W. P. Carey (WPC) 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-13779
Entity Registrant Name	W. P. Carey Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-4549771
Entity Address, Street Address	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	492-1100
Title of each class	Common Stock, $0.001 Par Value
Trading Symbol	WPC
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		213,896,435
Entity Central Index Key	0001025378
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Investments in real estate:
Land, buildings and improvements — net lease and other		$ 12,934,679	$ 13,338,857
Land, buildings and improvements — operating properties		1,323,047	1,095,892
Net investments in finance leases and loans receivable		1,222,345	771,761
In-place lease intangible assets and other		2,612,139	2,659,750
Above-market rent intangible assets		807,790	833,751
Investments in real estate		18,900,000	18,700,011
Accumulated depreciation and amortization		(3,225,576)	(3,269,057)
Assets held for sale, net		43,038	57,944
Net investments in real estate		15,717,462	15,488,898
Equity method investments		341,153	327,502
Cash and cash equivalents		147,939	167,996
Other assets, net		1,588,034	1,080,227
Goodwill		1,037,819	1,037,412
Total assets	[1]	18,832,407	18,102,035
Debt:
Senior unsecured notes, net		5,978,499	5,916,400
Unsecured revolving credit facility		669,463	276,392
Unsecured term loans, net		566,478	552,539
Non-recourse mortgages, net		1,043,808	1,132,417
Debt, net		8,258,248	7,877,748
Accounts payable, accrued expenses and other liabilities		679,484	623,843
Below-market rent and other intangible liabilities, net		161,848	184,584
Deferred income taxes		181,935	178,959
Dividends payable		231,530	228,257
Total liabilities	[1]	9,513,045	9,093,391
Commitments and contingencies (Note 12)
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; 213,890,620 and 210,620,949 shares, respectively, issued and outstanding		214	211
Additional paid-in capital		11,948,910	11,706,836
Distributions in excess of accumulated earnings		(2,425,031)	(2,486,633)
Deferred compensation obligation		62,046	57,012
Accumulated other comprehensive loss		(284,558)	(283,780)
Total stockholders’ equity		9,301,581	8,993,646
Noncontrolling interests		17,781	14,998
Total equity		9,319,362	9,008,644
Total liabilities and equity		$ 18,832,407	$ 18,102,035
[1] See Note 2 for details related to variable interest entities (“VIEs”).

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
W. P. Carey stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	450,000,000	450,000,000
Common stock, shares issued (shares)	213,890,620	210,620,949
Common stock, shares outstanding (shares)	213,890,620	210,620,949

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate:
Lease revenues	$ 352,336	$ 307,725
Investment Management:
Revenues	427,790	348,438
Operating Expenses
Depreciation and amortization	156,409	115,393
General and administrative	26,448	23,084
Reimbursable tenant costs	21,976	16,960
Operating property expenses	21,249	2,787
Property expenses, excluding reimbursable tenant costs	12,772	13,779
Stock-based compensation expense	7,766	7,833
Reimbursable costs from affiliates	101	927
Merger and other expenses	24	(2,322)
Impairment charges — real estate	0	20,179
Total operating expenses	246,745	198,620
Other Income and Expenses
Gain on sale of real estate, net	177,749	11,248
Interest expense	(67,196)	(46,053)
Other gains and (losses)	8,100	35,745
Earnings from equity method investments	5,236	4,772
Non-operating income	4,626	8,546
Total other income and expenses	128,515	14,258
Income before income taxes	309,560	164,076
Provision for income taxes	(15,119)	(7,083)
Net Income	294,441	156,993
Net (income) loss attributable to noncontrolling interests	(61)	2
Net Income Attributable to W. P. Carey	$ 294,380	$ 156,995
Basic earnings per share (usd per share)	$ 1.39	$ 0.82
Diluted earnings per share (usd per share)	$ 1.39	$ 0.82
Weighted-Average Shares Outstanding
Basic (in shares)	211,951,930	191,911,414
Diluted (in shares)	212,345,047	192,416,642
Real Estate
Real Estate:
Lease revenues	$ 352,336	$ 307,725
Income from finance leases and loans receivable	20,755	18,379
Operating property revenues	40,886	3,865
Other lease-related income	13,373	14,122
Investment Management:
Operating property revenues	40,886	3,865
Revenues	427,350	344,091
Operating Expenses
Depreciation and amortization	156,409	115,393
General and administrative	26,448	23,084
Reimbursable tenant costs	21,976	16,960
Operating property expenses	21,249	2,787
Property expenses, excluding reimbursable tenant costs	12,772	13,779
Stock-based compensation expense	7,766	7,833
Merger and other expenses	24	(2,325)
Impairment charges — real estate	0	20,179
Total operating expenses	246,644	197,690
Other Income and Expenses
Gain on sale of real estate, net	177,749	11,248
Interest expense	(67,196)	(46,053)
Other gains and (losses)	7,586	34,418
Earnings from equity method investments	5,236	(787)
Non-operating income	4,613	8,542
Total other income and expenses	127,988	7,368
Income before income taxes	308,694	153,769
Provision for income taxes	(15,402)	(6,913)
Net Income	293,292	146,856
Net (income) loss attributable to noncontrolling interests	(61)	2
Net Income Attributable to W. P. Carey	293,231	146,858
Investment Management
Real Estate:
Operating property revenues	440	4,347
Investment Management:
Operating property revenues	440	4,347
Revenues	440	4,347
Operating Expenses
Reimbursable costs from affiliates	101	927
Merger and other expenses	0	3
Total operating expenses	101	930
Other Income and Expenses
Other gains and (losses)	514	1,327
Earnings from equity method investments	0	5,559
Non-operating income	13	4
Total other income and expenses	527	6,890
Income before income taxes	866	10,307
Provision for income taxes	283	(170)
Net Income Attributable to W. P. Carey	1,149	10,137
Investment Management | Asset management revenue
Real Estate:
Operating property revenues	339	3,420
Investment Management:
Operating property revenues	339	3,420
Investment Management | Reimbursable costs from affiliates
Real Estate:
Operating property revenues	101	927
Investment Management:
Operating property revenues	$ 101	$ 927

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 294,441	$ 156,993
Other Comprehensive Loss
Unrealized (loss) gain on derivative instruments	(7,263)	7,370
Foreign currency translation adjustments	6,457	(9,152)
Reclassification of unrealized gain on investments to net income	0	(18,688)
Other Comprehensive Loss	(806)	(20,470)
Comprehensive Income	293,635	136,523
Amounts Attributable to Noncontrolling Interests
Net Income (Loss) Attributable to Noncontrolling Interest	(61)	2
Foreign currency translation adjustments	28	0
Comprehensive (income) loss attributable to noncontrolling interests	(33)	2
Comprehensive Income Attributable to W. P. Carey	$ 293,602	$ 136,525

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Total W.P. Carey Stockholders	$0.001 Par Value Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Deferred Compensation Obligation	Accumulated Other Comprehensive Loss	Noncontrolling interests
Beginning equity balance at Dec. 31, 2021	$ 7,583,451	$ 7,581,785	$ 190	$ 9,977,686	$ (2,224,231)	$ 49,810	$ (221,670)	$ 1,666
Beginning equity balance, shares at Dec. 31, 2021			190,013,751
W.P. Carey Stockholders
Shares issued under ATM Program, net	178,965	178,965	$ 2	178,963
Shares issued under ATM Program, net, shares			2,249,227
Shares issued upon delivery of vested restricted share awards	(6,600)	(6,600)		(6,600)
Shares issued upon delivery of vested restricted share awards, shares			131,982
Amortization of stock-based compensation expense	7,833	7,833		7,833
Deferral of vested shares, net	0			(6,836)		6,836
Distributions to noncontrolling interests	(14)							(14)
Dividends declared	(205,497)	(205,497)		1,380	(207,383)	506
Net income	156,993	156,995			156,995			(2)
Other comprehensive income (loss):
Unrealized (loss) gain on derivative instruments	7,370	7,370					7,370
Foreign currency translation adjustments	(9,152)	(9,152)					(9,152)
Reclassification of unrealized gain on investments to net income	(18,688)	(18,688)					(18,688)
Ending equity balance at Mar. 31, 2022	7,694,661	7,693,011	$ 192	10,152,426	(2,274,619)	57,152	(242,140)	1,650
Ending equity balance, shares at Mar. 31, 2022			192,394,960
Beginning equity balance at Dec. 31, 2022	$ 9,008,644	8,993,646	$ 211	11,706,836	(2,486,633)	57,012	(283,780)	14,998
Beginning equity balance, shares at Dec. 31, 2022	210,620,949		210,620,949
W.P. Carey Stockholders
Shares issued under ATM Program, net	$ 249,863	249,863	$ 3	249,860
Shares issued under ATM Program, net, shares			3,081,867
Shares issued upon delivery of vested restricted share awards	(13,326)	(13,326)		(13,326)
Shares issued upon delivery of vested restricted share awards, shares			187,804
Amortization of stock-based compensation expense	7,766	7,766		7,766
Deferral of vested shares, net	0			(4,521)		4,521
Contributions from noncontrolling interests	2,886							2,886
Distributions to noncontrolling interests	(136)							(136)
Dividends declared	(229,970)	(229,970)		2,295	(232,778)	513
Net income	294,441	294,380			294,380			61
Other comprehensive income (loss):
Unrealized (loss) gain on derivative instruments	(7,263)	(7,263)					(7,263)
Foreign currency translation adjustments	6,457	6,485					6,485	(28)
Reclassification of unrealized gain on investments to net income	0
Ending equity balance at Mar. 31, 2023	$ 9,319,362	$ 9,301,581	$ 214	$ 11,948,910	$ (2,425,031)	$ 62,046	$ (284,558)	$ 17,781
Ending equity balance, shares at Mar. 31, 2023	213,890,620		213,890,620

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.067	$ 1.057

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows — Operating Activities
Net income	$ 294,441	$ 156,993
Adjustments to net income:
Gain on sale of real estate, net	(177,749)	(11,248)
Depreciation and amortization, including intangible assets and deferred financing costs	161,314	119,136
Straight-line rent adjustments	(15,948)	(11,763)
Amortization of rent-related intangibles and deferred rental revenue	10,765	11,639
Stock-based compensation expense	7,766	7,833
Distributions of earnings from equity method investments	5,248	5,972
Earnings from equity method investments	(5,236)	(4,772)
Net realized and unrealized gains on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other	(4,755)	(35,172)
Deferred income tax expense (benefit)	4,366	(1,242)
(Decrease) increase in allowance for credit losses	(3,420)	773
Impairment charges — real estate	0	20,179
Asset management revenue received in shares of CPA:18 – Global	0	(1,024)
Net changes in other operating assets and liabilities	5,935	(21,422)
Net Cash Provided by Operating Activities	282,727	235,882
Cash Flows — Investing Activities
Investment deposit (Note 16)	(467,075)	0
Purchases of real estate	(143,645)	(265,426)
Proceeds from sales of real estate	41,025	26,684
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(35,221)	(21,767)
Tenant-funded escrow for investing activities	29,787	0
Capital contributions to equity method investments	(13,716)	(17,960)
Other investing activities, net	1,101	(6,011)
Return of capital from equity method investments	472	1,426
Proceeds from redemption of WLT preferred stock (Note 8)	0	65,000
Funding of short-term loans to affiliates	0	(18,000)
Proceeds from repayment of short-term loans to affiliates	0	7,000
Net Cash Used in Investing Activities	(587,272)	(229,054)
Cash Flows — Financing Activities
Proceeds from Unsecured Revolving Credit Facility	1,018,971	275,331
Repayments of Unsecured Revolving Credit Facility	(635,648)	(196,840)
Proceeds from shares issued under ATM Program, net of selling costs	249,943	178,994
Dividends paid	(226,697)	(203,131)
Prepayments of mortgage principal	(52,876)	(8,050)
Scheduled payments of mortgage principal	(37,387)	(6,437)
Payments for withholding taxes upon delivery of equity-based awards	(13,326)	(6,599)
Contributions from noncontrolling interests	2,886	0
Other financing activities, net	1,444	2,443
Distributions to noncontrolling interests	(136)	(14)
Net Cash Provided by Financing Activities	307,174	35,697
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	4,061	(1,844)
Net increase in cash and cash equivalents and restricted cash	6,690	40,681
Cash and cash equivalents and restricted cash, beginning of period	224,141	217,950
Cash and cash equivalents and restricted cash, end of period	$ 230,831	$ 258,631

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization W. P. Carey Inc. (“W. P. Carey”) is a REIT that, together with our consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in the United States and Northern and Western Europe on a long-term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property. Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.” We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on 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 also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. Through our taxable REIT subsidiaries (“TRSs”), we also earn revenue as the advisor to certain non-traded investment programs. We hold substantially all of our real estate assets under the REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs. On August 1, 2022, a non-traded REIT that we advised, Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”) merged with and into one of our indirect subsidiaries (the “CPA:18 Merger”). At March 31, 2023, we were the advisor to Carey European Student Housing Fund I, L.P. (“CESH”), a limited partnership formed for the purpose of developing, owning, and operating student housing properties in Europe ( Note 3 ). We refer to CPA:18 – Global (prior to the CPA:18 Merger) and CESH collectively as the “Managed Programs.” We no longer raise capital for new or existing funds, but currently expect to continue managing CESH through the end of its life cycle ( Note 3 ). Reportable Segments Real Estate — Lease revenues from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United States and Northern and Western Europe, which are leased to companies on a triple-net lease basis. At March 31, 2023, our portfolio was comprised of our full or partial ownership interests in 1,446 properties, totaling approximately 176 million square feet, substantially all of which were net leased to 397 tenants, with a weighted-average lease term of 10.9 years and an occupancy rate of 99.2%. In addition, at March 31, 2023, our portfolio was comprised of full or partial ownership interests in 99 operating properties, including 84 self-storage properties, 13 hotels, and two student housing properties, totaling approximately 7.6 million square feet. Investment Management — Through our TRSs, we manage the real estate investment portfolio for CESH, for which we earn asset management revenue. We may also be entitled to receive certain distributions pursuant to our advisory arrangements with CESH. At March 31, 2023, CESH wholly owned (i) two net-leased properties, totaling approximately 0.2 million square feet, both of which were leased to one tenant, with an occupancy rate of 100.0%, and (ii) one build-to-suit project.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair presentation of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2022, which are included in the 2022 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. 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 are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2022 Annual Report. At both March 31, 2023 and December 31, 2022, we considered 16 entities to be VIEs, of which we consolidated 11, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands): March 31, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 172,965 $ 590,390 Land, buildings and improvements — operating properties 167,185 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 35,242 72,070 Above-market rent intangible assets 11,098 33,634 Accumulated depreciation and amortization (23,629) (176,379) Total assets 997,341 843,500 Non-recourse mortgages, net $ 58,109 $ 132,950 Below-market rent and other intangible liabilities, net 35 18,891 Total liabilities 104,738 199,633 At both March 31, 2023 and December 31, 2022, our five unconsolidated VIEs included our interests in (i) three unconsolidated real estate investments, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), and (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. As of March 31, 2023, and December 31, 2022, the net carrying amount of our investments in these entities was $705.5 million and $693.4 million, respectively, and our maximum exposure to loss in these entities was limited to our investments. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Amounts due from affiliates are now included within Other assets, net in the consolidated balance sheets. Previously, such amounts were included within Due from affiliates in the consolidated balance sheets. Revenue Recognition There have been no significant changes in our policies for revenue from contracts under Accounting Standards Codification (“ASC”) 606 from what was disclosed in the 2022 Annual Report. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to revenues generated from our hotel operating properties and our Investment Management segment. Revenue from contracts for our Real Estate segment primarily represented hotel operating property revenues of $15.5 million and $2.2 million for the three months ended March 31, 2023 and 2022, respectively, generated from 13 hotels located in the United States (12 of which were reclassified from net leases to operating properties in the first quarter of 2023 ( Note 4 )). Revenue from contracts under ASC 606 from our Investment Management segment is discussed in Note 3 . Lease revenue (including straight-line lease revenue) is only recognized when deemed probable of collection. Collectibility is assessed for each tenant receivable using various criteria including credit ratings ( Note 5 ), guarantees, past collection issues, and the current economic and business environment affecting the tenant. If collectibility of the contractual rent stream is not deemed probable, revenue will only be recognized upon receipt of cash from the tenant. Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2023 December 31, 2022 Cash and cash equivalents $ 147,939 $ 167,996 Restricted cash (a) 82,892 56,145 Total cash and cash equivalents and restricted cash $ 230,831 $ 224,141 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. Reference Rate Reform During the first quarter of 2023, we applied the guidance in ASC 848, Reference Rate Reform and elected the practical expedient to transition certain contracts that reference London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”), including our Senior Unsecured Credit Facility ( Note 10 ) and certain derivative instruments. The application of this guidance did not have a material impact on our consolidated financial statements.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Advisory Agreements and Partnership Agreements with the Managed Programs We currently have advisory arrangements with CESH, pursuant to which we earn fees and are entitled to receive reimbursement for certain fund management expenses. Upon completion of the CPA:18 Merger on August 1, 2022 ( Note 1 ), our advisory agreements with CPA:18 – Global were terminated, and we ceased earning revenue from CPA:18 – Global. We no longer raise capital for new or existing funds, but we currently expect to continue to manage CESH and earn various fees (as described below) through the end of its life cycle. The following tables present a summary of revenue earned, reimbursable costs, and distributions of Available Cash received/accrued from the Managed Programs for the periods indicated, included in the consolidated financial statements (in thousands): Three Months Ended March 31, 2023 2022 Asset management revenue (a) (b) $ 339 $ 3,420 Reimbursable costs from affiliates (a) 101 927 Distributions of Available Cash (c) — 2,587 Interest income on deferred acquisition fees and loans to affiliates (d) — 33 $ 440 $ 6,967 Three Months Ended March 31, 2023 2022 CESH $ 440 $ 516 CPA:18 – Global — 6,451 $ 440 $ 6,967 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Asset management revenue in the consolidated statements of income. (c) Included within Earnings from equity method investments in the consolidated statements of income. (d) Included within Non-operating income in the consolidated statements of income. The following table presents a summary of amounts due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands): March 31, 2023 December 31, 2022 Asset management fees receivable $ 732 $ 386 Reimbursable costs 201 204 Accounts receivable 185 329 $ 1,118 $ 919 Asset Management Revenue Under the advisory agreement with CESH, we earn asset management revenue at a rate of 1.0% based on its gross assets at fair value, paid in cash. After completion of the CPA:18 Merger on August 1, 2022, we no longer receive asset management revenue from CPA:18 – Global. Reimbursable Costs from Affiliates CESH reimburses us in cash for certain personnel and overhead costs that we incur on its behalf, based on actual expenses incurred. Distributions of Available Cash We were entitled to receive distributions of up to 10% of the Available Cash (as defined in CPA:18 – Global’s partnership agreement) from the operating partnership of CPA:18 – Global, payable quarterly in arrears. After completion of the CPA:18 Merger on August 1, 2022, we no longer receive distributions of Available Cash from CPA:18 – Global. Back-End Fees and Interests in the Managed Programs Under our advisory arrangements with CESH, we may also receive compensation in connection with providing a liquidity event for its investors. Such back-end fees or interests include interests in disposition proceeds. There can be no assurance as to whether or when any back-end fees or interests will be realized. Other Transactions with Affiliates Loans to Affiliates From time to time, our board of directors has approved the making of secured and unsecured loans or lines of credit from us to certain of the Managed Programs, at our sole discretion, generally for the purpose of facilitating acquisitions or for working capital purposes. The loan agreement with CPA:18 – Global was terminated upon completion of the CPA:18 Merger on August 1, 2022. No such line of credit with CESH existed during the reporting period. Other At March 31, 2023, we owned interests in ten jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate six such investments and account for the remaining four investments under the equity method of accounting ( Note 7 ). In addition, we owned limited partnership units of CESH at that date. We elected to account for our investment in CESH under the fair value option ( Note 7 ).

