average of the trailing 12-month aggregate reported revenues of the Managed REITs and us, and for 2015, are capped at 2.4% of each CPA ® REIT’s pro rata lease revenues; for the legal transactions group, costs are charged according to a fee schedule CWI 1 2013 N/A; 2014 in shares of its common stock; 2015 in cash Actual expenses incurred; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter CWI 2 2013 and 2014 N/A; 2015 in cash Actual expenses incurred; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter CCIF and CCIF Feeder Funds 2013 and 2014 N/A; 2015 in cash Actual expenses incurred Organization and Offering Costs Managed Program Payable Description CPA ® :18 – Global and CWI 2 In cash; within 60 days after the end of the quarter in which the offering terminates Actual costs incurred from 1.5% through 4.0% of the gross offering proceeds, depending on the amount raised CWI 1 In cash; within 60 days after the end of the quarter in which the offering terminates Actual costs incurred up to 4.0% of the gross offering proceeds CCIF and CCIF Feeder Funds In cash; payable monthly Up to 1.5% of the gross offering proceeds |
Net Investments in Properties (
Net Investments in Properties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Net Investments in Real Estate Properties | Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, and real estate under construction, is summarized as follows (in thousands): December 31, 2015 2014 Land $ 1,160,567 $ 1,146,704 Buildings 4,147,644 3,829,981 Real estate under construction 1,714 29,997 Less: Accumulated depreciation (372,735 ) (253,627 ) $ 4,937,190 $ 4,753,055 Operating real estate consisted of our investments in two hotels and two self-storage properties. Below is a summary of our Operating real estate (in thousands): December 31, 2015 2014 Land $ 6,578 $ 7,074 Buildings 76,171 77,811 Less: Accumulated depreciation (8,794 ) (4,866 ) $ 73,955 $ 80,019 |
Schedule of 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, 2015 are as follows (in thousands): Years Ending December 31, Total 2016 $ 611,361 2017 600,116 2018 573,110 2019 527,494 2020 484,060 Thereafter 2,887,773 Total $ 5,683,914 |
Disclosure of Long Lived Assets Held-for-sale | Below is a summary of our properties held for sale (in thousands): December 31, 2015 2014 Real estate, net $ 59,046 $ 5,969 Above-market rent intangible assets, net — 838 In-place lease intangible assets, net — 448 Assets held for sale $ 59,046 $ 7,255 |
Finance Receivables (Tables)
Finance Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Capital Leases Net Investment In Direct Financing Leases | Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2015 2014 Minimum lease payments receivable $ 797,736 $ 904,788 Unguaranteed residual value 760,448 818,334 1,558,184 1,723,122 Less: unearned income (801,831 ) (906,896 ) $ 756,353 $ 816,226 |
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, 2015 are as follows (in thousands): Years Ending December 31, Total 2016 $ 75,613 2017 75,378 2018 75,449 2019 72,929 2020 72,390 Thereafter 425,977 Total $ 797,736 |
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 2015 2014 2015 2014 1 2 3 $ 90,818 $ 79,343 2 3 4 53,492 37,318 3 23 22 512,724 592,631 4 6 7 110,002 127,782 5 — — — — $ 767,036 $ 837,074 |
Equity Investments in the Man40
Equity Investments in the Managed Programs and Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The following table presents Equity in earnings of equity method investments in the Managed Programs and real estate, 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, 2015 2014 2013 Distributions of Available Cash ( Note 4 ) $ 38,406 $ 31,052 $ 34,121 Amortization of basis differences on equity investments in the Managed Programs (806 ) (810 ) (5,115 ) Proportionate share of (losses) earnings from equity investments in the Managed Programs (454 ) 2,425 7,057 Deferred revenue earned ( Note 4 ) — 786 9,436 Other-than-temporary impairment charges on the Special Member Interest in CPA ® :16 – Global’s operating partnership — (735 ) (15,383 ) Total equity earnings from the Managed Programs 37,146 32,718 30,116 Equity earnings from other equity investments 17,559 14,828 26,928 Amortization of basis differences on other equity investments (3,685 ) (3,430 ) (4,313 ) Equity in earnings of equity method investments in the Managed Programs and real estate $ 51,020 $ 44,116 $ 52,731 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 2015 2014 2015 2014 CPA ® :17 – Global 3.087 % 2.676 % $ 87,912 $ 79,429 CPA ® :17 – Global operating partnership 0.009 % 0.009 % — — CPA ® :18 – Global 0.735 % 0.221 % 9,279 2,784 CPA ® :18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 1.131 % 1.088 % 12,619 13,940 CWI 1 operating partnership 0.015 % 0.015 % — — CWI 2 0.379 % — % 949 — CWI 2 operating partnership 0.015 % — % 300 — CCIF 47.882 % 50.000 % 22,214 25,000 $ 133,482 $ 121,362 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 at Carrying Value at December 31, Lessee Co-owner December 31, 2015 2015 2014 Existing Equity Investments (a) Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH CPA ® :17 – Global 33% $ 9,507 $ 6,949 C1000 Logistiek Vastgoed B.V. CPA ® :17 – Global 15% 9,381 11,192 Wanbishi Archives Co. Ltd. CPA ® :17 – Global 3% 335 341 19,223 18,482 Equity Investments Acquired in the CPA ® :16 Merger The New York Times Company CPA ® :17 – Global 45% 70,976 72,476 Frontier Spinning Mills, Inc. CPA ® :17 – Global 40% 24,288 15,609 Actebis Peacock GmbH CPA ® :17 – Global 30% 12,186 6,369 107,450 94,454 Recently Acquired Equity Investment Beach House JV, LLC Third Party N/A 15,318 15,105 $ 141,991 $ 128,041 __________ (a) Represents equity investments we acquired prior to January 1, 2013. The following tables present estimated combined summarized financial information for the Managed Programs. Amounts provided are expected total amounts attributable to the Managed Programs and do not represent our proportionate share (in thousands): December 31, 2015 2014 Real estate, net $ 6,886,709 $ 5,969,011 Other assets 2,426,189 2,293,065 Total assets 9,312,898 8,262,076 Debt (4,432,082 ) (3,387,795 ) Accounts payable, accrued expenses and other liabilities (612,974 ) (496,857 ) Total liabilities (5,045,056 ) (3,884,652 ) Noncontrolling interests (253,020 ) (170,249 ) Stockholders’ equity $ 4,014,822 $ 4,207,175 Years Ended December 31, 2015 2014 2013 Revenues $ 1,157,432 $ 825,405 $ 796,637 Expenses (1,120,090 ) (816,630 ) (669,554 ) Income from continuing operations $ 37,342 $ 8,775 $ 127,083 Net (loss) income attributable to the Managed Programs (a) (b) $ (6,450 ) $ (12,695 ) $ 104,342 __________ (a) Inclusive of impairment charges recognized by the Managed Programs totaling $1.0 million , $1.3 million , and $25.6 million during the years ended December 31, 2015 , 2014 , and 2013 , respectively. These impairment charges reduced our income earned from these investments by less than $0.1 million , less than $0.1 million , and $4.7 million during the years ended December 31, 2015 , 2014 , and 2013 , respectively. (b) Amounts included net gains on sale of real estate recorded by the Managed REITs totaling $8.9 million , $13.3 million , and $7.7 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. These net gains on sale of real estate increased our income earned from these investments by $0.1 million , $0.4 million , and $0.1 million during the years ended December 31, 2015 , 2014 , and 2013 , respectively 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, 2015 2014 Real estate, net $ 464,730 $ 486,858 Other assets 64,989 81,232 Total assets 529,719 568,090 Debt (201,611 ) (278,012 ) Accounts payable, accrued expenses and other liabilities (9,394 ) (10,057 ) Total liabilities (211,005 ) (288,069 ) Noncontrolling interests (355 ) (355 ) Stockholders’ equity $ 318,359 $ 279,666 Years Ended December 31, 2015 2014 2013 Revenues $ 61,887 $ 64,294 $ 117,278 Expenses (21,124 ) (27,801 ) (50,907 ) Income from continuing operations $ 40,763 $ 36,493 $ 66,371 Net income attributable to the jointly-owned investments $ 40,763 $ 36,493 $ 15,762 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Liabilities Disclosure [Abstract] | |
Schedule Of Acquired Finite Lived Intangible Assets Liabilities By Major Class | In connection with our investment activity during 2015 , we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): Weighted-Average Life Amount Amortizable Intangible Assets In-place lease 13.4 $ 92,012 Above-market rent 15.3 32,739 Below-market ground lease 63.1 9,997 Indefinite-Lived Intangible Asset Below-market ground lease N/A 881 $ 135,629 Amortizable Intangible Liabilities Below-market rent 14.6 $ (6,798 ) |
Schedule Of Goodwill | The following table presents a reconciliation of our goodwill (in thousands): Real Estate Ownership Investment Management Total Balance at January 1, 2013 $ 265,525 $ 63,607 $ 329,132 Adjustments related to deferred foreign income taxes (a) 32,715 — 32,715 Allocation of goodwill to the cost basis of properties sold or classified as held for sale (13,118 ) — (13,118 ) 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 Foreign currency translation adjustments and other (14,258 ) — (14,258 ) 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 ) Balance at December 31, 2014 628,808 63,607 692,415 Foreign currency translation adjustments and other (10,548 ) — (10,548 ) Allocation of goodwill to the cost basis of properties sold or classified as held for sale (1,762 ) — (1,762 ) Other business combinations 1,704 — 1,704 Balance at December 31, 2015 $ 618,202 $ 63,607 $ 681,809 ___________ (a) In 2013, we identified an error in the consolidated financial statements related to accounting for deferred foreign income taxes. W e 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 the fourth quarter of 2013 we recorded an out-of-period adjustment related to the error, which included an adjustment to goodwill. (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, 2015 2014 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 $ (32,765 ) $ — Internal-use software development costs 18,188 (2,038 ) 16,150 17,584 (26 ) 17,558 50,953 (34,803 ) 16,150 50,349 (32,791 ) 17,558 Lease Intangibles: In-place lease and tenant relationship 1,205,585 (302,737 ) 902,848 1,185,692 (191,873 ) 993,819 Above-market rent 649,035 (173,963 ) 475,072 639,370 (116,573 ) 522,797 Below-market ground lease 25,403 (889 ) 24,514 17,771 (435 ) 17,336 1,880,023 (477,589 ) 1,402,434 1,842,833 (308,881 ) 1,533,952 Unamortizable Goodwill and Indefinite-Lived Intangible Assets Goodwill 681,809 — 681,809 692,415 — 692,415 Trade name 3,975 — 3,975 3,975 — 3,975 Below-market ground lease 895 — 895 — — — 686,679 — 686,679 696,390 — 696,390 Total intangible assets $ 2,617,655 $ (512,392 ) $ 2,105,263 $ 2,589,572 $ (341,672 ) $ 2,247,900 Amortizable Intangible Liabilities Below-market rent $ (171,199 ) $ 44,873 $ (126,326 ) $ (169,231 ) $ 23,039 $ (146,192 ) Above-market ground lease (13,052 ) 1,774 (11,278 ) (13,311 ) 1,144 (12,167 ) (184,251 ) 46,647 (137,604 ) (182,542 ) 24,183 (158,359 ) Unamortizable Intangible Liabilities Below-market purchase option (16,711 ) — (16,711 ) (16,711 ) — (16,711 ) Total intangible liabilities $ (200,962 ) $ 46,647 $ (154,315 ) $ (199,253 ) $ 24,183 $ (175,070 ) |
Schedule Of Finite Lived Intangible Assets Future Amortization Expense | Based on the intangible assets and liabilities recorded at December 31, 2015 , 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 Total 2016 $ 36,464 $ 125,954 $ 162,418 2017 51,494 103,062 154,556 2018 48,639 99,392 148,031 2019 44,715 90,574 135,289 2020 37,053 82,126 119,179 Thereafter 130,381 431,126 561,507 Total $ 348,746 $ 932,234 $ 1,280,980 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): December 31, 2015 December 31, 2014 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse debt, net (a) 3 $ 2,271,204 $ 2,293,542 $ 2,532,683 $ 2,574,437 Senior Unsecured Notes, net (b) 2 1,486,568 1,459,544 498,345 527,029 Senior Unsecured Credit Facility (c) 2 735,021 735,022 1,057,518 1,057,519 Deferred acquisition fees receivable (d) 3 33,386 32,919 26,913 28,027 Notes receivable (a) 3 10,689 10,610 20,848 19,604 __________ (a) We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, where applicable, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity and the current market interest rate. (b) We determined the estimated fair value of the Senior Unsecured Notes ( Note 11 ) using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, we determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. (c) We determined the estimated fair value of our Senior Unsecured Credit Facility ( Note 11 ) using a discounted cash flow model with rates that take into account the market-based credit spread and our credit rating. (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 of 203 - 213 basis points and an illiquidity adjustment of 75 basis points at December 31, 2015 . Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. |
Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis | The following table presents information about our other assets that were measured at fair value on a non-recurring basis (in thousands): Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Fair Value Measurements Total Impairment Charges Fair Value Total Impairment Fair Value Total Impairment Impairment Charges in Continuing Operations Real estate $ 63,027 $ 26,597 $ 26,503 $ 21,738 $ 15,495 $ 4,673 Net investments in direct financing leases 65,132 3,309 39,158 1,329 891 68 Equity investments in real estate — — — 735 5,111 19,256 Marketable security — — — — 483 553 29,906 23,802 24,550 Impairment Charges in Discontinued Operations Real estate — — — — 19,413 6,192 Operating real estate — — — — 3,709 1,071 — — 7,263 $ 29,906 $ 23,802 $ 31,813 |
Risk Management and Use of De43
Risk Management and Use of Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Foreign currency forward contracts Other assets, net $ 38,975 $ 16,307 $ — $ — Foreign currency collars Other assets, net 7,718 — — — Interest rate swaps Other assets, net — 285 — — Interest rate cap Other assets, net — 3 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (4,762 ) (5,660 ) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 3,618 3,753 — — Interest rate swaps (a) Other assets, net 9 — — — Interest rate swaps (a) Accounts payable, accrued expenses and other liabilities — — (2,612 ) (7,496 ) Total derivatives $ 50,320 $ 20,348 $ (7,374 ) $ (13,156 ) __________ (a) 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 (Loss) Gain Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2015 2014 2013 Foreign currency forward contracts $ 15,949 $ 23,167 $ (5,211 ) Foreign currency collars 7,769 — — Interest rate swaps (284 ) (2,628 ) 4,720 Interest rate caps 64 290 (15 ) Derivatives in Net Investment Hedging Relationships (b) Foreign currency forward contracts 5,819 2,566 — Total $ 29,317 $ 23,395 $ (506 ) Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion) (c) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2015 2014 2013 Foreign currency forward contracts Other income and (expenses) $ 7,272 $ (103 ) $ (537 ) Interest rate swaps and caps Interest expense (2,291 ) (2,691 ) (1,745 ) Foreign currency collars Other income and (expenses) 357 — — Total $ 5,338 $ (2,794 ) $ (2,282 ) __________ (a) Excludes net gains of $0.6 million , $0.3 million , and $0.5 million recognized on unconsolidated jointly-owned investments for the years ended December 31, 2015 , 2014 , and 2013 , 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 recognized on unconsolidated jointly-owned investments of $0.4 million and $0.5 million for the years ended December 31, 2014 and 2013 , respectively. There were no such gains or losses recognized for the year ended December 31, 2015 . |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2015 2014 2013 Interest rate swaps Interest expense $ 4,164 $ 3,186 $ 5,249 Foreign currency collars Other income and (expenses) 514 — — Foreign currency forwards Other income and (expenses) (296 ) — — Stock warrants Other income and (expenses) (134 ) 134 440 Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 649 761 (20 ) Foreign currency forward contracts Other income and (expenses) 45 — — Foreign currency collars Other income and (expenses) 23 — — Total $ 4,965 $ 4,081 $ 5,669 __________ (a) Relates to the ineffective portion of the hedging relationship. |
Schedule of Derivative Instruments | The interest rate swaps and cap that our consolidated subsidiaries had outstanding at December 31, 2015 are summarized as follows (currency in thousands): Number of Instruments Notional Amount Fair Value of (a) Interest Rate Derivatives Designated as Cash Flow Hedging Instruments Interest rate swaps 13 122,159 USD $ (4,154 ) Interest rate swap 1 6,011 EUR (608 ) Interest rate cap (b) 1 41,372 EUR — Not Designated as Cash Flow Hedging Instruments Interest rate swaps (c) 2 105,110 EUR (2,612 ) Interest rate swap (c) 1 3,127 USD 9 $ (7,365 ) __________ (a) Fair value amounts are based on the exchange rate of the euro at December 31, 2015 , as applicable. (b) The applicable interest rate of the related debt was 0.9% , which was below the strike price of the cap of 3.0% at December 31, 2015 . (c) These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt. The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2015 , which were designated as cash flow hedges (currency in thousands): Number of Instruments Notional Fair Value at December 31, 2015 (a) Foreign Currency Derivatives Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 52 127,747 EUR $ 27,754 Foreign currency collars 25 90,100 EUR 4,441 Foreign currency collars 22 48,300 GBP 3,277 Foreign currency forward contracts 16 20,302 AUD 2,258 Foreign currency forward contracts 12 6,420 GBP 578 Designated as Net Investment Hedging Instruments Foreign currency forward contracts 5 84,522 AUD 8,385 $ 46,693 __________ (a) Fair value amounts are based on the applicable exchange rate of the foreign currency at December 31, 2015 . |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following table presents a summary of our Senior Unsecured Credit Facility (dollars in millions): Interest Rate at December 31, 2015 (a) Outstanding Balance at December 31, Senior Unsecured Credit Facility Maturity Date 2015 2014 Revolver: Revolver - borrowing in euros LIBOR + 1.10% 1/31/2018 $ 393.0 $ 419.4 Revolver - borrowing in U.S. dollars (b) LIBOR + 1.10%; EURIBOR + 1.10% 1/31/2018 92.0 326.0 Revolver - borrowing in British pounds sterling N/A 1/31/2018 — 62.1 485.0 807.5 Term Loan Facility (c) LIBOR + 1.25% 1/31/2016 250.0 250.0 $ 735.0 $ 1,057.5 __________ (a) Interest rate at December 31, 2015 is based on our credit rating of BBB/Baa2 . (b) EURIBOR means Euro Interbank Offered Rate. (c) Our Term Loan Facility was scheduled to mature on January 31, 2016. However, on January 29, 2016, we exercised our option to extend the maturity of our Term Loan Facility by an additional year to January 31, 2017 ( Note 19 ). |
Schedule of Debt | The following table presents a summary of our Senior Unsecured Notes (currency in millions): Carrying Value at December 31, Senior Unsecured Notes Issue Date Principal Amount Price of Par Value Discount Effective Interest Rate Coupon Rate Maturity Date 2015 2014 4.6% Senior Notes 3/14/2014 $ 500.0 99.639 % $ 1.8 4.645 % 4.6 % 4/1/2024 $ 496.0 $ 498.3 2.0% Senior Euro Notes 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 540.6 — 4.0% Senior Notes 1/26/2015 $ 450.0 99.372 % $ 2.8 4.077 % 4.0 % 2/1/2025 450.0 — $ 1,486.6 $ 498.3 Scheduled debt principal payments during each of the next five calendar years following December 31, 2015 and thereafter are as follows (in thousands): Years Ending December 31, Total (a) 2016 $ 648,344 2017 697,749 2018 750,932 2019 99,753 2020 218,995 Thereafter through 2038 2,080,575 4,496,348 Unamortized discount, net (b) (3,555 ) Total $ 4,492,793 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2015 . (b) Represents the unamortized discount on the Senior Unsecured Notes of $7.8 million partially offset by unamortized premium of $4.2 million in the aggregate resulting from the assumption of property-level debt in connection with the CPA ® :15 Merger and CPA ® :16 Merger. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , 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, 2015 2014 2013 Ordinary income $ 3.5497 $ 3.6566 $ 3.1701 Return of capital 0.2618 0.0584 0.0099 Total distributions paid $ 3.8115 $ 3.7150 $ 3.1800 |
Earnings Per Share Reconciliation | The following table summarizes basic and diluted earnings (in thousands, except share amounts): Years Ended December 31, 2015 2014 2013 Net income attributable to W. P. Carey $ 172,258 $ 239,826 $ 98,876 Allocation of distribution equivalents paid on nonvested RSUs and RSAs in excess of income (579 ) (1,007 ) (743 ) Net income – basic 171,679 238,819 98,133 Income effect of dilutive securities, net of taxes — (77 ) 187 Net income – diluted $ 171,679 $ 238,742 $ 98,320 Weighted-average shares outstanding – basic 105,675,692 98,764,164 68,691,046 Effect of dilutive securities 831,960 1,063,192 1,016,962 Weighted-average shares outstanding – diluted 106,507,652 99,827,356 69,708,008 |
Redeemable Noncontrolling Interest | The following table presents a reconciliation of redeemable noncontrolling interest (in thousands): Years Ended December 31, 2015 2014 2013 Beginning balance $ 6,071 $ 7,436 $ 7,531 Redemption value adjustment 8,873 (306 ) — Net income — (142 ) 353 Distributions — (926 ) (435 ) Change in other comprehensive income — 9 (13 ) Ending balance $ 14,944 $ 6,071 $ 7,436 |
Transfers to Noncontrolling Interests | The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands): Years Ended December 31, 2015 2014 2013 Net income attributable to W. P. Carey $ 172,258 $ 239,826 $ 98,876 Transfers to noncontrolling interest Decrease in W. P. Carey’s additional paid-in capital for purchases of less-than-wholly-owned investments in connection with the CPA ® :16 Merger — (41,374 ) — Net transfers to noncontrolling interest — (41,374 ) — Change from net income attributable to W. P. Carey and transfers to noncontrolling interest $ 172,258 $ 198,452 $ 98,876 |
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): Gains and Losses on Derivative Instruments Foreign Currency Translation Adjustments Gains and Losses on Marketable Securities Total Balance at January 1, 2013 $ (7,508 ) $ 2,828 $ 31 $ (4,649 ) Other comprehensive income (loss) before reclassifications (2,793 ) 21,835 — 19,042 Amounts reclassified from accumulated other comprehensive income (loss) to: Interest expense 1,745 — — 1,745 Other income and (expenses) 537 — — 537 Equity in earnings of equity method investments in the Managed Programs and real estate 531 — — 531 Total 2,813 — — 2,813 Net current period other comprehensive income (loss) 20 21,835 — 21,855 Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest — (1,870 ) — (1,870 ) Balance at December 31, 2013 (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 the Managed Programs and real estate 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 loss attributable to noncontrolling interests and redeemable noncontrolling interest — 5,968 — 5,968 Balance at December 31, 2014 13,597 (89,177 ) 21 (75,559 ) Other comprehensive income (loss) before reclassifications 29,391 (125,447 ) 15 (96,041 ) Amounts reclassified from accumulated other comprehensive income (loss) to: Interest expense 2,291 — — 2,291 Other income and (expenses) (7,629 ) — — (7,629 ) Total (5,338 ) — — (5,338 ) Net current period other comprehensive (loss) income 24,053 (125,447 ) 15 (101,379 ) Net current period other comprehensive gain attributable to noncontrolling interests — 4,647 — 4,647 Balance at December 31, 2015 $ 37,650 $ (209,977 ) $ 36 $ (172,291 ) |
Stock-Based Compensation and 46
Stock-Based Compensation and Other Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted and Conditional Award Activity | Nonvested RSAs, RSUs, and PSUs at December 31, 2015 and changes during the years ended December 31, 2015 , 2014 , and 2013 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Nonvested at January 1, 2013 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 188,619 61.08 89,653 76.05 Vested (a) (264,724 ) 43.35 (881,388 ) 51.00 Forfeited (1,001 ) 59.45 (78 ) 54.31 Adjustment (b) — — 448,734 55.91 Nonvested at December 31, 2014 442,502 53.03 877,641 32.06 Granted (c) 189,893 69.92 75,277 83.68 Vested (a) (264,628 ) 49.69 (792,465 ) 56.77 Forfeited (10,996 ) 66.46 — — Adjustment (b) — — 179,905 49.70 Nonvested at December 31, 2015 (d) 356,771 $ 64.09 340,358 $ 52.26 __________ (a) The total fair value of shares vested during the years ended December 31, 2015 , 2014 , and 2013 was $58.1 million , $56.4 million , and $21.4 million , respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date, pursuant to previously-made deferral elections. At December 31, 2015 and 2014 , we had an obligation to issue 1,395,907 and 848,788 shares, respectively, of our common stock underlying such deferred awards, which is recorded within W. P. Carey stockholders’ equity as a Deferred compensation obligation of $55.0 million and $29.6 million , respectively. (b) Vesting and payment of the PSUs is conditioned upon certain company and market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest. (c) The grant date fair values of RSAs and RSUs reflect our stock price on the date of grant. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate a range of possible future stock prices for both us and the plan defined peer index over the three-year performance period. To estimate the fair value of PSUs granted during the year ended December 31, 2015 , we used a risk-free interest rate of 1.0% and an expected volatility rate of 20.2% (the plan defined peer index assumes 13.5% ) and assumed a dividend yield of zero . (d) At December 31, 2015 , total unrecognized compensation expense related to these awards was approximately $20.1 million , with an 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, 2015 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Outstanding – beginning of year 475,765 $ 29.95 Exercised (213,479 ) 28.57 Canceled / Expired (3,499 ) 28.71 Outstanding – end of year 258,787 $ 31.10 1.06 $ 7,220,287 Vested and expected to vest – end of year 258,787 $ 31.10 1.06 $ 7,220,287 Exercisable – end of year 236,112 $ 30.99 0.99 $ 6,613,542 Years Ended December 31, 2014 2013 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Outstanding – beginning of year 619,601 $ 30.30 794,210 $ 30.32 Exercised (140,718 ) 31.41 (169,412 ) 30.43 Canceled / Expired (3,118 ) 32.99 (5,197 ) 29.84 Outstanding – end of year 475,765 $ 29.95 1.75 619,601 $ 30.30 2.59 Exercisable – end of year 421,656 $ 29.75 511,811 $ 30.18 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Federal Current $ 10,551 $ 19,545 $ 8,274 Deferred 1,901 (7,609 ) (13,029 ) 12,452 11,936 (4,755 ) State and Local Current 9,075 13,422 4,970 Deferred 1,158 (4,693 ) (3,665 ) 10,233 8,729 1,305 Foreign Current 16,656 6,869 7,144 Deferred (1,720 ) (9,925 ) (2,442 ) 14,936 (3,056 ) 4,702 Total Provision $ 37,621 $ 17,609 $ 1,252 |
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 year ended December 31, 2015 is as follows (in thousands, except percentages): Year Ended December 31, 2015 Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests $ 209,879 Pre-tax income attributable to pass-through subsidiaries (137,536 ) Pre-tax income attributable to taxable subsidiaries $ 72,343 Federal provision at statutory tax rate (35%) $ 25,244 35.0 % Rate differential (10,589 ) (14.6 )% Change in valuation allowance 9,074 12.5 % Non-deductible expense 6,982 9.6 % State and local taxes, net of federal benefit 6,151 8.4 % Exempt income (5,475 ) (7.6 )% Other 1,053 1.5 % Tax provision — taxable subsidiaries 32,440 44.8 % Non-income taxes 5,181 Total provision $ 37,621 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 Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests $ 223,938 $ 85,889 Pre-tax income attributable to pass-through subsidiaries (202,807 ) (96,314 ) Pre-tax income (loss) attributable to taxable subsidiaries $ 21,131 $ (10,425 ) Federal provision at statutory tax rate (35%) $ 7,396 35.0 % $ (3,649 ) (35.0 )% Recognition of taxable income as a result of the CPA ® :16 Merger (a) 4,833 22.9 % — — % State and local taxes, net of federal benefit 2,296 10.9 % (166 ) (1.6 )% Interest 2,111 10.0 % — — % Dividend income from Managed REITs 939 4.4 % — — % Amortization of intangible assets — — % 492 4.7 % Other 893 4.2 % (302 ) (2.9 )% Tax provision — taxable subsidiaries 18,468 87.4 % (3,625 ) (34.8 )% Deferred foreign tax benefit (b) (9,925 ) (2,442 ) Current foreign taxes 6,869 7,144 Other state and local taxes 2,197 175 Total provision $ 17,609 $ 1,252 __________ (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, 2015 and 2014 consist of the following (in thousands): At December 31, 2015 2014 Deferred Tax Assets Unearned and deferred compensation $ 35,525 $ 36,955 Net operating loss carryforwards 19,553 16,627 Basis differences — foreign investments 6,975 6,576 Other 3,788 3,272 Total deferred tax assets 65,841 63,430 Valuation allowance (29,746 ) (20,672 ) Net deferred tax assets 36,095 42,758 Deferred Tax Liabilities Basis differences — foreign investments (81,058 ) (95,619 ) Basis differences — equity investees (19,925 ) (19,044 ) Deferred revenue (8,654 ) (8,546 ) Total deferred tax liabilities (109,637 ) (123,209 ) Net Deferred Tax Liability $ (73,542 ) $ (80,451 ) |
Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2015 2014 Beginning balance $ 2,055 $ 109 Addition based on tax positions related to the current year 1,510 1,946 Addition based on tax positions related to prior years 1,447 — Decrease due to lapse in statute of limitations (572 ) — Foreign currency translation adjustments (136 ) — Ending balance $ 4,304 $ 2,055 |
Property Dispositions and Dis48
