Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
In Billions, except Share data, unless otherwise specified | Dec. 31, 2012 | Jan. 31, 2013 |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'W. P. Carey Inc. | ' |
Entity Central Index Key | '0001025378 | ' |
Document Type | '8-K | ' |
Document Period End Date | 31-Dec-12 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2012 | ' |
Document Fiscal Period Focus | 'FY | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 68,488,740 |
Entity Public Float | $1.30 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Investments in real estate: | ' | ' |
Real estate, at cost (inclusive of amounts attributable to consolidated variable interest entities (''VIEs'') of $78,745 and $41,032, respectively) | $2,331,613 | $646,482 |
Operating real estate, at cost (inclusive of amounts attributable to consolidated VIEs of $0 and $26,318, respectively) | 99,703 | 109,875 |
Accumulated depreciation (inclusive of amounts attributable to consolidated VIEs of $16,110 and $22,350, respectively) | -136,068 | -135,175 |
Net investments in properties | 2,295,248 | 621,182 |
Real estate under construction | 2,875 | 0 |
Net investments in direct financing leases (inclusive of amounts attributable to consolidated VIEs of $23,921 and $0, respectively) | 376,005 | 58,000 |
Assets held for sale | 1,445 | 0 |
Equity investments in real estate and the REITs | 565,626 | 538,749 |
Net investments in real estate | 3,241,199 | 1,217,931 |
Cash (inclusive of amounts attributable to consolidated VIEs of $17 and $230, respectively) | 123,904 | 29,297 |
Due from affiliates | 36,002 | 38,369 |
Goodwill | 329,132 | 63,607 |
In-place lease, net (inclusive of amounts attributable to consolidated VIEs of $3,823 and $0, respectively) | 447,278 | 44,578 |
Above-market rent, net (inclusive of amounts attributable to consolidated VIEs of $2,773 and $0, respectively) | 279,885 | 4,822 |
Other intangible assets, net (inclusive of amounts attributable to consolidated VIEs of $297 and $0, respectively) | 10,200 | 12,950 |
Other assets, net (inclusive of amounts attributable to consolidated VIEs of $4,232 and $2,773, respectively) | 141,442 | 51,069 |
Total assets | 4,609,042 | 1,462,623 |
Liabilities: | ' | ' |
Non-recourse debt (inclusive of amounts attributable to consolidated VIEs of $30,326 and $14,261, respectively) | 1,715,397 | 356,209 |
Senior credit facility | 253,000 | 233,160 |
Accounts payable, accrued expenses and other liabilities (inclusive of amounts attributable to consolidated VIEs of $7,659 and $1,651, respectively) | 265,132 | 82,055 |
Income taxes, net | 24,959 | 44,783 |
Distributions payable | 45,700 | 22,314 |
Total liabilities | 2,304,188 | 738,521 |
Redeemable noncontrolling interest | 7,531 | 7,700 |
Redeemable securities - related party (Note 4) | 40,000 | 0 |
Commitments and contingencies (Note 13) | ' | ' |
W. P. Carey stockholders' equity: | ' | ' |
Common stock, $0.001 per value, 450,000,000 shares authorized; 68,901,933 and 0 shares issued, and 68,485,525 and 0 shares outstanding, respectively | 69 | 0 |
Preferred stock, $0.001 per value, 50,000,000 shares authorized; none issued | 0 | 0 |
Additional paid-in capital | 2,175,820 | 779,071 |
Distributions in excess of accumulated earnings | -172,182 | -95,046 |
Deferred compensation obligation | 8,358 | 7,063 |
Accumulated other comprehensive loss | -4,649 | -8,507 |
Less, treasury stock at cost, 416,408 and 0 shares, respectively | -20,270 | 0 |
Total W. P. Carey stockholders' equity | 1,987,146 | 682,581 |
Noncontrolling interest | 270,177 | 33,821 |
Total equity | 2,257,323 | 716,402 |
Total liabilities and equity | $4,609,042 | $1,462,623 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | ||
Investments in real estate: | ' | ' |
Real estates, at cost attributable to consolidated VIEs | $2,331,613 | $646,482 |
Operating real estate, at cost attributable to consolidated VIEs | 99,703 | 109,875 |
Accumulated depreciation attributable to consolidated VIEs | 136,068 | 135,175 |
Net investments in direct financing leases attributable to VIE's | 376,005 | 58,000 |
Cash attributable to consolidated VIEs | 123,904 | 29,297 |
In-place lease attributable to consolidated VIEs | 447,278 | 44,578 |
Above-market rent attributable to consolidated VIEs | 279,885 | 4,822 |
Other intangible assets attributable to consolidated VIEs | 10,200 | 12,950 |
Other Assets attributable to consolidated VIEs | 141,442 | 51,069 |
Liabilities: | ' | ' |
Non-recourse debt attributable to consolidated VIEs | 1,715,397 | 356,209 |
Accounts payable attributable to consolidated VIEs | 265,132 | 82,055 |
W. P. Carey stockholders' equity: | ' | ' |
Preferred stock, per share value | $0.00 | $0.00 |
Preferred stock, authorized | 50,000,000 | 50,000,000 |
Treasury stock, cost | 416,408 | 0 |
Variable Interest Entity | ' | ' |
Investments in real estate: | ' | ' |
Real estates, at cost attributable to consolidated VIEs | 78,745 | 41,032 |
Operating real estate, at cost attributable to consolidated VIEs | 0 | 26,318 |
Accumulated depreciation attributable to consolidated VIEs | 16,110 | 22,350 |
Net investments in direct financing leases attributable to VIE's | 23,921 | 0 |
Cash attributable to consolidated VIEs | 17 | 230 |
In-place lease attributable to consolidated VIEs | 3,823 | 0 |
Above-market rent attributable to consolidated VIEs | 2,773 | 0 |
Other intangible assets attributable to consolidated VIEs | 297 | 0 |
Other Assets attributable to consolidated VIEs | 4,232 | 2,773 |
Liabilities: | ' | ' |
Non-recourse debt attributable to consolidated VIEs | 30,326 | 14,261 |
Accounts payable attributable to consolidated VIEs | $7,659 | $1,651 |
Common Stock No Par Value | ' | ' |
W. P. Carey stockholders' equity: | ' | ' |
Common stock, per share value | $0 | $0 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 0 | 39,729,018 |
Common stock, outstanding | 0 | 39,729,018 |
Common Stock | ' | ' |
W. P. Carey stockholders' equity: | ' | ' |
Common stock, per share value | $0.00 | $0.00 |
Common stock, authorized | 450,000,000 | 450,000,000 |
Common stock, issued | 68,901,933 | 0 |
Common stock, outstanding | 68,485,525 | 0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Lease revenues: | ' | ' | ' |
Rental income | $107,777 | $51,958 | $41,552 |
Interest income from direct financing leases | 15,426 | 10,278 | 9,542 |
Total lease revenues | 123,203 | 62,236 | 51,094 |
Asset management revenue from affiliates | 56,666 | 66,808 | 76,246 |
Structuring revenue from affiliates | 48,355 | 46,831 | 44,525 |
Incentive, termination and subordinated disposition revenue from affiliates | 0 | 52,515 | 0 |
Wholesaling revenue | 19,914 | 11,664 | 11,096 |
Reimbursed costs from affiliates | 98,245 | 64,829 | 60,023 |
Other real estate income | 22,482 | 19,239 | 14,195 |
Revenues, Total | 368,865 | 324,122 | 257,179 |
Operating Expenses | ' | ' | ' |
General and administrative | -144,809 | -93,684 | -73,423 |
Reimbursable costs | -98,245 | -64,829 | -60,023 |
Depreciation and amortization | -47,506 | -23,339 | -17,433 |
Property expenses | -12,641 | -9,965 | -7,683 |
Other real estate expenses | -6,170 | -6,384 | -4,574 |
Impairment charge | 0 | 1,365 | -1,140 |
Operating Expenses, Total | -309,371 | -196,836 | -164,276 |
Other Income and Expenses | ' | ' | ' |
Other interest income | 1,396 | 2,000 | 1,269 |
Income from equity investments in real estate and Managed REITs | 62,392 | 51,228 | 30,992 |
Gain on change in control of interests | 20,744 | 27,859 | 781 |
Other income and (expenses) | 3,402 | 4,578 | 627 |
Interest expense | -50,290 | -21,675 | -15,539 |
Other Income and Expenses, Total | 37,644 | 63,990 | 18,130 |
Income from continuing operations before income taxes | 97,138 | 191,276 | 111,033 |
Provision for income taxes | -6,783 | -37,214 | -25,852 |
Income from continuing operations | 90,355 | 154,062 | 85,181 |
Discontinued Operations | ' | ' | ' |
Income (loss) from operations of discontinued properties, net of tax | 405 | -703 | 3,551 |
Gain on deconsolidation of a subsidiary | 0 | 1,008 | 0 |
(Loss) gain on sales of real estate | -5,019 | -3,391 | 460 |
Impairment charges | -22,962 | -11,838 | -14,241 |
Loss from discontinued operations, net of tax | -27,576 | -14,924 | -10,230 |
Net income | 62,779 | 139,138 | 74,951 |
Net (income) loss attributable to non controlling interest | -607 | 1,864 | 314 |
Less: Net income attributable to redeemable noncontrolling interest | -40 | -1,923 | -1,293 |
Net income attributable to W. P. Carey | 62,132 | 139,079 | 73,972 |
Basic Earnings Per Share | ' | ' | ' |
Income from continuing operations attributable to W. P. Carey | $1.88 | $3.81 | $2.12 |
Loss from discontinued operations attributable to W. P. Carey | ($0.58) | ($0.37) | ($0.26) |
Net income attributable to W. P. Carey | $1.30 | $3.44 | $1.86 |
Diluted Earnings Per Share | ' | ' | ' |
Income from continuing operations attributable to W. P. Carey | $1.85 | $3.78 | $2.11 |
Loss from discontinued operations attributable to W. P. Carey | ($0.57) | ($0.36) | ($0.25) |
Net income attributable to W. P. Carey | $1.28 | $3.42 | $1.86 |
Weighted Average Shares Outstanding | ' | ' | ' |
Basic | 47,389,460 | 39,819,475 | 39,514,746 |
Diluted | 48,078,474 | 40,098,095 | 40,007,894 |
Amounts Attributable to W. P. Carey | ' | ' | ' |
Income from continuing operations, net of tax | 89,735 | 154,003 | 84,202 |
Loss from discontinued operations, net of tax | -27,603 | -14,924 | -10,230 |
Net income | $62,132 | $139,079 | $73,972 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Consolidated Statements of Comprehensive Income | ' | ' | ' |
Net Income | $62,779 | $139,138 | $74,951 |
Other Comprehensive Income (Loss): | ' | ' | ' |
Foreign currency translation adjustments | 7,809 | -1,796 | -1,227 |
Unrealized loss on derivative instrument | -2,262 | -3,588 | -757 |
Change in unrealized (depreciation) appreciation on marketable securities | -7 | -11 | 6 |
Change in other comprehensive (loss) income | 5,540 | -5,395 | -1,978 |
Comprehensive Income | 68,319 | 133,743 | 72,973 |
Amounts Attributable to Noncontrolling Interests | ' | ' | ' |
Net (income) loss attributable to non controlling interest | -607 | 1,864 | 314 |
Foreign currency translation adjustment | -1,676 | 346 | -816 |
Comprehensive (income) loss attributable to noncontrolling interests | -2,283 | 2,210 | -502 |
Amounts Attributable to Redeemable Noncontrolling Interest | ' | ' | ' |
Less: Net income attributable to redeemable noncontrolling interest | -40 | -1,923 | -1,293 |
Foreign currency translation adjustment | -6 | 5 | 12 |
Comprehensive loss (income) attributable to redeemable noncontrolling interest | -46 | -1,918 | -1,281 |
Comprehensive Income Attributable to W. P. Carey | $65,990 | $134,035 | $71,190 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock No Par Value | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Deferred Compensation Obligation | Accumulated Other Comprehensive Loss | Treasury Stock | Total W.P. Carey Stockholders | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning equity balance - value at Dec. 31, 2009 | $632,408 | ' | ' | $754,507 | ($138,442) | $10,249 | ($681) | ' | $625,633 | $6,775 |
Beginning equity balance - shares at Dec. 31, 2009 | ' | 39,204,605 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds on issuance of shares, value, net | 3,724 | ' | ' | 3,724 | ' | ' | ' | ' | 3,724 | ' |
Cash proceeds on issuance of shares, shares, net | ' | 196,802 | ' | ' | ' | ' | ' | ' | ' | ' |
Grants issued in connection with services rendered - value | 450 | ' | ' | ' | ' | 450 | ' | ' | 450 | ' |
Shares issued under share incentive plans - shares | ' | 368,012 | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions | 14,261 | ' | ' | ' | ' | ' | ' | ' | ' | 14,261 |
Forfeitures of shares - value | -1,517 | ' | ' | -1,517 | ' | ' | ' | ' | -1,517 | ' |
Forfeitures of shares - shares | ' | -47,214 | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions declared | -81,299 | ' | ' | ' | -81,299 | ' | ' | ' | -81,299 | ' |
Distributions to noncontrolling interests | -3,305 | ' | ' | ' | ' | ' | ' | ' | ' | -3,305 |
Windfall tax benefit - share incentive plan | 2,354 | ' | ' | 2,354 | ' | ' | ' | ' | 2,354 | ' |
Stock-based compensation expense | 7,961 | ' | ' | 8,149 | ' | -188 | ' | ' | 7,961 | ' |
Repurchase and retirement of shares - value | -2,317 | ' | ' | -2,317 | ' | ' | ' | ' | -2,317 | ' |
Repurchase and retirement of shares - shares | ' | -267,358 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption value adjustment | 471 | ' | ' | 471 | ' | ' | ' | ' | 471 | ' |
Tax impact of purchase of W. P. Carey International LLC interest | -1,637 | ' | ' | -1,637 | ' | ' | ' | ' | -1,637 | ' |
Reclassification of the third-party interest in Carey Storage | 22,402 | ' | ' | ' | ' | ' | ' | ' | ' | 22,402 |
Net income | 73,658 | ' | ' | ' | 73,972 | ' | ' | ' | 73,972 | -314 |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -1,389 | ' | ' | ' | ' | ' | -2,031 | ' | -2,031 | 642 |
Unrealized loss on derivative instruments | -757 | ' | ' | ' | ' | ' | -757 | ' | -757 | ' |
Change in unrealized (depreciation) appreciation on marketable securities | 6 | ' | ' | ' | ' | ' | 6 | ' | 6 | ' |
Ending equity balance - value at Dec. 31, 2010 | 665,474 | ' | ' | 763,734 | -145,769 | 10,511 | -3,463 | ' | 625,013 | 40,461 |
Ending equity balance - shares at Dec. 31, 2010 | ' | 39,454,847 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds on issuance of shares, value, net | 1,488 | ' | ' | 1,488 | ' | ' | ' | ' | 1,488 | ' |
Cash proceeds on issuance of shares, shares, net | ' | 45,674 | ' | ' | ' | ' | ' | ' | ' | ' |
Grants issued in connection with services rendered - value | 700 | ' | ' | ' | ' | 700 | ' | ' | 700 | ' |
Grants issued in connection with services rendered - shares | ' | 5,285 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued under share incentive plans - shares | ' | 576,148 | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions | 3,223 | ' | ' | ' | ' | ' | ' | ' | ' | 3,223 |
Forfeitures of shares - value | -274 | ' | ' | -274 | ' | ' | ' | ' | -274 | ' |
Forfeitures of shares - shares | ' | -3,562 | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions declared | -88,055 | ' | ' | ' | -88,356 | 301 | ' | ' | -88,055 | ' |
Distributions to noncontrolling interests | -6,000 | ' | ' | ' | ' | ' | ' | ' | ' | -6,000 |
Windfall tax benefit - share incentive plan | 2,569 | ' | ' | 2,569 | ' | ' | ' | ' | 2,569 | ' |
Stock-based compensation expense | 17,290 | ' | ' | 21,739 | ' | -4,449 | ' | ' | 17,290 | ' |
Repurchase and retirement of shares - value | -4,761 | ' | ' | -4,761 | ' | ' | ' | ' | -4,761 | ' |
Repurchase and retirement of shares - shares | ' | -349,374 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption value adjustment | 455 | ' | ' | 455 | ' | ' | ' | ' | 455 | ' |
Purchase of noncontrolling interest in connection with the Merger | -7,491 | ' | ' | -5,879 | ' | ' | ' | ' | -5,879 | -1,612 |
Net income | 137,215 | ' | ' | ' | 139,079 | ' | ' | ' | 139,079 | -1,864 |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -1,832 | ' | ' | ' | ' | ' | -1,445 | ' | -1,445 | -387 |
Unrealized loss on derivative instruments | -3,588 | ' | ' | ' | ' | ' | -3,588 | ' | -3,588 | ' |
Change in unrealized (depreciation) appreciation on marketable securities | -11 | ' | ' | ' | ' | ' | -11 | ' | -11 | ' |
Ending equity balance - value at Dec. 31, 2011 | 716,402 | ' | ' | 779,071 | -95,046 | 7,063 | -8,507 | ' | 682,581 | 33,821 |
Ending equity balance - shares at Dec. 31, 2011 | ' | 39,729,018 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds on issuance of shares, value, net | 1,553 | ' | ' | 1,553 | ' | ' | ' | ' | 1,553 | ' |
Cash proceeds on issuance of shares, shares, net | ' | 30,993 | 13,768 | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds on issuance of shares to third party, value | 45,000 | ' | 1 | 44,999 | ' | ' | ' | ' | 45,000 | ' |
Cash proceeds on issuance of shares to third party, shares | ' | ' | 937,500 | ' | ' | ' | ' | ' | ' | ' |
Grants issued in connection with services rendered - shares | ' | 427,425 | 3,822 | ' | ' | ' | ' | ' | ' | ' |
Shares issued under share incentive plans - value | 646 | ' | ' | 646 | ' | ' | ' | ' | 646 | ' |
Shares issued under share incentive plans - shares | ' | 238,728 | 27,044 | ' | ' | ' | ' | ' | ' | ' |
Contributions | 3,291 | ' | ' | ' | ' | ' | ' | ' | ' | 3,291 |
Forfeitures of shares - shares | ' | -29,919 | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions declared | -138,944 | ' | ' | ' | -139,268 | 324 | ' | ' | -138,944 | ' |
Distributions to noncontrolling interests | -6,649 | ' | ' | ' | ' | ' | ' | ' | ' | -6,649 |
Windfall tax benefit - share incentive plan | 10,185 | ' | ' | 10,185 | ' | ' | ' | ' | 10,185 | ' |
Stock-based compensation expense | 26,038 | ' | ' | 25,067 | ' | 971 | ' | ' | 26,038 | ' |
Redemption value adjustment | 840 | ' | ' | 840 | ' | ' | ' | ' | 840 | ' |
Reclassification of estate shareholder shares | -40,000 | ' | ' | -40,000 | ' | ' | ' | ' | -40,000 | ' |
Purchase of noncontrolling interest in connection with the Merger | 237,359 | ' | ' | -154 | ' | ' | ' | ' | -154 | 237,513 |
Exchange of shares of W. P. Carey & Co. LLC shares for shares of W.P.Carey Inc. in connection with the Merger,value | ' | ' | 40 | -40 | ' | ' | ' | ' | ' | ' |
Exchange of shares of W. P. Carey & Co. LLC shares for shares of W.P.Carey Inc. in connection with the Merger, shares | ' | -39,834,827 | 39,834,827 | ' | ' | ' | ' | ' | ' | ' |
Shares issued to stockholders of CPA:15 in connection with the Merger, value | 1,380,361 | ' | 28 | 1,380,333 | ' | ' | ' | ' | 1,380,361 | ' |
Shares issued to stockholders of CPA:15 in connection with the Merger, shares | ' | ' | 28,170,643 | ' | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock from related parties, value | -45,270 | ' | ' | ' | ' | ' | ' | -45,270 | -45,270 | ' |
Purchase of treasury stock from related party, shares | ' | -561,418 | -416,408 | ' | ' | ' | ' | ' | ' | ' |
Cancellation of shares, value | ' | ' | ' | -25,000 | ' | ' | ' | 25,000 | ' | ' |
Cancellation of shares, shares | ' | ' | -85,671 | ' | ' | ' | ' | ' | ' | ' |
Net income | 62,739 | ' | ' | ' | 62,132 | ' | ' | ' | 62,132 | 607 |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | 7,721 | ' | ' | ' | ' | ' | 6,127 | ' | 6,127 | 1,594 |
Unrealized loss on derivative instruments | -2,262 | ' | ' | ' | ' | ' | -2,262 | ' | -2,262 | ' |
Change in unrealized (depreciation) appreciation on marketable securities | -7 | ' | ' | ' | ' | ' | -7 | ' | -7 | ' |
Ending equity balance - value at Dec. 31, 2012 | $2,257,323 | ' | $69 | $2,175,820 | ($172,182) | $8,358 | ($4,649) | ($20,270) | $1,987,146 | $270,177 |
Ending equity balance - shares at Dec. 31, 2012 | ' | ' | 68,485,525 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per shares distributions declared | $0.66 | $0.65 | $0.57 | $0.56 | $0.56 | $0.56 | $0.55 | $0.51 | $2.44 | $2.19 | $2.03 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Cash Flows - Operating Activities | ' | ' | ' |
Net income | $62,779 | $139,138 | $74,951 |
Adjustments to net income: | ' | ' | ' |
Depreciation and amortization including intangible assets and deferred financing costs | 55,114 | 29,616 | 24,443 |
(Income) loss from equity investments in real estate and the Managed REITs in excess of distributions received | -17,271 | 310 | -4,920 |
Straight-line rent, financing lease adjustments and amortization of rent-related intangibles | 2,831 | -3,698 | 286 |
Amortization of dererred revenue | -9,436 | -6,291 | 0 |
Gain on deconsolidation of a subsidiary | 0 | -1,008 | 0 |
Loss (gain) on sale of real estate | 2,773 | 3,391 | -460 |
Unrealized (gain) loss on foreign currency transactions and others | -1,861 | 138 | 300 |
Realized loss (gain) on foreign currency transactions and others | 610 | -965 | -731 |
Allocation of loss to profit-sharing interest | 0 | 0 | -781 |
Management income received in shares of Managed REITs | -28,477 | -73,936 | -35,235 |
Gain on conversion of shares | -15 | -3,806 | ' |
Gain on change in control of interests | -20,794 | -27,859 | ' |
Impairment charges | 22,962 | 10,473 | 15,381 |
Stock-based compensation expense | 26,038 | 17,716 | 7,082 |
Deferred acquisition revenue received | 21,059 | 21,546 | 21,204 |
Increase in structuring revenue receivable | -20,304 | -19,537 | -20,237 |
(Decrease) increase in income taxes, net | -18,277 | 244 | -1,288 |
Net changes in other operating assets and liabilities | 2,912 | -5,356 | 6,422 |
Net cash provided by operating activities | 80,643 | 80,116 | 86,417 |
Cash Flows - Investing Activities | ' | ' | ' |
Cash paid to stockholder of CPA15 in connection with the merger | -152,356 | 0 | 0 |
Cash acquired in connection with the Merger | 178,945 | 0 | 0 |