Land, Buildings and Improvement

Land, Buildings and Improvements and Assets Held for Sale	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Land, Buildings and Improvements and Assets Held for Sale	Land, Buildings and Improvements, and Assets Held for Sale Land, Buildings and Improvements — Net Lease and Other Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands): March 31, 2023 December 31, 2022 Land $ 2,335,399 $ 2,400,002 Buildings and improvements 10,566,418 10,916,630 Real estate under construction 32,862 22,225 Less: Accumulated depreciation (1,591,780) (1,672,091) $ 11,342,899 $ 11,666,766 During the three months ended March 31, 2023, the U.S. dollar weakened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro increased by 2.0% to $1.0875 from $1.0666. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements — net lease and other increased by $66.4 million from December 31, 2022 to March 31, 2023. During the three months ended March 31, 2023, we reclassified a portfolio of 78 properties classified as Land, buildings and improvements — net lease and other to Net investments in finance leases and loans receivable due to the tenant’s notice of intention to exercise a purchase option. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $288.2 million from December 31, 2022 to March 31, 2023 ( Note 5 ). On January 31, 2023, the master lease expired on certain hotel properties previously classified as net-lease properties, which converted to operating properties. As a result, in February 2023, we reclassified 12 consolidated hotel properties with an aggregate carrying value of $164.6 million from Land, buildings and improvements — net lease and other to Land, buildings and improvements — operating properties. Effective as of that time, we began recognizing operating property revenues and expenses from these properties, whereas previously we recognized lease revenues from these properties. In connection with a change in lease classification due to an extension of the underlying lease, we reclassified one property with an aggregate carrying value of $10.9 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other during the three months ended March 31, 2023 ( Note 5 ). Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $91.3 million and $72.0 million for the three months ended March 31, 2023 and 2022, respectively. Acquisitions of Real Estate During the three months ended March 31, 2023, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Capitalized Costs Various, United States 6 1/12/2023 Industrial $ 64,861 Various, Italy (5 properties) and Spain (3 properties) (a) 8 3/23/2023 Industrial 79,218 14 $ 144,079 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 32,671 Buildings and improvements 99,140 Intangible assets: In-place lease (weighted-average expected life of 24.5 years) 19,150 Prepaid rent liabilities (6,882) $ 144,079 Real Estate Under Construction During the three months ended March 31, 2023, we capitalized real estate under construction totaling $34.1 million. The number of construction projects in progress with balances included in real estate under construction was nine and eight as of March 31, 2023 and December 31, 2022, respectively. Aggregate unfunded commitments totaled approximately $60.7 million and $61.1 million as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023, we completed the following construction projects (dollars in thousands): Property Location(s) Primary Transaction Type Number of Properties Date of Completion Property Type Total Capitalized Costs Evansville, Indiana and Lawrence, Kansas Renovation 2 3/23/2023 Industrial $ 20,637 2 $ 20,637 During the three months ended March 31, 2023, we committed to fund a redevelopment project for $15.1 million. We currently expect to complete the project in the fourth quarter of 2023. Capitalized interest incurred during construction was $0.1 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively, which reduces Interest expense in the consolidated statements of income. Dispositions of Properties During the three months ended March 31, 2023, we sold three properties, which were classified as Land, buildings and improvements — net lease and other. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $23.7 million from December 31, 2022 to March 31, 2023 ( Note 14 ). Other Lease-Related income 2023 — For the three months ended March 31, 2023, other lease-related income on our consolidated statements of income included: (i) lease termination income totaling $11.4 million received from two tenants in connection with the sales of the properties they occupied and (ii) other lease-related settlements totaling $1.3 million. 2022 — For the three months ended March 31, 2022, other lease-related income on our consolidated statements of income included: (i) lease termination income of $8.2 million received from a tenant; (ii) other lease-related settlements totaling $4.7 million; and (iii) income from a parking garage attached to one of our net-leased properties totaling $0.6 million. Leases Operating Lease Income Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands): Three Months Ended March 31, 2023 2022 Lease income — fixed $ 308,066 $ 276,141 Lease income — variable (a) 44,270 31,584 Total operating lease income $ 352,336 $ 307,725 __________ (a) Includes (i) rent increases based on changes in the U.S. Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. Land, Buildings and Improvements — Operating Properties At March 31, 2023, Land, buildings and improvements — operating properties consisted of our investments in 75 consolidated self-storage properties, 13 consolidated hotels, and two consolidated student housing properties. At December 31, 2022, Land, buildings and improvements — operating properties consisted of our investments in 75 consolidated self-storage properties, two consolidated student housing properties, and one consolidated hotel. Below is a summary of our Land, buildings and improvements — operating properties (in thousands): March 31, 2023 December 31, 2022 Land $ 152,416 $ 122,317 Buildings and improvements 1,170,631 955,009 Real estate under construction — 18,566 Less: Accumulated depreciation (91,933) (28,295) $ 1,231,114 $ 1,067,597 As described above under Land, Buildings and Improvements — Net Lease and Other , on January 31, 2023, the master lease expired on certain hotel properties previously classified as net-lease properties, which converted to operating properties. As a result, in February 2023, we reclassified 12 consolidated hotel properties with an aggregate carrying value of $164.6 million from Land, buildings and improvements — net lease and other to Land, buildings and improvements — operating properties. During the three months ended March 31, 2023, we completed a student housing development project and reclassified $21.4 million from real estate under construction to buildings and improvements attributable to operating properties. Depreciation expense on our buildings and improvements attributable to operating properties was $7.2 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively. Assets Held for Sale, Net Below is a summary of our properties held for sale (in thousands): March 31, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 34,708 $ 47,134 In-place lease intangible assets and other 8,139 10,854 Above-market rent intangible assets 191 3,210 Accumulated depreciation and amortization — (3,254) Assets held for sale, net $ 43,038 $ 57,944 At March 31, 2023, we had one property classified as Assets held for sale, net, with a carrying value of $43.0 million. At December 31, 2022 we had three properties classified as Assets held for sale, net, with an aggregate carrying value of $57.9 million. Two of these properties were sold in the first quarter of 2023.

Finance Receivables

Finance Receivables	3 Months Ended
	Mar. 31, 2023
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 finance leases and loans receivable (net of allowance for credit losses). Operating leases are not included in finance receivables. Finance Receivables Net investments in finance leases and loans receivable are summarized as follows (in thousands): Maturity Date March 31, 2023 December 31, 2022 Net investments in direct financing leases (a) 2023 – 2036 $ 495,711 $ 498,313 Net investments in sales-type leases (b) 2024 451,421 — Sale-leaseback transactions accounted for as loans receivable (b) (c) 2038 – 2052 235,963 234,198 Secured loans receivable (d) 2023 – 2024 39,250 39,250 $ 1,222,345 $ 771,761 __________ (a) Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases . (b) These investments are assessed for credit loss allowances but no such allowances were recorded as of March 31, 2023 or December 31, 2022. (c) These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases . Maturity dates reflect the current lease maturity dates. (d) Amounts are net of allowance for credit losses of $2.1 million as of both March 31, 2023 and December 31, 2022. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): March 31, 2023 December 31, 2022 Lease payments receivable $ 320,246 $ 332,618 Unguaranteed residual value 465,626 470,839 785,872 803,457 Less: unearned income (284,849) (296,411) Less: allowance for credit losses (a) (5,312) (8,733) $ 495,711 $ 498,313 __________ (a) During the three months ended March 31, 2023 and 2022, we recorded a net release of allowance for credit losses of $3.4 million and a net allowance for credit losses of $0.8 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions and improved credit quality for certain tenants, which was included within Other gains and (losses) in our consolidated statements of income. Income from direct financing leases, which is included in Income from finance leases and loans receivable in the consolidated financial statements, was $12.7 million and $13.9 million for the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023, we reclassified one property with an aggregate carrying value of $10.9 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other in connection with a change in lease classification due to an extension of the underlying lease. During the three months ended March 31, 2023, the U.S. dollar weakened against the euro, resulting in a $7.1 million increase in the carrying value of Net investments in finance leases and loans receivable from December 31, 2022 to March 31, 2023. Net Investments in Sales-Type Leases On February 28, 2023, the tenant of our portfolio of 78 net-lease self-storage properties located in the United States provided notice of its intention to exercise its option to repurchase the properties. The purchase price will be calculated using the U.S. CPI as of the closing date, which is expected on or around March 31, 2024. In accordance with ASC 842, Leases , we reclassified these net-lease assets to net investments in sales-type leases totaling $451.4 million on our consolidated balance sheets as of March 31, 2023 (based on the present value of remaining rents and estimated purchase price, using the CPI rates as of the exercise notice date), since the tenant provided notice of its intention to exercise its purchase option. In connection with this transaction, we reclassified the following amounts to Net investments in finance leases and loans receivable: (i) $393.7 million from Land, buildings and improvements — net lease and other, (ii) $36.6 million from In-place lease intangible assets and other, (iii) $22.4 million from Above-market rent intangible assets, (iv) $18.5 million from Below-market rent and other intangible liabilities, net, and (v) $159.0 million from Accumulated depreciation and amortization. We recognized an aggregate Gain on sale of real estate, net, of $176.2 million during the three months ended March 31, 2023 related to this transaction. Earnings from our net investments in sales-type leases are included in Income from finance leases and loans receivable in the consolidated financial statements, and totaled $3.2 million for the three months ended March 31, 2023. Prior to this reclassification to net investments in sales-type leases, earnings from this investment were recognized in Lease revenues in the consolidated financial statements. Net investments in sales-type leases is summarized as follows (in thousands): March 31, 2023 December 31, 2022 Lease payments receivable (a) $ 490,172 $ — 490,172 — Less: unearned income (38,751) — $ 451,421 $ — __________ (a) Includes estimated purchase price and total rents owed. Loans Receivable Earnings from our loans receivable are included in Income from finance leases and loans receivable in the consolidated financial statements, and totaled $4.8 million and $4.5 million for the three months ended March 31, 2023 and 2022, respectively. Credit Quality of Finance Receivables We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. During the three months ended March 31, 2023, we reclassified certain assets to net investments in sales-type leases (which are considered finance receivables), as described above under Net Investments in Sales-Type Leases . At both March 31, 2023 and December 31, 2022, no material balances of our finance receivables were past due. Other than the lease extension noted under Net Investments in Direct Financing Leases above, there were no material modifications of finance receivables during the three months ended March 31, 2023. 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. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates a range of inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly. A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands): Number of Tenants / Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 1 – 3 19 19 $ 1,107,070 $ 664,761 4 8 8 122,687 117,833 5 — — — — $ 1,229,757 $ 782,594

