W. P. Carey (WPC) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		218,671,874
Entity Central Index Key	0001025378
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Investments in real estate:
Land, buildings and improvements — net lease and other		$ 13,390,692	$ 13,338,857
Land, buildings and improvements — operating properties		1,222,062	1,095,892
Net investments in finance leases and loans receivable		1,172,671	771,761
In-place lease intangible assets and other		2,696,403	2,659,750
Above-market rent intangible assets		771,071	833,751
Investments in real estate		19,252,899	18,700,011
Accumulated depreciation and amortization		(3,438,183)	(3,269,057)
Assets held for sale, net		102,015	57,944
Net investments in real estate		15,916,731	15,488,898
Equity method investments		351,537	327,502
Cash and cash equivalents		136,438	167,996
Other assets, net		1,191,350	1,080,227
Goodwill		1,034,183	1,037,412
Total assets	[1]	18,630,239	18,102,035
Debt:
Senior unsecured notes, net		5,902,854	5,916,400
Unsecured term loans, net		1,083,597	552,539
Unsecured revolving credit facility		516,513	276,392
Non-recourse mortgages, net		784,750	1,132,417
Debt, net		8,287,714	7,877,748
Accounts payable, accrued expenses and other liabilities		638,965	623,843
Below-market rent and other intangible liabilities, net		153,049	184,584
Deferred income taxes		171,929	178,959
Dividends payable		233,331	228,257
Total liabilities	[1]	9,484,988	9,093,391
Commitments and contingencies (Note 12)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued		0	0
Common stock, $0.001 par value, 450,000,000 shares authorized; 213,925,817 and 210,620,949 shares, respectively, issued and outstanding		214	211
Additional paid-in capital		11,970,559	11,706,836
Distributions in excess of accumulated earnings		(2,616,638)	(2,486,633)
Deferred compensation obligation		62,046	57,012
Accumulated other comprehensive loss		(281,820)	(283,780)
Total stockholders’ equity		9,134,361	8,993,646
Noncontrolling interests		10,890	14,998
Total equity		9,145,251	9,008,644
Total liabilities and equity		$ 18,630,239	$ 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	Sep. 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)	213,925,817	210,620,949
Common stock, shares outstanding (in shares)	213,925,817	210,620,949

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Real Estate:
Lease revenues	$ 369,159	$ 331,902	$ 1,090,619	$ 953,981
Investment Management:
Revenues	448,553	383,622	1,328,921	1,076,457
Operating Expenses
Depreciation and amortization	144,771	132,181	444,728	362,654
Operating property expenses	26,570	9,357	74,738	15,335
General and administrative	23,258	22,299	74,494	66,224
Reimbursable tenant costs	20,498	18,874	62,997	52,538
Impairment charges — real estate	15,173	0	15,173	26,385
Property expenses, excluding reimbursable tenant costs	13,021	11,244	31,164	36,874
Stock-based compensation expense	9,050	5,511	25,811	23,102
Merger and other expenses	4,152	17,667	5,595	17,329
Reimbursable costs from affiliates	97	344	322	2,414
Impairment charges — Investment Management goodwill	0	29,334	0	29,334
Total operating expenses	256,590	246,811	735,022	632,189
Other Income and Expenses
Interest expense	(76,974)	(59,022)	(219,658)	(151,492)
Earnings from equity method investments	4,978	11,304	14,569	23,477
Non-operating income	4,862	9,263	13,997	23,783
Other gains and (losses)	2,859	(15,020)	9,593	(1,021)
Gain (loss) on sale of real estate, net	2,401	(4,736)	181,958	37,631
Gain on change in control of interests	0	33,931	0	33,931
Total other income and expenses	(61,874)	(24,280)	459	(33,691)
Income before income taxes	130,089	112,531	594,358	410,577
Provision for income taxes	(5,090)	(8,263)	(30,338)	(21,598)
Net Income	124,999	104,268	564,020	388,979
Net loss attributable to noncontrolling interests	41	660	20	622
Net Income Attributable to W. P. Carey	$ 125,040	$ 104,928	$ 564,040	$ 389,601
Basic earnings per share (in dollars per share)	$ 0.58	$ 0.52	$ 2.64	$ 1.98
Diluted earnings per share (in dollars per share)	$ 0.58	$ 0.51	$ 2.63	$ 1.98
Weighted-Average Shares Outstanding
Basic (in shares)	215,097,114	203,093,553	214,052,907	196,382,433
Diluted (in shares)	215,252,969	204,098,116	214,427,425	197,264,509
Real Estate
Real Estate:
Lease revenues	$ 369,159	$ 331,902	$ 1,090,619	$ 953,981
Income from finance leases and loans receivable	27,575	20,637	75,641	56,794
Operating property revenues	49,218	21,350	140,780	30,279
Other lease-related income	2,310	8,192	20,723	24,905
Investment Management:
Operating property revenues	49,218	21,350	140,780	30,279
Revenues	448,262	382,081	1,327,763	1,065,959
Investment Management
Real Estate:
Operating property revenues	291	1,541	1,158	10,498
Investment Management:
Operating property revenues	291	1,541	1,158	10,498
Operating Expenses
Impairment charges — Investment Management goodwill		29,300		29,300
Investment Management | Asset management revenue
Real Estate:
Operating property revenues	194	1,197	836	8,084
Investment Management:
Operating property revenues	194	1,197	836	8,084
Investment Management | Reimbursable costs from affiliates
Real Estate:
Operating property revenues	97	344	322	2,414
Investment Management:
Operating property revenues	$ 97	$ 344	$ 322	$ 2,414

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 124,999	$ 104,268	$ 564,020	$ 388,979
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	(8,844)	(56,053)	7,092	(109,198)
Unrealized gain (loss) on derivative instruments	6,816	23,610	(5,384)	50,956
Reclassification of unrealized gain on investments to net income	0	0	0	(18,688)
Other Comprehensive (Loss) Income	(2,028)	(32,443)	1,708	(76,930)
Comprehensive Income	122,971	71,825	565,728	312,049
Amounts Attributable to Noncontrolling Interests
Net loss	41	660	20	622
Foreign currency translation adjustments	139	543	252	543
Comprehensive loss attributable to noncontrolling interests	180	1,203	272	1,165
Comprehensive Income Attributable to W. P. Carey	$ 123,151	$ 73,028	$ 566,000	$ 313,214

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 to stockholders of CPA:18 – Global in connection with CPA:18 Merger	1,205,750	1,205,750	$ 14	1,205,736
Shares issued to stockholders of CPA:18 – Global in connection with CPA:18 Merger, (in shares)			13,786,302
Shares issued under our prior ATM Program, net	218,101	218,101	$ 3	218,098
Shares issued under our prior ATM Program, net (in shares)			2,740,295
Shares issued under forward equity, net	97,455	97,455	$ 1	97,454
Shares issued under ATM Forwards, net, (in shares)			1,337,500
Shares issued upon delivery of vested restricted share awards	(6,612)	(6,612)		(6,612)
Shares issued upon delivery of vested restricted share awards (in shares)			152,830
Shares issued upon purchases under employee share purchase plan (in shares)			2,040
Shares issued upon purchases under employee share purchase plan	155	155		155
Amortization of stock-based compensation expense	23,102	23,102		23,102
Deferral of vested shares, net	0	0		(6,696)		6,696
Acquisition of noncontrolling interest	14,367							14,367
Distributions to noncontrolling interests	(176)							(176)
Dividends declared	(633,745)	(633,745)		1,380	(635,631)	506
Net income	388,979	389,601			389,601			(622)
Other comprehensive income (loss):
Foreign currency translation adjustments	(109,198)	(108,655)					(108,655)	(543)
Unrealized gain (loss) on derivative instruments	50,956	50,956					50,956
Reclassification of unrealized gain on investments to net income	(18,688)	(18,688)					(18,688)
Ending equity balance (in shares) at Sep. 30, 2022			208,032,718
Ending equity balance at Sep. 30, 2022	8,813,897	8,799,205	$ 208	11,510,303	(2,470,261)	57,012	(298,057)	14,692
Beginning 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
Beginning equity balance (in shares) at Jun. 30, 2022			192,891,792
W.P. Carey Stockholders
Shares issued to stockholders of CPA:18 – Global in connection with CPA:18 Merger	1,205,750	1,205,750	$ 14	1,205,736
Shares issued to stockholders of CPA:18 – Global in connection with CPA:18 Merger, (in shares)			13,786,302
Shares issued under forward equity, net	97,455	97,455	$ 1	97,454
Shares issued under ATM Forwards, net, (in shares)			1,337,500
Shares issued upon delivery of vested restricted share awards	(12)	(12)		(12)
Shares issued upon delivery of vested restricted share awards (in shares)			17,124
Amortization of stock-based compensation expense	5,511	5,511		5,511
Acquisition of noncontrolling interest	14,367							14,367
Distributions to noncontrolling interests	(111)							(111)
Dividends declared	(222,350)	(222,350)			(222,350)
Net income	104,268	104,928			104,928			(660)
Other comprehensive income (loss):
Foreign currency translation adjustments	(56,053)	(55,510)					(55,510)	(543)
Unrealized gain (loss) on derivative instruments	23,610	23,610					23,610
Reclassification of unrealized gain on investments to net income	0
Ending equity balance (in shares) at Sep. 30, 2022			208,032,718
Ending equity balance at Sep. 30, 2022	8,813,897	8,799,205	$ 208	11,510,303	(2,470,261)	57,012	(298,057)	14,692
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 forward equity, net	$ 249,863	249,863	$ 3	249,860
Shares issued under ATM Forwards, net, (in shares)			3,081,867
Shares issued upon delivery of vested restricted share awards	(13,679)	(13,679)		(13,679)
Shares issued upon delivery of vested restricted share awards (in shares)			218,266
Shares issued upon purchases under employee share purchase plan (in shares)			4,735
Shares issued upon purchases under employee share purchase plan	294	294		294
Amortization of stock-based compensation expense	25,811	25,811		25,811
Deferral of vested shares, net				(4,521)		4,521
Acquisition of noncontrolling interest	0	3,663		3,663				(3,663)
Contributions from noncontrolling interests	2,886							2,886
Distributions to noncontrolling interests	(3,059)							(3,059)
Dividends declared	(691,237)	(691,237)		2,295	(694,045)	513
Net income	564,020	564,040			564,040			(20)
Other comprehensive income (loss):
Foreign currency translation adjustments	7,092	7,344					7,344	(252)
Unrealized gain (loss) on derivative instruments	(5,384)	(5,384)					(5,384)
Reclassification of unrealized gain on investments to net income	$ 0
Ending equity balance (in shares) at Sep. 30, 2023	213,925,817		213,925,817
Ending equity balance at Sep. 30, 2023	$ 9,145,251	9,134,361	$ 214	11,970,559	(2,616,638)	62,046	(281,820)	10,890
Beginning 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
Beginning equity balance (in shares) at Jun. 30, 2023			213,901,170
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards	(61)	(61)		(61)
Shares issued upon delivery of vested restricted share awards (in shares)			24,647
Amortization of stock-based compensation expense	9,050	9,050		9,050
Acquisition of noncontrolling interest	0	2,510		2,510				(2,510)
Distributions to noncontrolling interests	(2,779)							(2,779)
Dividends declared	(230,862)	(230,862)			(230,862)
Net income	124,999	125,040			125,040			(41)
Other comprehensive income (loss):
Foreign currency translation adjustments	(8,844)	(8,705)					(8,705)	(139)
Unrealized gain (loss) on derivative instruments	6,816	6,816					6,816
Reclassification of unrealized gain on investments to net income	$ 0
Ending equity balance (in shares) at Sep. 30, 2023	213,925,817		213,925,817
Ending equity balance at Sep. 30, 2023	$ 9,145,251	$ 9,134,361	$ 214	$ 11,970,559	$ (2,616,638)	$ 62,046	$ (281,820)	$ 10,890

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.071	$ 1.061	$ 3.207	$ 3.177

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows — Operating Activities
Net income	$ 564,020	$ 388,979
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	459,830	374,163
Gain on sale of real estate, net	(181,958)	(37,631)
Straight-line rent adjustments	(55,671)	(42,342)
Amortization of rent-related intangibles and deferred rental revenue	27,694	34,378
Stock-based compensation expense	25,811	23,102
Impairment charges — real estate	15,173	26,385
Distributions of earnings from equity method investments	15,107	26,276
Earnings from equity method investments	(14,569)	(23,477)
Decrease in allowance for credit losses	(6,113)	(27,777)
Deferred income tax benefit	(2,706)	(1,561)
Net realized and unrealized (gains) losses on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other	(1,837)	22,322
Gain on change in control of interests	0	(33,931)
Impairment charges — Investment Management goodwill	0	29,334
Asset management revenue received in shares of CPA:18 – Global	0	(1,024)
Net changes in other operating assets and liabilities	(32,094)	(54,668)
Net Cash Provided by Operating Activities	812,687	702,528
Cash Flows — Investing Activities
Purchases of real estate	(908,271)	(1,013,950)
Proceeds from sales of real estate	187,678	170,341
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(90,149)	(83,721)
Capital contributions to equity method investments	(36,595)	(69,127)
Proceeds from repayment of loans receivable	28,000	34,000
Tenant-funded escrow for investing activities	21,717	0
Return of capital from equity method investments	10,081	7,447
Other investing activities, net	(4,987)	(16,945)
Cash paid to stockholders of CPA:18 – Global in the CPA:18 Merger	0	(423,435)
Cash and restricted cash acquired in connection with the CPA:18 Merger	0	331,063
Proceeds from redemption of WLT preferred stock (Note 9)	0	65,000
Funding of short-term loans to affiliates	0	(26,000)
Proceeds from repayment of short-term loans to affiliates	0	26,000
Investment in loan receivable	0	(20,098)
Net Cash Used in Investing Activities	(792,526)	(1,019,425)
Cash Flows — Financing Activities
Proceeds from Unsecured Revolving Credit Facility	2,217,896	1,460,226
Repayments of Unsecured Revolving Credit Facility	(1,977,451)	(1,357,254)
Dividends paid	(686,163)	(613,302)
Proceeds from term loans	546,014	283,139
Scheduled payments of mortgage principal	(251,028)	(51,548)
Proceeds from shares issued under forward equity, net of selling costs	249,806	97,456
Prepayments of mortgage principal	(99,388)	(10,381)
Payment of financing costs	(14,696)	(2,128)
Payments for withholding taxes upon delivery of equity-based awards	(13,679)	(6,612)
Distributions to noncontrolling interests	(3,059)	(176)
Contributions from noncontrolling interests	2,886	0
Other financing activities, net	(558)	11,781
Proceeds from issuance of Senior Unsecured Notes	0	334,775
Proceeds from shares issued under our prior ATM Program, net of selling costs	0	218,081
Net Cash (Used in) Provided by Financing Activities	(29,420)	364,057
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	(958)	(15,097)
Net (decrease) increase in cash and cash equivalents and restricted cash	(10,217)	32,063
Cash and cash equivalents and restricted cash, beginning of period	224,141	217,950
Cash and cash equivalents and restricted cash, end of period	$ 213,924	$ 250,013

Business and Organization

Business and Organization	9 Months Ended
	Sep. 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. In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning-off 59 office properties into Net Lease Office Properties (“NLOP”), so that it will become a separate publicly-traded REIT (the “Spin-Off”), and (ii) implementing an asset sale program to dispose of 87 office properties retained by us (the “Office Sale Program”), which is targeted to be substantially completed in early 2024. NLOP was a wholly-owned subsidiary of WPC as of September 30, 2023. On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP. Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements (the “NLOP Advisory Agreements”) ( Note 17 ). On August 1, 2022, a non-traded REIT that we previously advised, Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”) merged with and into one of our indirect subsidiaries (the “CPA:18 Merger”). At September 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 4 ). We refer to CPA:18 – Global (prior to the CPA:18 Merger) and CESH collectively as the “Managed Programs.” 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 September 30, 2023, our portfolio was comprised of our full or partial ownership interests in 1,472 properties, totaling approximately 179 million square feet, substantially all of which were net leased to 395 tenants, with a weighted-average lease term of 11.0 years and an occupancy rate of 98.9%. In addition, at September 30, 2023, our portfolio was comprised of full or partial ownership interests in 98 operating properties, including 86 self-storage properties, ten hotels, and two student housing properties, totaling approximately 7.5 million square feet. Investment Management — 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 September 30, 2023, CESH wholly owned one build-to-suit project.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 September 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): September 30, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 171,802 $ 590,390 Land, buildings and improvements — operating properties 12,655 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 24,778 72,070 Above-market rent intangible assets 11,067 33,634 Accumulated depreciation and amortization (24,281) (176,379) Total assets 822,159 843,500 Non-recourse mortgages, net $ 57,455 $ 132,950 Below-market rent and other intangible liabilities, net 32 18,891 Total liabilities 96,957 199,633 At both September 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 September 30, 2023, and December 31, 2022, the net carrying amount of our investments in these entities was $727.2 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 $23.2 million and $3.7 million for the three months ended September 30, 2023 and 2022, respectively, and $63.3 million and $9.1 million for the nine months ended September 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 5 ); three of these properties were sold during the third quarter of 2023 and five are classified as held for sale as of September 30, 2023). Revenue from contracts under ASC 606 from our Investment Management segment is discussed in Note 4 . 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): September 30, 2023 December 31, 2022 Cash and cash equivalents $ 136,438 $ 167,996 Restricted cash (a) 77,486 56,145 Total cash and cash equivalents and restricted cash $ 213,924 $ 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 11 ) and certain derivative instruments. The application of this guidance did not have a material impact on our consolidated financial statements.

