W. P. Carey (WPC) 10-Q 28 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		213,925,817
Entity Central Index Key	0001025378
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Investments in real estate:
Land, buildings and improvements — net lease and other		$ 13,563,837	$ 13,338,857
Land, buildings and improvements — operating properties		1,334,501	1,095,892
Net investments in finance leases and loans receivable		1,222,439	771,761
In-place lease intangible assets and other		2,748,013	2,659,750
Above-market rent intangible assets		806,619	833,751
Investments in real estate		19,675,409	18,700,011
Accumulated depreciation and amortization		(3,378,385)	(3,269,057)
Assets held for sale, net		43,002	57,944
Net investments in real estate		16,340,026	15,488,898
Equity method investments		340,285	327,502
Cash and cash equivalents		204,103	167,996
Other assets, net		1,154,945	1,080,227
Goodwill		1,036,966	1,037,412
Total assets	[1]	19,076,325	18,102,035
Debt:
Senior unsecured notes, net		5,978,294	5,916,400
Unsecured term loans, net		1,113,491	552,539
Unsecured revolving credit facility		528,705	276,392
Non-recourse mortgages, net		995,435	1,132,417
Debt, net		8,615,925	7,877,748
Accounts payable, accrued expenses and other liabilities		643,830	623,843
Below-market rent and other intangible liabilities, net		157,728	184,584
Deferred income taxes		179,449	178,959
Dividends payable		232,461	228,257
Total liabilities	[1]	9,829,393	9,093,391
Commitments and contingencies (Note 11)
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; 213,901,170 and 210,620,949 shares, respectively, issued and outstanding		214	211
Additional paid-in capital		11,959,060	11,706,836
Distributions in excess of accumulated earnings		(2,510,816)	(2,486,633)
Deferred compensation obligation		62,046	57,012
Accumulated other comprehensive loss		(279,931)	(283,780)
Total stockholders’ equity		9,230,573	8,993,646
Noncontrolling interests		16,359	14,998
Total equity		9,246,932	9,008,644
Total liabilities and equity		$ 19,076,325	$ 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	Jun. 30, 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 (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	213,901,170	210,620,949
Common stock, shares outstanding (in shares)	213,901,170	210,620,949

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Real Estate:
Lease revenues	$ 369,124	$ 314,354	$ 721,460	$ 622,079
Investment Management:
Revenues	452,578	344,397	880,368	692,835
Operating Expenses
Depreciation and amortization	143,548	115,080	299,957	230,473
Operating property expenses	26,919	3,191	48,168	5,978
General and administrative	24,788	20,841	51,236	43,925
Reimbursable tenant costs	20,523	16,704	42,499	33,664
Stock-based compensation expense	8,995	9,758	16,761	17,591
Property expenses, excluding reimbursable tenant costs	5,371	11,851	18,143	25,630
Merger and other expenses	1,419	1,984	1,443	(338)
Reimbursable costs from affiliates	124	1,143	225	2,070
Impairment charges — real estate	0	6,206	0	26,385
Total operating expenses	231,687	186,758	478,432	385,378
Other Income and Expenses
Interest expense	(75,488)	(46,417)	(142,684)	(92,470)
Non-operating income	4,509	5,974	9,135	14,520
Earnings from equity method investments	4,355	7,401	9,591	12,173
Gain on sale of real estate, net	1,808	31,119	179,557	42,367
Other gains and (losses)	(1,366)	(21,746)	6,734	13,999
Total other income and expenses	(66,182)	(23,669)	62,333	(9,411)
Income before income taxes	154,709	133,970	464,269	298,046
Provision for income taxes	(10,129)	(6,252)	(25,248)	(13,335)
Net Income	144,580	127,718	439,021	284,711
Net loss (income) attributable to noncontrolling interests	40	(40)	(21)	(38)
Net Income Attributable to W. P. Carey	$ 144,620	$ 127,678	$ 439,000	$ 284,673
Basic earnings per share (in dollars per share)	$ 0.67	$ 0.66	$ 2.06	$ 1.48
Diluted earnings per share (in dollars per share)	$ 0.67	$ 0.66	$ 2.05	$ 1.47
Weighted-Average Shares Outstanding
Basic (in shares)	215,075,114	194,019,451	213,522,150	192,971,256
Diluted (in shares)	215,184,485	194,763,695	213,875,471	193,706,035
Real Estate
Real Estate:
Lease revenues	$ 369,124	$ 314,354	$ 721,460	$ 622,079
Income from finance leases and loans receivable	27,311	17,778	48,066	36,157
Operating property revenues	50,676	5,064	91,562	8,929
Other lease-related income	5,040	2,591	18,413	16,713
Investment Management:
Operating property revenues	50,676	5,064	91,562	8,929
Revenues	452,151	339,787	879,501	683,878
Operating Expenses
Depreciation and amortization	143,548	115,080	299,957	230,473
Operating property expenses	26,919	3,191	48,168	5,978
General and administrative	24,788	20,841	51,236	43,925
Reimbursable tenant costs	20,523	16,704	42,499	33,664
Stock-based compensation expense	8,995	9,758	16,761	17,591
Property expenses, excluding reimbursable tenant costs	5,371	11,851	18,143	25,630
Merger and other expenses	1,419	1,984	1,443	(341)
Impairment charges — real estate	0	6,206	0	26,385
Total operating expenses	231,563	185,615	478,207	383,305
Other Income and Expenses
Interest expense	(75,488)	(46,417)	(142,684)	(92,470)
Non-operating income	4,509	5,975	9,122	14,517
Earnings from equity method investments	4,355	4,529	9,591	3,742
Gain on sale of real estate, net	1,808	31,119	179,557	42,367
Other gains and (losses)	(890)	(20,155)	6,696	14,263
Total other income and expenses	(65,706)	(24,949)	62,282	(17,581)
Income before income taxes	154,882	129,223	463,576	282,992
Provision for income taxes	(10,236)	(5,955)	(25,638)	(12,868)
Net Income	144,646	123,268	437,938	270,124
Net loss (income) attributable to noncontrolling interests	40	(40)	(21)	(38)
Net Income Attributable to W. P. Carey	144,686	123,228	437,917	270,086
Investment Management
Real Estate:
Operating property revenues	427	4,610	867	8,957
Investment Management:
Operating property revenues	427	4,610	867	8,957
Revenues	427	4,610	867	8,957
Operating Expenses
Merger and other expenses	0	0	0	3
Reimbursable costs from affiliates	124	1,143	225	2,070
Total operating expenses	124	1,143	225	2,073
Other Income and Expenses
Non-operating income	0	(1)	13	3
Earnings from equity method investments	0	2,872	0	8,431
Other gains and (losses)	(476)	(1,591)	38	(264)
Total other income and expenses	(476)	1,280	51	8,170
Income before income taxes	(173)	4,747	693	15,054
Provision for income taxes	107	(297)	390	(467)
Net Income Attributable to W. P. Carey	(66)	4,450	1,083	14,587
Investment Management | Asset management revenue
Real Estate:
Operating property revenues	303	3,467	642	6,887
Investment Management:
Operating property revenues	303	3,467	642	6,887
Investment Management | Reimbursable costs from affiliates
Real Estate:
Operating property revenues	124	1,143	225	2,070
Investment Management:
Operating property revenues	$ 124	$ 1,143	$ 225	$ 2,070

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 144,580	$ 127,718	$ 439,021	$ 284,711
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	9,479	(43,993)	15,936	(53,145)
Unrealized (loss) gain on derivative instruments	(4,937)	19,976	(12,200)	27,346
Reclassification of unrealized gain on investments to net income	0	0	0	(18,688)
Other Comprehensive Income (Loss)	4,542	(24,017)	3,736	(44,487)
Comprehensive Income	149,122	103,701	442,757	240,224
Amounts Attributable to Noncontrolling Interests
Net loss (income)	40	(40)	(21)	(38)
Foreign currency translation adjustments	85	0	113	0
Comprehensive loss (income) attributable to noncontrolling interests	125	(40)	92	(38)
Comprehensive Income Attributable to W. P. Carey	$ 149,247	$ 103,661	$ 442,849	$ 240,186

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 (in shares) at Dec. 31, 2021			190,013,751
W.P. Carey Stockholders
Shares issued under ATM Program, net	218,101	218,101	$ 3	218,098
Shares issued under ATM Program, net (in shares)			2,740,295
Shares issued upon delivery of vested restricted share awards	(6,600)	(6,600)		(6,600)
Shares issued upon delivery of vested restricted share awards (in shares)			135,706
Shares issued upon purchases under employee share purchase plan	155	155		155
Shares issued upon purchases under employee share purchase plan (in shares)			2,040
Amortization of stock-based compensation expense	17,591	17,591		17,591
Delivery of deferred vested shares, net	0			(6,696)		6,696
Distributions to noncontrolling interests	(65)							(65)
Dividends declared	(411,395)	(411,395)		1,380	(413,281)	506
Net income	284,711	284,673			284,673			38
Other comprehensive income (loss):
Foreign currency translation adjustments	(53,145)	(53,145)					(53,145)
Unrealized (loss) gain on derivative instruments	27,346	27,346					27,346
Reclassification of unrealized gain on investments to net income	(18,688)	(18,688)					(18,688)
Ending equity balance at Jun. 30, 2022	7,641,462	7,639,823	$ 193	10,201,614	(2,352,839)	57,012	(266,157)	1,639
Ending equity balance (in shares) at Jun. 30, 2022			192,891,792
Beginning 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
Beginning equity balance (in shares) at Mar. 31, 2022			192,394,960
W.P. Carey Stockholders
Shares issued under ATM Program, net	39,136	39,136	$ 1	39,135
Shares issued under ATM Program, net (in shares)			491,068
Shares issued upon delivery of vested restricted share awards (in shares)			3,724
Shares issued upon purchases under employee share purchase plan	155	155		155
Shares issued upon purchases under employee share purchase plan (in shares)			2,040
Amortization of stock-based compensation expense	9,758	9,758		9,758
Delivery of deferred vested shares, net	0			140		(140)
Distributions to noncontrolling interests	(51)							(51)
Dividends declared	(205,898)	(205,898)			(205,898)
Net income	127,718	127,678			127,678			40
Other comprehensive income (loss):
Foreign currency translation adjustments	(43,993)	(43,993)					(43,993)
Unrealized (loss) gain on derivative instruments	19,976	19,976					19,976
Reclassification of unrealized gain on investments to net income	0
Ending equity balance at Jun. 30, 2022	7,641,462	7,639,823	$ 193	10,201,614	(2,352,839)	57,012	(266,157)	1,639
Ending equity balance (in shares) at Jun. 30, 2022			192,891,792
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 (in 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 (in shares)			3,081,867
Shares issued upon delivery of vested restricted share awards	(13,618)	(13,618)		(13,618)
Shares issued upon delivery of vested restricted share awards (in shares)			193,619
Shares issued upon purchases under employee share purchase plan	294	294		294
Shares issued upon purchases under employee share purchase plan (in shares)			4,735
Amortization of stock-based compensation expense	16,761	16,761		16,761
Acquisition of noncontrolling interest	0	1,153		1,153				(1,153)
Delivery of deferred vested shares, net	0			(4,521)		4,521
Contributions from noncontrolling interests	2,886							2,886
Distributions to noncontrolling interests	(280)							(280)
Dividends declared	(460,375)	(460,375)		2,295	(463,183)	513
Net income	439,021	439,000			439,000			21
Other comprehensive income (loss):
Foreign currency translation adjustments	15,936	16,049					16,049	(113)
Unrealized (loss) gain on derivative instruments	(12,200)	(12,200)					(12,200)
Reclassification of unrealized gain on investments to net income	0
Ending equity balance at Jun. 30, 2023	$ 9,246,932	9,230,573	$ 214	11,959,060	(2,510,816)	62,046	(279,931)	16,359
Ending equity balance (in shares) at Jun. 30, 2023	213,901,170		213,901,170
Beginning 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
Beginning equity balance (in shares) at Mar. 31, 2023			213,890,620
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards	(292)	(292)		(292)
Shares issued upon delivery of vested restricted share awards (in shares)			5,815
Shares issued upon purchases under employee share purchase plan	294	294		294
Shares issued upon purchases under employee share purchase plan (in shares)			4,735
Amortization of stock-based compensation expense	8,995	8,995		8,995
Acquisition of noncontrolling interest	0	1,153		1,153				(1,153)
Distributions to noncontrolling interests	(144)							(144)
Dividends declared	(230,405)	(230,405)			(230,405)
Net income	144,580	144,620			144,620			(40)
Other comprehensive income (loss):
Foreign currency translation adjustments	9,479	9,564					9,564	(85)
Unrealized (loss) gain on derivative instruments	(4,937)	(4,937)					(4,937)
Reclassification of unrealized gain on investments to net income	0
Ending equity balance at Jun. 30, 2023	$ 9,246,932	$ 9,230,573	$ 214	$ 11,959,060	$ (2,510,816)	$ 62,046	$ (279,931)	$ 16,359
Ending equity balance (in shares) at Jun. 30, 2023	213,901,170		213,901,170

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.069	$ 1.059	$ 2.136	$ 2.116

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows — Operating Activities
Net income	$ 439,021	$ 284,711
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	309,988	237,672
Gain on sale of real estate, net	(179,557)	(42,367)
Straight-line rent adjustments	(35,965)	(27,146)
Amortization of rent-related intangibles and deferred rental revenue	19,793	22,701
Stock-based compensation expense	16,761	17,591
Distributions of earnings from equity method investments	9,931	15,907
Earnings from equity method investments	(9,591)	(12,173)
Decrease in allowance for credit losses	(3,629)	(980)
Net realized and unrealized gains on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other	(2,126)	(12,621)
Deferred income tax expense (benefit)	1,643	(1,597)
Impairment charges — real estate	0	26,385
Asset management revenue received in shares of CPA:18 – Global	0	(1,024)
Net changes in other operating assets and liabilities	(35,935)	(60,176)
Net Cash Provided by Operating Activities	530,334	446,883
Cash Flows — Investing Activities
Purchases of real estate	(895,034)	(614,397)
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(62,135)	(56,741)
Proceeds from sales of real estate	44,061	115,133
Tenant-funded escrow for investing activities	29,787	0
Capital contributions to equity method investments	(23,677)	(39,609)
Return of capital from equity method investments	9,943	8,105
Other investing activities, net	(8,563)	(2,723)
Proceeds from redemption of WLT preferred stock (Note 8)	0	65,000
Funding of short-term loans to affiliates	0	(26,000)
Investment in loan receivable	0	(19,293)
Proceeds from repayment of short-term loans to affiliates	0	10,000
Net Cash Used in Investing Activities	(905,618)	(560,525)
Cash Flows — Financing Activities
Proceeds from Unsecured Revolving Credit Facility	1,820,608	696,984
Repayments of Unsecured Revolving Credit Facility	(1,577,153)	(657,866)
Proceeds from term loans	546,014	283,139
Dividends paid	(456,171)	(407,728)
Proceeds from shares issued under ATM Program, net of selling costs	249,806	218,095
Scheduled payments of mortgage principal	(85,888)	(14,705)
Prepayments of mortgage principal	(52,876)	(10,380)
Payments for withholding taxes upon delivery of equity-based awards	(13,618)	(6,599)
Contributions from noncontrolling interests	2,886	0
Other financing activities, net	2,193	5,656
Distributions to noncontrolling interests	(280)	(65)
Net Cash Provided by Financing Activities	435,521	106,531
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	1,909	(10,346)
Net increase (decrease) in cash and cash equivalents and restricted cash	62,146	(17,457)
Cash and cash equivalents and restricted cash, beginning of period	224,141	217,950
Cash and cash equivalents and restricted cash, end of period	$ 286,287	$ 200,493