Goodwill and Other Intangibles

Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2023
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles We have recorded lease and internal-use software development intangibles that are being amortized over periods ranging from one year to 48 years. In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements. Net lease intangibles recorded in connection with property acquisitions during the three months ended March 31, 2023 are described in Note 4 . Goodwill increased by $0.4 million during the three months ended March 31, 2023 due to foreign currency translation adjustments, and was fully reflected within our Real Estate segment as of both March 31, 2023 and December 31, 2022. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): March 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Internal-use software development costs $ 20,052 $ (19,239) $ 813 $ 19,812 $ (19,144) $ 668 20,052 (19,239) 813 19,812 (19,144) 668 Lease Intangibles: In-place lease 2,474,503 (1,044,778) 1,429,725 2,523,318 (1,061,235) 1,462,083 Above-market rent 807,790 (497,085) 310,705 833,751 (507,436) 326,315 3,282,293 (1,541,863) 1,740,430 3,357,069 (1,568,671) 1,788,398 Goodwill Goodwill 1,037,819 — 1,037,819 1,037,412 — 1,037,412 Total intangible assets $ 4,340,164 $ (1,561,102) $ 2,779,062 $ 4,414,293 $ (1,587,815) $ 2,826,478 Finite-Lived Intangible Liabilities Below-market rent $ (234,220) $ 72,372 $ (161,848) $ (293,160) $ 125,287 $ (167,873) Indefinite-Lived Intangible Liabilities Below-market purchase option — — — (16,711) — (16,711) Total intangible liabilities $ (234,220) $ 72,372 $ (161,848) $ (309,871) $ 125,287 $ (184,584) During the three months ended March 31, 2023, the U.S. dollar weakened against the euro, resulting in an increase of $10.5 million in the carrying value of our net intangible assets from December 31, 2022 to March 31, 2023. See Note 5 for a description of intangible assets and liabilities reclassified to net investments in sales-type leases during the three months ended March 31, 2023. Net amortization of intangibles, including the effect of foreign currency translation, was $67.5 million and $52.7 million for the three months ended March 31, 2023 and 2022, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments We own interests in certain unconsolidated real estate investments with third parties and in the Managed Programs. There have been no significant changes in our equity method investment policies from what was disclosed in the 2022 Annual Report. Interests in Unconsolidated Real Estate Investments We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with affiliates or third parties. We account for these investments under the equity method of accounting. Operating results of our unconsolidated real estate investments are included in the Real Estate segment. The following table sets forth our ownership interests in our equity method investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Carrying Value at Lessee/Fund/Description Co-owner Ownership Interest March 31, 2023 December 31, 2022 Las Vegas Retail Complex (a) Third Party N/A $ 209,607 $ 196,352 Johnson Self Storage Third Party 90% 65,236 65,707 Kesko Senukai (b) Third Party 70% 39,536 38,569 Harmon Retail Corner (c) Third Party 15% 24,475 24,649 $ 338,854 $ 325,277 __________ (a) On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of March 31, 2023) for a retail complex in Las Vegas, Nevada. Through March 31, 2023, we funded $206.9 million, including $13.7 million during the three months ended March 31, 2023. Equity income from this investment was $3.3 million and $1.6 million for the three months ended March 31, 2023 and 2022, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income. (b) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (c) This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement. We received aggregate distributions of $5.7 million and $4.3 million from our unconsolidated real estate investments for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023 and December 31, 2022, the aggregate unamortized basis differences on our unconsolidated real estate investments were $18.8 million and $19.1 million, respectively. Managed Programs We own interests in the Managed Programs and account for these interests under the equity method because, as their advisor, we do not exert control over, but we do have the ability to exercise significant influence over, the Managed Programs. Operating results of the Managed Programs are included in the Investment Management segment. CPA:18 – Global — On August 1, 2022, we acquired all of the remaining interests in CPA:18 – Global and the CPA:18 – Global operating partnership in the CPA:18 Merger ( Note 1 ). We received distributions from this investment during the three months ended March 31, 2022 of $0.5 million. We received distributions from our investment in the CPA:18 – Global operating partnership during the three months ended March 31, 2022 of $2.6 million ( Note 3 ). CESH — We have elected to account for our investment in 2.43% of CESH at fair value by selecting the equity method fair value option available under GAAP. We record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of March 31, 2023 is based on the estimated fair value of our investment as of December 31, 2022. The carrying amount of our investment in CESH was $2.3 million and $2.2 million as of March 31, 2023 and December 31, 2022, respectively. We received distributions from this investment during the three months ended March 31, 2023 and 2022 of $0.5 million and $1.2 million, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 collars; 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. Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of foreign currency collars, interest rate swaps, interest rate caps, and stock warrants ( Note 9 ). The valuation of our derivative instruments (excluding stock warrants) is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments 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 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. Equity Method Investment in CESH — We have elected to account for our investment in CESH, which is included in Equity method investments in the consolidated financial statements, at fair value by selecting the equity method fair value option available under GAAP ( Note 7 ). We classified this investment as Level 3 because we primarily used valuation models that incorporate unobservable inputs to determine its fair value. Investment in Shares of Lineage Logistics — We have elected to apply the measurement alternative under Accounting Standards Update 2016-01, Financial Instruments — Overall (Subtopic 825-10) to account for our investment in shares of Lineage Logistics (a cold storage REIT), which is included in Other assets, net in the consolidated financial statements. Under this alternative, the carrying value is adjusted for any impairments or changes in fair value resulting from observable transactions for similar or identical investments in the issuer. We classified this investment as Level 3 because it is not traded in an active market. During the three months ended March 31, 2022, we received cash dividends of $4.3 million from our investment in shares of Lineage Logistics, which was recorded within Non-operating income in the consolidated financial statements. The fair value of this investment was $404.9 million at both March 31, 2023 and December 31, 2022. Investment in Shares of GCIF — We account for our investment in shares of Guggenheim Credit Income Fund (“GCIF”), which is included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 2 because we used a quoted price from an inactive market to determine its fair value. During the three months ended March 31, 2023, we received liquidating distributions from our investment in shares of GCIF totaling $0.5 million, which reduced the cost basis of our investment (in March 2021, GCIF announced its intention to liquidate and to distribute substantially all of its assets). The fair value of our investment in shares of GCIF was $1.2 million and $1.7 million at March 31, 2023 and December 31, 2022, respectively. Investment in Preferred Shares of WLT — In January 2022, Watermark Lodging Trust, Inc. (“WLT”) redeemed in full our 1,300,000 shares of its preferred stock for gross proceeds of $65.0 million (based on the liquidation preference of $50.00 per share). In connection with this redemption, we reclassified an unrealized gain on this investment of $18.7 million from Accumulated other comprehensive loss to Other gains and (losses) in the consolidated financial statements ( Note 12 ). Prior to this redemption, we accounted for this investment, which was included in Other assets, net in the consolidated financial statements, as available-for-sale debt securities at fair value (Level 3). During the three months ended March 31, 2022, we received cash dividends of $0.9 million from our investment in preferred shares of WLT, which was recorded within Non-operating income in the consolidated financial statements. Investment in Common Shares of WLT — In January 2022, we reclassified our investment in 12,208,243 shares of common stock of WLT from equity method investments to equity securities, since we no longer had significant influence over WLT, following the redemption of our investment in preferred shares of WLT, as described above. As a result, we accounted for this investment, which was included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 3 because it was not traded in an active market. We recognized non-cash unrealized gains of $28.0 million on our investment in common shares of WLT during the three months ended March 31, 2022, reflecting the most recently published net asset value of WLT, which was recorded within Other gains and (losses) in the consolidated financial statements. WLT completed its previously announced sale to private real estate funds in October 2022 and we received $82.6 million in cash proceeds. We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the three months ended March 31, 2023 or 2022. Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our consolidated financial statements. Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 5,978,499 $ 5,328,938 $ 5,916,400 $ 5,238,588 Non-recourse mortgages, net (a) (b) (d) 3 1,043,808 1,030,700 1,132,417 1,109,449 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $24.8 million and $25.9 million at March 31, 2023 and December 31, 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of less than $0.1 million at both March 31, 2023 and December 31, 2022. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $23.2 million and $24.1 million at March 31, 2023 and December 31, 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $9.2 million and $10.3 million at March 31, 2023 and December 31, 2022, respectively. (c) For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes ( Note 10 )), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category. (d) We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. We estimated that our other financial assets and liabilities, including amounts outstanding under our Senior Unsecured Credit Facility ( Note 10 ), but excluding finance receivables ( Note 5 ), had fair values that approximated their carrying values at both March 31, 2023 and December 31, 2022. 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. There have been no significant changes in our impairment policies from what was disclosed in the 2022 Annual Report. The following tables present information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Three Months Ended March 31, 2023 2022 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate and intangibles $ — $ — $ 14,227 $ 20,179 $ — $ 20,179 Impairment charges, and their related triggering events and fair value measurements, recognized during the three months ended March 31, 2023 and 2022 were as follows: Real Estate and Intangibles The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of income. During the three months ended March 31, 2022, we recognized an impairment charge of $10.9 million on a property in order to reduce its carrying value to its estimated fair value, which declined due to changes in expected cash flows related to the existing tenant’s lease expiration in 2023. The fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the cash flow discount rate (14.0%) and terminal capitalization rate (11.0%) In March 2022, we entered into a transaction to restructure certain leases with Pendragon PLC (a tenant at certain automotive dealerships in the United Kingdom). Under this restructuring, we extended the leases on 30 properties by 11 years (no change to rent) and entered into an agreement to dispose of 12 properties, with the tenant continuing to pay rent until the earlier of sale date or certain specified dates over the following 12 months. As a result, during the three months ended March 31, 2022, we recognized impairment charges totaling $9.3 million on six of these properties in order to reduce the carrying values of the properties to their estimated fair values. The fair value measurements for the properties were determined using a direct capitalization rate analysis; the capitalization rate for the various scenarios ranged from 4.75% to 10.00%.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
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 our Senior Unsecured Credit Facility ( Note 10 ) and unhedged variable-rate non-recourse mortgage loans. 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, Senior Unsecured Notes, other securities, and the limited partnership units we hold in CESH, due to changes in interest rates or other market factors. We own investments in North America, Europe, and Japan and are subject to risks associated with fluctuating foreign currency exchange rates. Derivative Financial Instruments There have been no significant changes in our derivative financial instrument policies from what was disclosed in the 2022 Annual Report. At both March 31, 2023 and December 31, 2022, no cash collateral had been posted nor received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Foreign currency collars Other assets, net $ 26,663 $ 32,631 $ — $ — Interest rate swaps Other assets, net 2,040 2,679 — — Interest rate cap Other assets, net 6 14 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,703) (1,445) 28,709 35,324 (1,703) (1,445) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 3,950 3,950 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (387) (248) 3,950 3,950 (387) (248) Total derivatives $ 32,659 $ 39,274 $ (2,090) $ (1,693) The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (a) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2023 2022 Foreign currency collars $ (6,226) $ 5,198 Interest rate swaps (630) 781 Interest rate cap (7) 3 Total $ (6,863) $ 5,982 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2023 2022 Foreign currency collars Non-operating income $ 4,305 $ 2,104 Interest rate swaps and cap Interest expense 370 (164) Total $ 4,675 $ 1,940 __________ (a) Excludes net losses of $0.4 million and net gains of $1.4 million recognized on unconsolidated jointly owned investments for the three months ended March 31, 2023 and 2022, respectively. Amounts reported in Other comprehensive (loss) income related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive (loss) income related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of March 31, 2023, we estimate that an additional $1.5 million and $11.7 million will be reclassified as Interest expense and Non-operating income, respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2023 2022 Interest rate swaps Interest expense $ (406) $ 187 Foreign currency collars Non-operating income (199) 1,208 Derivatives Not in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) (139) 284 Total $ (744) $ 1,679 See below for information on our purposes for entering into derivative instruments. Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt financing on a fixed-rate basis. However, from time to time, we or our investment partners have obtained, and may in the future obtain, variable-rate, non-recourse mortgage loans and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of 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 notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding at March 31, 2023 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at (a) Designated as Cash Flow Hedging Instruments Interest rate swaps 2 45,663 EUR $ 1,050 Interest rate swaps 4 31,724 USD 990 Interest rate cap 1 10,374 EUR 6 $ 2,046 __________ (a) Fair value amounts are based on the exchange rate of the euro at March 31, 2023, as applicable. Foreign Currency Collars We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling and certain other currencies. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. 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. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency collars have maturities of 59 months or less. The following table presents the foreign currency collars that we had outstanding at March 31, 2023 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at March 31, 2023 Designated as Cash Flow Hedging Instruments Foreign currency collars 70 280,000 EUR $ 20,870 Foreign currency collars 61 39,220 GBP 4,090 Not Designated as Cash Flow Hedging Instruments Foreign currency collars 3 24,000 EUR (387) $ 24,573 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 March 31, 2023. At March 31, 2023, our total credit exposure and the maximum exposure to any single counterparty was $26.8 million and $4.5 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 March 31, 2023, 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 $2.1 million and $1.7 million at March 31, 2023 and December 31, 2022, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at March 31, 2023 or December 31, 2022, we could have been required to settle our obligations under these agreements at their aggregate termination value of $2.1 million and $1.7 million, respectively. Net Investment Hedges Certain borrowings under our Senior Unsecured Notes, Unsecured Revolving Credit Facility, and Unsecured Term Loans (all as defined in Note 10 ) denominated in euro, British pounds sterling, or Japanese yen are designated as, and are effective as, economic hedges of our net investments in foreign entities. Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro, Japanese yen, and British pound sterling borrowings under our Senior Unsecured Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Such (losses) gains related to non-derivative net investment hedges were $(71.5) million and $76.9 million for the three months ended March 31, 2023 and 2022, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Senior Unsecured Credit Facility As of December 31, 2022, we had a senior credit facility, which had capacity of approximately $2.4 billion, comprised of (i) a $1.8 billion unsecured revolving credit facility for our working capital needs, acquisitions, and other general corporate purposes (our “Unsecured Revolving Credit Facility”), (ii) a £270.0 million term loan (our “Term Loan”), and (iii) a €215.0 million delayed draw term loan (our “Delayed Draw Term Loan”). We refer to our Term Loan and Delayed Draw Term Loan collectively as the “Unsecured Term Loans” and the entire facility collectively as our “Senior Unsecured Credit Facility.” As of December 31, 2022, the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility was able to be increased up to an amount not to exceed the U.S. dollar equivalent of $2.75 billion, subject to the conditions to increase set forth in our credit agreement. In January 2023, we entered into a Third Amendment to the Credit Agreement to transition from LIBOR to SOFR. In connection with this amendment, we also increased the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility to an amount not to exceed the U.S. dollar equivalent of $3.05 billion, subject to the conditions to increase set forth in the credit agreement ( Note 2 ). The Senior Unsecured Credit Facility includes the ability to borrow in certain currencies other than U.S. dollars and has a maturity date of February 20, 2025. At March 31, 2023, our Unsecured Revolving Credit Facility had available capacity of approximately $1.1 billion (net of amounts reserved for standby letters of credit totaling $1.9 million). We incur an annual facility fee of 0.15% of the total commitment on our Unsecured Revolving Credit Facility, which is included within Interest expense in our consolidated statements of income. The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Interest Rate at March 31, 2023 (a) Maturity Date at March 31, 2023 Principal Outstanding Balance at Senior Unsecured Credit Facility March 31, 2023 December 31, 2022 Unsecured Revolving Credit Facility: Borrowing in euros (b) EURIBOR + 0.775% 2/20/2025 $ 411,075 $ 258,117 Borrowing in U.S. dollars (c) SOFR + 0.775% 2/20/2025 197,000 — Borrowing in British pounds sterling (d) (e) SONIA + 0.775% 2/20/2025 43,292 — Borrowing in Japanese yen (f) TIBOR + 0.775% 2/20/2025 18,096 18,275 669,463 276,392 Unsecured Term Loans: Term Loan — borrowing in British pounds sterling (d) (e) (g) SONIA + 0.85% 2/20/2025 333,968 324,695 Delayed Draw Term Loan — borrowing in euros (b) EURIBOR + 0.85% 2/20/2025 233,813 229,319 567,781 554,014 $ 1,237,244 $ 830,406 __________ (a) The applicable interest rate at March 31, 2023 was based on the credit rating for our Senior Unsecured Notes of BBB+/Baa1. (b) EURIBOR means Euro Interbank Offered Rate. (c) SOFR includes a spread adjustment of 0.10%. (d) SONIA means Sterling Overnight Index Average. (e) SONIA includes a spread adjustment of 0.0326%. (f) TIBOR means Tokyo Interbank Offered Rate. (g) Balance excludes unamortized discount of $1.3 million and $1.5 million at March 31, 2023 and December 31, 2022, respectively. Senior Unsecured Notes As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding of $6.0 billion at March 31, 2023 (the “Senior Unsecured Notes”). Interest on the Senior Unsecured Notes is payable annually or semi-annually in arrears. The Senior Unsecured Notes can be redeemed at par within three months of their respective maturities, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the applicable government bond yield plus 20 to 35 basis points. The following table presents a summary of our Senior Unsecured Notes outstanding at March 31, 2023 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date March 31, 2023 December 31, 2022 4.6% Senior Notes due 2024 3/14/2014 $ 500,000 4.6 % 4/1/2024 $ 500,000 $ 500,000 2.25% Senior Notes due 2024 1/19/2017 € 500,000 2.25 % 7/19/2024 543,750 533,300 4.0% Senior Notes due 2025 1/26/2015 $ 450,000 4.0 % 2/1/2025 450,000 450,000 2.25% Senior Notes due 2026 10/9/2018 € 500,000 2.25 % 4/9/2026 543,750 533,300 4.25% Senior Notes due 2026 9/12/2016 $ 350,000 4.25 % 10/1/2026 350,000 350,000 2.125% Senior Notes due 2027 3/6/2018 € 500,000 2.125 % 4/15/2027 543,750 533,300 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 543,750 533,300 3.85% Senior Notes due 2029 6/14/2019 $ 325,000 3.85 % 7/15/2029 325,000 325,000 3.41% Senior Notes due 2029 9/28/2022 € 150,000 3.41 % 9/28/2029 163,125 159,990 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 570,938 559,965 2.4% Senior Notes due 2031 10/14/2020 $ 500,000 2.4 % 2/1/2031 500,000 500,000 2.45% Senior Notes due 2032 10/15/2021 $ 350,000 2.45 % 2/1/2032 350,000 350,000 3.7% Senior Notes due 2032 9/28/2022 € 200,000 3.7 % 9/28/2032 217,500 213,320 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 $ 6,026,563 $ 5,966,475 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $24.8 million and $25.9 million, and unamortized discount totaling $23.2 million and $24.1 million, at March 31, 2023 and December 31, 2022, respectively. Covenants The Credit Agreement, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. There have been no significant changes in our debt covenants from what was disclosed in the 2022 Annual Report. We were in compliance with all of these covenants at March 31, 2023. Non-Recourse Mortgages At March 31, 2023, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.3% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.4% and 3.8%, respectively), with maturity dates ranging from April 2023 to April 2039. Repayments During the three months ended March 31, 2023, we (i) prepaid non-recourse mortgage loans totaling $52.9 million and (ii) repaid a non-recourse mortgage loan at maturity with a principal balance of approximately $28.5 million. We recognized a net gain on extinguishment of debt of $2.8 million on these repayments, which is included within Other gains and (losses) on our consolidated statements of income. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 6.6%. Foreign Currency Exchange Rate Impact During the three months ended March 31, 2023, the U.S. dollar weakened against the euro, resulting in an increase of $82.9 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2022 to March 31, 2023. Scheduled Debt Principal Payments Scheduled debt principal payments as of March 31, 2023 are as follows (in thousands): Years Ending December 31, Total 2023 (remainder) $ 325,558 2024 1,243,485 2025 2,107,612 2026 994,102 2027 544,418 Thereafter through 2039 3,101,706 Total principal payments 8,316,881 Unamortized discount, net (33,754) Unamortized deferred financing costs (24,879) Total $ 8,258,248 Certain amounts in the table above are based on the applicable foreign currency exchange rate at March 31, 2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesAt March 31, 2023, we were not involved in any material litigation. Various 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.