Merger with CPA_18 _ Global

Merger with CPA:18 – Global	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
Merger with CPA:18 – Global	Merger with CPA:18 – Global CPA:18 Merger On February 27, 2022, we and certain of our subsidiaries entered into a merger agreement with CPA:18 – Global, pursuant to which CPA:18 – Global would merge with and into one of our indirect subsidiaries in exchange for shares of our common stock and cash, subject to approval by the stockholders of CPA:18 – Global. The CPA:18 Merger and related transactions were approved by the stockholders of CPA:18 – Global on July 26, 2022 and completed on August 1, 2022. At the effective time of the CPA:18 Merger, each share of CPA:18 – Global common stock issued and outstanding immediately prior to the effective time of the CPA:18 Merger was canceled and, in exchange for cancellation of such share, the rights attaching to such share were converted automatically into the right to receive (i) 0.0978 shares of our common stock and (ii) $3.00 in cash, which we refer to herein as the Merger Consideration. Each share of CPA:18 – Global common stock owned by us or any of our subsidiaries immediately prior to the effective time of the CPA:18 Merger was automatically canceled and retired, and ceased to exist, for no Merger Consideration. In exchange for the 141,099,002 shares of CPA:18 – Global common stock that we and our subsidiaries did not previously own, we paid total merger consideration of approximately $1.6 billion, consisting of (i) the issuance of 13,786,302 shares of our common stock with a fair value of $1.2 billion, based on the closing price of our common stock on August 1, 2022 of $87.46 per share, (ii) cash consideration of $423.3 million, and (iii) cash of $0.1 million paid in lieu of issuing any fractional shares of our common stock. Pursuant to the terms of the definitive merger agreement, in connection with the closing of the CPA:18 Merger, we waived certain back-end fees that we would have otherwise been entitled to receive from CPA:18 – Global upon its liquidation pursuant to the terms of our pre-closing advisory agreement with CPA:18 – Global. Immediately prior to the closing of the CPA:18 Merger, CPA:18 – Global’s portfolio was comprised of full or partial ownership interests in 42 leased properties (including seven properties in which we already owned a partial ownership interest), substantially all of which were net leased with a weighted-average lease term of 7.0 years, an occupancy rate of 99.3%, and an estimated contractual minimum annualized base rent (“ABR”) totaling $81.0 million, as well as 65 self-storage operating properties and two student housing operating properties totaling 5.1 million square feet. The related property-level debt was comprised of non-recourse mortgage loans with an aggregate consolidated fair value of approximately $900.2 million with a weighted-average annual interest rate of 5.1% as of August 1, 2022. From the closing of the CPA:18 Merger through September 30, 2022, lease revenues, operating property revenues, and net loss from properties acquired were $16.5 million, $15.4 million, and $0.5 million, respectively. Two of the net lease properties that we acquired in the CPA:18 Merger were classified as Assets held for sale, with an aggregate fair value of $85.0 million at acquisition ( Note 5 ). From the closing of the CPA:18 Merger through September 30, 2022, lease revenues from these properties totaled $2.1 million. We sold one of these properties in August 2022 for total proceeds, net of selling costs, of $44.5 million, and recognized a loss on sale of $0.2 million ( Note 15 ). We sold the other property in October 2023 for gross proceeds of approximately $30.4 million ( Note 1 7 ). Purchase Price Allocation We accounted for the CPA:18 Merger as a business combination under the acquisition method of accounting. After consideration of all applicable factors pursuant to the business combination accounting rules, we were considered the “accounting acquirer” due to various factors, including the fact that our stockholders held the largest portion of the voting rights in the combined company upon completion of the CPA:18 Merger. There have been no changes to the purchase price allocation for the CPA:18 Merger from what was disclosed in the 2022 Annual Report. Costs related to the CPA:18 Merger have been expensed as incurred and classified within Merger and other expenses in the consolidated statements of income, totaling $17.1 million for the nine months ended September 30, 2022. Goodwill The $172.3 million of goodwill recorded in the CPA:18 Merger was primarily due to the premium we paid over CPA:18 – Global’s estimated fair value. Management believes the premium is supported by several factors, including that the CPA:18 Merger (i) concludes our exit from the non-traded REIT business, (ii) adds a high-quality diversified portfolio of net lease assets that is well-aligned with our existing portfolio, (iii) enhances certain portfolio metrics, and (iv) adds an attractive portfolio of self-storage operating properties. The fair value of the 13,786,302 shares of our common stock issued in the CPA:18 Merger as part of the consideration paid for CPA:18 – Global of $1.6 billion was derived from the closing market price of our common stock on the acquisition date. As required by GAAP, the fair value related to the assets acquired and liabilities assumed, as well as the shares exchanged, has been computed as of the date we gained control, which was the closing date of the CPA:18 Merger, in a manner consistent with the methodology described above. Goodwill is not deductible for income tax purposes. Equity Investments During the third quarter of 2022, we recognized a gain on change in control of interests of approximately $22.5 million, which was the difference between the carrying value of approximately $65.8 million and the fair value of approximately $88.3 million of our previously held equity interest in 8,556,732 shares of CPA:18 – Global’s common stock. The CPA:18 Merger also resulted in our acquisition of the remaining interests in four investments in which we already had a joint interest and accounted for under the equity method. Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for the acquisitions of these interests utilizing the purchase method of accounting. Due to the change in control of the four jointly owned investments that occurred, we recorded a gain on change in control of interests of approximately $11.4 million during the third quarter of 2022, which was the difference between our carrying values and the fair values of our previously held equity interests on August 1, 2022 of approximately $17.2 million and approximately $28.6 million, respectively. Subsequent to the CPA:18 Merger, we consolidate these wholly owned investments. Pro Forma Financial Information The following consolidated pro forma financial information has been presented as if the CPA:18 Merger had occurred on January 1, 2021 for the three and nine months ended September 30, 2022. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA:18 Merger on that date, nor does it purport to represent the results of operations for future periods. (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Pro forma total revenues $ 397,915 $ 1,187,887

Agreements and Transactions wit

Agreements and Transactions with Related Parties	9 Months Ended
	Sep. 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 , Note 3 ), our advisory agreements with CPA:18 – Global were terminated, and we ceased earning revenue from CPA:18 – Global. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Asset management revenue (a) (b) $ 194 $ 1,197 $ 836 $ 8,084 Reimbursable costs from affiliates (a) 97 344 322 2,414 Distributions of Available Cash (c) — 3,345 — 8,746 Interest income on loans to affiliates (d) — 4 — 112 $ 291 $ 4,890 $ 1,158 $ 19,356 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 CESH $ 291 $ 424 $ 1,158 $ 1,502 CPA:18 – Global — 4,466 — 17,854 $ 291 $ 4,890 $ 1,158 $ 19,356 __________ (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): September 30, 2023 December 31, 2022 Asset management fees receivable $ 191 $ 386 Reimbursable costs 122 204 Accounts receivable 69 329 $ 382 $ 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 ( Note 3 ), 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 NLOP Advisory Agreements Upon closing of the Spin-Off on November 1, 2023, we externally manage NLOP pursuant to the NLOP Advisory Agreements ( Note 17 ). 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 September 30, 2023, we owned interests in eight jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate four such investments and account for the remaining four investments under the equity method of accounting ( Note 8 ). 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 8 ).

Land, Buildings and Improvement

Land, Buildings and Improvements, and Assets Held for Sale	9 Months Ended
	Sep. 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): September 30, 2023 December 31, 2022 Land $ 2,385,620 $ 2,400,002 Buildings and improvements 10,950,878 10,916,630 Real estate under construction 54,194 22,225 Less: Accumulated depreciation (1,727,825) (1,672,091) $ 11,662,867 $ 11,666,766 During the nine months ended September 30, 2023, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro decreased by 0.7% to $1.0594 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 decreased by $28.7 million from December 31, 2022 to September 30, 2023. During the nine months ended September 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 September 30, 2023 ( Note 6 ). 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 changes in lease classifications due to extensions of the underlying leases, we reclassified five properties with an aggregate carrying value of $25.4 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other during the nine months ended September 30, 2023 ( Note 6 ). Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $80.9 million and $76.0 million for the three months ended September 30, 2023 and 2022, respectively, and $251.9 million and $221.0 million for the nine months ended September 30, 2023 and 2022, respectively. Acquisitions of Real Estate During the nine months ended September 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 fourth 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 — Net Lease and Operating Properties During the nine months ended September 30, 2023, we capitalized real estate under construction totaling $72.6 million. The number of construction projects in progress with balances included in real estate under construction was 12 and eight as of September 30, 2023 and December 31, 2022, respectively. Aggregate unfunded commitments totaled approximately $94.4 million and $61.1 million as of September 30, 2023 and December 31, 2022, respectively. During the nine months ended September 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 Pleasanton, California Redevelopment 1 8/21/2023 Laboratory 13,905 3 $ 34,542 During the nine months ended September 30, 2023, we committed to fund three redevelopment projects, for an aggregate amount of $80.6 million. We currently expect to complete the projects in 2024 and 2025. Capitalized interest incurred during construction was $0.2 million and $0.3 million for the three months ended September 30, 2023 and 2022, respectively, and $0.3 million and $1.3 million for the nine months ended September 30, 2023 and 2022, respectively, which reduces Interest expense in the consolidated statements of income. Dispositions of Properties During the nine months ended September 30, 2023, we sold nine 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 $93.4 million from December 31, 2022 to September 30, 2023 ( Note 15 ). Other Lease-Related Income 2023 — For the three and nine months ended September 30, 2023, other lease-related income on our consolidated statements of income included: (i) other lease-related settlements totaling $1.7 million and $7.3 million, respectively and (ii) lease termination income totaling $11.4 million for the nine months ended September 30, 2023, received from two tenants in connection with the sales of the properties they occupied. 2022 — For the three and nine months ended September 30, 2022, other lease-related income on our consolidated statements of income included: (i) lease termination income of $4.2 million received from a tenant during the third quarter of 2022; (ii) other lease-related settlements totaling $3.8 million and $10.0 million, respectively; (iii) income from a parking garage attached to one of our net-leased properties totaling $0.2 million and $1.5 million, respectively; and (iv) lease termination income of $8.2 million received from a tenant during the nine months ended September 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Lease income — fixed $ 325,481 $ 295,433 $ 958,015 $ 852,843 Lease income — variable (a) 43,678 36,469 132,604 101,138 Total operating lease income $ 369,159 $ 331,902 $ 1,090,619 $ 953,981 __________ (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 September 30, 2023, Land, buildings and improvements — operating properties consisted of our investments in 77 consolidated self-storage properties, five 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): September 30, 2023 December 31, 2022 Land $ 141,942 $ 122,317 Buildings and improvements 1,080,058 955,009 Real estate under construction 62 18,566 Less: Accumulated depreciation (72,781) (28,295) $ 1,149,281 $ 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. We sold three of these hotel properties during the third quarter of 2023. As a result, the carrying value of our Land, buildings and improvements — operating properties decreased by $38.7 million from December 31, 2022 to September 30, 2023 ( Note 15 ). In addition, we reclassified five of these hotel properties to Assets held for sale, net, as of September 30, 2023. As a result, the carrying value of our Land, buildings and improvements — operating properties decreased by $50.8 million from December 31, 2022 to September 30, 2023. During the nine months ended September 30, 2023, the U.S. dollar weakened against the British pound sterling, resulting in an increase of $1.5 million in the carrying value of our Land, buildings and improvements — operating properties from December 31, 2022 to September 30, 2023 During the nine months ended September 30, 2023, we completed a student housing development project and reclassified $24.6 million from real estate under construction to buildings and improvements attributable to operating properties. During the nine months ended September 30, 2023, we entered into the following self-storage operating property 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 Little Rock, Arkansas (a) 1 6/22/2023 Self-Storage $ 6,166 Houston, Texas 1 8/25/2023 Self-Storage 13,120 2 $ 19,286 __________ (a) We also committed to fund $3.6 million for an expansion at this facility, which is expected to be completed in the first quarter of 2024. The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 5,404 Buildings and improvements 13,303 Intangible assets: In-place lease (weighted-average expected life of 0.5 years) 579 $ 19,286 Depreciation expense on our buildings and improvements attributable to operating properties was $7.8 million and $4.1 million for the three months ended September 30, 2023 and 2022, respectively, and $22.7 million and $5.4 million for the nine months ended September 30, 2023 and 2022. Assets Held for Sale, Net Below is a summary of our properties held for sale (in thousands): September 30, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 39,372 $ 47,134 Land, buildings and improvements — operating properties 71,719 — In-place lease intangible assets and other 12,910 10,854 Above-market rent intangible assets 5,625 3,210 Accumulated depreciation and amortization (27,611) (3,254) Assets held for sale, net $ 102,015 $ 57,944 At September 30, 2023, we had eight properties classified as Assets held for sale, net, with a carrying value of $102.0 million. Six of these properties were sold in the fourth quarter of 2023 ( Note 17 ). The estimated purchase price for one of these properties was lowered during the third quarter of 2023. As a result, we recognized a loss on sale of real estate of $11.7 million during the three and nine months ended September 30, 2023, reflecting the updated estimated purchase price, in accordance with ASC 360, Property, Plant, and Equipment . This property was sold in the fourth quarter of 2023 ( Note 17 ). 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 and one was sold in the fourth quarter of 2023 ( Note 17 ).

Finance Receivables

Finance Receivables	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 Net investments in direct financing leases (a) 2024 – 2036 $ 476,410 $ 498,313 Net investments in sales-type leases (b) 2024 451,421 — Sale-leaseback transactions accounted for as loans receivable (b) (c) 2038 – 2052 233,590 234,198 Secured loans receivable (d) 2023 11,250 39,250 $ 1,172,671 $ 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 September 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 September 30, 2023 and December 31, 2022. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): September 30, 2023 December 31, 2022 Lease payments receivable $ 293,617 $ 332,618 Unguaranteed residual value 444,892 470,839 738,509 803,457 Less: unearned income (259,479) (296,411) Less: allowance for credit losses (a) (2,620) (8,733) $ 476,410 $ 498,313 __________ (a) During the nine months ended September 30, 2023 and 2022, we recorded a net release of allowance for credit losses of $6.1 million and $6.7 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 $12.6 million and $13.0 million for the three months ended September 30, 2023 and 2022, respectively, and $38.1 million and $40.2 million for the nine months ended September 30, 2023 and 2022. During the nine months ended September 30, 2023, we reclassified five properties with an aggregate carrying value of $25.4 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other in connection with changes in lease classifications due to extensions of the underlying leases. During the nine months ended September 30, 2023, the U.S. dollar strengthened against the euro, resulting in a $1.7 million decrease in the carrying value of Net investments in finance leases and loans receivable from December 31, 2022 to September 30, 2023. Net Investments in Sales-Type Leases On February 28, 2023, 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 September 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 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 nine months ended September 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 $22.6 million for the three and nine months ended September 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): September 30, 2023 December 31, 2022 Lease payments receivable (a) $ 470,836 $ — 470,836 — Less: unearned income (19,415) — $ 451,421 $ — __________ (a) Includes estimated purchase price and total rents owed. Loans Receivable In August 2023, one of our secured loans receivable was repaid to us for $28.0 million. In connection with this repayment, we received an $0.6 million prepayment penalty from the borrower, which was included in Income from finance leases and loans receivable in the consolidated financial statements for both the three and nine months ended September 30, 2023. Earnings from our loans receivable are included in Income from finance leases and loans receivable in the consolidated financial statements, and totaled $5.3 million and $7.6 million for the three months ended September 30, 2023 and 2022, respectively, and $15.0 million and $16.6 million for the nine months ended September 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 nine months ended September 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 September 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 nine months ended September 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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 1 – 3 19 19 $ 1,098,791 $ 664,761 4 6 8 78,600 117,833 5 — — — — $ 1,177,391 $ 782,594