Distributions received from equity investments in real estate and the Managed REITs in excess of equity income | 46,294 | 20,807 | 18,758 |
Capital contributions to equity investments | -726 | -2,297 | 0 |
Purchase of interests in CPA:16 - Global | 0 | -121,315 | 0 |
Purchases of real estate and equity investments in real estate | -3,944 | -24,315 | -96,884 |
Value added taxes (VAT) paid in connection with acquisition of real estate | 0 | 0 | -4,222 |
VAT refunded in connection with acquistions of real estate | 0 | 5,035 | 0 |
Capital expenditures | -6,204 | -13,239 | -5,135 |
Cash acquired on acquisition of subsidiaries | 0 | 57 | 0 |
Proceeds from sale of real estate | 73,204 | 12,516 | 14,591 |
Proceeds from sale of securities | 372 | 818 | 0 |
Funding of short-term loans to affiliates | 0 | -96,000 | 0 |
Proceeds from repayment of short-term loans to affiliates | 0 | 96,000 | 0 |
Funds placed in escrow | -46,951 | -6,735 | -1,571 |
Funds released from escrow | 37,832 | 2,584 | 36,620 |
Net cash provided by (used in) investing activities | 126,466 | -126,084 | -37,843 |
Cash Flows - Financing Activities | ' | ' | ' |
Distributions paid | -113,867 | -85,814 | -92,591 |
Contributions from noncontrolling interests | 3,291 | 3,223 | 14,261 |
Distributions paid to noncontrolling interests | -7,314 | -7,258 | -4,360 |
Contributions from profit-sharing interest | 0 | 0 | 3,694 |
Distributions to profit-sharing interest | 0 | 0 | -693 |
Purchase of noncontrolling interest | 0 | -7,502 | 0 |
Purchase of treasury stock from related party (Note 4) | -45,270 | 0 | 0 |
Scheduled payments of mortgage principal | -54,964 | -25,327 | -14,324 |
Proceeds from mortgage financing | 23,750 | 45,491 | 56,841 |
Proceeds from senior credit facility | 300,000 | 251,410 | 83,250 |
Repayments of senior credit facility | -280,160 | -160,000 | -52,500 |
Payment of financing costs | -2,557 | -7,778 | -1,204 |
Funds placed in escrow | 1,970 | 0 | 0 |
Proceeds from issuance of shares | 51,644 | 1,488 | 3,724 |
Windfall tax benefit associated with stock-based compensation awards | 10,185 | 2,569 | 2,354 |
Net cash (used in) provided by financing activities | -113,292 | 10,502 | -1,548 |
Change in Cash and Cash Equivalents During the Period | ' | ' | ' |
Effect of exchange rate changes on cash | 790 | 70 | -783 |
Net increase (decrease) in cash and cash equivalents | 94,607 | -35,396 | 46,243 |
Cash and cash equivalents, beginning of period | 29,297 | 64,693 | 18,450 |
Cash and cash equivalents, end of period | $123,904 | $29,297 | $64,693 |
Business
Business | 12 Months Ended |
Dec. 31, 2012 | |
Business and Basis of Presentation | ' |
Business | ' |
Note 1. Business | |
At December 31, 2012, W. P. Carey Inc. is a REIT that provides long-term financing via sale-leaseback and build-to-suit transactions for companies worldwide and manages a global investment portfolio. We invest primarily in commercial properties domestically and internationally. We earn revenue principally by leasing the properties we own to single corporate tenants, primarily on a triple-net leased basis, which requires each tenant to pay substantially all of the costs associated with operating and maintaining the property. Through our TRSs, we also earn revenue as the advisor to publicly-owned, non-listed REITs, which are sponsored by us under the Corporate Property Associates brand name and invest in similar properties. At December 31, 2012, we were the advisor to the following CPA® REITs: CPA®:16 – Global and CPA®:17 – Global, and we were the advisor to CPA®:15 until its merger with and into us on September 28, 2012 (Note 3). We are also the advisor to CWI, which acquires interests in lodging and lodging-related properties. At December 31, 2012, we owned and/or managed 1,007 properties domestically and internationally. Our owned portfolio was comprised of our full or partial ownership interest in 423 properties, substantially all of which were net leased to 124 tenants, and totaled approximately 38.5 million square feet. In addition, through our consolidated subsidiaries, Carey Storage and Livho, we had interests in 21 self-storage properties and a hotel property, respectively, for an aggregate of approximately 0.8 million square feet at December 31, 2012. All references to square feet are unaudited. | |
We were formed as a corporation under the laws of Maryland on February 15, 2012. On February 17, 2012, our predecessor, W. P. Carey & Co. LLC, announced its intention to reorganize to qualify as a REIT for federal income tax purposes. Prior to the REIT Reorganization, our predecessor was a limited liability company formed under the laws of Delaware on July 15, 1996 and, as a limited liability company, was not subject to federal income taxation as long as it satisfied certain requirements relating to its operations and passed through any tax liabilities or benefits to its shareholders; however, certain of its subsidiaries were engaged in investment management operations and were subject to U.S. federal, state and local income taxes, and some of its subsidiaries may have also been subject to foreign taxes. On September 13, 2012, W. P. Carey & Co. LLC's shareholders approved the REIT Reorganization. In connection with the Merger, W. P. Carey & Co. LLC completed an internal reorganization whereby W. P. Carey & Co. LLC and its subsidiaries merged with and into W. P. Carey Inc. with W. P. Carey Inc. as the surviving corporation, succeeding to and continuing to operate the existing business of W. P. Carey & Co. LLC. Upon consummation of the REIT Reorganization, the 40,396,245 outstanding shares of W. P. Carey & Co. LLC, no par value per share, were converted into the right to receive an equal number of shares of W. P. Carey Inc. common stock, par value $0.001 per share, which are subject to certain share ownership and transfer restrictions designed to protect our ability to remain qualified as a real estate investment trust. A total of 40,396,245 shares of our common stock were issued to the shareholders of W. P. Carey & Co. LLC in exchange for an aggregate of 40,396,245 shares they owned on the date of closing. Immediately after the REIT Reorganization, the shares of W. P. Carey & Co. LLC were delisted from the NYSE and the shares were canceled, and our common stock became listed on the NYSE under the same symbol, “WPC”. | |
The REIT Reorganization was accounted for as a transaction between entities under common control. Accordingly, the assets and liabilities of our predecessor were recognized at their carrying amounts at the date of the REIT Reorganization. As such, in the consolidated financial statements, the historical results of our predecessor are included for the pre-REIT Reorganization period and the consolidated results, which include the Merger with CPA®:15, are included subsequent to the effective date of the Merger (Note 3). | |
We have elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective February 15, 2012 for the year ending December 31, 2012 (Note 16). As a REIT, we are not generally subject to U.S. federal income taxation 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 now hold substantially all of our real estate assets attributable to our Real Estate Ownership segment, including the assets acquired from CPA®:15 in the Merger, under the new REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs. | |
Primary Reportable Segments | |
Real Estate Ownership — We own and invest in commercial properties in the U.S. and the European Union that are then leased to companies, primarily on a triple-net lease basis. We may also invest in other properties if opportunities arise. We own interests in the Managed REITs and account for these interests under the equity method of accounting. In addition, we receive a percentage of distributions of Available Cash, as defined in the respective advisory agreements, from the operating partnerships of each of the Managed REITs, and earn deferred revenue from our special member interest in CPA®:16 – Global's operating partnership. Effective April 1, 2012, we include such distributions and deferred revenue in our Real Estate Ownership segment (Note 18). | |
Investment Management — Through our TRSs, we structure and negotiate investments and debt placement transactions for the Managed REITs, for which we earn structuring revenue, and manage their portfolios of real estate investments, for which we earn asset-based management and performance revenue. We earn asset-based management and historically we earned performance revenue from the Managed REITs based on the value of their real estate-related, self-storage-related and lodging-related assets under management. As funds available to the Managed REITs are invested, the asset base from which we earn revenue increases. We may also earn incentive and disposition revenue and receive other compensation in connection with providing liquidity alternatives to the Managed REITs' stockholders. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2012 | |
Business and Basis of Presentation | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies | ' |
Note 2. Summary of Significant Accounting Policies | |
Basis of Consolidation | |
The consolidated financial statements reflect all of our accounts, including those of our majority-owned and/or controlled subsidiaries. The portion of equity in a subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. The consolidated financial statements include the historical results of our predecessor prior to the REIT Reorganization and the Merger. | |
When we obtain an economic interest in an entity, we evaluate the entity to determine if it is deemed a VIE and, if so, whether we are deemed to be the primary beneficiary and are therefore required to consolidate the entity. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of a VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. | |
For an entity that is not considered to be a VIE, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (a) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (b) substantive participating rights, the limited partners' rights overcome the presumption of control by a general partner of the limited partnership, and, therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting. | |
We have investments in tenancy-in-common interests in various domestic and international properties. Consolidation of these investments is not required as such interests do not qualify as VIEs and do not meet the control requirement required for consolidation. Accordingly, we account for these investments using the equity method of accounting. We use the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides us with significant influence on the operating and financial decisions of these investments. | |
We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease as well as certain decision-making rights within a loan can cause us to consider an entity a VIE. | |
Additionally, we own interests in single-tenant net leased properties leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. We account for these investments under the equity method of accounting. At times the carrying value of our equity investments may fall below zero for certain investments. We intend to fund our share of the investments' future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. | |
One of our directors and officers was the sole shareholder of Livho, a subsidiary that operates a hotel investment (Note 4). We consolidated the accounts of Livho in our consolidated financial statements because it was a VIE and we were its primary beneficiary. In order to streamline Livho's corporate structure, in August 2012, the director and officer transferred his ownership interest in Livho to one of our subsidiaries, Carey REIT II, Inc. (“Carey REIT II”), for no consideration. Immediately after the ownership transfer, Livho is no longer a VIE as we own 100% of the entity. We continue to consolidate the accounts of Livho. | |
We formed CWI in March 2008 for the purpose of acquiring interests in lodging and lodging-related properties. In April 2010, CWI filed a registration statement with the SEC to sell up to $1.0 billion of its common stock in an initial public offering plus up to an additional $237.5 million of its common stock under a dividend reinvestment plan. This registration statement was declared effective by the SEC in September 2010. Through December 31, 2010, the financial activity of CWI, which had no significant assets, liabilities or operations, was included in our consolidated financial statements, as we owned all of CWI's outstanding common stock. Beginning in 2011, we have accounted for our interest in CWI under the equity method of accounting because, as the advisor, we do not exert control over, but we have the ability to exercise significant influence on, CWI. Similarly, we formed a new CPA® REIT, CPA®:18 – Global, in September 2012. Through December 31, 2012, the financial activity of CPA®:18 – Global, which had no significant assets, liabilities or operations, was included in our consolidated financial statements. | |
Reclassifications and Revisions | |
Certain prior year amounts have been reclassified to conform to the current year presentation. The consolidated financial statements included in this Report have been retrospectively adjusted to reflect the disposition (or planned disposition) of certain properties as discontinued operations and certain adjustments related to purchase price allocation for all periods presented. | |
Purchase Price Allocation | |
In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We immediately expense acquisition-related costs and fees associated with business combinations. | |
When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. We determine the value of the tangible assets, consisting of land and buildings, as if vacant, and site improvements, and record intangible assets, including the above-market and below-market value of leases and the value of in-place leases at their relative estimated fair values. Land is typically valued utilizing the sales comparison (or market approach). Buildings, as if vacant, are valued using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined by reference to portfolio appraisals which determines their values, on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and the estimated residual value of each property from a hypothetical sale of the property upon expiration after considering the re-tenanting of such property at estimated then current market rental rate, at a selected capitalization rate and deducting estimated costs of sale. The proceeds from a hypothetical sale are derived by capitalizing the estimated net operating income of each property for the year following lease expiration at an estimated residual capitalization rate. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including the creditworthiness of the lessees, industry surveys, property type, location and age, current lease rates relative to market lease rates and anticipated lease duration. In the case where a tenant has a purchase option deemed to be materially favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, the appraisal assumes the exercise of such purchase option or long-term renewal options in its determination of residual value. Where a property is deemed to have excess land, the discounted cash flow analysis includes the estimated excess land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property grown at estimated market growth rates through the year of lease expiration. For those properties that are under contract for sale, the appraised value of the portfolio reflects the current contractual sale price of such properties. See Real Estate Leased to Others and Depreciation below for a discussion of our significant accounting policies related to tangible assets. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. | |
We record above-market and below-market lease values for owned properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the leases negotiated and in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over a period equal to the estimated lease term which includes renewal options with rental rates below estimated market rental rates. We amortize the capitalized above-market lease value as a reduction of rental income over the estimated market lease term. We amortize the capitalized below-market lease value as an increase to rental income over the initial term and any fixed rate renewal periods in the respective leases. | |
We measure the fair value of the below-market purchase option liability we acquired in connection with the Merger as the excess of the present value of the fair value of the real estate over the present value of the tenant's exercise price at the option date. | |
The value of any in-place lease is estimated to be equal to the property owners' avoidance of costs necessary to release the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance to the property owners' of vacancy/leasing costs necessary to lease the property for a lease term equal to the remaining in-place lease term is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term was estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy (iii) rent concessions (i.e. free rent) (iv) leasing commissions and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the capitalized value of in-place lease intangibles to expense over the remaining initial term of each lease. We amortize the capitalized value of tenant relationships to expense over the initial and expected renewal terms of the lease. No amortization period for intangibles will exceed the remaining depreciable life of the building. | |
If a lease is terminated, we charge the unamortized portion of above-market and below-market lease values to lease revenue, and in-place lease and tenant relationship values to amortization expense. | |
When we acquire leveraged properties, the fair value of debt instruments acquired is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the company, the time until maturity and the current interest rate. | |
Goodwill | |
In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid per the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocated goodwill to the respective reporting units in which such goodwill arose. Goodwill acquired in the Merger was attributed to the Real Estate Ownership segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, which is less than all of the reporting unit, we allocate a portion of the reporting unit's goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business for the reporting unit. | |
Operating Real Estate | |
We carry land and buildings and personal property at cost less accumulated depreciation. We capitalize improvements, while we expense replacements, maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. | |
Assets Held for Sale | |
We classify those assets that are associated with operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied and we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated costs to sell, which is generally calculated as the expected sale price, less expected selling costs. The results of operations and the related gain or loss on sale of properties that have been sold or that are classified as held for sale and which we will have no continuing involvement in are included in discontinued operations (Note 17). | |
If circumstances arise that we previously considered unlikely and, as a result, we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. | |
We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. | |
Cash | |
Our cash is held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. | |
Other Assets and Liabilities | |
We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets and corporate fixed assets in Other assets. We include derivative instruments; miscellaneous amounts held on behalf of tenants; and deferred revenue, including unamortized below-market rent intangibles and unamortizable below-market purchase options in Other liabilities. Deferred charges are costs incurred in connection with mortgage financings and refinancings that are amortized over the terms of the mortgages and included in Interest expense in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term, and rent recognized on a straight-line basis. Marketable securities are classified as available-for-sale securities and reported at fair value with unrealized gains and losses on these securities reported as a component of Other comprehensive income until realized. | |
Allowance for Doubtful Accounts | |
We consider direct finance leases to be past-due or delinquent when a contractually required principal or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms, and the amount can be reasonably estimated. | |