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2023, our portfolio was comprised of our full or partial ownership interests in 1,475 properties, totaling approximately 180 million square feet, substantially all of which were net leased to 398 tenants, with a weighted-average lease term of 11.2 years and an occupancy rate of 99.0%. In addition, at June 30, 2023, our portfolio was comprised of full or partial ownership interests in 100 operating properties, including 85 self-storage properties, 13 hotels, and two student housing properties, totaling approximately 7.8 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022, we considered 15 and 16 entities, respectively, to be VIEs, of which we consolidated 10 and 11, respectively, 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): June 30, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 170,638 $ 590,390 Land, buildings and improvements — operating properties 73,057 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 28,343 72,070 Above-market rent intangible assets 11,037 33,634 Accumulated depreciation and amortization (25,837) (176,379) Total assets 888,756 843,500 Non-recourse mortgages, net $ 56,738 $ 132,950 Below-market rent and other intangible liabilities, net 32 18,891 Total liabilities 97,015 199,633 At both June 30, 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 June 30, 2023, and December 31, 2022, the net carrying amount of our investments in these entities was $715.0 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 $24.7 million and $3.3 million for the three months ended June 30, 2023 and 2022, respectively, and $40.2 million and $5.4 million for the six months ended June 30, 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 . 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): June 30, 2023 December 31, 2022 Cash and cash equivalents $ 204,103 $ 167,996 Restricted cash (a) 82,184 56,145 Total cash and cash equivalents and restricted cash $ 286,287 $ 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Asset management revenue (a) (b) $ 303 $ 3,467 $ 642 $ 6,887 Reimbursable costs from affiliates (a) 124 1,143 225 2,070 Distributions of Available Cash (c) — 2,814 — 5,401 Interest income on loans to affiliates (d) — 75 — 108 $ 427 $ 7,499 $ 867 $ 14,466 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 CESH $ 427 $ 562 $ 867 $ 1,078 CPA:18 – Global — 6,937 — 13,388 $ 427 $ 7,499 $ 867 $ 14,466 __________ (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): June 30, 2023 December 31, 2022 Asset management fees receivable $ 300 $ 386 Reimbursable costs 295 204 Accounts receivable 79 329 $ 674 $ 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 June 30, 2023, we owned interests in nine jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate five 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	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Land $ 2,436,946 $ 2,400,002 Buildings and improvements 11,075,657 10,916,630 Real estate under construction 51,234 22,225 Less: Accumulated depreciation (1,670,860) (1,672,091) $ 11,892,977 $ 11,666,766 During the six months ended June 30, 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 1.9% to $1.0866 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 $67.6 million from December 31, 2022 to June 30, 2023. During the six months ended June 30, 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 June 30, 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 six months ended June 30, 2023 ( Note 5 ). Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $79.7 million and $73.0 million for the three months ended June 30, 2023 and 2022, respectively, and $171.0 million and $145.0 million for the six months ended June 30, 2023 and 2022, respectively. Acquisitions of Real Estate During the six months ended June 30, 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 Various, Canada 11 4/1/2023 Industrial, Warehouse 467,811 Various, United States (4 properties), Canada (3 properties), and Mexico (2 properties) (b) 9 4/18/2023 Industrial 97,952 Various, United States (c) 9 5/5/2023; 5/26/2023 Retail (Car Wash) 39,713 Various, United States 4 6/15/2023 Education (Medical School) 139,092 47 $ 888,647 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. (b) Amount includes $3.1 million for an expansion at a property leased to this tenant that we already own. (c) We also entered into a purchase agreement to acquire two additional retail (car wash) facilities leased to this tenant totaling $8.7 million, which is expected to be completed during the third quarter of 2023. The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 135,502 Buildings and improvements 604,973 Intangible assets: In-place lease (weighted-average expected life of 21.9 years) 142,073 Right-of-use assets: Finance lease (a) 12,981 Prepaid rent liabilities (6,882) $ 888,647 __________ (a) Represents consideration paid to acquire a leasehold interest in land, buildings and improvements. The lease was determined to be a finance lease due to our intention to acquire the land, buildings and improvements upon lease expiration. These assets are included in In-place lease intangible assets and other in the consolidated balance sheets. Real Estate Under Construction During the six months ended June 30, 2023, we capitalized real estate under construction totaling $54.5 million. The number of construction projects in progress with balances included in real estate under construction was 11 and eight as of June 30, 2023 and December 31, 2022, respectively. Aggregate unfunded commitments totaled approximately $90.9 million and $61.1 million as of June 30, 2023 and December 31, 2022, respectively. During the six months ended June 30, 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 six months ended June 30, 2023, we committed to fund two redevelopment projects, for an aggregate amount of $61.7 million. We currently expect to complete one project in the first quarter of 2024 and one project in the first quarter of 2025. Capitalized interest incurred during construction was less than $0.1 million and $0.4 million for the three months ended June 30, 2023 and 2022, respectively, and $0.1 million and $1.1 million for the six months ended June 30, 2023 and 2022, respectively, which reduces Interest expense in the consolidated statements of income. Dispositions of Properties During the six months ended June 30, 2023, we sold six 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 $28.1 million from December 31, 2022 to June 30, 2023 ( Note 14 ). Other Lease-Related income 2023 — For the three and six months ended June 30, 2023, other lease-related income on our consolidated statements of income included: (i) other lease-related settlements totaling $4.3 million and $5.6 million, respectively and (ii) lease termination income totaling $11.4 million for the six months ended June 30, 2023, received from two tenants in connection with the sales of the properties they occupied. 2022 — For the three and six months ended June 30, 2022, other lease-related income on our consolidated statements of income included: (i) other lease-related settlements totaling $1.4 million and $6.1 million, respectively; (ii) income from a parking garage attached to one of our net-leased properties totaling $0.6 million and $1.2 million, respectively; and (iii) lease termination income of $8.2 million received from a tenant during the six months ended June 30, 2022. 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease income — fixed $ 324,468 $ 281,269 $ 632,534 $ 557,410 Lease income — variable (a) 44,656 33,085 88,926 64,669 Total operating lease income $ 369,124 $ 314,354 $ 721,460 $ 622,079 __________ (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 June 30, 2023, Land, buildings and improvements — operating properties consisted of our investments in 76 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): June 30, 2023 December 31, 2022 Land $ 154,119 $ 122,317 Buildings and improvements 1,180,382 955,009 Real estate under construction — 18,566 Less: Accumulated depreciation (99,679) (28,295) $ 1,234,822 $ 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 six months ended June 30, 2023, the U.S. dollar weakened against the British pound sterling, resulting in an increase of $4.6 million in the carrying value of our Land, buildings and improvements — operating properties from December 31, 2022 to June 30, 2023 During the six months ended June 30, 2023, we completed a student housing development project and reclassified $23.5 million from real estate under construction to buildings and improvements attributable to operating properties. On June 22, 2023, we acquired a self-storage operating property located in Little Rock, Arkansas for $6.2 million, including land of $1.7 million, buildings and improvements of $4.4 million, and in-place lease intangible assets of $0.1 million (with an expected life of 0.5 years). We also committed to fund $3.6 million for an expansion at this facility, which is expected to be completed in the second quarter of 2024. Depreciation expense on our buildings and improvements attributable to operating properties was $7.7 million and $0.7 million for the three months ended June 30, 2023 and 2022, respectively, and $14.9 million and $1.4 million for the six months ended June 30, 2023 and 2022. Assets Held for Sale, Net Below is a summary of our properties held for sale (in thousands): June 30, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 34,679 $ 47,134 In-place lease intangible assets and other 8,132 10,854 Above-market rent intangible assets 191 3,210 Accumulated depreciation and amortization — (3,254) Assets held for sale, net $ 43,002 $ 57,944 At June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 Net investments in direct financing leases (a) 2023 – 2036 $ 495,881 $ 498,313 Net investments in sales-type leases (b) 2024 451,421 — Sale-leaseback transactions accounted for as loans receivable (b) (c) 2038 – 2052 235,887 234,198 Secured loans receivable (d) 2023 – 2024 39,250 39,250 $ 1,222,439 $ 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 June 30, 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 June 30, 2023 and December 31, 2022. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): June 30, 2023 December 31, 2022 Lease payments receivable $ 308,540 $ 332,618 Unguaranteed residual value 465,995 470,839 774,535 803,457 Less: unearned income (273,550) (296,411) Less: allowance for credit losses (a) (5,104) (8,733) $ 495,881 $ 498,313 __________ (a) During the six months ended June 30, 2023 and 2022, we recorded a net release of allowance for credit losses of $3.6 million and $1.0 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 $12.8 million and $13.3 million for the three months ended June 30, 2023 and 2022, respectively, and $25.4 million and $27.2 million for the six months ended June 30, 2023 and 2022. During the six months ended June 30, 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 six months ended June 30, 2023, the U.S. dollar weakened against the euro, resulting in a $7.5 million increase in the carrying value of Net investments in finance leases and loans receivable from December 31, 2022 to June 30, 2023. Net Investments in Sales-Type Leases On February 28, 2023, a related party of the tenant occupying 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. 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 June 30, 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 related party of 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 six months ended June 30, 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 $9.7 million and $12.9 million for the three and six months ended June 30, 2023, respectively. 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): June 30, 2023 December 31, 2022 Lease payments receivable (a) $ 480,484 $ — 480,484 — Less: unearned income (29,063) — $ 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 $4.9 million and $4.5 million for the three months ended June 30, 2023 and 2022, respectively, and $9.7 million and $8.9 million for the six months ended June 30, 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 six months ended June 30, 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 June 30, 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 six months ended June 30, 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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 1 – 3 19 19 $ 1,107,066 $ 664,761 4 8 8 122,577 117,833 5 — — — — $ 1,229,643 $ 782,594

Goodwill and Other Intangibles

Goodwill and Other Intangibles	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2023 are described in Note 4 . Goodwill decreased by $0.4 million during the six months ended June 30, 2023 due to foreign currency translation adjustments, and was fully reflected within our Real Estate segment as of both June 30, 2023 and December 31, 2022. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): June 30, 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 $ 20,342 $ (19,347) $ 995 $ 19,812 $ (19,144) $ 668 20,342 (19,347) 995 19,812 (19,144) 668 Lease Intangibles: In-place lease 2,597,957 (1,098,657) 1,499,300 2,523,318 (1,061,235) 1,462,083 Above-market rent 806,619 (509,189) 297,430 833,751 (507,436) 326,315 3,404,576 (1,607,846) 1,796,730 3,357,069 (1,568,671) 1,788,398 Goodwill Goodwill 1,036,966 — 1,036,966 1,037,412 — 1,037,412 Total intangible assets $ 4,461,884 $ (1,627,193) $ 2,834,691 $ 4,414,293 $ (1,587,815) $ 2,826,478 Finite-Lived Intangible Liabilities Below-market rent $ (234,289) $ 76,561 $ (157,728) $ (293,160) $ 125,287 $ (167,873) Indefinite-Lived Intangible Liabilities Below-market purchase option — — — (16,711) — (16,711) Total intangible liabilities $ (234,289) $ 76,561 $ (157,728) $ (309,871) $ 125,287 $ (184,584) During the six months ended June 30, 2023, the U.S. dollar weakened against the euro, resulting in an increase of $11.4 million in the carrying value of our net intangible assets from December 31, 2022 to June 30, 2023. See Note 5 for a description of intangible assets and liabilities reclassified to net investments in sales-type leases during the six months ended June 30, 2023. Net amortization of intangibles, including the effect of foreign currency translation, was $63.6 million and $50.8 million for the three months ended June 30, 2023 and 2022, respectively, and $131.2 million and $103.5 million for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 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 June 30, 2023 December 31, 2022 Las Vegas Retail Complex (a) Third Party N/A $ 220,088 $ 196,352 Johnson Self Storage Third Party 90% 64,786 65,707 Kesko Senukai (b) Third Party 70% 29,353 38,569 Harmon Retail Corner (c) Third Party 15% 24,250 24,649 $ 338,477 $ 325,277 __________ (a) On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of June 30, 2023) for a retail complex in Las Vegas, Nevada. Through June 30, 2023, we funded $216.8 million, including $23.7 million during the six months ended June 30, 2023. Equity income from this investment was $5.9 million and $3.4 million for the six months ended June 30, 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 $19.9 million and $18.4 million from our unconsolidated real estate investments for the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023 and December 31, 2022, the aggregate unamortized basis differences on our unconsolidated real estate investments were $18.5 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 six months ended June 30, 2022 of $1.1 million. We received distributions from our investment in the CPA:18 – Global operating partnership during the six months ended June 30, 2022 of $5.4 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 June 30, 2023 is based on the estimated fair value of our investment as of March 31, 2023. The carrying amount of our investment in CESH was $1.8 million and $2.2 million as of June 30, 2023 and December 31, 2022, respectively. We received distributions from this investment during the six months ended June 30, 2023 and 2022 of $0.5 million and $1.2 million, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, 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 six months ended June 30, 2023, we received liquidating distributions from our investment in shares of GCIF totaling $0.8 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 $0.9 million and $1.7 million at June 30, 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 six months ended June 30, 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 $43.4 million on our investment in common shares of WLT during the six months ended June 30, 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 six months ended June 30, 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): June 30, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 5,978,294 $ 5,344,811 $ 5,916,400 $ 5,238,588 Non-recourse mortgages, net (a) (b) (d) 3 995,435 981,273 1,132,417 1,109,449 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $23.5 million and $25.9 million at June 30, 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 June 30, 2023 and December 31, 2022. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $22.1 million and $24.1 million at June 30, 2023 and December 31, 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $7.7 million and $10.3 million at June 30, 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 and Unsecured Term Loan due 2026 ( Note 10 ), but excluding finance receivables ( Note 5 ), had fair values that approximated their carrying values at both June 30, 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 June 30, 2023 2022 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate and intangibles $ — $ — $ 10,270 $ 6,206 $ — $ 6,206 Six Months Ended June 30, 2023 2022 Fair Value Impairment Fair Value Impairment Impairment Charges Real estate and intangibles $ — $ — $ 24,497 $ 26,385 $ — $ 26,385 Impairment charges, and their related triggering events and fair value measurements, recognized during the three and six months ended June 30, 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 and six months ended June 30, 2022, we recognized impairment charges totaling $6.2 million on two properties in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices. We sold one property in August 2022 and one property in March 2023. During the six months ended June 30, 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%)