Property Dispositions and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | 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, 2015 2014 2013 Revenues $ — $ 8,931 $ 28,951 Expenses — (2,039 ) (19,984 ) Loss on extinguishment of debt — (1,244 ) (2,415 ) Gain on sale of real estate — 27,670 40,043 Impairment charges — — (8,415 ) Income from discontinued operations $ — $ 33,318 $ 38,180 The results of operations for properties that have been sold or classified as held for sale that did not qualify for discontinued operations are included within continuing operations in the consolidated financial statements and are summarized as follows (in thousands): Years Ended December 31, 2015 2014 2013 Revenues $ 32,416 $ 21,427 $ 15,762 Expenses (19,306 ) (17,707 ) (15,872 ) Gain (loss) on sale of real estate 6,487 1,338 (332 ) Impairment charges (4,071 ) (8,537 ) (4,741 ) (Loss) gain on extinguishment of debt (3,179 ) — 113 (Provision for) benefit from income taxes (227 ) 1,347 465 Income (loss) from continuing operations from properties sold or classified as held for sale, net of income taxes (a) $ 12,120 $ (2,132 ) $ (4,605 ) __________ (a) Amounts for the years ended December 31, 2014 and 2013 included net losses of $0.1 million and $2.7 million , respectively, attributable to noncontrolling interests. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following tables present the geographic information (in thousands): Years Ended December 31, 2015 2014 2013 Domestic Revenues $ 468,703 $ 426,578 $ 218,758 Operating expenses (296,265 ) (284,362 ) (126,493 ) Interest expense (153,219 ) (117,603 ) (65,970 ) Other income and expenses, excluding interest expense 50,891 146,156 88,593 (Provision for) benefit from income taxes (6,219 ) (3,238 ) 13 Gain (loss) on sale of real estate, net of tax 2,941 (5,119 ) (332 ) Net income attributable to noncontrolling interests (5,358 ) (4,233 ) (34,321 ) Net (loss) income attributable to noncontrolling interests in discontinued operations — (179 ) 23,941 Income from continuing operations attributable to W. P. Carey $ 61,474 $ 158,000 $ 104,189 Germany Revenues $ 65,777 $ 72,978 $ 20,221 Operating benefits (expenses) (a) 818 (40,847 ) (3,011 ) Interest expense (15,432 ) (18,880 ) (5,020 ) Other income and expenses, excluding interest expense 4,175 (10,698 ) (29,284 ) (Provision for) benefit from income taxes (4,357 ) 3,163 (1,693 ) Gain on sale of real estate, net of tax 21 — — Net income attributable to noncontrolling interests (5,537 ) (1,017 ) (3,188 ) Income (loss) from continuing operations attributable to W. P. Carey $ 45,465 $ 4,699 $ (21,975 ) Other International Revenues $ 200,968 $ 145,827 $ 76,986 Operating expenses (131,367 ) (79,465 ) (49,458 ) Interest expense (25,675 ) (41,639 ) (32,738 ) Other income and expenses, excluding interest expense (142 ) 100 1,842 (Provision for) benefit from income taxes (7,372 ) 991 (3,023 ) Gain on sale of real estate, net of tax 3,525 6,700 — Net (income) loss attributable to noncontrolling interests (66 ) (323 ) 4,453 Income (loss) from continuing operations attributable to W. P. Carey $ 39,871 $ 32,191 $ (1,938 ) Total Revenues $ 735,448 $ 645,383 $ 315,965 Operating expenses (426,814 ) (404,674 ) (178,962 ) Interest expense (194,326 ) (178,122 ) (103,728 ) Other income and expenses, excluding interest expense 54,924 135,558 61,151 (Provision for) benefit from income taxes (17,948 ) 916 (4,703 ) Gain (loss) on sale of real estate, net of tax 6,487 1,581 (332 ) Net income attributable to noncontrolling interests (10,961 ) (5,573 ) (33,056 ) Net (loss) income attributable to noncontrolling interests in discontinued operations — (179 ) 23,941 Income from continuing operations attributable to W. P. Carey $ 146,810 $ 194,890 $ 80,276 (a) Included in revenues and operating expenses are reimbursable tenant and affiliate costs totaling $78.7 million , $155.1 million , and $86.9 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. (b) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7) , which is reflected in Merger, property acquisition, and other expenses in the consolidated financial statements. Amount for the years ended December 31, 2014 and 2013 includes expenses incurred of $30.5 million and $5.0 million , respectively, related to the CPA ® :16 Merger. (c) Includes Stock-based compensation expense of $21.6 million , $31.1 million , and $37.2 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, of which $13.8 million , $18.4 million , and $30.0 million , respectively, were included in the Investment Management segment. (d) Includes expenses related to our review of strategic alternatives of $5.7 million for the year ended December 31, 2015 , of which $2.1 million was included in the Investment Management segment. (e) Amount for the year ended December 31, 2014 includes a net Gain on change in control of interests of $105.9 million recognized in connection with the CPA ® :16 Merger ( Note 3 ). The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2015 2014 2013 Real Estate Ownership Revenues (a) $ 735,448 $ 645,383 $ 315,965 Operating expenses (a) (b) (c) (d) (426,814 ) (404,674 ) (178,962 ) Interest expense (194,326 ) (178,122 ) (103,728 ) Other income and expenses, excluding interest expense (e) 54,924 135,558 61,151 (Provision for) benefit from income taxes (17,948 ) 916 (4,703 ) Gain (loss) on sale of real estate, net of tax 6,487 1,581 (332 ) Net income attributable to noncontrolling interests (10,961 ) (5,573 ) (33,056 ) Net (loss) income attributable to noncontrolling interests of discontinued operations — (179 ) 23,941 Income from continuing operations attributable to W. P. Carey $ 146,810 $ 194,890 $ 80,276 Investment Management Revenues (a) $ 202,935 $ 263,063 $ 173,886 Operating expenses (a) (c) (d) (154,015 ) (232,704 ) (173,744 ) Other income and expenses, excluding interest expense (1,791 ) 275 1,001 (Provision for) benefit from income taxes (19,673 ) (18,525 ) 3,451 Net (income) loss attributable to noncontrolling interests (2,008 ) (812 ) 120 Net loss (income) attributable to redeemable noncontrolling interests — 142 (353 ) Income from continuing operations attributable to W. P. Carey $ 25,448 $ 11,439 $ 4,361 Total Company Revenues (a) $ 938,383 $ 908,446 $ 489,851 Operating expenses (a) (b) (c) (d) (580,829 ) (637,378 ) (352,706 ) Interest expense (194,326 ) (178,122 ) (103,728 ) Other income and expenses, excluding interest expense (e) 53,133 135,833 62,152 Provision for income taxes (37,621 ) (17,609 ) (1,252 ) Gain (loss) on sale of real estate, net of tax 6,487 1,581 (332 ) Net income attributable to noncontrolling interests (12,969 ) (6,385 ) (32,936 ) Net (loss) income attributable to noncontrolling interests of discontinued operations — (179 ) 23,941 Net loss (income) attributable to redeemable noncontrolling interests — 142 (353 ) Income from continuing operations attributable to W. P. Carey $ 172,258 $ 206,329 $ 84,637 |
Reconciliation Of Assets From Segment To Consolidated | December 31, 2015 2014 Domestic Long-lived assets (b) $ 3,794,232 $ 3,804,430 Total assets 5,447,818 5,567,383 Germany Long-lived assets (b) $ 581,283 $ 609,739 Total assets 790,890 875,840 Other International Long-lived assets (b) $ 1,704,288 $ 1,466,789 Total assets 2,311,420 2,016,183 Total Long-lived assets (b) $ 6,079,803 $ 5,880,958 Total assets 8,550,128 8,459,406 __________ (a) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes ( Note 7 ). (b) Consists of Net investments in real estate and Equity investments in the Managed Programs and real estate , excluding our equity investment in CCIF ( Note 7 ). Total Long-Lived Assets (f) at December 31, Total Assets at December 31, 2015 2014 2015 2014 Real Estate Ownership $ 6,079,803 $ 5,880,958 $ 8,550,128 $ 8,459,406 Investment Management 22,214 25,000 204,545 189,073 Total Company $ 6,102,017 $ 5,905,958 $ 8,754,673 $ 8,648,479 (f) Consists of Net investments in real estate and Equity investments in the Managed Programs and real estate . Total long-lived assets for our Investment Management segment consists of our equity investment in CCIF ( Note 7 ). |
Selected Quarterly Financial Da
Selected Quarterly Financial Data Selected Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (dollars in thousands, except per share amounts) Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues (a) $ 220,388 $ 238,079 $ 214,666 $ 265,250 Expenses (a) 140,479 130,382 159,066 150,902 Net income (a) 38,582 66,923 23,578 56,144 Net income attributable to noncontrolling interests (2,466 ) (3,575 ) (1,833 ) (5,095 ) Net income attributable to redeemable noncontrolling interests — — — — Net income attributable to W. P. Carey (a) $ 36,116 $ 63,348 $ 21,745 $ 51,049 Earnings per share attributable to W. P. Carey: Basic $ 0.34 $ 0.60 $ 0.20 $ 0.48 Diluted $ 0.34 $ 0.59 $ 0.20 $ 0.48 Distributions declared per share $ 0.9525 $ 0.9540 $ 0.9550 $ 0.9646 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Revenues $ 209,195 $ 253,414 $ 197,006 $ 248,831 Expenses 171,605 161,360 128,174 176,239 Net income (b) 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 (c) : Basic $ 1.29 $ 0.64 $ 0.27 $ 0.31 Diluted $ 1.27 $ 0.64 $ 0.27 $ 0.30 Distributions declared per share $ 0.8950 $ 0.9000 $ 0.9400 $ 0.9500 __________ (a) Amount for the three months ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes (Note 7) and $15.0 million of termination income related to a domestic property classified as held for sale ( Note 16 ). (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 ( Note 3 ). (c) For the year ended December 31, 2014, total quarterly basic and diluted earnings per share were $0.09 higher than the corresponding earnings per share as computed on an annual basis, as a result of the change in the shares outstanding for each of the periods, primarily due to the issuance of shares in the CPA ® :16 Merger ( Note 3 ) and the Equity Offering ( Note 13 ). |
Business and Organization (Narr
Business and Organization (Narratives) (Details) ft² in Millions | 12 Months Ended |
Dec. 31, 2015ft²propertytenant | |
Additional disclosures | |
Number of real estate properties | property | 869 |
Number of tenants | tenant | 222 |
Occupancy rate | 98.80% |
Square footage of real estate properties | ft² | 90.1 |
Managed REITs | |
Additional disclosures | |
Number of real estate properties | property | 428 |
Number of tenants | tenant | 201 |
Occupancy rate | 99.90% |
Square footage of real estate properties | ft² | 49.6 |
Managed REITs | Operating real estate | |
Additional disclosures | |
Number of real estate properties | property | 174 |
Square footage of real estate properties | ft² | 19.7 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Narratives) (Details) | Jan. 01, 2016USD ($) | Apr. 04, 2013shares | Feb. 28, 2014shares | Dec. 31, 2015USD ($)viesegment | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2012shares |
Basis of Consolidation | |||||||
Variable interest entities, count | vie | 20 | ||||||
Stock repurchased during period, shares | shares | 616,971 | 11,037 | |||||
Real estate tax expense | $ 57,700,000 | $ 59,800,000 | $ 37,300,000 | ||||
Foreign currency transaction (losses) | $ (800,000) | (400,000) | (200,000) | ||||
Prior period reclassification adjustment | $ 32,715,000 | ||||||
Other assets | |||||||
Basis of Consolidation | |||||||
Prior period reclassification adjustment | 11,200,000 | ||||||
Deferred Tax Liability | |||||||
Basis of Consolidation | |||||||
Prior period reclassification adjustment | $ (11,200,000) | ||||||
New Accounting Pronouncement, Early Adoption, Effect | Forecast | Other assets | |||||||
Basis of Consolidation | |||||||
Effects of early adoption of accounting principle | $ (12,600,000) | ||||||
New Accounting Pronouncement, Early Adoption, Effect | Forecast | Non-Recourse Debt | |||||||
Basis of Consolidation | |||||||
Effects of early adoption of accounting principle | $ 12,600,000 | ||||||
Common Stock | |||||||
Basis of Consolidation | |||||||
Stock repurchased during period, shares | shares | 11,037 | 616,971 | 416,408 | ||||
Prior period reclassification adjustment | $ (60,900,000) | ||||||
Treasury Stock | |||||||
Basis of Consolidation | |||||||
Prior period reclassification adjustment | (60,900,000) | ||||||
Additional Paid-in Capital | |||||||
Basis of Consolidation | |||||||
Prior period reclassification adjustment | (28,800,000) | ||||||
Distributions in Excess of Accumulated Earnings | |||||||
Basis of Consolidation | |||||||
Prior period reclassification adjustment | (32,100,000) | ||||||
Total Equity | |||||||
Basis of Consolidation | |||||||
Prior period reclassification adjustment | $ 0 | ||||||
CPA: 16 - Global | |||||||
Basis of Consolidation | |||||||
Variable interest entities, count | vie | 12 | ||||||
Building and building improvements | Maximum | |||||||
Basis of Consolidation | |||||||
Property, plant and equipment, useful life | 40 years | ||||||
Furniture and fixtures | Maximum | |||||||
Basis of Consolidation | |||||||
Property, plant and equipment, useful life | 7 years | ||||||
Internal-use software development costs | Minimum | |||||||
Basis of Consolidation | |||||||
Property, plant and equipment, useful life | 3 years | ||||||
Internal-use software development costs | Maximum | |||||||
Basis of Consolidation | |||||||
Property, plant and equipment, useful life | 7 years | ||||||
Real Estate Investments | |||||||
Basis of Consolidation | |||||||
Number of reportable segments | segment | 1 | ||||||
Prior period reclassification adjustment | $ 32,715,000 |
Merger with CPA_16 Global (Narr
Merger with CPA:16 Global (Narratives) (Details) $ / shares in Units, $ in Thousands | Jan. 31, 2014USD ($)loanpropertyinvestment$ / sharesshares | Nov. 27, 2013USD ($) | Mar. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($) | Jan. 31, 2014USD ($)loanpropertyinvestment$ / sharesshares |
Merger Disclosure | |||||||||
Per share closing price | $ / shares | $ 59.08 | $ 59.08 | |||||||
Cash consideration | $ 13,748 | $ 0 | $ 1,338 | $ 0 | |||||
Number of real estate properties | property | 869 | ||||||||
Non-recourse debt | $ 21,023 | $ 2,271,204 | 2,532,683 | ||||||
Senior Unsecured Credit Facility - Revolver | 485,021 | 807,518 | |||||||
Lease revenues | 656,956 | 573,829 | 299,624 | ||||||
Income from operations | 178,740 | 211,170 | 94,317 | ||||||
Merger and acquisition expense | (7,764) | 34,465 | 9,230 | ||||||
Gain on change in control of interests | $ 0 | 105,947 | 0 | ||||||
Purchase on remaining interest | $ 280,936 | ||||||||
Assets held-for-sale | |||||||||
Merger Disclosure | |||||||||
Number of real estate properties | property | 4 | ||||||||
Additional Paid-in Capital | |||||||||
Merger Disclosure | |||||||||
Purchase on remaining interest | $ 41,374 | ||||||||
CPA: 16 - Global | |||||||||
Merger Disclosure | |||||||||
Share per share exchange rate | $ / shares | 0.1830 | 0.1830 | |||||||
Per share exchange rate | $ / shares | $ 11.25 | $ 11.25 | |||||||
Merger consideration | $ 1,800,000 | ||||||||
Shares issued as compensation, shares | shares | 30,729,878 | ||||||||
Fair value of W.P.Carey shares of common stock issued | $ 1,815,521 | $ 1,815,521 | |||||||
Shares of acquired entity received | shares | 168,041,772 | ||||||||
Cash consideration | $ 1,338 | ||||||||
Non-recourse debt | 1,768,288 | 1,768,288 | |||||||
Senior Unsecured Credit Facility - Revolver | $ 170,000 | $ 170,000 | |||||||
Number of unconsolidated investments | investment | 18 | 18 | |||||||
Lease revenues | $ 251,500 | ||||||||
Income from operations | 91,100 | ||||||||
Income attributable to noncontrolling interest | $ 2,400 | ||||||||
Merger and acquisition expense | $ 30,500 | $ 5,000 | $ 10,600 | ||||||
Carrying value of equity investment in CPA pre merger | $ 274,100 | $ 274,100 | |||||||
Number of shares owned | shares | 38,229,294 | 38,229,294 | |||||||
Fair value of noncontrolling interests acquired | $ 278,187 | $ 278,187 | |||||||
Fair value equity interest in jointly-owned investments with equity investment prior to merger | $ 349,749 | ||||||||
CPA: 16 - Global | Previously held equity interest | |||||||||
Merger Disclosure | |||||||||
Number of jointly owned investments with affiliate | investment | 12 | 12 | |||||||
Gain on change in control of interests | $ 73,100 | ||||||||
Carrying value of noncontrolling interest acquired from entity | $ 236,800 | $ 236,800 | |||||||
CPA: 16 - Global | Jointly Owned Investments | |||||||||
Merger Disclosure | |||||||||
Number of jointly owned investments with affiliate | investment | 9 | 9 | |||||||
Gain on change in control of interests | 30,200 | ||||||||
Carrying value of equity investment in CPA pre merger | $ 142,500 | $ 142,500 | |||||||
Fair value equity interest in jointly-owned investments with equity investment prior to merger | $ 172,720 | ||||||||
CPA: 16 - Global | Consolidated or partially leased investments | |||||||||
Merger Disclosure | |||||||||
Number of real estate properties | property | 325 | 325 | |||||||
Weighted average lease term | 10 years 4 months 24 days | ||||||||
Triple-net lease, current minimum base rent receivable | $ 300,100 | $ 300,100 | |||||||
Interest Rate | 5.60% | ||||||||
CPA: 16 - Global | Consolidated or partially leased investments | Fixed interest rate | |||||||||
Merger Disclosure | |||||||||
Loans outstanding, count | loan | 92 | 92 | |||||||
CPA: 16 - Global | Consolidated or partially leased investments | Variable interest rate | |||||||||
Merger Disclosure | |||||||||
Loans outstanding, count | loan | 18 | 18 | |||||||
CPA: 16 - Global | Equity method investments | |||||||||
Merger Disclosure | |||||||||
Number of real estate properties | property | 140 | 140 | |||||||
Non-recourse debt | $ 300,000 | $ 300,000 | |||||||
Number of consolidated investments | investment | 11 | 11 | |||||||
Number of jointly owned investments with affiliate | investment | 2 | 2 | |||||||
Number of investments consolidated after merger | investment | 5 | 5 | |||||||
Weighted average lease term | 8 years 7 months 6 days | ||||||||
Triple-net lease, current minimum base rent receivable | $ 63,900 | $ 63,900 | |||||||
Interest Rate | 4.80% | ||||||||
CPA: 16 - Global | Equity method investments | Fixed interest rate | |||||||||
Merger Disclosure | |||||||||
Loans outstanding, count | loan | 17 | 17 | |||||||
CPA: 16 - Global | Equity method investments | Variable interest rate | |||||||||
Merger Disclosure | |||||||||
Loans outstanding, count | loan | 5 | 5 | |||||||
CPA: 16 - Global | Additional Paid-in Capital | |||||||||
Merger Disclosure | |||||||||
Purchase on remaining interest | $ 42,000 | ||||||||
Hotel | |||||||||
Merger Disclosure | |||||||||
Number of real estate properties | property | 2 | ||||||||
Hotel | CPA: 16 - Global | Consolidated or partially leased investments | |||||||||
Merger Disclosure | |||||||||
Number of real estate properties | property | 2 | 2 | |||||||
Previously Reported | CPA: 16 - Global | |||||||||
Merger Disclosure | |||||||||
Fair value equity interest in jointly-owned investments with equity investment prior to merger | $ 347,200 | ||||||||
Measurement period adjustment | CPA: 16 - Global | |||||||||
Merger Disclosure | |||||||||
Purchase on remaining interest | $ 600 | ||||||||
Fair value of noncontrolling interests acquired | $ (600) | ||||||||
Fair value equity interest in jointly-owned investments with equity investment prior to merger | $ 2,600 | ||||||||
Discontinued Operations | Assets held-for-sale | CPA: 16 - Global | |||||||||
Merger Disclosure | |||||||||
Number of real estate properties | property | 10 | 10 | 10 | ||||||
Discontinued Operations | Assets held-for-sale | CPA: 16 - Global | Jointly Owned Investments | |||||||||
Merger Disclosure | |||||||||
Number of real estate properties | property | 5 | 5 |
Merger with CPA_16 Global (Deta
Merger with CPA:16 Global (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Pro Forma Financial Information | |||
Pro forma total revenue | $ 931,309 | $ 780,578 | |
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 (a) | $ 134,460 | $ 155,579 | |
Pro forma earnings per share | |||
Basic (in dollar per share) | $ 1.32 | $ 1.56 | |
Diluted (in dollar per share) | $ 1.31 | $ 1.54 | |
Pro forma weighted average shares | |||
Basic (in shares) | 101,296,847 | 99,420,924 | |
Diluted (in shares) | 102,360,038 | 100,437,886 | |
CPA: 16 - Global | |||
Pro forma weighted average shares | |||
Shares issued as compensation, shares | 30,729,878 |
Agreements and Transactions w55
Agreements and Transactions with Related Parties (Narratives) (Details) | Apr. 04, 2013USD ($)$ / sharesshares | Feb. 28, 2014USD ($)shares | Nov. 30, 2013USD ($)propertyofficer | Jul. 31, 2012USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Distributions Of Available Cash and Deferred Revenue Earned | |||||||
Percentage of available cash distribution to advisor | 10.00% | ||||||
Other Transactions with Affiliates | |||||||
Loans to affiliates | $ 185,447,000 | $ 11,000,000 | $ 15,000,000 | ||||
Share Purchase Agreement | |||||||
Redemption value adjustment | $ 85,000,000 | ||||||
Stock repurchased during period, shares | shares | 616,971 | 11,037 | |||||
Repurchase of common stock | $ 40,000,000 | $ 700,000 | $ 0 | 679,000 | $ 40,000,000 | ||
Common stock market value on exercise date | $ / shares | $ 64.83 | ||||||
Number of real estate properties | property | 869 | ||||||
Maximum | |||||||
Share Purchase Agreement | |||||||
Ownership interest in joint ventures | 90.00% | ||||||
Minimum | |||||||
Share Purchase Agreement | |||||||
Ownership interest in joint ventures | 3.00% | ||||||
CPA: 17 - Global | |||||||
Other Transactions with Affiliates | |||||||
Line of credit, maximum borrowing amount | $ 75,000,000 | 75,000,000 | |||||
CPA:18 - Global | |||||||
Other Transactions with Affiliates | |||||||
Line of credit, maximum borrowing amount | 100,000,000 | 100,000,000 | |||||
CWI | |||||||
Other Transactions with Affiliates | |||||||
Line of credit, maximum borrowing amount | $ 110,000,000 | 110,000,000 | |||||
Interest rate on loan | 1.10% | ||||||
CWI 2 | |||||||
Other Transactions with Affiliates | |||||||
Line of credit, maximum borrowing amount | $ 110,000,000 | $ 110,000,000 | |||||
CPA REITs | |||||||
Distributions Of Available Cash and Deferred Revenue Earned | |||||||
Maximum personnel and overhead reimbursement, percentage | 2.40% | ||||||
CCIF | |||||||
Distributions Of Available Cash and Deferred Revenue Earned | |||||||
Reimbursement percentage | 50.00% | ||||||
Other Transactions with Affiliates | |||||||
Line of credit, maximum borrowing amount | $ 50,000,000 | ||||||
Managed Programs | |||||||
Other Transactions with Affiliates | |||||||
Interest rate on loan | 1.10% | ||||||
Average adjusted capital | CCIF | Maximum | |||||||
Distributions Of Available Cash and Deferred Revenue Earned | |||||||
Incentive fees | 2.344% | ||||||
Average adjusted capital | CCIF | Minimum | |||||||
Distributions Of Available Cash and Deferred Revenue Earned | |||||||
Incentive fees | 1.875% | ||||||
Net investment income | CCIF | Minimum | |||||||
Distributions Of Available Cash and Deferred Revenue Earned | |||||||
Incentive fees | 20.00% | ||||||
Capital gain | CCIF | Minimum | |||||||
Distributions Of Available Cash and Deferred Revenue Earned | |||||||
Incentive fees | 20.00% | ||||||
Front-end fees | CCIF | |||||||
Distributions Of Available Cash and Deferred Revenue Earned | |||||||
Maximum personnel and overhead reimbursement, percentage | 18.00% | ||||||
Gross proceeds | CCIF | |||||||
Distributions Of Available Cash and Deferred Revenue Earned | |||||||
Maximum personnel and overhead reimbursement, percentage | 82.00% | ||||||
Average net asset | CCIF | |||||||
Distributions Of Available Cash and Deferred Revenue Earned | |||||||
Reimbursement percentage | 1.75% | ||||||
Discontinued Operations | Self-storage | |||||||
Share Purchase Agreement | |||||||
Ownership interest in joint ventures | 38.30% | ||||||
Number of Officers | officer | 2 | ||||||
Properties sold | property | 19 | ||||||
Number of real estate properties | property | 20 | ||||||
Distribution to minority interests | $ 3,800,000 | ||||||
Discontinued Operations | Self-storage | Officers | |||||||
Share Purchase Agreement | |||||||
Ownership interest in joint ventures | 1.70% | ||||||
Third Party | Discontinued Operations | Self-storage | |||||||
Share Purchase Agreement | |||||||
Ownership interest in joint ventures | 60.00% |
Agreements and Transactions w56
Agreements and Transactions with Related Parties (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue from related parties: | |||
Structuring revenue | $ 92,117 | $ 71,256 | $ 46,589 |
Reimbursable costs from affiliates | 55,837 | 130,212 | 73,592 |
Asset management revenue | 49,892 | 37,970 | 42,579 |
Distributions of Available Cash | 38,406 | 31,052 | 34,121 |
Dealer manager fees | 4,794 | 23,532 | 10,856 |
Interest income on deferred acquisition fees and loans to affiliates | 1,639 | 684 | 949 |
Incentive, termination and subordinated disposition revenue | 203 | 0 | 199 |
Deferred revenue earned | 0 | 786 | 8,492 |
Total deferred revenue earned | $ 242,888 | $ 295,492 | $ 217,377 |
Agreements and Transactions w57
Agreements and Transactions with Related Parties (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction | |||
Revenue from related parties | $ 242,888 | $ 295,492 | $ 217,377 |
CPA: 16 - Global | |||
Related Party Transaction | |||
Revenue from related parties | 0 | 7,999 | 53,166 |
CPA: 17 - Global | |||
Related Party Transaction | |||
Revenue from related parties | 81,740 | 68,710 | 69,275 |
CPA:18 - Global | |||
Related Party Transaction | |||
Revenue from related parties | 85,431 | 129,642 | 29,293 |
CWI | |||
Related Party Transaction | |||
Revenue from related parties | 44,712 | 89,141 | 65,643 |
CWI 2 | |||
Related Party Transaction | |||
Revenue from related parties | 30,340 | 0 | 0 |
CCIF | |||
Related Party Transaction | |||
Revenue from related parties | $ 665 | $ 0 | $ 0 |
Agreements and Transactions w58
Agreements and Transactions with Related Parties (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Due from affiliates | ||
Deferred acquisition fees receivable | $ 33,386 | $ 26,913 |
Accounts receivable | 15,711 | 2,680 |
Reimbursable costs | 5,579 | 301 |
Current acquisition fees receivable | 4,909 | 2,463 |
Asset management fee receivable | 2,172 | 0 |
Organization and offering costs | 461 | 2,120 |
Due from affiliates | $ 62,218 | $ 34,477 |
Agreements and Transactions w59
Agreements and Transactions with Related Parties (Details 4) | 12 Months Ended |
Dec. 31, 2015 | |
CPA: 17 - Global | |
Revenue from related parties | |
Asset management fees receivable in cash | 50.00% |
Asset management fees receivable in shares | 50.00% |
CWI REITs | |
Structuring revenue | |
Percentage of structuring fees earned | 2.50% |
Loan refinancing fee (percentage) | 1.00% |
Contract sales price of investment | CWI | |
Structuring revenue | |
Percentage of structuring fees earned | 2.50% |
Average invested assets | CPA: 16 - Global | |
Revenue from related parties | |
Percentage of asset management fees earned | 0.50% |
Average gross assets | CCIF | |
Revenue from related parties | |
Percentage of fees earned paid to subadvisor | 50.00% |
Market value of equity investment | CWI | |
Revenue from related parties | |
Percentage of asset management fees earned | 0.50% |
Percentage of fees earned paid to subadvisor | 20.00% |
Market value of equity investment | CWI 2 | |
Revenue from related parties | |
Percentage of asset management fees earned | 0.55% |
Percentage of fees earned paid to subadvisor | 25.00% |
Minimum | Average equity value | CPA: 17 - Global | |
Revenue from related parties | |
Percentage of asset management fees earned | 0.50% |
Structuring revenue | |
Percentage of structuring fees earned | 1.00% |
Minimum | Average equity value | CPA:18 - Global | |
Revenue from related parties | |
Percentage of asset management fees earned | 0.50% |
Minimum | Average gross assets | CCIF | |
Revenue from related parties | |
Percentage of asset management fees earned | 1.75% |
Maximum | Contract sales price of investment | Managed Programs | |
Structuring revenue | |
Percentage of structuring fees earned | 6.00% |
Maximum | Average equity value | CPA: 17 - Global | |
Revenue from related parties | |
Percentage of asset management fees earned | 1.75% |
Structuring revenue | |
Percentage of structuring fees earned | 1.75% |
Maximum | Average equity value | CPA:18 - Global | |
Revenue from related parties | |
Percentage of asset management fees earned | 1.50% |
Maximum | Average gross assets | CCIF | |
Revenue from related parties | |
Percentage of asset management fees earned | 2.00% |
Long-term net lease | CPA REITs | |
Structuring revenue | |
Percentage of structuring fees earned | 4.50% |
Installment period for deferred acquisition fee receivable | three interest-bearing annual installments |
Lodging-related investments | CWI | |
Revenue from related parties | |
Percentage of asset management fees earned | 0.50% |
Lodging-related investments | CWI 2 | |
Revenue from related parties | |
Percentage of asset management fees earned | 0.55% |
Upon Completion | Long-term net lease | CPA REITs | |
Structuring revenue | |
Percentage of structuring fees earned | 2.50% |
Deferred | Long-term net lease | CPA REITs | |
Structuring revenue | |
Percentage of structuring fees earned | 2.00% |
Agreements and Transactions w60
Agreements and Transactions with Related Parties (Details 5) | Dec. 31, 2015$ / shares |
CWI | |
Reimbursed costs from affiliates and wholesaling revenue | |
Selling commission per share sold | $ 0.70 |
Dealer manager fee per share sold | $ 0.30 |
CCIF | Minimum | |
Reimbursed costs from affiliates and wholesaling revenue | |
Selling commission per share sold, percentage | 0.00% |
Dealer manager fee per share fee, percentage | 2.75% |
CCIF | Maximum | |
Reimbursed costs from affiliates and wholesaling revenue | |
Selling commission per share sold, percentage | 3.00% |
Dealer manager fee per share fee, percentage | 3.00% |
Class A | CPA:18 - Global | |
Reimbursed costs from affiliates and wholesaling revenue | |
Selling commission per share sold | $ 0.7 |
Dealer manager fee per share sold | 0.3 |
Class A | CWI 2 | |
Reimbursed costs from affiliates and wholesaling revenue | |
Selling commission per share sold | 0.70 |
Dealer manager fee per share sold | 0.30 |
Class C | CPA:18 - Global | |
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% |
Class T | CWI 2 | |
Reimbursed costs from affiliates and wholesaling revenue | |
Selling commission per share sold | $ 0.19 |
Dealer manager fee per share sold | $ 0.26 |
Shareholder servicing, percentage | 1.00% |
Underwriting compensation limit, percentage | 10.00% |