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 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 nine months ended September 30, 2023 are described in Note 5 . Goodwill decreased by $3.2 million during the nine months ended September 30, 2023 due to foreign currency translation adjustments, and was fully reflected within our Real Estate segment as of both September 30, 2023 and December 31, 2022. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): September 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 $ 20,496 $ (19,463) $ 1,033 $ 19,812 $ (19,144) $ 668 20,496 (19,463) 1,033 19,812 (19,144) 668 Lease Intangibles: In-place lease 2,549,879 (1,131,197) 1,418,682 2,523,318 (1,061,235) 1,462,083 Above-market rent 771,071 (506,380) 264,691 833,751 (507,436) 326,315 3,320,950 (1,637,577) 1,683,373 3,357,069 (1,568,671) 1,788,398 Goodwill Goodwill 1,034,183 — 1,034,183 1,037,412 — 1,037,412 Total intangible assets $ 4,375,629 $ (1,657,040) $ 2,718,589 $ 4,414,293 $ (1,587,815) $ 2,826,478 Finite-Lived Intangible Liabilities Below-market rent $ (233,089) $ 80,040 $ (153,049) $ (293,160) $ 125,287 $ (167,873) Indefinite-Lived Intangible Liabilities Below-market purchase option — — — (16,711) — (16,711) Total intangible liabilities $ (233,089) $ 80,040 $ (153,049) $ (309,871) $ 125,287 $ (184,584) During the nine months ended September 30, 2023, the U.S. dollar strengthened against the euro, resulting in an decrease of $1.3 million in the carrying value of our net intangible assets from December 31, 2022 to September 30, 2023. See Note 6 for a description of intangible assets and liabilities reclassified to net investments in sales-type leases during the nine months ended September 30, 2023. Net amortization of intangibles, including the effect of foreign currency translation, was $62.6 million and $62.1 million for the three months ended September 30, 2023 and 2022, respectively, and $193.7 million and $165.6 million for the nine months ended September 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	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 Las Vegas Retail Complex (a) Third Party N/A $ 232,941 $ 196,352 Johnson Self Storage Third Party 90% 64,286 65,707 Kesko Senukai (b) Third Party 70% 28,414 38,569 Harmon Retail Corner (c) Third Party 15% 24,118 24,649 $ 349,759 $ 325,277 __________ (a) On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of September 30, 2023) for a retail complex in Las Vegas, Nevada. Through September 30, 2023, we funded $229.8 million, including $36.6 million during the nine months ended September 30, 2023. Equity income from this investment was $9.1 million and $6.2 million for the nine months ended September 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 $25.2 million and $24.2 million from our unconsolidated real estate investments for the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023 and December 31, 2022, the aggregate unamortized basis differences on our unconsolidated real estate investments were $18.3 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 nine months ended September 30, 2022 of $1.6 million. We received distributions from our investment in the CPA:18 – Global operating partnership during the nine months ended September 30, 2022 of $8.7 million ( Note 4 ). 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 September 30, 2023 is based on the estimated fair value of our investment as of June 30, 2023. The carrying amount of our investment in CESH was $1.8 million and $2.2 million as of September 30, 2023 and December 31, 2022, respectively. We received distributions from this investment during both the nine months ended September 30, 2023 and 2022 of $1.2 million.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 10 ). 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 8 ). 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 nine months ended September 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 September 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 nine months ended September 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 September 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 13 ). 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 nine months ended September 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 shares of common stock of WLT during the nine months ended September 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 nine months ended September 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): September 30, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 5,902,854 $ 5,224,131 $ 5,916,400 $ 5,238,588 Non-recourse mortgages, net (a) (b) (d) 3 784,750 767,999 1,132,417 1,109,449 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 11 ) includes unamortized deferred financing costs of $22.1 million and $25.9 million at September 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 September 30, 2023 and December 31, 2022. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $20.8 million and $24.1 million at September 30, 2023 and December 31, 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $6.2 million and $10.3 million at September 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 11 )), 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 11 ), but excluding finance receivables ( Note 6 ), had fair values that approximated their carrying values at both September 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, including investments impacted by the Spin-Off and Office Sale Program ( Note 1 ). 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 September 30, 2023 2022 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate and intangibles $ 3,213 $ 15,173 $ — $ — Investment Management goodwill — — — 29,334 $ 15,173 $ 29,334 Nine Months Ended September 30, 2023 2022 Fair Value Impairment Fair Value Impairment Impairment Charges Real estate and intangibles $ 3,213 $ 15,173 $ 24,497 $ 26,385 Investment Management goodwill — — — 29,334 $ 15,173 $ 55,719 Impairment charges, and their related triggering events and fair value measurements, recognized during the three and nine months ended September 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 nine months ended September 30, 2023, we recognized an impairment charge of $15.2 million on one property in order to reduce its carrying value to its estimated fair value, which approximated its estimated selling price. This property is included in Assets held for sale, net, in our consolidated balance sheets as of September 30, 2023, and was sold in October 2023 ( Note 5 , Note 17 ). During the nine months ended September 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%) In March 2022, we entered into a transaction to restructure certain leases with Pendragon PLC (a tenant at certain automotive dealerships in the United Kingdom). Under this restructuring, we extended the leases on 30 properties by 11 years (no change to rent) and entered into an agreement to dispose of 12 properties, with the tenant continuing to pay rent until the earlier of sale date or certain specified dates over the following 12 months. As a result, during the nine months ended September 30, 2022, we recognized impairment charges totaling $9.3 million on six of these properties in order to reduce the carrying values of the properties to their estimated fair values. The fair value measurements for the properties were determined using a direct capitalization rate analysis; the capitalization rate for the various scenarios ranged from 4.75% to 10.00%. Four of these impaired properties were sold in 2022. During the nine months ended September 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. Investment Management Goodwill The impairment charges described below are reflected within Impairment charges — Investment Management goodwill in our consolidated statements of income. During the three and nine months ended September 30, 2022, we recognized an impairment charge of $29.3 million on goodwill within our Investment Management segment in order to reduce its carrying value to its estimated fair value of $0, since future Investment Management cash flows are expected to be minimal following the CPA:18 Merger ( Note 3 ).

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	9 Months Ended
	Sep. 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 11 ) 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 September 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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Foreign currency collars Other assets, net $ 27,088 $ 32,631 $ — $ — Interest rate swaps Other assets, net 3,288 2,679 — — Interest rate cap Other assets, net — 14 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (612) (1,445) 30,376 35,324 (612) (1,445) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 3,950 3,950 — — Foreign currency collars Other assets, net 160 — — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (248) 4,110 3,950 — (248) Total derivatives $ 34,486 $ 39,274 $ (612) $ (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 September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2023 2022 2023 2022 Foreign currency collars $ 7,928 $ 20,756 $ (4,710) $ 44,410 Interest rate swaps (514) 1,663 683 3,019 Interest rate cap (3) 11 (9) 16 Total $ 7,411 $ 22,430 $ (4,036) $ 47,445 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Foreign currency collars Non-operating income $ 2,787 $ 4,987 $ 10,656 $ 10,450 Interest rate swaps and cap Interest expense 659 (66) 1,132 (352) Total $ 3,446 $ 4,921 $ 11,788 $ 10,098 __________ (a) Excludes net losses of $0.6 million and net gains of $1.2 million recognized on unconsolidated jointly owned investments for the three months ended September 30, 2023 and 2022, respectively, and net losses of $1.3 million and net gains of $3.5 million for the nine months ended September 30, 2023 and 2022, respectively. Amounts reported in Other comprehensive (loss) income related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive (loss) income related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of September 30, 2023, we estimate that an additional $2.9 million and $13.9 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Foreign currency collars Non-operating income $ 951 $ 3,737 $ 935 $ 7,520 Interest rate swaps Interest expense (683) 56 (1,220) 387 Derivatives Not in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) 450 447 409 1,573 Total $ 718 $ 4,240 $ 124 $ 9,480 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 11 ) 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 September 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 4 513,214 EUR $ 2,147 Interest rate swaps 4 31,249 USD 1,141 $ 3,288 __________ (a) Fair value amounts are based on the exchange rate of the euro at September 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 September 30, 2023 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at September 30, 2023 Designated as Cash Flow Hedging Instruments Foreign currency collars 63 280,000 EUR $ 22,936 Foreign currency collars 48 30,740 GBP 3,540 Not Designated as Cash Flow Hedging Instruments Foreign currency collar 1 8,000 EUR 160 $ 26,636 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 September 30, 2023. At September 30, 2023, our total credit exposure and the maximum exposure to any single counterparty was $30.1 million and $4.9 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 September 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 $0.6 million and $1.7 million at September 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 September 30, 2023 or December 31, 2022, we could have been required to settle our obligations under these agreements at their aggregate termination value of $0.6 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 11 ) denominated in euro, British pounds sterling, or Japanese yen are designated as, and are effective as, economic hedges of our net investments in foreign entities. Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro, Japanese yen, and British pound sterling borrowings under our Senior Unsecured Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $108.0 million and $215.0 million for the three months ended September 30, 2023 and 2022, respectively, and $38.6 million and $528.4 million for the nine months ended September 30, 2023 and 2022, respectively.

Debt

Debt	9 Months Ended
	Sep. 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 September 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 10 ). 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 September 30, 2023 (a) Maturity Date at September 30, 2023 Principal Outstanding Balance at September 30, 2023 December 31, 2022 Unsecured Term Loans: Unsecured Term Loan due 2026 — borrowing in euros (b) 4.34% 4/24/2026 $ 529,700 $ — Term Loan due 2025 — borrowing in British pounds sterling (c) (d) SONIA + 0.85% 2/20/2025 330,840 324,695 Delayed Draw Term Loan due 2025 — borrowing in euros (e) EURIBOR + 0.85% 2/20/2025 227,771 229,319 1,088,311 554,014 Unsecured Revolving Credit Facility: Borrowing in euros (e) EURIBOR + 0.775% 2/20/2025 345,364 258,117 Borrowing in U.S. dollars (f) SOFR + 0.775% 2/20/2025 155,000 — Borrowing in Japanese yen (g) TIBOR + 0.775% 2/20/2025 16,149 18,275 516,513 276,392 $ 1,604,824 $ 830,406 __________ (a) The applicable interest rate at September 30, 2023 was based on the credit rating for our Senior Unsecured Notes of BBB+/Baa1. (b) Balance excludes unamortized discount of $3.5 million and unamortized deferred financing costs of $0.3 million at September 30, 2023. (c) SONIA means Sterling Overnight Index Average and includes a spread adjustment of 0.0326%. (d) Balance excludes unamortized discount of $1.0 million and $1.5 million at September 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. Debt Facility — Net Lease Office Properties On September 20, 2023, in connection with the proposed Spin-Off ( Note 1 ), NLOP and certain of its wholly-owned direct and indirect subsidiaries entered into financing arrangements for which funding was subject to certain conditions (including the closing of the Spin-Off), including (i) a $335.0 million senior secured mortgage loan maturing on November 9, 2025 (the “NLOP Mortgage Loan”) and (ii) a $120.0 million mezzanine loan facility maturing on November 9, 2028 (the “NLOP Mezzanine Loan” and, together with the NLOP Mortgage Loan, the “NLOP Financing Arrangements”). At that time, NLOP was a wholly-owned subsidiary of WPC. Upon funding of the borrowing pursuant to the NLOP Mortgage Loan, the NLOP Mortgage Loan will bear interest at an annual rate of one-month Term SOFR rate (subject to a floor of 3.85%) plus 5.0%. In addition, NLOP entered into an interest rate cap agreement at a strike rate of 5.35% under the terms set forth under the NLOP Mortgage Loan. Upon funding of the borrowing pursuant to the NLOP Mezzanine Loan, the NLOP Mezzanine Loan will bear interest at an annual rate of 14.5% (10.0% of which is required to be paid current on a monthly basis, and 4.5% of which will be a payment-in-kind accrual, on a quarterly basis). Upon the closing of the Spin-Off and funding of the loans on November 1, 2023 ( Note 17 ), the principal balance of the NLOP Financing Arrangements was spun off to NLOP, and approximately $350 million of the balance (net of transaction expenses) was retained by us in connection with the Spin-Off. In connection with the closing of the NLOP Financing Arrangements, we incurred financing costs totaling $14.4 million as of September 30, 2023, which is included in Other assets, net, on our consolidated financial statements and was reimbursed to us by NLOP in connection with the Spin-Off ( Note 17 ). 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 $5.9 billion at September 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 September 30, 2023 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date September 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 529,700 533,300 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 529,700 533,300 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 529,700 533,300 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 529,700 533,300 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 158,910 159,990 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 556,185 559,965 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 211,880 213,320 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 $ 5,945,775 $ 5,966,475 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $22.1 million and $25.9 million, and unamortized discount totaling $20.8 million and $24.1 million, at September 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 September 30, 2023. Non-Recourse Mortgages At September 30, 2023, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.7% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.6% and 5.2%, respectively), with maturity dates ranging from October 2023 to April 2039. Repayments During the nine months ended September 30, 2023, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $226.9 million and (ii) prepaid non-recourse mortgage loans totaling $99.4 million. We recognized a net gain on extinguishment of debt of $2.4 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 4.8%. Foreign Currency Exchange Rate Impact During the nine months ended September 30, 2023, the U.S. dollar strengthened against the euro, resulting in a decrease of $40.6 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 September 30, 2023. Scheduled Debt Principal Payments Scheduled debt principal payments as of September 30, 2023 are as follows (in thousands): Years Ending December 31, Total 2023 (remainder) $ 111,174 2024 1,223,399 2025 1,903,802 2026 1,509,747 2027 530,368 Thereafter through 2039 3,063,067 Total principal payments 8,341,557 Unamortized discount, net (31,472) Unamortized deferred financing costs (22,371) Total $ 8,287,714 Certain amounts in the table above are based on the applicable foreign currency exchange rate at September 30, 2023.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesAt September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2023. We recorded stock-based compensation expense of $9.1 million and $5.5 million during the three months ended September 30, 2023 and 2022, respectively, and $25.8 million and $23.1 million during the nine months ended September 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 September 30, 2023 and changes during the nine months ended September 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) 256,993 82.78 150,989 144.54 Vested (b) (171,330) 76.62 (218,147) 104.65 Forfeited (101) 74.81 — — Adjustment (c) — — 71,443 107.02 Nonvested at September 30, 2023 (d) 461,860 $ 78.53 536,066 $ 103.15 __________ (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 nine months ended September 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 nine months ended September 30, 2023 was $36.0 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At September 30, 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 September 30, 2023 to reflect the number of shares expected to be issued when the PSUs vest. (d) At September 30, 2023, total unrecognized compensation expense related to these awards was approximately $50.2 million, with an aggregate weighted-average remaining term of 2.0 years. Earnings Per Share The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income — basic and diluted $ 125,040 $ 104,928 $ 564,040 $ 389,601 Weighted-average shares outstanding — basic 215,097,114 203,093,553 214,052,907 196,382,433 Effect of dilutive securities 155,855 1,004,563 374,518 882,076 Weighted-average shares outstanding — diluted 215,252,969 204,098,116 214,427,425 197,264,509 For the three and nine months ended September 30, 2023 and 2022, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant. Acquisitions of Noncontrolling Interests 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 nine months ended September 30, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment. On July 18, 2023, we acquired the remaining 10% interest in a domestic jointly owned investment (which we already consolidated) from the noncontrolling interest holders for $2.4 million, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an adjustment of approximately $2.5 million to Additional paid-in capital in our consolidated statements of equity for the three and nine months ended September 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Shares of common stock issued — — — 2,740,295 Weighted-average price per share $ — $ — $ — $ 80.79 Net proceeds $ — $ — $ — $ 218,081 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 September 30, 2023 August 2021 Equity Forwards (b) 8/9/2021 5,175,000 $ 78.00 $ 403,650 — ATM Forwards (c) 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. (c) All remaining outstanding shares were settled in October 2023 ( Note 17 ). The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Shares of common stock delivered — 1,337,500 3,081,867 1,337,500 Net proceeds $ — $ 97,456 $ 249,806 $ 97,456 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 September 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 23,879 $ (303,810) $ — $ (279,931) Other comprehensive income before reclassifications 10,262 (8,844) — 1,418 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (2,787) — — (2,787) Interest expense (659) — — (659) Total (3,446) — — (3,446) Net current period other comprehensive loss 6,816 (8,844) — (2,028) Net current period other comprehensive loss attributable to noncontrolling interests — 139 — 139 Ending balance $ 30,695 $ (312,515) $ — $ (281,820) Three Months Ended September 30, 2022 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 43,693 $ (309,850) $ — $ (266,157) Other comprehensive loss before reclassifications 28,531 (56,053) — (27,522) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (4,987) — — (4,987) Interest expense 66 — — 66 Total (4,921) — — (4,921) Net current period other comprehensive loss 23,610 (56,053) — (32,443) Net current period other comprehensive loss attributable to noncontrolling interests — 543 — 543 Ending balance $ 67,303 $ (365,360) $ — $ (298,057) Nine Months Ended September 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 6,404 7,092 — 13,496 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (10,656) — — (10,656) Interest expense (1,132) — — (1,132) Total (11,788) — — (11,788) Net current period other comprehensive income (5,384) 7,092 — 1,708 Net current period other comprehensive loss attributable to noncontrolling interests — 252 — 252 Ending balance $ 30,695 $ (312,515) $ — $ (281,820) Nine Months Ended September 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 61,054 (109,198) — (48,144) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (10,450) — — (10,450) Interest expense 352 — — 352 Other gains and (losses) ( Note 9 ) — — (18,688) (18,688) Total (10,098) — (18,688) (28,786) Net current period other comprehensive loss 50,956 (109,198) (18,688) (76,930) Net current period other comprehensive loss attributable to noncontrolling interests — 543 — 543 Ending balance $ 67,303 $ (365,360) $ — $ (298,057) See Note 10 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented. Dividends Declared During the third quarter of 2023, our Board declared a quarterly dividend of $1.071 per share, which was paid on October 16, 2023 to stockholders of record as of September 29, 2023. During the nine months ended September 30, 2023, we declared dividends totaling $3.207 per share.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 nine months ended September 30, 2023 and 2022. Certain of our subsidiaries have elected taxable REIT subsidiary (“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 nine months ended September 30, 2023 and 2022. Current income tax expense was $9.4 million and $8.2 million for the three months ended September 30, 2023 and 2022, respectively, and $33.0 million and $23.2 million for the nine months ended September 30, 2023 and 2022, respectively. Deferred income tax benefit (expense) was $4.3 million and less than $(0.1) million for the three months ended September 30, 2023 and 2022, respectively, and $2.7 million and $1.6 million for the nine months ended September 30, 2023 and 2022, respectively.