Stock-Based Compensation and Eq

Stock-Based Compensation and Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stock-Based Compensation and Equity	Stock-Based Compensation and Equity Stock-Based Compensation We maintain several stock-based compensation plans, which are more fully described in the 2022 Annual Report. There have been no significant changes to the terms and conditions of any of our stock-based compensation plans or arrangements during the three months ended March 31, 2023. We recorded stock-based compensation expense of $7.8 million during both the three months ended March 31, 2023 and 2022, which was included in Stock-based compensation expense in the consolidated financial statements. Restricted and Conditional Awards Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at March 31, 2023 and changes during the three months ended March 31, 2023 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Shares Weighted-Average Nonvested at January 1, 2023 376,298 $ 74.78 531,781 $ 89.14 Granted (a) 221,763 84.73 150,989 144.54 Vested (b) (143,337) 75.82 (218,147) 104.65 Forfeited — — — — Adjustment (c) — — 76,706 113.51 Nonvested at March 31, 2023 (d) 454,724 $ 79.31 541,329 $ 102.92 __________ (a) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the three months ended March 31, 2023, we used a risk-free interest rate of 3.8%, an expected volatility rate of 38.2%, and assumed a dividend yield of zero. (b) The grant date fair value of shares vested during the three months ended March 31, 2023 was $33.7 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At March 31, 2023 and December 31, 2022, we had an obligation to issue 1,196,957 and 1,181,947 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $62.0 million and $57.0 million, respectively. (c) Vesting and payment of the PSUs is conditioned upon certain company and/or 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 at March 31, 2023 to reflect the number of shares expected to be issued when the PSUs vest. (d) At March 31, 2023, total unrecognized compensation expense related to these awards was approximately $66.2 million, with an aggregate weighted-average remaining term of 2.4 years. Earnings Per Share The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended March 31, 2023 2022 Net income — basic and diluted $ 294,380 $ 156,995 Weighted-average shares outstanding — basic 211,951,930 191,911,414 Effect of dilutive securities 393,117 505,228 Weighted-average shares outstanding — diluted 212,345,047 192,416,642 For the three months ended March 31, 2023 and 2022, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant. ATM Program On May 2, 2022, we established a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our common stock having an aggregate gross sales price of up to $1.0 billion may be sold (i) directly through or to the banks acting as sales agents or as principal for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (our “ATM Forwards”). Effective as of that date, we terminated a prior ATM Program that was established on August 9, 2019. Our prior ATM Program is discussed in the 2022 Annual Report. The following table sets forth certain information regarding the issuance of shares of our common stock under our prior ATM Program during the periods presented (net proceeds in thousands): Three Months Ended March 31, 2023 2022 Shares of common stock issued — 2,249,227 Weighted-average price per share $ — $ 80.60 Net proceeds $ — $ 178,994 Forward Equity We expect to settle the ATM Forwards in full on or prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. However, subject to certain exceptions, we may also elect to cash settle or net share settle all or any portion of our obligations under any ATM Forwards. The forward sale price that we will receive upon physical settlement of the ATM Forwards will be (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the ATM Forwards. We determined that our ATM Forwards meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the ATM Forwards at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. In addition, we refer to our forward equity offering presented below as the August 2021 Equity Forwards (the “Equity Forwards”), which are discussed in the 2022 Annual Report. Our ATM Forwards are also presented below (gross offering proceeds at closing in thousands): Agreement Date Shares Offered (a) Average Gross Offering Price Average Gross Offering Proceeds at Closing Outstanding Shares as of March 31, 2023 August 2021 Equity Forwards (b) 8/9/2021 5,175,000 $ 78.00 $ 403,650 — ATM Forwards 5/2/2022 7,826,840 83.57 654,086 4,744,973 4,744,973 __________ (a) Includes 675,000 shares of common stock purchased by certain underwriters in connection with the August 2021 Equity Forwards, upon the exercise of 30-day options to purchase additional shares. (b) All remaining outstanding shares were settled during the three months ended December 31, 2022. The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands): Three Months Ended March 31, 2023 2022 Shares of common stock delivered 3,081,867 — Net proceeds $ 249,943 $ — Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 36,079 $ (319,859) $ — $ (283,780) Other comprehensive income before reclassifications (2,588) 6,457 — 3,869 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (4,305) — — (4,305) Interest expense (370) — — (370) Total (4,675) — — (4,675) Net current period other comprehensive loss (7,263) 6,457 — (806) Net current period other comprehensive loss attributable to noncontrolling interests — 28 — 28 Ending balance $ 28,816 $ (313,374) $ — $ (284,558) Three Months Ended March 31, 2022 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 16,347 $ (256,705) $ 18,688 $ (221,670) Other comprehensive income before reclassifications 9,310 (9,152) — 158 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (2,104) — — (2,104) Interest expense 164 — — 164 Other gains and (losses) ( Note 8 ) — — (18,688) (18,688) Total (1,940) — (18,688) (20,628) Net current period other comprehensive loss 7,370 (9,152) (18,688) (20,470) Ending balance $ 23,717 $ (265,857) $ — $ (242,140) See Note 9 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented. Dividends Declared During the first quarter of 2023, our Board declared a quarterly dividend of $1.067 per share, which was paid on April 14, 2023 to stockholders of record as of March 31, 2023.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually. Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three months ended March 31, 2023 and 2022.Certain of our subsidiaries have elected TRS status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. The accompanying consolidated financial statements include an interim tax provision for our TRSs and foreign subsidiaries, as necessary, for the three months ended March 31, 2023 and 2022. Current income tax expense was $10.8 million and $8.3 million for the three months ended March 31, 2023 and 2022, respectively. Deferred income tax (expense) benefit was $(4.4) million and $1.2 million for the three months ended March 31, 2023 and 2022, respectively.

Property Dispositions

Property Dispositions	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions 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 decide 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. All property dispositions are recorded within our Real Estate segment and are also discussed in Note 4 . 2023 — During the three months ended March 31, 2023, we sold five properties for total proceeds, net of selling costs, of $41.0 million and recognized a net gain on these sales totaling $1.5 million. 2022 — During the three months ended March 31, 2022, we sold six properties for total proceeds, net of selling costs, of $26.7 million and recognized a net gain on these sales totaling $11.2 million.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We evaluate our results from operations through our two major business segments: Real Estate and Investment Management. The following tables present a summary of comparative results and assets for these business segments (in thousands): Real Estate Three Months Ended March 31, 2023 2022 Revenues Lease revenues $ 352,336 $ 307,725 Income from finance leases and loans receivable 20,755 18,379 Operating property revenues 40,886 3,865 Other lease-related income 13,373 14,122 427,350 344,091 Operating Expenses Depreciation and amortization 156,409 115,393 General and administrative 26,448 23,084 Reimbursable tenant costs 21,976 16,960 Operating property expenses 21,249 2,787 Property expenses, excluding reimbursable tenant costs 12,772 13,779 Stock-based compensation expense 7,766 7,833 Merger and other expenses 24 (2,325) Impairment charges — real estate — 20,179 246,644 197,690 Other Income and Expenses Gain on sale of real estate, net 177,749 11,248 Interest expense (67,196) (46,053) Other gains and (losses) 7,586 34,418 Earnings (losses) from equity method investments in real estate 5,236 (787) Non-operating income 4,613 8,542 127,988 7,368 Income before income taxes 308,694 153,769 Provision for income taxes (15,402) (6,913) Net Income from Real Estate 293,292 146,856 Net (income) loss attributable to noncontrolling interests (61) 2 Net Income from Real Estate Attributable to W. P. Carey $ 293,231 $ 146,858 Investment Management Three Months Ended March 31, 2023 2022 Revenues Asset management revenue $ 339 $ 3,420 Reimbursable costs from affiliates 101 927 440 4,347 Operating Expenses Reimbursable costs from affiliates 101 927 Merger and other expenses — 3 101 930 Other Income and Expenses Other gains and (losses) 514 1,327 Non-operating income 13 4 Earnings from equity method investments in the Managed Programs — 5,559 527 — 6,890 Income before income taxes 866 10,307 Benefit from (provision for) income taxes 283 (170) Net Income from Investment Management Attributable to W. P. Carey $ 1,149 $ 10,137 Total Company Three Months Ended March 31, 2023 2022 Revenues $ 427,790 $ 348,438 Operating expenses 246,745 198,620 Other income and (expenses) 128,515 14,258 Provision for income taxes (15,119) (7,083) Net (income) loss attributable to noncontrolling interests (61) 2 Net income attributable to W. P. Carey $ 294,380 $ 156,995 Total Assets at March 31, 2023 December 31, 2022 Real Estate $ 18,820,279 $ 18,077,155 Investment Management 12,128 24,880 Total Company $ 18,832,407 $ 18,102,035

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisitions In April 2023, we completed two acquisitions totaling approximately $565.7 million. They are as follows: • $467.8 million for a portfolio of 11 pharmaceutical manufacturing/research and development facilities in Canada; and • $97.9 million for a portfolio of nine industrial facilities and an expansion at an industrial facility that we already own in the United States, Canada, and Mexico. New Term Loan Agreement On April 24, 2023, we closed on a new €500.0 million unsecured term loan maturing on April 24, 2026 (the “Term Loan due 2026”), which was drawn in full at closing. The Term Loan due 2026 is able to be increased up to an amount not to exceed €750.0 million, subject to the conditions to increase set forth in the credit agreement. The Term Loan due 2026 borrowing rate pursuant to the credit agreement is 85 basis points over EURIBOR, based on our credit ratings of BBB+ and Baa1. In conjunction with the closing of the Term Loan due 2026, we executed a variable-to-fixed interest rate swap that fixes the total per annum interest rate at 4.34% through the end of 2024.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationOur interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”).
Basis of Consolidation	Basis of ConsolidationOur consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
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 are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2022 Annual Report. At both March 31, 2023 and December 31, 2022, we considered 16 entities to be VIEs, of which we consolidated 11, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands): March 31, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 172,965 $ 590,390 Land, buildings and improvements — operating properties 167,185 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 35,242 72,070 Above-market rent intangible assets 11,098 33,634 Accumulated depreciation and amortization (23,629) (176,379) Total assets 997,341 843,500 Non-recourse mortgages, net $ 58,109 $ 132,950 Below-market rent and other intangible liabilities, net 35 18,891 Total liabilities 104,738 199,633 At both March 31, 2023 and December 31, 2022, our five unconsolidated VIEs included our interests in (i) three unconsolidated real estate investments, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), and (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. As of March 31, 2023, and December 31, 2022, the net carrying amount of our investments in these entities was $705.5 million and $693.4 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Amounts due from affiliates are now included within Other assets, net in the consolidated balance sheets. Previously, such amounts were included within Due from affiliates in the consolidated balance sheets.
Revenue Recognition	Revenue RecognitionThere have been no significant changes in our policies for revenue from contracts under Accounting Standards Codification (“ASC”) 606 from what was disclosed in the 2022 Annual Report. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to revenues generated from our hotel operating properties and our Investment Management segment. Revenue from contracts under ASC 606 from our Investment Management segment is discussed in Note 3 . Lease revenue (including straight-line lease revenue) is only recognized when deemed probable of collection. Collectibility is assessed for each tenant receivable using various criteria including credit ratings ( Note 5 ), guarantees, past collection issues, and the current economic and business environment affecting the tenant. If collectibility of the contractual rent stream is not deemed probable, revenue will only be recognized upon receipt of cash from the tenant.
Intangible Assets and Liabilities and Goodwill	We have recorded lease and internal-use software development intangibles that are being amortized over periods ranging from one year to 48 years. In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements.Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.
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 collars; 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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of variable interest entities	The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands): March 31, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 172,965 $ 590,390 Land, buildings and improvements — operating properties 167,185 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 35,242 72,070 Above-market rent intangible assets 11,098 33,634 Accumulated depreciation and amortization (23,629) (176,379) Total assets 997,341 843,500 Non-recourse mortgages, net $ 58,109 $ 132,950 Below-market rent and other intangible liabilities, net 35 18,891 Total liabilities 104,738 199,633
Reconciliation of cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2023 December 31, 2022 Cash and cash equivalents $ 147,939 $ 167,996 Restricted cash (a) 82,892 56,145 Total cash and cash equivalents and restricted cash $ 230,831 $ 224,141 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets.
Reconciliation of restrictions on cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2023 December 31, 2022 Cash and cash equivalents $ 147,939 $ 167,996 Restricted cash (a) 82,892 56,145 Total cash and cash equivalents and restricted cash $ 230,831 $ 224,141 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of related party transactions	The following tables present a summary of revenue earned, reimbursable costs, and distributions of Available Cash received/accrued from the Managed Programs for the periods indicated, included in the consolidated financial statements (in thousands): Three Months Ended March 31, 2023 2022 Asset management revenue (a) (b) $ 339 $ 3,420 Reimbursable costs from affiliates (a) 101 927 Distributions of Available Cash (c) — 2,587 Interest income on deferred acquisition fees and loans to affiliates (d) — 33 $ 440 $ 6,967 Three Months Ended March 31, 2023 2022 CESH $ 440 $ 516 CPA:18 – Global — 6,451 $ 440 $ 6,967 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Asset management revenue in the consolidated statements of income. (c) Included within Earnings from equity method investments in the consolidated statements of income. (d) Included within Non-operating income in the consolidated statements of income.
Schedule of balances due to and from related party	The following table presents a summary of amounts due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands): March 31, 2023 December 31, 2022 Asset management fees receivable $ 732 $ 386 Reimbursable costs 201 204 Accounts receivable 185 329 $ 1,118 $ 919

Land, Buildings and Improveme_2

Land, Buildings and Improvements and Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of real estate	Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands): March 31, 2023 December 31, 2022 Land $ 2,335,399 $ 2,400,002 Buildings and improvements 10,566,418 10,916,630 Real estate under construction 32,862 22,225 Less: Accumulated depreciation (1,591,780) (1,672,091) $ 11,342,899 $ 11,666,766 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 32,671 Buildings and improvements 99,140 Intangible assets: In-place lease (weighted-average expected life of 24.5 years) 19,150 Prepaid rent liabilities (6,882) $ 144,079 March 31, 2023 December 31, 2022 Land $ 152,416 $ 122,317 Buildings and improvements 1,170,631 955,009 Real estate under construction — 18,566 Less: Accumulated depreciation (91,933) (28,295) $ 1,231,114 $ 1,067,597
Schedule of real estate acquired	During the three months ended March 31, 2023, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Capitalized Costs Various, United States 6 1/12/2023 Industrial $ 64,861 Various, Italy (5 properties) and Spain (3 properties) (a) 8 3/23/2023 Industrial 79,218 14 $ 144,079 __________ (a) Amount reflects the applicable exchange rate on the date of transaction.
Schedule of real estate under construction	During the three months ended March 31, 2023, we completed the following construction projects (dollars in thousands): Property Location(s) Primary Transaction Type Number of Properties Date of Completion Property Type Total Capitalized Costs Evansville, Indiana and Lawrence, Kansas Renovation 2 3/23/2023 Industrial $ 20,637 2 $ 20,637
Schedule of operating lease income	Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands): Three Months Ended March 31, 2023 2022 Lease income — fixed $ 308,066 $ 276,141 Lease income — variable (a) 44,270 31,584 Total operating lease income $ 352,336 $ 307,725 __________ (a) Includes (i) rent increases based on changes in the U.S. Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.
Disclosure of long lived assets held-for-sale	Below is a summary of our properties held for sale (in thousands): March 31, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 34,708 $ 47,134 In-place lease intangible assets and other 8,139 10,854 Above-market rent intangible assets 191 3,210 Accumulated depreciation and amortization — (3,254) Assets held for sale, net $ 43,038 $ 57,944

Finance Receivables (Tables)

Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of capital leases net investment In direct financing leases	Finance Receivables Net investments in finance leases and loans receivable are summarized as follows (in thousands): Maturity Date March 31, 2023 December 31, 2022 Net investments in direct financing leases (a) 2023 – 2036 $ 495,711 $ 498,313 Net investments in sales-type leases (b) 2024 451,421 — Sale-leaseback transactions accounted for as loans receivable (b) (c) 2038 – 2052 235,963 234,198 Secured loans receivable (d) 2023 – 2024 39,250 39,250 $ 1,222,345 $ 771,761 __________ (a) Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases . (b) These investments are assessed for credit loss allowances but no such allowances were recorded as of March 31, 2023 or December 31, 2022. (c) These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases . Maturity dates reflect the current lease maturity dates. (d) Amounts are net of allowance for credit losses of $2.1 million as of both March 31, 2023 and December 31, 2022. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): March 31, 2023 December 31, 2022 Lease payments receivable $ 320,246 $ 332,618 Unguaranteed residual value 465,626 470,839 785,872 803,457 Less: unearned income (284,849) (296,411) Less: allowance for credit losses (a) (5,312) (8,733) $ 495,711 $ 498,313 __________ (a) During the three months ended March 31, 2023 and 2022, we recorded a net release of allowance for credit losses of $3.4 million and a net allowance for credit losses of $0.8 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions and improved credit quality for certain tenants, which was included within Other gains and (losses) in our consolidated statements of income.
Schedule of capital leases net investment in sale-type lease	Net investments in sales-type leases is summarized as follows (in thousands): March 31, 2023 December 31, 2022 Lease payments receivable (a) $ 490,172 $ — 490,172 — Less: unearned income (38,751) — $ 451,421 $ — __________ (a) Includes estimated purchase price and total rents owed.
Schedule of finance receivables credit quality indicators	A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands): Number of Tenants / Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 1 – 3 19 19 $ 1,107,070 $ 664,761 4 8 8 122,687 117,833 5 — — — — $ 1,229,757 $ 782,594

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Schedule of intangible assets And goodwill	Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): March 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Internal-use software development costs $ 20,052 $ (19,239) $ 813 $ 19,812 $ (19,144) $ 668 20,052 (19,239) 813 19,812 (19,144) 668 Lease Intangibles: In-place lease 2,474,503 (1,044,778) 1,429,725 2,523,318 (1,061,235) 1,462,083 Above-market rent 807,790 (497,085) 310,705 833,751 (507,436) 326,315 3,282,293 (1,541,863) 1,740,430 3,357,069 (1,568,671) 1,788,398 Goodwill Goodwill 1,037,819 — 1,037,819 1,037,412 — 1,037,412 Total intangible assets $ 4,340,164 $ (1,561,102) $ 2,779,062 $ 4,414,293 $ (1,587,815) $ 2,826,478 Finite-Lived Intangible Liabilities Below-market rent $ (234,220) $ 72,372 $ (161,848) $ (293,160) $ 125,287 $ (167,873) Indefinite-Lived Intangible Liabilities Below-market purchase option — — — (16,711) — (16,711) Total intangible liabilities $ (234,220) $ 72,372 $ (161,848) $ (309,871) $ 125,287 $ (184,584)

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity method investments	The following table sets forth our ownership interests in our equity method investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Carrying Value at Lessee/Fund/Description Co-owner Ownership Interest March 31, 2023 December 31, 2022 Las Vegas Retail Complex (a) Third Party N/A $ 209,607 $ 196,352 Johnson Self Storage Third Party 90% 65,236 65,707 Kesko Senukai (b) Third Party 70% 39,536 38,569 Harmon Retail Corner (c) Third Party 15% 24,475 24,649 $ 338,854 $ 325,277 __________ (a) On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of March 31, 2023) for a retail complex in Las Vegas, Nevada. Through March 31, 2023, we funded $206.9 million, including $13.7 million during the three months ended March 31, 2023. Equity income from this investment was $3.3 million and $1.6 million for the three months ended March 31, 2023 and 2022, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income. (b) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (c) This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of other financial instruments in carrying values and fair values	Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 5,978,499 $ 5,328,938 $ 5,916,400 $ 5,238,588 Non-recourse mortgages, net (a) (b) (d) 3 1,043,808 1,030,700 1,132,417 1,109,449 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $24.8 million and $25.9 million at March 31, 2023 and December 31, 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of less than $0.1 million at both March 31, 2023 and December 31, 2022. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $23.2 million and $24.1 million at March 31, 2023 and December 31, 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $9.2 million and $10.3 million at March 31, 2023 and December 31, 2022, respectively. (c) For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes ( Note 10 )), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category. (d) We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.
Schedule of fair value impairment charges using unobservable inputs nonrecurring basis	The following tables present information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Three Months Ended March 31, 2023 2022 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate and intangibles $ — $ — $ 14,227 $ 20,179 $ — $ 20,179

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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 Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Foreign currency collars Other assets, net $ 26,663 $ 32,631 $ — $ — Interest rate swaps Other assets, net 2,040 2,679 — — Interest rate cap Other assets, net 6 14 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,703) (1,445) 28,709 35,324 (1,703) (1,445) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 3,950 3,950 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (387) (248) 3,950 3,950 (387) (248) Total derivatives $ 32,659 $ 39,274 $ (2,090) $ (1,693)
Schedule of derivative instruments, effect on other comprehensive income (loss)	The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (a) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2023 2022 Foreign currency collars $ (6,226) $ 5,198 Interest rate swaps (630) 781 Interest rate cap (7) 3 Total $ (6,863) $ 5,982 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2023 2022 Foreign currency collars Non-operating income $ 4,305 $ 2,104 Interest rate swaps and cap Interest expense 370 (164) Total $ 4,675 $ 1,940 __________ (a) Excludes net losses of $0.4 million and net gains of $1.4 million recognized on unconsolidated jointly owned investments for the three months ended March 31, 2023 and 2022, respectively.
Schedule of derivative instruments, gain (loss) in statement of financial performance	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2023 2022 Interest rate swaps Interest expense $ (406) $ 187 Foreign currency collars Non-operating income (199) 1,208 Derivatives Not in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) (139) 284 Total $ (744) $ 1,679
Schedule of derivative instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at March 31, 2023 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at (a) Designated as Cash Flow Hedging Instruments Interest rate swaps 2 45,663 EUR $ 1,050 Interest rate swaps 4 31,724 USD 990 Interest rate cap 1 10,374 EUR 6 $ 2,046 __________ (a) Fair value amounts are based on the exchange rate of the euro at March 31, 2023, as applicable. The following table presents the foreign currency collars that we had outstanding at March 31, 2023 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at March 31, 2023 Designated as Cash Flow Hedging Instruments Foreign currency collars 70 280,000 EUR $ 20,870 Foreign currency collars 61 39,220 GBP 4,090 Not Designated as Cash Flow Hedging Instruments Foreign currency collars 3 24,000 EUR (387) $ 24,573

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of senior unsecured credit facilities	The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Interest Rate at March 31, 2023 (a) Maturity Date at March 31, 2023 Principal Outstanding Balance at Senior Unsecured Credit Facility March 31, 2023 December 31, 2022 Unsecured Revolving Credit Facility: Borrowing in euros (b) EURIBOR + 0.775% 2/20/2025 $ 411,075 $ 258,117 Borrowing in U.S. dollars (c) SOFR + 0.775% 2/20/2025 197,000 — Borrowing in British pounds sterling (d) (e) SONIA + 0.775% 2/20/2025 43,292 — Borrowing in Japanese yen (f) TIBOR + 0.775% 2/20/2025 18,096 18,275 669,463 276,392 Unsecured Term Loans: Term Loan — borrowing in British pounds sterling (d) (e) (g) SONIA + 0.85% 2/20/2025 333,968 324,695 Delayed Draw Term Loan — borrowing in euros (b) EURIBOR + 0.85% 2/20/2025 233,813 229,319 567,781 554,014 $ 1,237,244 $ 830,406 __________ (a) The applicable interest rate at March 31, 2023 was based on the credit rating for our Senior Unsecured Notes of BBB+/Baa1. (b) EURIBOR means Euro Interbank Offered Rate. (c) SOFR includes a spread adjustment of 0.10%. (d) SONIA means Sterling Overnight Index Average. (e) SONIA includes a spread adjustment of 0.0326%. (f) TIBOR means Tokyo Interbank Offered Rate. (g) Balance excludes unamortized discount of $1.3 million and $1.5 million at March 31, 2023 and December 31, 2022, respectively.
Schedule of senior unsecured notes	The following table presents a summary of our Senior Unsecured Notes outstanding at March 31, 2023 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date March 31, 2023 December 31, 2022 4.6% Senior Notes due 2024 3/14/2014 $ 500,000 4.6 % 4/1/2024 $ 500,000 $ 500,000 2.25% Senior Notes due 2024 1/19/2017 € 500,000 2.25 % 7/19/2024 543,750 533,300 4.0% Senior Notes due 2025 1/26/2015 $ 450,000 4.0 % 2/1/2025 450,000 450,000 2.25% Senior Notes due 2026 10/9/2018 € 500,000 2.25 % 4/9/2026 543,750 533,300 4.25% Senior Notes due 2026 9/12/2016 $ 350,000 4.25 % 10/1/2026 350,000 350,000 2.125% Senior Notes due 2027 3/6/2018 € 500,000 2.125 % 4/15/2027 543,750 533,300 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 543,750 533,300 3.85% Senior Notes due 2029 6/14/2019 $ 325,000 3.85 % 7/15/2029 325,000 325,000 3.41% Senior Notes due 2029 9/28/2022 € 150,000 3.41 % 9/28/2029 163,125 159,990 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 570,938 559,965 2.4% Senior Notes due 2031 10/14/2020 $ 500,000 2.4 % 2/1/2031 500,000 500,000 2.45% Senior Notes due 2032 10/15/2021 $ 350,000 2.45 % 2/1/2032 350,000 350,000 3.7% Senior Notes due 2032 9/28/2022 € 200,000 3.7 % 9/28/2032 217,500 213,320 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 $ 6,026,563 $ 5,966,475 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $24.8 million and $25.9 million, and unamortized discount totaling $23.2 million and $24.1 million, at March 31, 2023 and December 31, 2022, respectively.
Scheduled debt principal payments	Scheduled debt principal payments as of March 31, 2023 are as follows (in thousands): Years Ending December 31, Total 2023 (remainder) $ 325,558 2024 1,243,485 2025 2,107,612 2026 994,102 2027 544,418 Thereafter through 2039 3,101,706 Total principal payments 8,316,881 Unamortized discount, net (33,754) Unamortized deferred financing costs (24,879) Total $ 8,258,248

Stock-Based Compensation and _2

Stock-Based Compensation and Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of restricted and conditional award activity	Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at March 31, 2023 and changes during the three months ended March 31, 2023 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Shares Weighted-Average Nonvested at January 1, 2023 376,298 $ 74.78 531,781 $ 89.14 Granted (a) 221,763 84.73 150,989 144.54 Vested (b) (143,337) 75.82 (218,147) 104.65 Forfeited — — — — Adjustment (c) — — 76,706 113.51 Nonvested at March 31, 2023 (d) 454,724 $ 79.31 541,329 $ 102.92 __________ (a) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the three months ended March 31, 2023, we used a risk-free interest rate of 3.8%, an expected volatility rate of 38.2%, and assumed a dividend yield of zero. (b) The grant date fair value of shares vested during the three months ended March 31, 2023 was $33.7 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At March 31, 2023 and December 31, 2022, we had an obligation to issue 1,196,957 and 1,181,947 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $62.0 million and $57.0 million, respectively. (c) Vesting and payment of the PSUs is conditioned upon certain company and/or 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 at March 31, 2023 to reflect the number of shares expected to be issued when the PSUs vest. (d) At March 31, 2023, total unrecognized compensation expense related to these awards was approximately $66.2 million, with an aggregate weighted-average remaining term of 2.4 years.
Schedule of earnings per share reconciliation	The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended March 31, 2023 2022 Net income — basic and diluted $ 294,380 $ 156,995 Weighted-average shares outstanding — basic 211,951,930 191,911,414 Effect of dilutive securities 393,117 505,228 Weighted-average shares outstanding — diluted 212,345,047 192,416,642
Schedule of issuance of shares	The following table sets forth certain information regarding the issuance of shares of our common stock under our prior ATM Program during the periods presented (net proceeds in thousands): Three Months Ended March 31, 2023 2022 Shares of common stock issued — 2,249,227 Weighted-average price per share $ — $ 80.60 Net proceeds $ — $ 178,994
Schedule of stockholders equity	In addition, we refer to our forward equity offering presented below as the August 2021 Equity Forwards (the “Equity Forwards”), which are discussed in the 2022 Annual Report. Our ATM Forwards are also presented below (gross offering proceeds at closing in thousands): Agreement Date Shares Offered (a) Average Gross Offering Price Average Gross Offering Proceeds at Closing Outstanding Shares as of March 31, 2023 August 2021 Equity Forwards (b) 8/9/2021 5,175,000 $ 78.00 $ 403,650 — ATM Forwards 5/2/2022 7,826,840 83.57 654,086 4,744,973 4,744,973 __________ (a) Includes 675,000 shares of common stock purchased by certain underwriters in connection with the August 2021 Equity Forwards, upon the exercise of 30-day options to purchase additional shares. (b) All remaining outstanding shares were settled during the three months ended December 31, 2022. The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands): Three Months Ended March 31, 2023 2022 Shares of common stock delivered 3,081,867 — Net proceeds $ 249,943 $ —
Reclassification out of accumulated other comprehensive loss	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 36,079 $ (319,859) $ — $ (283,780) Other comprehensive income before reclassifications (2,588) 6,457 — 3,869 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (4,305) — — (4,305) Interest expense (370) — — (370) Total (4,675) — — (4,675) Net current period other comprehensive loss (7,263) 6,457 — (806) Net current period other comprehensive loss attributable to noncontrolling interests — 28 — 28 Ending balance $ 28,816 $ (313,374) $ — $ (284,558) Three Months Ended March 31, 2022 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 16,347 $ (256,705) $ 18,688 $ (221,670) Other comprehensive income before reclassifications 9,310 (9,152) — 158 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (2,104) — — (2,104) Interest expense 164 — — 164 Other gains and (losses) ( Note 8 ) — — (18,688) (18,688) Total (1,940) — (18,688) (20,628) Net current period other comprehensive loss 7,370 (9,152) (18,688) (20,470) Ending balance $ 23,717 $ (265,857) $ — $ (242,140)

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Reconciliation of operating profit (loss) from segments to consolidated	The following tables present a summary of comparative results and assets for these business segments (in thousands): Real Estate Three Months Ended March 31, 2023 2022 Revenues Lease revenues $ 352,336 $ 307,725 Income from finance leases and loans receivable 20,755 18,379 Operating property revenues 40,886 3,865 Other lease-related income 13,373 14,122 427,350 344,091 Operating Expenses Depreciation and amortization 156,409 115,393 General and administrative 26,448 23,084 Reimbursable tenant costs 21,976 16,960 Operating property expenses 21,249 2,787 Property expenses, excluding reimbursable tenant costs 12,772 13,779 Stock-based compensation expense 7,766 7,833 Merger and other expenses 24 (2,325) Impairment charges — real estate — 20,179 246,644 197,690 Other Income and Expenses Gain on sale of real estate, net 177,749 11,248 Interest expense (67,196) (46,053) Other gains and (losses) 7,586 34,418 Earnings (losses) from equity method investments in real estate 5,236 (787) Non-operating income 4,613 8,542 127,988 7,368 Income before income taxes 308,694 153,769 Provision for income taxes (15,402) (6,913) Net Income from Real Estate 293,292 146,856 Net (income) loss attributable to noncontrolling interests (61) 2 Net Income from Real Estate Attributable to W. P. Carey $ 293,231 $ 146,858 Investment Management Three Months Ended March 31, 2023 2022 Revenues Asset management revenue $ 339 $ 3,420 Reimbursable costs from affiliates 101 927 440 4,347 Operating Expenses Reimbursable costs from affiliates 101 927 Merger and other expenses — 3 101 930 Other Income and Expenses Other gains and (losses) 514 1,327 Non-operating income 13 4 Earnings from equity method investments in the Managed Programs — 5,559 527 — 6,890 Income before income taxes 866 10,307 Benefit from (provision for) income taxes 283 (170) Net Income from Investment Management Attributable to W. P. Carey $ 1,149 $ 10,137 Total Company Three Months Ended March 31, 2023 2022 Revenues $ 427,790 $ 348,438 Operating expenses 246,745 198,620 Other income and (expenses) 128,515 14,258 Provision for income taxes (15,119) (7,083) Net (income) loss attributable to noncontrolling interests (61) 2 Net income attributable to W. P. Carey $ 294,380 $ 156,995
Reconciliation of assets from segment to consolidated	Total Assets at March 31, 2023 December 31, 2022 Real Estate $ 18,820,279 $ 18,077,155 Investment Management 12,128 24,880 Total Company $ 18,832,407 $ 18,102,035