Agreements and Transactions w61
Agreements and Transactions with Related Parties (Details 6) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction | |
Percentage of Available cash distribution to advisor | 10.00% |
CPA REITs | |
Reimbursed Costs | |
Maximum personnel and overhead reimbursement, percentage | 2.40% |
CPA:18 - Global | |
Reimbursed Costs | |
Maximum percent of offering proceeds | 1.50% |
Maximum percentage of follow-on offering proceeds | 4.00% |
CWI | |
Reimbursed Costs | |
Maximum percent of offering proceeds | 4.00% |
CWI 2 | |
Reimbursed Costs | |
Maximum percent of offering proceeds | 1.50% |
Maximum percentage of follow-on offering proceeds | 4.00% |
CCIF | |
Reimbursed Costs | |
Maximum percent of offering proceeds | 1.50% |
Net Investments in Properties62
Net Investments in Properties (Narratives) (Details) $ in Thousands | Dec. 22, 2015USD ($) | Nov. 11, 2015USD ($)property | Oct. 15, 2015USD ($)property | Aug. 24, 2015USD ($) | Aug. 06, 2015USD ($) | Jun. 17, 2015USD ($) | Apr. 10, 2015USD ($) | Feb. 11, 2015USD ($) | Jan. 28, 2015USD ($)property | Dec. 19, 2014USD ($)property | Dec. 12, 2014USD ($) | Nov. 04, 2014USD ($) | Oct. 28, 2014USD ($)property | Oct. 13, 2014USD ($) | Oct. 07, 2014USD ($) | Aug. 22, 2014USD ($) | Aug. 06, 2014USD ($) | May. 15, 2014USD ($) | Mar. 26, 2014USD ($) | Nov. 27, 2013USD ($) | Sep. 09, 2013USD ($) | Jun. 07, 2013USD ($) | Jun. 04, 2013USD ($) | Apr. 15, 2013USD ($) | Jan. 11, 2013USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($) | Jan. 31, 2014USD ($) | Dec. 04, 2013USD ($) | Dec. 31, 2012USD ($) |
Investments in real estate | ||||||||||||||||||||||||||||||||
Decrease in exchange rate | 10.40% | |||||||||||||||||||||||||||||||
Foreign currency exchange rate | 1.0887 | 1.2156 | ||||||||||||||||||||||||||||||
Decrease in value of balance sheet item due to foreign currency translation | $ 125,447 | $ 117,938 | $ (21,835) | |||||||||||||||||||||||||||||
Depreciation | $ 141,500 | 117,600 | 59,600 | |||||||||||||||||||||||||||||
Number of real estate properties | property | 869 | |||||||||||||||||||||||||||||||
Goodwill | $ 681,809 | 692,415 | 350,208 | $ 329,132 | ||||||||||||||||||||||||||||
Net investment in direct financing leases | 756,353 | 816,226 | ||||||||||||||||||||||||||||||
Net investment in properties | $ 33,625 | 5,011,145 | 4,833,074 | |||||||||||||||||||||||||||||
Investment in real estate under construction | 28,040 | 20,647 | 0 | |||||||||||||||||||||||||||||
Assets placed into service | $ 53,200 | |||||||||||||||||||||||||||||||
Mönchengladbach, Germany | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
BTS commitment | $ 65,000 | |||||||||||||||||||||||||||||||
CPA: 16 - Global | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Goodwill | $ 346,642 | |||||||||||||||||||||||||||||||
Net investment in direct financing leases | 538,225 | |||||||||||||||||||||||||||||||
Net investment in properties | $ 1,970,175 | |||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Decrease in value of balance sheet item due to foreign currency translation | 177,300 | |||||||||||||||||||||||||||||||
Investment purchase price | 116,000 | 536,700 | 124,400 | |||||||||||||||||||||||||||||
Land acquired | 8,600 | 83,900 | 20,700 | |||||||||||||||||||||||||||||
Buildings acquired | 68,100 | 366,600 | 77,200 | |||||||||||||||||||||||||||||
Intangible assets acquired | 39,400 | 82,900 | 26,500 | |||||||||||||||||||||||||||||
Net investment in direct financing leases | 3,300 | |||||||||||||||||||||||||||||||
Net investment in properties | 4,937,190 | 4,753,055 | ||||||||||||||||||||||||||||||
Acquisition costs, capitalized | 3,900 | $ 17,800 | 1,500 | |||||||||||||||||||||||||||||
Real estate | Office building in Sunderland, United Kingdom | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 53,500 | |||||||||||||||||||||||||||||||
Real estate | Auto Dealerships in Amsterdam, Eindhoven, Houten,Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 62,500 | |||||||||||||||||||||||||||||||
Number of real estate properties | property | 10 | |||||||||||||||||||||||||||||||
Real estate | Agricultural facilities in Australia | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 138,300 | |||||||||||||||||||||||||||||||
Real estate | Agricultural facilities in Australia | Industrial | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Number of real estate properties | property | 10 | |||||||||||||||||||||||||||||||
Commitment for tenant improvement | $ 14,800 | |||||||||||||||||||||||||||||||
Real estate | Agricultural facilities in Australia | Agricultural | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Number of real estate properties | property | 21 | |||||||||||||||||||||||||||||||
Real estate | Manufacturing facility in Lewisburg Ohio | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 19,800 | |||||||||||||||||||||||||||||||
Real estate | Various offices in Spain | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 378,500 | |||||||||||||||||||||||||||||||
Number of real estate properties | property | 70 | |||||||||||||||||||||||||||||||
Real estate | CPA: 16 - Global | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Number of real estate properties | property | 225 | |||||||||||||||||||||||||||||||
Net investment in properties | $ 2,000,000 | |||||||||||||||||||||||||||||||
Real estate | Office building in Northfield, Illinois | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 72,400 | |||||||||||||||||||||||||||||||
Real estate | Office and Research Facility in Tampere, Finland | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 52,100 | |||||||||||||||||||||||||||||||
Business combination | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | 561,600 | 366,900 | 157,700 | |||||||||||||||||||||||||||||
Land acquired | 89,500 | 33,100 | 17,200 | |||||||||||||||||||||||||||||
Buildings acquired | 382,600 | 278,100 | 99,000 | |||||||||||||||||||||||||||||
Intangible assets acquired | 89,500 | 55,700 | 41,500 | |||||||||||||||||||||||||||||
Acquisition costs, expensed | $ 11,100 | $ 3,300 | 4,200 | |||||||||||||||||||||||||||||
Business combination | Various auto dealerships in the United Kingdom | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 345,900 | |||||||||||||||||||||||||||||||
Number of real estate properties | property | 73 | |||||||||||||||||||||||||||||||
Business combination | Logistic facilty in Rotterdam, the Netherlands | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 42,400 | |||||||||||||||||||||||||||||||
Business combination | Retail facility in Bad Fischau, Austria | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 23,200 | |||||||||||||||||||||||||||||||
Business combination | Logistic facility in Oskarshamn, Sweden | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 26,300 | |||||||||||||||||||||||||||||||
Business combination | Various maintenance facilities in Europe | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 41,200 | |||||||||||||||||||||||||||||||
Business combination | Hotels in Iowa, Louisiana, Missouri, New Jersey, North Carolina, and Texas | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 51,700 | |||||||||||||||||||||||||||||||
Number of real estate properties | property | 6 | |||||||||||||||||||||||||||||||
Business combination | Office Building in Irvine, California | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 30,900 | |||||||||||||||||||||||||||||||
Business combination | Office building in Chandler Arizona | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 41,900 | |||||||||||||||||||||||||||||||
Business combination | Warehouse facility in University Park, Illinois | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 47,200 | |||||||||||||||||||||||||||||||
Business combination | Office building in Stavanger, Norway | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 117,700 | |||||||||||||||||||||||||||||||
Deferred tax liability | 14,700 | |||||||||||||||||||||||||||||||
Goodwill | $ 11,100 | |||||||||||||||||||||||||||||||
Business combination | Office building in Westborough, Massachusetts | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 46,000 | |||||||||||||||||||||||||||||||
Business combination | Office building in Andover, Massachusetts | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 56,000 | |||||||||||||||||||||||||||||||
Business combination | Office building in Newport, United Kingdom | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 29,100 | |||||||||||||||||||||||||||||||
Business combination | Industrial/Distribution center in Opole, Poland | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 29,000 | |||||||||||||||||||||||||||||||
Business combination | Logistics facility in Venlo, Netherlands | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 35,300 | |||||||||||||||||||||||||||||||
Business combination | Office building in Quincy, Massachusetts | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 25,500 | |||||||||||||||||||||||||||||||
Business combination | Office building in Salford, United Kingdom | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | $ 63,300 | |||||||||||||||||||||||||||||||
Business combination | Office building in Lone Tree, Colorado | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Investment purchase price | 33,600 | |||||||||||||||||||||||||||||||
Commitment for tenant improvement | $ 5,200 | |||||||||||||||||||||||||||||||
Hotel | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Number of real estate properties | property | 2 | |||||||||||||||||||||||||||||||
Self-storage | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Number of real estate properties | property | 1 | 2 | ||||||||||||||||||||||||||||||
Assets held-for-sale | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Number of real estate properties | property | 4 | |||||||||||||||||||||||||||||||
Number of properties held for sale | property | 2 | |||||||||||||||||||||||||||||||
Direct Financing Method | ||||||||||||||||||||||||||||||||
Investments in real estate | ||||||||||||||||||||||||||||||||
Decrease in value of balance sheet item due to foreign currency translation | $ 43,700 | |||||||||||||||||||||||||||||||
Reclassification to real estate owned | $ 13,700 | $ 14,000 |
Net Investments in Properties63
Net Investments in Properties (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 27, 2013 |
Real Estate Investment Property At Cost | |||
Less: Accumulated depreciation | $ (381,529) | $ (258,493) | |
Net investments in properties | 5,011,145 | 4,833,074 | $ 33,625 |
Real estate | |||
Real Estate Investment Property At Cost | |||
Land | 1,160,567 | 1,146,704 | |
Buildings | 4,147,644 | 3,829,981 | |
Real estate under construction | 1,714 | 29,997 | |
Less: Accumulated depreciation | (372,735) | (253,627) | |
Net investments in properties | 4,937,190 | 4,753,055 | |
Operating real estate | |||
Real Estate Investment Property At Cost | |||
Land | 6,578 | 7,074 | |
Buildings | 76,171 | 77,811 | |
Less: Accumulated depreciation | (8,794) | (4,866) | |
Net investments in properties | $ 73,955 | $ 80,019 |
Net Investments in Properties64
Net Investments in Properties (Details 2) $ in Thousands | Dec. 31, 2015USD ($) |
Scheduled Future Minimum Rents | |
2,016 | $ 611,361 |
2,017 | 600,116 |
2,018 | 573,110 |
2,019 | 527,494 |
2,020 | 484,060 |
Thereafter | 2,887,773 |
Total | $ 5,683,914 |
Net investments in Properties65
Net investments in Properties (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long Lived Assets Held-for-sale | ||
Assets held for sale | $ 59,046 | $ 7,255 |
Real Estate | ||
Long Lived Assets Held-for-sale | ||
Assets held for sale | 59,046 | 5,969 |
Above-market rent intangible assets, net | ||
Long Lived Assets Held-for-sale | ||
Assets held for sale | 0 | 838 |
In-place lease intangible assets, net | ||
Long Lived Assets Held-for-sale | ||
Assets held for sale | $ 0 | $ 448 |
Finance Receivables (Narratives
Finance Receivables (Narratives) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2015USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($) | Jan. 31, 2014USD ($)lease | |
Finance Receivables | |||||
Interest income from direct financing lease | $ 74,400 | $ 78,800 | $ 37,300 | ||
Decrease in value of balance sheet item due to foreign currency translation | $ 125,447 | 117,938 | (21,835) | ||
Number of real estate properties | property | 869 | ||||
Net investment in direct financing leases | $ 756,353 | 816,226 | |||
Accounts receivable billed under direct financing lease | 1,200 | 1,400 | |||
Proceeds from sales of direct financing lease | 5,500 | ||||
Gain (loss) on sale of direct financing lease | (300) | ||||
Notes receivable, net | 10,700 | 10,900 | |||
Allowance for credit losses | 8,748 | 0 | 0 | ||
Proceeds from repayment of note receivable | $ 10,441 | 1,915 | 0 | ||
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. | ||||
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 2015. | ||||
CPA: 16 - Global | |||||
Finance Receivables | |||||
Number of DFL acquired from Merger | lease | 98 | ||||
Net investment in direct financing leases | $ 538,225 | ||||
B Note | |||||
Finance Receivables | |||||
Notes receivable, net | 10,000 | ||||
Proceeds from repayment of note receivable | $ 10,000 | ||||
Direct Financing Method | |||||
Finance Receivables | |||||
Decrease in value of balance sheet item due to foreign currency translation | $ 43,700 | ||||
Reclassification to real estate owned | 13,700 | 14,000 | |||
Fair Value, Measurements, Nonrecurring | Level 3 | |||||
Finance Receivables | |||||
Impairment charges on properties | 29,906 | 23,802 | 31,813 | ||
Real estate | |||||
Finance Receivables | |||||
Decrease in value of balance sheet item due to foreign currency translation | 177,300 | ||||
Net investment in direct financing leases | $ 3,300 | ||||
Real estate | CPA: 16 - Global | |||||
Finance Receivables | |||||
Number of real estate properties | property | 225 | ||||
Continuing Operations | |||||
Finance Receivables | |||||
Proceeds from sales of direct financing lease | 5,500 | ||||
Gain (loss) on sale of direct financing lease | 300 | ||||
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | |||||
Finance Receivables | |||||
Impairment charges on properties | 29,906 | $ 23,802 | 24,550 | ||
Continuing Operations | Net investments in direct financing lease | Fair Value, Measurements, Nonrecurring | Level 3 | |||||
Finance Receivables | |||||
Impairment charges on properties | $ 3,309 | $ 1,329 | $ 68 | ||
Number of real estate properties | property | 5 | 8 |
Finance Receivables (Details 1)
Finance Receivables (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Net Investments in Direct Financing Leases | ||
Minimum lease payments receivable | $ 797,736 | $ 904,788 |
Unguaranteed residual value | 760,448 | 818,334 |
Gross minimum lease payments receivable | 1,558,184 | 1,723,122 |
Less: unearned income | (801,831) | (906,896) |
Net investments in direct financing leases | $ 756,353 | $ 816,226 |
Finance Receivables (Details 2)
Finance Receivables (Details 2) $ in Thousands | Dec. 31, 2015USD ($) |
Schedule Future Minimum Rents | |
2,016 | $ 75,613 |
2,017 | 75,378 |
2,018 | 75,449 |
2,019 | 72,929 |
2,020 | 72,390 |
Thereafter | 425,977 |
Total | $ 797,736 |
Finance Receivables (Details 3)
Finance Receivables (Details 3) $ in Thousands | Dec. 31, 2015USD ($)tenant | Dec. 31, 2014USD ($)tenant |
Credit Quality Of Finance Receivables | ||
Number of tenants | tenant | 222 | |
Net investments in direct financing leases | $ | $ 767,036 | $ 837,074 |
Internally Assigned Grade 1 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants | tenant | 2 | 3 |
Net investments in direct financing leases | $ | $ 90,818 | $ 79,343 |
Internally Assigned Grade 2 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants | tenant | 3 | 4 |
Net investments in direct financing leases | $ | $ 53,492 | $ 37,318 |
Internally Assigned Grade 3 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants | tenant | 23 | 22 |
Net investments in direct financing leases | $ | $ 512,724 | $ 592,631 |
Internally Assigned Grade 4 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants | tenant | 6 | 7 |
Net investments in direct financing leases | $ | $ 110,002 | $ 127,782 |
Internally Assigned Grade 5 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants | tenant | 0 | 0 |
Net investments in direct financing leases | $ | $ 0 | $ 0 |
Equity Investments in the Man70
Equity Investments in the Managed Programs and Real Estate (Narratives) (Details) $ / shares in Units, $ in Thousands | Mar. 27, 2015USD ($) | Oct. 31, 2013USD ($)property | Jun. 30, 2013USD ($) | Nov. 30, 2010 | Dec. 31, 2015USD ($)property$ / sharesshares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)property$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Sep. 30, 2014$ / shares | May. 30, 2014USD ($)$ / sharesshares | Jan. 31, 2014USD ($)shares | Nov. 27, 2013USD ($) | Dec. 31, 2007property |
Investments in REITs | ||||||||||||||||
Common stock, per share value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||
Payments to acquire equity method investments | $ 16,229 | $ 25,468 | $ 1,945 | |||||||||||||
Percentage of available cash distribution to advisor | 10.00% | |||||||||||||||
Other-than-temporary impairment charges | $ 29,906 | 23,067 | 13,709 | |||||||||||||
Income from equity method investments | 51,020 | 44,116 | 52,731 | |||||||||||||
Gain or loss on sale of investment properties | 6,487 | 29,250 | 39,711 | |||||||||||||
Payment of mortgage loan | 90,328 | 205,024 | 391,764 | |||||||||||||
Other Transactions | ||||||||||||||||
Real estate tax expense, adjustment | (57,700) | (59,800) | (37,300) | |||||||||||||
Non-recourse debt | $ 2,271,204 | 2,271,204 | 2,532,683 | $ 21,023 | ||||||||||||
Proceeds from mortgage financing | $ 22,667 | 20,354 | 115,567 | |||||||||||||
Number of real estate properties | property | 869 | 869 | ||||||||||||||
Gain (loss) on sale of real estate, net of tax | $ 6,487 | 1,581 | (332) | |||||||||||||
Real Estate Investments | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Distributions received from equity investment | 13,300 | 12,500 | 25,900 | |||||||||||||
Aggregate unamortized basis difference on equity investments | $ 5,700 | $ 5,700 | 5,800 | |||||||||||||
CPA: 17 - Global | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Asset management fees receivable, shares | shares | 128,392 | 128,392 | ||||||||||||||
Distributions received from equity investment | $ 5,900 | $ 4,600 | 3,000 | |||||||||||||
Equity method investment, ownership percentage | 3.087% | 3.087% | 2.676% | |||||||||||||
CPA:17 - Global operating partnership | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Distributions received from equity investment | $ 24,700 | $ 20,400 | 16,900 | |||||||||||||
Equity method investment, ownership percentage | 0.009% | 0.009% | 0.009% | |||||||||||||
CPA:18 - Global | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Equity method investment, ownership percentage | 0.735% | 0.735% | 0.221% | |||||||||||||
CPA:18 - Global | Class A | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Asset management fees receivable, shares | shares | 81,338 | 81,338 | ||||||||||||||
CPA:18 - Global operating partnership | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Distributions received from equity investment | $ 6,300 | $ 1,800 | 100 | |||||||||||||
Equity method investment, ownership percentage | 0.034% | 0.034% | 0.034% | |||||||||||||
CWI operating partnership | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Distributions received from equity investment | $ 7,100 | $ 4,100 | 1,900 | |||||||||||||
Equity method investment, ownership percentage | 0.015% | 0.015% | 0.015% | |||||||||||||
CWI 2 | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Common stock acquired, shares | shares | 22,222 | |||||||||||||||
Common stock, per share value | $ / shares | $ 0.001 | |||||||||||||||
Common stock acquired, value | $ 200 | |||||||||||||||
Equity method investment, ownership percentage | 0.379% | 0.379% | 0.00% | |||||||||||||
CWI 2 | Class A | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Asset management fees receivable, shares | shares | 18,022 | 18,022 | ||||||||||||||
CWI 2 operating partnership | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Distributions received from equity investment | $ 300 | |||||||||||||||
Equity method investment, ownership percentage | 0.015% | 0.015% | 0.015% | 0.00% | ||||||||||||
Payments to acquire equity method investments | $ 300 | |||||||||||||||
Percentage of available cash distribution to advisor | 10.00% | |||||||||||||||
CCIF | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Distributions received from equity investment | $ 800 | |||||||||||||||
Equity method investment, ownership percentage | 47.882% | 47.882% | 50.00% | |||||||||||||
Managed Programs | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Aggregate unamortized basis difference on equity investments | $ 27,400 | $ 27,400 | $ 20,200 | |||||||||||||
Other-than-temporary impairment charges | 1,000 | 1,300 | 25,600 | |||||||||||||
Gain or loss on sale of investment properties | 8,900 | 13,300 | 7,700 | |||||||||||||
Managed Programs | Gain On Sale Of Real Estate | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Income from equity method investments | 100 | 400 | 100 | |||||||||||||
Managed Programs | Impairment | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Income from equity method investments | (100) | $ (100) | $ (4,700) | |||||||||||||
C1000 Logestiek Vastgoed B.V. | CPA: 17 - Global | Real Estate Investments | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Mortgage debt tenants in common | 72,500 | 72,500 | ||||||||||||||
Pro rata share mortgage debt on tenancy in common | 10,900 | 10,900 | ||||||||||||||
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH | CPA: 17 - Global | Real Estate Investments | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Income from equity method investments | $ 2,100 | |||||||||||||||
Payment of mortgage loan | 14,300 | |||||||||||||||
Contributions to equity method investments | $ 4,700 | |||||||||||||||
Frontier Spinning Mills, Inc. | CPA: 17 - Global | Real Estate Investments | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Payments to acquire equity method investments | $ 8,600 | |||||||||||||||
Actebis Peacock GmbH | CPA: 17 - Global | Real Estate Investments | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Payments to acquire equity method investments | $ 6,200 | |||||||||||||||
Beach House JV, LLC | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Distributions received from equity investment | 1,100 | |||||||||||||||
Income from equity method investments | 1,300 | |||||||||||||||
Hellweg 2 | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Income from equity method investments | $ 8,400 | |||||||||||||||
Hellweg 2 | Propco | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Equity method investment, ownership percentage | 5.00% | 75.00% | ||||||||||||||
Other Transactions | ||||||||||||||||
Real estate tax expense, adjustment | $ (22,100) | |||||||||||||||
Number of real estate properties | property | 37 | |||||||||||||||
Hellweg 2 | CPA:14 | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Equity method investment, ownership percentage | 33.00% | |||||||||||||||
Hellweg 2 | CPA:15 | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Equity method investment, ownership percentage | 40.00% | |||||||||||||||
Hellweg 2 | CPA: 16 - Global | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Equity method investment, ownership percentage | 27.00% | |||||||||||||||
Hellweg 2 | CPA 14, 15, and 16 | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Equity method investment, ownership percentage | 95.00% | 25.00% | ||||||||||||||
Other Transactions | ||||||||||||||||
Increase in ownership interest in equity method investment | 70.00% | |||||||||||||||
U.S. Airways | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Payment of mortgage loan | $ 2,900 | |||||||||||||||
Other Transactions | ||||||||||||||||
Non-recourse debt | 17,100 | |||||||||||||||
Proceeds from mortgage financing | 13,900 | |||||||||||||||
Proceeds from the sale of real estate investment | 28,400 | |||||||||||||||
Gain (Loss) on sale of equity method investment | $ 19,500 | |||||||||||||||
Previously Owned Equity Method Investment | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Distributions received from equity investment | $ 4,200 | |||||||||||||||
Equity method investment, ownership percentage | 30.00% | |||||||||||||||
Income from equity method investments | $ 200 | |||||||||||||||
Other Transactions | ||||||||||||||||
Non-recourse debt | $ 25,700 | |||||||||||||||
Number of properties sold | property | 5 | |||||||||||||||
Proceeds from the sale of properties | $ 41,400 | |||||||||||||||
Gain (loss) on sale of real estate, net of tax | $ 500 | |||||||||||||||
Previously Owned Equity Method Investment | CPA: 16 - Global | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Equity method investment, ownership percentage | 70.00% | |||||||||||||||
Germany | ||||||||||||||||
Other Transactions | ||||||||||||||||
Real estate tax expense, adjustment | $ 25,000 | |||||||||||||||
CPA: 16 - Global | ||||||||||||||||
Investments in REITs | ||||||||||||||||
Common stock acquired, shares | shares | 38,229,294 | |||||||||||||||
Other Transactions | ||||||||||||||||
Non-recourse debt | $ 1,768,288 | |||||||||||||||
CPA: 16 - Global | Germany | Hellweg 2 | ||||||||||||||||
Other Transactions | ||||||||||||||||
Real estate tax expense, adjustment | $ 17,100 | |||||||||||||||
CPA:15 | Germany | Hellweg 2 | ||||||||||||||||
Other Transactions | ||||||||||||||||
Real estate tax expense, adjustment | $ 7,900 |
Equity Investments in the Man71
Equity Investments in the Managed Programs and Real Estate (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Equity Method Investments | |||
Distributions of Available Cash (Note 4) | $ (415) | $ 1,307 | $ 10,177 |
Income from equity method investments | 51,020 | 44,116 | 52,731 |
Managed Programs | |||
Schedule Of Equity Method Investments | |||
Distributions of Available Cash (Note 4) | 38,406 | 31,052 | 34,121 |
Amortization of basis differences on equity investments in the Managed Programs | (806) | (810) | (5,115) |
Income from equity method investments | (454) | 2,425 | 7,057 |
Deferred revenue earned (Note 4) | 0 | 786 | 9,436 |
Other-than-temporary impairment charges on the Special Member Interest in CPA®:16 – Global’s operating partnership | 0 | (735) | (15,383) |
Total equity earnings from the Managed Programs | 37,146 | 32,718 | 30,116 |
Jointly Owned Investments | |||
Schedule Of Equity Method Investments | |||
Amortization of basis differences on equity investments in the Managed Programs | (3,685) | (3,430) | (4,313) |
Income from equity method investments | $ 17,559 | $ 14,828 | $ 26,928 |
Equity Investments in the Man72
Equity Investments in the Managed Programs and Real Estate (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 27, 2015 | Dec. 31, 2014 |
Investments in Programs | |||
Equity investments in real estate | $ 275,473 | $ 249,403 | |
CPA: 17 - Global | |||
Investments in Programs | |||
Equity method investment, ownership percentage | 3.087% | 2.676% | |
Equity investments in real estate | $ 87,912 | $ 79,429 | |
CPA:17 - Global operating partnership | |||
Investments in Programs | |||
Equity method investment, ownership percentage | 0.009% | 0.009% | |
Equity investments in real estate | $ 0 | $ 0 | |
CPA:18 - Global | |||
Investments in Programs | |||
Equity method investment, ownership percentage | 0.735% | 0.221% | |
Equity investments in real estate | $ 9,279 | $ 2,784 | |
CPA:18 - Global operating partnership | |||
Investments in Programs | |||
Equity method investment, ownership percentage | 0.034% | 0.034% | |
Equity investments in real estate | $ 209 | $ 209 | |
CWI | |||
Investments in Programs | |||
Equity method investment, ownership percentage | 1.131% | 1.088% | |
Equity investments in real estate | $ 12,619 | $ 13,940 | |
CWI operating partnership | |||
Investments in Programs | |||
Equity method investment, ownership percentage | 0.015% | 0.015% | |
Equity investments in real estate | $ 0 | $ 0 | |
CWI 2 | |||
Investments in Programs | |||
Equity method investment, ownership percentage | 0.379% | 0.00% | |
Equity investments in real estate | $ 949 | $ 0 | |
CWI 2 operating partnership | |||
Investments in Programs | |||
Equity method investment, ownership percentage | 0.015% | 0.015% | 0.00% |
Equity investments in real estate | $ 300 | $ 0 | |
Carey Credit Income Fund | |||
Investments in Programs | |||
Equity method investment, ownership percentage | 47.882% | 50.00% | |
Equity investments in real estate | $ 22,214 | $ 25,000 | |
Managed Programs | |||
Investments in Programs | |||
Equity investments in real estate | $ 133,482 | $ 121,362 |
Equity Investments in the Man73
Equity Investments in the Managed Programs and Real Estate (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Managed Programs | ||
Equity Method Investment Summarized Financial Information | ||
Real estate, net | $ 6,886,709 | $ 5,969,011 |
Other assets | 2,426,189 | 2,293,065 |
Total assets | 9,312,898 | 8,262,076 |
Debt | (4,432,082) | (3,387,795) |
Accounts payable, accrued expenses and other liabilities | (612,974) | (496,857) |
Total liabilities | (5,045,056) | (3,884,652) |
Noncontrolling interests | (253,020) | (170,249) |
Stockholders’ equity | 4,014,822 | 4,207,175 |
Combined Equity Investments | ||
Equity Method Investment Summarized Financial Information | ||
Real estate, net | 464,730 | 486,858 |
Other assets | 64,989 | 81,232 |
Total assets | 529,719 | 568,090 |
Debt | (201,611) | (278,012) |
Accounts payable, accrued expenses and other liabilities | (9,394) | (10,057) |
Total liabilities | (211,005) | (288,069) |
Noncontrolling interests | (355) | (355) |
Stockholders’ equity | $ 318,359 | $ 279,666 |
Equity Investments in the Man74
Equity Investments in the Managed Programs and Real Estate (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Combined Equity Investments | |||
Equity Method Investment Summarized Financial Information Income Statement | |||
Revenues | $ 61,887 | $ 64,294 | $ 117,278 |
Expenses | (21,124) | (27,801) | (50,907) |