Property Dispositions

Property Dispositions	9 Months Ended
	Sep. 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 5 . 2023 — During the three and nine months ended September 30, 2023, we sold six and 14 properties, respectively, for total proceeds, net of selling costs, of $143.6 million and $187.7 million, respectively, and recognized a net gain on these sales totaling $14.1 million and $17.5 million, respectively (inclusive of income taxes totaling $0.7 million for both the three and nine months ended September 30, 2023, recognized upon sale). Three of the properties sold during the third quarter of 2023 were hotel operating properties. 2022 — During the three and nine months ended September 30, 2022, we sold three and 17 properties, respectively, for total proceeds, net of selling costs, of $55.2 million and $170.3 million, respectively, and recognized a net (loss) gain on these sales totaling $(4.7) million and $37.6 million, respectively (inclusive of income taxes totaling less than $2.8 million and $2.9 million, respectively, for the three and nine months ended September 30, 2022, recognized upon sale). This disposition activity included one property acquired in the CPA:18 Merger classified as assets held for sale ( Note 3 ), which was sold in August 2022.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues Lease revenues $ 369,159 $ 331,902 $ 1,090,619 $ 953,981 Income from finance leases and loans receivable 27,575 20,637 75,641 56,794 Operating property revenues 49,218 21,350 140,780 30,279 Other lease-related income 2,310 8,192 20,723 24,905 448,262 382,081 1,327,763 1,065,959 Operating Expenses Depreciation and amortization 144,771 132,181 444,728 362,654 Operating property expenses 26,570 9,357 74,738 15,335 General and administrative 23,258 22,299 74,494 66,224 Reimbursable tenant costs 20,498 18,874 62,997 52,538 Impairment charges — real estate 15,173 — 15,173 26,385 Property expenses, excluding reimbursable tenant costs 13,021 11,244 31,164 36,874 Stock-based compensation expense 9,050 5,511 25,811 23,102 Merger and other expenses 4,152 17,667 5,595 17,326 256,493 217,133 734,700 600,438 Other Income and Expenses Interest expense (76,974) (59,022) (219,658) (151,492) Earnings from equity method investments in real estate 4,978 6,447 14,569 10,189 Non-operating income 4,862 9,264 13,984 23,781 Gain (loss) on sale of real estate, net 2,401 (4,736) 181,958 37,631 Other gains and (losses) 2,180 (13,960) 8,876 303 Gain on change in control of interests — 11,405 — 11,405 (62,553) (50,602) (271) (68,183) Income before income taxes 129,216 114,346 592,792 397,338 Provision for income taxes (5,090) (3,631) (30,728) (16,499) Net Income from Real Estate 124,126 110,715 562,064 380,839 Net loss attributable to noncontrolling interests 41 660 20 622 Net Income from Real Estate Attributable to W. P. Carey $ 124,167 $ 111,375 $ 562,084 $ 381,461 Investment Management Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues Asset management revenue $ 194 $ 1,197 $ 836 $ 8,084 Reimbursable costs from affiliates 97 344 322 2,414 291 1,541 1,158 10,498 Operating Expenses Reimbursable costs from affiliates 97 344 322 2,414 Impairment charges — Investment Management goodwill — 29,334 — 29,334 Merger and other expenses — — — 3 97 29,678 322 31,751 Other Income and Expenses Other gains and (losses) 679 (1,060) 717 (1,324) Gain on change in control of interests — 22,526 — 22,526 Earnings from equity method investments in the Managed Programs — 4,857 — 13,288 Non-operating (loss) income — (1) 13 2 679 26,322 730 34,492 Income (loss) before income taxes 873 (1,815) 1,566 13,239 (Provision for) benefit from income taxes — (4,632) 390 (5,099) Net Income (Loss) from Investment Management Attributable to W. P. Carey $ 873 $ (6,447) $ 1,956 $ 8,140 Total Company Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues $ 448,553 $ 383,622 $ 1,328,921 $ 1,076,457 Operating expenses 256,590 246,811 735,022 632,189 Other income and (expenses) (61,874) (24,280) 459 (33,691) Provision for income taxes (5,090) (8,263) (30,338) (21,598) Net loss attributable to noncontrolling interests 41 660 20 622 Net income attributable to W. P. Carey $ 125,040 $ 104,928 $ 564,040 $ 389,601 Total Assets at September 30, 2023 December 31, 2022 Real Estate $ 18,620,013 $ 18,077,155 Investment Management 10,226 24,880 Total Company $ 18,630,239 $ 18,102,035

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events NLOP Spin-Off On November 1, 2023, we completed the Spin-Off of 59 office properties into NLOP, as described in further detail in Note 1 . The Spin-Off was accomplished via a pro rata dividend of one NLOP common share for every 15 shares of WPC common stock outstanding. Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, for which we serve as advisor pursuant to the NLOP Advisory Agreements executed in connection with the Spin-Off, as described below in further detail. Pursuant to the NLOP Advisory Agreements, which we entered into on November 1, 2023, we provide NLOP with strategic management services, including asset management, property disposition support, and various related services. NLOP will pay us an asset management fee of approximately $7.5 million annually, which will be proportionately reduced following the disposition of a portfolio property. In addition, NLOP will reimburse us a base administrative amount of approximately $4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters. On October 31, 2023, we entered into a Separation and Distribution Agreement, which set forth the various individual transactions to be consummated that comprised the Separation and the Distribution, including the assets transferred to and liabilities assumed by NLOP. On October 31, 2023, we also entered into a Tax Matters Agreement, which governs the respective rights, responsibilities, and obligations of us and NLOP after the Distribution, with respect to tax liabilities and benefits, the preparation and filing of tax returns, the control of audits and other tax proceedings, tax covenants, tax indemnification, cooperation, and information sharing. In September 2023, NLOP entered into a new $455 million debt facility ( Note 11 ), which was executed by NLOP and funded upon the closing of the Spin-Off on November 1, 2023. Approximately $350 million of this amount (net of transaction expenses) was retained by us in connection with the Spin-Off. In connection with the Spin-Off, we have incurred approximately $61.6 million in total costs, comprised of (i) $10.0 million of advisory fees, which is included in Merger and other expenses on our consolidated statements of income ($4.9 million of such fees were recognized during 2022 and $5.1 million were recognized during the nine months ended September 30, 2023); and (ii) $51.6 million of additional Spin-Off related costs, which were reimbursed to us by NLOP in connection with the Spin-Off. As of the date of this Report, we have not completed our accounting for the Spin-Off. The impact of the Spin-Off will be reflected in our consolidated financial statements as of and for the year ended December 31, 2023. Forward Equity Settlements In October 2023, we settled our remaining ATM Forwards by delivering 4,744,973 shares of common stock at a weighted-average price of $80.95 per share for net proceeds of approximately $384 million. No forward equity remains outstanding as of the date of this Report ( Note 13 ). Dispositions In October 2023, we completed seven dispositions for gross proceeds totaling approximately $101.9 million. Six of these properties were held for sale as of September 30, 2023 ( Note 5 ). In addition, three of these properties were hotel operating properties and three were sold pursuant to the Office Sale Program ( Note 1 ). Mortgage Loan Repayments In October 2023, we repaid at maturity two non-recourse mortgage loan for approximately $41.3 million.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 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 September 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): September 30, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 171,802 $ 590,390 Land, buildings and improvements — operating properties 12,655 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 24,778 72,070 Above-market rent intangible assets 11,067 33,634 Accumulated depreciation and amortization (24,281) (176,379) Total assets 822,159 843,500 Non-recourse mortgages, net $ 57,455 $ 132,950 Below-market rent and other intangible liabilities, net 32 18,891 Total liabilities 96,957 199,633 At both September 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 September 30, 2023, and December 31, 2022, the net carrying amount of our investments in these entities was $727.2 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 4 .
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)	9 Months Ended
	Sep. 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): September 30, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 171,802 $ 590,390 Land, buildings and improvements — operating properties 12,655 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 24,778 72,070 Above-market rent intangible assets 11,067 33,634 Accumulated depreciation and amortization (24,281) (176,379) Total assets 822,159 843,500 Non-recourse mortgages, net $ 57,455 $ 132,950 Below-market rent and other intangible liabilities, net 32 18,891 Total liabilities 96,957 199,633
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): September 30, 2023 December 31, 2022 Cash and cash equivalents $ 136,438 $ 167,996 Restricted cash (a) 77,486 56,145 Total cash and cash equivalents and restricted cash $ 213,924 $ 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): September 30, 2023 December 31, 2022 Cash and cash equivalents $ 136,438 $ 167,996 Restricted cash (a) 77,486 56,145 Total cash and cash equivalents and restricted cash $ 213,924 $ 224,141 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets.

Merger with CPA_18 _ Global (Ta

Merger with CPA:18 – Global (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
Schedule of Pro forma Financial Information	The following consolidated pro forma financial information has been presented as if the CPA:18 Merger had occurred on January 1, 2021 for the three and nine months ended September 30, 2022. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA:18 Merger on that date, nor does it purport to represent the results of operations for future periods. (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Pro forma total revenues $ 397,915 $ 1,187,887

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Asset management revenue (a) (b) $ 194 $ 1,197 $ 836 $ 8,084 Reimbursable costs from affiliates (a) 97 344 322 2,414 Distributions of Available Cash (c) — 3,345 — 8,746 Interest income on loans to affiliates (d) — 4 — 112 $ 291 $ 4,890 $ 1,158 $ 19,356 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 CESH $ 291 $ 424 $ 1,158 $ 1,502 CPA:18 – Global — 4,466 — 17,854 $ 291 $ 4,890 $ 1,158 $ 19,356 __________ (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): September 30, 2023 December 31, 2022 Asset management fees receivable $ 191 $ 386 Reimbursable costs 122 204 Accounts receivable 69 329 $ 382 $ 919

Land, Buildings and Improveme_2

Land, Buildings and Improvements, and Assets Held for Sale (Tables)	9 Months Ended
	Sep. 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): September 30, 2023 December 31, 2022 Land $ 2,385,620 $ 2,400,002 Buildings and improvements 10,950,878 10,916,630 Real estate under construction 54,194 22,225 Less: Accumulated depreciation (1,727,825) (1,672,091) $ 11,662,867 $ 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. September 30, 2023 December 31, 2022 Land $ 141,942 $ 122,317 Buildings and improvements 1,080,058 955,009 Real estate under construction 62 18,566 Less: Accumulated depreciation (72,781) (28,295) $ 1,149,281 $ 1,067,597 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 5,404 Buildings and improvements 13,303 Intangible assets: In-place lease (weighted-average expected life of 0.5 years) 579 $ 19,286
Schedule of Real Estate Acquired	During the nine months ended September 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 fourth quarter of 2023. During the nine months ended September 30, 2023, we entered into the following self-storage operating property 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 Little Rock, Arkansas (a) 1 6/22/2023 Self-Storage $ 6,166 Houston, Texas 1 8/25/2023 Self-Storage 13,120 2 $ 19,286 __________ (a) We also committed to fund $3.6 million for an expansion at this facility, which is expected to be completed in the first quarter of 2024.
Schedule of Real Estate under Construction	During the nine months ended September 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 Pleasanton, California Redevelopment 1 8/21/2023 Laboratory 13,905 3 $ 34,542
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Lease income — fixed $ 325,481 $ 295,433 $ 958,015 $ 852,843 Lease income — variable (a) 43,678 36,469 132,604 101,138 Total operating lease income $ 369,159 $ 331,902 $ 1,090,619 $ 953,981 __________ (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): September 30, 2023 December 31, 2022 Land, buildings and improvements — net lease and other $ 39,372 $ 47,134 Land, buildings and improvements — operating properties 71,719 — In-place lease intangible assets and other 12,910 10,854 Above-market rent intangible assets 5,625 3,210 Accumulated depreciation and amortization (27,611) (3,254) Assets held for sale, net $ 102,015 $ 57,944

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 Net investments in direct financing leases (a) 2024 – 2036 $ 476,410 $ 498,313 Net investments in sales-type leases (b) 2024 451,421 — Sale-leaseback transactions accounted for as loans receivable (b) (c) 2038 – 2052 233,590 234,198 Secured loans receivable (d) 2023 11,250 39,250 $ 1,172,671 $ 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 September 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 September 30, 2023 and December 31, 2022. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): September 30, 2023 December 31, 2022 Lease payments receivable $ 293,617 $ 332,618 Unguaranteed residual value 444,892 470,839 738,509 803,457 Less: unearned income (259,479) (296,411) Less: allowance for credit losses (a) (2,620) (8,733) $ 476,410 $ 498,313 __________ (a) During the nine months ended September 30, 2023 and 2022, we recorded a net release of allowance for credit losses of $6.1 million and $6.7 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): September 30, 2023 December 31, 2022 Lease payments receivable (a) $ 470,836 $ — 470,836 — Less: unearned income (19,415) — $ 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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 1 – 3 19 19 $ 1,098,791 $ 664,761 4 6 8 78,600 117,833 5 — — — — $ 1,177,391 $ 782,594

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 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): September 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 $ 20,496 $ (19,463) $ 1,033 $ 19,812 $ (19,144) $ 668 20,496 (19,463) 1,033 19,812 (19,144) 668 Lease Intangibles: In-place lease 2,549,879 (1,131,197) 1,418,682 2,523,318 (1,061,235) 1,462,083 Above-market rent 771,071 (506,380) 264,691 833,751 (507,436) 326,315 3,320,950 (1,637,577) 1,683,373 3,357,069 (1,568,671) 1,788,398 Goodwill Goodwill 1,034,183 — 1,034,183 1,037,412 — 1,037,412 Total intangible assets $ 4,375,629 $ (1,657,040) $ 2,718,589 $ 4,414,293 $ (1,587,815) $ 2,826,478 Finite-Lived Intangible Liabilities Below-market rent $ (233,089) $ 80,040 $ (153,049) $ (293,160) $ 125,287 $ (167,873) Indefinite-Lived Intangible Liabilities Below-market purchase option — — — (16,711) — (16,711) Total intangible liabilities $ (233,089) $ 80,040 $ (153,049) $ (309,871) $ 125,287 $ (184,584)

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 Las Vegas Retail Complex (a) Third Party N/A $ 232,941 $ 196,352 Johnson Self Storage Third Party 90% 64,286 65,707 Kesko Senukai (b) Third Party 70% 28,414 38,569 Harmon Retail Corner (c) Third Party 15% 24,118 24,649 $ 349,759 $ 325,277 __________ (a) On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of September 30, 2023) for a retail complex in Las Vegas, Nevada. Through September 30, 2023, we funded $229.8 million, including $36.6 million during the nine months ended September 30, 2023. Equity income from this investment was $9.1 million and $6.2 million for the nine months ended September 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)	9 Months Ended
	Sep. 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): September 30, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 5,902,854 $ 5,224,131 $ 5,916,400 $ 5,238,588 Non-recourse mortgages, net (a) (b) (d) 3 784,750 767,999 1,132,417 1,109,449 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 11 ) includes unamortized deferred financing costs of $22.1 million and $25.9 million at September 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 September 30, 2023 and December 31, 2022. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $20.8 million and $24.1 million at September 30, 2023 and December 31, 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $6.2 million and $10.3 million at September 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 11 )), 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 September 30, 2023 2022 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate and intangibles $ 3,213 $ 15,173 $ — $ — Investment Management goodwill — — — 29,334 $ 15,173 $ 29,334 Nine Months Ended September 30, 2023 2022 Fair Value Impairment Fair Value Impairment Impairment Charges Real estate and intangibles $ 3,213 $ 15,173 $ 24,497 $ 26,385 Investment Management goodwill — — — 29,334 $ 15,173 $ 55,719