Revenue Recognition | |
Real Estate Leased to Others | |
We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for all operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, renewals and improvements. We charge expenditures for maintenance and repairs, including routine betterments, to operations as incurred. We capitalize significant renovations that increase the useful life of the properties. For the years ended December 31, 2012, 2011 and 2010, although we are legally obligated for payment pursuant to our lease agreements with our tenants, lessees were responsible for the direct payment to the taxing authorities of real estate taxes of approximately $18.7 million, $6.4 million and $7.7 million, respectively. | |
Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. | |
We account for leases as operating or direct financing leases, as described below: | |
Operating leases — We record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancellable lease term of the related leases and charge expenses to operations as incurred (Note 5). | |
Direct financing method — We record leases accounted for under the direct financing method at their net investment (Note 5). We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. | |
On an ongoing basis, we assess our ability to collect rent and other tenant-based receivables and determine an appropriate allowance for uncollected amounts. Because we have a limited number of lessees, we believe that it is necessary to evaluate the collectability of these receivables based on the facts and circumstances of each situation rather than solely using statistical methods. Therefore, in recognizing our provision for uncollected rents and other tenant receivables, we evaluate actual past due amounts and make subjective judgments as to the collectability of those amounts based on factors including, but not limited to, our knowledge of a lessee's circumstances, the age of the receivables, the tenant's credit profile and prior experience with the tenant. Even if a lessee has been making payments, we may reserve for the entire receivable amount if we believe there has been significant or continuing deterioration in the lessee's ability to meet its lease obligations. | |
Investment Management Operations | |
We earn structuring revenue and asset management revenue in connection with providing services to the Managed REITs. We earn structuring revenue for services we provide in connection with the analysis, negotiation and structuring of transactions, including acquisitions and dispositions and the placement of mortgage financing obtained by the Managed REITs. Asset management revenue consists of property management, leasing and advisory revenue. Receipt of the incentive revenue portion of the asset management revenue or performance revenue, however, which we received from CPA®:15 prior to the date of the Merger in 2012 and from CPA®:14 and CPA®:16 – Global prior to the CPA®:14/16 Merger in 2011, was subordinated to the achievement of specified cumulative return requirements by the stockholders of those CPA®REITs. At our option, the performance revenue could be collected in cash or shares of the CPA REIT (Note 4). In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties. We may also earn termination revenue in connection with the termination of the advisory agreements for the Managed REITs. | |
We recognize all revenue as earned. We earn structuring revenue upon the consummation of a transaction and asset management revenue when services are performed. We recognize revenue subject to subordination only when the performance criteria of the Managed REIT is achieved and contractual limitations are not exceeded. | |
We earned subordinated disposition and incentive revenue from CPA®:15 until September 28, 2012 (Note 4) after its stockholders received their initial investment plus a specified preferred return. We may earn termination revenue if a liquidity event is consummated by any of the other Managed REITs. | |
We are also reimbursed for certain costs incurred in providing services, including broker-dealer commissions paid on behalf of the Managed REITs, marketing costs and the cost of personnel provided for the administration of the Managed REITs. We record reimbursement income as the expenses are incurred, subject to limitations on a Managed REIT's ability to incur offering costs. | |
Depreciation | |
We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life. | |
Impairments | |
We periodically assess whether there are any indicators that the value of our long-lived assets, including goodwill, may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease; a lease default by a tenant that is experiencing financial difficulty; the termination of a lease by a tenant; or the rejection of a lease in a bankruptcy proceeding. We may incur impairment charges on long-lived assets, including real estate, direct financing leases, assets held for sale and equity investments in real estate. We may also incur impairment charges on marketable securities and goodwill. Our policies for evaluating whether these assets are impaired are presented below. | |
Real Estate | |
For real estate assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property's asset group to the future net undiscounted cash flow that we expect the property's asset group will generate, including any estimated proceeds from the eventual sale of the property's asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, market rents, residual values, and holding periods. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows. If the future net undiscounted cash flow of the property's asset group is less than the carrying value, the property's asset group is considered to be impaired. We then measure the loss as the excess of the carrying value of the property's asset group over its estimated fair value. | |
Direct Financing Leases | |
We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying value, which is discounted at the internal rate of return of the project. | |
Assets Held for Sale | |
When we classify an asset as held for sale, we compare the asset's estimated fair value less estimated cost to sell to its carrying value, and if the estimated fair value less estimated cost to sell is less than the property's carrying value, we reduce the carrying value to the estimated fair value less estimated cost to sell. We will continue to review the initial impairment for subsequent changes in the estimated fair value, and may recognize an additional impairment charge, if warranted. | |
Equity Investments in Real Estate and the Managed REITs | |
We evaluate our equity investments in real estate and in the Managed REITs on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent impairment has occurred, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. For equity investments in real estate, we calculate estimated fair value by multiplying the estimated fair value of the underlying venture's net assets by our ownership interest percentage. For certain investments in the Managed REITs, we calculate the estimated fair value of our investment using the most recently published NAV of each Managed REIT, which for CPA®:17 – Global and CWI is deemed to be their initial public offering prices. | |
Goodwill | |
We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. We calculate the estimated fair value of the Investment Management reporting unit by applying a multiple, based on comparable companies, to earnings. For the Real Estate Ownership reporting unit, we calculate its estimated fair value by applying a multiple common to the real estate community. The selection of the comparable companies and transactions to be used in our evaluation process could have a significant impact on the fair value of our reporting units and possible impairments. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. | |
For the second step, we compare the implied fair value of the goodwill for each reporting unit with its respective carrying amount and record an impairment charge equal to the excess of the carrying amount over the implied fair value. We determine the implied fair value of the goodwill by allocating the estimated fair value of the reporting unit to its assets and liabilities. The excess of the estimated fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of the goodwill. | |
We evaluate goodwill on an annual basis or upon the occurrence of a triggering event. The goodwill recorded in our Investment Management reporting unit is evaluated in the fourth quarter of every year. In connection with the Merger, we recorded goodwill in our Real Estate Ownership reporting unit. Prior to the Merger, there was no goodwill recorded in our Real Estate Ownership reporting unit. We will evaluate the goodwill recorded in our Real Estate Ownership reporting unit in the second quarter of every year. | |
Stock-Based Compensation | |
We have granted restricted shares, stock options, RSUs and PSUs to certain employees and independent directors. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. We recognize these compensation costs for only those shares expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. We include stock-based compensation within the listed shares caption of equity. | |
Foreign Currency | |
Translation | |
We have interests in real estate investments in the European Union and United Kingdom for which the functional currency is the euro and the British pound sterling, respectively. We perform the translation from the euro or the British pound sterling to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the period. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. | |
Transaction Gains or Losses | |
A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of subordinated intercompany debt with scheduled principal payments, are included in the determination of net income. | |
Foreign currency transactions that are intercompany foreign currency transactions that are of a long term nature (that is, settlement is not planned or anticipated in the foreseeable future), when the entities to the transactions are consolidated or accounted for by the equity method in our financial statements, are not included in determining net income but are accounted for in the same manner as foreign currency translation adjustments and reported as a component of other comprehensive income in equity. | |
Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. For the years ended December 31, 2012, 2011 and 2010, we recognized net realized (losses) gains on such transactions of $(0.6) million, $0.4 million and less than $(0.1) million, respectively. | |
Derivative Instruments | |
We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value is immediately recognized in earnings. | |
We made an accounting policy election effective January 1, 2011, or the “effective date,” to use the portfolio exception in Accounting Standards Codification (“ASC”) 820-10-35-18D “Fair Value Measurement”, the “portfolio exception,” with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. | |
Income Taxes | |
W. P. Carey & Co. LLC, our predecessor, converted to a REIT through the REIT Reorganization (Note 3). Effective February 15, 2012, we have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code for the year ended December 31, 2012. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. Deferred income taxes are recorded for the corporate subsidiaries based on earnings reported. The provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities (Note 16). | |
Real Estate Ownership Operations | |
We expect to derive most of our REIT income from our real estate operations under our Real Estate Ownership segment. As such, our real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations are subject to certain state, local and foreign taxes, as applicable. | |
We hold our real estate assets under a subsidiary, Carey REIT II. Carey REIT II has elected to be taxed as a REIT under the Internal Revenue Code. We believe we have operated, and we intend to continue to operate, in a manner that allows Carey REIT II to continue to qualify as a REIT. Under the REIT operating structure, Carey REIT II is permitted to deduct distributions paid to our stockholders and generally will not be required to pay U.S. federal income taxes. Accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements related to Carey REIT II. | |
Investment Management Operations | |
We conduct our investment management operations primarily through TRSs. These operations are subject to federal, state, local and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations. | |
Earnings Per Share | |
Basic earnings per share is calculated by dividing net income available to common stockholders, as adjusted for unallocated earnings attributable to the unvested RSUs by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share reflects potentially dilutive securities (options, restricted shares and RSUs) using the treasury stock method, except when the effect would be anti-dilutive. | |
Future Accounting Requirement | |
The following Accounting Standards Update (“ASU”) promulgated by the FASB is applicable to us in future reports, as indicated: | |
ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment — In July 2012, the FASB issued an update to ASC 350, Intangibles – Goodwill and Other. The objective of this ASU is to simplify how entities test indefinite-lived intangible assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. The amendments in the ASU permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test described in topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. Previous guidance under topic 350 required an entity to test indefinite-lived intangible assets for impairment, on at least an annual basis, by comparing the fair value of the asset with its carrying amount. If the fair value of an intangible asset is less than its carrying amount, an entity should recognize an impairment loss in the amount of that excess. Under the amendments in this ASU, an entity is not required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. Permitting an entity to assess qualitative factors when testing indefinite-lived intangible assets for impairment, results in guidance that is similar to the goodwill impairment testing guidance in ASU 2011-08. We do not expect the adoption to have a material impact on our financial position and results of operations. | |
Out-of-Period Adjustments | |
During 2012, we identified errors in the consolidated financial statements related to prior years. The errors were primarily attributable to the misapplication of guidance in accounting for and clerical errors related to the expropriation of land related to two investments and our reimbursement of certain affiliated costs. We concluded that these adjustments were not material, individually or in the aggregate, to our results for this or any of the prior periods, and as such, we recorded an out-of-period adjustment to increase our income from operations by $2.5 million within continuing operations primarily attributable to an increase in Gain on sale of real estate of $2.0 million in the consolidated statement of income. | |
In 2011, we identified an error in the consolidated financial statements related to prior years. The error relates to the misapplication of accounting guidance related to the modifications of certain leases. We concluded this adjustment, with a net impact of $0.2 million on our statement of operations for the fourth quarter of 2011, was not material to our results for the prior year periods or to the period of adjustment. Accordingly, this cumulative change was recorded in the consolidated financial statements in the fourth quarter of 2011 as an out-of-period adjustment as follows: a reduction to Net investment in direct financing leases of $17.6 million and an increase in net Operating real estate of $17.9 million on the consolidated balance sheet; and an increase in Lease revenues of $0.9 million, a reduction of Impairment charges of $1.6 million, and an increase in Depreciation expense of $2.2 million on the consolidated statement of operations. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Merger_with_CPA_15
Merger with CPA 15 | 12 Months Ended | ||||||||||
Dec. 31, 2012 | |||||||||||
REIT Reorganization and Merger | ' | ||||||||||
REIT Reorganization and Merger | ' | ||||||||||
Note 3. Merger with CPA®:15 | |||||||||||
Merger | |||||||||||
On February 17, 2012, our predecessor, W. P. Carey & Co. LLC, and CPA®:15 entered into a definitive agreement (the “Merger Agreement”) pursuant to which CPA®:15 would merge with and into W. P. Carey Inc. The Merger is part of a larger transformation that implements our overall business strategy of expanding real estate assets under ownership, substantially increases our scale and liquidity, and provides income contribution from owned properties while preserving our investment management business. On September 13, 2012, the shareholders of W. P. Carey & Co. LLC and the stockholders of CPA®:15 approved the Merger. On September 28, 2012 (the “acquisition date”), CPA®:15 merged with and into W. P. Carey Inc., with CPA®:15 surviving as an indirect, wholly-owned subsidiary of W. P. Carey Inc. In the Merger, CPA®:15's stockholders received for each share of CPA®:15's common stock owned 0.2326 shares of W. P. Carey Inc. common stock, which equated to $11.40 per share of CPA®:15 common stock based on the $49.00 per share closing price of W. P. Carey & Co. LLC's shares on the NYSE on that date, and $1.25 in cash for total consideration of $12.65 per share of CPA®:15. We paid total merger consideration of $1.5 billion, including cash of $152.4 million and the issuance of 28,170,643 shares of our common stock with a fair value of $1.4 billion on the acquisition date (the “Merger Consideration”) to the stockholders of CPA®:15 in exchange for 121,194,272 shares of CPA®:15 common stock that we did not previously own. In order to fund the cash portion of the Merger Consideration, we drew down the full amount of our existing $175.0 million Term Loan Facility (Note 12). As a condition of the Merger, we waived the subordinated disposition and termination fees that we would have been entitled to receive from CPA®:15 upon its liquidation pursuant to the terms of our advisory agreement with CPA®:15 (Note 4). | |||||||||||
Immediately prior to the Merger, CPA®:15's portfolio was comprised of full or partial ownership interests in 305 properties, substantially all of which were triple-net leased to 76 tenants, and totaled approximately 27 million square feet, with an occupancy rate of approximately 99%. In the Merger, we acquired these properties and their related leases with an average remaining life of 9.7 years. In 2011, CPA®:15 recorded lease revenues of $242.2 million. We also assumed the related property debt comprised of 58 fixed-rate and 9 variable-rate non-recourse mortgage loans with a preliminary aggregate fair value of $1.2 billion and a weighted-average annual interest rate of 5.6%. During the period from January 1, 2012 through September 28, 2012, we earned $19.0 million in fees from CPA®:15 and recognized $4.5 million in equity earnings based on our ownership of shares in CPA®:15 prior to the Merger. The lease revenues and income from continuing operations contributed from the properties acquired from the date of the Merger through December 31, 2012 were $56.2 million and $9.0 million (inclusive of $2.5 million attributable to noncontrolling interests), respectively. | |||||||||||
We accounted for the Merger as a business combination under the acquisition method of accounting. After consideration of all applicable factors pursuant to the business combination accounting rules, we were considered the “accounting acquirer” due to various factors, including the fact that the shareholders of W. P. Carey & Co. LLC, our predecessor, held the largest portion of the voting rights in W. P. Carey Inc., upon completion of the Merger. Acquisition costs of $31.7 million related to the Merger have been expensed as incurred and classified within General and administrative expense in the consolidated statements of income for the year ended December 31, 2012. | |||||||||||
On September 19, 2012, we acquired a 52.63% ownership interest in Marcourt Investments Inc. (“Marcourt”) from an unrelated third party. At that time, CPA®:15 held a 47.37% ownership interest in Marcourt. Marcourt owns 12 Marriott Courtyard hotels located throughout the U. S. that are leased to and operated by Marriott International, Inc. We obtained this investment in contemplation of the Merger and accounted for this step acquisition as part of the Merger. Accordingly, the assets acquired and liabilities assumed from Marcourt in this transaction are included in the table below. | |||||||||||