Income from continuing operations | 40,763 | 36,493 | 66,371 |
Net income attributable to the Managed Programs | 40,763 | 36,493 | 15,762 |
Managed Programs | |||
Equity Method Investment Summarized Financial Information Income Statement | |||
Revenues | 1,157,432 | 825,405 | 796,637 |
Expenses | (1,120,090) | (816,630) | (669,554) |
Income from continuing operations | 37,342 | 8,775 | 127,083 |
Net income attributable to the Managed Programs | $ (6,450) | $ (12,695) | $ 104,342 |
Equity Investments in the Man75
Equity Investments in the Managed Programs and Real Estate (Details 5) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in Programs | ||
Equity investments in real estate | $ 275,473 | $ 249,403 |
CPA: 17 - Global | ||
Investments in Programs | ||
Equity method investment, ownership percentage | 3.087% | 2.676% |
Equity investments in real estate | $ 87,912 | $ 79,429 |
Real Estate Investments | ||
Investments in Programs | ||
Equity investments in real estate | 141,991 | 128,041 |
Real Estate Investments | Third Party | Beach House JV, LLC | ||
Investments in Programs | ||
Equity investments in real estate | 15,318 | 15,105 |
Existing Equity Investments | Real Estate Investments | ||
Investments in Programs | ||
Equity investments in real estate | $ 19,223 | 18,482 |
Existing Equity Investments | Real Estate Investments | CPA: 17 - Global | Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH | ||
Investments in Programs | ||
Equity method investment, ownership percentage | 33.00% | |
Equity investments in real estate | $ 9,507 | 6,949 |
Existing Equity Investments | Real Estate Investments | CPA: 17 - Global | C1000 Logestiek Vastgoed B.V. | ||
Investments in Programs | ||
Equity method investment, ownership percentage | 15.00% | |
Equity investments in real estate | $ 9,381 | 11,192 |
Existing Equity Investments | Real Estate Investments | CPA: 17 - Global | Wanbishi Archives Co. Ltd. | ||
Investments in Programs | ||
Equity method investment, ownership percentage | 3.00% | |
Equity investments in real estate | $ 335 | 341 |
Equity Investments Acquired in the CPA®:16 Merger | Real Estate Investments | ||
Investments in Programs | ||
Equity investments in real estate | $ 107,450 | 94,454 |
Equity Investments Acquired in the CPA®:16 Merger | Real Estate Investments | CPA: 17 - Global | The New York Times Company | ||
Investments in Programs | ||
Equity method investment, ownership percentage | 45.00% | |
Equity investments in real estate | $ 70,976 | 72,476 |
Equity Investments Acquired in the CPA®:16 Merger | Real Estate Investments | CPA: 17 - Global | Frontier Spinning Mills, Inc. | ||
Investments in Programs | ||
Equity method investment, ownership percentage | 40.00% | |
Equity investments in real estate | $ 24,288 | 15,609 |
Equity Investments Acquired in the CPA®:16 Merger | Real Estate Investments | CPA: 17 - Global | Actebis Peacock GmbH | ||
Investments in Programs | ||
Equity method investment, ownership percentage | 30.00% | |
Equity investments in real estate | $ 12,186 | $ 6,369 |
Goodwill and Other Intangible76
Goodwill and Other Intangibles (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets, Net | |||
Amortization of intangible assets | $ 180.8 | $ 174 | $ 86.1 |
Maximum | |||
Finite-Lived Intangible Assets, Net | |||
Finite lived intangible assets useful life | 43 years | ||
Maximum | Below-market ground lease | |||
Finite-Lived Intangible Assets, Net | |||
Finite lived intangible assets useful life | 99 years | ||
Minimum | |||
Finite-Lived Intangible Assets, Net | |||
Finite lived intangible assets useful life | 1 year |
Goodwill and Other Intangible77
Goodwill and Other Intangibles (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Acquired Finite Lived Intangible Assets Liabilities | |
Acquired finite-lived intangible asset, acquisition | $ 135,629 |
Below-market ground lease | |
Acquired Finite Lived Intangible Assets Liabilities | |
Indefinite lived intangible assets, acquired | $ 881 |
Below-market rent | |
Acquired Finite Lived Intangible Assets Liabilities | |
Acquired finite lived intangible liabilities weighted average useful life | 14 years 7 months 20 days |
Acquired finite-lived intangible liability, acquisition | $ (6,798) |
In-place lease | |
Acquired Finite Lived Intangible Assets Liabilities | |
Acquired intangible assets weighted-average life | 13 years 4 months 27 days |
Acquired finite-lived intangible asset, acquisition | $ 92,012 |
Above-market rent | |
Acquired Finite Lived Intangible Assets Liabilities | |
Acquired intangible assets weighted-average life | 15 years 3 months 9 days |
Acquired finite-lived intangible asset, acquisition | $ 32,739 |
Below-market ground lease | |
Acquired Finite Lived Intangible Assets Liabilities | |
Acquired intangible assets weighted-average life | 63 years 30 days |
Acquired finite-lived intangible asset, acquisition | $ 9,997 |
Goodwill and Other Intangible78
Goodwill and Other Intangibles (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill | |||
Balance - beginning of period | $ 692,415 | $ 350,208 | $ 329,132 |
Adjustments related to deferred income taxes | 32,715 | ||
Allocation of goodwill to the cost basis of properties sold or classified as held for sale | (1,762) | (3,762) | (13,118) |
Adjustments to purchase price allocation | 1,479 | ||
Acquisition of investment accounted for as business combination | 346,642 | ||
Foreign currency translation adjustments and other | (10,548) | (14,258) | |
Other business combinations | 1,704 | 13,585 | |
Balance - end of period | 681,809 | 692,415 | 350,208 |
Real Estate Ownership | |||
Goodwill | |||
Balance - beginning of period | 628,808 | 286,601 | 265,525 |
Adjustments related to deferred income taxes | 32,715 | ||
Allocation of goodwill to the cost basis of properties sold or classified as held for sale | (1,762) | (3,762) | (13,118) |
Adjustments to purchase price allocation | 1,479 | ||
Acquisition of investment accounted for as business combination | 346,642 | ||
Foreign currency translation adjustments and other | (10,548) | (14,258) | |
Other business combinations | 1,704 | 13,585 | |
Balance - end of period | 618,202 | 628,808 | 286,601 |
Investment Management | |||
Goodwill | |||
Balance - beginning of period | 63,607 | 63,607 | 63,607 |
Adjustments related to deferred income taxes | 0 | ||
Allocation of goodwill to the cost basis of properties sold or classified as held for sale | 0 | 0 | 0 |
Adjustments to purchase price allocation | 0 | ||
Acquisition of investment accounted for as business combination | 0 | ||
Foreign currency translation adjustments and other | 0 | 0 | |
Other business combinations | 0 | 0 | |
Balance - end of period | $ 63,607 | $ 63,607 | $ 63,607 |
Goodwill and Other Intangible79
Goodwill and Other Intangibles (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amortizable Intangible Assets | ||
Less: accumulated amortization | $ (512,392) | $ (341,672) |
Indefinite Lived Intangible Assets Including Goodwill | ||
Indefinite-lived intangible assets | 686,679 | 696,390 |
Total intangible assets, gross | 2,617,655 | 2,589,572 |
Total intangible assets, net | 2,105,263 | 2,247,900 |
Amortizable Intangible Liabilities | ||
Finite-lived intangible liabilities, gross | (184,251) | (182,542) |
Less: accumulated amortization | 46,647 | 24,183 |
Net amortizable intangible liabilities | (137,604) | (158,359) |
Indefinite Lived Intangible Liabilities | ||
Total intangible liabilities, gross | (200,962) | (199,253) |
Total intangible liabilities, net | (154,315) | (175,070) |
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 | (171,199) | (169,231) |
Less: accumulated amortization | 44,873 | 23,039 |
Net amortizable intangible liabilities | (126,326) | (146,192) |
Above-market ground lease | ||
Amortizable Intangible Liabilities | ||
Finite-lived intangible liabilities, gross | (13,052) | (13,311) |
Less: accumulated amortization | 1,774 | 1,144 |
Net amortizable intangible liabilities | (11,278) | (12,167) |
Goodwill | ||
Indefinite Lived Intangible Assets Including Goodwill | ||
Indefinite-lived intangible assets | 681,809 | 692,415 |
Trade name | ||
Indefinite Lived Intangible Assets Including Goodwill | ||
Indefinite-lived intangible assets | 3,975 | 3,975 |
Below-market ground lease | ||
Indefinite Lived Intangible Assets Including Goodwill | ||
Indefinite-lived intangible assets | 895 | 0 |
Contracts including internal software development costs | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 50,953 | 50,349 |
Less: accumulated amortization | (34,803) | (32,791) |
Amortizable intangible assets | 16,150 | 17,558 |
Management contracts | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 32,765 | 32,765 |
Less: accumulated amortization | (32,765) | (32,765) |
Amortizable intangible assets | 0 | 0 |
Internal-use software development costs | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 18,188 | 17,584 |
Less: accumulated amortization | (2,038) | (26) |
Amortizable intangible assets | 16,150 | 17,558 |
Lease intangibles | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 1,880,023 | 1,842,833 |
Less: accumulated amortization | (477,589) | (308,881) |
Amortizable intangible assets | 1,402,434 | 1,533,952 |
In-place lease and tenant relationship | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 1,205,585 | 1,185,692 |
Less: accumulated amortization | (302,737) | (191,873) |
Amortizable intangible assets | 902,848 | 993,819 |
Above-market rent | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 649,035 | 639,370 |
Less: accumulated amortization | (173,963) | (116,573) |
Amortizable intangible assets | 475,072 | 522,797 |
Below-market ground lease | ||
Amortizable Intangible Assets | ||
Finite lived intangible assets, gross | 25,403 | 17,771 |
Less: accumulated amortization | (889) | (435) |
Amortizable intangible assets | $ 24,514 | $ 17,336 |
Goodwill and Other Intangible80
Goodwill and Other Intangibles (Details 4) $ in Thousands | Dec. 31, 2015USD ($) |
Net | |
2,016 | $ 162,418 |
2,016 | 154,556 |
2,017 | 148,031 |
2,018 | 135,289 |
2,019 | 119,179 |
Thereafter | 561,507 |
Total | 1,280,980 |
Net Decrease in Lease Revenues | |
Net | |
2,016 | 36,464 |
2,016 | 51,494 |
2,017 | 48,639 |
2,018 | 44,715 |
2,019 | 37,053 |
Thereafter | 130,381 |
Total | 348,746 |
Increase to Amortization/ Property Expenses | |
Net | |
2,016 | 125,954 |
2,016 | 103,062 |
2,017 | 99,392 |
2,018 | 90,574 |
2,019 | 82,126 |
Thereafter | 431,126 |
Total | $ 932,234 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narratives) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($) | |
Fair value inputs | |||
Number of real estate properties | property | 869 | ||
CPA: 16 - Global | Maximum | |||
Fair value inputs | |||
Gen and admin to assets ratio | 0.45% | 0.45% | |
CPA: 16 - Global | Minimum | |||
Fair value inputs | |||
Gen and admin to assets ratio | 0.35% | 0.35% | |
Redeemable noncontrolling interest | Maximum | |||
Fair value inputs | |||
Lack of marketability | 20.00% | ||
Discount rate | 16.00% | ||
Revenue multiple | 8.8 | ||
EBITDA multiple | 18.8 | ||
Termination multiple | 7.5 | ||
Redeemable noncontrolling interest | Minimum | |||
Fair value inputs | |||
Lack of marketability | 10.00% | ||
Discount rate | 14.00% | ||
Revenue multiple | 1.1 | ||
EBITDA multiple | 3.2 | ||
Termination multiple | 5.5 | ||
Deferred acquisition fees receivable | |||
Fair value inputs | |||
Illiquidity Adjustment | 0.75% | ||
Deferred acquisition fees receivable | Maximum | |||
Fair value inputs | |||
Leverage adjusted unsecured spread | 2.13% | ||
Deferred acquisition fees receivable | Minimum | |||
Fair value inputs | |||
Leverage adjusted unsecured spread | 2.03% | ||
Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair value inputs | |||
Impairment charges on properties | $ 29,906 | $ 23,802 | $ 31,813 |
Industrial facilities in Erlanger, KY | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate | |||
Fair value inputs | |||
Impairment charges on properties | 8,700 | ||
Building | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate | |||
Fair value inputs | |||
Impairment charges on properties | $ 6,900 | ||
Cash flows | Fair Value, Measurements, Nonrecurring | Level 3 | Equity method investments | Maximum | |||
Fair value inputs | |||
Discount rate | 15.75% | ||
Cash flows | Fair Value, Measurements, Nonrecurring | Level 3 | Equity method investments | Minimum | |||
Fair value inputs | |||
Discount rate | 12.75% | ||
Cash flows | Industrial facilities in Erlanger, KY | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate | |||
Fair value inputs | |||
Discount rate | 9.25% | 12.75% | |
Residual discount rate | Industrial facilities in Erlanger, KY | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate | |||
Fair value inputs | |||
Discount rate | 9.75% | 11.75% | |
Residual capitalization rates | Industrial facilities in Erlanger, KY | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate | |||
Fair value inputs | |||
Discount rate | 8.50% | 10.00% | |
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair value inputs | |||
Impairment charges on properties | $ 29,906 | $ 23,802 | $ 24,550 |
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate | |||
Fair value inputs | |||
Impairment charges on properties | $ 26,597 | 21,738 | 4,673 |
Number of real estate properties | property | 7 | ||
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Net investments in direct financing lease | |||
Fair value inputs | |||
Impairment charges on properties | $ 3,309 | $ 1,329 | 68 |
Number of real estate properties | property | 5 | 8 | |
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Equity method investments | |||
Fair value inputs | |||
Impairment charges on properties | $ 0 | $ 735 | 19,256 |
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Equity method investments | Previously Owned Equity Method Investment | |||
Fair value inputs | |||
Impairment charges on properties | 3,900 | ||
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Equity method investments | CPA 16 Operating Partnership | |||
Fair value inputs | |||
Impairment charges on properties | 700 | 15,400 | |
Continuing Operations | Impaired Properties | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate | |||
Fair value inputs | |||
Impairment charges on properties | $ 10,900 | $ 7,800 | |
Number of real estate properties | property | 5 | 13 | |
Continuing Operations | Vacant Properties | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate | |||
Fair value inputs | |||
Impairment charges on properties | $ 14,000 | ||
Capitalization rate | 8.00% | ||
Discontinued Operations | Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair value inputs | |||
Impairment charges on properties | $ 0 | $ 0 | 7,263 |
Discontinued Operations | Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate | |||
Fair value inputs | |||
Impairment charges on properties | $ 0 | $ 0 | $ 6,192 |
Discontinued Operations | Cash flows | Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair value inputs | |||
Discount rate | 9.50% | ||
Discontinued Operations | Residual discount rate | Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair value inputs | |||
Discount rate | 7.50% | ||
Discontinued Operations | Residual capitalization rates | Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair value inputs | |||
Discount rate | 10.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Level 3 | Carrying Value | ||
Liabilities: | ||
Non-recourse debt | $ 2,271,204 | $ 2,532,683 |
Level 3 | Fair Value | ||
Liabilities: | ||
Non-recourse debt | 2,293,542 | 2,574,437 |
Level 3 | Deferred acquisition fees receivable | Carrying Value | ||
Assets: | ||
Receivable, fair value | 33,386 | 26,913 |
Level 3 | Deferred acquisition fees receivable | Fair Value | ||
Assets: | ||
Receivable, fair value | 32,919 | 28,027 |
Level 3 | Notes Receivable | Carrying Value | ||
Assets: | ||
Receivable, fair value | 10,689 | 20,848 |
Level 3 | Notes Receivable | Fair Value | ||
Assets: | ||
Receivable, fair value | 10,610 | 19,604 |
Level 2 | Senior Unsecured Notes | Carrying Value | ||
Liabilities: | ||
Non-recourse debt | 1,486,568 | 498,345 |
Level 2 | Senior Unsecured Notes | Fair Value | ||
Liabilities: | ||
Non-recourse debt | 1,459,544 | 527,029 |
Level 2 | Senior Unsecured Credit Facility | Carrying Value | ||
Liabilities: | ||
Lines of Credit, Fair Value Disclosure | 735,021 | 1,057,518 |
Level 2 | Senior Unsecured Credit Facility | Fair Value | ||
Liabilities: | ||
Lines of Credit, Fair Value Disclosure | $ 735,022 | $ 1,057,519 |
Fair Value Measurements (Deta83
Fair Value Measurements (Details 2) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impairment Disclosure | |||
Impairment charges on properties | $ 29,906 | $ 23,802 | $ 31,813 |
Impairment Charges in Continuing Operations | |||
Impairment Disclosure | |||
Impairment charges on properties | 29,906 | 23,802 | 24,550 |
Impairment Charges in Continuing Operations | Real Estate | |||
Impairment Disclosure | |||
Total fair value measurements | 63,027 | 26,503 | 15,495 |
Impairment charges on properties | 26,597 | 21,738 | 4,673 |
Impairment Charges in Continuing Operations | Net investments in direct financing lease | |||
Impairment Disclosure | |||
Total fair value measurements | 65,132 | 39,158 | 891 |
Impairment charges on properties | 3,309 | 1,329 | 68 |
Impairment Charges in Continuing Operations | Equity investments in real estate | |||
Impairment Disclosure | |||
Total fair value measurements | 0 | 0 | 5,111 |
Impairment charges on properties | 0 | 735 | 19,256 |
Impairment Charges in Continuing Operations | Marketable securities | |||
Impairment Disclosure | |||
Total fair value measurements | 0 | 0 | 483 |
Impairment charges on properties | 0 | 0 | 553 |
Impairment Charges in Discontinued Operations | |||
Impairment Disclosure | |||
Impairment charges on properties | 0 | 0 | 7,263 |
Impairment Charges in Discontinued Operations | Real Estate | |||
Impairment Disclosure | |||
Total fair value measurements | 0 | 0 | 19,413 |
Impairment charges on properties | 0 | 0 | 6,192 |
Impairment Charges in Discontinued Operations | Operating Real Estate | |||
Impairment Disclosure | |||
Total fair value measurements | 0 | 0 | 3,709 |
Impairment charges on properties | $ 0 | $ 0 | $ 1,071 |
Risk Management and Use of De84
Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014EUR (€) | |
Footnote Details | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 29,317,000 | $ 23,395,000 | $ (506,000) | ||
Summary of Derivative Instruments | |||||
Total credit exposure on derivatives | 44,900,000 | ||||
Derivatives, net liability position | 8,200,000 | 14,200,000 | |||
Aggregate termination value for immediate settlement | 8,300,000 | 14,500,000 | |||
Senior Unsecured Credit Facility - Revolver | 485,021,000 | 807,518,000 | |||
Individual Counterparty | |||||
Summary of Derivative Instruments | |||||
Total credit exposure on derivatives | 26,300,000 | ||||
Interest expense | |||||
Summary of Derivative Instruments | |||||
Estimated amount reclassified from OCI to income, derivatives | 1,800,000 | ||||
Other Income | |||||
Summary of Derivative Instruments | |||||
Estimated amount reclassified from OCI to income, derivatives | 9,300,000 | ||||
Cash Flow Hedging | |||||
Footnote Details | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5,338,000 | (2,794,000) | (2,282,000) | ||
Cash Flow Hedging | Interest rate caps | |||||
Footnote Details | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 64,000 | 290,000 | (15,000) | ||
Equity method investments | Cash Flow Hedging | |||||
Footnote Details | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 600,000 | 300,000 | 500,000 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 400,000 | $ 500,000 | ||
Euro | Cash Flow Hedging | Interest rate caps | |||||
Footnote Details | |||||
Derivative instrument, interest rate | 0.90% | 0.90% | |||
Derivative, Cap Interest Rate | 3.00% | 3.00% | |||
Revolving Credit Facility | Euro | |||||
Summary of Derivative Instruments | |||||
Senior Unsecured Credit Facility - Revolver | € | € 361,000,000 | € 345,000,000 | |||
Revolving Credit Facility | GBP | |||||
Summary of Derivative Instruments | |||||
Senior Unsecured Credit Facility - Revolver | € | € 40,000,000 | ||||
2.0% Senior Euro Notes | |||||
Summary of Derivative Instruments | |||||
Principal Amount | € | € 500,000,000 |
Risk Management and Use of De85
Risk Management and Use of Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | $ 50,320 | $ 20,348 |
Liability Derivatives Fair Value at | (7,374) | (13,156) |
Foreign currency contracts | Designated as Hedging Instrument | Other assets | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 38,975 | 16,307 |
Foreign currency collars | Designated as Hedging Instrument | Other assets | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 7,718 | 0 |
Interest rate swap | Designated as Hedging Instrument | Other assets | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 0 | 285 |
Interest rate swap | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Liability Derivatives Fair Value at | (4,762) | (5,660) |
Interest rate swap | Not Designated as Hedging Instrument | Other assets | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 9 | 0 |
Interest rate swap | Not Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Liability Derivatives Fair Value at | (2,612) | (7,496) |
Interest rate caps | Designated as Hedging Instrument | Other assets | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | 0 | 3 |
Stock warrants | Not Designated as Hedging Instrument | Other assets | ||
Derivatives, Fair Value | ||
Asset Derivatives Fair Value at | $ 3,618 | $ 3,753 |
Risk Management and Use of De86
Risk Management and Use of Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) | $ 29,317 | $ 23,395 | $ (506) |
Derivatives in Cash Flow Hedging Relationships | Foreign currency contracts | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) | 15,949 | 23,167 | (5,211) |
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) | 7,769 | 0 | 0 |
Derivatives in Cash Flow Hedging Relationships | Interest rate swap | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) | (284) | (2,628) | 4,720 |
Derivatives in Cash Flow Hedging Relationships | Interest rate caps | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) | 64 | 290 | (15) |
Derivatives in Net Investment Hedging Relationships | Foreign currency contracts | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | |||
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income on Derivatives (Effective Portion) | $ 5,819 | $ 2,566 | $ 0 |
Risk Management and Use of De87
Risk Management and Use of Derivative Financial Instruments (Details 3) - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 5,338 | $ (2,794) | $ (2,282) |
Foreign currency contracts | Other income and (expenses) | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 7,272 | (103) | (537) |
Interest rate swaps and caps | Interest expense | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2,291) | (2,691) | (1,745) |
Foreign currency collars | Other income and (expenses) | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 357 | $ 0 | $ 0 |
Risk Management and Use of De88
Risk Management and Use of Derivative Financial Instruments (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | $ 4,965 | $ 4,081 | $ 5,669 |
Not Designated as Hedging Instrument | Interest rate swap | Interest expense | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | 4,164 | 3,186 | 5,249 |
Not Designated as Hedging Instrument | Foreign currency collars | Other income and (expenses) | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | 514 | 0 | 0 |
Not Designated as Hedging Instrument | Foreign currency contracts | Other income and (expenses) | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | (296) | 0 | 0 |
Not Designated as Hedging Instrument | Stock warrants | Other income and (expenses) | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | (134) | 134 | 440 |
Cash Flow Hedging | Interest rate swap | Interest expense | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | 649 | 761 | (20) |
Cash Flow Hedging | Foreign currency collars | Other income and (expenses) | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | 23 | 0 | 0 |
Cash Flow Hedging | Foreign currency contracts | Other income and (expenses) | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | $ 45 | $ 0 | $ 0 |
Risk Management and Use of De89
Risk Management and Use of Derivative Financial Instruments (Details 5) € in Thousands, $ in Thousands | Dec. 31, 2015USD ($)instrument | Dec. 31, 2015EUR (€)instrument |
Derivative Disclosure | ||
Fair value | $ (7,365) | |
Not Designated as Hedging Instrument | Interest rate swap | USD | ||
Derivative Disclosure | ||
Derivative number of instruments | instrument | 1 | 1 |
Notional Amount | $ 3,127 | |
Fair value | $ 9 | |
Not Designated as Hedging Instrument | Interest rate swap | Euro | ||
Derivative Disclosure | ||
Derivative number of instruments | instrument | 2 | 2 |
Notional Amount | € | € 105,110 | |
Fair value | $ (2,612) | |
Cash Flow Hedging | Interest rate swap | USD | ||
Derivative Disclosure | ||
Derivative number of instruments | instrument | 13 | 13 |
Notional Amount | $ 122,159 | |
Fair value | $ (4,154) | |
Cash Flow Hedging | Interest rate swap | Euro | ||
Derivative Disclosure | ||
Derivative number of instruments | instrument | 1 | 1 |
Notional Amount | € | € 6,011 | |
Fair value | $ (608) | |
Cash Flow Hedging | Interest rate caps | Euro | ||
Derivative Disclosure | ||
Derivative number of instruments | instrument | 1 | 1 |
Notional Amount | € | € 41,372 | |
Fair value | $ 0 |
Risk Management and Use of De90
Risk Management and Use of Derivative Financial Instruments (Details 6) € in Thousands, £ in Thousands, AUD in Thousands, $ in Thousands | Dec. 31, 2015USD ($)instrument | Dec. 31, 2015GBP (£)instrument | Dec. 31, 2015EUR (€)instrument | Dec. 31, 2015AUDinstrument |
Derivative Disclosure | ||||
Fair value, foreign currency derivatives | $ 46,693 | |||
Cash Flow Hedging | Forward contracts | Euro | ||||
Derivative Disclosure | ||||
Derivative number of instruments | instrument | 52 | 52 | 52 | 52 |
Notional Amount | € | € 127,747 | |||
Fair value, foreign currency derivatives | $ 27,754 | |||
Cash Flow Hedging | Forward contracts | GBP | ||||
Derivative Disclosure | ||||
Derivative number of instruments | instrument | 12 | 12 | 12 | 12 |
Notional Amount | £ | £ 6,420 | |||
Fair value, foreign currency derivatives | $ 578 | |||
Cash Flow Hedging | Forward contracts | AUD | ||||
Derivative Disclosure | ||||
Derivative number of instruments | instrument | 16 | 16 | 16 | 16 |
Notional Amount | AUD | AUD 20,302 | |||
Fair value, foreign currency derivatives | $ 2,258 | |||
Cash Flow Hedging | Foreign currency collars | Euro | ||||
Derivative Disclosure | ||||
Derivative number of instruments | instrument | 25 | 25 | 25 | 25 |
Notional Amount | € | € 90,100 | |||
Fair value, foreign currency derivatives | $ 4,441 | |||
Cash Flow Hedging | Foreign currency collars | GBP | ||||
Derivative Disclosure | ||||
Derivative number of instruments | instrument | 22 | 22 | 22 | 22 |
Notional Amount | £ | £ 48,300 | |||
Fair value, foreign currency derivatives | $ 3,277 | |||
Derivatives in Net Investment Hedging Relationships | Forward contracts | AUD | ||||
Derivative Disclosure | ||||
Derivative number of instruments | instrument | 5 | 5 | 5 | 5 |
Notional Amount | AUD | AUD 84,522 | |||
Fair value, foreign currency derivatives | $ 8,385 |
Debt (Narratives) (Details)
Debt (Narratives) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 15, 2015 | Jul. 31, 2013 | |
Revolving Line Of Credit | ||||||
Senior Unsecured Credit Facility - Revolver | $ 485,021,000 | $ 807,518,000 | ||||
Senior Unsecured Notes | ||||||
Senior Unsecured Notes, net | 1,486,568,000 | 498,345,000 | ||||
Maximum cash distribution | 100,000,000 | |||||
Non Recourse Debt | ||||||
Collateral mortgage loan, carrying value | $ 3,000,000,000 | 3,300,000,000 | ||||
Debt instrument maturity date, range start | Jan. 31, 2016 | |||||
Debt instrument maturity date, range end | Jun. 30, 2038 | |||||
Decrease in value of balance sheet item due to foreign currency translation | $ 125,447,000 | 117,938,000 | $ (21,835,000) | |||
Unamortized discount (premium) | $ 3,555,000 | |||||
Debt instrument, covenant compliance | We were in compliance with all of these covenants at December 31, 2015 . | |||||
Fixed interest rate | ||||||
Non Recourse Debt | ||||||
Mortgage loan on real estate, minimum interest rate | 2.00% | |||||
Mortgage loan on real estate, maximum interest rate | 8.70% | |||||
Variable interest rate | ||||||
Non Recourse Debt | ||||||
Mortgage loan on real estate, minimum interest rate | 0.90% | |||||
Mortgage loan on real estate, maximum interest rate | 7.60% | |||||
Revolving Credit Facility | ||||||
Revolving Line Of Credit | ||||||
Line of credit, maximum borrowing amount | $ 1,500,000,000 | 1,000,000,000 | ||||
Amount available for swing line loan | 50,000,000 | |||||
Amount available for letters of credit | 50,000,000 | |||||
Line of credit, amount available in foreign currency | 500,000,000 | $ 750,000,000 | ||||
Line of credit facility, available | 1,000,000,000 | |||||
Letters of credit outstanding, amount | $ 1,600,000 | |||||
Debt Instrument borrowing capacity fee (percentage) | 0.20% | |||||
Revolving Credit Facility | Standard & Poor's, BBB Rating | ||||||
Revolving Line Of Credit | ||||||
Debt instrument, credit rating | BBB | |||||
Revolving Credit Facility | Moody's, Baa2 Rating | ||||||
Revolving Line Of Credit | ||||||
Debt instrument, credit rating | Baa2 | |||||
Term Loan Facility | ||||||
Revolving Line Of Credit | ||||||
Line of credit, maximum borrowing amount | 250,000,000 | |||||
Senior Unsecured Notes | ||||||
Senior Unsecured Notes | ||||||
Debt financing cost | $ 7,800,000 | $ 4,200,000 | ||||
Percent of adjusted funds from operations | 95.00% | |||||
Non Recourse Debt | ||||||
Unamortized discount (premium) | $ 7,800,000 | |||||
Non-Recourse Debt | ||||||
Non Recourse Debt | ||||||
Debt Instrument, stated interest rate | 2.00% | |||||
Decrease in value of balance sheet item due to foreign currency translation | $ 166,000,000 | |||||
Unsecured Term Loan | ||||||