Business and Organization (Deta

Business and Organization (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2023 ft² property tenant	Mar. 31, 2022 property
Additional disclosures
Number of real estate properties (property)	2
Real Estate
Additional disclosures
Number of real estate properties (property)	1,446
Square footage of real estate properties | ft²	176
Number of tenants (tenant) | tenant	397
Lease term (years)	10 years 10 months 24 days
Occupancy rate	99.20%
Real Estate | Operating Properties
Additional disclosures
Number of real estate properties (property)	99
Square footage of real estate properties | ft²	7.6
Real Estate | Self-storage
Additional disclosures
Number of real estate properties (property)	84
Real Estate | Student Housing
Additional disclosures
Number of real estate properties (property)	2
Real Estate | Hotel
Additional disclosures
Number of real estate properties (property)	13	13
Investment Management | Affiliated Entity | Managed Programs
Additional disclosures
Number of tenants (tenant) | tenant	1
Occupancy rate	100%
Investment Management | Affiliated Entity | Managed Programs | Built-to-suit
Additional disclosures
Number of real estate properties (property)	1
Investment Management | Net- lease Properties | Affiliated Entity | Managed Programs
Additional disclosures
Number of real estate properties (property)	2
Square footage of real estate properties | ft²	0.2

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property vie	Mar. 31, 2022 USD ($) property	Feb. 28, 2023 property	Dec. 31, 2022 USD ($) vie
Basis of Consolidation
Variable interest entities, count	16			16
Variable interest entities consolidated, count	11			11
Variable interest entities unconsolidated, count	5			5
Equity method investments in real estate | $	$ 341,153			$ 327,502
Number of real estate properties (property) | property	2
Real Estate
Basis of Consolidation
Operating property revenues | $	$ 40,886	$ 3,865
Number of real estate properties (property) | property	1,446
Real Estate | Hotel | Adjustments
Basis of Consolidation
Number of real estate properties (property) | property			12
Real Estate | Hotel
Basis of Consolidation
Number of real estate properties (property) | property	13	13
Real Estate | Hotel
Basis of Consolidation
Operating property revenues | $	$ 15,500	$ 2,200
Variable Interest Entity
Basis of Consolidation
Equity method investments in real estate | $	$ 705,500			$ 693,400
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count	2			2
Real Estate
Basis of Consolidation
Variable interest entities unconsolidated, count	3			3

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Assets
Land, buildings and improvements — net lease and other		$ 12,934,679	$ 13,338,857
Land, buildings and improvements — operating properties		1,323,047	1,095,892
Net investments in finance leases and loans receivable		1,222,345	771,761
In-place lease intangible assets and other		2,612,139	2,659,750
Above-market rent intangible assets		807,790	833,751
Accumulated depreciation and amortization		(3,225,576)	(3,269,057)
Total assets	[1]	18,832,407	18,102,035
Liabilities
Non-recourse mortgages, net		1,043,808	1,132,417
Below-market rent and other intangible liabilities, net		161,848	184,584
Total liabilities	[1]	9,513,045	9,093,391
Variable Interest Entity
Assets
Land, buildings and improvements — net lease and other		172,965	590,390
Land, buildings and improvements — operating properties		167,185	143,390
Net investments in finance leases and loans receivable		595,524	144,103
In-place lease intangible assets and other		35,242	72,070
Above-market rent intangible assets		11,098	33,634
Accumulated depreciation and amortization		(23,629)	(176,379)
Total assets		997,341	843,500
Liabilities
Non-recourse mortgages, net		58,109	132,950
Below-market rent and other intangible liabilities, net		35	18,891
Total liabilities		$ 104,738	$ 199,633
[1] See Note 2 for details related to variable interest entities (“VIEs”).

Basis of Presentation - Cash an

Basis of Presentation - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 147,939	$ 167,996
Restricted cash	82,892	56,145
Total cash and cash equivalents and restricted cash	$ 230,831	$ 224,141	$ 258,631	$ 217,950

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	3 Months Ended
	Mar. 31, 2023 investment
Advisory Agreements with REIT
Percentage of available cash distribution to advisor	10%
Other Transactions with Affiliates
Jointly owned investments	10
Jointly owned investment, accounted for under the equity method investments	4
Other Entity
Other Transactions with Affiliates
Jointly owned investments	6
Gross assets fair value | CESH | Affiliated Entity
Advisory Agreements with REIT
Asset management fees earned (percentage)	1%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction
Distributions of Available Cash	$ 0	$ 2,587
Interest income on deferred acquisition fees and loans to affiliates	0	33
Revenue from related parties	440	6,967
Asset management revenue
Related Party Transaction
Operating property revenues	339	3,420
Reimbursable costs from affiliates
Related Party Transaction
Operating property revenues	$ 101	$ 927

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction
Revenue from related parties	$ 440	$ 6,967
CESH
Related Party Transaction
Revenue from related parties	440	516
CPA:18 – Global
Related Party Transaction
Revenue from related parties	$ 0	$ 6,451

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Due from affiliates
Asset management fees receivable	$ 732	$ 386
Reimbursable costs	201	204
Accounts receivable	185	329
Due from affiliates	$ 1,118	$ 919

Land, Buildings and Improveme_3

Land, Buildings and Improvements and Assets Held for Sale - Assets Subject To Operating Leases (Details) - Operating Real Estate - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (1,591,780)	$ (1,672,091)
Net property subject to operating lease	11,342,899	11,666,766
Land
Real Estate Investment Property At Cost
Land, buildings and improvements — net lease and other	2,335,399	2,400,002
Buildings and improvements
Real Estate Investment Property At Cost
Land, buildings and improvements — net lease and other	10,566,418	10,916,630
Real estate under construction
Real Estate Investment Property At Cost
Land, buildings and improvements — net lease and other	$ 32,862	$ 22,225

Land, Buildings and Improveme_4

Land, Buildings and Improvements and Assets Held for Sale - Narratives (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023 USD ($) property $ / €	Mar. 31, 2022 USD ($) property	Jun. 30, 2022 property	Feb. 28, 2023 USD ($) property	Dec. 31, 2022 USD ($) property $ / €
Real Estate Properties
Increase (decrease) in value of balance sheet item due to foreign currency translation	$ 6,457	$ (9,152)
Number of real estate properties (property) | property	2
Land, buildings and improvements — net lease and other	$ 12,934,679				$ 13,338,857
Net investments in finance leases and loans receivable	495,711				498,313
Investments in real estate
Capitalized construction cost	$ 34,100
Construction projects completed (property) | property	9		8
Unfunded commitment	$ 60,700				61,100
Capitalized interest	100	700
Lease termination income	11,400	8,200
Lease payments	1,300	4,700
Assets held for sale, net	$ 43,038				$ 57,944
EUR
Real Estate Properties
Increase in exchange rate	2%
Foreign currency exchange rate | $ / €	1.0875				1.0666
Real Estate
Real Estate Properties
Number of real estate properties (property) | property	1,446
Investments in real estate
Other income		$ 600
Properties disposed of by sale
Real Estate Properties
Number of real estate properties (property) | property	2
Investments in real estate
Number of properties sold (property) | property	5	6
Asset held for sale, not in discontinued operations
Real Estate Properties
Number of real estate properties (property) | property	1				3
Investments in real estate
Assets held for sale, net	$ 43,000				$ 57,900
Land, buildings and improvements | Properties disposed of by sale
Investments in real estate
Number of properties sold (property) | property	3
Decrease in carrying value of real estate	$ 23,700
Operating Lease
Real Estate Properties
Increase (decrease) in value of balance sheet item due to foreign currency translation	$ 66,400
Number of real estate properties (property) | property	14
Depreciation	$ 91,300	$ 72,000
Operating Real Estate
Real Estate Properties
Depreciation	$ 7,200	$ 700
Self-storage | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	75				75
Student Housing | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	2				2
Hotel | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	13				1
Redevelopment Project
Investments in real estate
Unfunded commitment	$ 15,100
Adjustments
Real Estate Properties
Land, buildings and improvements — net lease and other	10,900
Net investments in finance leases and loans receivable	(10,900)
Adjustments | Student Housing
Real Estate Properties
Land, buildings and improvements — net lease and other	$ 21,400
Adjustments | Hotel
Real Estate Properties
Land, buildings and improvements — net lease and other				$ 164,600
Adjustments | Hotel | Real Estate
Real Estate Properties
Number of real estate properties (property) | property				12
Direct financing lease | Adjustments
Real Estate Properties
Number of real estate properties (property) | property	1			78
Investments in real estate
Decrease in carrying value of real estate	$ 288,200

Land, Buildings and Improveme_5

Land, Buildings and Improvements and Assets Held for Sale - Acquisition of Real Estate (Details) $ in Thousands			3 Months Ended
	Mar. 23, 2023 USD ($) property	Jan. 12, 2023 USD ($) property	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)
Property, Plant and Equipment
Number of real estate properties (property) | property			2
Total Capitalized Costs			$ 143,645	$ 265,426
Various, Industrial Properties in Italy
Property, Plant and Equipment
Number of real estate properties (property) | property			5
Various, Industrial Properties in Spain
Property, Plant and Equipment
Number of real estate properties (property) | property			3
Operating Lease
Property, Plant and Equipment
Number of real estate properties (property) | property			14
Total Capitalized Costs			$ 144,079
Operating Lease | Prepaid rent liabilities
Property, Plant and Equipment
Total Capitalized Costs			6,882
Operating Lease | Land
Property, Plant and Equipment
Total Capitalized Costs			32,671
Operating Lease | Buildings and improvements
Property, Plant and Equipment
Total Capitalized Costs			99,140
Operating Lease | In-place lease
Property, Plant and Equipment
Total Capitalized Costs			$ 19,150
Operating Lease | Various, United States
Property, Plant and Equipment
Number of real estate properties (property) | property		6
Total Capitalized Costs		$ 64,861
Operating Lease | Various, Industrial Properties in Italy and Spain
Property, Plant and Equipment
Number of real estate properties (property) | property	8
Total Capitalized Costs	$ 79,218

Land, Buildings and Improveme_6

Land, Buildings and Improvements and Assets Held for Sale - Aggregate Purchase Price Allocation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment
Payment to acquire real estate	$ 143,645	$ 265,426
Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	144,079
Operating Lease | Prepaid rent liabilities
Property, Plant and Equipment
Payment to acquire real estate	6,882
Operating Lease | In-place lease intangible assets and other
Property, Plant and Equipment
Payment to acquire real estate	$ 19,150
Finite lived intangible assets useful life (in years)	24 years 6 months
Land | Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	$ 32,671
Buildings and improvements | Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	$ 99,140

Land, Buildings and Improveme_7

Land, Buildings and Improvements and Assets Held for Sale - Real Estate Under Construction (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property
Property, Plant and Equipment
Number of real estate properties (property) | property	2
Total Capitalized Costs | $	$ 20,637
Evansville, Indiana and Lawrence, Kansas | Construction in progress
Property, Plant and Equipment
Number of real estate properties (property) | property	2
Total Capitalized Costs | $	$ 20,637

Land, Buildings and Improveme_8

Land, Buildings and Improvements and Assets Held for Sale - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Lease, Lease Income [Abstract]
Lease income — fixed	$ 308,066	$ 276,141
Lease income – variable	44,270	31,584
Total operating lease income	$ 352,336	$ 307,725

Land, Buildings and Improveme_9

Land, Buildings and Improvements and Assets Held for Sale - Operating Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate Properties
Land, buildings and improvements — operating properties	$ 1,323,047	$ 1,095,892
Less: Accumulated depreciation	(3,225,576)	(3,269,057)
Real estate under construction
Real Estate Properties
Land, buildings and improvements — operating properties	0	18,566
Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Less: Accumulated depreciation	(91,933)	(28,295)
Investments in real estate	1,231,114	1,067,597
Land, Buildings and Improvements — Operating Leases | Land
Real Estate Properties
Land, buildings and improvements — operating properties	152,416	122,317
Land, Buildings and Improvements — Operating Leases | Buildings and improvements
Real Estate Properties
Land, buildings and improvements — operating properties	$ 1,170,631	$ 955,009

Land, Buildings and Improvem_10

Land, Buildings and Improvements and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Long-Lived Assets Held-for-sale [Line Items]
Accumulated depreciation and amortization	$ 0	$ (3,254)
Assets held for sale, net	43,038	57,944
Land, buildings and improvements — net lease and other
Long-Lived Assets Held-for-sale [Line Items]
Assets Held-for-sale, gross	34,708	47,134
In-place lease intangible assets and other
Long-Lived Assets Held-for-sale [Line Items]
Assets Held-for-sale, gross	8,139	10,854
Above-market rent intangible assets
Long-Lived Assets Held-for-sale [Line Items]
Assets Held-for-sale, gross	$ 191	$ 3,210

Finance Receivables - Direct Fi

Finance Receivables - Direct Financing Leases and Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Sale-leaseback transactions accounted for as loans receivable	$ 235,963	$ 234,198
Secured loans receivable	39,250	39,250
Net investment In lease and loans receivable	1,222,345	771,761
Direct financing lease
Financing Receivable, Allowance for Credit Loss [Line Items]
Net investments in direct financing leases	495,711	498,313
Sales-type leases
Financing Receivable, Allowance for Credit Loss [Line Items]
Net investments in direct financing leases	$ 451,421	$ 0

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Lease payments receivable	$ 320,246	$ 332,618
Unguaranteed residual value	465,626	470,839
Net investment in finance leases, excluding unearned income	785,872	803,457
Less: unearned income	(284,849)	(296,411)
Less: allowance for credit losses	(5,312)	(8,733)
Net receivables (difference between undiscounted cash flows and discounted cash flows)	$ 495,711	$ 498,313

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Feb. 28, 2023 property	Dec. 31, 2022 USD ($)
Finance Receivables
Loans receivable, allowance for credit losses	$ 2,100			$ 2,100
Allowance for credit loss	(3,420)	$ 773
Interest income from direct financing leases	$ 12,700	13,900
Number of real estate properties (property) | property	2
Net investments in finance leases and loans receivable	$ 495,711			498,313
Land, buildings and improvements — net lease and other	12,934,679			$ 13,338,857
Increase (decrease) in value of balance sheet item due to foreign currency translation	6,457	(9,152)
Reclassification of net-lease assets to net investments	451,400
Gain on sale of real estate, net	177,749	11,248
Interest income from direct financing leases and loans receivables	4,800	4,500
Accumulated Depreciation and Amortization
Finance Receivables
Reclassification of net-lease assets to net investments	159,000
Below-Market Rent and Other Intangible Liabilities, Net
Finance Receivables
Reclassification of net-lease assets to net investments	18,500
Land, buildings and improvements — net lease and other
Finance Receivables
Reclassification of net-lease assets to net investments	393,700
In-place lease intangible assets and other
Finance Receivables
Reclassification of net-lease assets to net investments	36,600
Above-market rent intangible assets
Finance Receivables
Reclassification of net-lease assets to net investments	22,400
Adjustments
Finance Receivables
Net investments in finance leases and loans receivable	(10,900)
Land, buildings and improvements — net lease and other	10,900
Direct financing lease
Finance Receivables
Increase (decrease) in value of balance sheet item due to foreign currency translation	$ 7,100
Direct financing lease | Adjustments
Finance Receivables
Number of real estate properties (property) | property	1		78
Sales Type Lease
Finance Receivables
Gain on sale of real estate, net	$ 176,200
Income from finance leases and loans receivable	3,200
Net investments in direct financing lease
Finance Receivables
Allowance for credit loss	$ 3,400	$ 800

Finance Receivables - Net Inv_2

Finance Receivables - Net Investments in Sale-type Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Lease payments receivable	$ 490,172	$ 0
Lease payments receivable including unearned income	490,172	0
Less: unearned income	(38,751)	0
Net receivables (difference between undiscounted cash flows and discounted cash flows)	$ 451,421	$ 0

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Mar. 31, 2023 USD ($) tenant	Dec. 31, 2022 USD ($) tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 1,229,757	$ 782,594
Internally Assigned Grade1-3
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	19	19
Net investments in direct financing leases	$ 1,107,070	$ 664,761
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	8	8
Net investments in direct financing leases	$ 122,687	$ 117,833
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	0	0
Net investments in direct financing leases	$ 0	$ 0

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets, Net
Foreign currency translation adjustments	$ 6,457	$ (9,152)
Amortization of intangible assets	$ 67,500	$ 52,700
Minimum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life (in years)	1 year
Maximum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life (in years)	48 years
Net intangible assets
Finite-Lived Intangible Assets, Net
Foreign currency translation adjustments	$ 400
Foreign currency translation adjustments	$ 10,500