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Foreign currency collars Other assets, net $ 20,717 $ 32,631 $ — $ — Interest rate swaps Other assets, net 3,839 2,679 — — Interest rate cap Other assets, net 4 14 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (2,168) (1,445) 24,560 35,324 (2,168) (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 — — (289) (248) 3,950 3,950 (289) (248) Total derivatives $ 28,510 $ 39,274 $ (2,457) $ (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 June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2023 2022 2023 2022 Foreign currency collars $ (6,412) $ 18,456 $ (12,638) $ 23,654 Interest rate swaps 1,827 575 1,197 1,356 Interest rate cap 1 2 (6) 5 Total $ (4,584) $ 19,033 $ (11,447) $ 25,015 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Foreign currency collars Non-operating income $ 3,564 $ 3,359 $ 7,869 $ 5,463 Interest rate swaps and cap Interest expense 103 (122) 473 (286) Total $ 3,667 $ 3,237 $ 8,342 $ 5,177 __________ (a) Excludes net losses of $0.4 million and net gains of $0.9 million recognized on unconsolidated jointly owned investments for the three months ended June 30, 2023 and 2022, respectively, and net losses of $0.8 million and net gains of $2.3 million for the six months ended June 30, 2023 and 2022, respectively. Amounts reported in Other comprehensive income (loss) 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 income (loss) related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of June 30, 2023, we estimate that an additional $3.1 million and $9.9 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Foreign currency collars Non-operating income $ 183 $ 2,575 $ (16) $ 3,783 Interest rate swaps Interest expense (131) 144 (537) 331 Derivatives Not in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) 98 842 (41) 1,126 Total $ 150 $ 3,561 $ (594) $ 5,240 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 have obtained, and may in the future obtain, variable-rate (i) non-recourse mortgage loans and (ii) unsecured term loans ( Note 10 ) 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 June 30, 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 5 545,356 EUR $ 2,611 Interest rate swaps 4 31,486 USD 1,228 Interest rate cap 1 10,296 EUR 4 $ 3,843 __________ (a) Fair value amounts are based on the exchange rate of the euro at June 30, 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 June 30, 2023 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at June 30, 2023 Designated as Cash Flow Hedging Instruments Foreign currency collars 66 280,000 EUR $ 15,753 Foreign currency collars 55 34,980 GBP 2,796 Not Designated as Cash Flow Hedging Instruments Foreign currency collars 2 16,000 EUR (289) $ 18,260 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 June 30, 2023. At June 30, 2023, our total credit exposure and the maximum exposure to any single counterparty was $22.2 million and $4.6 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 June 30, 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 $2.5 million and $1.7 million at June 30, 2023 and December 31, 2022, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at June 30, 2023 or December 31, 2022, we could have been required to settle our obligations under these agreements at their aggregate termination value of $2.5 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 income (loss) 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 income (loss) as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $2.1 million and $236.4 million for the three months ended June 30, 2023 and 2022, respectively, and $(69.4) million and $313.3 million for the six months ended June 30, 2023 and 2022, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 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 due 2025”), and (iii) a €215.0 million delayed draw term loan (our “Delayed Draw Term Loan due 2025”). We refer to 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 June 30, 2023, our Unsecured Revolving Credit Facility had available capacity of approximately $1.3 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. Term Loan Agreement On April 24, 2023, we entered into a €500.0 million unsecured term loan maturing on April 24, 2026 (our “Unsecured Term Loan due 2026”), comprised of (i) a €300.0 million term loan (our “Term Loan due 2026”) and (ii) a €200.0 million delayed draw term loan (our “Delayed Draw Term Loan due 2026”), which was drawn in full at closing. The amount available under the Unsecured Term Loan due 2026 may be increased up to an amount not to exceed €750.0 million, subject to the conditions to increase set forth in the related credit agreement. The Unsecured 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 Unsecured Term Loan due 2026, we executed variable-to-fixed interest rate swaps that fix the total per annum interest rate at 4.34% through the end of 2024 ( Note 9 ). We refer to our Term Loan due 2025, Delayed Draw Term Loan due 2025, and Unsecured Term Loan due 2026 collectively as our “Unsecured Term Loans.” The following table presents a summary of our Unsecured Term Loans and Unsecured Revolving Credit Facility (dollars in thousands): Unsecured Term Loans and Unsecured Revolving Credit Facility Interest Rate at June 30, 2023 (a) Maturity Date at June 30, 2023 Principal Outstanding Balance at June 30, 2023 December 31, 2022 Unsecured Term Loans: Unsecured Term Loan due 2026 — borrowing in euros (b) 4.34% 4/24/2026 $ 543,300 $ — Term Loan due 2025 — borrowing in British pounds sterling (c) (d) SONIA + 0.85% 2/20/2025 341,825 324,695 Delayed Draw Term Loan due 2025 — borrowing in euros (e) EURIBOR + 0.85% 2/20/2025 233,619 229,319 1,118,744 554,014 Unsecured Revolving Credit Facility: Borrowing in euros (e) EURIBOR + 0.775% 2/20/2025 402,042 258,117 Borrowing in U.S. dollars (f) SOFR + 0.775% 2/20/2025 110,000 — Borrowing in Japanese yen (g) TIBOR + 0.775% 2/20/2025 16,663 18,275 528,705 276,392 $ 1,647,449 $ 830,406 __________ (a) The applicable interest rate at June 30, 2023 was based on the credit rating for our Senior Unsecured Notes of BBB+/Baa1. (b) Balance excludes unamortized discount of $3.8 million and unamortized deferred financing costs of $0.3 million at June 30, 2023. (c) SONIA means Sterling Overnight Index Average and includes a spread adjustment of 0.0326%. (d) Balance excludes unamortized discount of $1.1 million and $1.5 million at June 30, 2023 and December 31, 2022, respectively (e) EURIBOR means Euro Interbank Offered Rate. (f) SOFR includes a spread adjustment of 0.10%. (g) TIBOR means Tokyo Interbank Offered Rate. 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 June 30, 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 June 30, 2023 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date June 30, 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 543,300 533,300 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 543,300 533,300 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 543,300 533,300 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 543,300 533,300 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 162,990 159,990 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 570,465 559,965 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 217,320 213,320 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 $ 6,023,975 $ 5,966,475 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $23.5 million and $25.9 million, and unamortized discount totaling $22.1 million and $24.1 million, at June 30, 2023 and December 31, 2022, respectively. Covenants The credit agreements for our Senior Unsecured Credit Facility and Unsecured Term Loan due 2026, 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 June 30, 2023. Non-Recourse Mortgages At June 30, 2023, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.5% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.5% and 4.8%, respectively), with maturity dates ranging from July 2023 to April 2039. Repayments During the six months ended June 30, 2023, we (i) repaid non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $67.8 million and (ii) prepaid non-recourse mortgage loans totaling $52.9 million. We recognized a net gain on extinguishment of debt of $2.7 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 5.7%. Foreign Currency Exchange Rate Impact During the six months ended June 30, 2023, the U.S. dollar weakened against the euro, resulting in an increase of $77.8 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, Unsecured Term Loan due 2026, and Senior Unsecured Notes, net from December 31, 2022 to June 30, 2023. Scheduled Debt Principal Payments Scheduled debt principal payments as of June 30, 2023 are as follows (in thousands): Years Ending December 31, Total 2023 (remainder) $ 278,231 2024 1,241,957 2025 1,972,988 2026 1,536,988 2027 543,968 Thereafter through 2039 3,100,466 Total principal payments 8,674,598 Unamortized discount, net (34,796) Unamortized deferred financing costs (23,877) Total $ 8,615,925 Certain amounts in the table above are based on the applicable foreign currency exchange rate at June 30, 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesAt June 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2023. We recorded stock-based compensation expense of $9.0 million and $9.8 million during the three months ended June 30, 2023 and 2022, respectively, and $16.8 million and $17.6 million during the six months ended June 30, 2023 and 2022, respectively, 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 June 30, 2023 and changes during the six months ended June 30, 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) 231,463 84.35 150,989 144.54 Vested (b) (153,037) 75.81 (218,147) 104.65 Forfeited — — — — Adjustment (c) — — 64,826 109.03 Nonvested at June 30, 2023 (d) 454,724 $ 79.31 529,449 $ 103.44 __________ (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 six months ended June 30, 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 six months ended June 30, 2023 was $34.4 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 June 30, 2023 and December 31, 2022, we had an obligation to issue 1,196,955 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 June 30, 2023 to reflect the number of shares expected to be issued when the PSUs vest. (d) At June 30, 2023, total unrecognized compensation expense related to these awards was approximately $57.0 million, with an aggregate weighted-average remaining term of 2.2 years. Earnings Per Share The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income — basic and diluted $ 144,620 $ 127,678 $ 439,000 $ 284,673 Weighted-average shares outstanding — basic 215,075,114 194,019,451 213,522,150 192,971,256 Effect of dilutive securities 109,371 744,244 353,321 734,779 Weighted-average shares outstanding — diluted 215,184,485 194,763,695 213,875,471 193,706,035 For the three and six months ended June 30, 2023 and 2022, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant. Acquisition of Noncontrolling Interest On May 30, 2023, we acquired the remaining 3% interest in an international jointly owned investment (which we already consolidated) from the noncontrolling interest holders for nominal consideration, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an adjustment of approximately $1.2 million to Additional paid-in capital in our consolidated statements of equity for the three and six months ended June 30, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment. 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Shares of common stock issued — 491,068 — 2,740,295 Weighted-average price per share $ — $ 81.70 $ — $ 80.79 Net proceeds $ — $ 39,101 $ — $ 218,095 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 June 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Shares of common stock delivered — — 3,081,867 — Net proceeds $ — $ — $ 249,806 $ — 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 June 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 28,816 $ (313,374) $ — $ (284,558) Other comprehensive income before reclassifications (1,270) 9,479 — 8,209 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (3,564) — — (3,564) Interest expense (103) — — (103) Total (3,667) — — (3,667) Net current period other comprehensive income (4,937) 9,479 — 4,542 Net current period other comprehensive loss attributable to noncontrolling interests — 85 — 85 Ending balance $ 23,879 $ (303,810) $ — $ (279,931) Three Months Ended June 30, 2022 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 23,717 $ (265,857) $ — $ (242,140) Other comprehensive loss before reclassifications 23,213 (43,993) — (20,780) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (3,359) — — (3,359) Interest expense 122 — — 122 Total (3,237) — — (3,237) Net current period other comprehensive loss 19,976 (43,993) — (24,017) Ending balance $ 43,693 $ (309,850) $ — $ (266,157) Six Months Ended June 30, 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 (3,858) 15,936 — 12,078 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (7,869) — — (7,869) Interest expense (473) — — (473) Total (8,342) — — (8,342) Net current period other comprehensive income (12,200) 15,936 — 3,736 Net current period other comprehensive loss attributable to noncontrolling interests — 113 — 113 Ending balance $ 23,879 $ (303,810) $ — $ (279,931) Six Months Ended June 30, 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 loss before reclassifications 32,523 (53,145) — (20,622) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 286 — — 286 Non-operating income (5,463) — — (5,463) Other gains and (losses) ( Note 8 ) — — (18,688) (18,688) Total (5,177) — (18,688) (23,865) Net current period other comprehensive loss 27,346 (53,145) (18,688) (44,487) Ending balance $ 43,693 $ (309,850) $ — $ (266,157) See Note 9 for additional information on our derivatives activity recognized within Other comprehensive income (loss) for the periods presented. Dividends Declared During the second quarter of 2023, our Board declared a quarterly dividend of $1.069 per share, which was paid on July 14, 2023 to stockholders of record as of June 30, 2023. During the six months ended June 30, 2023, we declared dividends totaling $2.136 per share.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 2023 and 2022.

Property Dispositions

Property Dispositions	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023, we sold three and eight properties, respectively, for total proceeds, net of selling costs, of $3.1 million and $44.1 million, respectively, and recognized a net gain on these sales totaling $1.8 million and $3.4 million, respectively. 2022 — During the three and six months ended June 30, 2022, we sold eight and 14 properties, respectively, for total proceeds, net of selling costs, of $88.4 million and $115.1 million, respectively, and recognized a net gain on these sales totaling $31.1 million and $42.4 million, respectively (inclusive of income taxes totaling less than $0.1 million for both the three and six months ended June 30, 2022, recognized upon sale).

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues Lease revenues $ 369,124 $ 314,354 $ 721,460 $ 622,079 Income from finance leases and loans receivable 27,311 17,778 48,066 36,157 Operating property revenues 50,676 5,064 91,562 8,929 Other lease-related income 5,040 2,591 18,413 16,713 452,151 339,787 879,501 683,878 Operating Expenses Depreciation and amortization 143,548 115,080 299,957 230,473 Operating property expenses 26,919 3,191 48,168 5,978 General and administrative 24,788 20,841 51,236 43,925 Reimbursable tenant costs 20,523 16,704 42,499 33,664 Stock-based compensation expense 8,995 9,758 16,761 17,591 Property expenses, excluding reimbursable tenant costs 5,371 11,851 18,143 25,630 Merger and other expenses 1,419 1,984 1,443 (341) Impairment charges — real estate — 6,206 — 26,385 231,563 185,615 478,207 383,305 Other Income and Expenses Interest expense (75,488) (46,417) (142,684) (92,470) Non-operating income 4,509 5,975 9,122 14,517 Earnings from equity method investments in real estate 4,355 4,529 9,591 3,742 Gain on sale of real estate, net 1,808 31,119 179,557 42,367 Other gains and (losses) (890) (20,155) 6,696 14,263 (65,706) (24,949) 62,282 (17,581) Income before income taxes 154,882 129,223 463,576 282,992 Provision for income taxes (10,236) (5,955) (25,638) (12,868) Net Income from Real Estate 144,646 123,268 437,938 270,124 Net loss (income) attributable to noncontrolling interests 40 (40) (21) (38) Net Income from Real Estate Attributable to W. P. Carey $ 144,686 $ 123,228 $ 437,917 $ 270,086 Investment Management Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues Asset management revenue $ 303 $ 3,467 $ 642 $ 6,887 Reimbursable costs from affiliates 124 1,143 225 2,070 427 4,610 867 8,957 Operating Expenses Reimbursable costs from affiliates 124 1,143 225 2,070 Merger and other expenses — — — 3 124 1,143 225 2,073 Other Income and Expenses Other gains and (losses) (476) (1,591) 38 (264) Non-operating (loss) income — (1) 13 3 Earnings from equity method investments in the Managed Programs — 2,872 — 8,431 (476) 1,280 51 8,170 (Loss) income before income taxes (173) 4,747 693 15,054 Benefit from (provision for) income taxes 107 (297) 390 (467) Net (Loss) Income from Investment Management Attributable to W. P. Carey $ (66) $ 4,450 $ 1,083 $ 14,587 Total Company Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues $ 452,578 $ 344,397 $ 880,368 $ 692,835 Operating expenses 231,687 186,758 478,432 385,378 Other income and (expenses) (66,182) (23,669) 62,333 (9,411) Provision for income taxes (10,129) (6,252) (25,248) (13,335) Net loss (income) attributable to noncontrolling interests 40 (40) (21) (38) Net income attributable to W. P. Carey $ 144,620 $ 127,678 $ 439,000 $ 284,673 Total Assets at June 30, 2023 December 31, 2022 Real Estate $ 19,065,196 $ 18,077,155 Investment Management 11,129 24,880 Total Company $ 19,076,325 $ 18,102,035