Revolving Line Of Credit | ||||||
Line of credit, maximum borrowing amount | $ 300,000,000 | |||||
Merged Entities | ||||||
Non Recourse Debt | ||||||
Unamortized discount (premium) | (4,200,000) | |||||
Accordion | Revolving Credit Facility | ||||||
Revolving Line Of Credit | ||||||
Line of credit, maximum borrowing amount | $ 2,000,000,000 | 2,250,000,000 | ||||
Senior Unsecured Credit Facility - Revolver | $ 500,000,000 | |||||
Senior Unsecured Notes | ||||||
Debt financing cost | $ 3,100,000 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Lease Obligations | ||
Debt and Capital Lease Obligations | $ 735 | $ 1,057.5 |
Senior Unsecured Credit Facility | ||
Capital Lease Obligations | ||
Debt and Capital Lease Obligations | $ 485 | 807.5 |
Senior Unsecured Credit Facility | Euro | ||
Capital Lease Obligations | ||
Maturity Date | Jan. 31, 2018 | |
Debt and Capital Lease Obligations | $ 393 | 419.4 |
Senior Unsecured Credit Facility | Euro | LIBOR | ||
Capital Lease Obligations | ||
Debt instrument, basis spread on variable rate | 1.10% | |
Senior Unsecured Credit Facility | Euro | EURIBOR | ||
Capital Lease Obligations | ||
Debt instrument, basis spread on variable rate | 1.10% | |
Senior Unsecured Credit Facility | USD | ||
Capital Lease Obligations | ||
Maturity Date | Jan. 31, 2018 | |
Debt and Capital Lease Obligations | $ 92 | 326 |
Senior Unsecured Credit Facility | USD | LIBOR | ||
Capital Lease Obligations | ||
Debt instrument, basis spread on variable rate | 1.10% | |
Senior Unsecured Credit Facility | GBP | ||
Capital Lease Obligations | ||
Maturity Date | Jan. 31, 2018 | |
Debt and Capital Lease Obligations | $ 0 | 62.1 |
Term Loan Facility | ||
Capital Lease Obligations | ||
Maturity Date | Jan. 31, 2016 | |
Debt and Capital Lease Obligations | $ 250 | $ 250 |
Term Loan Facility | LIBOR | ||
Capital Lease Obligations | ||
Debt instrument, basis spread on variable rate | 1.25% |
Debt (Details 2)
Debt (Details 2) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | |
Senior Unsecured Notes | |||
Carrying Value | $ 1,486,568,000 | $ 498,345,000 | |
4.6% Senior Notes | |||
Senior Unsecured Notes | |||
Issue Date | Mar. 14, 2014 | ||
Principal Amount | $ 500,000,000 | ||
Price of Par Value | 99.639% | 99.639% | |
Discount | $ 1,800,000 | ||
Effective Interest Rate | 4.645% | 4.645% | |
Coupon Rate | 4.60% | ||
Maturity Date | Apr. 1, 2024 | ||
Carrying Value | $ 496,000,000 | 498,300,000 | |
2.0% Senior Euro Notes | |||
Senior Unsecured Notes | |||
Issue Date | Jan. 21, 2015 | ||
Principal Amount | € | € 500,000,000 | ||
Price of Par Value | 99.22% | 99.22% | |
Discount | $ 4,600,000 | ||
Effective Interest Rate | 2.107% | 2.107% | |
Coupon Rate | 2.00% | ||
Maturity Date | Jan. 20, 2023 | ||
Carrying Value | $ 540,600,000 | 0 | |
4.0% Senior Notes | |||
Senior Unsecured Notes | |||
Issue Date | Jan. 26, 2015 | ||
Principal Amount | $ 450,000,000 | ||
Price of Par Value | 99.372% | 99.372% | |
Discount | $ 2,800,000 | ||
Effective Interest Rate | 4.077% | 4.077% | |
Coupon Rate | 4.00% | ||
Maturity Date | Feb. 1, 2025 | ||
Carrying Value | $ 450,000,000 | $ 0 |
Debt (Details 3)
Debt (Details 3) $ in Thousands | Dec. 31, 2015USD ($) |
Long-term Debt, by Maturity | |
2,016 | $ 648,344 |
2,016 | 697,749 |
2,017 | 750,932 |
2,018 | 99,753 |
2,019 | 218,995 |
Thereafter through 2038 | 2,080,575 |
Long term debt before unamortized discount | 4,496,348 |
Unamortized discount, net | (3,555) |
Total scheduled debt principal payments | $ 4,492,793 |
Equity (Narratives) (Details)
Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 03, 2015 | Oct. 01, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||||
Distributions declared per share (usd per share) | $ 0.9646 | $ 0.955 | $ 0.954 | $ 0.9525 | $ 0.95 | $ 0.94 | $ 0.9 | $ 0.895 | $ 3.8261 | $ 3.685 | $ 3.39 | |||
Distributions payable | $ 102,715 | $ 100,078 | $ 102,715 | $ 100,078 | ||||||||||
Common stock maximum offering, value | $ 400,000 | |||||||||||||
Shares issued in public offering, shares | 4,600,000 | |||||||||||||
Common stock, per share value | $ 0.001 | $ 0.001 | $ 0.001 | 0.001 | $ 0.001 | $ 0.001 | ||||||||
Share price | $ 64 | $ 64 | ||||||||||||
Proceeds from issuance of shares in public offering | $ 282,200 | $ 0 | $ 282,162 | $ 0 | ||||||||||
Senior Unsecured Credit Facility | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||||
Repayments of debt | $ 225,800 | |||||||||||||
Underwriters options | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||||
Shares issued in public offering, shares | 600,000 | |||||||||||||
Officers | WPCI | ||||||||||||||
Redeemable Noncontrolling Interest | ||||||||||||||
Minority interest ownership interest | 7.70% |
Equity (Details 1)
Equity (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends Payable | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 3.8115 | $ 3.7150 | $ 3.1800 |
Return of capital | |||
Dividends Payable | |||
Common Stock, Dividends, Per Share, Cash Paid | 0.2618 | 0.0584 | 0.0099 |
Ordinary income | |||
Dividends Payable | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 3.5497 | $ 3.6566 | $ 3.1701 |
Equity (Details 2)
Equity (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||||||||||
Net Income Attributable to W. P. Carey | $ 51,049 | $ 21,745 | $ 63,348 | $ 36,116 | $ 32,272 | $ 27,337 | $ 64,739 | $ 115,478 | $ 172,258 | $ 239,826 | $ 98,876 |
Allocation of distribution equivalents paid on nonvested RSUs and RSAs in excess of income | (579) | (1,007) | (743) | ||||||||
Net income – basic | 171,679 | 238,819 | 98,133 | ||||||||
Income effect of dilutive securities, net of taxes | 0 | (77) | 187 | ||||||||
Net income – diluted | $ 171,679 | $ 238,742 | $ 98,320 | ||||||||
Weighted-average shares outstanding – basic (shares) | 105,675,692 | 98,764,164 | 68,691,046 | ||||||||
Effect of dilutive securities (shares) | 831,960 | 1,063,192 | 1,016,962 | ||||||||
Weighted-average shares outstanding – diluted (shares) | 106,507,652 | 99,827,356 | 69,708,008 | ||||||||
Anti-dilutive shares | 0 | 0 | 114,919 |
Equity (Details 3)
Equity (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | |||||||||||
Balance - beginning of period | $ 6,071 | $ 6,071 | |||||||||
Net income | $ 0 | $ 0 | $ 0 | 0 | $ (279) | $ (14) | $ (111) | $ 262 | 0 | $ (142) | $ 353 |
Distributions | (14,713) | (19,719) | (71,820) | ||||||||
Change in other comprehensive income | 0 | (9) | 13 | ||||||||
Balance - end of period | 14,944 | 6,071 | 14,944 | 6,071 | |||||||
Redeemable Noncontrolling Interest [Member] | |||||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | |||||||||||
Balance - beginning of period | $ 6,071 | $ 7,436 | 6,071 | 7,436 | 7,531 | ||||||
Redemption value adjustment | 8,873 | (306) | 0 | ||||||||
Net income | 0 | (142) | 353 | ||||||||
Distributions | 0 | (926) | (435) | ||||||||
Change in other comprehensive income | 0 | 9 | (13) | ||||||||
Balance - end of period | $ 14,944 | $ 6,071 | $ 14,944 | $ 6,071 | $ 7,436 |
Equity (Details 4)
Equity (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Transfers to Noncontrolling Interest | |||||||||||
Net Income Attributable to W. P. Carey | $ 51,049 | $ 21,745 | $ 63,348 | $ 36,116 | $ 32,272 | $ 27,337 | $ 64,739 | $ 115,478 | $ 172,258 | $ 239,826 | $ 98,876 |
Transfers to noncontrolling interest | |||||||||||
Net transfers to noncontrolling interest | 0 | (41,374) | 0 | ||||||||
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest | 172,258 | 198,452 | 98,876 | ||||||||
CPA: 16 - Global | |||||||||||
Transfers to noncontrolling interest | |||||||||||
Net transfers to noncontrolling interest | $ 0 | $ (41,374) | $ 0 |
Equity (Details 5)
Equity (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation Of Accumulated Comprehensive Income [Abstract] | |||
Balance - beginning of period | $ (75,559) | $ 15,336 | $ (4,649) |
Other comprehensive income (loss) before reclassifications | (96,041) | (100,037) | 19,042 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | (5,338) | 3,174 | 2,813 |
Net current period other comprehensive income (loss) | (101,379) | (96,863) | 21,855 |
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest | 4,647 | 5,968 | (1,870) |
Balance - end of period | (172,291) | (75,559) | 15,336 |
Interest expense | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | 2,291 | 2,691 | 1,745 |
Other income and (expenses) | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | (7,629) | 103 | 537 |
Equity in earnings of equity method investments in the Managed Programs and real estate | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | 380 | 531 | |
Gains and Losses on Derivative Instruments | |||
Reconciliation Of Accumulated Comprehensive Income [Abstract] | |||
Balance - beginning of period | 13,597 | (7,488) | (7,508) |
Other comprehensive income (loss) before reclassifications | 29,391 | 17,911 | (2,793) |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | (5,338) | 3,174 | 2,813 |
Net current period other comprehensive income (loss) | 24,053 | 21,085 | 20 |
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest | 0 | 0 | 0 |
Balance - end of period | 37,650 | 13,597 | (7,488) |
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) | 2,291 | 2,691 | 1,745 |
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) | (7,629) | 103 | 537 |
Gains and Losses on Derivative Instruments | Equity in earnings of equity method investments in the Managed Programs and real estate | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | 380 | 531 | |
Foreign Currency Translation Adjustments | |||
Reconciliation Of Accumulated Comprehensive Income [Abstract] | |||
Balance - beginning of period | (89,177) | 22,793 | 2,828 |
Other comprehensive income (loss) before reclassifications | (125,447) | (117,938) | 21,835 |
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) | (125,447) | (117,938) | 21,835 |
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest | 4,647 | 5,968 | (1,870) |
Balance - end of period | (209,977) | (89,177) | 22,793 |
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 | Equity in earnings of equity method investments in the Managed Programs and real estate | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Gains and Losses on Marketable Securities | |||
Reconciliation Of Accumulated Comprehensive Income [Abstract] | |||
Balance - beginning of period | 21 | 31 | 31 |
Other comprehensive income (loss) before reclassifications | 15 | (10) | 0 |
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) | 15 | (10) | 0 |
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest | 0 | 0 | 0 |
Balance - end of period | 36 | 21 | 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 | Equity in earnings of equity method investments in the Managed Programs and real estate | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | $ 0 |
Stock-Based Compensation and101
Stock-Based Compensation and Other Compensation (Narratives) (Details) - USD ($) | Dec. 16, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Stock-based compensation expense | $ 21,626,000 | $ 31,075,000 | $ 37,195,000 | ||||
Employee service share-based compensation, tax benefit from compensation expense | 12,500,000 | 17,300,000 | 18,400,000 | ||||
Deferred compensation obligation | 56,040,000 | 30,624,000 | |||||
Options vested during the period, aggregate intrinsic value | 58,100,000 | 56,400,000 | 21,400,000 | ||||
Tax benefit recognized from stock awards | 3,400,000 | ||||||
Severance costs | $ 800,000 | $ 1,000,000 | $ 700,000 | ||||
RSUs Awarded | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Shares granted in period | 189,893 | 188,619 | 185,015 | ||||
PSUs Awarded | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Shares granted in period | 75,277 | 89,653 | 86,189 | ||||
PSUs Awarded | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Potential performance return rate for stock awards | 0 | 0 | 0 | ||||
PSUs Awarded | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Potential performance return rate for stock awards | 3 | 3 | 3 | ||||
Employee Stock Purchase Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Stock-based compensation expense | $ 100,000 | $ 300,000 | $ 1,200,000 | ||||
Share-based compensation arrangement by share-based payment award, maximum employee contribution rate | 10.00% | ||||||
Share based compensation, effective share purchase price for participant | 90.00% | 85.00% | 85.00% | ||||
Proceeds from stock plans | $ 500,000 | $ 1,900,000 | $ 2,300,000 | ||||
Maximum annual contribution per employee, amount | 26,500 | ||||||
Partnership Equity Unit Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Deferred compensation liability | $ 700,000 | $ 700,000 | |||||
Payment of deferred compensation | $ 200,000 | ||||||
Stock options required to be issued | 40,904 | 41,074 | |||||
Deferred compensation obligation | $ 1,100,000 | $ 1,100,000 | |||||
Long Term Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Stock options required to be issued | 1,395,907 | 848,788 | |||||
Deferred compensation obligation | $ 55,000,000 | $ 29,600,000 | |||||
Risk free interest rate | 1.00% | ||||||
Fair value assumptions expected volatility rate | 20.20% | ||||||
Fair value assumptions expected volatility rate peer index | 13.50% | ||||||
Fair value assumptions expected dividend rate | 0.00% | ||||||
Unrecognized stock based compensation expense | $ 20,100,000 | ||||||
Weighted-average remaining term | 1 year 8 months 9 days | ||||||
Deferred Profit Sharing | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Share-based compensation arrangement by share-based payment award, maximum employee contribution rate | 15.00% | ||||||
Maximum percentage of annual contribution allowed by employees | 10.00% | 10.00% | |||||
Maximum annual contribution per employee, amount | $ 26,000 | ||||||
Profit sharing expense | $ 4,100,000 | $ 3,500,000 | $ 4,500,000 | ||||
2009 Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Shares authorized for grant | 5,900,000 | ||||||
Shares available for grant | 2,361,843 | ||||||
Share-based award description | 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. | ||||||
2009 Incentive Plan | RSUs Awarded | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Shares granted in period | 173,741 | 172,460 | 171,804 | ||||
2009 Incentive Plan | PSUs Awarded | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Shares granted in period | 75,277 | 89,653 | 85,900 | ||||
2009 Incentive Plan | Employment agreements | RSUs Awarded | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Shares granted in period | 10,500 | 20,250 | |||||
2009 Incentive Plan | Employment agreements | PSUs Awarded | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Performance stock awards excluded from LTIP count | 10,000 | 10,000 | 10,000 | ||||
2009 Non-Employee Directors Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Shares authorized for grant | 325,000 | ||||||
Shares available for grant | 199,553 | ||||||
Stock based incentive plan shares issued, shares | 16,152 | 16,159 | 13,211 | ||||
Stock based incentive plan shares issued, value | $ 1,000,000 | $ 1,000,000 | $ 900,000 | ||||
1997 Directors Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Weighted average remaining term on stock option | 10 years | ||||||
Vesting period for stock options | 3 years | ||||||
1997 Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Weighted average remaining term on stock option | 10 years | ||||||
Vesting period for stock options | 4 years | ||||||
Options exercised during the period, aggregate intrinsic value | $ 7,400,000 | $ 4,900,000 | $ 5,700,000 |
Stock-Based Compensation and102
Stock-Based Compensation and Other Compensation (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 442,502 | 519,608 | 594,194 |
Granted - shares | 189,893 | 188,619 | 185,015 |
Vested - shares | (264,628) | (264,724) | (233,098) |
Forfeited - shares | (10,996) | (1,001) | (26,503) |
Adjustments - shares | 0 | 0 | 0 |
Nonvested, ending balance - shares | 356,771 | 442,502 | 519,608 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |||
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share) | $ 53.03 | $ 45.19 | $ 37.15 |
Granted, weighted average grant date fair value (in dollars per share) | 69.92 | 61.08 | 57.69 |
Vested, weighted average grant date fair value (in dollars per share) | 49.69 | 43.35 | 36.76 |
Forfeited, weighted average grant date fair value (in dollars per share) | 66.46 | 59.45 | 43.05 |
Adjustments, weighted average grant date fair value (in dollars per share) | 0 | 0 | 0 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ 64.09 | $ 53.03 | $ 45.19 |
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 | 877,641 | 1,220,720 | 999,513 |
Granted - shares | 75,277 | 89,653 | 86,189 |
Vested - shares | (792,465) | (881,388) | (324,161) |
Forfeited - shares | 0 | (78) | (30,108) |
Adjustments - shares | 179,905 | 448,734 | 489,287 |
Nonvested, ending balance - shares | 340,358 | 877,641 | 1,220,720 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |||
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share) | $ 32.06 | $ 28.28 | $ 34.55 |
Granted, weighted average grant date fair value (in dollars per share) | 83.68 | 76.05 | 84.33 |
Vested, weighted average grant date fair value (in dollars per share) | 56.77 | 51 | 39.48 |
Forfeited, weighted average grant date fair value (in dollars per share) | 0 | 54.31 | 50.52 |
Adjustments, weighted average grant date fair value (in dollars per share) | 49.70 | 55.91 | 67.22 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ 52.26 | $ 32.06 | $ 28.28 |
Stock-Based Compensation and103
Stock-Based Compensation and Other Compensation (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding | |||
Outstanding - beginning of year - shares | 475,765 | 619,601 | 794,210 |
Exercised - shares | (213,479) | (140,718) | (169,412) |
Canceled/Expired - shares | (3,499) | (3,118) | (5,197) |
Outstanding - end of year - shares | 258,787 | 475,765 | 619,601 |
Vested and expected to vest - end of year - shares | 258,787 | ||
Exercisable - end of year - shares | 236,112 | 421,656 | 511,811 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | |||
Outstanding - beginning of year - weighted average exercise price | $ 29.95 | $ 30.30 | $ 30.32 |
Exercised - weighted average exercise price | 28.57 | 31.41 | 30.43 |
Canceled/Expired - weighted average exercise price | 28.71 | 32.99 | 29.84 |
Outstanding - end of year - weighted average exercise price | 31.10 | 29.95 | 30.30 |
Vested and expected to vest - end of year - weighted average exercise price | 31.10 | ||
Exercisable - end of year - weighted average exercise price | $ 30.99 | $ 29.75 | $ 30.18 |
Outstanding - end of year - weighted average contractual term (in Years) | 1 year 22 days | 1 year 9 months | 2 years 7 months 2 days |
Vested and expected to vest - end of year - weighted average contractual term (in Years) | 1 year 22 days | ||
Exercisable - end of year - weighted average contractual term (in Years) | 11 months 27 days | ||
Outstanding - end of year - aggregate intrinsic value | $ 7,220,287 | ||
Vested and expected to vest - end of year - aggregate intrinsic value | 7,220,287 | ||
Exercisable - end of year - aggregate intrinsic value | $ 6,613,542 |
Income Taxes (Narratives) (Deta
Income Taxes (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency | |||
Net operating loss carryforwards | $ 19,553 | $ 16,627 | |
Valuation allowance | 29,746 | 20,672 | |
Deferred tax asset | 12,600 | 13,700 | |
Accrual for uncertain tax positions | 700 | ||
Deferred income tax asset net of valuation | $ 36,095 | $ 42,758 | |
Minimum | |||
Income Tax Contingency | |||
Open tax years by major jurisdictions | 2,015 | ||
Maximum | |||
Income Tax Contingency | |||
Open tax years by major jurisdictions | 2,009 | ||
Federal | |||
Income Tax Contingency | |||
Operating loss carryforwards,initial expiration date | Dec. 31, 2034 | ||
State and Local | |||
Income Tax Contingency | |||
Operating loss carryforwards,initial expiration date | Dec. 31, 2034 | ||
Foreign | |||
Income Tax Contingency | |||
Operating loss carryforwards,initial expiration date | Dec. 31, 2012 | ||
Deferred Tax Asset | |||
Income Tax Contingency | |||
Out of period adjustment | $ 2,300 | ||
Deferred Tax Liability | |||
Income Tax Contingency | |||
Out of period adjustment | 37,500 | ||
Deferred Tax Provision | |||
Income Tax Contingency | |||
Out of period adjustment | $ 2,000 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal | |||
Current | $ 10,551 | $ 19,545 | $ 8,274 |
Deferred | 1,901 | (7,609) | (13,029) |
Federal income taxes | 12,452 | 11,936 | (4,755) |
State and Local | |||
Current | 9,075 | 13,422 | 4,970 |
Deferred | 1,158 | (4,693) | (3,665) |
State and local taxes | 10,233 | 8,729 | 1,305 |
Foreign | |||
Current | 16,656 | 6,869 | 7,144 |
Deferred | (1,720) | (9,925) | (2,442) |
Foreign income taxes | 14,936 | (3,056) | 4,702 |
Total provision | $ 37,621 | $ 17,609 | $ 1,252 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Amount | |||
Income from continuing operations before income taxes, net of amounts attributable to noncontrolling interests | $ 209,879 | $ 223,938 | $ 85,889 |
Pre-tax income attributable to pass-through subsidiaries | (137,536) | (202,807) | (96,314) |
Pre-tax income (loss) attributable to taxable subsidiaries | 72,343 | 21,131 | (10,425) |
Federal provision at statutory tax rate (35%) | 25,244 | 7,396 | (3,649) |
Rate differential | (10,589) | ||
Change in valuation allowance | 9,074 | ||
Non-deductible expense | 6,982 | ||
State and local taxes, net of federal benefit | 6,151 | 2,296 | (166) |
Exempt income | (5,475) | ||
Recognition of taxable income as a result of the CPA®:16 Merger | 4,833 | 0 | |
Interest | 2,111 | 0 | |
Dividend income from Managed REITs | 939 | 0 | |
Amortization of intangible assets | 0 | 492 | |
Other | 1,053 | 893 | (302) |
Tax provision — taxable subsidiaries | 32,440 | 18,468 | (3,625) |
Non-income taxes | 5,181 | ||
Deferred foreign tax benefit | (1,720) | (9,925) | (2,442) |
Current foreign taxes | 6,869 | 7,144 | |
Other state and local taxes | 2,197 | 175 | |
Total provision | $ 37,621 | $ 17,609 | $ 1,252 |
Effective Income Tax Rate Reconciliation, Percent | |||
Income tax rate - federal | 35.00% | 35.00% | (35.00%) |
Income tax rate - rate differential | (14.60%) | ||
Income tax rate - change in valuation allowance | 12.50% | ||
Income tax rate - non-deductible expense | 9.60% | ||
Income tax rate - state and local | 8.40% | 10.90% | (1.60%) |
Income tax rate - exempt income | (7.60%) | ||
Income tax rate - deferred revenue | 22.90% | 0.00% | |
Income tax rate - interest | 10.00% | 0.00% | |
Income tax rate - dividend income from Managed REITs | 4.40% | 0.00% | |
Income tax rate - amortization of intangible assets | 0.00% | 4.70% | |
Income tax rate - other | 1.50% | 4.20% | (2.90%) |
Income tax rate - total | 44.80% | 87.40% | (34.80%) |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets | ||
Unearned and deferred compensation | $ 35,525 | $ 36,955 |
Net operating loss carryforwards | 19,553 | 16,627 |
Basis differences — foreign investments | 6,975 | 6,576 |
Other | 3,788 | 3,272 |
Total deferred tax assets | 65,841 | 63,430 |
Valuation allowance | (29,746) | (20,672) |
Net deferred tax assets | 36,095 | 42,758 |
Deferred Tax Liabilities | ||
Basis differences — foreign investments | (81,058) | (95,619) |
Basis differences — equity investees | (19,925) | (19,044) |
Deferred revenue | (8,654) | (8,546) |
Total deferred tax liabilities | (109,637) | (123,209) |
Net Deferred Tax Liability | $ (73,542) | $ (80,451) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits | ||
Beginning balance | $ 2,055 | $ 109 |
Addition based on tax positions related to the current year | 1,510 | 1,946 |
Addition based on tax positions related to prior years | 1,447 | 0 |
Decrease due to lapse in statute of limitations | (572) | 0 |
Foreign currency translation adjustments | (136) | 0 |
Ending balance | $ 4,304 | $ 2,055 |
Property Dispositions and Di109
Property Dispositions and Discontinued Operations (Narratives) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2015USD ($) | Nov. 30, 2013propertyofficer | Dec. 31, 2015USD ($)property | Jun. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2014EUR (€) | Dec. 31, 2013USD ($)property | Jan. 31, 2014USD ($)property | Nov. 27, 2013USD ($) | Dec. 31, 2012property | |
Discontinued Operation Additional Disclosures | ||||||||||||
Loss from operations | $ (178,740) | $ (211,170) | $ (94,317) | |||||||||
Gain (loss) on sale of real estate, net of tax | 6,487 | 1,581 | (332) | |||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | 1,762 | 3,762 | 13,118 | |||||||||
Net investment in properties | $ 5,011,145 | 5,011,145 | 4,833,074 | $ 33,625 | ||||||||
Non-recourse debt | 2,271,204 | 2,271,204 | 2,532,683 | $ 21,023 | ||||||||
Assets held for sale | $ 59,046 | $ 59,046 | $ 7,255 | |||||||||
Number of real estate properties | property | 869 | 869 | ||||||||||
Proceeds from sales of direct financing lease | 5,500 | |||||||||||
Loss on sale of direct financing lease | 300 | |||||||||||
CPA: 16 - Global | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Loss from operations | $ (91,100) | |||||||||||
Net investment in properties | $ 1,970,175 | |||||||||||
Non-recourse debt | 1,768,288 | |||||||||||
Assets held for sale | 133,415 | |||||||||||
Assets held-for-sale | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Number of properties held for sale | property | 2 | 2 | ||||||||||
Number of real estate properties | property | 4 | |||||||||||
Assets held-for-sale | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Impairment recognized on asset to be disposed | 3,900 | |||||||||||
Assets held-for-sale | CPA: 16 - Global | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Financing cost | $ 15,000 | $ 15,000 | ||||||||||
Continuing Operations | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Impairment recognized on asset to be disposed | $ 1,400 | |||||||||||
Gain (Loss) on extinguishment of debt, net of tax | (5,300) | |||||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | 1,700 | |||||||||||
Proceeds from rental properties | 25,000 | |||||||||||
Capitalized termination income | 22,200 | |||||||||||
Lease termination income | 15,000 | |||||||||||
Extinguishment of debt, amount | 36,500 | |||||||||||
Deposits received for real estate | $ 12,700 | |||||||||||
Proceeds from sales of direct financing lease | 5,500 | |||||||||||
Loss on sale of direct financing lease | (300) | |||||||||||
Continuing Operations | France | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Proceeds from the sale of properties | € | € 1,000 | |||||||||||
Gain (loss) on sale of real estate, net of tax | 6,700 | |||||||||||
Impairment recognized on asset to be disposed | 4,700 | |||||||||||
Net investment in properties | $ 14,500 | |||||||||||
Non-recourse debt | 19,400 | |||||||||||
Continuing Operations | Assets held-for-sale | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Properties sold | property | 13 | |||||||||||
Proceeds from the sale of properties | $ 45,600 | |||||||||||
Gain (loss) on sale of real estate, net of tax | $ 600 | (5,100) | ||||||||||
Scheduled impairment expense | 1,800 | |||||||||||
Impairment recognized on asset to be disposed | 1,700 | 100 | ||||||||||
Gain (Loss) on extinguishment of debt, net of tax | $ 2,100 | |||||||||||
Proceeds from sale of foreclosed assets | $ 1,400 | |||||||||||
Lease termination income | (8,400) | |||||||||||
Continuing Operations | Assets held-for-sale | Retail Facility | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Properties sold | 13 | 13 | ||||||||||
Proceeds from the sale of properties | $ 35,700 | |||||||||||
Gain (loss) on sale of real estate, net of tax | 5,900 | |||||||||||
Scheduled impairment expense | 6,000 | |||||||||||
Impairment recognized on asset to be disposed | 2,700 | 3,300 | ||||||||||
Continuing Operations | Manufacturing Facility | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Contract selling price | 5,800 | |||||||||||
Continuing Operations | Manufacturing Facility | Third Party Purchaser | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Contract selling price | 1,400 | |||||||||||
Accounts receivable | 5,500 | |||||||||||
Continuing Operations | Manufacturing Facility | Previous Tenant | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Contract selling price | $ 4,400 | |||||||||||
Continuing Operations | Domestic | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Properties sold | property | 2 | |||||||||||
Gain (loss) on sale of real estate, net of tax | $ (100) | |||||||||||
Impairment recognized on asset to be disposed | 3,500 | |||||||||||
Proceeds from sale of foreclosed assets | 8,300 | |||||||||||
Carrying value of assets to be disposed of | $ 55,200 | 55,200 | ||||||||||
Carrying value of foreclosed property | 8,300 | |||||||||||
Mortgage loans on real estate, foreclosures | 8,500 | |||||||||||
Continuing Operations | Foreign | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Carrying value of assets to be disposed of | $ 3,900 | 3,900 | ||||||||||
Continuing Operations | Contracted Properties | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Impairment recognized on asset to be disposed | 1,300 | |||||||||||
Contract selling price | $ 10,000 | |||||||||||
Number of properties held for sale | property | 4 | |||||||||||
Discontinued Operations | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | $ 7,000 | |||||||||||
Discontinued Operations | Self-storage | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Properties sold | property | 19 | |||||||||||
Proceeds from the sale of properties | 112,300 | |||||||||||
Gain (loss) on sale of real estate, net of tax | 39,600 | |||||||||||
Gain (Loss) on extinguishment of debt, net of tax | (2,500) | |||||||||||
Payment of mortgage obligation | 45,100 | |||||||||||
Number of real estate properties | property | 20 | |||||||||||
Number of Officers | officer | 2 | |||||||||||
Ownership Interest In Joint Ventures | 38.30% | |||||||||||
Distributions to noncontrolling interest holders | 40,800 | |||||||||||
Discontinued Operations | Self-storage | Noncontrolling interest | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Gain (loss) on sale of real estate, net of tax | 24,400 | |||||||||||
Gain (Loss) on extinguishment of debt, net of tax | $ (1,500) | |||||||||||