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortizable Intangible Assets
Accumulated Amortization	$ (1,561,102)	$ (1,587,815)
Indefinite Lived Intangible Assets Including Goodwill
Total intangible assets, gross	4,340,164	4,414,293
Total intangible assets, net	2,779,062	2,826,478
Amortizable Intangible Liabilities
Less: accumulated amortization	72,372	125,287
Indefinite Lived Intangible Liabilities
Total intangible liabilities, gross	(234,220)	(309,871)
Total intangible liabilities, net	(161,848)	(184,584)
Below-market purchase option
Indefinite Lived Intangible Liabilities
Indefinite-lived intangible liabilities	0	(16,711)
Below-market rent
Amortizable Intangible Liabilities
Finite-lived intangible liabilities, gross	(234,220)	(293,160)
Less: accumulated amortization	72,372	125,287
Net amortizable intangible liabilities	(161,848)	(167,873)
Goodwill
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	1,037,819	1,037,412
Contracts including internal software development costs
Amortizable Intangible Assets
Gross Carrying Amount	20,052	19,812
Accumulated Amortization	(19,239)	(19,144)
Net Carrying Amount	813	668
Internal-use software development costs
Amortizable Intangible Assets
Gross Carrying Amount	20,052	19,812
Accumulated Amortization	(19,239)	(19,144)
Net Carrying Amount	813	668
Lease intangibles
Amortizable Intangible Assets
Gross Carrying Amount	3,282,293	3,357,069
Accumulated Amortization	(1,541,863)	(1,568,671)
Net Carrying Amount	1,740,430	1,788,398
In-place lease
Amortizable Intangible Assets
Gross Carrying Amount	2,474,503	2,523,318
Accumulated Amortization	(1,044,778)	(1,061,235)
Net Carrying Amount	1,429,725	1,462,083
Above-market rent
Amortizable Intangible Assets
Gross Carrying Amount	807,790	833,751
Accumulated Amortization	(497,085)	(507,436)
Net Carrying Amount	$ 310,705	$ 326,315

Equity Method Investments - Equ

Equity Method Investments - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments in real estate	$ 341,153	$ 327,502
Real Estate | Affiliated Entity
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments in real estate	338,854	325,277
Real Estate | Third Party | Affiliated Entity | Las Vegas Retail Complex
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments in real estate	$ 209,607	196,352
Real Estate | Third Party | Affiliated Entity | Johnson Self Storage
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investment, ownership percentage	90%
Equity method investments in real estate	$ 65,236	65,707
Real Estate | Third Party | Affiliated Entity | Kesko Senukai
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investment, ownership percentage	70%
Equity method investments in real estate	$ 39,536	38,569
Real Estate | Third Party | Affiliated Entity | Harmon Retail Corner
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investment, ownership percentage	15%
Equity method investments in real estate	$ 24,475	$ 24,649

Equity Investments - Narratives

Equity Investments - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jun. 10, 2021
Equity investments
Equity method investments in real estate	$ 341,153		$ 327,502
Earnings from equity method investments	5,236	$ 4,772
Distributions of earnings from equity method investments	5,248	5,972
Real Estate | Affiliated Entity
Equity investments
Equity method investments in real estate	338,854		325,277
Real Estate | Unconsolidated Real Estate Investment
Equity investments
Distributions of earnings from equity method investments	5,700	4,300
Aggregate unamortized basis difference on equity investments	18,800		19,100
CESH
Equity investments
Equity method investments in real estate	$ 2,300		2,200
Equity method investment, ownership percentage	2.43%
Las Vegas Retail Complex
Equity investments
Earnings from equity method investments	$ 3,300	1,600
Las Vegas Retail Complex | Real Estate | Third Party | Affiliated Entity
Equity investments
Equity method investments in real estate	209,607		$ 196,352
Las Vegas Retail Complex | Real Estate | Third Party | Construction Commitment | Affiliated Entity
Equity investments
Funding commitment				$ 261,900
Equity method investments in real estate				$ 206,900
Payments to settle other commitments	13,700
Affiliated Entity | CPA:18 – Global
Equity investments
Distributions of earnings from equity method investments		500
Affiliated Entity | CPA:18 – Global operating partnership
Equity investments
Distributions of earnings from equity method investments		2,600
Affiliated Entity | CESH
Equity investments
Distributions of earnings from equity method investments	$ 500	$ 1,200

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Oct. 31, 2022 USD ($)	Mar. 31, 2022 property	Jan. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) property shares	Mar. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($) property shares
Fair Value Inputs, Assets
Equity method investments in real estate				$ 341,153		$ 327,502
Preferred stock, shares issued (shares) | shares				0		0
Proceeds from issuance of preferred stock				$ 0	$ 65,000
Unamortized deferred financing costs				24,879
Unamortized discount				$ 33,754
Number of real estate properties (property) | property				2
Watermark Lodging Trust
Fair Value Inputs, Assets
Cash proceeds	$ 82,600
Asset held for sale, not in discontinued operations
Fair Value Inputs, Assets
Number of real estate properties (property) | property				1		3
Real estate and intangibles | Pendragon PLC
Fair Value Inputs, Assets
Number of real estate properties (property) | property		30			30
Lease extension term		11 years
Real estate and intangibles | Pendragon PLC | Asset held for sale, not in discontinued operations
Fair Value Inputs, Assets
Number of real estate properties (property) | property		12			12
GCIF
Fair Value Inputs, Assets
Proceeds from liquidation distribution				$ 500
Equity method investments in real estate				1,200		$ 1,700
Affiliated Entity | Common Stock | Watermark Lodging Trust
Fair Value Inputs, Assets
Shares owned (shares) | shares			12,208,243
Level 2 and Level 3 | Carrying Value | Non-recourse mortgage, net
Fair Value Inputs, Assets
Unamortized deferred financing costs				100		100
Unamortized discount				9,200		10,300
Level 2 and Level 3 | Carrying Value | Unsecured Senior Notes
Fair Value Inputs, Assets
Unamortized deferred financing costs				24,800		25,900
Unamortized discount				23,200		24,100
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs				0	$ 20,179
Level 3 | Real estate and intangibles | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs				0	20,179
Level 3 | Real estate and intangibles | Fair Value, Measurements, Nonrecurring | Pendragon PLC | Asset held for sale, not in discontinued operations
Fair Value Inputs, Assets
Recognized impairment costs				$ 9,300
Number of real estate properties (property) | property				6
Level 3 | Real estate and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties
Fair Value Inputs, Assets
Recognized impairment costs					$ 10,900
Level 3 | Real estate and intangibles | Cashflow discount rate | Fair Value, Measurements, Nonrecurring | Potentially vacant properties
Fair Value Inputs, Assets
Capitalization rate for the various scenarios		0.140			0.140
Level 3 | Real estate and intangibles | Terminal capitalization rate | Fair Value, Measurements, Nonrecurring | Potentially vacant properties
Fair Value Inputs, Assets
Capitalization rate for the various scenarios		0.110			0.110
Level 3 | Real estate and intangibles | Terminal capitalization rate | Fair Value, Measurements, Nonrecurring | Minimum | Pendragon PLC | Asset held for sale, not in discontinued operations
Fair Value Inputs, Assets
Capitalization rate for the various scenarios				0.0475
Level 3 | Real estate and intangibles | Terminal capitalization rate | Fair Value, Measurements, Nonrecurring | Maximum | Pendragon PLC | Asset held for sale, not in discontinued operations
Fair Value Inputs, Assets
Capitalization rate for the various scenarios				0.1000
Lineage Logistics | Level 3
Fair Value Inputs, Assets
Dividend income					$ 4,300
Fair value of investments				$ 404,900		$ 404,900
Watermark Lodging Trust
Fair Value Inputs, Assets
Reclassification of unrealized gain on investments to net income				28,000
Preferred stock, shares issued (shares) | shares			1,300,000
Watermark Lodging Trust | Affiliated Entity
Fair Value Inputs, Assets
Proceeds from issuance of preferred stock			$ 65,000
Preferred stock liquidation preference (usd per share) | $ / shares			$ 50
Reclassification of unrealized gain on investments to net income				$ (18,700)
Watermark Lodging Trust | Level 3
Fair Value Inputs, Assets
Dividend income					$ 900

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Level 2 and Level 3 | Carrying Value | Senior Unsecured Notes, net
Liabilities:
Debt instrument, fair value	$ 5,978,499	$ 5,916,400
Level 2 and Level 3 | Fair Value | Senior Unsecured Notes, net
Liabilities:
Debt instrument, fair value	5,328,938	5,238,588
Level 3 | Carrying Value | Non-recourse mortgage, net
Liabilities:
Debt instrument, fair value	1,043,808	1,132,417
Level 3 | Fair Value | Non-recourse mortgage, net
Liabilities:
Debt instrument, fair value	$ 1,030,700	$ 1,109,449

Fair Value Measurements - Impai

Fair Value Measurements - Impairment of Assets Measured on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impairment Charges	$ 0	$ 20,179
Real estate and intangibles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value Measurements	0	14,227
Impairment Charges	$ 0	$ 20,179

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Summary of Derivative Instruments
Net collateral posted for derivatives	$ 0		$ 0
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ (6,863,000)	$ 5,982,000
Derivative, remaining maturity	59 months
Total credit exposure on derivatives	$ 26,800,000
Derivatives, net liability position	2,100,000		1,700,000
Aggregate termination value for immediate settlement	2,100,000		$ 1,700,000
Other comprehensive income foreign currency (losses) gains	(71,500,000)	76,900,000
Individual Counterparty
Summary of Derivative Instruments
Total credit exposure on derivatives	4,500,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)	(1,500,000)
Non-operating income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)	(11,700,000)
Equity method investments | Designated as Cash Flow Hedging Instruments
Summary of Derivative Instruments
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ (400,000)	$ 1,400,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value
Derivative assets, fair value	$ 32,659	$ 39,274
Liability derivatives, fair value	(2,090)	(1,693)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	28,709	35,324
Liability derivatives, fair value	(1,703)	(1,445)
Derivatives Designated as Hedging Instruments | Foreign currency collars | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	26,663	32,631
Derivatives Designated as Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(1,703)	(1,445)
Derivatives Designated as Hedging Instruments | Interest rate swaps | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	2,040	2,679
Derivatives Designated as Hedging Instruments | Interest rate cap | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	6	14
Derivatives Not in Cash Flow Hedging Relationships
Derivatives, Fair Value
Derivative assets, fair value	3,950	3,950
Liability derivatives, fair value	(387)	(248)
Derivatives Not in Cash Flow Hedging Relationships | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(387)	(248)
Derivatives Not in Cash Flow Hedging Relationships | Stock warrants | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	$ 3,950	$ 3,950

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ (6,863)	$ 5,982
Derivatives in Cash Flow Hedging Relationships  | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	(6,226)	5,198
Derivatives in Cash Flow Hedging Relationships  | Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	(630)	781
Derivatives in Cash Flow Hedging Relationships  | Interest rate cap
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ (7)	$ 3

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Designated as Cash Flow Hedging Instruments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	$ 4,675	$ 1,940
Foreign currency collars | Non-operating income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	4,305	2,104
Interest rate swaps and caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	$ 370	$ (164)

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Amount of Gain (Loss) on Derivatives Recognized in Income
Total	$ (744)	$ 1,679
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	(406)	187
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | Non-operating income
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	(199)	1,208
Derivatives Not in Cash Flow Hedging Relationships | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ (139)	$ 284

Risk Management and Use of De_8

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) - Derivatives Designated as Hedging Instruments - Designated as Cash Flow Hedging Instruments € in Thousands, $ in Thousands	Mar. 31, 2023 EUR (€) derivative	Mar. 31, 2023 USD ($) derivative
Derivative Disclosure
Fair value		$ 2,046
Interest rate swaps | EUR
Derivative Disclosure
Number of Instruments | derivative	2	2
Notional Amount | €	€ 45,663
Fair value		$ 1,050
Interest rate swaps | USD
Derivative Disclosure
Number of Instruments | derivative	4	4
Notional Amount		$ 31,724
Fair value		$ 990
Interest rate cap | EUR
Derivative Disclosure
Number of Instruments | derivative	1	1
Notional Amount | €	€ 10,374
Fair value		$ 6

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, £ in Thousands, $ in Thousands	Mar. 31, 2023 EUR (€) derivative	Mar. 31, 2023 USD ($) derivative	Mar. 31, 2023 GBP (£) derivative
Derivative Disclosure
Fair value, foreign currency derivatives		$ 24,573
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR
Derivative Disclosure
Number of Instruments | derivative	70	70	70
Notional Amount | €	€ 280,000
Fair value, foreign currency derivatives		$ 20,870
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | GBP
Derivative Disclosure
Number of Instruments | derivative	61	61	61
Notional Amount | £			£ 39,220
Fair value, foreign currency derivatives		$ 4,090
Derivatives Not in Cash Flow Hedging Relationships | Foreign currency collars | EUR
Derivative Disclosure
Number of Instruments | derivative	3	3	3
Notional Amount | €	€ 24,000
Fair value, foreign currency derivatives		$ (387)

Debt - Narratives (Details)

Debt - Narratives (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)
Senior Unsecured Credit Facility
Maximum borrowing capacity				$ 2,750,000,000
Repayments of line of credit	$ 635,648,000	$ 196,840,000
Debt financing costs	$ 24,879,000
Non Recourse Debt
Weighted average interest rate (in percentage)	4.30%
Prepayments of mortgage principal	$ (52,876,000)	(8,050,000)
Repayments of secured debt	(37,387,000)	(6,437,000)
Increase in value of balance sheet item due to foreign currency translation	$ 6,457,000	$ (9,152,000)
Fixed interest rate
Non Recourse Debt
Weighted average interest rate (in percentage)	4.40%
Variable interest rate
Non Recourse Debt
Weighted average interest rate (in percentage)	3.80%
Unsecured Senior Notes
Senior Unsecured Credit Facility
Principal Amount	$ 6,000,000,000
Debt financing costs	$ 24,800,000			25,900,000
Unsecured Senior Notes | Government bond yield | Minimum
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.20%
Unsecured Senior Notes | Government bond yield | Maximum
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.35%
Non-Recourse Debt
Senior Unsecured Credit Facility
Stated interest rate (percentage)	6.60%
Non Recourse Debt
Prepayments of mortgage principal	$ (52,900,000)
Repayments of secured debt	(28,500,000)
Gain (loss) on extinguishment of debt	2,800,000
Increase in value of balance sheet item due to foreign currency translation	82,900,000
Unsecured Revolving Credit Facility
Senior Unsecured Credit Facility
Maximum borrowing capacity			$ 3,050,000,000	2,400,000,000
Line of credit facility, available	$ 1,100,000,000
Debt Instrument borrowing capacity fee (percentage)	0.15%
Unsecured Revolving Credit Facility | USD
Senior Unsecured Credit Facility
Maximum borrowing capacity				$ 1,800,000,000
Unsecured Term Loans | GBP
Senior Unsecured Credit Facility
Maximum borrowing capacity | £					£ 270,000,000
Unsecured Term Loans | EUR
Senior Unsecured Credit Facility
Maximum borrowing capacity | €						€ 215,000,000
Standby Letters of Credit
Senior Unsecured Credit Facility
Line of credit facility, available	$ 1,900,000

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Senior Unsecured Credit Facility
Debt outstanding	$ 1,237,244	$ 830,406
Unamortized discount	33,754
Unsecured Revolving Credit Facility:
Senior Unsecured Credit Facility
Debt outstanding	669,463	276,392
Unsecured Revolving Credit Facility: | EUR
Senior Unsecured Credit Facility
Debt outstanding	$ 411,075	258,117
Unsecured Revolving Credit Facility: | EUR | EURIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.775%
Unsecured Revolving Credit Facility: | GBP
Senior Unsecured Credit Facility
Debt outstanding	$ 43,292	0
Spread adjustment (percentage)	0.0326%
Unsecured Revolving Credit Facility: | GBP | GBP LIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.775%
Unsecured Revolving Credit Facility: | USD
Senior Unsecured Credit Facility
Debt outstanding	$ 197,000	0
Spread adjustment (percentage)	0.10%
Unsecured Revolving Credit Facility: | USD | SOFR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.775%
Unsecured Revolving Credit Facility: | JPY
Senior Unsecured Credit Facility
Debt outstanding	$ 18,096	18,275
Unsecured Revolving Credit Facility: | JPY | JPY LIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.775%
Unsecured Term Loans:
Senior Unsecured Credit Facility
Debt outstanding	$ 567,781	554,014
Unsecured Term Loans: | EUR
Senior Unsecured Credit Facility
Debt outstanding	$ 233,813	229,319
Unsecured Term Loans: | EUR | EURIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.85%
Unsecured Term Loans: | GBP
Senior Unsecured Credit Facility
Debt outstanding	$ 333,968	324,695
Unamortized discount	$ 1,300	$ 1,500
Unsecured Term Loans: | GBP | GBP LIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.85%