The purchase price was allocated to the assets acquired and liabilities assumed, based upon their preliminary fair values. The fair values of the lease intangibles acquired were measured in a manner consistent with our purchase price allocation policy described in Note 2. During the fourth quarter of 2012, we identified certain measurement period adjustments that impacted the provisional accounting, which increased the fair value of the identifiable real estate acquired and the non-controlling interests acquired by $5.6 million and $0.7 million, respectively, resulting in a $6.3 million reduction in goodwill. The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed in the acquisition, and the related measurement period adjustments, based on the current best estimate of management | |||||||||||
Initially Reported | Measurement | As Revised at | |||||||||
at September 30, 2012 | Period Adjustments | 31-Dec-12 | |||||||||
Total Consideration | |||||||||||
Fair value of W. P. Carey shares of common stock issued | $ | 1,380,362 | $ | - | $ | 1,380,362 | |||||
Cash consideration paid | 152,356 | - | 152,356 | ||||||||
Merger Consideration | 1,532,718 | - | 1,532,718 | ||||||||
Fair value of our equity interest in CPA®:15 prior to the Merger | 107,147 | - | 107,147 | ||||||||
Fair value of our equity interest in jointly-owned investments with CPA®:15 prior to the Merger | 54,822 | - | 54,822 | ||||||||
$ | 1,694,687 | $ | - | $ | 1,694,687 | ||||||
Assets Acquired at Fair Value | |||||||||||
Net investment in properties | $ | 1,758,372 | $ | 4,500 | $ | 1,762,872 | |||||
Net investment in direct financing leases | 315,789 | - | 315,789 | ||||||||
Equity investments in real estate | 164,886 | 1,361 | 166,247 | ||||||||
Intangible assets (Note 8) | 694,411 | 899 | 695,310 | ||||||||
Cash and cash equivalents | 178,945 | - | 178,945 | ||||||||
Other assets | 83,838 | -2,088 | 81,750 | ||||||||
3,196,241 | 4,672 | 3,200,913 | |||||||||
Liabilities Assumed at Fair Value | |||||||||||
Non-recourse debt | -1,350,755 | - | -1,350,755 | ||||||||
Accounts payable, accrued expenses and other liabilities (including below-market rent intangibles of $102,155) | -187,712 | 917 | -186,795 | ||||||||
Prepaid and deferred rental income and security deposits | |||||||||||
-1,538,467 | 917 | -1,537,550 | |||||||||
Total identifiable net assets | 1,657,774 | 5,589 | 1,663,363 | ||||||||
Amounts attributable to noncontrolling interests | -238,038 | 679 | -237,359 | ||||||||
Goodwill | 274,951 | -6,268 | 268,683 | ||||||||
$ | 1,694,687 | $ | - | $ | 1,694,687 | ||||||
Goodwill | |||||||||||
Two items comprise a majority of the $268.7 million of goodwill recorded in the Merger. First, at the time we entered into the Merger Agreement, the market value of our stock was $45.07 per share. The increase in the market value of our stock of $3.93 per share from the date of the Merger Agreement to $49.00 per share on the transaction date gave rise to approximately $110.8 million of the goodwill recorded, based on the fixed amount of 28,170,643 shares issued. Second, at the time we entered into the Merger Agreement, the consideration of 0.2326 shares of our common stock plus $1.25 in cash per common share of CPA®:15 represented a premium of approximately $1.33 per share over the September 30, 2011 estimated NAV of CPA®:15, which was $10.40. Management believes that the premium is supported by several factors of the combined entity, including the fact that (i) it is among the largest publicly traded REITs with greater operating and financial flexibility and better access to capital markets and with a lower cost of capital than CPA®:15 had on a stand-alone basis; (ii) the Merger eliminated costs associated with the advisory structure that CPA®:15 had previously; and (iii) the combined portfolio has greater tenant and geographic diversification and an improved overall weighted average debt maturity and interest rate. Based on the number of CPA®:15 shares ultimately exchanged of 121,194,272, this premium comprised approximately $121.2 million of the goodwill. In addition to these factors, since the September 30, 2011 valuation date there was a reduction in the fair value of CPA®:15's net assets primarily attributable to the impact of foreign currency exchange rates during the period from September 30, 2011 to the acquisition date. | |||||||||||
The fair value of our 28,170,643 common shares issued in the Merger as part of the consideration paid for CPA®:15 of $1.5 billion was derived from the closing market price of our common stock on 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 Merger, in a manner consistent with the methodology described above. | |||||||||||
Goodwill is not deductible for income tax purposes. | |||||||||||
Equity Investments and Noncontrolling Interests | |||||||||||
Additionally, we recognized a gain on change in control of interests of $14.7 million for the year ended December 31, 2012 related to the difference between the carrying value of $92.4 million and the fair value of $107.1 million of our previously-held equity interest in 10,389,079 shares of CPA®:15's common stock. | |||||||||||
The Merger also resulted in our acquisition of the remaining interests in four investments in which we already had a joint interest and accounted for under the equity method (Note 7). Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for these acquisitions as step acquisitions utilizing the purchase method of accounting. Due to the change in control of the four jointly-owned investments that occurred, we recorded an aggregate gain of approximately $6.1 million related to the difference between our carrying values and the fair values of our previously-held equity interests on the acquisition date of $48.7 million and $54.8 million, respectively. Subsequent to the Merger, we consolidate these wholly-owned investments. | |||||||||||
The fair values of our previously-held equity interests and our noncontrolling interests are based on the estimated fair market values of the underlying real estate and mortgage debt, both of which were determined by management relying in part on a third party. Real estate valuation requires significant judgment. We determined the significant inputs to be Level 3 with ranges for the entire portfolio as follows: | |||||||||||
Discount rates applied to the estimated net operating income of each property ranged from approximately 3.5% to 14.75%; | |||||||||||
Discount rates applied to the estimated residual value of each property ranged from approximately 5.75% to 12.5%; | |||||||||||
Residual capitalization rates applied to the properties ranged from approximately 7.0% to 11.5%. | |||||||||||
The fair market value of such property level debt was determined based upon available market data for comparable liabilities and by applying selected discount rates to the stream of future debt payments; and | |||||||||||
Discount rates applied to cash flows ranged from approximately 2.7% to 10%. | |||||||||||
No illiquidity adjustments to the equity interests or noncontrolling interests were deemed necessary as the investments are held with affiliates and do not allow for unilateral sale or financing by any of the affiliated parties. Furthermore, the discount and/or capitalization rates utilized in the appraisals also reflect the illiquidity of real estate assets. Lastly, there were no control premiums contemplated as the investments were in individual, or a portfolio of, underlying real estate and debt, as opposed to a business operation. | |||||||||||
Pro Forma Financial Information (Unaudited) | |||||||||||
The following consolidated pro forma financial information has been presented as if the Merger, including the acquisition of Marcourt, had occurred on January 1, 2011 for the years ended 2012 and 2011. The pro forma financial information is not necessarily indicative of what the actual results would have been had the Merger occurred on that date, nor does it purport to represent the results of operations for future periods. | |||||||||||
(Dollars in thousands, except share and per share amounts): | |||||||||||
Years Ended December 31, | |||||||||||
2012 | 2011 | ||||||||||
Pro forma total revenues | $ | 529,331 | $ | 542,667 | |||||||
Pro forma income attributable to W. P. Carey stockholders | $ | 140,284 | $ | 117,708 | |||||||
Pro forma earnings per share: (a) | |||||||||||
Basic | $ | 2.03 | $ | 1.7 | |||||||
Diluted | $ | 2.01 | $ | 1.7 | |||||||
Pro forma weighted average shares: (b) | |||||||||||
Basic | 68,382,378 | 67,990,118 | |||||||||
Diluted | 69,071,391 | 68,268,738 | |||||||||
__________ | |||||||||||
The pro forma income attributable to W. P. Carey stockholders reflects combined general and administrative expenses of $31.7 million and income tax expenses of $9.6 million incurred related to the Merger for the year ended December 31, 2011 as if the Merger had taken place on January 1, 2011. | |||||||||||
The pro forma weighted average shares outstanding for the years ended December 31, 2012 and 2011 were determined as if the 28,170,643 shares of our common stock issued to CPA®:15 stockholders in the Merger were issued on January 1, 2011. | |||||||||||
Agreements_and_Transactions_wi
Agreements and Transactions with Related Parties | 12 Months Ended | |||||||||||
Dec. 31, 2012 | ||||||||||||
Agreements and Transactions with Related Parties | ' | |||||||||||
Agreements and Transactions with Related Parties | ' | |||||||||||
Note 4. Agreements and Transactions with Related Parties | ||||||||||||
Advisory Agreements with the Managed REITs | ||||||||||||
Our predecessor had advisory agreements with each of the Managed REITs pursuant to which it earned certain fees and/or was entitled to receive cash distributions. In connection with the Merger, we entered into amended and restated advisory agreements with each of the CPA® REITs with economic terms similar to the prior agreements, which are outlined in the Annual Report on Form 10-K for the year ended December 31, 2011 as filed by our predecessor with the SEC on February 29, 2012. The amendments, which became effective as of October 1, 2012, provide for the allocation of expenses on the basis of revenues of each of the CPA® REITs rather than an allocation of time charges incurred by our personnel for each of the CPA® REITs. The CPA® REIT advisory agreements are scheduled to expire on September 30, 2013 unless otherwise renewed pursuant to their terms. The CWI advisory agreement, which was scheduled to expire on September 30, 2012, was renewed for an additional year pursuant to its terms, effective as of October 1, 2012. The following table presents a summary of revenue earned and/or cash received from the Managed REITs in connection with providing services as the advisor to the Managed REITs (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Asset management revenue | $ | 56,666 | $ | 66,808 | $ | 76,246 | ||||||
Structuring revenue | 48,355 | 46,831 | 44,525 | |||||||||
Incentive, termination and subordinated disposition revenue | - | 52,515 | - | |||||||||
Wholesaling revenue | 19,914 | 11,664 | 11,096 | |||||||||
Reimbursed costs from affiliates | 98,245 | 64,829 | 60,023 | |||||||||
Distributions of Available Cash | 30,009 | 15,535 | 4,468 | |||||||||
Deferred revenue earned | 8,492 | 5,662 | - | |||||||||
$ | 261,681 | $ | 263,844 | $ | 196,358 | |||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
CPA®:14 | $ | - | $ | 59,605 | $ | 23,387 | ||||||
CPA®:15 | 21,563 | 31,489 | 31,172 | |||||||||
CPA®:16 – Global | 50,825 | 40,555 | 28,478 | |||||||||
CPA®:17 – Global | 173,262 | 124,465 | 112,386 | |||||||||
CWI | 15,334 | 6,745 | - | |||||||||
Other | 697 | 985 | 935 | |||||||||
$ | 261,681 | $ | 263,844 | $ | 196,358 | |||||||
Asset Management Revenue | ||||||||||||
We earn asset management revenue from each Managed REIT, which is based on average invested assets and is calculated according to the advisory agreement for each Managed REIT. For CPA®:16 – Global prior to the CPA®:14/16 Merger and for CPA®:15 prior to the Merger, this revenue generally totaled 1% per annum, with a portion of this revenue, or 0.5%, contingent upon the achievement of specific performance criteria. For CPA®:16 – Global subsequent to the CPA®:14/16 Merger, we earn asset management revenue of 0.5% of average invested assets. For CPA®:17 – Global, we earn asset management revenue ranging from 0.5% of average market value for long-term net leases and certain other types of real estate investments up to 1.75% of average equity value for certain types of securities. For CWI, we earn asset management revenue of 0.5% of the average market value of lodging-related investments. We do not earn performance revenue from CPA®:17 – Global, CWI and, subsequent to the CPA®:14/16 Merger, from CPA®:16 – Global, but we receive up to 10% of distributions of Available Cash from their operating partnerships. | ||||||||||||
Under the terms of the advisory agreements, we may elect to receive cash or shares of stock for asset management revenue due from each Managed REIT. In 2012, we elected to receive all asset management revenue from CPA®:15 prior to the Merger in cash, while for CPA®:16 – Global, we elected to receive 50% of asset management revenue in its shares with the remaining 50% payable in cash. For CPA®:17 – Global and CWI, we elected to receive asset management revenue in their shares. For 2011, we elected to receive all asset management revenue in cash, with the exception of CPA®:17 – Global's asset management fee, which we elected to receive in its shares. For 2011, we also elected to receive performance revenue, prior to the CPA®:14/16 Merger, from CPA®:16 – Global in shares of its common stock, while for CPA®:14 prior to CPA®:14/16 Merger, and for CPA®:15 we elected to receive 80% of all performance revenue in shares of their common stock, with the remaining 20% payable in cash. We also elected to receive asset management revenue from CPA®:16 – Global in 2011 in shares of its common stock after the CPA®:14/16 Merger. For CWI, we elected to receive all asset management revenue in cash for 2011. | ||||||||||||
Reimbursed Costs from Affiliates and Wholesaling Revenue | ||||||||||||
The Managed REITs reimburse us for certain costs, primarily broker/dealer commissions paid on behalf of the Managed REITs and marketing and personnel costs. Pursuant to the amended and restated advisory agreements, expenses are now allocated based on the revenues of each of the CPA® REITs rather than an allocation of time charges incurred by our personnel for each of the CPA® REITs. In addition, we earn a selling commission of up to $0.65 per share sold and a dealer manager fee of up to $0.35 per share sold from CPA®:17 – Global. We also receive a selling commission of up to $0.70 per share sold and a dealer manager fee of up to $0.30 per share sold from CWI. We re-allow all or a portion of the dealer manager fees to selected dealers in the offerings. Dealer manager fees that are not re-allowed are classified as wholesaling revenue. Additionally, we earned a wholesaling fee of $0.15 per share sold in connection with CPA®:17 – Global's initial public offering through April 7, 2011. We did not earn a wholesaling fee in connection with CPA®:17 – Global's follow-on offering, which commenced on April 7, 2011. | ||||||||||||
Pursuant to its advisory agreement, upon reaching the minimum offering amount of $10.0 million on March 3, 2011, CWI became obligated to reimburse us for all organization costs and a portion of offering costs incurred in connection with its offering, up to a maximum amount (excluding selling commissions and the dealer manager fee) of 2% of the gross proceeds of its offering and distribution reinvestment plan. Through December 31, 2012, we have incurred organization and offering costs on behalf of CWI of approximately $7.4 million. However, at December 31, 2012, CWI was only obligated to reimburse us $3.1 million of these costs because of the 2% limitation described above, and $2.7 million had been reimbursed as of that date. | ||||||||||||
Incentive, Termination and Subordinated Disposition Revenue | ||||||||||||
We earn revenue related to the disposition of properties by the Managed REITs, subject to subordination provisions, which will only be recognized as the relevant conditions are met. Such revenue may include subordinated disposition revenue of no more than 3% of the value of any assets sold, payable only after stockholders have received back their initial investment plus a specified preferred return, and subordinated incentive revenue of 15% of the net cash proceeds distributable to stockholders from the disposition of properties, after recoupment by stockholders of their initial investment plus a specified preferred return. We may also, in connection with the termination of the advisory agreements for the Managed REITs, be entitled to a termination payment based on the amount by which the fair value of a Managed REITs' properties, less indebtedness, exceeds investors' capital plus a specified preferred return. | ||||||||||||
We waived any acquisition fees payable by CPA®:16 – Global under its advisory agreement with us in respect of the properties it acquired in the CPA®:14/16 Merger and also waived any disposition fees that may subsequently be payable by CPA®:16 – Global upon a sale of such assets. As the advisor to CPA®:14, we earned acquisition fees related to those properties when they were acquired by CPA®:14 and disposition fees on those properties to CPA®:16 – Global by CPA®:14 in the CPA®:14/16 Merger and, as a result, we and CPA®:16 – Global agreed that we should not receive fees upon the acquisition or disposition of the same properties by CPA®:16 – Global. | ||||||||||||
In connection with providing a liquidity event for CPA®:14 stockholders during the second quarter of 2011 with the completion of the CPA®:14/16 Merger, we earned termination revenue of $31.2 million and subordinated disposition revenue of $21.3 million, which we elected to receive in shares of CPA®:14 and cash, respectively. In connection with the Merger with CPA®:15, we waived the subordinated disposition and termination fees we would have been entitled to receive from CPA®:15 upon its liquidation pursuant to the terms of our advisory agreement with CPA®:15. There was no gain or loss recognized in connection with waiving these subordinated disposition and termination fees. | ||||||||||||
Structuring Revenue | ||||||||||||
Under the terms of the advisory agreements, we earn revenue in connection with structuring and negotiating investments and related financing for the Managed REITs, which we call acquisition revenue. We may receive acquisition revenue of up to an average of 4.5% of the total cost of all investments made by each CPA® REIT. Historically, a portion of this revenue (generally 2.5%) was paid when the transaction was completed, while the remainder (generally 2%) was payable in annual installments ranging from three to eight years, provided the relevant CPA® REIT met its performance criterion. For certain types of non-long term net lease investments acquired on behalf of CPA®:17 – Global, initial acquisition revenue may range from 0% to 1.75% of the equity invested plus the related acquisition revenue, with no deferred acquisition revenue being earned. For CWI, we earn initial acquisition revenue of 2.5% of the total investment cost of the properties acquired and loans originated by us not to exceed 6% of the aggregate contract purchase price of all investments and loans with no deferred acquisition revenue being earned. We may also be entitled, subject to the Managed REIT board approval, to fees for structuring loan refinancing of up to 1% of the principal amount. This loan refinancing revenue, together with the acquisition revenue, is referred to as structuring revenue. | ||||||||||||
Unpaid transaction fees, including accrued interest, are included in Due from affiliates in the consolidated financial statements. Unpaid transaction fees bear interest at annual rates ranging from 5% to 7%. The following tables present the amount of unpaid transaction fees and interest earned on these fees (in thousands): | ||||||||||||
December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Unpaid deferred acquisition fees | $ | 28,654 | $ | 29,410 | ||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Interest earned on unpaid deferred acquisition fees | $ | 1,064 | $ | 1,332 | $ | 1,136 | ||||||
Distributions of Available Cash and Deferred Revenue Earned | ||||||||||||