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dispositions In July 2023, we completed two dispositions for gross proceeds totaling approximately $98.7 million. Mortgage Loan Repayments

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022, we considered 15 and 16 entities, respectively, to be VIEs, of which we consolidated 10 and 11, respectively, 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): June 30, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 170,638 $ 590,390 Land, buildings and improvements — operating properties 73,057 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 28,343 72,070 Above-market rent intangible assets 11,037 33,634 Accumulated depreciation and amortization (25,837) (176,379) Total assets 888,756 843,500 Non-recourse mortgages, net $ 56,738 $ 132,950 Below-market rent and other intangible liabilities, net 32 18,891 Total liabilities 97,015 199,633 At both June 30, 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 June 30, 2023, and December 31, 2022, the net carrying amount of our investments in these entities was $715.0 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 .
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)	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 170,638 $ 590,390 Land, buildings and improvements — operating properties 73,057 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 28,343 72,070 Above-market rent intangible assets 11,037 33,634 Accumulated depreciation and amortization (25,837) (176,379) Total assets 888,756 843,500 Non-recourse mortgages, net $ 56,738 $ 132,950 Below-market rent and other intangible liabilities, net 32 18,891 Total liabilities 97,015 199,633
Schedule of 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): June 30, 2023 December 31, 2022 Cash and cash equivalents $ 204,103 $ 167,996 Restricted cash (a) 82,184 56,145 Total cash and cash equivalents and restricted cash $ 286,287 $ 224,141 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets.
Schedule of 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): June 30, 2023 December 31, 2022 Cash and cash equivalents $ 204,103 $ 167,996 Restricted cash (a) 82,184 56,145 Total cash and cash equivalents and restricted cash $ 286,287 $ 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)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Asset management revenue (a) (b) $ 303 $ 3,467 $ 642 $ 6,887 Reimbursable costs from affiliates (a) 124 1,143 225 2,070 Distributions of Available Cash (c) — 2,814 — 5,401 Interest income on loans to affiliates (d) — 75 — 108 $ 427 $ 7,499 $ 867 $ 14,466 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 CESH $ 427 $ 562 $ 867 $ 1,078 CPA:18 – Global — 6,937 — 13,388 $ 427 $ 7,499 $ 867 $ 14,466 __________ (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): June 30, 2023 December 31, 2022 Asset management fees receivable $ 300 $ 386 Reimbursable costs 295 204 Accounts receivable 79 329 $ 674 $ 919

Land, Buildings and Improveme_2

Land, Buildings and Improvements, and Assets Held for Sale (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Land $ 2,436,946 $ 2,400,002 Buildings and improvements 11,075,657 10,916,630 Real estate under construction 51,234 22,225 Less: Accumulated depreciation (1,670,860) (1,672,091) $ 11,892,977 $ 11,666,766 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 135,502 Buildings and improvements 604,973 Intangible assets: In-place lease (weighted-average expected life of 21.9 years) 142,073 Right-of-use assets: Finance lease (a) 12,981 Prepaid rent liabilities (6,882) $ 888,647 __________ (a) Represents consideration paid to acquire a leasehold interest in land, buildings and improvements. The lease was determined to be a finance lease due to our intention to acquire the land, buildings and improvements upon lease expiration. These assets are included in In-place lease intangible assets and other in the consolidated balance sheets. June 30, 2023 December 31, 2022 Land $ 154,119 $ 122,317 Buildings and improvements 1,180,382 955,009 Real estate under construction — 18,566 Less: Accumulated depreciation (99,679) (28,295) $ 1,234,822 $ 1,067,597
Schedule of Real Estate Acquired	During the six months ended June 30, 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 Various, Canada 11 4/1/2023 Industrial, Warehouse 467,811 Various, United States (4 properties), Canada (3 properties), and Mexico (2 properties) (b) 9 4/18/2023 Industrial 97,952 Various, United States (c) 9 5/5/2023; 5/26/2023 Retail (Car Wash) 39,713 Various, United States 4 6/15/2023 Education (Medical School) 139,092 47 $ 888,647 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. (b) Amount includes $3.1 million for an expansion at a property leased to this tenant that we already own. (c) We also entered into a purchase agreement to acquire two additional retail (car wash) facilities leased to this tenant totaling $8.7 million, which is expected to be completed during the third quarter of 2023.
Schedule of Real Estate under Construction	During the six months ended June 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease income — fixed $ 324,468 $ 281,269 $ 632,534 $ 557,410 Lease income — variable (a) 44,656 33,085 88,926 64,669 Total operating lease income $ 369,124 $ 314,354 $ 721,460 $ 622,079 __________ (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.
Schedule of Disclosure of Long Lived Assets Held-for-Sale	Below is a summary of our properties held for sale (in thousands): June 30, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 34,679 $ 47,134 In-place lease intangible assets and other 8,132 10,854 Above-market rent intangible assets 191 3,210 Accumulated depreciation and amortization — (3,254) Assets held for sale, net $ 43,002 $ 57,944

Finance Receivables (Tables)

Finance Receivables (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 Net investments in direct financing leases (a) 2023 – 2036 $ 495,881 $ 498,313 Net investments in sales-type leases (b) 2024 451,421 — Sale-leaseback transactions accounted for as loans receivable (b) (c) 2038 – 2052 235,887 234,198 Secured loans receivable (d) 2023 – 2024 39,250 39,250 $ 1,222,439 $ 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 June 30, 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 June 30, 2023 and December 31, 2022. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): June 30, 2023 December 31, 2022 Lease payments receivable $ 308,540 $ 332,618 Unguaranteed residual value 465,995 470,839 774,535 803,457 Less: unearned income (273,550) (296,411) Less: allowance for credit losses (a) (5,104) (8,733) $ 495,881 $ 498,313 __________ (a) During the six months ended June 30, 2023 and 2022, we recorded a net release of allowance for credit losses of $3.6 million and $1.0 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): June 30, 2023 December 31, 2022 Lease payments receivable (a) $ 480,484 $ — 480,484 — Less: unearned income (29,063) — $ 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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 1 – 3 19 19 $ 1,107,066 $ 664,761 4 8 8 122,577 117,833 5 — — — — $ 1,229,643 $ 782,594

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 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 $ 20,342 $ (19,347) $ 995 $ 19,812 $ (19,144) $ 668 20,342 (19,347) 995 19,812 (19,144) 668 Lease Intangibles: In-place lease 2,597,957 (1,098,657) 1,499,300 2,523,318 (1,061,235) 1,462,083 Above-market rent 806,619 (509,189) 297,430 833,751 (507,436) 326,315 3,404,576 (1,607,846) 1,796,730 3,357,069 (1,568,671) 1,788,398 Goodwill Goodwill 1,036,966 — 1,036,966 1,037,412 — 1,037,412 Total intangible assets $ 4,461,884 $ (1,627,193) $ 2,834,691 $ 4,414,293 $ (1,587,815) $ 2,826,478 Finite-Lived Intangible Liabilities Below-market rent $ (234,289) $ 76,561 $ (157,728) $ (293,160) $ 125,287 $ (167,873) Indefinite-Lived Intangible Liabilities Below-market purchase option — — — (16,711) — (16,711) Total intangible liabilities $ (234,289) $ 76,561 $ (157,728) $ (309,871) $ 125,287 $ (184,584)

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 Las Vegas Retail Complex (a) Third Party N/A $ 220,088 $ 196,352 Johnson Self Storage Third Party 90% 64,786 65,707 Kesko Senukai (b) Third Party 70% 29,353 38,569 Harmon Retail Corner (c) Third Party 15% 24,250 24,649 $ 338,477 $ 325,277 __________ (a) On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of June 30, 2023) for a retail complex in Las Vegas, Nevada. Through June 30, 2023, we funded $216.8 million, including $23.7 million during the six months ended June 30, 2023. Equity income from this investment was $5.9 million and $3.4 million for the six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 5,978,294 $ 5,344,811 $ 5,916,400 $ 5,238,588 Non-recourse mortgages, net (a) (b) (d) 3 995,435 981,273 1,132,417 1,109,449 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $23.5 million and $25.9 million at June 30, 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 June 30, 2023 and December 31, 2022. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $22.1 million and $24.1 million at June 30, 2023 and December 31, 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $7.7 million and $10.3 million at June 30, 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 June 30, 2023 2022 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate and intangibles $ — $ — $ 10,270 $ 6,206 $ — $ 6,206 Six Months Ended June 30, 2023 2022 Fair Value Impairment Fair Value Impairment Impairment Charges Real estate and intangibles $ — $ — $ 24,497 $ 26,385 $ — $ 26,385

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Foreign currency collars Other assets, net $ 20,717 $ 32,631 $ — $ — Interest rate swaps Other assets, net 3,839 2,679 — — Interest rate cap Other assets, net 4 14 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (2,168) (1,445) 24,560 35,324 (2,168) (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 — — (289) (248) 3,950 3,950 (289) (248) Total derivatives $ 28,510 $ 39,274 $ (2,457) $ (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 June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2023 2022 2023 2022 Foreign currency collars $ (6,412) $ 18,456 $ (12,638) $ 23,654 Interest rate swaps 1,827 575 1,197 1,356 Interest rate cap 1 2 (6) 5 Total $ (4,584) $ 19,033 $ (11,447) $ 25,015 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Foreign currency collars Non-operating income $ 3,564 $ 3,359 $ 7,869 $ 5,463 Interest rate swaps and cap Interest expense 103 (122) 473 (286) Total $ 3,667 $ 3,237 $ 8,342 $ 5,177 __________ (a) Excludes net losses of $0.4 million and net gains of $0.9 million recognized on unconsolidated jointly owned investments for the three months ended June 30, 2023 and 2022, respectively, and net losses of $0.8 million and net gains of $2.3 million for the six months ended June 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Foreign currency collars Non-operating income $ 183 $ 2,575 $ (16) $ 3,783 Interest rate swaps Interest expense (131) 144 (537) 331 Derivatives Not in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) 98 842 (41) 1,126 Total $ 150 $ 3,561 $ (594) $ 5,240
Schedule of Derivative Instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at June 30, 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 5 545,356 EUR $ 2,611 Interest rate swaps 4 31,486 USD 1,228 Interest rate cap 1 10,296 EUR 4 $ 3,843 __________ (a) Fair value amounts are based on the exchange rate of the euro at June 30, 2023, as applicable. The following table presents the foreign currency collars that we had outstanding at June 30, 2023 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at June 30, 2023 Designated as Cash Flow Hedging Instruments Foreign currency collars 66 280,000 EUR $ 15,753 Foreign currency collars 55 34,980 GBP 2,796 Not Designated as Cash Flow Hedging Instruments Foreign currency collars 2 16,000 EUR (289) $ 18,260

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Unsecured Term Loans and Revolving Credit Facility	The following table presents a summary of our Unsecured Term Loans and Unsecured Revolving Credit Facility (dollars in thousands): Unsecured Term Loans and Unsecured Revolving Credit Facility Interest Rate at June 30, 2023 (a) Maturity Date at June 30, 2023 Principal Outstanding Balance at June 30, 2023 December 31, 2022 Unsecured Term Loans: Unsecured Term Loan due 2026 — borrowing in euros (b) 4.34% 4/24/2026 $ 543,300 $ — Term Loan due 2025 — borrowing in British pounds sterling (c) (d) SONIA + 0.85% 2/20/2025 341,825 324,695 Delayed Draw Term Loan due 2025 — borrowing in euros (e) EURIBOR + 0.85% 2/20/2025 233,619 229,319 1,118,744 554,014 Unsecured Revolving Credit Facility: Borrowing in euros (e) EURIBOR + 0.775% 2/20/2025 402,042 258,117 Borrowing in U.S. dollars (f) SOFR + 0.775% 2/20/2025 110,000 — Borrowing in Japanese yen (g) TIBOR + 0.775% 2/20/2025 16,663 18,275 528,705 276,392 $ 1,647,449 $ 830,406 __________ (a) The applicable interest rate at June 30, 2023 was based on the credit rating for our Senior Unsecured Notes of BBB+/Baa1. (b) Balance excludes unamortized discount of $3.8 million and unamortized deferred financing costs of $0.3 million at June 30, 2023. (c) SONIA means Sterling Overnight Index Average and includes a spread adjustment of 0.0326%. (d) Balance excludes unamortized discount of $1.1 million and $1.5 million at June 30, 2023 and December 31, 2022, respectively (e) EURIBOR means Euro Interbank Offered Rate. (f) SOFR includes a spread adjustment of 0.10%. (g) TIBOR means Tokyo Interbank Offered Rate.
Schedule of Senior Unsecured Notes	The following table presents a summary of our Senior Unsecured Notes outstanding at June 30, 2023 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date June 30, 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 543,300 533,300 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 543,300 533,300 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 543,300 533,300 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 543,300 533,300 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 162,990 159,990 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 570,465 559,965 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 217,320 213,320 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 $ 6,023,975 $ 5,966,475 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $23.5 million and $25.9 million, and unamortized discount totaling $22.1 million and $24.1 million, at June 30, 2023 and December 31, 2022, respectively.
Scheduled Debt Principal Payments	Scheduled debt principal payments as of June 30, 2023 are as follows (in thousands): Years Ending December 31, Total 2023 (remainder) $ 278,231 2024 1,241,957 2025 1,972,988 2026 1,536,988 2027 543,968 Thereafter through 2039 3,100,466 Total principal payments 8,674,598 Unamortized discount, net (34,796) Unamortized deferred financing costs (23,877) Total $ 8,615,925