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Foreign currency collars Other assets, net $ 27,088 $ 32,631 $ — $ — Interest rate swaps Other assets, net 3,288 2,679 — — Interest rate cap Other assets, net — 14 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (612) (1,445) 30,376 35,324 (612) (1,445) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 3,950 3,950 — — Foreign currency collars Other assets, net 160 — — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (248) 4,110 3,950 — (248) Total derivatives $ 34,486 $ 39,274 $ (612) $ (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 September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2023 2022 2023 2022 Foreign currency collars $ 7,928 $ 20,756 $ (4,710) $ 44,410 Interest rate swaps (514) 1,663 683 3,019 Interest rate cap (3) 11 (9) 16 Total $ 7,411 $ 22,430 $ (4,036) $ 47,445 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Foreign currency collars Non-operating income $ 2,787 $ 4,987 $ 10,656 $ 10,450 Interest rate swaps and cap Interest expense 659 (66) 1,132 (352) Total $ 3,446 $ 4,921 $ 11,788 $ 10,098 __________ (a) Excludes net losses of $0.6 million and net gains of $1.2 million recognized on unconsolidated jointly owned investments for the three months ended September 30, 2023 and 2022, respectively, and net losses of $1.3 million and net gains of $3.5 million for the nine months ended September 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Foreign currency collars Non-operating income $ 951 $ 3,737 $ 935 $ 7,520 Interest rate swaps Interest expense (683) 56 (1,220) 387 Derivatives Not in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) 450 447 409 1,573 Total $ 718 $ 4,240 $ 124 $ 9,480
Schedule of Derivative Instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at September 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 4 513,214 EUR $ 2,147 Interest rate swaps 4 31,249 USD 1,141 $ 3,288 __________ (a) Fair value amounts are based on the exchange rate of the euro at September 30, 2023, as applicable. The following table presents the foreign currency collars that we had outstanding at September 30, 2023 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at September 30, 2023 Designated as Cash Flow Hedging Instruments Foreign currency collars 63 280,000 EUR $ 22,936 Foreign currency collars 48 30,740 GBP 3,540 Not Designated as Cash Flow Hedging Instruments Foreign currency collar 1 8,000 EUR 160 $ 26,636

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 (a) Maturity Date at September 30, 2023 Principal Outstanding Balance at September 30, 2023 December 31, 2022 Unsecured Term Loans: Unsecured Term Loan due 2026 — borrowing in euros (b) 4.34% 4/24/2026 $ 529,700 $ — Term Loan due 2025 — borrowing in British pounds sterling (c) (d) SONIA + 0.85% 2/20/2025 330,840 324,695 Delayed Draw Term Loan due 2025 — borrowing in euros (e) EURIBOR + 0.85% 2/20/2025 227,771 229,319 1,088,311 554,014 Unsecured Revolving Credit Facility: Borrowing in euros (e) EURIBOR + 0.775% 2/20/2025 345,364 258,117 Borrowing in U.S. dollars (f) SOFR + 0.775% 2/20/2025 155,000 — Borrowing in Japanese yen (g) TIBOR + 0.775% 2/20/2025 16,149 18,275 516,513 276,392 $ 1,604,824 $ 830,406 __________ (a) The applicable interest rate at September 30, 2023 was based on the credit rating for our Senior Unsecured Notes of BBB+/Baa1. (b) Balance excludes unamortized discount of $3.5 million and unamortized deferred financing costs of $0.3 million at September 30, 2023. (c) SONIA means Sterling Overnight Index Average and includes a spread adjustment of 0.0326%. (d) Balance excludes unamortized discount of $1.0 million and $1.5 million at September 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 September 30, 2023 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date September 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 529,700 533,300 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 529,700 533,300 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 529,700 533,300 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 529,700 533,300 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 158,910 159,990 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 556,185 559,965 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 211,880 213,320 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 $ 5,945,775 $ 5,966,475 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $22.1 million and $25.9 million, and unamortized discount totaling $20.8 million and $24.1 million, at September 30, 2023 and December 31, 2022, respectively.
Scheduled Debt Principal Payments	Scheduled debt principal payments as of September 30, 2023 are as follows (in thousands): Years Ending December 31, Total 2023 (remainder) $ 111,174 2024 1,223,399 2025 1,903,802 2026 1,509,747 2027 530,368 Thereafter through 2039 3,063,067 Total principal payments 8,341,557 Unamortized discount, net (31,472) Unamortized deferred financing costs (22,371) Total $ 8,287,714

Stock-Based Compensation and _2

Stock-Based Compensation and Equity (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 and changes during the nine months ended September 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) 256,993 82.78 150,989 144.54 Vested (b) (171,330) 76.62 (218,147) 104.65 Forfeited (101) 74.81 — — Adjustment (c) — — 71,443 107.02 Nonvested at September 30, 2023 (d) 461,860 $ 78.53 536,066 $ 103.15 __________ (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 nine months ended September 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 nine months ended September 30, 2023 was $36.0 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At September 30, 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 September 30, 2023 to reflect the number of shares expected to be issued when the PSUs vest. (d) At September 30, 2023, total unrecognized compensation expense related to these awards was approximately $50.2 million, with an aggregate weighted-average remaining term of 2.0 years.
Schedule of Earnings Per Share Reconciliation	The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income — basic and diluted $ 125,040 $ 104,928 $ 564,040 $ 389,601 Weighted-average shares outstanding — basic 215,097,114 203,093,553 214,052,907 196,382,433 Effect of dilutive securities 155,855 1,004,563 374,518 882,076 Weighted-average shares outstanding — diluted 215,252,969 204,098,116 214,427,425 197,264,509
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Shares of common stock issued — — — 2,740,295 Weighted-average price per share $ — $ — $ — $ 80.79 Net proceeds $ — $ — $ — $ 218,081
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 September 30, 2023 August 2021 Equity Forwards (b) 8/9/2021 5,175,000 $ 78.00 $ 403,650 — ATM Forwards (c) 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. (c) All remaining outstanding shares were settled in October 2023 ( Note 17 ). The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Shares of common stock delivered — 1,337,500 3,081,867 1,337,500 Net proceeds $ — $ 97,456 $ 249,806 $ 97,456
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 September 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 23,879 $ (303,810) $ — $ (279,931) Other comprehensive income before reclassifications 10,262 (8,844) — 1,418 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (2,787) — — (2,787) Interest expense (659) — — (659) Total (3,446) — — (3,446) Net current period other comprehensive loss 6,816 (8,844) — (2,028) Net current period other comprehensive loss attributable to noncontrolling interests — 139 — 139 Ending balance $ 30,695 $ (312,515) $ — $ (281,820) Three Months Ended September 30, 2022 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 43,693 $ (309,850) $ — $ (266,157) Other comprehensive loss before reclassifications 28,531 (56,053) — (27,522) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (4,987) — — (4,987) Interest expense 66 — — 66 Total (4,921) — — (4,921) Net current period other comprehensive loss 23,610 (56,053) — (32,443) Net current period other comprehensive loss attributable to noncontrolling interests — 543 — 543 Ending balance $ 67,303 $ (365,360) $ — $ (298,057) Nine Months Ended September 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 6,404 7,092 — 13,496 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (10,656) — — (10,656) Interest expense (1,132) — — (1,132) Total (11,788) — — (11,788) Net current period other comprehensive income (5,384) 7,092 — 1,708 Net current period other comprehensive loss attributable to noncontrolling interests — 252 — 252 Ending balance $ 30,695 $ (312,515) $ — $ (281,820) Nine Months Ended September 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 61,054 (109,198) — (48,144) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (10,450) — — (10,450) Interest expense 352 — — 352 Other gains and (losses) ( Note 9 ) — — (18,688) (18,688) Total (10,098) — (18,688) (28,786) Net current period other comprehensive loss 50,956 (109,198) (18,688) (76,930) Net current period other comprehensive loss attributable to noncontrolling interests — 543 — 543 Ending balance $ 67,303 $ (365,360) $ — $ (298,057)

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues Lease revenues $ 369,159 $ 331,902 $ 1,090,619 $ 953,981 Income from finance leases and loans receivable 27,575 20,637 75,641 56,794 Operating property revenues 49,218 21,350 140,780 30,279 Other lease-related income 2,310 8,192 20,723 24,905 448,262 382,081 1,327,763 1,065,959 Operating Expenses Depreciation and amortization 144,771 132,181 444,728 362,654 Operating property expenses 26,570 9,357 74,738 15,335 General and administrative 23,258 22,299 74,494 66,224 Reimbursable tenant costs 20,498 18,874 62,997 52,538 Impairment charges — real estate 15,173 — 15,173 26,385 Property expenses, excluding reimbursable tenant costs 13,021 11,244 31,164 36,874 Stock-based compensation expense 9,050 5,511 25,811 23,102 Merger and other expenses 4,152 17,667 5,595 17,326 256,493 217,133 734,700 600,438 Other Income and Expenses Interest expense (76,974) (59,022) (219,658) (151,492) Earnings from equity method investments in real estate 4,978 6,447 14,569 10,189 Non-operating income 4,862 9,264 13,984 23,781 Gain (loss) on sale of real estate, net 2,401 (4,736) 181,958 37,631 Other gains and (losses) 2,180 (13,960) 8,876 303 Gain on change in control of interests — 11,405 — 11,405 (62,553) (50,602) (271) (68,183) Income before income taxes 129,216 114,346 592,792 397,338 Provision for income taxes (5,090) (3,631) (30,728) (16,499) Net Income from Real Estate 124,126 110,715 562,064 380,839 Net loss attributable to noncontrolling interests 41 660 20 622 Net Income from Real Estate Attributable to W. P. Carey $ 124,167 $ 111,375 $ 562,084 $ 381,461 Investment Management Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues Asset management revenue $ 194 $ 1,197 $ 836 $ 8,084 Reimbursable costs from affiliates 97 344 322 2,414 291 1,541 1,158 10,498 Operating Expenses Reimbursable costs from affiliates 97 344 322 2,414 Impairment charges — Investment Management goodwill — 29,334 — 29,334 Merger and other expenses — — — 3 97 29,678 322 31,751 Other Income and Expenses Other gains and (losses) 679 (1,060) 717 (1,324) Gain on change in control of interests — 22,526 — 22,526 Earnings from equity method investments in the Managed Programs — 4,857 — 13,288 Non-operating (loss) income — (1) 13 2 679 26,322 730 34,492 Income (loss) before income taxes 873 (1,815) 1,566 13,239 (Provision for) benefit from income taxes — (4,632) 390 (5,099) Net Income (Loss) from Investment Management Attributable to W. P. Carey $ 873 $ (6,447) $ 1,956 $ 8,140 Total Company Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues $ 448,553 $ 383,622 $ 1,328,921 $ 1,076,457 Operating expenses 256,590 246,811 735,022 632,189 Other income and (expenses) (61,874) (24,280) 459 (33,691) Provision for income taxes (5,090) (8,263) (30,338) (21,598) Net loss attributable to noncontrolling interests 41 660 20 622 Net income attributable to W. P. Carey $ 125,040 $ 104,928 $ 564,040 $ 389,601
Schedule of Reconciliation of Assets from Segment to Consolidated	Total Assets at September 30, 2023 December 31, 2022 Real Estate $ 18,620,013 $ 18,077,155 Investment Management 10,226 24,880 Total Company $ 18,630,239 $ 18,102,035

Business and Organization (Deta

Business and Organization (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2023 ft² property tenant	Nov. 01, 2023 property $ / shares	Oct. 31, 2023 property
Subsequent Events | Spinoff
Additional disclosures
Share conversion rate (per share) | $ / shares		$ 0.0667
Office Property | Spinoff
Additional disclosures
Number of real estate properties (property)	87
Office Property | Spinoff
Additional disclosures
Number of real estate properties (property)	59
Office Property | Subsequent Events | Spinoff
Additional disclosures
Number of real estate properties (property)		59	59
Real Estate
Additional disclosures
Number of real estate properties (property)	1,472
Square footage of real estate properties | ft²	179
Number of tenants (tenant) | tenant	395
Lease term (in years)	11 years
Occupancy rate (as a percent)	98.90%
Real Estate | Operating Properties
Additional disclosures
Number of real estate properties (property)	98
Square footage of real estate properties | ft²	7.5
Real Estate | Self- Storage
Additional disclosures
Number of real estate properties (property)	86
Real Estate | Hotel
Additional disclosures
Number of real estate properties (property)	10
Real Estate | Student Housing
Additional disclosures
Number of real estate properties (property)	2
Investment Management | Affiliated Entity | Managed Programs | Built-to-suit
Additional disclosures
Number of real estate properties (property)	1

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property vie	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property vie	Sep. 30, 2022 USD ($)	Feb. 28, 2023 property	Dec. 31, 2022 USD ($) vie
Basis of Consolidation
Variable interest entities, count | vie	15		15			16
Variable interest entities consolidated, count | vie	10		10			11
Variable interest entities unconsolidated, count | vie	5		5			5
Equity method investments in real estate | $	$ 351,537		$ 351,537			$ 327,502
Real Estate
Basis of Consolidation
Operating property revenues | $	$ 49,218	$ 21,350	$ 140,780	$ 30,279
Number of real estate properties (property) | property	1,472		1,472
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	10		10
Number of properties sold | property	3
Real Estate | Hotel | United States
Basis of Consolidation
Number of real estate properties (property) | property	13		13
Hotel | Real Estate
Basis of Consolidation
Operating property revenues | $	$ 23,200	$ 3,700	$ 63,300	$ 9,100
Variable Interest Entity
Basis of Consolidation
Equity method investments in real estate | $	$ 727,200		$ 727,200			$ 693,400
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	2		2			2
Real Estate
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	3		3			3

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Assets
Land, buildings and improvements — net lease and other		$ 13,390,692	$ 13,338,857
Land, buildings and improvements — operating properties		1,222,062	1,095,892
Net investments in finance leases and loans receivable		1,172,671	771,761
In-place lease intangible assets and other		2,696,403	2,659,750
Above-market rent intangible assets		771,071	833,751
Accumulated depreciation and amortization		(3,438,183)	(3,269,057)
Total assets	[1]	18,630,239	18,102,035
Liabilities
Non-recourse mortgages, net		784,750	1,132,417
Below-market rent and other intangible liabilities, net		153,049	184,584
Total liabilities	[1]	9,484,988	9,093,391
Variable Interest Entity
Assets
Land, buildings and improvements — net lease and other		171,802	590,390
Land, buildings and improvements — operating properties		12,655	143,390
Net investments in finance leases and loans receivable		595,524	144,103
In-place lease intangible assets and other		24,778	72,070
Above-market rent intangible assets		11,067	33,634
Accumulated depreciation and amortization		(24,281)	(176,379)
Total assets		822,159	843,500
Liabilities
Non-recourse mortgages, net		57,455	132,950
Below-market rent and other intangible liabilities, net		32	18,891
Total liabilities		$ 96,957	$ 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	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 136,438	$ 167,996
Restricted cash	77,486	56,145
Total cash and cash equivalents and restricted cash	$ 213,924	$ 224,141	$ 250,013	$ 217,950

Merger with CPA_18 _ Global - N

Merger with CPA:18 – Global - Narratives (Details) $ / shares in Units, $ in Thousands, ft² in Millions		1 Months Ended		2 Months Ended		3 Months Ended		9 Months Ended
	Aug. 01, 2022 USD ($) ft² property $ / shares shares	Oct. 31, 2023 USD ($) property	Aug. 31, 2022 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) ft² property shares	Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) ft² property shares	Sep. 30, 2022 USD ($) property	Mar. 31, 2023 property	Dec. 31, 2022 USD ($) property shares	Jul. 31, 2022 shares
Business Acquisition
Common stock shares, outstanding (in shares) | shares						213,925,817		213,925,817			210,620,949
Cash consideration paid								$ 0	$ 423,435
Non-recourse mortgages, net						$ 784,750		$ 784,750			$ 1,132,417
Weighted average interest rate (as a percent)						4.70%		4.70%
Proceeds from sales of real estate								$ 187,678	170,341
Goodwill						$ 1,034,183		1,034,183			$ 1,037,412
Gain on change in control of interests						$ 0	$ 33,931	$ 0	$ 33,931
Asset Held for Sale, Not in Discontinued Operations
Business Acquisition
Number of properties (property) | property						8		8			3
Properties Disposed of by Sale
Business Acquisition
Number of properties (property) | property										2
Number of properties sold | property						6	3	14	17
Proceeds from sales of real estate						$ 143,600	$ 55,200	$ 187,700	$ 170,300
Losses on sales of property						$ (14,100)	4,700	$ (17,500)	$ (37,600)
Properties Disposed of by Sale | Subsequent Events
Business Acquisition
Number of properties sold | property		7
Proceeds from sales of real estate		$ 101,900
Real Estate
Business Acquisition
Number of properties (property) | property						1,472		1,472
Lease term (in years)						11 years		11 years
Occupancy rate (as a percent)								98.90%
Square footage of real estate properties | ft²						179		179
Real Estate | Asset Held for Sale, Not in Discontinued Operations
Business Acquisition
Number of properties (property) | property						6		6
CPA:18 | Affiliated Entity
Business Acquisition
Jointly owned investments, count | property	4
Real Estate | CPA:18 | Affiliated Entity
Business Acquisition
Number of properties (property) | property	7
Operating Properties | Real Estate
Business Acquisition
Number of properties (property) | property						98		98
Square footage of real estate properties | ft²						7.5		7.5
Self- Storage | Real Estate
Business Acquisition
Number of properties (property) | property						86		86
CPA:18
Business Acquisition
Common stock shares, outstanding (in shares) | shares												141,099,002
Number of properties (property) | property	42
Lease term (in years)	7 years
Occupancy rate (as a percent)	99.30%
Contractual minimum annualized base rent	$ 81,000
Non-recourse mortgages, net	$ 900,200
Weighted average interest rate (as a percent)	5.10%
CPA:18 | Self- Storage
Business Acquisition
Number of properties (property) | property	65
CPA:18 | Student Housing
Business Acquisition
Number of properties (property) | property	2
CPA:18
Business Acquisition
Share price (usd per share) | $ / shares	$ 87.46
Fair value of W. P. Carey shares of common stock issued	$ 1,600,000
Shares issued as compensation in acquisition (shares) | shares	13,786,302
Fair value of shares issued	$ 1,200,000
Actual revenue from acquiree					$ 16,500
Actual net loss from acquiree					(500)
Merger related costs								$ 17,100
Goodwill	172,300
Gain on change in control of interests							22,500
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	88,300
CPA:18 | Jointly Owned Investments
Business Acquisition
Gain on change in control of interests							$ 11,400
CPA:18 | Carrying Value
Business Acquisition
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	65,800
CPA:18 | Carrying Value | Jointly Owned Investments
Business Acquisition
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	17,200
CPA:18 | Fair Value | Jointly Owned Investments
Business Acquisition
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	$ 28,600
CPA:18 | Operating Properties
Business Acquisition
Square footage of real estate properties | ft²	5.1
CPA:18 | Operating Properties | Real Estate
Business Acquisition
Actual revenue from acquiree					$ 15,400
CPA:18 | $0.001 Par Value Common Stock
Business Acquisition
Share conversion rate (usd per share) | $ / shares	$ 0.0978
Share price (usd per share) | $ / shares	$ 3
Shares of acquiree held prior to merger (shares) | shares	8,556,732
CPA 18 Merger
Business Acquisition
Cash consideration paid	$ 423,300
Cash paid for fractional shares	$ 100
CPA 18 Merger | Asset Held for Sale, Not in Discontinued Operations
Business Acquisition
Number of properties (property) | property	2
Assets held for sale	$ 85,000
CPA 18 Merger | Properties Disposed of by Sale
Business Acquisition
Number of properties sold | property			1
Proceeds from sales of real estate			$ 44,500
Losses on sales of property				$ 200
CPA 18 Merger | Properties Disposed of by Sale | Subsequent Events
Business Acquisition
Proceeds from sales of real estate		$ 30,400
CPA 18 Merger | Real Estate
Business Acquisition
Lease revenues				$ 2,100