We receive distributions of our proportionate share of earnings up to 10% of available cash from CPA®:17 – Global, CWI, and after the UPREIT reorganization, CPA®:16 – Global, as defined in the respective advisory agreements, from their operating partnerships. As discussed under “CPA®:16 – Global UPREIT Reorganization” below, we acquired the Special Member Interest in CPA®:16 – Global's operating partnership for $0.3 million during the second quarter of 2011. We initially recorded the Special Member Interest at its fair value of $28.3 million, which is net of approximately $6.0 million related to our ownership interest in CPA®:16 – Global that was eliminated in our consolidated financial statement, to be amortized into earnings over the expected period of performance. Cash distributions of our proportionate share of earnings from the CPA®:16 – Global and CPA®:17 – Global operating partnerships as well as deferred revenue earned from our Special Member Interest in CPA®:16 – Global's operating partnership are recorded as Income from equity investments in real estate and the Managed REITs within the Investment Management segment. We have not yet earned or received any distributions of our proportionate share of earnings from CWI's operating partnership because CWI has not yet generated Available Cash. | ||||||||||||
Other Transactions with Affiliates | ||||||||||||
Transactions with Estate of Wm. Polk Carey | ||||||||||||
Voting Agreement | ||||||||||||
In July 2012, we entered into a voting agreement (the “Voting Agreement”) with the Estate of Wm. Polk Carey, our Chairman and founder who passed away on January 2, 2012, pursuant to which the Estate and W. P. Carey & Co., Inc., a wholly-owned corporation of the Estate, had agreed, among other things, to vote their share of our predecessor's common stock (the “Listed Shares”) at the special meeting of W. P. Carey & Co. LLC's shareholders regarding the REIT Reorganization and Merger in favor of those transactions. The REIT Reorganization and Merger were approved by those shareholders on September 13, 2012 and the transactions closed on September 28, 2012. | ||||||||||||
Share Purchase Agreement | ||||||||||||
Concurrently with the execution of the Voting Agreement, we entered into a Share Purchase Agreement with the Estate pursuant to which we agreed to purchase up to an aggregate amount of $85.0 million of our common stock — or, prior to the Merger, the Listed Shares of our predecessor — beneficially owned by the Estate in the following manner: (i) prior to the date of the dissemination of the Joint Proxy Statement / Prospectus of us and CPA®:15 regarding the registration of securities with the SEC on Form S-4 in connection with the REIT Conversion and the Merger (the “Joint Proxy Statement / Prospectus”), the Estate had a one-time option to sell up to an aggregate amount of $25.0 million of Listed Shares (the “First Sale Option”), which, as discussed below, was completed on August 2, 2012; (ii) at any time following the consummation of the Merger, but on or before December 31, 2012, the Estate had a one-time option to sell up to an aggregate amount of $20.0 million of our common stock (the “Second Sale Option”), which, as discussed below, was completed on October 9, 2012; and (iii) at any time following January 1, 2013, but on or before March 31, 2013, the Estate has a one-time option to sell up to an aggregate amount of $40.0 million of our common stock (the “Third Sale Option,” and with the First Sale Option and Second Sale Option, each a “Sale Option”). In connection with the exercise of a Sale Option, we agreed to pay a per share purchase price equal to 96% of the volume-weighted-average price of one Listed Share of our predecessor, and/or one share of our common stock, as applicable, for the ten (10) business days immediately prior to the date of notification of exercise. | ||||||||||||
On July 27, 2012, we received a notice from the Estate indicating its intention to fully exercise the First Sale Option, and as a result, on August 2, 2012, we repurchased 561,418 Listed shares for $25.0 million from the Estate at a price of $44.53 per share. On October 1, 2012, we received a notice from the Estate indicating its intention to fully exercise the Second Sale Option, and, as a result, on October 9, 2012, we repurchased an additional 410,964 shares of our common stock for $20.0 million from the Estate at a price of $48.67 per share. We used our Revolver (Note 12) to finance the repurchases pursuant to the First and Second Sale Options. We currently intend to borrow from our Revolver in order to finance the repurchase of our common stock pursuant to the remaining Third Sale Option if the Estate should decide to exercise it. | ||||||||||||
Because the Share Purchase Agreement contains put options that, if exercised, would obligate us to settle the transactions in cash, we account for the shares of our common stock owned by the Estate as redeemable securities in accordance with ASC 480 “Distinguishing Liabilities from Equity” and Accounting Series Release No. 268 (“ASR 268”) “Presentation in Financial Statements of Redeemable Preferred Stocks.” ASR 268 requires us to reclassify a portion of our permanent equity to redeemable equity in order to reflect the future cash obligations that could arise if the Estate were to exercise the put options requiring us to purchase its shares. When the Estate exercises a Sale Option, we will reclassify the amount from temporary equity to permanent equity, and reclassify the amount from Additional paid-in capital stock to Treasury stock. Accordingly, on the date of the execution of the Share Repurchase Agreement, we reclassified $85.0 million from Additional paid-in capital to Redeemable securities – related party, which represents the maximum amount that we would be required to pay should the Estate exercise all its Sale Options. Additionally, on August 2, 2012 and October 9, 2012, when we purchased our common stock in connection with the Estate's exercise of the First and Second Sale Options, respectively, we reclassified $45.0 million from Redeemable securities – related party to Additional paid-in capital and reclassified the shares from Additional paid-in capital to Treasury stock. | ||||||||||||
The following table presents a reconciliation of our Redeemable securities – related party (in thousands): | ||||||||||||
Year Ended | ||||||||||||
December 31, 2012 | ||||||||||||
Balance - beginning of year | $ | - | ||||||||||
Reclassification from permanent equity to temporary equity | 85,000 | |||||||||||
Redemptions of securities | -45,000 | |||||||||||
Balance - end of year | $ | 40,000 | ||||||||||
Registration Rights Agreement | ||||||||||||
Concurrently with the execution of the Voting Agreement and the Share Purchase Agreement, we and the Estate Shareholders entered into a Registration Rights Agreement (the “Registration Rights Agreement”). | ||||||||||||
The Registration Rights Agreement provides the Estate with, at any time following the consummation of the REIT Reorganization, but on or before the third anniversary thereof, subject to certain exceptions and limitations, three demand rights (the “Demand Registration Rights”) for the registration via an underwritten public offering of, in each instance, between a minimum of (i)(a) $50.0 million with respect to one Demand Registration Right, and (b) $75.0 million with respect to two Demand Registration Rights, and a maximum of (ii) $250.0 million, worth of shares of our common stock received in the REIT Conversion in exchange for the Listed Shares of our predecessor that were owned by the Estate as of the date of the Registration Rights Agreement. | ||||||||||||
Additionally, the Registration Rights Agreement provides the Estate Shareholders with, subject to certain exceptions and limitations, unlimited “piggyback” registration rights (the “Piggyback Registration Rights,” and together with the Demand Registration Rights, the “Estate Shareholders' Registration Rights”) pertaining to the shares of our common stock received in the REIT conversion in exchange for the Listed Shares of our predecessor that were owned by the Estate as of the date of the Registration Rights Agreement. | ||||||||||||
The Estate Shareholders' Registration Rights are subject to customary lock-up and cutback provisions, and the Registration Rights Agreement contains customary indemnification provisions. We have agreed to bear the expenses incurred in connection with the filing of any registration statements attributable to the exercise of the Estate's Registration Rights, other than any (i) underwriting fees, discounts and sales commissions, (ii) fees, expense and disbursements of legal counsel of the Estate, and (iii) transfer taxes, in each case relating to the sale or disposition by the Estate of shares of our common stock pursuant to the Registration Rights Agreement. | ||||||||||||
We account for our obligations under the Registration Rights Agreement in accordance with ASC 450 “Contingencies,” which requires us to record a liability if the contingent loss is probable and the amount can be estimated. At December 31, 2012, we have not recorded a liability pertaining to our obligations under the Registration Rights Agreement because the amount cannot be reasonably estimated at this time and is not deemed probable. | ||||||||||||
CPA®:14/16 Merger | ||||||||||||
On May 2, 2011, CPA®:14 merged with and into a subsidiary of CPA®:16 – Global. In connection with the CPA®:14/16 Merger, on May 2, 2011, we purchased the remaining interests in three jointly-owned investments from CPA®:14, in which we already had a partial ownership interest, for an aggregate purchase price of $31.8 million, plus the assumption of $87.6 million of indebtedness. | ||||||||||||
In the CPA®:14/16 Merger, CPA®:14 shareholders were entitled to receive $11.50 per share, which was equal to the estimated NAV of CPA®:14 as of September 30, 2010. For each share of CPA®:14 stock owned, each CPA®:14 shareholder received a $1.00 per share special cash dividend and a choice of either (i) $10.50 in cash or (ii) 1.1932 shares of CPA®:16 – Global. The merger consideration of $954.5 million was paid by CPA®:16 – Global, including payment of $444.0 million to liquidating shareholders and issuing 57,365,145 shares of common stock with a fair value of $510.5 million on the date of closing to shareholders of CPA®:14 in exchange for 48,076,723 shares of CPA®:14 common stock. The $1.00 per share special cash distribution, totaling $90.4 million in the aggregate, was funded from the proceeds of the CPA®:14 Asset Sales. In connection with the CPA®:14/16 Merger, we agreed to purchase a sufficient number of shares of CPA®:16 – Global common stock from CPA®:16 – Global to enable it to pay the merger consideration if the cash on hand and available to CPA®:14 and CPA®:16 – Global, including the proceeds of the CPA®:14 Asset Sales and a new $320.0 million senior credit facility of CPA®:16 – Global, were not sufficient. Accordingly, we purchased 13,750,000 shares of CPA®:16 – Global on May 2, 2011 for $121.0 million, which we funded, along with other obligations, with cash on hand and $121.4 million drawn on our then-existing unsecured line of credit. | ||||||||||||
Upon consummation of the CPA®:14/16 Merger, we earned revenues of $31.2 million in connection with the termination of the advisory agreement with CPA®:14 and $21.3 million of subordinated disposition revenues. We elected to receive our termination revenue in 2,717,138 shares of CPA®:14, which were exchanged into 3,242,089 shares of CPA®:16 – Global in the CPA®:14/16 Merger. Upon closing of the CPA®:14/16 Merger, we received 13,260,091 shares of common stock of CPA®:16 – Global in respect of our shares of CPA®:14. | ||||||||||||
CAM waived any acquisition fees payable by CPA®:16 – Global under its advisory agreement with CAM in respect of the properties acquired in the CPA®:14/16 Merger and also waived any disposition fees that may subsequently be payable by CPA®:16 – Global upon a sale of such assets. As the advisor to CPA®:14, CAM earned acquisition fees related to those properties acquired by CPA®:14 and disposition fees on those properties upon the liquidation of CPA®:14 and, as a result, CAM and CPA®:16 – Global agreed that CAM should not receive fees upon the acquisition or disposition of the same properties by CPA®:16 – Global. | ||||||||||||
CPA®:16 – Global UPREIT Reorganization | ||||||||||||
Immediately following the CPA®:14/16 Merger on May 2, 2011, CPA®:16 – Global completed an internal reorganization whereby CPA®:16 – Global formed an UPREIT, which was approved by CPA®:16 – Global stockholders in connection with the CPA®:14/16 Merger (the “CPA®:16 – Global UPREIT Reorganization”). In connection with the formation of the UPREIT, CPA®:16 – Global contributed substantially all of its assets and liabilities to an operating partnership in exchange for a managing member interest and units of membership interest in the operating partnership, which together represent a 99.985% capital interest of the Managing Member. Through a subsidiary, we acquired a Special Member Interest of 0.015% in the operating partnership for $0.3 million, entitling us to receive certain profit allocations and distributions of cash. | ||||||||||||
As consideration for the Special Member Interest, we amended our advisory agreement with CPA®:16 – Global to give effect to this UPREIT reorganization and to reflect a revised fee structure whereby (i) our asset management fees are prospectively reduced to 0.5% from 1.0% of the asset value of a property under management, (ii) the former 15% subordinated incentive fee and termination fees have been eliminated and replaced by (iii) a 10% Special General Partner Available Cash Distribution and (iv) the 15% Final Distribution, each defined below. The sum of the new 0.5% asset management fee and the Available Cash Distribution is expected to be lower than the original 1.0% asset management fee; accordingly, the Available Cash Distribution is contractually limited to 0.5% of the value of CPA®:16 – Global's assets under management. However, the amount of after-tax cash we receive pursuant to this revised structure is anticipated to be greater than the amount we received under the previous arrangement. The fee structure related to initial acquisition fees, subordinated acquisition fees and subordinated disposition fees for CPA®:16 – Global remains unchanged. | ||||||||||||
As Special General Partner, we are entitled to 10% of the operating partnership's available cash (the “Available Cash Distribution”), which was defined as the operating partnership's cash generated from operations, excluding capital proceeds, as reduced by operating expenses and debt service, excluding prepayments and balloon payments. We may elect to receive our Available Cash Distribution in shares of CPA®:16 – Global's common stock. In the event of a capital transaction such as a sale, exchange, disposition or refinancing of CPA®:16 – Global's assets, we are also entitled to receive a Final Distribution equal to 15% of residual returns after giving effect to a 100% return of the Managing Member's invested capital plus a 6% priority return. | ||||||||||||
We initially recorded the Special Member Interest as an equity investment at its fair value of $28.3 million and an equal amount of deferred revenues (Note 7), which was net of approximately $6.0 million related to our ownership interest of approximately 17.5% in CPA®:16 – Global that was eliminated in our consolidated financial statements. We recognize the deferred revenue earned from our Special Member Interest in CPA®:16 – Global's operating partnership into earnings on a straight-line basis over the expected period of performance, which is currently estimated at three years based on the stated intended life of CPA®:16 – Global as described in its offering documents. The amount of deferred revenue recognized during the years ended December 31, 2012 and 2011 was $8.5 million and $5.7 million, respectively. The amount of deferred revenue recognized in 2012 and 2011 was net of $0.9 million and $0.6 million, respectively, in amortization associated with the basis differential generated by the Special Member Interest in CPA®:16 – Global's operating partnership and our underlying claim on the net assets of CPA®:16 – Global. We determined the fair value of the Special Member Interest based upon a discounted cash flow model, which included assumptions related to estimated future cash flows of CPA®:16 – Global and the estimated duration of the fee stream of three years. The equity investment is evaluated for impairment consistent with the policy described in Note 2. At December 31, 2012 and 2011, the unamortized balance of the deferred revenue was $12.6 million and $22.0 million, respectively. | ||||||||||||
Other | ||||||||||||
We own interests in entities ranging from 3% to 95%, as well as jointly-controlled tenancy-in-common interests in properties, with the remaining interests generally held by affiliates, and own common stock in each of the Managed REITs. We consolidate certain of these investments and account for the remainder under the equity method of accounting. | ||||||||||||
One of our directors and officers was the sole shareholder of Livho, a subsidiary that operates a hotel investment. We consolidated the accounts of Livho in our consolidated financial statements because it was a VIE and we were its primary beneficiary. In order to streamline Livho's corporate structure, in August 2012, the director and officer transferred his ownership interest in Livho for no consideration to one of our subsidiaries, Carey REIT II Inc. No gain or loss was recognized in this transaction. Immediately after the ownership transfer, we became the sole shareholder of Livho and we continue to consolidate the accounts of Livho. | ||||||||||||
Family members of one of our directors have an ownership interest in certain companies that own noncontrolling interests in one of our French majority-owned subsidiaries. These ownership interests are subject to substantially the same terms as all other ownership interests in the subsidiary companies. | ||||||||||||
A former employee owns a redeemable noncontrolling interest (Note 14) in W. P. Carey International LLC (“WPCI”), a subsidiary company that structures net lease transactions on behalf of the CPA® REITs outside of the U.S., as well as certain related entities. | ||||||||||||
During February 2011, we loaned $90.0 million at an annual interest rate of 1.15% to CPA®:17 – Global, which was repaid on April 8, 2011, its maturity date. During May 2011, we loaned $4.0 million at the 30-day LIBOR plus 2.5% to CWI which was repaid on June 6, 2011. In addition, during September 2011, we loaned $2.0 million at LIBOR plus 0.9% to CWI, of which $1.0 million was repaid on September 13, 2011 and the remaining $1.0 million was repaid on October 6, 2011. In connection with these loans, we received interest income from CWI and CPA®:17 – Global totaling $0.2 million during the year ended December 31, 2011. | ||||||||||||
For related party transactions occurred subsequent to December 31, 2012, please see Note 20. |
Net_Investments_in_Properties
Net Investments in Properties | 12 Months Ended | |||||
Dec. 31, 2012 | ||||||
Net Investments in Properties | ' | |||||
Net Investments in Properties | ' | |||||
Note 5. Net Investments in Properties | ||||||
Real Estate | ||||||
Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands): | ||||||
December 31, | ||||||
2012 | 2011 | |||||
Land | $ | 509,530 | $ | 111,483 | ||
Buildings | 1,822,083 | 534,999 | ||||
Less: Accumulated depreciation | -116,075 | -118,054 | ||||
$ | 2,215,538 | $ | 528,428 | |||
Real Estate Acquired During 2012 — As discussed in Note 3, we acquired properties in the Merger, which increased the carrying value of our real estate by $1.8 billion during the year ended December 31, 2012. Other acquisitions of real estate during this period are disclosed in Note 4 and assets disposed of are disclosed in Note 17. Impairment charges recognized on certain properties are discussed in Note 11. During this period, the U.S. dollar weakened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro at December 31, 2012 increased by 2.1% to $1.3218 from $1.2950 at December 31, 2011. The impact of this weakening was a $12.9 million increase in Real estate from December 31, 2011 to December 31, 2012. | ||||||
On September 13, 2012, we acquired an interest in an investment leased to the Walgreens Co. at a total cost of $24.8 million, including net lease intangible assets totaling $6.6 million (Note 8) and acquisition-related costs. We updated our purchase price allocation during the fourth quarter of 2012, and recorded a measurement period adjustment of $5.3 million to reduce land and buildings and to increase net lease intangibles. We deemed this investment to be a real estate asset acquisition, and as such, we capitalized acquisition-related costs of $0.2 million. The Walgreens Co. leases are classified as operating leases. | ||||||