Stock-Based Compensation and _2

Stock-Based Compensation and Equity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 and changes during the six months ended June 30, 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) 231,463 84.35 150,989 144.54 Vested (b) (153,037) 75.81 (218,147) 104.65 Forfeited — — — — Adjustment (c) — — 64,826 109.03 Nonvested at June 30, 2023 (d) 454,724 $ 79.31 529,449 $ 103.44 __________ (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 six months ended June 30, 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 six months ended June 30, 2023 was $34.4 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 June 30, 2023 and December 31, 2022, we had an obligation to issue 1,196,955 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 June 30, 2023 to reflect the number of shares expected to be issued when the PSUs vest. (d) At June 30, 2023, total unrecognized compensation expense related to these awards was approximately $57.0 million, with an aggregate weighted-average remaining term of 2.2 years.
Schedule of Earnings Per Share Reconciliation	The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income — basic and diluted $ 144,620 $ 127,678 $ 439,000 $ 284,673 Weighted-average shares outstanding — basic 215,075,114 194,019,451 213,522,150 192,971,256 Effect of dilutive securities 109,371 744,244 353,321 734,779 Weighted-average shares outstanding — diluted 215,184,485 194,763,695 213,875,471 193,706,035
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Shares of common stock issued — 491,068 — 2,740,295 Weighted-average price per share $ — $ 81.70 $ — $ 80.79 Net proceeds $ — $ 39,101 $ — $ 218,095
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 June 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Shares of common stock delivered — — 3,081,867 — Net proceeds $ — $ — $ 249,806 $ —
Schedule of 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 June 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 28,816 $ (313,374) $ — $ (284,558) Other comprehensive income before reclassifications (1,270) 9,479 — 8,209 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (3,564) — — (3,564) Interest expense (103) — — (103) Total (3,667) — — (3,667) Net current period other comprehensive income (4,937) 9,479 — 4,542 Net current period other comprehensive loss attributable to noncontrolling interests — 85 — 85 Ending balance $ 23,879 $ (303,810) $ — $ (279,931) Three Months Ended June 30, 2022 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 23,717 $ (265,857) $ — $ (242,140) Other comprehensive loss before reclassifications 23,213 (43,993) — (20,780) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (3,359) — — (3,359) Interest expense 122 — — 122 Total (3,237) — — (3,237) Net current period other comprehensive loss 19,976 (43,993) — (24,017) Ending balance $ 43,693 $ (309,850) $ — $ (266,157) Six Months Ended June 30, 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 (3,858) 15,936 — 12,078 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (7,869) — — (7,869) Interest expense (473) — — (473) Total (8,342) — — (8,342) Net current period other comprehensive income (12,200) 15,936 — 3,736 Net current period other comprehensive loss attributable to noncontrolling interests — 113 — 113 Ending balance $ 23,879 $ (303,810) $ — $ (279,931) Six Months Ended June 30, 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 loss before reclassifications 32,523 (53,145) — (20,622) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 286 — — 286 Non-operating income (5,463) — — (5,463) Other gains and (losses) ( Note 8 ) — — (18,688) (18,688) Total (5,177) — (18,688) (23,865) Net current period other comprehensive loss 27,346 (53,145) (18,688) (44,487) Ending balance $ 43,693 $ (309,850) $ — $ (266,157)

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues Lease revenues $ 369,124 $ 314,354 $ 721,460 $ 622,079 Income from finance leases and loans receivable 27,311 17,778 48,066 36,157 Operating property revenues 50,676 5,064 91,562 8,929 Other lease-related income 5,040 2,591 18,413 16,713 452,151 339,787 879,501 683,878 Operating Expenses Depreciation and amortization 143,548 115,080 299,957 230,473 Operating property expenses 26,919 3,191 48,168 5,978 General and administrative 24,788 20,841 51,236 43,925 Reimbursable tenant costs 20,523 16,704 42,499 33,664 Stock-based compensation expense 8,995 9,758 16,761 17,591 Property expenses, excluding reimbursable tenant costs 5,371 11,851 18,143 25,630 Merger and other expenses 1,419 1,984 1,443 (341) Impairment charges — real estate — 6,206 — 26,385 231,563 185,615 478,207 383,305 Other Income and Expenses Interest expense (75,488) (46,417) (142,684) (92,470) Non-operating income 4,509 5,975 9,122 14,517 Earnings from equity method investments in real estate 4,355 4,529 9,591 3,742 Gain on sale of real estate, net 1,808 31,119 179,557 42,367 Other gains and (losses) (890) (20,155) 6,696 14,263 (65,706) (24,949) 62,282 (17,581) Income before income taxes 154,882 129,223 463,576 282,992 Provision for income taxes (10,236) (5,955) (25,638) (12,868) Net Income from Real Estate 144,646 123,268 437,938 270,124 Net loss (income) attributable to noncontrolling interests 40 (40) (21) (38) Net Income from Real Estate Attributable to W. P. Carey $ 144,686 $ 123,228 $ 437,917 $ 270,086 Investment Management Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues Asset management revenue $ 303 $ 3,467 $ 642 $ 6,887 Reimbursable costs from affiliates 124 1,143 225 2,070 427 4,610 867 8,957 Operating Expenses Reimbursable costs from affiliates 124 1,143 225 2,070 Merger and other expenses — — — 3 124 1,143 225 2,073 Other Income and Expenses Other gains and (losses) (476) (1,591) 38 (264) Non-operating (loss) income — (1) 13 3 Earnings from equity method investments in the Managed Programs — 2,872 — 8,431 (476) 1,280 51 8,170 (Loss) income before income taxes (173) 4,747 693 15,054 Benefit from (provision for) income taxes 107 (297) 390 (467) Net (Loss) Income from Investment Management Attributable to W. P. Carey $ (66) $ 4,450 $ 1,083 $ 14,587 Total Company Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues $ 452,578 $ 344,397 $ 880,368 $ 692,835 Operating expenses 231,687 186,758 478,432 385,378 Other income and (expenses) (66,182) (23,669) 62,333 (9,411) Provision for income taxes (10,129) (6,252) (25,248) (13,335) Net loss (income) attributable to noncontrolling interests 40 (40) (21) (38) Net income attributable to W. P. Carey $ 144,620 $ 127,678 $ 439,000 $ 284,673
Schedule of Reconciliation of Assets from Segment to Consolidated	Total Assets at June 30, 2023 December 31, 2022 Real Estate $ 19,065,196 $ 18,077,155 Investment Management 11,129 24,880 Total Company $ 19,076,325 $ 18,102,035

Business and Organization (Deta

Business and Organization (Details) ft² in Millions	6 Months Ended
	Jun. 30, 2023 ft² property tenant
Additional disclosures
Number of real estate properties (property)	2
Real Estate
Additional disclosures
Number of real estate properties (property)	1,475
Square footage of real estate properties | ft²	180
Number of tenants (tenant) | tenant	398
Lease term (in years)	11 years 2 months 12 days
Occupancy rate (as a percent)	99%
Real Estate | Operating Properties
Additional disclosures
Number of real estate properties (property)	100
Square footage of real estate properties | ft²	7.8
Real Estate | Self- Storage
Additional disclosures
Number of real estate properties (property)	85
Real Estate | Hotel
Additional disclosures
Number of real estate properties (property)	13
Real Estate | Student Housing
Additional disclosures
Number of real estate properties (property)	2
Investment Management | Affiliated Entity | Managed Programs
Additional disclosures
Number of tenants (tenant) | tenant	1
Occupancy rate (as a percent)	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		6 Months Ended
	Jun. 30, 2023 USD ($) vie property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) vie property	Jun. 30, 2022 USD ($)	Feb. 28, 2023 property	Dec. 31, 2022 USD ($) vie
Basis of Consolidation
Variable interest entities, count	15		15			16
Variable interest entities consolidated, count	10		10			11
Variable interest entities unconsolidated, count	5		5			5
Equity method investments in real estate | $	$ 340,285		$ 340,285			$ 327,502
Number of real estate properties (property) | property	2		2
Real Estate
Basis of Consolidation
Operating property revenues | $	$ 50,676	$ 5,064	$ 91,562	$ 8,929
Number of real estate properties (property) | property	1,475		1,475
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
Hotel | Real Estate
Basis of Consolidation
Operating property revenues | $	$ 24,700	$ 3,300	$ 40,200	$ 5,400
Variable Interest Entity
Basis of Consolidation
Equity method investments in real estate | $	$ 715,000		$ 715,000			$ 693,400
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count	2		2			2
Real Estate
Basis of Consolidation
Variable interest entities unconsolidated, count	3		3			3

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Assets
Land, buildings and improvements — net lease and other		$ 13,563,837	$ 13,338,857
Land, buildings and improvements — operating properties		1,334,501	1,095,892
Net investments in finance leases and loans receivable		1,222,439	771,761
In-place lease intangible assets and other		2,748,013	2,659,750
Above-market rent intangible assets		806,619	833,751
Accumulated depreciation and amortization		(3,378,385)	(3,269,057)
Total assets	[1]	19,076,325	18,102,035
Liabilities
Non-recourse mortgages, net		995,435	1,132,417
Below-market rent and other intangible liabilities, net		157,728	184,584
Total liabilities	[1]	9,829,393	9,093,391
Variable Interest Entity
Assets
Land, buildings and improvements — net lease and other		170,638	590,390
Land, buildings and improvements — operating properties		73,057	143,390
Net investments in finance leases and loans receivable		595,524	144,103
In-place lease intangible assets and other		28,343	72,070
Above-market rent intangible assets		11,037	33,634
Accumulated depreciation and amortization		(25,837)	(176,379)
Total assets		888,756	843,500
Liabilities
Non-recourse mortgages, net		56,738	132,950
Below-market rent and other intangible liabilities, net		32	18,891
Total liabilities		$ 97,015	$ 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	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 204,103	$ 167,996
Restricted cash	82,184	56,145
Total cash and cash equivalents and restricted cash	$ 286,287	$ 224,141	$ 200,493	$ 217,950

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction
Interest income on loans to affiliates	$ 4,509	$ 5,974	$ 9,135	$ 14,520
Revenues	452,578	344,397	880,368	692,835
Affiliated Entity
Related Party Transaction
Distributions of Available Cash	0	2,814	0	5,401
Interest income on loans to affiliates	0	75	0	108
Revenues	427	7,499	867	14,466
Asset management revenue | Affiliated Entity
Related Party Transaction
Operating property revenues	303	3,467	642	6,887
Reimbursable costs from affiliates | Affiliated Entity
Related Party Transaction
Operating property revenues	$ 124	$ 1,143	$ 225	$ 2,070

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction
Revenues	$ 452,578	$ 344,397	$ 880,368	$ 692,835
Affiliated Entity
Related Party Transaction
Revenues	427	7,499	867	14,466
CESH | Affiliated Entity
Related Party Transaction
Revenues	427	562	867	1,078
CPA:18 – Global | Affiliated Entity
Related Party Transaction
Revenues	$ 0	$ 6,937	$ 0	$ 13,388

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction
Due from affiliates	$ 1,154,945	$ 1,080,227
Affiliated Entity
Related Party Transaction
Asset management fees receivable	300	386
Reimbursable costs	295	204
Accounts receivable	79	329
Due from affiliates	$ 674	$ 919

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Narratives (Details)	6 Months Ended
	Jun. 30, 2023 investment
Advisory Agreements with REIT
Percentage of available cash distribution to advisor (as a percent)	10%
Other Transactions with Affiliates
Jointly owned investments	9
Jointly owned investment, accounted for under the equity method investments	4
Other Entity
Other Transactions with Affiliates
Jointly owned investments	5
CESH | Gross Assets Fair Value | Affiliated Entity
Advisory Agreements with REIT
Asset management fees earned (as a percent)	1%

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	Jun. 30, 2023	Dec. 31, 2022
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (1,670,860)	$ (1,672,091)
Net property subject to operating lease	11,892,977	11,666,766
Land
Real Estate Investment Property At Cost
Land, buildings and improvements — net lease and other	2,436,946	2,400,002
Buildings and improvements
Real Estate Investment Property At Cost
Land, buildings and improvements — net lease and other	11,075,657	10,916,630
Real estate under construction
Real Estate Investment Property At Cost
Land, buildings and improvements — net lease and other	$ 51,234	$ 22,225

Land, Buildings and Improveme_4

Land, Buildings and Improvements, and Assets Held for Sale - Narratives (Details) $ in Thousands			1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 22, 2023 USD ($)	Apr. 18, 2023 USD ($) property	Jul. 28, 2023 property	Sep. 30, 2023 USD ($) property	Jun. 30, 2023 USD ($) property $ / €	Jun. 30, 2022 USD ($) property	Jun. 30, 2023 USD ($) property $ / €	Jun. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($) property $ / €	Mar. 31, 2023 property	Feb. 28, 2023 USD ($) property
Real Estate Properties
Increase (decrease) in value of balance sheet item due to foreign currency translation					$ 9,479	$ (43,993)	$ 15,936	$ (53,145)
Number of real estate properties (property) | property					2		2
Land, buildings and improvements, net lease and other					$ 13,563,837		$ 13,563,837		$ 13,338,857
Net investments in finance leases and loans receivable					495,881		495,881		498,313
Payment to acquire real estate							895,034	614,397
Unfunded commitment					90,900		90,900		$ 61,100
Investments in real estate
Capitalized construction cost							$ 54,500
Construction projects completed (property) | property							11		8
Capitalized interest					100	400	$ 100	1,100
Lease payments					4,300	1,400	5,600	6,100
Lease termination income							11,400	8,200
Assets held for sale, net					$ 43,002		$ 43,002		$ 57,944
Real Estate
Real Estate Properties
Number of real estate properties (property) | property					1,475		1,475
Investments in real estate
Other income						$ 600		$ 1,200
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					3	8	8	14
Properties Disposed of by Sale | Land, Buildings and Improvements
Real Estate Properties
Increase (decrease) in carrying value of real estate							$ (28,100)
Investments in real estate
Number of properties sold (property) | property							6
Decrease in carrying value of real estate							$ 28,100
Asset Held for Sale, Not in Discontinued Operations
Real Estate Properties
Number of real estate properties (property) | property					1		1		3
Investments in real estate
Assets held for sale, net					$ 43,000		$ 43,000		$ 57,900
Asset Held for Sale, Not in Discontinued Operations | Subsequent Events
Investments in real estate
Number of properties sold (property) | property			2
Operating Lease
Real Estate Properties
Increase (decrease) in value of balance sheet item due to foreign currency translation							$ 67,600
Number of real estate properties (property) | property					47		47
Payment to acquire real estate							$ 888,647
Depreciation					$ 79,700	$ 73,000	171,000	$ 145,000
Operating Lease | Various, Industrial Properties in Various, United States, Canada and Mexico
Real Estate Properties
Number of real estate properties (property) | property		9
Payment for capital improvements							3,100
Payment to acquire real estate		$ 97,952
Operating Lease | Little Rock, Arkansas
Real Estate Properties
Payment to acquire real estate	$ 6,200
Operating Lease | In-place lease intangible assets and other
Real Estate Properties
Payment to acquire real estate							$ 142,073
Finite lived intangible assets useful life (in years)					21 years 10 months 24 days		21 years 10 months 24 days
Operating Lease | In-place lease intangible assets and other | Little Rock, Arkansas
Real Estate Properties
Payment to acquire real estate	$ 100
Finite lived intangible assets useful life (in years)	6 months
Operating Lease | Land
Real Estate Properties
Payment to acquire real estate							$ 135,502
Operating Lease | Land | Little Rock, Arkansas
Real Estate Properties
Payment to acquire real estate	$ 1,700
Operating Lease | Buildings and improvements
Real Estate Properties
Payment to acquire real estate							604,973
Operating Lease | Buildings and improvements | Little Rock, Arkansas
Real Estate Properties
Payment to acquire real estate	4,400
Operating Real Estate
Real Estate Properties
Depreciation					$ 7,700	$ 700	$ 14,900	$ 1,400
Self- Storage | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property					76		76		75
Hotel | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property					13		13		1
British Pound Sterling
Real Estate Properties
Increase (decrease) in carrying value of real estate							$ 4,600
Investments in real estate
Decrease in carrying value of real estate							$ (4,600)
Student Housing | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property					2		2		2
Build To Suit
Real Estate Properties
Number of real estate properties (property) | property					2		2
Investments in real estate
Funding commitment					$ 61,700		$ 61,700
Construction in Progress | Operating Lease | Little Rock, Arkansas
Investments in real estate
Funding commitment	$ 3,600
Adjustments
Real Estate Properties
Land, buildings and improvements, net lease and other					10,900		10,900
Net investments in finance leases and loans receivable					(10,900)		(10,900)
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
Adjustments | Student Housing
Real Estate Properties
Land, buildings and improvements, net lease and other					$ 23,500		$ 23,500
Adjustments | Direct Financing Lease
Real Estate Properties
Number of real estate properties (property) | property					1		1				78
Increase (decrease) in carrying value of real estate							$ (288,200)
Investments in real estate
Decrease in carrying value of real estate							$ 288,200
Forecast | Operating Lease | Additional Retail In Various Denmark | Subsequent Events
Real Estate Properties
Number of real estate properties (property) | property				2
Payment to acquire real estate				$ 8,700
EUR
Real Estate Properties
Increase in exchange rate (as a percent)							1.90%
Foreign currency exchange rate | $ / €					1.0866		1.0866		1.0666