Merger with CPA_18 _ Global - P

Merger with CPA:18 – Global - Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Business Acquisition, Pro Forma Information
Pro forma total revenues	$ 397,915	$ 1,187,887

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction
Interest income on loans to affiliates	$ 4,862	$ 9,263	$ 13,997	$ 23,783
Revenues	448,553	383,622	1,328,921	1,076,457
Affiliated Entity
Related Party Transaction
Distributions of Available Cash	0	3,345	0	8,746
Interest income on loans to affiliates	0	4	0	112
Revenues	291	4,890	1,158	19,356
Asset management revenue | Affiliated Entity
Related Party Transaction
Operating property revenues	194	1,197	836	8,084
Reimbursable costs from affiliates | Affiliated Entity
Related Party Transaction
Operating property revenues	$ 97	$ 344	$ 322	$ 2,414

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction
Revenues	$ 448,553	$ 383,622	$ 1,328,921	$ 1,076,457
Affiliated Entity
Related Party Transaction
Revenues	291	4,890	1,158	19,356
CESH | Affiliated Entity
Related Party Transaction
Revenues	291	424	1,158	1,502
CPA:18 – Global | Affiliated Entity
Related Party Transaction
Revenues	$ 0	$ 4,466	$ 0	$ 17,854

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction
Due from affiliates	$ 1,191,350	$ 1,080,227
Affiliated Entity
Related Party Transaction
Asset management fees receivable	191	386
Reimbursable costs	122	204
Accounts receivable	69	329
Due from affiliates	$ 382	$ 919

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Narratives (Details)	9 Months Ended
	Sep. 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	8
Jointly owned investment, accounted for under the equity method investments	4
Other Entity
Other Transactions with Affiliates
Jointly owned investments	4
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	Sep. 30, 2023	Dec. 31, 2022
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (1,727,825)	$ (1,672,091)
Net property subject to operating lease	11,662,867	11,666,766
Land
Real Estate Investment Property At Cost
Land, buildings and improvements — net lease and other	2,385,620	2,400,002
Buildings and improvements
Real Estate Investment Property At Cost
Land, buildings and improvements — net lease and other	10,950,878	10,916,630
Real estate under construction
Real Estate Investment Property At Cost
Land, buildings and improvements — net lease and other	$ 54,194	$ 22,225

Land, Buildings and Improveme_4

Land, Buildings and Improvements, and Assets Held for Sale - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) property $ / €	Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) property $ / €	Sep. 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	$ (8,844)	$ (56,053)	$ 7,092	$ (109,198)
Land, buildings and improvements — net lease and other	13,390,692		13,390,692		$ 13,338,857
Net investments in finance leases and loans receivable	476,410		476,410		$ 498,313
Investments in real estate
Capitalized construction cost			$ 72,600
Construction projects completed (property) | property			12		8
Unfunded commitment	94,400		$ 94,400		$ 61,100
Capitalized interest	200	300	300	1,300
Lease payments	1,700	3,800	7,300	10,000
Lease termination income		$ 4,200	11,400	8,200
Payment to acquire real estate			908,271	$ 1,013,950
Assets held for sale, net	$ 102,015		$ 102,015		$ 57,944
Asset Held for Sale, Not in Discontinued Operations
Real Estate Properties
Number of real estate properties (property) | property	8		8		3
Investments in real estate
Loss on sale of real estate	$ 11,700		$ 11,700
Assets held for sale, net	$ 102,000		$ 102,000		$ 57,900
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	6	3	14	17
Land, Buildings and Improvements | Properties Disposed of by Sale
Real Estate Properties
Increase (decrease) in carrying value of real estate			$ (93,400)
Investments in real estate
Number of properties sold | property			9
Decrease in carrying value of real estate			$ 93,400
Real Estate
Real Estate Properties
Number of real estate properties (property) | property	1,472		1,472
Investments in real estate
Other income		$ 200		$ 1,500
Real Estate | Asset Held for Sale, Not in Discontinued Operations
Real Estate Properties
Number of real estate properties (property) | property	6		6
Operating Lease
Real Estate Properties
Increase (decrease) in value of balance sheet item due to foreign currency translation			$ (28,700)
Number of real estate properties (property) | property	47		47
Depreciation	$ 80,900	76,000	$ 251,900	221,000
Investments in real estate
Payment to acquire real estate			888,647
Operating Lease | In-place lease intangible assets and other
Investments in real estate
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 | Land
Investments in real estate
Payment to acquire real estate			$ 135,502
Operating Lease | Buildings and improvements
Investments in real estate
Payment to acquire real estate			$ 604,973
Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	2		2
Depreciation	$ 7,800	$ 4,100	$ 22,700	$ 5,400
Investments in real estate
Payment to acquire real estate			19,286
Operating Real Estate | In-place lease intangible assets and other
Investments in real estate
Payment to acquire real estate			$ 579
Finite lived intangible assets useful life (in years)	6 months		6 months
Operating Real Estate | Land
Investments in real estate
Payment to acquire real estate			$ 5,404
Operating Real Estate | Buildings and improvements
Investments in real estate
Payment to acquire real estate			$ 13,303
Hotel | Real Estate
Real Estate Properties
Number of real estate properties (property) | property	10		10
Investments in real estate
Number of properties sold | property	3
Hotel | Real Estate | Land, Buildings and Improvements
Investments in real estate
Decrease in operating properties	$ 38,700		$ 38,700
Hotel | Real Estate | Asset Held for Sale, Not in Discontinued Operations
Real Estate Properties
Number of real estate properties (property) | property	3		3
Investments in real estate
Decrease in operating properties	$ 50,800		$ 50,800
Hotel | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	5		5		1
Build To Suit
Real Estate Properties
Number of real estate properties (property) | property	3		3
Investments in real estate
Funding commitment	$ 80,600		$ 80,600
Self- Storage | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	77		77		75
British Pound Sterling
Real Estate Properties
Increase (decrease) in carrying value of real estate			$ 1,500
Investments in real estate
Decrease in carrying value of real estate			$ (1,500)
Student Housing | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	2		2		2
Adjustments
Real Estate Properties
Land, buildings and improvements — net lease and other	$ 25,400		$ 25,400
Net investments in finance leases and loans receivable	$ (25,400)		$ (25,400)
Adjustments | Hotel
Real Estate Properties
Land, buildings and improvements — net lease and other							$ 164,600
Adjustments | Hotel | Real Estate
Real Estate Properties
Number of real estate properties (property) | property							12
Adjustments | Hotel | Real Estate | Asset Held for Sale, Not in Discontinued Operations
Real Estate Properties
Number of real estate properties (property) | property	5		5
Adjustments | Student Housing
Real Estate Properties
Land, buildings and improvements — net lease and other	$ 24,600		$ 24,600
Adjustments | Direct Financing Lease
Real Estate Properties
Number of real estate properties (property) | property	78		78
Increase (decrease) in carrying value of real estate			$ (288,200)
Investments in real estate
Decrease in carrying value of real estate			$ 288,200
Adjustments | Land, Buildings and Improvements — Net Lease and Other
Real Estate Properties
Number of real estate properties (property) | property	5		5
EUR
Real Estate Properties
Decrease in exchange rate (as a percent)			0.70%
Foreign currency exchange rate | $ / €	1.0594		1.0594		1.0666

Land, Buildings and Improveme_5

Land, Buildings and Improvements, and Assets Held for Sale - Acquisition of Real Estate (Details) $ in Thousands						1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 15, 2023 USD ($) property	Apr. 18, 2023 USD ($) property	Apr. 01, 2023 USD ($) property	Mar. 23, 2023 USD ($) property	Jan. 12, 2023 USD ($) property	May 26, 2023 USD ($)	Dec. 31, 2023 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	May 05, 2023 property
Property, Plant and Equipment
Total Capitalized Costs | $								$ 908,271	$ 1,013,950
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				6					9
Total Capitalized Costs | $	$ 139,092				$ 64,861	$ 39,713
Various, United States | Operating Lease | Subsequent Events | Forecast
Property, Plant and Equipment
Number of real estate properties (property)							2
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
Payment for capital improvements | $								$ 3,100
Various, Industrial Properties in Mexico
Property, Plant and Equipment
Number of real estate properties (property)		2
Additional Retail In Various Denmark | Operating Lease | Subsequent Events
Property, Plant and Equipment
Total Capitalized Costs | $							$ 8,700

Land, Buildings and Improveme_6

Land, Buildings and Improvements, and Assets Held for Sale - Aggregate Purchase Price Allocation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment
Payment to acquire real estate	$ 908,271	$ 1,013,950
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
Operating Real Estate
Property, Plant and Equipment
Payment to acquire real estate	19,286
Operating Real Estate | In-place lease intangible assets and other
Property, Plant and Equipment
Payment to acquire real estate	$ 579
Finite lived intangible assets useful life (in years)	6 months
Land | Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	$ 135,502
Land | Operating Real Estate
Property, Plant and Equipment
Payment to acquire real estate	5,404
Buildings and improvements | Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	604,973
Buildings and improvements | Operating Real Estate
Property, Plant and Equipment
Payment to acquire real estate	$ 13,303

Land, Buildings and Improveme_7

Land, Buildings and Improvements, and Assets Held for Sale - Real Estate Under Construction (Details) - Construction in Progress $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) property
Property, Plant and Equipment
Number of real estate properties (property) | property	3
Total Capitalized Costs | $	$ 34,542
Evansville, Indiana and Lawrence, Kansas
Property, Plant and Equipment
Number of real estate properties (property) | property	2
Total Capitalized Costs | $	$ 20,637
Pleasanton, California
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 13,905

Land, Buildings and Improveme_8

Land, Buildings and Improvements, and Assets Held for Sale - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Lease, Lease Income [Abstract]
Lease income — fixed	$ 325,481	$ 295,433	$ 958,015	$ 852,843
Lease income – variable	43,678	36,469	132,604	101,138
Total operating lease income	$ 369,159	$ 331,902	$ 1,090,619	$ 953,981

Land, Buildings and Improveme_9

Land, Buildings and Improvements, and Assets Held for Sale - Operating Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real Estate Properties
Land, buildings and improvements — operating properties	$ 1,222,062	$ 1,095,892
Less: Accumulated depreciation	(3,438,183)	(3,269,057)
Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Less: Accumulated depreciation	(72,781)	(28,295)
Investments in real estate	1,149,281	1,067,597
Land | Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Land, buildings and improvements — operating properties	141,942	122,317
Buildings and improvements | Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Land, buildings and improvements — operating properties	1,080,058	955,009
Real estate under construction
Real Estate Properties
Land, buildings and improvements — operating properties	$ 62	$ 18,566

Land, Buildings and Improvem_10

Land, Buildings and Improvements, and Assets Held for Sale - Operating Property Investments (Details) $ in Thousands			9 Months Ended
	Aug. 25, 2023 USD ($) property	Jun. 22, 2023 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)
Real Estate Properties
Payment to acquire real estate			$ 908,271	$ 1,013,950
Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property			2
Payment to acquire real estate			$ 19,286
Little Rock, Arkansas | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property		1
Payment to acquire real estate		$ 6,166
Funding commitment		$ 3,600
Houston, Texas | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	1
Payment to acquire real estate	$ 13,120

Land, Buildings and Improvem_11

Land, Buildings and Improvements, and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Long-Lived Assets Held-for-sale
Accumulated depreciation and amortization	$ (27,611)	$ (3,254)
Assets held for sale, net	102,015	57,944
In-place lease intangible assets and other
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	12,910	10,854
Above-market rent intangible assets
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	5,625	3,210
Land, Buildings And Improvements, Net Lease And Other
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	39,372	47,134
Land, buildings and improvements — operating properties
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	$ 71,719	$ 0

Finance Receivables - Direct Fi

Finance Receivables - Direct Financing Leases and Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financing Receivables
Sale-leaseback transactions accounted for as loans receivable	$ 233,590	$ 234,198
Secured loans receivable	11,250	39,250
Net investment In lease and loans receivable	1,172,671	771,761
Loans receivable, allowance for credit losses	2,100	2,100
Direct Financing Lease
Financing Receivables
Net investments in direct financing leases	476,410	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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Financing Receivables
Lease payments receivable	$ 293,617		$ 332,618
Unguaranteed residual value	444,892		470,839
Net investment in finance leases, excluding unearned income	738,509		803,457
Less: unearned income	(259,479)		(296,411)
Less: allowance for credit losses	(2,620)		(8,733)
Net receivables (difference between undiscounted cash flows and discounted cash flows)	476,410		$ 498,313
Decrease in allowance for credit losses	(6,113)	$ (27,777)
Net Investments in Direct Financing Lease
Financing Receivables
Decrease in allowance for credit losses	$ 6,100	$ 6,700

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Finance Receivables
Interest income from direct financing leases		$ 12,600	$ 13,000	$ 38,100	$ 40,200
Net investments in finance leases and loans receivable		476,410		476,410		$ 498,313
Land, buildings and improvements, net lease and other		13,390,692		13,390,692		$ 13,338,857
Increase (decrease) in value of balance sheet item due to foreign currency translation		(8,844)	(56,053)	7,092	(109,198)
Reclassification of net-lease assets to net investments				451,400
Gain on sale of real estate, net		2,401	(4,736)	181,958	37,631
Proceeds From Prepayment Penalty		600		600
Proceeds from repayment of loans receivable	$ 28,000			28,000	34,000
Interest income from direct financing leases and loans receivables		5,300	$ 7,600	15,000	$ 16,600
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
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				(1,700)
Sales Type Lease
Finance Receivables
Gain on sale of real estate, net				176,200
Income from finance leases and loans receivable		9,700		22,600
Adjustments
Finance Receivables
Net investments in finance leases and loans receivable		(25,400)		(25,400)
Land, buildings and improvements, net lease and other		25,400		25,400
Adjustments | Five Properties
Finance Receivables
Net investments in finance leases and loans receivable		(25,400)		(25,400)
Land, buildings and improvements, net lease and other		$ 25,400		$ 25,400
Adjustments | Direct Financing Lease
Finance Receivables
Number of real estate properties (property) | property		78		78
Adjustments | Direct Financing Lease | Five Properties
Finance Receivables
Number of real estate properties (property) | property		5		5