Discontinued Operations | Self-storage | Third Party | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Ownership Interest In Joint Ventures | 60.00% | |||||||||||
Discontinued Operations | Assets held-for-sale | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Properties sold | property | 9 | |||||||||||
Proceeds from the sale of properties | 116,400 | $ 22,700 | ||||||||||
Gain (loss) on sale of real estate, net of tax | 28,000 | 600 | ||||||||||
Impairment recognized on asset to be disposed | 3,100 | 3,400 | ||||||||||
Gain (Loss) on extinguishment of debt, net of tax | (100) | 100 | ||||||||||
Contract selling price | $ 117,500 | |||||||||||
Number of properties held for sale | property | 9 | 7 | ||||||||||
Payment of mortgage obligation | $ 11,400 | $ 5,700 | ||||||||||
Discontinued Operations | Assets held-for-sale | CPA: 16 - Global | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Proceeds from the sale of properties | 123,400 | |||||||||||
Gain (loss) on sale of real estate, net of tax | (300) | |||||||||||
Gain (Loss) on extinguishment of debt, net of tax | (1,200) | |||||||||||
Assets held for sale | $ 133,400 | |||||||||||
Payment of mortgage obligation | $ 18,900 | |||||||||||
Number of real estate properties | property | 10 | 10 | ||||||||||
Discontinued Operations | Assets held-for-sale | CPA: 16 - Global | Jointly Owned Investments | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Number of real estate properties | property | 5 | |||||||||||
Discontinued Operations | Hotel | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Proceeds from the sale of properties | 3,700 | |||||||||||
Gain (loss) on sale of real estate, net of tax | (200) | |||||||||||
Impairment recognized on asset to be disposed | 1,100 | |||||||||||
Real Estate Investments | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Gain (loss) on sale of real estate, net of tax | 6,487 | $ 1,581 | (332) | |||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | 1,762 | 3,762 | 13,118 | |||||||||
Real Estate Investments | Discontinued Operations | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale | 2,700 | |||||||||||
Officers | Discontinued Operations | Self-storage | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Ownership Interest In Joint Ventures | 1.70% | |||||||||||
Continued Operations | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Loss from operations | (12,120) | 2,132 | 4,605 | |||||||||
Gain (loss) on sale of real estate, net of tax | $ 6,487 | 1,338 | (332) | |||||||||
Continued Operations | Noncontrolling interest | ||||||||||||
Discontinued Operation Additional Disclosures | ||||||||||||
Loss from operations | $ 100 | $ 2,700 |
Property Dispositions and Di110
Property Dispositions and Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | |||||||||||
Revenues | $ 265,250 | $ 214,666 | $ 238,079 | $ 220,388 | $ 248,831 | $ 197,006 | $ 253,414 | $ 209,195 | $ 938,383 | $ 908,446 | $ 489,851 |
Expenses | $ (150,902) | $ (159,066) | $ (130,382) | $ (140,479) | $ (176,239) | $ (128,174) | $ (161,360) | $ (171,605) | (580,829) | (637,378) | (352,706) |
Gain (loss) on sale of real estate, net of tax | 6,487 | 1,581 | (332) | ||||||||
Impairment charges | (29,906) | (23,067) | (5,294) | ||||||||
Provision for income taxes | (37,621) | (17,609) | (1,252) | ||||||||
Income from continuing operations before gain (loss) on sale of real estate | 178,740 | 211,170 | 94,317 | ||||||||
Continued Operations | |||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | |||||||||||
Revenues | 32,416 | 21,427 | 15,762 | ||||||||
Expenses | (19,306) | (17,707) | (15,872) | ||||||||
Gain (loss) on sale of real estate, net of tax | 6,487 | 1,338 | (332) | ||||||||
Impairment charges | (4,071) | (8,537) | (4,741) | ||||||||
(Loss) gain on extinguishment of debt | (3,179) | 0 | 113 | ||||||||
Provision for income taxes | (227) | 1,347 | 465 | ||||||||
Income from continuing operations before gain (loss) on sale of real estate | $ 12,120 | $ (2,132) | $ (4,605) |
Property Dispositions and Di111
Property Dispositions and Discontinued Operations (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | |||
Income from discontinued operations | $ 0 | $ 33,318 | $ 38,180 |
CPA: 16 - Global | Discontinued Operations, Held-for-sale | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | |||
Revenues | 0 | 8,931 | 28,951 |
Expenses | 0 | (2,039) | (19,984) |
Loss on extinguishment of debt | 0 | (1,244) | (2,415) |
Gain on sale of real estate | 0 | 27,670 | 40,043 |
Impairment charges | 0 | 0 | (8,415) |
Income from discontinued operations | $ 0 | $ 33,318 | $ 38,180 |
Segment Reporting (Narratives)
Segment Reporting (Narratives) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of business segments | segment | 2 | |||
Merger, property acquisition, and other expenses | $ (7,764) | $ 34,465 | $ 9,230 | |
Segment Reporting Information Profit Loss | ||||
Reimbursable tenant and affiliate costs | 78,669 | 155,074 | 86,886 | |
Real estate tax expense, adjustment | 57,700 | 59,800 | 37,300 | |
Stock-based compensation expense | 21,626 | 31,075 | 37,195 | |
Strategic initiative expense | 5,700 | |||
Gain on change in control of interests | 0 | 105,947 | 0 | |
Investment Management | Operating Segments | ||||
Segment Reporting Information Profit Loss | ||||
Stock-based compensation expense | 13,800 | 18,400 | 30,000 | |
Strategic initiative expense | $ 2,100 | |||
CPA: 16 - Global | Real Estate Ownership | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Merger, property acquisition, and other expenses | $ 30,500 | $ 5,000 | ||
Germany | ||||
Segment Reporting Information Profit Loss | ||||
Real estate tax expense, adjustment | $ (25,000) |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information Profit Loss | |||||||||||
Revenues | $ 265,250 | $ 214,666 | $ 238,079 | $ 220,388 | $ 248,831 | $ 197,006 | $ 253,414 | $ 209,195 | $ 938,383 | $ 908,446 | $ 489,851 |
Operating expenses | (150,902) | (159,066) | (130,382) | (140,479) | (176,239) | (128,174) | (161,360) | (171,605) | (580,829) | (637,378) | (352,706) |
Interest expense | (194,326) | (178,122) | (103,728) | ||||||||
Other income and expenses, excluding interest expense (e) | 53,133 | 135,833 | 62,152 | ||||||||
Provision for income taxes | (37,621) | (17,609) | (1,252) | ||||||||
Gain (loss) on sale of real estate, net of tax | 6,487 | 1,581 | (332) | ||||||||
Net income attributable to noncontrolling interests | (5,095) | (1,833) | (3,575) | (2,466) | (1,470) | (993) | (2,344) | (1,578) | (12,969) | (6,385) | (32,936) |
Net (loss) income attributable to noncontrolling interests of discontinued operations | 0 | (179) | 23,941 | ||||||||
Net loss (income) attributable to redeemable noncontrolling interests | $ 0 | $ 0 | $ 0 | $ 0 | $ 279 | $ 14 | $ 111 | $ (262) | 0 | 142 | (353) |
Income from continuing operations attributable to W. P. Carey | 172,258 | 206,329 | 84,637 | ||||||||
Real Estate Ownership | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 735,448 | 645,383 | 315,965 | ||||||||
Operating expenses | (426,814) | (404,674) | (178,962) | ||||||||
Interest expense | (194,326) | (178,122) | (103,728) | ||||||||
Provision for income taxes | (17,948) | 916 | (4,703) | ||||||||
Gain (loss) on sale of real estate, net of tax | 6,487 | 1,581 | (332) | ||||||||
Net income attributable to noncontrolling interests | (10,961) | (5,573) | (33,056) | ||||||||
Net (loss) income attributable to noncontrolling interests of discontinued operations | 0 | (179) | 23,941 | ||||||||
Income from continuing operations attributable to W. P. Carey | 146,810 | 194,890 | 80,276 | ||||||||
Real Estate Ownership | Operating Segments | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 735,448 | 645,383 | 315,965 | ||||||||
Operating expenses | (426,814) | (404,674) | (178,962) | ||||||||
Interest expense | (194,326) | (178,122) | (103,728) | ||||||||
Other income and expenses, excluding interest expense (e) | 54,924 | 135,558 | 61,151 | ||||||||
Provision for income taxes | (17,948) | 916 | (4,703) | ||||||||
Gain (loss) on sale of real estate, net of tax | 6,487 | 1,581 | (332) | ||||||||
Net income attributable to noncontrolling interests | (10,961) | (5,573) | (33,056) | ||||||||
Net (loss) income attributable to noncontrolling interests of discontinued operations | 0 | (179) | 23,941 | ||||||||
Income from continuing operations attributable to W. P. Carey | 146,810 | 194,890 | 80,276 | ||||||||
Investment Management | Operating Segments | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 202,935 | 263,063 | 173,886 | ||||||||
Operating expenses | (154,015) | (232,704) | (173,744) | ||||||||
Other income and expenses, excluding interest expense (e) | (1,791) | 275 | 1,001 | ||||||||
Provision for income taxes | (19,673) | (18,525) | 3,451 | ||||||||
Net income attributable to noncontrolling interests | (2,008) | (812) | 120 | ||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 0 | 142 | (353) | ||||||||
Income from continuing operations attributable to W. P. Carey | $ 25,448 | $ 11,439 | $ 4,361 |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Long-lived assets | $ 6,102,017 | $ 5,905,958 |
Total assets | 8,754,673 | 8,648,479 |
Real Estate Ownership | ||
Assets | ||
Long-lived assets | 6,079,803 | 5,880,958 |
Total assets | 8,550,128 | 8,459,406 |
Real Estate Ownership | Operating Segments | ||
Assets | ||
Long-lived assets | 6,079,803 | 5,880,958 |
Total assets | 8,550,128 | 8,459,406 |
Investment Management | Operating Segments | ||
Assets | ||
Long-lived assets | 22,214 | 25,000 |
Total assets | $ 204,545 | $ 189,073 |
Segment Reporting (Details 3)
Segment Reporting (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information Profit Loss | |||||||||||
Revenues | $ 265,250 | $ 214,666 | $ 238,079 | $ 220,388 | $ 248,831 | $ 197,006 | $ 253,414 | $ 209,195 | $ 938,383 | $ 908,446 | $ 489,851 |
Operating expenses | (150,902) | (159,066) | (130,382) | (140,479) | (176,239) | (128,174) | (161,360) | (171,605) | (580,829) | (637,378) | (352,706) |
Interest expense | (194,326) | (178,122) | (103,728) | ||||||||
Provision for income taxes | (37,621) | (17,609) | (1,252) | ||||||||
Gain (loss) on sale of real estate, net of tax | 6,487 | 1,581 | (332) | ||||||||
Net income attributable to noncontrolling interests | $ (5,095) | $ (1,833) | $ (3,575) | $ (2,466) | $ (1,470) | $ (993) | $ (2,344) | $ (1,578) | (12,969) | (6,385) | (32,936) |
Net (loss) income attributable to noncontrolling interests of discontinued operations | 0 | (179) | 23,941 | ||||||||
Income from continuing operations attributable to W. P. Carey | 172,258 | 206,329 | 84,637 | ||||||||
Real Estate Investments | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 735,448 | 645,383 | 315,965 | ||||||||
Operating expenses | (426,814) | (404,674) | (178,962) | ||||||||
Interest expense | (194,326) | (178,122) | (103,728) | ||||||||
Other income and expenses, excluding interest expense | 54,924 | 135,558 | 61,151 | ||||||||
Provision for income taxes | (17,948) | 916 | (4,703) | ||||||||
Gain (loss) on sale of real estate, net of tax | 6,487 | 1,581 | (332) | ||||||||
Net income attributable to noncontrolling interests | (10,961) | (5,573) | (33,056) | ||||||||
Net (loss) income attributable to noncontrolling interests of discontinued operations | 0 | (179) | 23,941 | ||||||||
Income from continuing operations attributable to W. P. Carey | 146,810 | 194,890 | 80,276 | ||||||||
Domestic | Real Estate Investments | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 468,703 | 426,578 | 218,758 | ||||||||
Operating expenses | (296,265) | (284,362) | (126,493) | ||||||||
Interest expense | (153,219) | (117,603) | (65,970) | ||||||||
Other income and expenses, excluding interest expense | 50,891 | 146,156 | 88,593 | ||||||||
Provision for income taxes | (6,219) | (3,238) | 13 | ||||||||
Gain (loss) on sale of real estate, net of tax | 2,941 | (5,119) | (332) | ||||||||
Net income attributable to noncontrolling interests | (5,358) | (4,233) | (34,321) | ||||||||
Net (loss) income attributable to noncontrolling interests of discontinued operations | 0 | (179) | 23,941 | ||||||||
Income from continuing operations attributable to W. P. Carey | 61,474 | 158,000 | 104,189 | ||||||||
Germany | Real Estate Investments | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 65,777 | 72,978 | 20,221 | ||||||||
Operating expenses | 818 | (40,847) | (3,011) | ||||||||
Interest expense | (15,432) | (18,880) | (5,020) | ||||||||
Other income and expenses, excluding interest expense | 4,175 | (10,698) | (29,284) | ||||||||
Provision for income taxes | (4,357) | 3,163 | (1,693) | ||||||||
Gain (loss) on sale of real estate, net of tax | 21 | 0 | 0 | ||||||||
Net income attributable to noncontrolling interests | (5,537) | (1,017) | (3,188) | ||||||||
Income from continuing operations attributable to W. P. Carey | 45,465 | 4,699 | (21,975) | ||||||||
Other International | Real Estate Investments | |||||||||||
Segment Reporting Information Profit Loss | |||||||||||
Revenues | 200,968 | 145,827 | 76,986 | ||||||||
Operating expenses | (131,367) | (79,465) | (49,458) | ||||||||
Interest expense | (25,675) | (41,639) | (32,738) | ||||||||
Other income and expenses, excluding interest expense | (142) | 100 | 1,842 | ||||||||
Provision for income taxes | (7,372) | 991 | (3,023) | ||||||||
Gain (loss) on sale of real estate, net of tax | 3,525 | 6,700 | 0 | ||||||||
Net income attributable to noncontrolling interests | (66) | (323) | 4,453 | ||||||||
Income from continuing operations attributable to W. P. Carey | $ 39,871 | $ 32,191 | $ (1,938) |
Segment Reporting (Details 4)
Segment Reporting (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Long-lived assets | $ 6,102,017 | $ 5,905,958 |
Total assets | 8,754,673 | 8,648,479 |
Real Estate Investments | ||
Assets | ||
Long-lived assets | 6,079,803 | 5,880,958 |
Total assets | 8,550,128 | 8,459,406 |
Domestic | Real Estate Investments | ||
Assets | ||
Long-lived assets | 3,794,232 | 3,804,430 |
Total assets | 5,447,818 | 5,567,383 |
Germany | Real Estate Investments | ||
Assets | ||
Long-lived assets | 581,283 | 609,739 |
Total assets | 790,890 | 875,840 |
Other International | Real Estate Investments | ||
Assets | ||
Long-lived assets | 1,704,288 | 1,466,789 |
Total assets | $ 2,311,420 | $ 2,016,183 |
Selected Quarterly Financial117
Selected Quarterly Financial Information (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interim Period, Costs Not Allocable | ||||
Real estate tax expense, adjustment | $ 57,700 | $ 59,800 | $ 37,300 | |
Gain on change in control of interests | $ 0 | $ 105,947 | $ 0 | |
Impact of change in shares outstanding on basic and dilutive earnings per share | $ 0.09 | |||
Germany | ||||
Interim Period, Costs Not Allocable | ||||
Real estate tax expense, adjustment | $ (25,000) | |||
Domestic | Assets held-for-sale | ||||
Interim Period, Costs Not Allocable | ||||
Lease termination income | $ 15,000 |
Selected Quarterly Financial118
Selected Quarterly Financial Data Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data | |||||||||||
Revenues | $ 265,250 | $ 214,666 | $ 238,079 | $ 220,388 | $ 248,831 | $ 197,006 | $ 253,414 | $ 209,195 | $ 938,383 | $ 908,446 | $ 489,851 |
Expenses | 150,902 | 159,066 | 130,382 | 140,479 | 176,239 | 128,174 | 161,360 | 171,605 | 580,829 | 637,378 | 352,706 |
Net income | 56,144 | 23,578 | 66,923 | 38,582 | 33,463 | 28,316 | 66,972 | 117,318 | 185,227 | 246,069 | 132,165 |
Net income attributable to noncontrolling interests | (5,095) | (1,833) | (3,575) | (2,466) | (1,470) | (993) | (2,344) | (1,578) | (12,969) | (6,385) | (32,936) |
Net loss (income) attributable to redeemable noncontrolling interest | 0 | 0 | 0 | 0 | 279 | 14 | 111 | (262) | 0 | 142 | (353) |
Net Income Attributable to W. P. Carey | $ 51,049 | $ 21,745 | $ 63,348 | $ 36,116 | $ 32,272 | $ 27,337 | $ 64,739 | $ 115,478 | $ 172,258 | $ 239,826 | $ 98,876 |
Earnings per share attributable to W. P. Carey: | |||||||||||
Basic (usd per share) | $ 0.48 | $ 0.20 | $ 0.60 | $ 0.34 | $ 0.31 | $ 0.27 | $ 0.64 | $ 1.29 | $ 1.62 | $ 2.42 | $ 1.43 |
Diluted (usd per share) | 0.48 | 0.20 | 0.59 | 0.34 | 0.30 | 0.27 | 0.64 | 1.27 | 1.61 | 2.39 | 1.41 |
Distributions declared per share (usd per share) | $ 0.9646 | $ 0.955 | $ 0.954 | $ 0.9525 | $ 0.95 | $ 0.94 | $ 0.9 | $ 0.895 | $ 3.8261 | $ 3.685 | $ 3.39 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Jan. 29, 2016 | Feb. 23, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subsequent Event | ||||||
Severance costs | $ 0.8 | $ 1 | $ 0.7 | |||
Subsequent Event | ||||||
Subsequent Event | ||||||
Severance costs | $ 5.1 | |||||
Senior Unsecured Credit Facility | Subsequent Event | ||||||
Subsequent Event | ||||||
Debt financing cost | $ 0.3 | |||||
Long Term Incentive Plan | RSUs Awarded | Subsequent Event | ||||||
Subsequent Event | ||||||
Share based compensation shares issued | 210,249 | |||||
Long Term Incentive Plan | Performance Stock Units | Subsequent Event | ||||||
Subsequent Event | ||||||
Share based compensation shares issued | 184,755 |
Schedule II - Valuation And 120
Schedule II - Valuation And Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | $ 20,672 | $ 18,214 | $ 15,133 |
Other Additions | 10,001 | 2,458 | 3,081 |
Deductions | (927) | 0 | 0 |
Balance at End of Year | $ 29,746 | $ 20,672 | $ 18,214 |
Schedule III - Real Estate a121
Schedule III - Real Estate and Accumulated Depreciation (Narratives) (Details) $ in Billions | Dec. 31, 2015USD ($) |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Federal income tax | $ 7.5 |
Schedule III - Real Estate a122
Schedule III - Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | ||||
Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,080,307 | |||
Initial Cost to Company | ||||
Land | 1,279,611 | |||
Buildings | 4,268,407 | |||
Cost Capitalized Subsequent to Acquisition | 189,559 | |||
Increase (Decrease) in Net Investments | (429,366) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,160,567 | |||
Buildings | 4,147,644 | |||
Total | 5,308,211 | $ 4,976,685 | $ 2,506,804 | $ 2,331,613 |
Accumulated Depreciation | 372,735 | 253,627 | 168,076 | 116,075 |
Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 162,470 | |||
Initial Cost to Company | ||||
Land | 110,357 | |||
Buildings | 756,237 | |||
Cost Capitalized Subsequent to Acquisition | 9 | |||
Increase (Decrease) in Net Investments | (110,250) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 756,353 | |||
Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 45,981 | |||
Initial Cost to Company | ||||
Land | 10,230 | |||
Buildings | 77,994 | |||
Cost Capitalized Subsequent to Acquisition | 945 | |||
Increase (Decrease) in Net Investments | (13,689) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,578 | |||
Buildings | 68,558 | |||
Total | 82,749 | 84,885 | 6,024 | 99,703 |
Accumulated Depreciation | 8,794 | $ 4,866 | $ 882 | $ 19,993 |
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property | 7,269 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property | 7,613 | |||
Industrial facilities in Erlanger, KY | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 11,107 | |||
Initial Cost to Company | ||||
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 | $ 11,396 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facilities in Thurmont, MD and Farmington, NY | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 663 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Retail facility in Montgomery, AL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 471 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facilities in Anchorage, AK and Commerce, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 3,421 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Toledo, OH | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 1,304 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Goshen, IN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 274 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Raleigh, NC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 666 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Office facility in King of Prussia, PA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 3,248 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Pinconning, MI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 761 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facilities in San Fernando, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,658 | |||
Initial Cost to Company | ||||
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 | $ 1,814 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
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 Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 668 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Land in Glendora, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | |||
Land in Doraville, GA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 3,288 | |||
Buildings | 9,864 | |||
Cost Capitalized Subsequent to Acquisition | 1,546 | |||
Increase (Decrease) in Net Investments | (11,410) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,288 | |||
Buildings | 0 | |||
Total | 3,288 | |||
Accumulated Depreciation | $ 0 | |||
Life on which Depreciation in Latest Statement of Income is Computed | ||||
Office facilities in Collierville, TN and warehouse facility in Corpus Christi, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 48,320 | |||
Initial Cost to Company | ||||
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 | $ 9,853 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Land in Irving and Houston, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | |||
Industrial facility in Chandler, AZ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 9,891 | |||
Initial Cost to Company | ||||
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 | $ 11,313 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Bridgeton, MO | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 2,566 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Retail facilities in Drayton Plains, MI and Citrus Heights, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 1,438 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Warehouse facility in Memphis, TN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 834 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Retail facility in Bellevue, WA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 5,219 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Houston, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,260 | |||
Buildings | 22,574 | |||
Cost Capitalized Subsequent to Acquisition | 1,628 | |||
Increase (Decrease) in Net Investments | (23,754) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 211 | |||
Buildings | 3,497 | |||
Total | 3,708 | |||
Accumulated Depreciation | $ 2,620 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Rio Rancho, NM | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,313 | |||
Initial Cost to Company | ||||
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 | $ 4,550 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Moorestown, NJ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 351 | |||
Buildings | 5,981 | |||
Cost Capitalized Subsequent to Acquisition | 1,470 | |||
Increase (Decrease) in Net Investments | 43 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 351 | |||
Buildings | 7,494 | |||
Total | 7,845 | |||
Accumulated Depreciation | $ 3,430 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Norcross, GA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 26,951 | |||
Initial Cost to Company | ||||
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 | $ 481 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Illkirch, France | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,322 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 18,520 | |||
Cost Capitalized Subsequent to Acquisition | 6 | |||
Increase (Decrease) in Net Investments | 1,041 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 19,567 | |||
Total | 19,567 | |||
Accumulated Depreciation | $ 9,224 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facilities in Lenexa, KS and Winston-Salem, NC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 4,279 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facilities in Playa Vista and Venice, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 46,741 | |||
Initial Cost to Company | ||||
Land | 2,032 | |||
Buildings | 10,152 | |||
Cost Capitalized Subsequent to Acquisition | 52,817 | |||
Increase (Decrease) in Net Investments | 1 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,889 | |||
Buildings | 59,113 | |||
Total | 65,002 | |||
Accumulated Depreciation | $ 8,184 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facility in Greenfield, IN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 1,282 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facilities in Birmingham, AL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 2,175 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Scottsdale, AZ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,102 | |||
Initial Cost to Company | ||||
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 | $ 13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Retail facility in Hot Springs, AR | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 333 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facilities in Apopka, FL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 362 | |||
Buildings | 10,855 | |||
Cost Capitalized Subsequent to Acquisition | 783 | |||
Increase (Decrease) in Net Investments | (155) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 337 | |||
Buildings | 11,508 | |||
Total | 11,845 | |||
Accumulated Depreciation | $ 3,091 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Land in San Leandro, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | |||
Sports facility in Austin, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,664 | |||
Initial Cost to Company | ||||
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 | $ 1,647 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Retail facility in Wroclaw, Poland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,544 | |||
Initial Cost to Company | ||||
Land | 3,600 | |||
Buildings | 10,306 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (4,061) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,722 | |||
Buildings | 7,123 | |||
Total | 9,845 | |||
Accumulated Depreciation | $ 1,430 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Fort Worth, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 31,870 | |||
Initial Cost to Company | ||||
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 | $ 5,558 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facility in Mallorca, Spain | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 11,109 | |||
Buildings | 12,636 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,104) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 10,106 | |||
Buildings | 11,535 | |||
Total | 21,641 | |||
Accumulated Depreciation | $ 1,606 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facilities in San Diego, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 32,661 | |||
Initial Cost to Company | ||||
Land | 7,247 | |||
Buildings | 29,098 | |||
Cost Capitalized Subsequent to Acquisition | 1,214 | |||
Increase (Decrease) in Net Investments | (5,514) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,762 | |||
Buildings | 27,283 | |||
Total | 32,045 | |||
Accumulated Depreciation | $ 5,376 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 22,000 | |||
Initial Cost to Company | ||||
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 | $ 1,085 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
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 Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 137,717 | |||
Initial Cost to Company | ||||
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 | $ 17,801 | |||
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 Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
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 Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,597 | |||
Initial Cost to Company | ||||
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 | $ 1,442 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Land in Irvine, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,625 | |||
Initial Cost to Company | ||||
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 | |||
Industrial facility in Alpharetta, GA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,197 | |||
Initial Cost to Company | ||||
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 | $ 688 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Office facility in Clinton, NJ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 22,947 | |||
Initial Cost to Company | ||||
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 | $ 3,776 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Office facilities in St. Petersburg, FL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 2,662 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Movie theater in Baton Rouge, LA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 9,524 | |||
Initial Cost to Company | ||||
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 | $ 621 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Office facilities in San Diego, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 7,804 | |||
Buildings | 16,729 | |||
Cost Capitalized Subsequent to Acquisition | 1,656 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,804 | |||
Buildings | 18,385 | |||
Total | 26,189 | |||
Accumulated Depreciation | $ 1,969 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial facilities in Richmond, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 212 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial and warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 58,262 | |||
Initial Cost to Company | ||||
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 | $ 9,103 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Warehouse facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 15,779 | |||