Real Estate Acquired During 2011 — As discussed in Note 4, in connection with the CPA®:14/16 Merger in May 2011, we purchased the remaining interests in certain investments, in which we already had a joint interest, from CPA®:14 as part of the CPA®:14 Asset Sales. These three investments, which lease properties to Checkfree, Federal Express and Amylin, had an aggregate fair value of $174.8 million at the date of acquisition. Prior to this purchase, we had consolidated the Checkfree investments and accounted for the Federal Express and Amylin investments under the equity method. As part of the transaction, we assumed the related non-recourse mortgages on the Federal Express and Amylin investments. These two mortgages and the mortgage on the Checkfree investment had an aggregate fair value of $117.1 million at the date of acquisition (Note 12). Amounts provided are the total amounts attributable to the jointly-owned investments' properties and do not represent the proportionate share that we purchased. Upon acquiring the remaining interests in the investments leased to Federal Express and Amylin, we owned 100% of these investments and accounted for these acquisitions as step acquisitions utilizing the purchase method of accounting. Due to the change in control of the investments that occurred, and in accordance with ASC 810 involving a step acquisition where control is obtained and there is a previously held equity interest, we recorded an aggregate gain of approximately $27.9 million related to the difference between our respective carrying values and the fair values of our previously held interests on the acquisition date. Subsequent to our acquisition, we consolidate all of these wholly-owned investments. The consolidation of these investments resulted in an increase of $90.2 million and $40.8 million to Real estate, net and net lease intangibles, respectively, in May 2011. | ||||||
During 2011, we reclassified real estate with a net carrying value of $17.9 million to Real estate in connection with an out-of-period adjustment (Note 2). | ||||||
Operating Real Estate | ||||||
Operating real estate, which consists of our investments in 21 self-storage properties through Carey Storage and our Livho hotel subsidiary, at cost, is summarized as follows (in thousands): | ||||||
December 31, | ||||||
2012 | 2011 | |||||
Land | $ | 22,158 | $ | 24,031 | ||
Buildings | 77,545 | 85,844 | ||||
Less: Accumulated depreciation | -19,993 | -17,121 | ||||
$ | 79,710 | $ | 92,754 | |||
During the year ended December 31, 2012, we recognized an impairment charge of $10.5 million on our hotel property to write down the property's carrying value to its estimated fair value as a result of a decrease in fair value and in the estimated holding period of the hotel (Note 11). In October 2013, we sold our Livho hotel (Note 17). | ||||||
Real Estate Under Construction | ||||||
At December 31, 2012, real estate under construction was $2.9 million, recorded at cost. | ||||||
Scheduled Future Minimum Rents | ||||||
Scheduled future minimum rents, which are inclusive of those properties in continuing and discontinued operations, exclusive of renewals and expenses paid by tenants and future CPI-based increases under non-cancelable operating leases, at December 31, 2012 are as follows (in thousands): | ||||||
Years Ending December 31, | Total | |||||
2013 | $ | 272,559 | ||||
2014 | 270,952 | |||||
2015 | 249,266 | |||||
2016 | 227,445 | |||||
2017 | 213,292 | |||||
Thereafter | 1,078,071 | |||||
Total | $ | 2,311,585 |
Finance_Receivables
Finance Receivables | 12 Months Ended | ||||||||||
Dec. 31, 2012 | |||||||||||
Finance Receivables | ' | ||||||||||
Finance Receivables | ' | ||||||||||
Note 6. Finance Receivables | |||||||||||
Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivable portfolios consist of our Net investments in direct financing leases and deferred acquisition fees. Operating leases are not included in finance receivables as such amounts are not recognized as an asset in the consolidated balance sheets. | |||||||||||
Net Investment in Direct Financing Leases | |||||||||||
Net investment in direct financing leases is summarized as follows (in thousands): | |||||||||||
December 31, | |||||||||||
2012 | 2011 | ||||||||||
Minimum lease payments receivable | $ | 430,514 | $ | 29,986 | |||||||
Unguaranteed residual value | 375,706 | 57,218 | |||||||||
806,220 | 87,204 | ||||||||||
Less: unearned income | -430,215 | -29,204 | |||||||||
$ | 376,005 | $ | 58,000 | ||||||||
During 2012, we sold our net investment in a direct financing lease for $2.0 million, net of selling costs, and recognized a net loss on sale of $0.2 million. In connection with the Merger in September 2012, we acquired 15 direct financing leases with a total fair value of $315.8 million (Note 3). During the years ended December 31, 2012 and 2011, in connection with our annual reviews of the estimated residual values of our properties, we recorded no impairment charges related to direct financing leases. We recorded $1.1 million in impairment charges related to several direct financing leases in 2010. Impairment charges related primarily to other-than-temporary declines in the estimated residual values of the underlying properties due to market conditions (Note 11). In the fourth quarter of 2011, we also recorded $1.6 million in connection with an out-of-period adjustment (Note 2). At December 31, 2012 and 2011, Other assets, net included $0.2 million and less than $0.1 million, respectively, of accounts receivable related to amounts billed under these direct financing leases. | |||||||||||
During 2011, we reclassified $17.6 million out of Net investments in direct financing leases in connection with an out-of-period adjustment (Note 2). | |||||||||||
Scheduled future minimum rents, which are inclusive of those properties in continuing and discontinuing operations, exclusive of renewals and expenses paid by tenants, percentage of sales rents and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2012 are as follows (in thousands): | |||||||||||
Years Ending December 31, | Total | ||||||||||
2013 | $ | 34,573 | |||||||||
2014 | 32,277 | ||||||||||
2015 | 31,968 | ||||||||||
2016 | 30,150 | ||||||||||
2017 | 29,707 | ||||||||||
Thereafter | 271,839 | ||||||||||
Total | $ | 430,514 | |||||||||
Deferred Acquisition Fees Receivable | |||||||||||
As described in Note 4, we earn revenue in connection with structuring and negotiating investments and related mortgage financing for the Managed REITs. A portion of this revenue is due in equal annual installments ranging from three to four years, provided the Managed REITs meet their respective performance criteria. Unpaid deferred installments, including accrued interest, from all of the Managed REITs were included in Due from affiliates in the consolidated financial statements. | |||||||||||
Credit Quality of Finance Receivables | |||||||||||
We generally seek investments in facilities that we believe are critical to a tenant's business and that we believe have a low risk of tenant defaults. At both December 31, 2012 and 2011, none of our finance receivables were past due and we had not established any allowances for credit losses. As discussed above, we acquired 15 direct financing leases with a total fair value of $315.8 million from CPA®:15 in connection with the Merger (Note 3). There were no modifications of finance receivables for either of the years ended December 31, 2012 or 2011. We evaluate the credit quality of our tenant receivables utilizing an internal 5-point credit rating scale, with 1 representing the highest credit quality and 5 representing the lowest. The credit quality evaluation of our tenant receivables was last updated in the fourth quarter of 2012. We believe the credit quality of our deferred acquisition fees receivable falls under category 1, as the CPA® REITs are expected to have the available cash to make such payments. | |||||||||||
A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): | |||||||||||
Number of Tenants at | Net Investments in Direct Financing Leases at | ||||||||||
Internal Credit Quality Indicator | December 31, 2012 | 31-Dec-11 | December 31, 2012 | 31-Dec-11 | |||||||
1 | 3 | 8 | $ | 46,398 | $ | 46,694 | |||||
2 | 4 | 2 | 49,764 | 11,306 | |||||||
3 | 8 | - | 257,281 | - | |||||||
4 | 4 | - | 22,562 | - | |||||||
5 | - | - | - | - | |||||||
$ | 376,005 | $ | 58,000 |
Equity_Investment_in_Real_Esta
Equity Investment in Real Estate and the Managed REITs | 12 Months Ended | |||||||||||
Dec. 31, 2012 | ||||||||||||
Equity Investments in Real Estate and the Managed REITs | ' | |||||||||||
Equity Investments in Real Estate and REITs | ' | |||||||||||
Note 7. Equity Investments in Real Estate and the Managed REITs | ||||||||||||
We own interests in the Managed REITs and unconsolidated real estate investments. We account for our interests in these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences from other-than-temporary impairments). These investments are summarized below. | ||||||||||||
Income from equity investments in real estate represents our proportionate share of the income or losses of these investments as well as certain depreciation and amortization adjustments related to other-than-temporary impairment charges. The following table presents information about our equity income from the Managed REITs and other jointly-owned investments (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Equity earnings from equity investments in the Managed REITs | $ | 5,509 | $ | 16,928 | $ | 10,480 | ||||||
Other-than-temporary impairment charges on CPA®:16 – Global operating partnership | -9,910 | - | - | |||||||||
Distributions of Available Cash (Note 4) | 30,009 | 15,535 | 4,468 | |||||||||
Deferred revenue earned (Note 4) | 8,492 | 5,662 | - | |||||||||
Equity income from the Managed REITs | 34,100 | 38,125 | 14,948 | |||||||||
Equity earnings from other equity investments | 28,292 | 13,103 | 16,044 | |||||||||
Total income from equity investments in real estate and the Managed REITs | $ | 62,392 | $ | 51,228 | $ | 30,992 | ||||||
Managed REITs | ||||||||||||
We own interests in the Managed REITs and account for these interests under the equity method because, as their advisor and through our ownership in their common stock, we do not exert control over, but we do have the ability to exercise significant influence on, the Managed REITs. We earn asset management and we earned performance revenue from the Managed REITs and have elected, in certain cases, to receive a portion of this revenue in the form of common stock of the Managed REITs rather than cash. | ||||||||||||
The following table sets forth certain information about our investments in the Managed REITs (dollars in thousands): | ||||||||||||
% of Outstanding Shares Owned at | Carrying Amount of Investment at | |||||||||||
Fund | December 31, 2012 | 31-Dec-11 | December 31, 2012 (a) | 31-Dec-11 | ||||||||
CPA®:15(b) | (c) | 7.70% | $ | - | $ | 93,650 | ||||||
CPA®:16 – Global (d) (e) (f) | 18.30% | 17.90% | 313,441 | 338,964 | ||||||||
CPA®:17 – Global(g) | 1.30% | 0.90% | 38,977 | 21,277 | ||||||||
CWI | 0.40% | 0.50% | 727 | 121 | ||||||||
$ | 353,145 | $ | 454,012 | |||||||||
__________ | ||||||||||||
Includes asset management fees receivable, for which 128,992 shares, 84,595 shares and 9,842 shares of CPA®:17 – Global, CPA®:16 – Global and CWI, respectively, were issued during the first quarter of 2013. | ||||||||||||
Prior to the Merger, we received distributions of $5.6 million, $6.9 million and $6.2 million from this investment during 2012, 2011 and 2010, respectively. | ||||||||||||
On September 28, 2012, we acquired all the remaining interests in CPA®:15 and now consolidate this entity (Note 3). | ||||||||||||
During the year ended December 31, 2012, we recognized other-than-temporary impairment charges totaling $9.9 million on our special member interest in CPA®:16 – Global's operating partnership to reduce the carrying value of our interest in the operating partnership to its estimated fair value (Note 9). | ||||||||||||
At December 31, 2011, our investment in CPA®:16 – Global comprised more than 20% of our total assets. Therefore, we refer to the audited financials of CPA®:16 – Global filed on February 26, 2013. | ||||||||||||
We received distributions of $39.7 million, $18.6 million and $4.1 million from this investment during 2012, 2011 and 2010, respectively. | ||||||||||||
We received distributions of $16.2 million, $10.0 million and $4.7 million from this investment during 2012, 2011 and 2010, respectively. | ||||||||||||
The following tables present preliminary combined summarized financial information for the Managed REITs. Amounts provided are expected total amounts attributable to the Managed REITs and do not represent our proportionate share (in thousands): | ||||||||||||
December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Assets | $ | 8,052,546 | $ | 9,184,111 | ||||||||
Liabilities | -3,959,756 | -4,896,116 | ||||||||||
Redeemable noncontrolling interests | -21,747 | -21,306 | ||||||||||
Noncontrolling interests | -170,140 | -330,873 | ||||||||||
Stockholders’ equity | $ | 3,900,903 | $ | 3,935,816 | ||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Revenues | $ | 809,364 | $ | 789,933 | $ | 737,369 | ||||||
Expenses (a) (b) | -626,422 | -599,822 | -501,216 | |||||||||
Income from continuing operations | $ | 182,942 | $ | 190,111 | $ | 236,153 | ||||||
Net income attributable to the Managed REITs (c) (d) | $ | 123,815 | $ | 123,479 | $ | 189,155 | ||||||
_________ | ||||||||||||
Total net expenses recognized by the Managed REITs during the year ended December 31, 2012 included $3.1 million of Merger-related expenses incurred by CPA®:15, of which our share was approximately $0.2 million. | ||||||||||||
Total net expenses recognized by the Managed REITs during the year ended December 31, 2011 included the following items related to the CPA®:14/16 Merger: (i) $78.8 million of net gains recognized by CPA®:14 in connection with selling certain properties to us, CPA®:17 – Global and third parties, of which our share was approximately $7.4 million; (ii) a net gain of $28.7 million recognized by CPA®:16 – Global in connection with the CPA®:14/16 Merger as a result of the fair value of CPA®:14 exceeding the total merger consideration, of which our share was approximately $5.0 million; (iii) $13.6 million of expenses incurred by CPA®:16 – Global related to the CPA®:14/16 Merger, of which our share was approximately $2.4 million; and (iv) a $2.8 million net loss recognized by CPA®:16 – Global in connection with the prepayment of certain non-recourse mortgages, of which our share was approximately $0.5 million. | ||||||||||||
Inclusive of impairment charges recognized by the Managed REITs totaling $25.0 million, $57.7 million and $51.4 million during the years ended December 31, 2012, 2011 and 2010, respectively, of which $6.9 million, $45.1 million and $17.4 million were included in discontinued operations, respectively. These impairment charges reduced our income earned from these investments by approximately $4.2 million, $7.8 million and $3.0 million during the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||
Amounts included net gains on sale of real estate recorded by the Managed REITs totaling $35.4 million, $45.4 million and $30.5 million during the years ended December 31, 2012, 2011 and 2010, respectively, of which $29.6 million, $16.7 million and $14.6 million, were reflected within discontinued operations, respectively. | ||||||||||||
Interests in Unconsolidated Real Estate Investments | ||||||||||||
We own interests in single-tenant net leased properties that are leased to corporations through noncontrolling interests (i) in partnerships and limited liability companies that we do not control but over which we exercise significant influence or (ii) as tenants-in-common subject to common control. Generally, the underlying investments are jointly-owned with affiliates. We account for these investments under the equity method of accounting. | ||||||||||||
The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed REITs, and their respective carrying values (dollars in thousands): | ||||||||||||
Ownership Interest | Carrying Value at December 31, | |||||||||||
Lessee | at December 31, 2012 | 2012 | 2011 | |||||||||
Schuler A.G. (a) (b) (c) (d) | 67% | $ | 62,006 | $ | 19,958 | |||||||
Hellweg Die Profi-Baumarkte GmbH & Co. KG (Hellweg 2) (a) (c) | 45% | 42,387 | 1,062 | |||||||||
Advanced Micro Devices (b) (e) | 33% | 23,667 | - | |||||||||
The New York Times Company(f) | 18% | 20,584 | 19,647 | |||||||||
C1000 Logistiek Vastgoed B.V. (a) (b) (e) | 15% | 14,929 | - | |||||||||
Del Monte Corporation (b) (e) | 50% | 8,318 | - | |||||||||
U. S. Airways Group, Inc. (b) (g) | 75% | 7,995 | 7,415 | |||||||||
The Talaria Company (Hinckley) (e) (h) | 30% | 7,702 | - | |||||||||
The Upper Deck Company (b) (e) | 50% | 7,198 | - | |||||||||
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH (a) (e) | 33% | 6,323 | - | |||||||||
Builders FirstSource, Inc. (e) | 40% | 5,138 | - | |||||||||
PETsMART, Inc. (e) | 30% | 3,808 | - | |||||||||
Consolidated Systems, Inc. (b) | 60% | 3,278 | 3,387 | |||||||||
Carrefour France, SAS (a) | (i) | - | 20,014 | |||||||||
Médica – France, S.A. (a) | (j) | - | 4,430 | |||||||||
Hologic, Inc. | (i) | - | 4,429 | |||||||||
Childtime Childcare, Inc. | (i) | - | 4,419 | |||||||||
Symphony IRI Group, Inc. (k) (l) (m) | (i) | - | -24 | |||||||||
SaarOTEC (a) (e) (l) | 50% | -116 | - | |||||||||
Wanbishi Archives Co. Ltd. (a) (l) (n) | 3% | -736 | - | |||||||||
$ | 212,481 | $ | 84,737 | |||||||||
__________ | ||||||||||||
The carrying value of the investment is affected by the impact of fluctuations in the exchange rate of the foreign currency. | ||||||||||||
Represents a tenancy-in-common interest, under which the investment is under common control by us and our investment partner. | ||||||||||||
In connection with the Merger, we acquired an additional interest in this investment from CPA®:15. | ||||||||||||
We received distributions of $8.2 million, $2.4 million and $2.3 million from this investment during 2012, 2011 and 2010, respectively. | ||||||||||||
We acquired our interest in this investment in connection with the Merger (Note 3). | ||||||||||||
We received distributions of $3.2 million and $4.4 million from this investment during 2012 and 2011, respectively. | ||||||||||||
We received distributions of $2.4 million, $2.2 million and $2.5 million from this investment during 2012, 2011 and 2010, respectively. | ||||||||||||
This investment was sold in October 2013. | ||||||||||||
In connection with the Merger, we acquired the remaining interest in this investment from CPA®:15. Subsequent to the Merger, we consolidate this investment. | ||||||||||||
In April 2012, this jointly-owned entity sold its interests in the investment for approximately $76.5 million and recognized a net gain on sale of approximately $34.0 million. Our share of the gain was approximately $15.1 million. Amounts are based on the exchange rate of the euro on the date of sale. | ||||||||||||
In 2011, this jointly-owned entity sold one of its properties and distributed the proceeds to the entity partners. Our share of the proceeds was approximately $1.4 million, which exceeded our total investment in the entity at that time. During the first quarter of 2011, we recognized an other-than-temporary impairment charge of $0.2 million to reflect the decline in the estimated fair value of the entity's underlying net assets in comparison with the carrying value of our interest in this investment. | ||||||||||||
At December 31, 2012, or 2011, as applicable, we intended to fund our share of the investment's future operating deficits if the need arose. However, we had no legal obligation to pay for any of the investment's liabilities nor did we have any legal obligation to fund operating deficits. | ||||||||||||
We received distributions of $2.6 million from this investment during 2011. | ||||||||||||
We acquired our interest in this investment in 2012 as discussed below. | ||||||||||||
The following tables present combined summarized financial information of our equity investments. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands): | ||||||||||||
December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Assets | $ | 1,286,294 | $ | 1,026,124 | ||||||||
Liabilities | -799,422 | -706,244 | ||||||||||
Redeemable noncontrolling interest | -21,747 | -21,306 | ||||||||||