Finance Receivables - Net Inv_2

Finance Receivables - Net Investments in Sale-type Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Lease payments receivable	$ 470,836	$ 0
Lease payments receivable including unearned income	470,836	0
Less: unearned income	(19,415)	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	Sep. 30, 2023 USD ($) tenant	Dec. 31, 2022 USD ($) tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 1,177,391	$ 782,594
Internally Assigned Grade1-3
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	19	19
Net investments in direct financing leases	$ 1,098,791	$ 664,761
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	6	8
Net investments in direct financing leases	$ 78,600	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets, Net
Increase (decrease) in value of balance sheet item due to foreign currency translation	$ (8,844)	$ (56,053)	$ 7,092	$ (109,198)
Amortization of intangible assets	$ 62,600	$ 62,100	193,700	$ 165,600
Net Intangible Assets
Finite-Lived Intangible Assets, Net
Foreign currency translation adjustments			(3,200)
Increase (decrease) in value of balance sheet item due to foreign currency translation			$ (1,300)
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	Sep. 30, 2023	Dec. 31, 2022
Amortizable Intangible Assets
Accumulated Amortization	$ (1,657,040)	$ (1,587,815)
Indefinite Lived Intangible Assets Including Goodwill
Total intangible assets, gross	4,375,629	4,414,293
Total intangible assets, net	2,718,589	2,826,478
Amortizable Intangible Liabilities
Less: accumulated amortization	80,040	125,287
Indefinite Lived Intangible Liabilities
Total intangible liabilities, gross	(233,089)	(309,871)
Total intangible liabilities, net	(153,049)	(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	(233,089)	(293,160)
Less: accumulated amortization	80,040	125,287
Net amortizable intangible liabilities	(153,049)	(167,873)
Goodwill
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	1,034,183	1,037,412
Contracts including internal software development costs
Amortizable Intangible Assets
Gross Carrying Amount	20,496	19,812
Accumulated Amortization	(19,463)	(19,144)
Net Carrying Amount	1,033	668
Internal-use software development costs
Amortizable Intangible Assets
Gross Carrying Amount	20,496	19,812
Accumulated Amortization	(19,463)	(19,144)
Net Carrying Amount	1,033	668
Lease intangibles
Amortizable Intangible Assets
Gross Carrying Amount	3,320,950	3,357,069
Accumulated Amortization	(1,637,577)	(1,568,671)
Net Carrying Amount	1,683,373	1,788,398
In-place lease
Amortizable Intangible Assets
Gross Carrying Amount	2,549,879	2,523,318
Accumulated Amortization	(1,131,197)	(1,061,235)
Net Carrying Amount	1,418,682	1,462,083
Above-market rent
Amortizable Intangible Assets
Gross Carrying Amount	771,071	833,751
Accumulated Amortization	(506,380)	(507,436)
Net Carrying Amount	$ 264,691	$ 326,315

Equity Method Investments - Equ

Equity Method Investments - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jun. 10, 2021
Equity Method Investment
Equity method investments in real estate	$ 351,537		$ 351,537		$ 327,502
Earnings from equity method investments	4,978	$ 11,304	14,569	$ 23,477
Las Vegas Retail Complex
Equity Method Investment
Earnings from equity method investments			9,100	$ 6,200
Real Estate | Affiliated Entity
Equity Method Investment
Equity method investments in real estate	349,759		349,759		325,277
Real Estate | Third Party | Las Vegas Retail Complex | Affiliated Entity
Equity Method Investment
Equity method investments in real estate	$ 232,941		232,941		196,352
Real Estate | Third Party | Las Vegas Retail Complex | Construction Commitment | Affiliated Entity
Equity Method Investment
Equity method investments in real estate						$ 229,800
Funding commitment						$ 261,900
Payments to settle other commitments			$ 36,600
Real Estate | Third Party | Johnson Self Storage | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	90%		90%
Equity method investments in real estate	$ 64,286		$ 64,286		65,707
Real Estate | Third Party | Kesko Senukai | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	70%		70%
Equity method investments in real estate	$ 28,414		$ 28,414		38,569
Real Estate | Third Party | Harmon Retail Corner | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	15%		15%
Equity method investments in real estate	$ 24,118		$ 24,118		$ 24,649

Equity Investments - Narratives

Equity Investments - Narratives (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Equity investments
Distributions of earnings from equity method investments	$ 15,107	$ 26,276
Equity method investments in real estate	$ 351,537		$ 327,502
CPA:18 – Global | Affiliated Entity
Equity investments
Distributions of earnings from equity method investments		1,600
CPA:18 – Global operating partnership | Affiliated Entity
Equity investments
Distributions of earnings from equity method investments		8,700
CESH
Equity investments
Equity method investment, ownership (as a percent)	2.43%
Equity method investments in real estate	$ 1,800		2,200
CESH | Affiliated Entity
Equity investments
Distributions of earnings from equity method investments	1,200	1,200
Real Estate | Unconsolidated Real Estate Investment
Equity investments
Distributions of earnings from equity method investments	25,200	$ 24,200
Aggregate unamortized basis difference on equity investments	$ 18,300		$ 19,100

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended		9 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	Sep. 30, 2023 USD ($) property shares	Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) property shares	Sep. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($) property shares
Fair Value Inputs, Assets
Equity method investments in real estate						$ 351,537		$ 351,537		$ 327,502
Preferred stock, shares issued (in shares) | shares						0		0		0
Proceeds from issuance of preferred stock								$ 0	$ 65,000
Goodwill impairment						$ 0	$ 29,334	$ 0	29,334
Investment Management
Fair Value Inputs, Assets
Goodwill impairment							29,300		29,300
Goodwill, fair value							0		0
Asset Held for Sale, Not in Discontinued Operations
Fair Value Inputs, Assets
Number of real estate properties (property) | property						8		8		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 real estate properties (property) | property				12
Number of properties sold | property										4
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						15,173	29,334	15,173	55,719
Level 3 | Real estate and intangibles | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs						$ 15,173	$ 0	$ 15,173	26,385
Number of real estate properties (property) | property						1		1
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
Recognized impairment costs									$ 6,200
Number of real estate properties (property) | property							2		2
Number of properties sold | property	1		1
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	Sep. 30, 2023	Dec. 31, 2022
Liabilities:
Debt issuance costs, net	$ (22,371)
Debt instrument, unamortized discount (premium), net	(31,472)
Level 2 and Level 3 | Carrying Value | Non-Recourse Mortgage, Net
Liabilities:
Debt issuance costs, net	(100)	$ (100)
Debt instrument, unamortized discount (premium), net	(6,200)	(10,300)
Level 3 | Carrying Value | Non-Recourse Mortgage, Net
Liabilities:
Debt instrument, fair value	784,750	1,132,417
Level 3 | Fair Value | Non-Recourse Mortgage, Net
Liabilities:
Debt instrument, fair value	767,999	1,109,449
Senior Unsecured Notes, net | Level 2 and Level 3 | Carrying Value
Liabilities:
Debt instrument, fair value	5,902,854	5,916,400
Debt issuance costs, net	(22,100)	(25,900)
Debt instrument, unamortized discount (premium), net	(20,800)	(24,100)
Senior Unsecured Notes, net | Level 2 and Level 3 | Fair Value
Liabilities:
Debt instrument, fair value	$ 5,224,131	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impairment Charges	$ 15,173	$ 29,334	$ 15,173	$ 55,719
Real estate and intangibles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value Measurements	3,213	0	3,213	24,497
Impairment Charges	15,173	0	15,173	26,385
Goodwill
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value Measurements	0	0	0	0
Impairment Charges	$ 0	$ 29,334	$ 0	$ 29,334

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Summary of Derivative Instruments
Net collateral posted for derivatives	$ 0		$ 0		$ 0
Derivative, remaining maturity (in years)	59 months		59 months
Total credit exposure on derivatives	$ 30,100,000		$ 30,100,000
Derivatives, net liability position	600,000		600,000		1,700,000
Aggregate termination value for immediate settlement	600,000		600,000		$ 1,700,000
Other comprehensive income foreign currency (losses) gains	108,000,000	$ 215,000,000	38,600,000	$ 528,400,000
Individual Counterparty
Summary of Derivative Instruments
Total credit exposure on derivatives	$ 4,900,000		4,900,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			(2,900,000)
Non-operating income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			$ (13,900,000)

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value
Derivative assets, fair value	$ 34,486	$ 39,274
Liability derivatives, fair value	(612)	(1,693)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	30,376	35,324
Liability derivatives, fair value	(612)	(1,445)
Derivatives Not in Cash Flow Hedging Relationships
Derivatives, Fair Value
Derivative assets, fair value	4,110	3,950
Liability derivatives, fair value	0	(248)
Other assets, net | Foreign currency collars | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	27,088	32,631
Other assets, net | Foreign currency collars | Derivatives Not in Cash Flow Hedging Relationships
Derivatives, Fair Value
Derivative assets, fair value	160	0
Other assets, net | Interest rate swaps | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	3,288	2,679
Other assets, net | Interest rate cap | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	0	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	(612)	(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	$ 0	$ (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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ 7,411	$ 22,430	$ (4,036)	$ 47,445
Derivatives in Cash Flow Hedging Relationships  | Equity Method Investments
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	(600)	1,200	(1,300)	3,500
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)	7,928	20,756	(4,710)	44,410
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)	(514)	1,663	683	3,019
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)	$ (3)	$ 11	$ (9)	$ 16

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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)	$ 3,446	$ 4,921	$ 11,788	$ 10,098
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)	2,787	4,987	10,656	10,450
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)	$ 659	$ (66)	$ 1,132	$ (352)

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amount of Gain (Loss) on Derivatives Recognized in Income
Total	$ 718	$ 4,240	$ 124	$ 9,480
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	951	3,737	935	7,520
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	450	447	409	1,573
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	$ (683)	$ 56	$ (1,220)	$ 387

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	Sep. 30, 2023 EUR (€) derivative	Sep. 30, 2023 USD ($) derivative
Derivative Disclosure
Fair value		$ 3,288
EUR | Interest rate swaps
Derivative Disclosure
Number of Instruments | derivative	4	4
Notional Amount | €	€ 513,214
Fair value		$ 2,147
USD | Interest rate swaps
Derivative Disclosure
Number of Instruments | derivative	4	4
Notional Amount		$ 31,249
Fair value		$ 1,141

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	Sep. 30, 2023 EUR (€) derivative	Sep. 30, 2023 USD ($) derivative	Sep. 30, 2023 GBP (£) derivative
Derivative Disclosure
Fair value, foreign currency derivatives		$ 26,636
EUR | Foreign currency collars | Derivatives Not in Cash Flow Hedging Relationships
Derivative Disclosure
Number of Instruments | derivative	1	1	1
Notional Amount | €	€ 8,000
Fair value, foreign currency derivatives		$ 160
EUR | Foreign currency collars | Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments
Derivative Disclosure
Number of Instruments | derivative	63	63	63
Notional Amount | €	€ 280,000
Fair value, foreign currency derivatives		$ 22,936
GBP | Foreign currency collars | Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments
Derivative Disclosure
Number of Instruments | derivative	48	48	48
Notional Amount | £			£ 30,740
Fair value, foreign currency derivatives		$ 3,540

Debt - Narratives (Details)

Debt - Narratives (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Sep. 20, 2023 USD ($)

Oct. 31, 2023 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Nov. 01, 2023 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

$ 22,371,000

$ 22,371,000

Non Recourse Debt

Weighted average interest rate (as a percent)

4.70%

4.70%

Repayments of non recourse mortgage loan

$ 251,028,000

$ 51,548,000

Prepayments of mortgage principal

99,388,000

10,381,000

Decrease in value of balance sheet item due to foreign currency translation

$ (8,844,000)

$ (56,053,000)

$ 7,092,000

$ (109,198,000)

Subsequent Events

Non Recourse Debt

Repayments of non recourse mortgage loan

$ 41,300,000

Fixed Interest Rate

Non Recourse Debt

Weighted average interest rate (as a percent)

4.60%

4.60%

Variable Interest Rate

Non Recourse Debt

Weighted average interest rate (as a percent)

5.20%

5.20%

Unsecured Senior Notes

Senior Unsecured Credit Facility

Principal amount

$ 5,900,000,000

$ 5,900,000,000

Debt financing costs

$ 22,100,000

$ 22,100,000

25,900,000

Non-Recourse Debt

Senior Unsecured Credit Facility

Stated interest rate (as a percent)

4.80%

4.80%

Non Recourse Debt

Repayments of non recourse mortgage loan

$ 226,900,000

Prepayments of mortgage principal

99,400,000

Gain (loss) on extinguishment of debt

2,400,000

Decrease in value of balance sheet item due to foreign currency translation

$ (40,600,000)

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%

Net Lease Office Properties | Secured Debt

Senior Unsecured Credit Facility

Principal amount

$ 335,000,000

Net Lease Office Properties | Secured Debt | Minimum

Senior Unsecured Credit Facility

Stated interest rate (as a percent)

3.85%

Net Lease Office Properties | Secured Debt | Maximum

Senior Unsecured Credit Facility

Stated interest rate (as a percent)

5.35%

Net Lease Office Properties | Prime Rate | Secured Debt

Senior Unsecured Credit Facility

Variable interest rate (as a percent)

5%

Net Lease Office Properties Mezzanine Loan | Secured Debt

Senior Unsecured Credit Facility

Stated interest rate (as a percent)

4.50%

Net Lease Office Properties Mezzanine Loan | Prime Rate | Secured Debt

Senior Unsecured Credit Facility

Stated interest rate (as a percent)

14.50%

Monthly interest rate basis (percent)

10%

NLOP Financing Arrangements | Secured Debt

Senior Unsecured Credit Facility

Debt financing costs

$ 14,400,000

Unsecured Revolving Credit Facility

Senior Unsecured Credit Facility

Maximum borrowing capacity

$ 3,050,000,000

2,400,000,000

Line of credit facility, available

$ 1,300,000,000

$ 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

Effective 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

Line of Credit | Net Lease Office Properties | Subsequent Events

Senior Unsecured Credit Facility

Maximum borrowing capacity

$ 350,000,000

Line of Credit | Net Lease Office Properties Mezzanine Loan

Senior Unsecured Credit Facility

Maximum borrowing capacity

$ 120,000,000

Debt - Unsecured Term Loans and

Debt - Unsecured Term Loans and Revolving Credit Facility (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	$ 1,604,824	$ 830,406
Unamortized discount	31,472
Debt financing costs	22,371
Unsecured Term Loans:
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	1,088,311	554,014
Unsecured Revolving Credit Facility:
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	$ 516,513	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	$ 529,700	0
Unamortized discount	3,500
Debt financing costs	300
EUR | Unsecured Term Loans: | Delayed Draw Term Loan Due 2025
Unsecured Term Loans and Unsecured Revolving Credit Facility
Debt outstanding	$ 227,771	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	$ 345,364	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	$ 330,840	324,695
Unamortized discount	$ 1,000	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	$ 155,000	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	$ 16,149	$ 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)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Senior Unsecured Notes
Unamortized deferred financing costs	$ 22,371,000
Unamortized discount, net	31,472,000
Unsecured Senior Notes
Senior Unsecured Notes
Principal Amount	5,900,000,000
Principal amount of debt outstanding	5,945,775,000		$ 5,966,475,000
Unamortized deferred financing costs	22,100,000		25,900,000
Unamortized discount, net	$ 20,800,000		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	$ 529,700,000		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	$ 529,700,000		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	$ 529,700,000		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	$ 529,700,000		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	$ 158,910,000		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	$ 556,185,000		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	$ 211,880,000		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	Sep. 30, 2023 USD ($)
Long-term Debt, by Maturity
2023 (remainder)	$ 111,174
2024	1,223,399
2025	1,903,802
2026	1,509,747
2027	530,368
Thereafter through 2039	3,063,067
Total principal payments	8,341,557
Unamortized discount, net	(31,472)
Unamortized deferred financing costs	(22,371)
Total	$ 8,287,714

Stock-Based Compensation and _3

Stock-Based Compensation and Equity - Narratives (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jul. 18, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	May 30, 2023	May 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense		$ 9,100,000	$ 5,500,000	$ 25,811,000	$ 23,102,000
Acquisition of noncontrolling interest		$ 0	$ 14,367,000	$ 0	$ 14,367,000
Dividends declared (in dollars per share)		$ 1.071	$ 1.061	$ 3.207	$ 3.177
International Jointly Owned Investments
Share-based Compensation Arrangement by Share-based Payment Award
Remaining acquired amount (percent)						3%
Ownership interest parent (percent)						100%
Domestic Jointly Owned Investments
Share-based Compensation Arrangement by Share-based Payment Award
Remaining acquired amount (percent)	10%
Ownership interest parent (percent)	100%
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award
Acquisition of noncontrolling interest		$ 2,510,000		$ 3,663,000
Additional Paid-in Capital | International Jointly Owned Investments
Share-based Compensation Arrangement by Share-based Payment Award
Acquisition of noncontrolling interest				1,200,000
Additional Paid-in Capital | Domestic Jointly Owned Investments
Share-based Compensation Arrangement by Share-based Payment Award
Acquisition of noncontrolling interest		$ 2,500,000		$ 2,500,000
Payments to acquire additional interest	$ 2,400,000
ATM Program | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Aggregate gross sales price							$ 1,000,000,000