Land, Buildings and Improveme_5

Land, Buildings and Improvements, and Assets Held for Sale - Acquisition of Real Estate (Details) $ in Thousands							6 Months Ended
	Jun. 15, 2023 USD ($) property	May 05, 2023 USD ($) property	Apr. 18, 2023 USD ($) property	Apr. 01, 2023 USD ($) property	Mar. 23, 2023 USD ($) property	Jan. 12, 2023 USD ($) property	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)
Property, Plant and Equipment
Number of real estate properties (property)							2
Total Capitalized Costs | $							$ 895,034	$ 614,397
Operating Lease
Property, Plant and Equipment
Number of real estate properties (property)							47
Total Capitalized Costs | $							$ 888,647
Various, United States
Property, Plant and Equipment
Number of real estate properties (property)			4
Various, United States | Operating Lease
Property, Plant and Equipment
Number of real estate properties (property)	4	9				6
Total Capitalized Costs | $	$ 139,092	$ 39,713				$ 64,861
Various, Industrial Properties in Italy and Spain | Operating Lease
Property, Plant and Equipment
Number of real estate properties (property)					8
Total Capitalized Costs | $					$ 79,218
Various, Industrial Properties in Italy
Property, Plant and Equipment
Number of real estate properties (property)					5
Various, Industrial Properties in Spain
Property, Plant and Equipment
Number of real estate properties (property)					3
Various, Canada
Property, Plant and Equipment
Number of real estate properties (property)			3
Various, Canada | Operating Lease
Property, Plant and Equipment
Number of real estate properties (property)				11
Total Capitalized Costs | $				$ 467,811
Various, Industrial Properties in Various, United States, Canada and Mexico | Operating Lease
Property, Plant and Equipment
Number of real estate properties (property)			9
Total Capitalized Costs | $			$ 97,952
Various, Industrial Properties in Mexico
Property, Plant and Equipment
Number of real estate properties (property)			2

Land, Buildings and Improveme_6

Land, Buildings and Improvements, and Assets Held for Sale - Aggregate Purchase Price Allocation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment
Payment to acquire real estate	$ 895,034	$ 614,397
Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	888,647
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	$ 142,073
Finite lived intangible assets useful life (in years)	21 years 10 months 24 days
Operating Lease | Finance lease
Property, Plant and Equipment
Payment to acquire real estate	$ 12,981
Land | Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	135,502
Buildings and improvements | Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	$ 604,973

Land, Buildings and Improveme_7

Land, Buildings and Improvements, and Assets Held for Sale - Real Estate Under Construction (Details) $ in Thousands	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Lease, Lease Income [Abstract]
Lease income — fixed	$ 324,468	$ 281,269	$ 632,534	$ 557,410
Lease income – variable	44,656	33,085	88,926	64,669
Total operating lease income	$ 369,124	$ 314,354	$ 721,460	$ 622,079

Land, Buildings and Improveme_9

Land, Buildings and Improvements, and Assets Held for Sale - Operating Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real Estate Properties
Land, buildings and improvements — operating properties	$ 1,334,501	$ 1,095,892
Less: Accumulated depreciation	(3,378,385)	(3,269,057)
Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Less: Accumulated depreciation	(99,679)	(28,295)
Investments in real estate	1,234,822	1,067,597
Land | Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Land, buildings and improvements — operating properties	154,119	122,317
Buildings and improvements | Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Land, buildings and improvements — operating properties	1,180,382	955,009
Real estate under construction
Real Estate Properties
Land, buildings and improvements — operating properties	$ 0	$ 18,566

Land, Buildings and Improvem_10

Land, Buildings and Improvements, and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Long-Lived Assets Held-for-sale
Accumulated depreciation and amortization	$ 0	$ (3,254)
Assets held for sale, net	43,002	57,944
In-place lease intangible assets and other
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	8,132	10,854
Above-market rent intangible assets
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	191	3,210
Land, buildings and improvements — net lease and other
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	$ 34,679	$ 47,134

Finance Receivables - Direct Fi

Finance Receivables - Direct Financing Leases and Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivables
Sale-leaseback transactions accounted for as loans receivable	$ 235,887	$ 234,198
Secured loans receivable	39,250	39,250
Net investment In lease and loans receivable	1,222,439	771,761
Loans receivable, allowance for credit losses	(2,100)	(2,100)
Direct Financing Lease
Financing Receivables
Net investments in direct financing leases	495,881	498,313
Sales-Type Leases
Financing Receivables
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	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Lease payments receivable	$ 308,540	$ 332,618
Unguaranteed residual value	465,995	470,839
Net investment in finance leases, excluding unearned income	774,535	803,457
Less: unearned income	(273,550)	(296,411)
Less: allowance for credit losses	(5,104)	(8,733)
Net receivables (difference between undiscounted cash flows and discounted cash flows)	$ 495,881	$ 498,313

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Feb. 28, 2023 property	Dec. 31, 2022 USD ($)
Finance Receivables
Allowance for credit loss			$ (3,629)	$ (980)
Interest income from direct financing leases	$ 12,800	$ 13,300	$ 25,400	27,200
Number of real estate properties (property) | property	2		2
Net investments in finance leases and loans receivable	$ 495,881		$ 495,881			$ 498,313
Land, buildings and improvements, net lease and other	13,563,837		13,563,837			$ 13,338,857
Increase (decrease) in value of balance sheet item due to foreign currency translation	9,479	(43,993)	15,936	(53,145)
Reclassification of net-lease assets to net investments			451,400
Gain on sale of real estate, net	1,808	31,119	179,557	42,367
Interest income from direct financing leases and loans receivables	4,900	$ 4,500	9,700	8,900
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
Direct Financing Lease
Finance Receivables
Increase (decrease) in value of balance sheet item due to foreign currency translation			7,500
Sales Type Lease
Finance Receivables
Gain on sale of real estate, net			176,200
Income from finance leases and loans receivable	9,700		12,900
Adjustments
Finance Receivables
Net investments in finance leases and loans receivable	(10,900)		(10,900)
Land, buildings and improvements, net lease and other	$ 10,900		$ 10,900
Adjustments | Direct Financing Lease
Finance Receivables
Number of real estate properties (property) | property	1		1		78
Net Investments in Direct Financing Lease
Finance Receivables
Allowance for credit loss			$ 3,600	$ 1,000

Finance Receivables - Net Inv_2

Finance Receivables - Net Investments in Sale-type Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Lease payments receivable	$ 480,484	$ 0
Lease payments receivable including unearned income	480,484	0
Less: unearned income	(29,063)	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	Jun. 30, 2023 USD ($) tenant	Dec. 31, 2022 USD ($) tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 1,229,643	$ 782,594
Internally Assigned Grade1-3
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	19	19
Net investments in direct financing leases	$ 1,107,066	$ 664,761
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	8	8
Net investments in direct financing leases	$ 122,577	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets, Net
Increase (decrease) in value of balance sheet item due to foreign currency translation	$ 9,479	$ (43,993)	$ 15,936	$ (53,145)
Amortization of intangible assets	$ 63,600	$ 50,800	131,200	$ 103,500
Net Intangible Assets
Finite-Lived Intangible Assets, Net
Foreign currency translation adjustments			(400)
Increase (decrease) in value of balance sheet item due to foreign currency translation			$ 11,400
Minimum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life (in years)	1 year		1 year
Maximum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life (in years)	48 years		48 years

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amortizable Intangible Assets
Accumulated Amortization	$ (1,627,193)	$ (1,587,815)
Indefinite Lived Intangible Assets Including Goodwill
Total intangible assets, gross	4,461,884	4,414,293
Total intangible assets, net	2,834,691	2,826,478
Amortizable Intangible Liabilities
Less: accumulated amortization	76,561	125,287
Indefinite Lived Intangible Liabilities
Total intangible liabilities, gross	(234,289)	(309,871)
Total intangible liabilities, net	(157,728)	(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	(234,289)	(293,160)
Less: accumulated amortization	76,561	125,287
Net amortizable intangible liabilities	(157,728)	(167,873)
Goodwill
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	1,036,966	1,037,412
Contracts including internal software development costs
Amortizable Intangible Assets
Gross Carrying Amount	20,342	19,812
Accumulated Amortization	(19,347)	(19,144)
Net Carrying Amount	995	668
Internal-use software development costs
Amortizable Intangible Assets
Gross Carrying Amount	20,342	19,812
Accumulated Amortization	(19,347)	(19,144)
Net Carrying Amount	995	668
Lease intangibles
Amortizable Intangible Assets
Gross Carrying Amount	3,404,576	3,357,069
Accumulated Amortization	(1,607,846)	(1,568,671)
Net Carrying Amount	1,796,730	1,788,398
In-place lease
Amortizable Intangible Assets
Gross Carrying Amount	2,597,957	2,523,318
Accumulated Amortization	(1,098,657)	(1,061,235)
Net Carrying Amount	1,499,300	1,462,083
Above-market rent
Amortizable Intangible Assets
Gross Carrying Amount	806,619	833,751
Accumulated Amortization	(509,189)	(507,436)
Net Carrying Amount	$ 297,430	$ 326,315

Equity Method Investments - Equ

Equity Method Investments - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Equity Method Investment
Equity method investments in real estate	$ 340,285	$ 327,502
Real Estate | Affiliated Entity
Equity Method Investment
Equity method investments in real estate	338,477	325,277
Real Estate | Third Party | Las Vegas Retail Complex | Affiliated Entity
Equity Method Investment
Equity method investments in real estate	$ 220,088	196,352
Real Estate | Third Party | Johnson Self Storage | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	90%
Equity method investments in real estate	$ 64,786	65,707
Real Estate | Third Party | Kesko Senukai | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	70%
Equity method investments in real estate	$ 29,353	38,569
Real Estate | Third Party | Harmon Retail Corner | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	15%
Equity method investments in real estate	$ 24,250	$ 24,649

Equity Investments - Narratives

Equity Investments - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 10, 2021
Equity investments
Equity method investments in real estate	$ 340,285		$ 340,285		$ 327,502
Earnings from equity method investments	4,355	$ 7,401	9,591	$ 12,173
Distributions of earnings from equity method investments			9,931	15,907
CPA:18 – Global | Affiliated Entity
Equity investments
Distributions of earnings from equity method investments				1,100
CPA:18 – Global operating partnership | Affiliated Entity
Equity investments
Distributions of earnings from equity method investments				5,400
CESH
Equity investments
Equity method investments in real estate	$ 1,800		$ 1,800		2,200
Equity method investment, ownership (as a percent)	2.43%		2.43%
CESH | Affiliated Entity
Equity investments
Distributions of earnings from equity method investments			$ 500	1,200
Las Vegas Retail Complex
Equity investments
Earnings from equity method investments			5,900	3,400
Real Estate | Unconsolidated Real Estate Investment
Equity investments
Distributions of earnings from equity method investments			19,900	$ 18,400
Aggregate unamortized basis difference on equity investments	$ 18,500		18,500		19,100
Real Estate | Affiliated Entity
Equity investments
Equity method investments in real estate	338,477		338,477		325,277
Real Estate | Third Party | Las Vegas Retail Complex | Affiliated Entity
Equity investments
Equity method investments in real estate	$ 220,088		220,088		$ 196,352
Real Estate | Third Party | Las Vegas Retail Complex | Construction Commitment | Affiliated Entity
Equity investments
Funding commitment						$ 261,900
Equity method investments in real estate						$ 216,800
Payments to settle other commitments			$ 23,700

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2023 property	Oct. 31, 2022 USD ($)	Aug. 31, 2022 property	Mar. 31, 2022 property	Jan. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) property shares	Jun. 30, 2022 USD ($) property	Jun. 30, 2023 USD ($) property shares	Jun. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($) property shares
Fair Value Inputs, Assets
Equity method investments in real estate						$ 340,285		$ 340,285		$ 327,502
Preferred stock, shares issued (in shares) | shares						0		0		0
Proceeds from issuance of preferred stock								$ 0	$ 65,000
Unamortized deferred financing costs						$ 23,877		23,877
Unamortized discount						$ 34,796		$ 34,796
Number of real estate properties (property) | property						2		2
Asset Held for Sale, Not in Discontinued Operations
Fair Value Inputs, Assets
Number of real estate properties (property) | property						1		1		3
Real estate and intangibles | Pendragon PLC
Fair Value Inputs, Assets
Number of real estate properties (property) | property				30
Lease extension term (in years)				11 years
Real estate and intangibles | Pendragon PLC | Asset Held for Sale, Not in Discontinued Operations
Fair Value Inputs, Assets
Number of properties sold (property) | property										4
Number of real estate properties (property) | property				12
Watermark Lodging Trust
Fair Value Inputs, Assets
Cash proceeds		$ 82,600
GCIF
Fair Value Inputs, Assets
Proceeds from liquidation distribution								$ 800
Equity method investments in real estate						$ 900		900		$ 1,700
Affiliated Entity | Common Stock | Watermark Lodging Trust
Fair Value Inputs, Assets
Shares owned (in shares) | shares					12,208,243
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs						0	$ 6,206	0	26,385
Level 3 | Real estate and intangibles | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs						0	$ 6,206	0	26,385
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		6
Level 3 | Real estate and intangibles | Fair Value, Measurements, Nonrecurring | Pendragon PLC | Asset Held for Sale, Not in Discontinued Operations | Terminal Capitalization Rate | Minimum
Fair Value Inputs, Assets
Capitalization rate for the various scenarios (as a percent)							0.0475		0.0475
Level 3 | Real estate and intangibles | Fair Value, Measurements, Nonrecurring | Pendragon PLC | Asset Held for Sale, Not in Discontinued Operations | Terminal Capitalization Rate | Maximum
Fair Value Inputs, Assets
Capitalization rate for the various scenarios (as a percent)							0.1000		0.1000
Level 3 | Potentially Vacant Properties | Building | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs									$ 10,900
Level 3 | Potentially Vacant Properties | Building | Fair Value, Measurements, Nonrecurring | Cashflow Discount Rate
Fair Value Inputs, Assets
Capitalization rate for the various scenarios (as a percent)							0.140		0.140
Level 3 | Potentially Vacant Properties | Building | Fair Value, Measurements, Nonrecurring | Terminal Capitalization Rate
Fair Value Inputs, Assets
Capitalization rate for the various scenarios (as a percent)							0.110		0.110
Level 3 | Two Properties | Real estate and intangibles | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Number of properties sold (property) | property	1		1
Recognized impairment costs							$ 6,200		$ 6,200
Number of real estate properties (property) | property							2		2
Level 2 and Level 3 | Carrying Value | Non-Recourse Mortgage, Net
Fair Value Inputs, Assets
Unamortized deferred financing costs						100		100		100
Unamortized discount						7,700		7,700		10,300
Level 2 and Level 3 | Unsecured Senior Notes | Carrying Value
Fair Value Inputs, Assets
Unamortized deferred financing costs						23,500		23,500		25,900
Unamortized discount						22,100		22,100		24,100
Lineage Logistics | Level 3
Fair Value Inputs, Assets
Dividend income									$ 4,300
Fair value of investments						$ 404,900		$ 404,900		$ 404,900
Watermark Lodging Trust
Fair Value Inputs, Assets
Preferred stock, shares issued (in shares) | shares					1,300,000
Reclassification of unrealized gain on investments to net income									43,400
Watermark Lodging Trust | Affiliated Entity
Fair Value Inputs, Assets
Proceeds from issuance of preferred stock					$ 65,000
Preferred stock liquidation preference (in dollars 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	Jun. 30, 2023	Dec. 31, 2022
Level 3 | Carrying Value | Non-Recourse Mortgage, Net
Liabilities:
Debt instrument, fair value	$ 995,435	$ 1,132,417
Level 3 | Fair Value | Non-Recourse Mortgage, Net
Liabilities:
Debt instrument, fair value	981,273	1,109,449
Senior Unsecured Notes, net | Level 2 and Level 3 | Carrying Value
Liabilities:
Debt instrument, fair value	5,978,294	5,916,400
Senior Unsecured Notes, net | Level 2 and Level 3 | Fair Value
Liabilities:
Debt instrument, fair value	$ 5,344,811	$ 5,238,588