Partners’/members’ equity | $ | 465,125 | $ | 298,574 | ||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Revenues | $ | 108,242 | $ | 118,819 | $ | 146,214 | ||||||
Expenses | -64,453 | -75,992 | -79,665 | |||||||||
Impairment charges (b) | - | -8,602 | - | |||||||||
Income from continuing operations | $ | 43,789 | $ | 34,225 | $ | 66,549 | ||||||
Net income attributable to equity method investees (a) (b) | $ | 79,591 | $ | 34,225 | $ | 66,549 | ||||||
__________ | ||||||||||||
Amount during the year ended December 31, 2012 included a net gain of approximately $34.0 million recognized by a jointly-owned entity as a result of selling its interests in the Médica investment. Our share of the gain was approximately $15.1 million. | ||||||||||||
Amount during the year ended December 31, 2011 included an impairment charge of $8.6 million incurred by a jointly-owned entity that leased property to Symphony IRI Group, Inc. in connection with a potential sale of the property, of which our share was approximately $0.4 million. The entity completed the sale in June 2011. | ||||||||||||
2012 – In December 2012, an entity in which we and CPA®:17 – Global hold 3% and 97% interests, respectively, purchased a distribution/warehouse in Japan for $52.1 million. Our share of the purchase price was approximately $1.5 million. We account for this investment under the equity method of accounting, as we do not have a controlling interest in the entity but exercise significant influence over it. In connection with this investment, the entity obtained mortgage financing on the property of $31.6 million at an annual interest rate of 2% and term of five years. Our share of the financing was approximately $0.9 million. Amounts are based on the exchange rate of the Japanese yen on the date of acquisition. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 12 Months Ended | |||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||
Goodwill And Intangible Assets Disclosure | ' | |||||||||||||||||
Goodwill And Intangible Assets Disclosure | ' | |||||||||||||||||
Note 8. Intangible Assets and Liabilities and Goodwill | ||||||||||||||||||
In connection with our acquisitions of properties, we have recorded net lease intangibles which are being amortized over periods ranging from one year to 40 years. In-place lease, tenant relationship and above-market rent intangibles are included in Intangible assets and goodwill, net in the consolidated financial statements. Below-market rent intangibles are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. | ||||||||||||||||||
In connection with our investment activity during the year ended December 31, 2012, comprised of the Merger (Note 3) and the Walgreens acquisition (Note 5), we have recorded net lease intangibles comprised as follows (dollars in thousands): | ||||||||||||||||||
Initially | Measurement | As | ||||||||||||||||
Weighted-Average | Reported at | Period | Revised at | |||||||||||||||
Life | 30-Sep-12 | Adjustments | 31-Dec-12 | |||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||
Lease intangibles: | ||||||||||||||||||
In-place lease | 12.9 | $ | 413,198 | $ | 5,322 | $ | 418,520 | |||||||||||
Above-market rent | 11.7 | 284,174 | 790 | 284,964 | ||||||||||||||
Total intangible assets | $ | 697,372 | $ | 6,112 | $ | 703,484 | ||||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||
Below-market rent | 29.9 | $ | -79,312 | $ | -1,111 | $ | -80,423 | |||||||||||
Above-market ground lease | 11.8 | -6,896 | - | -6,896 | ||||||||||||||
Unamortizable Intangible Liabilities | ||||||||||||||||||
Below-market purchase option | -16,711 | 314 | -16,397 | |||||||||||||||
Total intangible liabilities | $ | -102,919 | $ | -797 | $ | -103,716 | ||||||||||||
In connection with the Merger, we recorded goodwill of $268.7 million as a result of the Merger Consideration exceeding the fair value of the assets acquired and liabilities assumed (Note 3). The goodwill was attributed to our Real Estate Ownership reporting unit as it relates to the real estate assets we acquired. The following table presents a reconciliation of our goodwill (in thousands): | ||||||||||||||||||
Investment | Real Estate | |||||||||||||||||
Management | Ownership | Total | ||||||||||||||||
Balance at January 1, 2010 | $ | 63,607 | $ | - | $ | 63,607 | ||||||||||||
Activity | - | - | - | |||||||||||||||
Balance at December 31, 2010 | 63,607 | - | 63,607 | |||||||||||||||
Activity | - | - | - | |||||||||||||||
Balance at December 31, 2011 | 63,607 | - | 63,607 | |||||||||||||||
Acquisition of CPA®:15 | - | 268,683 | 268,683 | |||||||||||||||
Allocation of goodwill to dispositions of properties within the reporting unit (a) | - | -3,158 | -3,158 | |||||||||||||||
Balance at December 31, 2012 | $ | 63,607 | $ | 265,525 | $ | 329,132 | ||||||||||||
Intangible assets and liabilities and goodwill are summarized as follows (in thousands): | ||||||||||||||||||
December 31, | ||||||||||||||||||
2012 | 2011 | |||||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | |||||||||||||||
Amount | Amortization | Total | Amount | Amortization | Total | |||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||
Management contracts | $ | 32,765 | $ | -31,283 | $ | 1,482 | $ | 32,765 | $ | -30,172 | $ | 2,593 | ||||||
32,765 | -31,283 | 1,482 | 32,765 | -30,172 | 2,593 | |||||||||||||
Lease Intangibles: (a) | ||||||||||||||||||
In-place lease | 474,629 | -27,351 | 447,278 | 62,162 | -17,585 | 44,577 | ||||||||||||
Other intangibles | 8,149 | -3,406 | 4,743 | 10,968 | -4,586 | 6,382 | ||||||||||||
Above-market rent | 293,627 | -13,742 | 279,885 | 9,905 | -5,082 | 4,823 | ||||||||||||
776,405 | -44,499 | 731,906 | 83,035 | -27,253 | 55,782 | |||||||||||||
Unamortizable Goodwill and Indefinite-Lived Intangible Assets | ||||||||||||||||||
Goodwill | 329,132 | - | 329,132 | 63,607 | - | 63,607 | ||||||||||||
Trade name | 3,975 | - | 3,975 | 3,975 | - | 3,975 | ||||||||||||
333,107 | - | 333,107 | 67,582 | - | 67,582 | |||||||||||||
Total Intangible Assets | $ | 1,142,277 | $ | -75,782 | $ | 1,066,495 | $ | 183,382 | $ | -57,425 | $ | 125,957 | ||||||
Amortizable Intangible Liabilities | ||||||||||||||||||
Below-market rent | $ | -86,171 | $ | 3,227 | $ | -82,944 | $ | -6,455 | $ | 1,482 | $ | -4,973 | ||||||
Above-market ground lease | -6,896 | 103 | -6,793 | - | - | - | ||||||||||||
-93,067 | 3,330 | -89,737 | -6,455 | 1,482 | -4,973 | |||||||||||||
Unamortizable Intangible Liabilities | ||||||||||||||||||
Below-market purchase option | -16,711 | - | -16,711 | - | - | - | ||||||||||||
Total Intangible Liabilities | $ | -109,778 | $ | 3,330 | $ | -106,448 | $ | -6,455 | $ | 1,482 | $ | -4,973 | ||||||
__________ | ||||||||||||||||||
The fair value of the below-market purchase option was equal to the residual value at the date of acquisition. | ||||||||||||||||||
Net amortization of intangibles, including the effect of foreign currency translation, was $24.7 million, $4.0 million and $1.3 million for the years ended December 31, 2012, 2011 and 2010, respectively. Amortization of below-market rent, above-market rent and above-market ground lease intangibles is recorded as an adjustment to Lease revenues, while amortization of in-place lease and tenant relationship intangibles is included in Depreciation and amortization. | ||||||||||||||||||
Based on the intangible assets and liabilities recorded at December 31, 2012, scheduled annual net amortization of intangibles, which are inclusive of those properties in continuing and discontinued operations, for each of the next five years and thereafter is as follows (in thousands): | ||||||||||||||||||
Years Ending December 31, | Total | |||||||||||||||||
2013 | $ | 84,274 | ||||||||||||||||
2014 | 79,533 | |||||||||||||||||
2015 | 72,016 | |||||||||||||||||
2016 | 70,050 | |||||||||||||||||
2017 | 66,667 | |||||||||||||||||
Thereafter | 271,111 | |||||||||||||||||
Total | $ | 643,651 |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||
Note 9. Fair Value Measurements | ||||||||||||||||||||||||||
For 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 and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. | ||||||||||||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||
The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items we have also provided the unobservable inputs along with their weighted average ranges. | ||||||||||||||||||||||||||
Money Market Funds — Our money market funds, which are included in Cash in the consolidated financial statements, are comprised of government securities and U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values. | ||||||||||||||||||||||||||
Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of foreign currency forward contracts and stock warrants that were acquired from CPA®:15 through the Merger. The foreign currency forward contracts were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in the open market. The stock warrants were measured at fair value using internal valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market. | ||||||||||||||||||||||||||
Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps, a substantial amount of which were acquired from CPA®:15 through the Merger (Note 10). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates. These derivative instruments were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. | ||||||||||||||||||||||||||
Other Securities — Our other securities, which are included in Other assets, net in the consolidated financial statements, are primarily comprised of our interest in a commercial mortgage loan securitization known as the Carey Commercial Mortgage Trust (“CCMT”). We classified these assets as Level 3 because these assets are not traded in an active market. We estimated the fair value of these assets using internal valuation models that incorporate market inputs and our own assumptions about future cash flows. | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest — We account for the noncontrolling interest in WPCI as a redeemable noncontrolling interest. We determined the valuation of the redeemable noncontrolling interest using widely accepted valuation techniques, including expected discounted cash flows of the investment as well as the income capitalization approach, which considers prevailing market capitalization rates. We classified this liability as Level 3. Unobservable inputs for WPCI include a discount for lack of marketability, a discount rate and EBITDA multiples with weighted average ranges of 20% – 30%, 22% – 26% and 3x – 5x, respectively. Significant increases or decreases in any one of these inputs in isolation would result in significant changes in the fair value measurement. | ||||||||||||||||||||||||||
The following tables set forth our assets and liabilities that were accounted for at fair value on a recurring basis. Assets and liabilities presented below exclude assets and liabilities owned by equity investments (in thousands): | ||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using: | ||||||||||||||||||||||||||
Quoted Prices in | ||||||||||||||||||||||||||
Active Markets for | Significant Other | Unobservable | ||||||||||||||||||||||||
Identical Assets | Observable Inputs | Inputs | ||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Money market funds | $ | 231 | $ | 231 | $ | - | $ | - | ||||||||||||||||||
Derivative assets | 1,745 | - | 25 | 1,720 | ||||||||||||||||||||||
Total | $ | 1,976 | $ | 231 | $ | 25 | $ | 1,720 | ||||||||||||||||||
Redeemable Noncontrolling Interest and Liabilities: | ||||||||||||||||||||||||||
Redeemable noncontrolling interest | $ | 7,531 | $ | - | $ | - | $ | 7,531 | ||||||||||||||||||
Derivative liabilities | 24,578 | - | 24,578 | - | ||||||||||||||||||||||
Total | $ | 32,109 | $ | - | $ | 24,578 | $ | 7,531 | ||||||||||||||||||
Fair Value Measurements at December 31, 2011 Using: | ||||||||||||||||||||||||||
Quoted Prices in | ||||||||||||||||||||||||||
Active Markets for | Significant Other | Unobservable | ||||||||||||||||||||||||
Identical Assets | Observable Inputs | Inputs | ||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Other securities | $ | 233 | $ | - | $ | - | $ | 233 | ||||||||||||||||||
Money market funds | 35 | 35 | - | - | ||||||||||||||||||||||
Total | $ | 268 | $ | 35 | $ | - | $ | 233 | ||||||||||||||||||
Redeemable Noncontrolling Interest and Liabilities: | ||||||||||||||||||||||||||
Redeemable noncontrolling interest | $ | 7,700 | $ | - | $ | - | $ | 7,700 | ||||||||||||||||||
Derivative liabilities | 4,175 | - | 4,175 | - | ||||||||||||||||||||||
Total | $ | 11,875 | $ | - | $ | 4,175 | $ | 7,700 | ||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||
Significant Unobservable Inputs (Level 3 Only) | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||
Redeemable | Redeemable | |||||||||||||||||||||||||
Other | Derivative | Total | Noncontrolling | Other | Derivative | Total | Noncontrolling | |||||||||||||||||||
Securities | Assets | Assets | Interest | Securities | Assets | Assets | Interest | |||||||||||||||||||
Beginning balance | $ | 233 | $ | - | $ | 233 | $ | 7,700 | $ | 263 | $ | - | $ | 263 | $ | 7,546 | ||||||||||
Total gains or losses (realized and unrealized): | ||||||||||||||||||||||||||
Included in earnings | 10 | 80 | 90 | 40 | -20 | - | -20 | 1,923 | ||||||||||||||||||
Included in other comprehensive (loss) income | -7 | - | -7 | 6 | -10 | - | -10 | -5 | ||||||||||||||||||
Settlements | -236 | - | -236 | - | - | - | - | - | ||||||||||||||||||
Acquired due to Merger | - | 1,640 | 1,640 | - | - | - | - | - | ||||||||||||||||||
Distributions paid | - | - | - | -1,055 | - | - | - | -1,309 | ||||||||||||||||||
Redemption value adjustment | - | - | - | 840 | - | - | - | -455 | ||||||||||||||||||
Amortization and accretion | ||||||||||||||||||||||||||
Ending balance | $ | - | $ | 1,720 | $ | 1,720 | $ | 7,531 | $ | 233 | $ | - | $ | 233 | $ | 7,700 | ||||||||||
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | $ | - | $ | 80 | $ | 80 | $ | - | $ | -20 | $ | - | $ | -20 | $ | - | ||||||||||
We did not have any transfers into or out of Level 1, Level 2 and Level 3 measurements during the years ended December 31, 2012 and 2011. Gains and losses (realized and unrealized) included in earnings for other securities are reported in Other income and (expenses) in the consolidated financial statements. | ||||||||||||||||||||||||||
Our other financial instruments had the following carrying values and fair values as of the dates shown (in thousands): | ||||||||||||||||||||||||||
December 31, 2012 | 31-Dec-11 | |||||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||
Non-recourse debt (a) | 3 | $ | 1,715,397 | $ | 1,727,985 | $ | 356,209 | $ | 361,948 | |||||||||||||||||
Senior Credit Facility | 2 | 253,000 | 253,000 | 233,160 | 233,160 | |||||||||||||||||||||
Deferred acquisition fees receivable (b) | 3 | 28,654 | 33,632 | 29,410 | 31,638 | |||||||||||||||||||||
__________ | ||||||||||||||||||||||||||
We determined the estimated fair value of our debt instruments using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. We also considered the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the company, the time until maturity and the current market interest rate. | ||||||||||||||||||||||||||
We determined the estimated fair value of our deferred acquisition fees based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread and an illiquidity adjustment with a weighted average range of 275 – 325 bps and 50 – 100 bps, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. | ||||||||||||||||||||||||||
We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both December 31, 2012 and 2011. | ||||||||||||||||||||||||||
Items Measured at Fair Value on a Non-Recurring Basis | ||||||||||||||||||||||||||
We perform an assessment, when required, of the value of certain of our real estate investments. As part of that assessment, we determine the valuation of these assets using widely accepted valuation techniques, including expected discounted cash flows or an income capitalization approach, which considers prevailing market capitalization rates. We review each investment based on the highest and best use of the investment and market participation assumptions. We determined that the significant inputs used to value these investments fall within Level 3. As a result of our assessments, we calculated impairment charges based on market conditions and assumptions that existed at the time. The valuation of real estate is subject to significant judgment and actual results may differ materially if market conditions or the underlying assumptions change. Assets acquired and liabilities assumed in the Merger approximate fair value. The valuation methods related to the assets acquired, liabilities assumed, equity investments and noncontrolling interests associated with the Merger are discussed in Notes 2 and 3. | ||||||||||||||||||||||||||
The following tables present information about our other assets that were measured on a fair value basis (in thousands): | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||||||||||||||||||||
Total Fair Value | Total Impairment | Total Fair Value | Total Impairment | Total Fair Value | Total Impairment | |||||||||||||||||||||
Measurements | Charges | Measurements | Charges | Measurements | Charges | |||||||||||||||||||||
Impairment Charges from Continuing Operations: | ||||||||||||||||||||||||||
Real estate (a) | $ | - | $ | - | $ | 380 | $ | 243 | $ | - | $ | - | ||||||||||||||
Net investments in direct financing leases (b) | - | - | - | -1,608 | 3,548 | 1,140 | ||||||||||||||||||||
Equity investments in real estate (c) | 17,140 | 9,910 | 1,554 | 206 | 22,846 | 1,394 | ||||||||||||||||||||
17,140 | 9,910 | 1,934 | -1,159 | 26,394 | 2,534 | |||||||||||||||||||||
Impairment Charges from Discontinued Operations: | ||||||||||||||||||||||||||
Real estate (a) | 39,642 | 12,495 | 42,207 | 11,838 | 11,662 | 14,241 | ||||||||||||||||||||
Operating real estate (d) | 5,002 | 10,467 | - | - | - | - | ||||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||||
$ | 61,784 | $ | 32,872 | $ | 44,141 | $ | 10,679 | $ | 38,056 | $ | 16,775 | |||||||||||||||
__________ | ||||||||||||||||||||||||||
These fair value measurements were developed by third-party sources, subject to our corroboration for reasonableness. | ||||||||||||||||||||||||||
In the fourth quarter of 2011, we recorded an out-of-period adjustment of $1.6 million (Note 2). | ||||||||||||||||||||||||||
During the year ended December 31, 2012, we incurred an other-than-temporary impairment charge totaling $9.9 million, on our investment in the Special Member Interest to reduce its carrying value to its estimated fair value, which had declined. This investment's fair value was obtained using an estimate of discounted cash flows using two significant unobservable inputs, which are the discount rate and the estimated general and administrative costs as a percentage of assets under management with a weighted average range of 12.75% – 15.75% and 35 bps – 45 bps, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. The valuation was also dependent upon the estimated date of a liquidity event for CPA®:16 – Global because cash flows attributable to this investment would cease upon such event. Therefore, the fair value of this investment may decline in the future as the estimated liquidation date approaches. | ||||||||||||||||||||||||||
During the year ended December 31, 2012, we recorded an impairment charge of $10.5 million on a hotel property to reduce its carrying value to its estimated fair value, which had declined. The fair value of the hotel property was obtained using an estimate of discounted cash flows using three significant inputs, which are capitalization rate, cash flow discount rate and residual discount rate, of 9.5%, 7.5% and 10.0%, respectively. | ||||||||||||||||||||||||||
Risk_Management_and_Use_of_Der
Risk Management and Use of Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||
Risk Management and Use of Derivative Financial Instruments | ' | ||||||||||||||||||
Risk Management and Use of Derivative Financial Instruments | ' | ||||||||||||||||||
Note 10. Risk Management and Use of Derivative Financial Instruments | |||||||||||||||||||
In the normal course of our ongoing business operations, we encounter economic risk. There are three main components of economic risk that impact us: interest rate risk, credit risk and market risk. We are primarily subject to interest rate risk on our interest-bearing liabilities. Credit risk is the risk of default on our operations and our tenants' inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other securities and the shares we hold in the Managed REITs due to changes in interest rates or other market factors. In addition, we own investments in the European Union and are subject to the risks associated with changing foreign currency exchange rates. | |||||||||||||||||||