Buildings | 89,421 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (16,139) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 13,359 | |||
Buildings | 75,702 | |||
Total | 89,061 | |||
Accumulated Depreciation | $ 8,191 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial facilities in Orlando, FL; Rocky Mount, NC, and Lewisville, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 1,920 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial facilities in Chattanooga, TN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 635 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial facility in Mooresville, NC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,077 | |||
Initial Cost to Company | ||||
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 | $ 1,045 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial facility in McCalla, AL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 2,450 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Office facility in Lower Makefield Township, PA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 9,549 | |||
Initial Cost to Company | ||||
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 | $ 1,363 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial facility in Fort Smith, AZ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 651 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Retail facilities in Greenwood, IN and Buffalo, NY | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 8,755 | |||
Initial Cost to Company | ||||
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 | $ 2,092 | |||
Retail facilities in Greenwood, IN and Buffalo, NY | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Retail facilities in Greenwood, IN and Buffalo, NY | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facilities in Bowling Green, KY and Jackson, TN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,391 | |||
Initial Cost to Company | ||||
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 | $ 863 | |||
Industrial facilities in Bowling Green, KY and Jackson, TN | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 32,553 | |||
Initial Cost to Company | ||||
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 | $ 3,422 | |||
Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Learning centers in Avondale, AZ; Rancho Cucamonga, CA; Glendale Heights, IL; and Exton, PA | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 10,146 | |||
Initial Cost to Company | ||||
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 | $ 1,996 | |||
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 12,339 | |||
Initial Cost to Company | ||||
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 | $ 2,431 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Land in Kahl, Germany | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 6,694 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,027) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,667 | |||
Buildings | 0 | |||
Total | 5,667 | |||
Accumulated Depreciation | 0 | |||
Sports facilities in Englewood, CO; Memphis TN; and Bedford, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,925 | |||
Initial Cost to Company | ||||
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 | $ 993 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Office facilities in Mons, Belgium | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,820 | |||
Initial Cost to Company | ||||
Land | 1,505 | |||
Buildings | 6,026 | |||
Cost Capitalized Subsequent to Acquisition | 653 | |||
Increase (Decrease) in Net Investments | (1,285) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,274 | |||
Buildings | 5,625 | |||
Total | 6,899 | |||
Accumulated Depreciation | $ 543 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Warehouse facilities in Oceanside, CA and Concordville, PA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,667 | |||
Initial Cost to Company | ||||
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 | $ 861 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Self-storage facilities located throughout the United States | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 32,867 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Warehouse facility in La Vista, NE | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 21,137 | |||
Initial Cost to Company | ||||
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 | $ 2,247 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Office facility in Pleasanton, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 10,478 | |||
Initial Cost to Company | ||||
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 | $ 767 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Office facility in San Marcos, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 71 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Office facilities in Espoo, Finland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 40,826 | |||
Initial Cost to Company | ||||
Land | 40,555 | |||
Buildings | 15,662 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (20,107) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 26,980 | |||
Buildings | 9,130 | |||
Total | 36,110 | |||
Accumulated Depreciation | $ 79 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Office facility in Chicago, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 14,217 | |||
Initial Cost to Company | ||||
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 | $ 1,937 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facility in Louisville, CO | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,997 | |||
Initial Cost to Company | ||||
Land | 5,342 | |||
Buildings | 8,786 | |||
Cost Capitalized Subsequent to Acquisition | 1,849 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,481 | |||
Buildings | 10,496 | |||
Total | 15,977 | |||
Accumulated Depreciation | $ 1,220 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facilities in Hollywood and Orlando, FL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 129 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Warehouse facility in Golden, CO | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 489 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial facilities in Texarkana, TX and Orem, UT | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 458 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facility in Eugene, OR | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,460 | |||
Initial Cost to Company | ||||
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 | $ 385 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facility in Neenah, WI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 438 | |||
Buildings | 4,954 | |||
Cost Capitalized Subsequent to Acquisition | 64 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 438 | |||
Buildings | 5,018 | |||
Total | 5,456 | |||
Accumulated Depreciation | $ 506 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facility in South Jordan, UT | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 12,246 | |||
Initial Cost to Company | ||||
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 | $ 1,156 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Warehouse facility in Ennis, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,333 | |||
Initial Cost to Company | ||||
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 | $ 499 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Retail facility in Braintree, MA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,127 | |||
Initial Cost to Company | ||||
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 | $ 380 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Office facility in Helsinki, Finland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 58,756 | |||
Initial Cost to Company | ||||
Land | 26,560 | |||
Buildings | 20,735 | |||
Cost Capitalized Subsequent to Acquisition | 92 | |||
Increase (Decrease) in Net Investments | (7,256) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 22,485 | |||
Buildings | 17,646 | |||
Total | 40,131 | |||
Accumulated Depreciation | $ 1,770 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Office facility in Paris, France | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 58,508 | |||
Initial Cost to Company | ||||
Land | 23,387 | |||
Buildings | 43,450 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (10,255) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 19,799 | |||
Buildings | 36,783 | |||
Total | 56,582 | |||
Accumulated Depreciation | $ 3,653 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 114,073 | |||
Initial Cost to Company | ||||
Land | 26,564 | |||
Buildings | 72,866 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (15,255) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 22,488 | |||
Buildings | 61,687 | |||
Total | 84,175 | |||
Accumulated Depreciation | $ 8,412 | |||
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Office facility in Laupheim, Germany | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,072 | |||
Buildings | 8,339 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,598) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,754 | |||
Buildings | 7,059 | |||
Total | 8,813 | |||
Accumulated Depreciation | $ 1,149 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Industrial facilities in Danbury, CT and Bedford, MA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 10,144 | |||
Initial Cost to Company | ||||
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 | $ 1,776 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Warehouse facilities in Venlo, Netherlands | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 10,154 | |||
Buildings | 18,590 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (4,678) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,501 | |||
Buildings | 15,565 | |||
Total | 24,066 | |||
Accumulated Depreciation | $ 1,224 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Industrial and office facilities in Tampere, Finland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,309 | |||
Buildings | 37,153 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (6,506) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,904 | |||
Buildings | 31,052 | |||
Total | 32,956 | |||
Accumulated Depreciation | $ 2,561 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Quincy, MA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 1,493 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Salford, United Kingdom | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 30,012 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,553) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 28,459 | |||
Total | 28,459 | |||
Accumulated Depreciation | $ 1,704 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Lone Tree, CO | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,761 | |||
Buildings | 28,864 | |||
Cost Capitalized Subsequent to Acquisition | 1,377 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,761 | |||
Buildings | 30,241 | |||
Total | 35,002 | |||
Accumulated Depreciation | $ 1,738 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Mönchengladbach, Germany | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 29,449 | |||
Initial Cost to Company | ||||
Land | 2,154 | |||
Buildings | 6,917 | |||
Cost Capitalized Subsequent to Acquisition | 44,205 | |||
Increase (Decrease) in Net Investments | (1,241) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,091 | |||
Buildings | 49,944 | |||
Total | 52,035 | |||
Accumulated Depreciation | $ 415 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Sports facility in Houston, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,340 | |||
Initial Cost to Company | ||||
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 | $ 194 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Sports facility in St. Charles, MO | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 101 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Sports facility in Salt Lake City, UT | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,918 | |||
Initial Cost to Company | ||||
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 | $ 208 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Land in Scottsdale, AZ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 10,599 | |||
Initial Cost to Company | ||||
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 | |||
Industrial facility in Aurora, CO | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,056 | |||
Initial Cost to Company | ||||
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 | $ 158 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Office facilities in Sunnyvale, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 52,922 | |||
Initial Cost to Company | ||||
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 | $ 5,626 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Warehouse facility in Burlington, NJ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 468 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Industrial facility in Albuquerque, NM | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,467 | |||
Buildings | 3,476 | |||
Cost Capitalized Subsequent to Acquisition | 606 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,467 | |||
Buildings | 4,082 | |||
Total | 6,549 | |||
Accumulated Depreciation | $ 270 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Industrial facilities in Robbinsville, NJ; North Salt Lake, UT; and Radford, VA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,472 | |||
Initial Cost to Company | ||||
Land | 10,601 | |||
Buildings | 17,626 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (6,780) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,894 | |||
Buildings | 13,553 | |||
Total | 21,447 | |||
Accumulated Depreciation | $ 991 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Industrial facilities in Murrysville, PA and Wylie, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 859 | |||
Industrial facilities in Murrysville, PA and Wylie, TX | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Industrial facilities in Murrysville, PA and Wylie, TX | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Industrial facility in Welcome, NC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 774 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 26,453 | |||
Initial Cost to Company | ||||
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 | $ 3,547 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 20,142 | |||
Initial Cost to Company | ||||
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 | $ 1,716 | |||
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 17 years | |||
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Retail facility in Torrance, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 24,188 | |||
Initial Cost to Company | ||||
Land | 8,412 | |||
Buildings | 12,241 | |||
Cost Capitalized Subsequent to Acquisition | 1,213 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,412 | |||
Buildings | 13,454 | |||
Total | 21,866 | |||
Accumulated Depreciation | $ 982 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Office facility in Houston, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,503 | |||
Initial Cost to Company | ||||
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 | $ 13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Land in Doncaster, United Kingdom | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,257 | |||
Buildings | 4,248 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (7,767) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 738 | |||
Buildings | 0 | |||
Total | 738 | |||
Accumulated Depreciation | 0 | |||
Warehouse facility in Norwich, CT | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 11,450 | |||
Initial Cost to Company | ||||
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 | $ 1,446 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Warehouse facility in Norwich, CT | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 655 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Retail facility in Johnstown, PA and warehouse facility in Whitehall, PA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 755 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Retail facilities in York, PA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 8,860 | |||
Initial Cost to Company | ||||
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 | $ 623 | |||
Retail facilities in York, PA | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Retail facilities in York, PA | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Industrial facility in Pittsburgh, PA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 845 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Warehouse facilities in Atlanta, GA and Elkwood, VA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 5,356 | |||
Buildings | 4,121 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,104) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,284 | |||
Buildings | 3,089 | |||
Total | 7,373 | |||
Accumulated Depreciation | $ 215 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Warehouse facility in Harrisburg, NC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 428 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Learning center in Nashville, TN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,402 | |||
Initial Cost to Company | ||||
Land | 1,098 | |||
Buildings | 7,043 | |||
Cost Capitalized Subsequent to Acquisition | 816 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,098 | |||
Buildings | 7,859 | |||
Total | 8,957 | |||
Accumulated Depreciation | $ 478 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Warehouse facilities in Boé, Carpiquet, Lagnieu, Le Mans, Lunéville, and Saint-Germain-du-Puy, France and land in Le Mans and Vendin-le-Vieil, France | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 38,350 | |||
Initial Cost to Company | ||||
Land | 62,183 | |||
Buildings | 26,928 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (19,517) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 48,253 | |||
Buildings | 21,341 | |||
Total | 69,594 | |||
Accumulated Depreciation | $ 1,440 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Industrial facility in Chandler, AZ; industrial, office, and warehouse facilities in Englewood, CO; and land in Englewood, CO | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,456 | |||
Initial Cost to Company | ||||
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 | $ 458 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial facility in Cynthiana, KY | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,556 | |||
Initial Cost to Company | ||||
Land | 1,274 | |||
Buildings | 3,505 | |||
Cost Capitalized Subsequent to Acquisition | 176 | |||
Increase (Decrease) in Net Investments | (107) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,274 | |||
Buildings | 3,574 | |||
Total | 4,848 | |||
Accumulated Depreciation | $ 219 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facility in Columbia, SC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 10,387 | |||
Initial Cost to Company | ||||
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 | $ 1,007 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Land in Midlothian, VA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,390 | |||
Initial Cost to Company | ||||
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 | |||
Residential facility in Laramie, WY | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 16,125 | |||
Initial Cost to Company | ||||
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 | $ 2,160 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Office facility in Greenville, SC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 8,784 | |||
Initial Cost to Company | ||||
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 | $ 607 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Warehouse facilities in Mendota, IL; Toppenish and Yakima, WA; and Plover, WI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 9,729 | |||
Initial Cost to Company | ||||
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 | $ 1,810 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Industrial facility in Allen, TX and office facility in Sunnyvale, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 11,259 | |||
Initial Cost to Company | ||||
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 | $ 1,491 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facilities in Hampton, NH | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 9,641 | |||
Initial Cost to Company | ||||
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 | $ 464 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial facilities located throughout France | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 20,481 | |||
Initial Cost to Company | ||||
Land | 36,306 | |||
Buildings | 5,212 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (8,312) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 29,038 | |||
Buildings | 4,168 | |||
Total | 33,206 | |||
Accumulated Depreciation | $ 349 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Retail facility in Fairfax, VA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,114 | |||
Initial Cost to Company | ||||
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 | $ 1,188 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Retail facility in Lombard, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,114 | |||
Initial Cost to Company | ||||
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 | $ 623 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Warehouse facility in Plainfield, IN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 20,529 | |||
Initial Cost to Company | ||||
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 | $ 1,856 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Retail facility in Kennesaw, GA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,111 | |||
Initial Cost to Company | ||||
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 | $ 449 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Retail facility in Leawood, KS | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 9,094 | |||
Initial Cost to Company | ||||
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 | $ 975 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Office facility in Tolland, CT | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 8,158 | |||
Initial Cost to Company | ||||
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 | $ 399 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Warehouse facilities in Lincolnton, NC and Mauldin, SC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 9,946 | |||
Initial Cost to Company | ||||
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 | $ 630 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Retail facilities located throughout Germany | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 272,225 | |||
Initial Cost to Company | ||||
Land | 81,109 | |||
Buildings | 153,927 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (47,054) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 64,871 | |||
Buildings | 123,111 | |||
Total | 187,982 | |||
Accumulated Depreciation | 8,306 | |||
Office facility in Southfield, MI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
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 | $ 301 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Office facility in The Woodlands, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 20,705 | |||
Initial Cost to Company | ||||
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 | $ 1,519 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Industrial facility in Guelph, Canada | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,472 | |||
Initial Cost to Company | ||||
Land | 2,151 | |||
Buildings | 1,750 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (760) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,732 | |||
Buildings | 1,409 | |||
Total | 3,141 | |||
Accumulated Depreciation | $ 83 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Industrial facilities in Shah Alam, Malaysia | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,021 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 10,429 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,340) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 8,089 | |||
Total | 8,089 | |||
Accumulated Depreciation | $ 519 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Warehouse facilities in Lam Luk Ka and Bang Pa-in, Thailand | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 10,751 | |||
Initial Cost to Company | ||||
Land | 13,054 | |||
Buildings | 19,497 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,723) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 11,962 | |||
Buildings | 17,866 | |||
Total | 29,828 | |||
Accumulated Depreciation | $ 1,098 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Warehouse facilities in Valdosta, GA and Johnson City, TN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 8,444 | |||
Initial Cost to Company | ||||
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 | $ 1,079 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Industrial facility in Amherst, NY | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 8,227 | |||
Initial Cost to Company | ||||
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 | $ 680 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Industrial and warehouse facilities in Westfield, MA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 682 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Warehouse facilities in Kottka, Finland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 8,546 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,711) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 6,835 | |||
Total | 6,835 | |||
Accumulated Depreciation | $ 599 | |||
Warehouse facilities in Kottka, Finland | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | |||
Warehouse facilities in Kottka, Finland | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Office facility in Bloomington, MN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 483 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Warehouse facility in Gorinchem, Netherlands | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,816 | |||
Initial Cost to Company | ||||
Land | 1,143 | |||
Buildings | 5,648 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,360) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 914 | |||
Buildings | 4,517 | |||
Total | 5,431 | |||
Accumulated Depreciation | $ 305 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Retail facility in Cresskill, NJ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,138 | |||
Initial Cost to Company | ||||
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 | $ 338 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Retail facility in Livingston, NJ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,309 | |||
Initial Cost to Company | ||||
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 | $ 142 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Retail facility in Maplewood, NJ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,662 | |||
Initial Cost to Company | ||||
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 | $ 46 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Retail facility in Montclair, NJ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,445 | |||
Initial Cost to Company | ||||
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 | $ 99 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Retail facility in Morristown, NJ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 10,815 | |||
Initial Cost to Company | ||||
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 | $ 590 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Retail facility in Summit, NJ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,695 | |||
Initial Cost to Company | ||||
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 | $ 104 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,789 | |||
Buildings | 8,750 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,269) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,231 | |||
Buildings | 7,039 | |||
Total | 9,270 | |||
Accumulated Depreciation | $ 553 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Industrial facilities in Georgetown, TX and Woodland, WA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,099 | |||
Initial Cost to Company | ||||
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 | $ 233 | |||
Industrial facilities in Georgetown, TX and Woodland, WA | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Industrial facilities in Georgetown, TX and Woodland, WA | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Learning centers in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 540 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Industrial facility in Ylämylly, Finland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,066 | |||
Initial Cost to Company | ||||
Land | 1,669 | |||
Buildings | 6,034 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,542) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,335 | |||
Buildings | 4,826 | |||
Total | 6,161 | |||
Accumulated Depreciation | $ 271 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Industrial facility in Salisbury, NC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,398 | |||
Initial Cost to Company | ||||
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 | $ 564 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,763 | |||
Initial Cost to Company | ||||
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 | $ 744 | |||
Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Industrial and office facilities in Plymouth, MI and Solon and Twinsburg, OH | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Industrial facility in Cambridge, Canada | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,849 | |||
Buildings | 7,371 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,796) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,489 | |||
Buildings | 5,935 | |||
Total | 7,424 | |||
Accumulated Depreciation | $ 364 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 12,252 | |||