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impairment Charges	$ 0	$ 6,206	$ 0	$ 26,385
Real estate and intangibles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value Measurements	0	10,270	0	24,497
Impairment Charges	$ 0	$ 6,206	$ 0	$ 26,385

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Summary of Derivative Instruments
Net collateral posted for derivatives	$ 0		$ 0		$ 0
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ (4,584,000)	$ 19,033,000	$ (11,447,000)	$ 25,015,000
Derivative, remaining maturity (in years)	59 months		59 months
Total credit exposure on derivatives	$ 22,200,000		$ 22,200,000
Derivatives, net liability position	2,500,000		2,500,000		1,700,000
Aggregate termination value for immediate settlement	2,500,000		2,500,000		$ 1,700,000
Other comprehensive income foreign currency (losses) gains	2,100,000	236,400,000	(69,400,000)	313,300,000
Individual Counterparty
Summary of Derivative Instruments
Total credit exposure on derivatives	4,600,000		4,600,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			(3,100,000)
Non-operating income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			(9,900,000)
Designated as Cash Flow Hedging Instruments | Equity Method Investments
Summary of Derivative Instruments
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ (400,000)	$ 900,000	$ (800,000)	$ 2,300,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value
Derivative assets, fair value	$ 28,510	$ 39,274
Liability derivatives, fair value	(2,457)	(1,693)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	24,560	35,324
Liability derivatives, fair value	(2,168)	(1,445)
Derivatives Not in Cash Flow Hedging Relationships
Derivatives, Fair Value
Derivative assets, fair value	3,950	3,950
Liability derivatives, fair value	(289)	(248)
Other assets, net | Foreign currency collars | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	20,717	32,631
Other assets, net | Interest rate swaps | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	3,839	2,679
Other assets, net | Interest rate cap | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	4	14
Other assets, net | Stock warrants | Derivatives Not in Cash Flow Hedging Relationships
Derivatives, Fair Value
Derivative assets, fair value	3,950	3,950
Accounts payable, accrued expenses and other liabilities | Foreign currency collars | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Liability derivatives, fair value	(2,168)	(1,445)
Accounts payable, accrued expenses and other liabilities | Foreign currency collars | Derivatives Not in Cash Flow Hedging Relationships
Derivatives, Fair Value
Liability derivatives, fair value	$ (289)	$ (248)

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ (4,584)	$ 19,033	$ (11,447)	$ 25,015
Foreign currency collars | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	(6,412)	18,456	(12,638)	23,654
Interest rate swaps | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	1,827	575	1,197	1,356
Interest rate cap | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ 1	$ 2	$ (6)	$ 5

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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)	$ 3,667	$ 3,237	$ 8,342	$ 5,177
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)	3,564	3,359	7,869	5,463
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)	$ 103	$ (122)	$ 473	$ (286)

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amount of Gain (Loss) on Derivatives Recognized in Income
Total	$ 150	$ 3,561	$ (594)	$ 5,240
Foreign currency collars | Derivatives in Cash Flow Hedging Relationships | Non-operating income
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	183	2,575	(16)	3,783
Foreign currency collars | Derivatives Not in Cash Flow Hedging Relationships | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	98	842	(41)	1,126
Interest rate swaps | Derivatives in Cash Flow Hedging Relationships | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	$ (131)	$ 144	$ (537)	$ 331

Risk Management and Use of De_8

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) - Designated as Cash Flow Hedging Instruments - Derivatives Designated as Hedging Instruments € in Thousands, $ in Thousands	Jun. 30, 2023 EUR (€) derivative	Jun. 30, 2023 USD ($) derivative
Derivative Disclosure
Fair value		$ 3,843
EUR | Interest rate swaps
Derivative Disclosure
Number of Instruments | derivative	5	5
Notional Amount | €	€ 545,356
Fair value		$ 2,611
EUR | Interest rate cap
Derivative Disclosure
Number of Instruments | derivative	1	1
Notional Amount | €	€ 10,296
Fair value		$ 4
USD | Interest rate swaps
Derivative Disclosure
Number of Instruments | derivative	4	4
Notional Amount		$ 31,486
Fair value		$ 1,228

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	Jun. 30, 2023 EUR (€) derivative	Jun. 30, 2023 USD ($) derivative	Jun. 30, 2023 GBP (£) derivative
Derivative Disclosure
Fair value, foreign currency derivatives		$ 18,260
EUR | Foreign currency collars | Derivatives Not in Cash Flow Hedging Relationships
Derivative Disclosure
Number of Instruments | derivative	2	2	2
Notional Amount | €	€ 16,000
Fair value, foreign currency derivatives		$ (289)
EUR | Foreign currency collars | Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments
Derivative Disclosure
Number of Instruments | derivative	66	66	66
Notional Amount | €	€ 280,000
Fair value, foreign currency derivatives		$ 15,753
GBP | Foreign currency collars | Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments
Derivative Disclosure
Number of Instruments | derivative	55	55	55
Notional Amount | £			£ 34,980
Fair value, foreign currency derivatives		$ 2,796

Debt - Narratives (Details)

Debt - Narratives (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Apr. 24, 2023 GBP (£)	Apr. 24, 2023 EUR (€)	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
Debt financing costs	$ 23,877,000		$ 23,877,000
Non Recourse Debt
Weighted average interest rate (as a percent)	4.50%		4.50%
Repayments of non recourse mortgage loan			$ 85,888,000	$ 14,705,000
Prepayments of mortgage principal			52,876,000	10,380,000
Increase in value of balance sheet item due to foreign currency translation	$ 9,479,000	$ (43,993,000)	$ 15,936,000	$ (53,145,000)
Fixed Interest Rate
Non Recourse Debt
Weighted average interest rate (as a percent)	4.50%		4.50%
Variable Interest Rate
Non Recourse Debt
Weighted average interest rate (as a percent)	4.80%		4.80%
Unsecured Senior Notes
Senior Unsecured Credit Facility
Principal amount	$ 6,000,000,000		$ 6,000,000,000
Debt financing costs	$ 23,500,000		$ 23,500,000					25,900,000
Non-Recourse Debt
Senior Unsecured Credit Facility
Stated interest rate (as a percent)	5.70%		5.70%
Non Recourse Debt
Repayments of non recourse mortgage loan			$ 67,800,000
Prepayments of mortgage principal			52,900,000
Gain (loss) on extinguishment of debt			2,700,000
Increase in value of balance sheet item due to foreign currency translation			$ 77,800,000
Government Bond Yield | Unsecured Senior Notes | Minimum
Senior Unsecured Credit Facility
Variable interest rate (as a percent)			0.20%
Government Bond Yield | Unsecured Senior Notes | Maximum
Senior Unsecured Credit Facility
Variable interest rate (as a percent)			0.35%
Unsecured Revolving Credit Facility
Senior Unsecured Credit Facility
Maximum borrowing capacity							$ 3,050,000,000	2,400,000,000
Line of credit facility, available	$ 1,300,000,000		$ 1,300,000,000
Debt Instrument borrowing capacity fee (as a percent)			0.15%
Unsecured Revolving Credit Facility | USD
Senior Unsecured Credit Facility
Maximum borrowing capacity								$ 1,800,000,000
Unsecured Revolving Credit Facility | EUR | EURIBOR
Senior Unsecured Credit Facility
Variable interest rate (as a percent)			0.775%
Unsecured Term Loans | GBP
Senior Unsecured Credit Facility
Maximum borrowing capacity | £									£ 270,000,000
Unsecured Term Loans | GBP | Term Loan Due 2026
Senior Unsecured Credit Facility
Maximum borrowing capacity | £					£ 300,000,000
Unsecured Term Loans | EUR
Senior Unsecured Credit Facility
Maximum borrowing capacity | €						€ 500,000,000				€ 215,000,000
Interest rate (as a percent)					4.34%	4.34%
Unsecured Term Loans | EUR | EURIBOR
Senior Unsecured Credit Facility
Stated interest rate (as a percent)					0.85%	0.85%
Unsecured Term Loans | EUR | Term Loan Due 2026
Senior Unsecured Credit Facility
Variable interest rate (as a percent)			4.34%
Debt financing costs	300,000		$ 300,000
Unsecured Term Loans | EUR | Delayed Draw Term Loan Due 2026
Senior Unsecured Credit Facility
Maximum borrowing capacity | €						€ 200,000,000
Standby Letters of Credit
Senior Unsecured Credit Facility
Line of credit facility, available	$ 1,900,000		$ 1,900,000
Unsecured Term Loans Due 2026 - Accordion Feature | EUR
Senior Unsecured Credit Facility
Maximum borrowing capacity | €						€ 750,000,000

Debt - Unsecured Term Loans and

Debt - Unsecured Term Loans and Revolving Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	$ 1,647,449	$ 830,406
Unamortized discount	34,796
Debt financing costs	23,877
Unsecured Term Loans:
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	1,118,744	554,014
Unsecured Revolving Credit Facility:
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	$ 528,705	276,392
EUR | Unsecured Term Loans: | Term Loan Due 2026
Unsecured Term Loans and Unsecured Revolving Credit Facility
Variable interest rate (as a percent)	4.34%
Debt outstanding	$ 543,300	0
Unamortized discount	3,800
Debt financing costs	300
EUR | Unsecured Term Loans: | Delayed Draw Term Loan Due 2025
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	$ 233,619	229,319
EUR | Unsecured Term Loans: | EURIBOR | Delayed Draw Term Loan Due 2025
Unsecured Term Loans and Unsecured Revolving Credit Facility
Variable interest rate (as a percent)	0.85%
EUR | Unsecured Revolving Credit Facility:
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	$ 402,042	258,117
EUR | Unsecured Revolving Credit Facility: | EURIBOR
Unsecured Term Loans and Unsecured Revolving Credit Facility
Variable interest rate (as a percent)	0.775%
GBP | Unsecured Term Loans: | Term Loan Due 2025
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	$ 341,825	324,695
Unamortized discount	$ 1,100	1,500
Spread adjustment (as a percent)	0.0326%
GBP | Unsecured Term Loans: | GBP LIBOR | Term Loan Due 2025
Unsecured Term Loans and Unsecured Revolving Credit Facility
Variable interest rate (as a percent)	0.85%
USD | Unsecured Revolving Credit Facility:
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	$ 110,000	0
Spread adjustment (as a percent)	0.10%
USD | Unsecured Revolving Credit Facility: | SOFR
Unsecured Term Loans and Unsecured Revolving Credit Facility
Variable interest rate (as a percent)	0.775%
JPY | Unsecured Revolving Credit Facility:
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	$ 16,663	$ 18,275
JPY | Unsecured Revolving Credit Facility: | JPY LIBOR
Unsecured Term Loans and Unsecured Revolving Credit Facility
Variable interest rate (as a percent)	0.775%

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Senior Unsecured Notes
Unamortized deferred financing costs	$ 23,877,000
Unamortized discount, net	34,796,000
Unsecured Senior Notes
Senior Unsecured Notes
Principal Amount	6,000,000,000
Principal amount of debt outstanding	6,023,975,000		$ 5,966,475,000
Unamortized deferred financing costs	23,500,000		25,900,000
Unamortized discount, net	$ 22,100,000		24,100,000
4.6% Senior Notes due 2024 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	4.60%	4.60%
Principal Amount	$ 500,000,000
Principal amount of debt outstanding	$ 500,000,000		500,000,000
2.25% Senior Notes due 2024 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	2.25%	2.25%
Principal Amount | €		€ 500,000,000
Principal amount of debt outstanding	$ 543,300,000		533,300,000
4.0% Senior Notes due 2025 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	4%	4%
Principal Amount	$ 450,000,000
Principal amount of debt outstanding	$ 450,000,000		450,000,000
2.25% Senior Notes due 2026 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	2.25%	2.25%
Principal Amount | €		€ 500,000,000
Principal amount of debt outstanding	$ 543,300,000		533,300,000
4.25% Senior Notes due 2026 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	4.25%	4.25%
Principal Amount	$ 350,000,000
Principal amount of debt outstanding	$ 350,000,000		350,000,000
2.125% Senior Notes due 2027 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	2.125%	2.125%
Principal Amount | €		€ 500,000,000
Principal amount of debt outstanding	$ 543,300,000		533,300,000
1.35% Senior Notes due 2028 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	1.35%	1.35%
Principal Amount | €		€ 500,000,000
Principal amount of debt outstanding	$ 543,300,000		533,300,000
3.85% Senior Notes due 2029 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	3.85%	3.85%
Principal Amount	$ 325,000,000
Principal amount of debt outstanding	$ 325,000,000		325,000,000
3.41% Senior Notes due 2029 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	3.41%	3.41%
Principal Amount | €		€ 150,000,000
Principal amount of debt outstanding	$ 162,990,000		159,990,000
0.95% Senior Notes due 2030 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	0.95%	0.95%
Principal Amount | €		€ 525,000,000
Principal amount of debt outstanding	$ 570,465,000		559,965,000
2.4% Senior Notes due 2031 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	2.40%	2.40%
Principal Amount	$ 500,000,000
Principal amount of debt outstanding	$ 500,000,000		500,000,000
2.45% Senior Notes due 2032 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	2.45%	2.45%
Principal Amount	$ 350,000,000
Principal amount of debt outstanding	$ 350,000,000		350,000,000
3.7% Senior Notes due 2032 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	3.70%	3.70%
Principal Amount | €		€ 200,000,000
Principal amount of debt outstanding	$ 217,320,000		213,320,000
2.25% Senior Notes due 2033 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	2.25%	2.25%
Principal Amount	$ 425,000,000
Principal amount of debt outstanding	$ 425,000,000		$ 425,000,000