Debt - Summary of Senior Unse_2

Debt - Summary of Senior Unsecured Notes (Details)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Senior Unsecured Notes
Unamortized deferred financing costs	$ 24,879,000
Unamortized discount, net	33,754,000
Unsecured Senior Notes
Senior Unsecured Notes
Principal Amount	6,000,000,000
Principal amount of debt outstanding	6,026,563,000		$ 5,966,475,000
Unamortized deferred financing costs	24,800,000		25,900,000
Unamortized discount, net	$ 23,200,000		24,100,000
Unsecured Senior Notes | 4.6% Senior Notes due 2024
Senior Unsecured Notes
Coupon rate (percentage)	4.60%	4.60%
Principal Amount	$ 500,000,000
Principal amount of debt outstanding	$ 500,000,000		500,000,000
Unsecured Senior Notes | 2.25% Senior Notes due 2024
Senior Unsecured Notes
Coupon rate (percentage)	2.25%	2.25%
Principal Amount | €		€ 500,000,000
Principal amount of debt outstanding	$ 543,750,000		533,300,000
Unsecured Senior Notes | 4.0% Senior Notes due 2025
Senior Unsecured Notes
Coupon rate (percentage)	4%	4%
Principal Amount	$ 450,000,000
Principal amount of debt outstanding	$ 450,000,000		450,000,000
Unsecured Senior Notes | 2.25% Senior Notes due 2026
Senior Unsecured Notes
Coupon rate (percentage)	2.25%	2.25%
Principal Amount | €		€ 500,000,000
Principal amount of debt outstanding	$ 543,750,000		533,300,000
Unsecured Senior Notes | 4.25% Senior Notes due 2026
Senior Unsecured Notes
Coupon rate (percentage)	4.25%	4.25%
Principal Amount	$ 350,000,000
Principal amount of debt outstanding	$ 350,000,000		350,000,000
Unsecured Senior Notes | 2.125% Senior Notes due 2027
Senior Unsecured Notes
Coupon rate (percentage)	2.125%	2.125%
Principal Amount | €		€ 500,000,000
Principal amount of debt outstanding	$ 543,750,000		533,300,000
Unsecured Senior Notes | 1.35% Senior Notes due 2028
Senior Unsecured Notes
Coupon rate (percentage)	1.35%	1.35%
Principal Amount | €		€ 500,000,000
Principal amount of debt outstanding	$ 543,750,000		533,300,000
Unsecured Senior Notes | 3.85% Senior Notes due 2029
Senior Unsecured Notes
Coupon rate (percentage)	3.85%	3.85%
Principal Amount	$ 325,000,000
Principal amount of debt outstanding	$ 325,000,000		325,000,000
Unsecured Senior Notes | 3.41% Senior Notes due 2029
Senior Unsecured Notes
Coupon rate (percentage)	3.41%	3.41%
Principal Amount | €		€ 150,000,000
Principal amount of debt outstanding	$ 163,125,000		159,990,000
Unsecured Senior Notes | 0.95% Senior Notes due 2030
Senior Unsecured Notes
Coupon rate (percentage)	0.95%	0.95%
Principal Amount | €		€ 525,000,000
Principal amount of debt outstanding	$ 570,938,000		559,965,000
Unsecured Senior Notes | 2.4% Senior Notes due 2031
Senior Unsecured Notes
Coupon rate (percentage)	2.40%	2.40%
Principal Amount	$ 500,000,000
Principal amount of debt outstanding	$ 500,000,000		500,000,000
Unsecured Senior Notes | 2.45% Senior Notes due 2032
Senior Unsecured Notes
Coupon rate (percentage)	2.45%	2.45%
Principal Amount	$ 350,000,000
Principal amount of debt outstanding	$ 350,000,000		350,000,000
Unsecured Senior Notes | 3.7% Senior Notes due 2032
Senior Unsecured Notes
Coupon rate (percentage)	3.70%	3.70%
Principal Amount | €		€ 200,000,000
Principal amount of debt outstanding	$ 217,500,000		213,320,000
Unsecured Senior Notes | 2.25% Senior Notes due 2033
Senior Unsecured Notes
Coupon rate (percentage)	2.25%	2.25%
Principal Amount	$ 425,000,000
Principal amount of debt outstanding	$ 425,000,000		$ 425,000,000

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Long-term Debt, by Maturity
2023 (remainder)	$ 325,558
2024	1,243,485
2025	2,107,612
2026	994,102
2027	544,418
Thereafter through 2039	3,101,706
Total principal payments	8,316,881
Unamortized discount, net	(33,754)
Unamortized deferred financing costs	(24,879)
Total	$ 8,258,248

Stock-Based Compensation and _3

Stock-Based Compensation and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	May 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 7,766	$ 7,833
Fair value of vested stock	33,700
Deferred compensation obligation	$ 62,046		$ 57,012
Dividends declared (in dollars per share)	$ 1.067	$ 1.057
ATM Program | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Aggregate gross sales price				$ 1,000,000
RSA and RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award
Conversion rate (shares)	1
PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award
Performance period (in years)	3 years
PSU Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	0
PSU Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	3
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Fair value assumptions expected dividend rate (percent)	0%
Deferred compensation arrangement with individual, common stock reserved for future issuance (shares)	1,196,957		1,181,947
Deferred compensation obligation	$ 62,000		$ 57,000
Unrecognized stock based compensation expense	$ 66,200
Weighted-average remaining term (in years)	2 years 4 months 24 days
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate (percent)	3.80%
Fair value assumptions expected volatility rate (percent)	38.20%

Stock-Based Compensation and _4

Stock-Based Compensation and Equity - Restricted and Conditional Awards (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
RSA and RSU Awards
Shares
Nonvested, beginning balance - shares | shares	376,298
Granted - shares | shares	221,763
Vested - shares | shares	(143,337)
Forfeited - shares | shares	0
Adjustments - shares | shares	0
Nonvested, ending balance - shares | shares	454,724
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares	$ 74.78
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	84.73
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	75.82
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	0
Adjustments, weighted average grant date fair value (in dollars per share) | $ / shares	0
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 79.31
PSU Awards
Shares
Nonvested, beginning balance - shares | shares	531,781
Granted - shares | shares	150,989
Vested - shares | shares	(218,147)
Forfeited - shares | shares	0
Adjustments - shares | shares	76,706
Nonvested, ending balance - shares | shares	541,329
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares	$ 89.14
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	144.54
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	104.65
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	0
Adjustments, weighted average grant date fair value (in dollars per share) | $ / shares	113.51
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 102.92

Stock-Based Compensation and _5

Stock-Based Compensation and Equity - Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share Reconciliation
Net income — basic	$ 294,380	$ 156,995
Net income — diluted	$ 294,380	$ 156,995
Weighted-average shares outstanding – basic (shares)	211,951,930	191,911,414
Effect of dilutive securities (shares)	393,117	505,228
Weighted-average shares outstanding – diluted (shares)	212,345,047	192,416,642

Stock-Based Compensation and _6

Stock-Based Compensation and Equity - ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Net proceeds	$ 249,863	$ 178,965
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares of common stock issued (shares)	3,081,867	2,249,227
Net proceeds	$ 3	$ 2
ATM Program | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares of common stock issued (shares)	0	2,249,227
Weighted-average price per share (usd per share)	$ 0	$ 80.60
Net proceeds	$ 0	$ 178,994

Stock-Based Compensation and _7

Stock-Based Compensation and Equity - Forward Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands	May 02, 2022	Aug. 09, 2021	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (shares)			450,000,000	450,000,000
Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award
Remaining shares authorized for distribution (shares)			4,744,973
Underwriting Agreement | August 2021 Equity Forwards
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (shares)		5,175,000
Average gross offering price (usd per share)		$ 78
Average Gross Offering Proceeds at Closing		$ 403,650
Remaining shares authorized for distribution (shares)			0
Share purchase option (shares)		675,000
Underwriting Agreement | ATM Forwards
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (shares)	7,826,840
Average gross offering price (usd per share)	$ 83.57
Average Gross Offering Proceeds at Closing	$ 654,086
Remaining shares authorized for distribution (shares)			4,744,973

Stock-Based Compensation and _8

Stock-Based Compensation and Equity - Settlement of Equity Forwards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net proceeds	$ 249,863	$ 178,965
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock issued (shares)	3,081,867	2,249,227
Net proceeds	$ 3	$ 2
Common Stock | Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock issued (shares)	3,081,867	0
Net proceeds	$ 249,943	$ 0

Stock-Based Compensation and _9

Stock-Based Compensation and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	$ 9,008,644	$ 7,583,451
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(4,626)	(8,546)
Interest expense	67,196	46,053
Other gains and (losses) (Note 8)	(8,100)	(35,745)
Other Comprehensive Loss	(806)	(20,470)
Ending equity balance	9,319,362	7,694,661
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(283,780)	(221,670)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(284,558)	(242,140)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	36,079	16,347
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	28,816	23,717
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(319,859)	(256,705)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(313,374)	(265,857)
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	0	18,688
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	0	0
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	3,869	158
Amounts reclassified from accumulated other comprehensive loss to:
Total	(4,675)	(20,628)
Other Comprehensive Loss	(806)	(20,470)
Net current period other comprehensive loss attributable to noncontrolling interests	28
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(4,305)	(2,104)
Interest expense	(370)	164
Other gains and (losses) (Note 8)		(18,688)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	(2,588)	9,310
Amounts reclassified from accumulated other comprehensive loss to:
Total	(4,675)	(1,940)
Other Comprehensive Loss	(7,263)	7,370
Net current period other comprehensive loss attributable to noncontrolling interests	0
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(4,305)	(2,104)
Interest expense	(370)	164
Other gains and (losses) (Note 8)		0
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	6,457	(9,152)
Amounts reclassified from accumulated other comprehensive loss to:
Total	0	0
Other Comprehensive Loss	6,457	(9,152)
Net current period other comprehensive loss attributable to noncontrolling interests	28
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	0	0
Interest expense	0	0
Other gains and (losses) (Note 8)		0
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss to:
Total	0	(18,688)
Other Comprehensive Loss	0	(18,688)
Net current period other comprehensive loss attributable to noncontrolling interests	0
Gains and (Losses) on Investments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	0	0
Interest expense	$ 0	0
Other gains and (losses) (Note 8)		$ (18,688)

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Current income tax expense	$ 10,800	$ 8,300
Deferred income tax (expense) benefit	$ (4,366)	$ 1,242

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($) property
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate	$ 41,025	$ 26,684
Properties disposed of by sale
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property	5	6
Proceeds from sales of real estate	$ 41,000	$ 26,700
Gain (loss) on sale of real estate, net of tax	$ 1,500	$ 11,200

Segment Reporting - Narratives

Segment Reporting - Narratives (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of business segments	2

Segment Reporting - Income From

Segment Reporting - Income From Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Revenues	$ 427,790	$ 348,438
Operating Expenses
Depreciation and amortization	156,409	115,393
General and administrative	26,448	23,084
Reimbursable tenant costs	21,976	16,960
Operating property expenses	21,249	2,787
Property expenses, excluding reimbursable tenant costs	12,772	13,779
Stock-based compensation expense	7,766	7,833
Merger and other expenses	24	(2,322)
Impairment charges — real estate	0	20,179
Total operating expenses	246,745	198,620
Other Income and Expenses
Gain on sale of real estate, net	177,749	11,248
Interest expense	(67,196)	(46,053)
Other gains and (losses)	8,100	35,745
Earnings (losses) from equity method investments in real estate	5,236	4,772
Non-operating income	4,626	8,546
Total other income and expenses	128,515	14,258
Income before income taxes	309,560	164,076
Provision for income taxes	(15,119)	(7,083)
Net Income	294,441	156,993
Net (income) loss attributable to noncontrolling interests	(61)	2
Net Income Attributable to W. P. Carey	294,380	156,995
Real Estate
Revenues
Lease revenues	352,336	307,725
Income from finance leases and loans receivable	20,755	18,379
Operating property revenues	40,886	3,865
Other lease-related income	13,373	14,122
Revenues	427,350	344,091
Operating Expenses
Depreciation and amortization	156,409	115,393
General and administrative	26,448	23,084
Reimbursable tenant costs	21,976	16,960
Operating property expenses	21,249	2,787
Property expenses, excluding reimbursable tenant costs	12,772	13,779
Stock-based compensation expense	7,766	7,833
Merger and other expenses	24	(2,325)
Impairment charges — real estate	0	20,179
Total operating expenses	246,644	197,690
Other Income and Expenses
Gain on sale of real estate, net	177,749	11,248
Interest expense	(67,196)	(46,053)
Other gains and (losses)	7,586	34,418
Earnings (losses) from equity method investments in real estate	5,236	(787)
Non-operating income	4,613	8,542
Total other income and expenses	127,988	7,368
Income before income taxes	308,694	153,769
Provision for income taxes	(15,402)	(6,913)
Net Income	293,292	146,856
Net (income) loss attributable to noncontrolling interests	(61)	2
Net Income Attributable to W. P. Carey	$ 293,231	$ 146,858

Segment Reporting - Income Fr_2

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Revenues	$ 427,790	$ 348,438
Operating Expenses
Reimbursable costs from affiliates	101	927
Merger and other expenses	24	(2,322)
Total operating expenses	246,745	198,620
Other Income and Expenses
Other gains and (losses)	8,100	35,745
Non-operating income	4,626	8,546
Earnings from equity method investments in the Managed Programs	5,236	4,772
Total other income and expenses	128,515	14,258
Income before income taxes	309,560	164,076
Provision for income taxes	(15,119)	(7,083)
Net Income from Investment Management Attributable to W. P. Carey	294,380	156,995
Investment Management
Revenues
Operating property revenues	440	4,347
Revenues	440	4,347
Operating Expenses
Reimbursable costs from affiliates	101	927
Merger and other expenses	0	3
Total operating expenses	101	930
Other Income and Expenses
Other gains and (losses)	514	1,327
Non-operating income	13	4
Earnings from equity method investments in the Managed Programs	0	5,559
Total other income and expenses	527	6,890
Income before income taxes	866	10,307
Provision for income taxes	283	(170)
Net Income from Investment Management Attributable to W. P. Carey	1,149	10,137
Investment Management | Asset management revenue
Revenues
Operating property revenues	339	3,420
Investment Management | Reimbursable costs from affiliates
Revenues
Operating property revenues	$ 101	$ 927

Segment Reporting - Total Compa

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information Profit Loss
Revenues	$ 427,790	$ 348,438
Operating expenses	246,745	198,620
Other income and (expenses)	128,515	14,258
Provision for income taxes	(15,119)	(7,083)
Net (income) loss attributable to noncontrolling interests	(61)	2
Net income attributable to W. P. Carey	$ 294,380	$ 156,995

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Assets
Total assets	[1]	$ 18,832,407	$ 18,102,035
Real Estate
Assets
Total assets		18,820,279	18,077,155
Investment Management
Assets
Total assets		$ 12,128	$ 24,880
[1] See Note 2 for details related to variable interest entities (“VIEs”).

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended	3 Months Ended
	Apr. 28, 2023 USD ($) property portfolio	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Apr. 24, 2023 GBP (£)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)
Subsequent Event
Payment to acquire real estate		$ 143,645,000	$ 265,426,000
Number of real estate properties (property) | property		2
Maximum borrowing capacity					$ 2,750,000,000
Unsecured Term Loans Due 2026 | EUR
Subsequent Event
Maximum borrowing capacity | €						€ 215,000,000
Subsequent Events
Subsequent Event
Number of portfolio's (portfolio) | portfolio	2
Payment to acquire real estate	$ 565,700,000
Subsequent Events | Unsecured Term Loans Due 2026 | EUR
Subsequent Event
Maximum borrowing capacity | £				£ 500,000,000
Interest rate (percentage)				4.34%
Subsequent Events | Unsecured Term Loans Due 2026 | EUR | EURIBOR
Subsequent Event
Stated interest rate (percentage)				0.85%
Subsequent Events | Unsecured Term Loans Due 2026 - Accordion Feature | EUR
Subsequent Event
Maximum borrowing capacity | £				£ 750,000,000
Subsequent Events | Pharmaceutical Manufacturing/Research and Development Facilities
Subsequent Event
Payment to acquire real estate	$ 467,800,000
Number of real estate properties (property) | property	11
Subsequent Events | Industrial Facilities And Warehouse Expansion Facility Located In the United States, Canada, and Mexico
Subsequent Event
Payment to acquire real estate	$ 97,900,000
Number of real estate properties (property) | property	9