Initial Cost to Company | ||||
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 | $ 1,092 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facility in Ramos Arizpe, Mexico | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 176 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facilities in Salt Lake City, UT | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,863 | |||
Initial Cost to Company | ||||
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 | $ 231 | |||
Industrial facilities in Salt Lake City, UT | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facilities in Salt Lake City, UT | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Residential facility in Blairsville, PA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 12,143 | |||
Initial Cost to Company | ||||
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 | $ 2,384 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Industrial facility in Nashville, TN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 504 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | |||
Office facility in Lafayette, LA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,748 | |||
Initial Cost to Company | ||||
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 | $ 106 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 54,099 | |||
Initial Cost to Company | ||||
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 | $ 5,178 | |||
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Warehouse facilities in Flora, MS and Muskogee, OK | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,410 | |||
Initial Cost to Company | ||||
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 | $ 254 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Industrial facility in Richmond, MO | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,842 | |||
Initial Cost to Company | ||||
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 | $ 590 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Warehouse facility in Dallas, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,066 | |||
Initial Cost to Company | ||||
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 | $ 652 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Industrial facility in Tuusula, Finland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 6,173 | |||
Buildings | 10,321 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (3,302) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,937 | |||
Buildings | 8,255 | |||
Total | 13,192 | |||
Accumulated Depreciation | $ 619 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Office facility in Turku, Finland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 23,852 | |||
Initial Cost to Company | ||||
Land | 5,343 | |||
Buildings | 34,106 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (7,898) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,273 | |||
Buildings | 27,278 | |||
Total | 31,551 | |||
Accumulated Depreciation | $ 1,875 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Industrial facility in Turku, Finland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,412 | |||
Initial Cost to Company | ||||
Land | 1,105 | |||
Buildings | 10,243 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,257) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 884 | |||
Buildings | 8,207 | |||
Total | 9,091 | |||
Accumulated Depreciation | $ 566 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Industrial facility in Baraboo, WI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 1,558 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 13 years | |||
Warehouse facility in Phoenix, AZ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 18,972 | |||
Initial Cost to Company | ||||
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 | $ 1,472 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Land in Calgary, Canada | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,721 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (725) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,996 | |||
Buildings | 0 | |||
Total | 2,996 | |||
Accumulated Depreciation | 0 | |||
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,398 | |||
Initial Cost to Company | ||||
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 | $ 295 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facility in Buffalo Grove, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,322 | |||
Initial Cost to Company | ||||
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 | $ 757 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Warehouse facility in Spanish Fork, UT | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,055 | |||
Initial Cost to Company | ||||
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 | $ 463 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Industrial, office, and warehouse facilities in Perris, CA; Eugene, OR; West Jordan, UT; and Tacoma, WA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 371 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Office facility in Carlsbad, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 445 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Land in Pensacola, FL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,026 | |||
Initial Cost to Company | ||||
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 | |||
Movie theater in Port St. Lucie, FL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,393 | |||
Initial Cost to Company | ||||
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 | $ 180 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Movie theater in Hickory Creek, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 239 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Industrial facility in Nurieux-Volognat, France | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 121 | |||
Buildings | 5,328 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (994) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 96 | |||
Buildings | 4,359 | |||
Total | 4,455 | |||
Accumulated Depreciation | $ 258 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Warehouse facility in Suwanee, GA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 15,278 | |||
Initial Cost to Company | ||||
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 | $ 476 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,336 | |||
Initial Cost to Company | ||||
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 | $ 701 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Industrial facilities in Fort Dodge, IN and Menomonie and Oconomowoc, WI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 8,649 | |||
Initial Cost to Company | ||||
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 | $ 1,306 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 16 years | |||
Industrial facility in Mesa, AZ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,768 | |||
Initial Cost to Company | ||||
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 | $ 301 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Industrial facility in North Amityville, NY | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,735 | |||
Initial Cost to Company | ||||
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 | $ 840 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Warehouse facilities in Greenville, SC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 950 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | |||
Industrial facility in Fort Collins, CO | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,532 | |||
Initial Cost to Company | ||||
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 | $ 422 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Office facility in Piscataway, NJ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,984 | |||
Buildings | 34,165 | |||
Cost Capitalized Subsequent to Acquisition | 31,616 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,984 | |||
Buildings | 65,781 | |||
Total | 70,765 | |||
Accumulated Depreciation | $ 3,004 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Land in Elk Grove Village, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,711 | |||
Initial Cost to Company | ||||
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 | |||
Office facilities in Washington, MI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 26,757 | |||
Initial Cost to Company | ||||
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 | $ 438 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Office facility in Houston, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 522 | |||
Buildings | 7,448 | |||
Cost Capitalized Subsequent to Acquisition | 227 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 522 | |||
Buildings | 7,675 | |||
Total | 8,197 | |||
Accumulated Depreciation | $ 542 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,623 | |||
Initial Cost to Company | ||||
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 | $ 1,347 | |||
Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 12 years | |||
Industrial facilities in Conroe, Houston, Odessa, and Weimar, TX and office facility in Houston, TX | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 22 years | |||
Learning center in Sacramento, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 27,284 | |||
Initial Cost to Company | ||||
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 | $ 786 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 582 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Office facility in Tinton Falls, NJ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,869 | |||
Initial Cost to Company | ||||
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 | $ 500 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facility in Woodland, WA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 85 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Warehouse facilities in Gyál and Herceghalom, Hungary | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 33,523 | |||
Initial Cost to Company | ||||
Land | 14,601 | |||
Buildings | 21,915 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (7,310) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 11,678 | |||
Buildings | 17,528 | |||
Total | 29,206 | |||
Accumulated Depreciation | $ 1,642 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | |||
Industrial facility in Windsor, CT | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 37 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Industrial facility in Aurora, CO | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,823 | |||
Initial Cost to Company | ||||
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 | $ 195 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Chandler, AZ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 1,400 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facility in University Park, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 7,962 | |||
Buildings | 32,756 | |||
Cost Capitalized Subsequent to Acquisition | 221 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,962 | |||
Buildings | 32,977 | |||
Total | 40,939 | |||
Accumulated Depreciation | $ 1,544 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Stavanger, Norway | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 10,296 | |||
Buildings | 91,744 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (30,185) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,320 | |||
Buildings | 64,535 | |||
Total | 71,855 | |||
Accumulated Depreciation | $ 2,336 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Westborough, MA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 1,416 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Andover, MA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | $ 1,481 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Newport, United Kingdom | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 22,587 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,751) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 20,836 | |||
Total | 20,836 | |||
Accumulated Depreciation | $ 656 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facilities located throughout Australia | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 30,455 | |||
Buildings | 94,724 | |||
Cost Capitalized Subsequent to Acquisition | 53 | |||
Increase (Decrease) in Net Investments | (20,810) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 25,272 | |||
Buildings | 79,150 | |||
Total | 104,422 | |||
Accumulated Depreciation | 6,110 | |||
Industrial facility in Lewisburg, OH | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
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 | $ 448 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Opole, Poland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,151 | |||
Buildings | 21,438 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,934) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,884 | |||
Buildings | 18,771 | |||
Total | 20,655 | |||
Accumulated Depreciation | $ 579 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Office facilities located throughout Spain | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 51,778 | |||
Buildings | 257,624 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (33,636) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 48,938 | |||
Buildings | 226,828 | |||
Total | 275,766 | |||
Accumulated Depreciation | 6,102 | |||
Retail facilities located throughout the United Kingdom | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 66,319 | |||
Buildings | 230,113 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (6,623) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 64,837 | |||
Buildings | 224,972 | |||
Total | 289,809 | |||
Accumulated Depreciation | $ 6,914 | |||
Retail facilities located throughout the United Kingdom | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Retail facilities located throughout the United Kingdom | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facility in Rotterdam, Netherlands | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 33,935 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,383) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 32,552 | |||
Total | 32,552 | |||
Accumulated Depreciation | $ 774 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Retail facility in Bad Fischau, Austria | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,855 | |||
Buildings | 18,829 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 224 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,884 | |||
Buildings | 19,024 | |||
Total | 21,908 | |||
Accumulated Depreciation | $ 453 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Oskarshamn, Sweden | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,090 | |||
Buildings | 18,262 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (453) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,025 | |||
Buildings | 17,874 | |||
Total | 20,899 | |||
Accumulated Depreciation | $ 266 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Sunderland, United Kingdom | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,912 | |||
Buildings | 30,140 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,591) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,771 | |||
Buildings | 28,690 | |||
Total | 31,461 | |||
Accumulated Depreciation | $ 337 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 9,449 | |||
Buildings | 15,838 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (557) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,241 | |||
Buildings | 15,489 | |||
Total | 24,730 | |||
Accumulated Depreciation | $ 204 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 49,190 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 49,190 | |||
Total | 49,190 | |||
Accumulated Depreciation | $ 310 | |||
Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Retail facilities located in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 5,698 | |||
Buildings | 38,130 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 597 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,775 | |||
Buildings | 38,650 | |||
Total | 44,425 | |||
Accumulated Depreciation | $ 167 | |||
Retail facilities located in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Real Estate Subject To Operating Lease | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Retail facilities located in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Real Estate Subject To Operating Lease | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Irvine, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 7,626 | |||
Buildings | 16,137 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,626 | |||
Buildings | 16,137 | |||
Total | 23,763 | |||
Accumulated Depreciation | $ 12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, North Carolina, and Texas | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
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 | |||
Industrial facilities in Glendora, CA and Romulus, MI | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 454 | |||
Buildings | 13,251 | |||
Cost Capitalized Subsequent to Acquisition | 9 | |||
Increase (Decrease) in Net Investments | (3,477) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 10,237 | |||
Industrial facilities in Irving and Houston, TX | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 27,599 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (3,952) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 23,647 | |||
Retail facility in Freehold, NJ | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 8,088 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 17,067 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (108) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 16,959 | |||
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,277 | |||
Initial Cost to Company | ||||
Land | 2,089 | |||
Buildings | 14,211 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (329) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 15,971 | |||
Retail facilities in Osnabruck, Borken, Bunde, Arnstadt, Dorsten, Duisburg, Freiberg, Leimbach-Kaiserro, Monheim, Oberhausen, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, Wuppertal, and Monheim, Germany | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 28,734 | |||
Buildings | 145,854 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (27,070) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 147,518 | |||
Warehouse facility in Brierley Hill, United Kingdom | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 2,147 | |||
Buildings | 12,357 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (574) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 13,930 | |||
Warehouse and industrial facilities in Mesquite, TX | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 6,337 | |||
Initial Cost to Company | ||||
Land | 2,851 | |||
Buildings | 15,899 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,254) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 17,496 | |||
Industrial facility in Rochester, MN | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,074 | |||
Initial Cost to Company | ||||
Land | 881 | |||
Buildings | 17,039 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,520) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 16,400 | |||
Office facility in Irvine, CA | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 6,428 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 17,027 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (522) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 16,505 | |||
Industrial facility in Brownwood, TX | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 722 | |||
Buildings | 6,268 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 6,989 | |||
Office facility in Scottsdale, AZ | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 20,559 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 43,570 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (315) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 43,255 | |||
Retail facilities in El Paso, Fabens, and Socorro, TX | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 12,170 | |||
Initial Cost to Company | ||||
Land | 4,777 | |||
Buildings | 17,823 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (6) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 22,594 | |||
Industrial facility in Dallas, TX | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
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 | |||
Industrial facility in Eagan, MN | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,111 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 11,548 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (77) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 11,471 | |||
Industrial facilities in Albemarle and Old Fort, NC; Holmesville, OH; and Springfield, TN | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 8,982 | |||
Initial Cost to Company | ||||
Land | 6,542 | |||
Buildings | 20,668 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,185) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 26,025 | |||
Movie theater in Midlothian, VA | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 8,244 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 16,546 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 201 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 16,747 | |||
Industrial facilities located throughout France | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 14,036 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 27,270 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (4,752) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 22,518 | |||
Retail facility in Gronau, Germany | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,674 | |||
Initial Cost to Company | ||||
Land | 281 | |||
Buildings | 4,401 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (937) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 3,745 | |||
Industrial and office facilities in Marktheidenfeld, Germany | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 1,629 | |||
Buildings | 22,396 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (5,310) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 18,715 | |||
Industrial and warehouse facilities in Newbridge, United Kingdom | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 11,952 | |||
Initial Cost to Company | ||||
Land | 6,851 | |||
Buildings | 22,868 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (3,467) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 26,252 | |||
Learning center in Mooresville, NC | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,759 | |||
Initial Cost to Company | ||||
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 | |||
Industrial facility in Mount Carmel, IL | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 135 | |||
Buildings | 3,265 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 3,399 | |||
Industrial, office, and warehouse facilities in Bad Hersfeld, Germany | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 19,257 | |||
Initial Cost to Company | ||||
Land | 15,287 | |||
Buildings | 29,292 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (8,920) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 35,659 | |||
Retail facility in Vantaa, Finland | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 5,291 | |||
Buildings | 15,522 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (4,166) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 16,647 | |||
Retail facility in Linkoping, Sweden | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 1,484 | |||
Buildings | 9,402 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,508) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 8,378 | |||
Industrial facility in Calgary, Canada | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 7,076 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,375) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 5,701 | |||
Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 10,791 | |||
Initial Cost to Company | ||||
Land | 5,780 | |||
Buildings | 40,860 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (98) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 46,542 | |||
Industrial and office facilities in Leeds, United Kingdom | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 2,712 | |||
Buildings | 16,501 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (10,262) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 8,951 | |||
Movie theater in Pensacola, FL | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,397 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 13,034 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (442) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 12,592 | |||
Industrial facility in Monheim, Germany | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 2,939 | |||
Buildings | 7,379 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,130) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 8,188 | |||
Industrial facility in Göppingen, Germany | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 10,717 | |||
Buildings | 60,120 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (14,787) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 56,050 | |||
Warehouse facility in Elk Grove Village, IL | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,334 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 7,863 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 7,864 | |||
Industrial facility in Sankt Ingbert, Germany | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 2,786 | |||
Buildings | 26,902 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (6,190) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 23,498 | |||
Industrial facility in New South Wales, Australia | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 283 | |||
Buildings | 2,978 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (555) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 2,706 | |||
Hotel in Bloomington, MN | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 18,798 | |||
Initial Cost to Company | ||||
Land | 3,810 | |||
Buildings | 29,126 | |||
Cost Capitalized Subsequent to Acquisition | 531 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,874 | |||
Buildings | 29,237 | |||
Total | 37,089 | |||
Accumulated Depreciation | 3,226 | |||
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property | 3,622 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property | $ 3,978 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Hotel in Memphis, TN | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 27,183 | |||
Initial Cost to Company | ||||
Land | 2,120 | |||
Buildings | 36,594 | |||
Cost Capitalized Subsequent to Acquisition | 111 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,167 | |||
Buildings | 36,670 | |||
Total | 42,472 | |||
Accumulated Depreciation | 4,687 | |||
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property | 3,647 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property | $ 3,635 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 22 years | |||
Storage facility in Taunton, MA | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,300 | |||
Buildings | 12,274 | |||
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 | |||
Total | 3,188 | |||
Accumulated Depreciation | 881 | |||
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property | $ 0 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years |
Schedule III - Real Estate a123
Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Subject To Operating Lease | |||
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | |||
Beginning balance | $ 4,976,685 | $ 2,506,804 | $ 2,331,613 |
Additions | 548,521 | 2,785,863 | 216,422 |
Improvements | 24,014 | 18,474 | 7,422 |
Dispositions | (19,597) | (137,018) | (8,347) |
Foreign currency translation adjustment | (181,064) | (157,262) | 26,729 |
Reclassification to assets held for sale | (63,494) | (33,162) | (72,827) |
Reclassification from real estate under construction | 55,362 | 0 | 2,875 |
Impairment charges | (25,773) | (20,677) | (11,035) |
Write-off of fully-depreciated assets | (6,443) | 0 | 0 |
Reclassification from direct financing lease | 0 | 13,663 | 13,952 |
Ending balance | 5,308,211 | 4,976,685 | 2,506,804 |
Schedule III, Reconciliation of Real Estate Accumulated Depreciation | |||
Beginning balance | 253,627 | 168,076 | 116,075 |
Depreciation expense | 137,144 | 112,758 | 60,470 |
Dispositions | (1,566) | (20,740) | (533) |
Write-off of fully-depreciated assets | (6,443) | 0 | 0 |
Foreign currency translation adjustment | (6,159) | (5,318) | 1,194 |
Reclassification to assets held for sale | (3,868) | (1,149) | (9,130) |
Ending balance | 372,735 | 253,627 | 168,076 |
Operating Real Estate | |||
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | |||
Beginning balance | 84,885 | 6,024 | 99,703 |
Additions | 0 | 78,423 | 0 |
Improvements | 527 | 438 | 706 |
Dispositions | (2,663) | 0 | (93,314) |
Impairment charges | 0 | 0 | (1,071) |
Ending balance | 82,749 | 84,885 | 6,024 |
Schedule III, Reconciliation of Real Estate Accumulated Depreciation | |||
Beginning balance | 4,866 | 882 | 19,993 |
Depreciation expense | 4,275 | 3,984 | 2,242 |
Dispositions | (347) | 0 | (21,353) |
Ending balance | $ 8,794 | $ 4,866 | $ 882 |
Schedule IV - Mortgage Loan 124
Schedule IV - Mortgage Loan on Real Estate (Narratives) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Other Disclosures | |
Discount on note receivable | $ 0.3 |
Schedule IV - Mortgage Loan 125
Schedule IV - Mortgage Loan on Real Estate (Details 1) - Note receivable — Production Resource Group - Las Vegas $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Mortgage Loans on Real Estate | |
Interest Rate | 7.90% |
Final Maturity Date | Mar. 31, 2029 |
Fair Value | $ 10,610 |
Carrying Amount | $ 10,689 |
Schedule IV - Mortgage Loan 126
Schedule IV - Mortgage Loan on Real Estate (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Mortgage Loans on Real Estate | |||
Balance at beginning of year | $ 20,848 | $ 0 | $ 0 |
Additions | 0 | 21,060 | 0 |
Amortization and accretion | (63) | 212 | 0 |
Repayments | (10,222) | 0 | 0 |
Ending balance | $ 10,689 | $ 20,848 | $ 0 |