Debt - Debt Principal Payments

Debt - Debt Principal Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Long-term Debt, by Maturity
2023 (remainder)	$ 278,231
2024	1,241,957
2025	1,972,988
2026	1,536,988
2027	543,968
Thereafter through 2039	3,100,466
Total principal payments	8,674,598
Unamortized discount, net	(34,796)
Unamortized deferred financing costs	(23,877)
Total	$ 8,615,925

Stock-Based Compensation and _3

Stock-Based Compensation and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	May 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 9,000	$ 9,800	$ 16,761	$ 17,591
Fair value of vested stock			34,400
Deferred compensation obligation	$ 62,046		$ 62,046		$ 57,012
Dividends declared (in dollars per share)	$ 1.069	$ 1.059	$ 2.136	$ 2.116
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 (in shares)	1		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 (as a percent)			0%
Deferred compensation arrangement with individual, common stock reserved for future issuance (in shares)	1,196,955		1,196,955		1,181,947
Deferred compensation obligation	$ 62,000		$ 62,000		$ 57,000
Unrecognized stock based compensation expense	$ 57,000		$ 57,000
Weighted-average remaining term (in years)			2 years 2 months 12 days
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate (as a percent)			3.80%
Fair value assumptions expected volatility rate (as a percent)			38.20%

Stock-Based Compensation and _4

Stock-Based Compensation and Equity - Restricted and Conditional Awards (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
RSA and RSU Awards
Shares
Nonvested, beginning balance (in shares) | shares	376,298
Granted (in shares) | shares	231,463
Vested (in shares) | shares	(153,037)
Forfeited (in shares) | shares	0
Adjustments (in shares) | shares	0
Nonvested, ending balance (in 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	84.35
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	75.81
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 (in shares) | shares	531,781
Granted (in shares) | shares	150,989
Vested (in shares) | shares	(218,147)
Forfeited (in shares) | shares	0
Adjustments (in shares) | shares	64,826
Nonvested, ending balance (in shares) | shares	529,449
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	109.03
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 103.44

Stock-Based Compensation and _5

Stock-Based Compensation and Equity - Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share Reconciliation
Net income — basic	$ 144,620	$ 127,678	$ 439,000	$ 284,673
Net income — diluted	$ 144,620	$ 127,678	$ 439,000	$ 284,673
Weighted-average shares outstanding – basic (in shares)	215,075,114	194,019,451	213,522,150	192,971,256
Effect of dilutive securities (in shares)	109,371	744,244	353,321	734,779
Weighted-average shares outstanding – diluted (shares)	215,184,485	194,763,695	213,875,471	193,706,035

Stock-Based Compensation and _6

Stock-Based Compensation and Equity - Acquisition of Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	May 30, 2023
Stock Based Compensation and Equity
Acquisition of noncontrolling interest	$ 0	$ 0
Minority Interest
Stock Based Compensation and Equity
Remaining acquired amount (percent)			3%
Ownership interest parent (percent)			100%
Additional Paid-in Capital
Stock Based Compensation and Equity
Acquisition of noncontrolling interest	$ 1,153	$ 1,153

Stock-Based Compensation and _7

Stock-Based Compensation and Equity - ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Net proceeds		$ 39,136	$ 249,863	$ 218,101
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares of common stock issued (in shares)		491,068	3,081,867	2,740,295
Net proceeds		$ 1	$ 3	$ 3
Common Stock | ATM Program
Share-based Compensation Arrangement by Share-based Payment Award
Shares of common stock issued (in shares)	0	491,068	0	2,740,295
Weighted-average price per share (in dollars per share)	$ 0	$ 81.70	$ 0	$ 80.79
Net proceeds	$ 0	$ 39,101	$ 0	$ 218,095

Stock-Based Compensation and _8

Stock-Based Compensation and Equity - Forward Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands	May 02, 2022	Aug. 09, 2021	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (in shares)			450,000,000	450,000,000
Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award
Remaining shares authorized for distribution (in shares)			4,744,973
August 2021 Equity Forwards | Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (in shares)		5,175,000
Average gross offering price (in dollars per share)		$ 78
Average Gross Offering Proceeds at Closing		$ 403,650
Remaining shares authorized for distribution (in shares)			0
Share purchase option (in shares)		675,000
ATM Forwards | Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (in shares)	7,826,840
Average gross offering price (in dollars per share)	$ 83.57
Average Gross Offering Proceeds at Closing	$ 654,086
Remaining shares authorized for distribution (in shares)			4,744,973

Stock-Based Compensation and _9

Stock-Based Compensation and Equity - Settlement of Equity Forwards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net proceeds		$ 39,136	$ 249,863	$ 218,101
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock delivered		491,068	3,081,867	2,740,295
Net proceeds		$ 1	$ 3	$ 3
Underwriting Agreement | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock delivered	0	0	3,081,867	0
Net proceeds	$ 0	$ 0	$ 249,806	$ 0

Stock-Based Compensation and_10

Stock-Based Compensation and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	$ 9,319,362	$ 7,694,661	$ 9,008,644	$ 7,583,451
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(4,509)	(5,974)	(9,135)	(14,520)
Interest expense	75,488	46,417	142,684	92,470
Other gains and (losses) (Note 8)	1,366	21,746	(6,734)	(13,999)
Other Comprehensive Income (Loss)	4,542	(24,017)	3,736	(44,487)
Ending equity balance	9,246,932	7,641,462	9,246,932	7,641,462
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(284,558)	(242,140)	(283,780)	(221,670)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(279,931)	(266,157)	(279,931)	(266,157)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	28,816	23,717	36,079	16,347
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	23,879	43,693	23,879	43,693
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(313,374)	(265,857)	(319,859)	(256,705)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(303,810)	(309,850)	(303,810)	(309,850)
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	0	0	0	18,688
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	0	0	0	0
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	8,209	(20,780)	12,078	(20,622)
Amounts reclassified from accumulated other comprehensive loss to:
Total	(3,667)	(3,237)	(8,342)	(23,865)
Other Comprehensive Income (Loss)	4,542	(24,017)	3,736	(44,487)
Net current period other comprehensive loss attributable to noncontrolling interests	85		113
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	(3,564)	(3,359)	(7,869)	(5,463)
Interest expense	(103)	122	(473)	286
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	(1,270)	23,213	(3,858)	32,523
Amounts reclassified from accumulated other comprehensive loss to:
Total	(3,667)	(3,237)	(8,342)	(5,177)
Other Comprehensive Income (Loss)	(4,937)	19,976	(12,200)	27,346
Net current period other comprehensive loss attributable to noncontrolling interests	0		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	(3,564)	(3,359)	(7,869)	(5,463)
Interest expense	(103)	122	(473)	286
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	9,479	(43,993)	15,936	(53,145)
Amounts reclassified from accumulated other comprehensive loss to:
Total	0	0	0	0
Other Comprehensive Income (Loss)	9,479	(43,993)	15,936	(53,145)
Net current period other comprehensive loss attributable to noncontrolling interests	85		113
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	0	0
Interest expense	0	0	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	0	0
Amounts reclassified from accumulated other comprehensive loss to:
Total	0	0	0	(18,688)
Other Comprehensive Income (Loss)	0	0	0	(18,688)
Net current period other comprehensive loss attributable to noncontrolling interests	0		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	0	0
Interest expense	$ 0	$ 0	$ 0	0
Other gains and (losses) (Note 8)				$ (18,688)

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Current income tax expense	$ 12,900	$ 6,600	$ 23,600	$ 14,900
Deferred income tax (expense) benefit	$ 2,700	$ 400	$ (1,643)	$ 1,597

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($) property	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($) property
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate			$ 44,061	$ 115,133
Properties Disposed of by Sale
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property	3	8	8	14
Proceeds from sales of real estate	$ 3,100	$ 88,400	$ 44,100	$ 115,100
Gain (loss) on sale of real estate, net of tax	$ 1,800	31,100	$ 3,400	42,400
Gains losses on sales of investment real estate tax		$ (100)		$ (100)

Segment Reporting - Narratives

Segment Reporting - Narratives (Details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Revenues	$ 452,578	$ 344,397	$ 880,368	$ 692,835
Operating Expenses
Depreciation and amortization	143,548	115,080	299,957	230,473
Operating property expenses	26,919	3,191	48,168	5,978
General and administrative	24,788	20,841	51,236	43,925
Reimbursable tenant costs	20,523	16,704	42,499	33,664
Stock-based compensation expense	8,995	9,758	16,761	17,591
Property expenses, excluding reimbursable tenant costs	5,371	11,851	18,143	25,630
Merger and other expenses	1,419	1,984	1,443	(338)
Impairment charges — real estate	0	6,206	0	26,385
Total operating expenses	231,687	186,758	478,432	385,378
Other Income and Expenses
Interest expense	(75,488)	(46,417)	(142,684)	(92,470)
Non-operating income	4,509	5,974	9,135	14,520
Earnings from equity method investments in real estate	4,355	7,401	9,591	12,173
Gain on sale of real estate, net	1,808	31,119	179,557	42,367
Other gains and (losses)	(1,366)	(21,746)	6,734	13,999
Total other income and expenses	(66,182)	(23,669)	62,333	(9,411)
Income before income taxes	154,709	133,970	464,269	298,046
Provision for income taxes	(10,129)	(6,252)	(25,248)	(13,335)
Net Income	144,580	127,718	439,021	284,711
Net loss (income) attributable to noncontrolling interests	40	(40)	(21)	(38)
Net Income Attributable to W. P. Carey	144,620	127,678	439,000	284,673
Real Estate
Revenues
Lease revenues	369,124	314,354	721,460	622,079
Income from finance leases and loans receivable	27,311	17,778	48,066	36,157
Operating property revenues	50,676	5,064	91,562	8,929
Other lease-related income	5,040	2,591	18,413	16,713
Revenues	452,151	339,787	879,501	683,878
Operating Expenses
Depreciation and amortization	143,548	115,080	299,957	230,473
Operating property expenses	26,919	3,191	48,168	5,978
General and administrative	24,788	20,841	51,236	43,925
Reimbursable tenant costs	20,523	16,704	42,499	33,664
Stock-based compensation expense	8,995	9,758	16,761	17,591
Property expenses, excluding reimbursable tenant costs	5,371	11,851	18,143	25,630
Merger and other expenses	1,419	1,984	1,443	(341)
Impairment charges — real estate	0	6,206	0	26,385
Total operating expenses	231,563	185,615	478,207	383,305
Other Income and Expenses
Interest expense	(75,488)	(46,417)	(142,684)	(92,470)
Non-operating income	4,509	5,975	9,122	14,517
Earnings from equity method investments in real estate	4,355	4,529	9,591	3,742
Gain on sale of real estate, net	1,808	31,119	179,557	42,367
Other gains and (losses)	(890)	(20,155)	6,696	14,263
Total other income and expenses	(65,706)	(24,949)	62,282	(17,581)
Income before income taxes	154,882	129,223	463,576	282,992
Provision for income taxes	(10,236)	(5,955)	(25,638)	(12,868)
Net Income	144,646	123,268	437,938	270,124
Net loss (income) attributable to noncontrolling interests	40	(40)	(21)	(38)
Net Income Attributable to W. P. Carey	$ 144,686	$ 123,228	$ 437,917	$ 270,086

Segment Reporting - Income Fr_2

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Revenues	$ 452,578	$ 344,397	$ 880,368	$ 692,835
Operating Expenses
Reimbursable costs from affiliates	124	1,143	225	2,070
Merger and other expenses	1,419	1,984	1,443	(338)
Total operating expenses	231,687	186,758	478,432	385,378
Other Income and Expenses
Other gains and (losses)	(1,366)	(21,746)	6,734	13,999
Non-operating (loss) income	4,509	5,974	9,135	14,520
Earnings from equity method investments in the Managed Programs	4,355	7,401	9,591	12,173
Total other income and expenses	(66,182)	(23,669)	62,333	(9,411)
(Loss) income before income taxes	154,709	133,970	464,269	298,046
Provision for income taxes	(10,129)	(6,252)	(25,248)	(13,335)
Net (Loss) Income from Investment Management Attributable to W. P. Carey	144,620	127,678	439,000	284,673
Investment Management
Revenues
Operating property revenues	427	4,610	867	8,957
Revenues	427	4,610	867	8,957
Operating Expenses
Reimbursable costs from affiliates	124	1,143	225	2,070
Merger and other expenses	0	0	0	3
Total operating expenses	124	1,143	225	2,073
Other Income and Expenses
Other gains and (losses)	(476)	(1,591)	38	(264)
Non-operating (loss) income	0	(1)	13	3
Earnings from equity method investments in the Managed Programs	0	2,872	0	8,431
Total other income and expenses	(476)	1,280	51	8,170
(Loss) income before income taxes	(173)	4,747	693	15,054
Provision for income taxes	107	(297)	390	(467)
Net (Loss) Income from Investment Management Attributable to W. P. Carey	(66)	4,450	1,083	14,587
Asset management revenue | Investment Management
Revenues
Operating property revenues	303	3,467	642	6,887
Reimbursable costs from affiliates | Investment Management
Revenues
Operating property revenues	$ 124	$ 1,143	$ 225	$ 2,070

Segment Reporting - Total Compa

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information Profit Loss
Revenues	$ 452,578	$ 344,397	$ 880,368	$ 692,835
Operating expenses	231,687	186,758	478,432	385,378
Other income and (expenses)	(66,182)	(23,669)	62,333	(9,411)
Provision for income taxes	(10,129)	(6,252)	(25,248)	(13,335)
Net loss (income) attributable to noncontrolling interests	40	(40)	(21)	(38)
Net income attributable to W. P. Carey	$ 144,620	$ 127,678	$ 439,000	$ 284,673

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Assets
Total assets	[1]	$ 19,076,325	$ 18,102,035
Real Estate
Assets
Total assets		19,065,196	18,077,155
Investment Management
Assets
Total assets		$ 11,129	$ 24,880
[1] See Note 2 for details related to variable interest entities (“VIEs”).

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 28, 2023 USD ($) property loan	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Subsequent Event
Proceeds from sales of real estate		$ 44,061	$ 115,133
Prepayments of mortgage principal		$ 52,876	$ 10,380
Subsequent Events
Subsequent Event
Loans repaid count | loan	2
Prepayments of mortgage principal	$ 94,000
Asset Held for Sale, Not in Discontinued Operations | Subsequent Events
Subsequent Event
Number of properties sold (property) | property	2
Proceeds from sales of real estate	$ 98,700