Stock-Based Compensation and _4

Stock-Based Compensation and Equity - Restricted and Conditional Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Weighted-Average Grant Date Fair Value
Fair value of vested stock	$ 36,000
Deferred compensation obligation	$ 62,046	$ 57,012
RSA and RSU Awards
Shares
Nonvested, beginning balance (in shares)	376,298
Granted (in shares)	256,993
Vested (in shares)	(171,330)
Forfeited (in shares)	(101)
Adjustments (in shares)	0
Nonvested, ending balance (in shares)	461,860
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 74.78
Granted, weighted average grant date fair value (in dollars per share)	82.78
Vested, weighted average grant date fair value (in dollars per share)	76.62
Forfeited, weighted average grant date fair value (in dollars per share)	74.81
Adjustments, weighted average grant date fair value (in dollars per share)	0
Nonvested, weighted average grant date fair value (in dollars per share)	$ 78.53
Conversion rate (in shares)	1
PSU Awards
Shares
Nonvested, beginning balance (in shares)	531,781
Granted (in shares)	150,989
Vested (in shares)	(218,147)
Forfeited (in shares)	0
Adjustments (in shares)	71,443
Nonvested, ending balance (in shares)	536,066
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 89.14
Granted, weighted average grant date fair value (in dollars per share)	144.54
Vested, weighted average grant date fair value (in dollars per share)	104.65
Forfeited, weighted average grant date fair value (in dollars per share)	0
Adjustments, weighted average grant date fair value (in dollars per share)	107.02
Nonvested, weighted average grant date fair value (in dollars per share)	$ 103.15
Performance period (in years)	3 years
PSU Awards | Minimum
Weighted-Average Grant Date Fair Value
Potential performance return rate for stock awards	0
PSU Awards | Maximum
Weighted-Average Grant Date Fair Value
Potential performance return rate for stock awards	3
Long Term Incentive Plan
Weighted-Average Grant Date Fair Value
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	1,181,947
Deferred compensation obligation	$ 62,000	$ 57,000
Total unrecognized compensation expense	$ 50,200
Weighted-average remaining term (in years)	2 years
Long Term Incentive Plan | Minimum
Weighted-Average Grant Date Fair Value
Risk free interest rate (as a percent)	3.80%
Fair value assumptions expected volatility rate (as a percent)	38.20%

Stock-Based Compensation and _5

Stock-Based Compensation and Equity - Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share Reconciliation
Net income — basic	$ 125,040	$ 104,928	$ 564,040	$ 389,601
Net income — diluted	$ 125,040	$ 104,928	$ 564,040	$ 389,601
Weighted-average shares outstanding – basic (in shares)	215,097,114	203,093,553	214,052,907	196,382,433
Effect of dilutive securities (in shares)	155,855	1,004,563	374,518	882,076
Weighted-average shares outstanding – diluted (shares)	215,252,969	204,098,116	214,427,425	197,264,509

Stock-Based Compensation and _6

Stock-Based Compensation and Equity - Acquisition of Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jul. 18, 2023	May 30, 2023
Stock Based Compensation and Equity
Acquisition of noncontrolling interest	$ 0	$ 14,367	$ 0	$ 14,367
International Jointly Owned Investments
Stock Based Compensation and Equity
Remaining acquired amount (percent)						3%
Ownership interest parent (percent)						100%
Domestic Jointly Owned Investments
Stock Based Compensation and Equity
Remaining acquired amount (percent)					10%
Ownership interest parent (percent)					100%
Additional Paid-in Capital
Stock Based Compensation and Equity
Acquisition of noncontrolling interest	2,510		3,663
Additional Paid-in Capital | International Jointly Owned Investments
Stock Based Compensation and Equity
Acquisition of noncontrolling interest			1,200
Additional Paid-in Capital | Domestic Jointly Owned Investments
Stock Based Compensation and Equity
Acquisition of noncontrolling interest	$ 2,500		$ 2,500

Stock-Based Compensation and _7

Stock-Based Compensation and Equity - ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Net proceeds				$ 218,101
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares of common stock issued (in shares)				2,740,295
Net proceeds				$ 3
Common Stock | ATM Program
Share-based Compensation Arrangement by Share-based Payment Award
Shares of common stock issued (in shares)	0	0	0	2,740,295
Weighted-average price per share (in dollars per share)	$ 0	$ 0	$ 0	$ 80.79
Net proceeds	$ 0	$ 0	$ 0	$ 218,081

Stock-Based Compensation and _8

Stock-Based Compensation and Equity - Forward Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	May 02, 2022	Aug. 09, 2021	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (in shares)			450,000,000		450,000,000
Average Gross Offering Proceeds at Closing			$ 249,806	$ 97,456
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net proceeds				$ 218,101
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock delivered				2,740,295
Net proceeds				$ 3
Underwriting Agreement | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock delivered	0	1,337,500	3,081,867	1,337,500
Net proceeds	$ 0	$ 97,456	$ 249,806	$ 97,456

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	$ 9,246,932	$ 7,641,462	$ 9,008,644	$ 7,583,451
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(4,862)	(9,263)	(13,997)	(23,783)
Interest expense	76,974	59,022	219,658	151,492
Other gains and (losses) (Note 9)	(2,859)	15,020	(9,593)	1,021
Other Comprehensive (Loss) Income	(2,028)	(32,443)	1,708	(76,930)
Ending equity balance	9,145,251	8,813,897	9,145,251	8,813,897
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(279,931)	(266,157)	(283,780)	(221,670)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(281,820)	(298,057)	(281,820)	(298,057)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	23,879	43,693	36,079	16,347
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	30,695	67,303	30,695	67,303
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(303,810)	(309,850)	(319,859)	(256,705)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(312,515)	(365,360)	(312,515)	(365,360)
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	1,418	(27,522)	13,496	(48,144)
Amounts reclassified from accumulated other comprehensive loss to:
Total	(3,446)	(4,921)	(11,788)	(28,786)
Other Comprehensive (Loss) Income	(2,028)	(32,443)	1,708	(76,930)
Net current period other comprehensive loss attributable to noncontrolling interests	139	543	252	543
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	(2,787)	(4,987)	(10,656)	(10,450)
Interest expense	(659)	66	(1,132)	352
Other gains and (losses) (Note 9)				(18,688)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	10,262	28,531	6,404	61,054
Amounts reclassified from accumulated other comprehensive loss to:
Total	(3,446)	(4,921)	(11,788)	(10,098)
Other Comprehensive (Loss) Income	6,816	23,610	(5,384)	50,956
Net current period other comprehensive loss attributable to noncontrolling interests	0	0	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	(2,787)	(4,987)	(10,656)	(10,450)
Interest expense	(659)	66	(1,132)	352
Other gains and (losses) (Note 9)				0
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	(8,844)	(56,053)	7,092	(109,198)
Amounts reclassified from accumulated other comprehensive loss to:
Total	0	0	0	0
Other Comprehensive (Loss) Income	(8,844)	(56,053)	7,092	(109,198)
Net current period other comprehensive loss attributable to noncontrolling interests	139	543	252	543
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 9)				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 (Loss) Income	0	0	0	(18,688)
Net current period other comprehensive loss attributable to noncontrolling interests	0	0	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 9)				$ (18,688)

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Current income tax expense	$ 9,400	$ 8,200	$ 33,000	$ 23,200
Deferred income tax (expense) benefit	$ 4,300	$ (100)	$ 2,706	$ 1,561

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Mar. 31, 2023 property
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate | $			$ 187,678	$ 170,341
Owned Real Estate Segment [Member]
Discontinued Operation Additional Disclosures
Number of real estate properties (property)	1,472		1,472
Hotel | Owned Real Estate Segment [Member]
Discontinued Operation Additional Disclosures
Number of properties sold	3
Number of real estate properties (property)	10		10
Properties Disposed of by Sale
Discontinued Operation Additional Disclosures
Number of properties sold	6	3	14	17
Proceeds from sales of real estate | $	$ 143,600	$ 55,200	$ 187,700	$ 170,300
Gain (loss) on sale of real estate, net of tax | $	14,100	(4,700)	17,500	37,600
Gains losses on sales of investment real estate tax | $	$ 700	$ 2,800	$ 700	$ 2,900
Number of real estate properties (property)					2

Segment Reporting - Narratives

Segment Reporting - Narratives (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Revenues	$ 448,553	$ 383,622	$ 1,328,921	$ 1,076,457
Operating Expenses
Depreciation and amortization	144,771	132,181	444,728	362,654
Operating property expenses	26,570	9,357	74,738	15,335
General and administrative	23,258	22,299	74,494	66,224
Reimbursable tenant costs	20,498	18,874	62,997	52,538
Impairment charges — real estate	15,173	0	15,173	26,385
Property expenses, excluding reimbursable tenant costs	13,021	11,244	31,164	36,874
Stock-based compensation expense	9,050	5,511	25,811	23,102
Merger and other expenses	4,152	17,667	5,595	17,329
Total operating expenses	256,590	246,811	735,022	632,189
Other Income and Expenses
Interest expense	(76,974)	(59,022)	(219,658)	(151,492)
Earnings from equity method investments in real estate	4,978	11,304	14,569	23,477
Non-operating income	4,862	9,263	13,997	23,783
Gain (loss) on sale of real estate, net	2,401	(4,736)	181,958	37,631
Other gains and (losses)	2,859	(15,020)	9,593	(1,021)
Gain on change in control of interests	0	33,931	0	33,931
Total other income and expenses	(61,874)	(24,280)	459	(33,691)
Income before income taxes	130,089	112,531	594,358	410,577
Provision for income taxes	(5,090)	(8,263)	(30,338)	(21,598)
Net Income	124,999	104,268	564,020	388,979
Net loss attributable to noncontrolling interests	41	660	20	622
Net Income Attributable to W. P. Carey	125,040	104,928	564,040	389,601
Real Estate
Revenues
Income from finance leases and loans receivable	27,575	20,637	75,641	56,794
Operating property revenues	49,218	21,350	140,780	30,279
Other lease-related income	2,310	8,192	20,723	24,905
Revenues	448,262	382,081	1,327,763	1,065,959
Real Estate | Operating Segments
Revenues
Lease revenues	369,159	331,902	1,090,619	953,981
Income from finance leases and loans receivable	27,575	20,637	75,641	56,794
Operating property revenues	49,218	21,350	140,780	30,279
Other lease-related income	2,310	8,192	20,723	24,905
Revenues	448,262	382,081	1,327,763	1,065,959
Operating Expenses
Depreciation and amortization	144,771	132,181	444,728	362,654
Operating property expenses	26,570	9,357	74,738	15,335
General and administrative	23,258	22,299	74,494	66,224
Reimbursable tenant costs	20,498	18,874	62,997	52,538
Impairment charges — real estate	15,173	0	15,173	26,385
Property expenses, excluding reimbursable tenant costs	13,021	11,244	31,164	36,874
Stock-based compensation expense	9,050	5,511	25,811	23,102
Merger and other expenses	4,152	17,667	5,595	17,326
Total operating expenses	256,493	217,133	734,700	600,438
Other Income and Expenses
Interest expense	(76,974)	(59,022)	(219,658)	(151,492)
Earnings from equity method investments in real estate	4,978	6,447	14,569	10,189
Non-operating income	4,862	9,264	13,984	23,781
Gain (loss) on sale of real estate, net	2,401	(4,736)	181,958	37,631
Other gains and (losses)	2,180	(13,960)	8,876	303
Gain on change in control of interests	0	11,405	0	11,405
Total other income and expenses	(62,553)	(50,602)	(271)	(68,183)
Income before income taxes	129,216	114,346	592,792	397,338
Provision for income taxes	(5,090)	(3,631)	(30,728)	(16,499)
Net Income	124,126	110,715	562,064	380,839
Net loss attributable to noncontrolling interests	41	660	20	622
Net Income Attributable to W. P. Carey	$ 124,167	$ 111,375	$ 562,084	$ 381,461

Segment Reporting - Income Fr_2

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Revenues	$ 448,553	$ 383,622	$ 1,328,921	$ 1,076,457
Operating Expenses
Reimbursable costs from affiliates	97	344	322	2,414
Impairment charges — Investment Management goodwill	0	29,334	0	29,334
Merger and other expenses	4,152	17,667	5,595	17,329
Total operating expenses	256,590	246,811	735,022	632,189
Other Income and Expenses
Other gains and (losses)	2,859	(15,020)	9,593	(1,021)
Gain on change in control of interests	0	33,931	0	33,931
Earnings from equity method investments in the Managed Programs	4,978	11,304	14,569	23,477
Non-operating (loss) income	4,862	9,263	13,997	23,783
Total other income and expenses	(61,874)	(24,280)	459	(33,691)
Income (loss) before income taxes	130,089	112,531	594,358	410,577
Provision for income taxes	(5,090)	(8,263)	(30,338)	(21,598)
Net Income (Loss) from Investment Management Attributable to W. P. Carey	125,040	104,928	564,040	389,601
Investment Management
Revenues
Operating property revenues	291	1,541	1,158	10,498
Operating Expenses
Impairment charges — Investment Management goodwill		29,300		29,300
Investment Management | Operating Segments
Revenues
Revenues	291	1,541	1,158	10,498
Operating Expenses
Reimbursable costs from affiliates	97	344	322	2,414
Impairment charges — Investment Management goodwill	0	29,334	0	29,334
Merger and other expenses	0	0	0	3
Total operating expenses	97	29,678	322	31,751
Other Income and Expenses
Other gains and (losses)	679	(1,060)	717	(1,324)
Gain on change in control of interests	0	22,526	0	22,526
Earnings from equity method investments in the Managed Programs	0	4,857	0	13,288
Non-operating (loss) income	0	(1)	13	2
Total other income and expenses	679	26,322	730	34,492
Income (loss) before income taxes	873	(1,815)	1,566	13,239
Provision for income taxes	0	(4,632)	390	(5,099)
Net Income (Loss) from Investment Management Attributable to W. P. Carey	873	(6,447)	1,956	8,140
Asset management revenue | Investment Management
Revenues
Operating property revenues	194	1,197	836	8,084
Asset management revenue | Investment Management | Operating Segments
Revenues
Operating property revenues	194	1,197	836	8,084
Reimbursable costs from affiliates | Investment Management
Revenues
Operating property revenues	97	344	322	2,414
Reimbursable costs from affiliates | Investment Management | Operating Segments
Revenues
Operating property revenues	$ 97	$ 344	$ 322	$ 2,414

Segment Reporting - Total Compa

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information Profit Loss
Revenues	$ 448,553	$ 383,622	$ 1,328,921	$ 1,076,457
Operating expenses	256,590	246,811	735,022	632,189
Other income and (expenses)	(61,874)	(24,280)	459	(33,691)
Provision for income taxes	(5,090)	(8,263)	(30,338)	(21,598)
Net loss attributable to noncontrolling interests	41	660	20	622
Net income attributable to W. P. Carey	$ 125,040	$ 104,928	$ 564,040	$ 389,601

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Assets
Total assets	[1]	$ 18,630,239	$ 18,102,035
Real Estate
Assets
Total assets		18,620,013	18,077,155
Investment Management
Assets
Total assets		$ 10,226	$ 24,880
[1] See Note 2 for details related to variable interest entities (“VIEs”).

Subsequent Events (Details)

Subsequent Events (Details)		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 01, 2023 USD ($) property	Oct. 31, 2023 USD ($) loan property $ / shares shares	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($) property	Mar. 31, 2023 property
Subsequent Event
Maximum borrowing capacity							$ 2,750,000,000
Proceeds from sales of real estate					$ 187,678,000	$ 170,341,000
Repayments of secured loans					$ 251,028,000	$ 51,548,000
Owned Real Estate Segment [Member]
Subsequent Event
Number of real estate properties (property) | property			1,472		1,472
Net Lease Office Properties | Line of Credit
Subsequent Event
Maximum borrowing capacity			$ 455,000,000		$ 455,000,000
Spinoff
Subsequent Event
Spin-off costs					61,600,000
Advisory fees					5,100,000		$ 4,900,000
Additional spin-off related costs			$ 51,600,000		$ 51,600,000
Spinoff | Office Property
Subsequent Event
Number of real estate properties (property) | property			59		59
Properties Disposed of by Sale
Subsequent Event
Number of real estate properties (property) | property								2
Number of properties sold | property			6	3	14	17
Proceeds from sales of real estate			$ 143,600,000	$ 55,200,000	$ 187,700,000	$ 170,300,000
Asset Held for Sale, Not in Discontinued Operations
Subsequent Event
Number of real estate properties (property) | property			8		8		3
Asset Held for Sale, Not in Discontinued Operations | Owned Real Estate Segment [Member]
Subsequent Event
Number of real estate properties (property) | property			6		6
Asset Held for Sale, Not in Discontinued Operations | Hotel | Owned Real Estate Segment [Member]
Subsequent Event
Number of real estate properties (property) | property			3		3
Subsequent Events
Subsequent Event
Loans repaid count | loan		2
Repayments of secured loans		$ 41,300,000
Subsequent Events | ATM Program
Subsequent Event
Net proceeds		$ 384,000,000
Subsequent Events | Net Lease Office Properties | Line of Credit
Subsequent Event
Maximum borrowing capacity	$ 350,000,000
Subsequent Events | Net Lease Office Properties
Subsequent Event
Management fee payable	7,500,000
Administrative fee income	4,000,000
Subsequent Events | Common Stock | ATM Program
Subsequent Event
Issued (in shares) | shares		4,744,973
Sale of stock, price (usd per share) | $ / shares		$ 80.95
Subsequent Events | Spinoff
Subsequent Event
Advisory fees	$ 10,000,000
Subsequent Events | Spinoff | Office Property
Subsequent Event
Number of real estate properties (property) | property	59	59
Number of properties sold | property	3
Subsequent Events | Properties Disposed of by Sale
Subsequent Event
Number of properties sold | property		7
Proceeds from sales of real estate		$ 101,900,000