Use of Derivative Financial Instruments | |||||||||||||||||||
When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered, and do not plan to enter into, financial instruments for trading or speculative purposes. The primary risks related to our use of derivative instruments are that a counterparty to a hedging arrangement could default on its obligation or that the credit quality of the counterparty may be downgraded to such an extent that it impairs our ability to sell or assign our side of the hedging transaction. While we seek to mitigate these risks by entering into hedging arrangements with counterparties that are large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. | |||||||||||||||||||
We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value is immediately recognized in earnings. | |||||||||||||||||||
The following table sets forth certain information regarding our derivative instruments (in thousands): | |||||||||||||||||||
Derivatives Designated | Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | |||||||||||||||||
as Hedging Instruments | Balance Sheet Location | December 31, 2012 | 31-Dec-11 | December 31, 2012 | 31-Dec-11 | ||||||||||||||
Foreign currency contracts | Other assets, net | $ | - | $ | - | $ | - | $ | - | ||||||||||
Interest rate cap | Other assets, net | 25 | - | - | - | ||||||||||||||
Foreign currency contracts | Accounts payable, accrued | ||||||||||||||||||
expenses and other liabilities | - | - | -2,067 | - | |||||||||||||||
Interest rate swaps | Accounts payable, accrued | - | - | -5,825 | -4,175 | ||||||||||||||
expenses and other liabilities | |||||||||||||||||||
Derivatives Not Designated | |||||||||||||||||||
as Hedging Instruments | |||||||||||||||||||
Stock warrants (a) | Other assets, net | 1,720 | - | - | - | ||||||||||||||
Interest rate swaps (a) | Accounts payable, accrued | ||||||||||||||||||
expenses and other liabilities | - | - | -16,686 | - | |||||||||||||||
Total derivatives | $ | 1,745 | $ | - | $ | -24,578 | $ | -4,175 | |||||||||||
__________ | |||||||||||||||||||
As described below, we acquired these instruments from CPA®:15 in the Merger. | |||||||||||||||||||
The following table presents the impact of derivative instruments on the consolidated financial statements (in thousands): | |||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||
Other Comprehensive Income on Derivatives (Effective Portion) | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2012 | 2011 | 2010 | ||||||||||||||||
Interest rate swaps | $ | -1,059 | $ | -3,564 | $ | -45 | |||||||||||||
Interest rate cap | 277 | - | - | ||||||||||||||||
Foreign currency contracts | -1,480 | - | - | ||||||||||||||||
Total | $ | -2,262 | $ | -3,564 | $ | -45 | |||||||||||||
Amount of Gain (Loss) Reclassified from Other Comprehensive Income | |||||||||||||||||||
into Income (Effective Portion) | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2012 | 2011 | 2010 | ||||||||||||||||
Interest rate swaps | $ | -1,442 | $ | - | $ | - | |||||||||||||
Foreign currency contracts | -186 | ||||||||||||||||||
Total | $ | -1,628 | $ | - | $ | - | |||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||
Income on Derivatives | |||||||||||||||||||
Location of Gain (Loss) | Years Ended December 31, | ||||||||||||||||||
Derivatives Not in Cash Flow Hedging Relationships | Recognized in Income | 2012 | 2011 | 2010 | |||||||||||||||
Interest rate swaps | Other income and (expenses) | $ | 429 | $ | - | $ | - | ||||||||||||
Stock warrants | Other income and (expenses) | 108 | - | - | |||||||||||||||
Total | $ | 537 | $ | - | $ | - | |||||||||||||
See below for information on our purposes for entering into derivative instruments and for information on derivative instruments owned by unconsolidated entities, which are excluded from the tables above. | |||||||||||||||||||
Interest Rate Swaps and Caps | |||||||||||||||||||
We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain variable-rate non-recourse mortgage loans and, as a result, may enter into interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of the loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty's stream of cash flow over a specific period. The 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 that we had outstanding on our consolidated subsidiaries at December 31, 2012 were designated as cash flow hedges and are summarized as follows (currency in thousands): | |||||||||||||||||||
Notional | Effective | Effective | Expiration | Fair Value at | |||||||||||||||
Description | Type | Amount | Interest Rate | Date | Date | December 31, 2012 (a) | |||||||||||||
3-Month Euro Interbank Offering Rate (“Euribor”) | Interest rate cap | € | 69,457 | 2.00% | Dec-12 | Dec-14 | $ | 25 | |||||||||||
3-Month Euribor | “Pay-fixed” swap | € | 6,286 | 4.20% | Mar-08 | Mar-18 | -1,392 | ||||||||||||
1-Month LIBOR | “Pay-fixed” swap | $ | 33,631 | 3.00% | Jul-10 | Jul-20 | -3,624 | ||||||||||||
1-Month LIBOR | “Pay-fixed” swap | $ | 25,714 | 3.90% | Aug-12 | Aug-22 | -403 | ||||||||||||
1-Month LIBOR | “Pay-fixed” swap | $ | 6,905 | 4.40% | Jun-12 | Mar-22 | -122 | ||||||||||||
1-Month LIBOR | “Pay-fixed” swap | $ | 4,414 | 3.00% | Apr-10 | Apr-15 | -247 | ||||||||||||
1-Month LIBOR | “Pay-fixed” swap | $ | 3,500 | 3.70% | Dec-12 | Feb-19 | -37 | ||||||||||||
$ | -5,800 | ||||||||||||||||||
__________ | |||||||||||||||||||
Amounts are based on the applicable exchange rate of the euro at December 31, 2012. | |||||||||||||||||||
The interest rate swaps that we had outstanding on our consolidated subsidiaries at December 31, 2012 were not designated as hedging and are summarized as follows (currency in thousands): | |||||||||||||||||||
Notional | Effective | Effective | Expiration | Fair Value at | |||||||||||||||
Description (a) (c) | Type | Amount | Interest Rate | Date | Date | December 31, 2012 (b) | |||||||||||||
3-Month Euribor | “Pay-fixed” swap | € | 100,000 | 3.70% | Jul-06 | Jul-16 | $ | -15,462 | |||||||||||
3-Month Euribor | “Pay-fixed” swap | € | 15,970 | 0.90% | Apr-12 | Jul-13 | -86 | ||||||||||||
3-Month Euribor | “Pay-fixed” swap | € | 6,975 | 4.40% | Apr-08 | Oct-15 | -523 | ||||||||||||
3-Month Euribor | “Pay-fixed” swap | € | 5,479 | 4.30% | Apr-07 | Jul-16 | -615 | ||||||||||||
$ | -16,686 | ||||||||||||||||||
__________ | |||||||||||||||||||
These interest rate swaps were acquired from CPA®:15 in the Merger. They do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the variable-rate debt we acquired in the Merger. | |||||||||||||||||||
Amounts are based on the applicable exchange rate of the euro at December 31, 2012. | |||||||||||||||||||
Notional and fair value amounts include, on a combined basis, portions attributable to noncontrolling interests totaling $33.7 million and $(4.2) million, respectively. | |||||||||||||||||||
The interest rate caps that our unconsolidated jointly-owned investments had outstanding at December 31, 2012 were designated as cash flow hedges and are summarized as follows (currency in thousands): | |||||||||||||||||||
Ownership | |||||||||||||||||||
Interest at | Notional | Effective | Expiration | Fair Value at | |||||||||||||||
Description | December 31, 2012 | Type | Amount | Cap Rate | Spread | Date | Date | December 31, 2012 | |||||||||||
3-Month LIBOR (a) | 17.80% | Interest rate cap | $ | 119,185 | 4.00% | 4.80% | Aug-09 | Aug-14 | $ | 1 | |||||||||
1-Month LIBOR (b) | 79.00% | Interest rate cap | 17,275 | 3.00% | 4.00% | Sep-09 | Apr-14 | - | |||||||||||
$ | 1 | ||||||||||||||||||
__________ | |||||||||||||||||||
The applicable interest rate of the related loan was 2.9% at December 31, 2012; therefore, the interest rate cap was not being utilized at that date. | |||||||||||||||||||
The applicable interest rate of the related loan was 4.2% at December 31, 2012; therefore, the interest rate cap was not being utilized at that date. The fair value for this interest rate cap was less than $0.1 million at December 31, 2012. | |||||||||||||||||||
Foreign Currency Contracts | |||||||||||||||||||
We are exposed to foreign currency exchange rate movements. We manage foreign currency exchange rate movements by generally placing both our debt obligation to the lender and the tenant's rental obligation to us in the same currency. This reduces our overall exposure to the actual equity that we have invested and the equity portion of our cash flow. However, we are subject to foreign currency exchange rate movements to the extent of the difference in the timing and amount of the rental obligation and the debt service. We may also face challenges with repatriating cash from our foreign investments. We may encounter instances where it is difficult to repatriate cash because of jurisdictional restrictions or because repatriating cash may result in current or future tax liabilities. Realized and unrealized gains and losses recognized in earnings related to foreign currency transactions are included in Other income and (expenses) in the consolidated financial statements. | |||||||||||||||||||
In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency forward contracts. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into forward contracts, we are locked into a future currency exchange rate for the term of the contract. These instruments guarantee that the exchange rate will not fluctuate beyond the range of the options' strike prices. | |||||||||||||||||||
The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2012 which were designated as cash flow hedges (currency in thousands, except strike price): | |||||||||||||||||||
Notional | Strike | Effective | Expiration | Fair Value at | |||||||||||||||
Type | Amount | Price | Date | Date | December 31, 2012 (a) | ||||||||||||||
Foreign currency forward contracts | € | 50,648 | $ | 1.27 - 1.30 | May-12 | 3/2013 - 6/2017 | $ | -2,051 | |||||||||||
Foreign currency forward contracts | € | 8,700 | $ | 1.34 - 1.35 | Dec-12 | 9/2017 - 3/2018 | -16 | ||||||||||||
$ | -2,067 | ||||||||||||||||||
__________ | |||||||||||||||||||
Amounts are based on the applicable exchange rate of the euro at December 31, 2012. | |||||||||||||||||||
Stock Warrants | |||||||||||||||||||
In connection with the Merger, we acquired warrants from CPA®:15, which were granted by Hellweg to CPA®:15 in connection with structuring the initial lease transaction, for a total cost of $1.6 million, which was the fair value of the warrants on the date of acquisition. These warrants give us participation rights to any distributions made by Hellweg 2. In addition, we are entitled to a cash distribution that equals a certain percentage of the liquidity event price of Hellweg 2, should a liquidity event occur. Because these warrants are readily convertible to cash and provide for net cash settlement upon conversion, we account for them as derivative instruments. At December 31, 2012, these warrants had a fair value of $1.7 million. | |||||||||||||||||||
Other | |||||||||||||||||||
Amounts reported in Other comprehensive income related to interest rate swaps will be reclassified to interest expense as interest payments are made on our variable-rate debt. Amounts reported in Other comprehensive income related to foreign currency contracts will be reclassified to Other income and (expenses) when the hedged foreign currency proceeds from foreign operations are repatriated to the U.S. At December 31, 2012, we estimate that an additional $1.9 million will be reclassified as interest expense during the next 12 months related to our interest rate swaps. | |||||||||||||||||||
We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of collateral received, if any. No collateral was received as of December 31, 2012. At December 31, 2012, our total credit exposure and the maximum exposure to any single counterparty was less than $0.1 million, inclusive of noncontrolling interest. | |||||||||||||||||||
Some of the agreements we have with our derivative counterparties contain certain credit contingent provisions that could result in a declaration of default against us regarding our derivative obligations if we either default or are capable of being declared in default on certain of our indebtedness. At December 31, 2012, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives that were in a net liability position was $25.7 million, which included accrued interest but excluded any adjustment for nonperformance risk. If we had breached any of these provisions at December 31, 2012, we could have been required to settle our obligations under these agreements at their aggregate termination value of $27.3 million. | |||||||||||||||||||
Portfolio Concentration Risk | |||||||||||||||||||
Concentrations of credit risk arise when a group of tenants is engaged in similar business activities or is subject to similar economic risks or conditions that could cause them to default on their lease obligations to us. We regularly monitor our portfolio to assess potential concentrations of credit risk. While we believe our portfolio is reasonably well diversified, it does contain concentrations in excess of 10%, based on the percentage of our annualized contractual minimum base rent for the fourth quarter of 2012, in certain areas, as shown in the table below. The percentages in the table below represent our directly-owned real estate properties and do not include our pro rata share of equity investments. | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||
Region: | |||||||||||||||||||
California | 10% | ||||||||||||||||||
Other U.S. | 62% | ||||||||||||||||||
Total U.S | 72% | ||||||||||||||||||
Total Europe | 28% | ||||||||||||||||||
Total | 100% | ||||||||||||||||||
Asset Type: | |||||||||||||||||||
Office | 29% | ||||||||||||||||||
Industrial | 19% | ||||||||||||||||||
Warehouse/Distribution | 15% | ||||||||||||||||||
Retail | 14% | ||||||||||||||||||
Self storage | 10% | ||||||||||||||||||
All others | 13% | ||||||||||||||||||
Total | 100% | ||||||||||||||||||
Tenant Industry: | |||||||||||||||||||
Retail | 20% | ||||||||||||||||||
All other | 80% | ||||||||||||||||||
100% | |||||||||||||||||||
Except for our investment in CPA®:16 – Global, there were no significant concentrations, individually or in the aggregate, related to our unconsolidated jointly-owned investments. At December 31, 2012, we owned approximately 18.3% of CPA®:16 – Global, which had total assets at that date of approximately $3.4 billion consisting of a portfolio comprised of two hotel properties and full or partial ownership interests in 498 properties substantially all of which were triple-net leased to 144 tenants, and has certain concentrations within its portfolio, which are outlined in its periodic filings. |
Impairment_Charges
Impairment Charges | 12 Months Ended | |||||||||
Dec. 31, 2012 | ||||||||||
Impairment Charges | ' | |||||||||
Impairment Charges | ' | |||||||||
Note 11. Impairment Charges | ||||||||||
The following table summarizes impairment charges recognized on our consolidated and unconsolidated real estate investments for all periods presented (in thousands): | ||||||||||
Years Ended December 31, | ||||||||||
2012 | 2011 | 2010 | ||||||||
Real estate | $ | - | $ | 243 | $ | - | ||||
Net investments in direct financing leases | - | -1,608 | 1,140 | |||||||
Total impairment charges included in expenses | - | -1,365 | 1,140 | |||||||
Equity investments in real estate (a) | 9,910 | 206 | 1,394 | |||||||
Total impairment charges included in continuing operations | 9,910 | -1,159 | 2,534 | |||||||
Impairment charges included in discontinued operations | 22,962 | 11,838 | 14,241 | |||||||
Total impairment charges | $ | 32,872 | $ | 10,679 | $ | 16,775 | ||||
__________ | ||||||||||
(a) Impairment charges on our equity investments in real estate are included in Income from equity investments in real estate and the Managed REITs within the consolidated financial statements. | ||||||||||
Real Estate | ||||||||||
During the year ended December 31, 2011, we recognized an impairment charge of $0.2 million on a domestic property. This impairment was the result of writing down the property's carrying value to its estimated fair value in connection with the tenant vacating the property. | ||||||||||
Direct Financing Leases | ||||||||||
In connection with our annual review of the estimated residual values on our properties classified as net investments in direct financing leases, we determined that an other-than-temporary decline in estimated residual value had occurred at various properties due to market conditions. The changes in estimates resulted in the recognition of impairment charges totaling $1.1 million in 2010. In the fourth quarter of 2011, we recorded an out-of-period adjustment of $1.6 million (Note 2). | ||||||||||
Equity Investments in Real Estate | ||||||||||
During the year ended December 31, 2012, we recognized an other-than-temporary impairment charge of $9.9 million on our Special Member Interest in CPA®:16 – Global's operating partnership to reduce the carrying value of our interest in the operating partnership to its estimated fair value (Note 9). During the year ended December 31, 2011, we recognized an other-than-temporary impairment charge of $0.2 million on a jointly-held real estate investment as a result of the sale of the property. In connection with our annual review of the fair value of our equity investments, we recognized an other-than-temporary impairment charge of $1.4 million during the year ended December 31, 2010 to reflect the decline in the estimated fair value of the investment's underlying net assets in comparison with the carrying value of our interest in the investment. | ||||||||||
Properties Sold or Held for Sale | ||||||||||
During the years ended December 31, 2012, 2011 and 2010, we recognized impairment charges on properties sold or held for sale totaling $23.0 million, $11.8 million, and $14.2 million, respectively. These impairment charges, which are included in discontinued operations, were the result of reducing these properties' carrying values to their estimated fair values (Note 17) in connection with and prior to anticipated sales. |
Debt
Debt | 12 Months Ended | ||||||
Dec. 31, 2012 | |||||||
Debt Disclosure | ' | ||||||
Debt | ' | ||||||
Note 12. Debt | |||||||
Senior Credit Facility | |||||||
In February 2012, we amended and restated our existing credit agreement (the “Amended and Restated Credit Agreement”) to increase the maximum aggregate principal amount from $450.0 million to $625.0 million, which is comprised of a $450.0 million unsecured revolving credit facility (the “Revolver”) and a $175.0 million term loan facility (the “Term Loan Facility” and, together with the Revolver, the “Senior Credit Facility.”) The Term Loan Facility was available in a single draw for use solely to finance the cash portion of the Merger Consideration and transaction costs and expenses. We drew down the full amount of the Term Loan Facility on September 28, 2012 in connection with the closing of the Merger. The Senior Credit Facility matures in December 2014, but may be extended by one year at our option, subject to the conditions provided in the Amended and Restated Credit Agreement. At our election, the principal amount available under the Senior Credit Facility may be increased by up to an additional $125.0 million, subject to the conditions provided in the Amended and Restated Credit Agreement. The Senior Credit Facility also permits (i) up to $150.0 million to be borrowed in certain currencies other than the U.S. dollar, (ii) swing line loans of up to $35.0 million, and (iii) the issuance of letters of credit in an aggregate amount not to exceed $50.0 million. | |||||||
The Senior Credit Facility provides for an annual interest rate, at our election, of either (i) the Eurocurrency Rate or (ii) the Base Rate, in each case plus the Applicable Rate (each as defined in the Amended and Restated Credit Agreement). Prior to us obtaining an Investment Grade Debt Rating (as defined in the Amended and Restated Credit Agreement), the Applicable Rate on Eurocurrency Rate loans and letters of credit ranges from 1.75% to 2.50% (based on LIBOR) and the Applicable Rate on Base Rate loans ranges from 0.75% to 1.50% (based on the “prime rate”, defined in the Amended and Restated Credit Agreement as a rate of interest set by the Bank of America based upon various factors including Bank of America's costs and desired returns). After an Investment Grade Debt Rating has been obtained, the Applicable Rate on Eurocurrency Rate loans and letters of credit ranges from 1.10% to 2.00% (based on LIBOR) and the Applicable Rate on Base Rate loans ranges from 0.10% to 1.00% (based on the “prime rate”). Swing line loans will bear interest at the Base Rate plus the Applicable Rate then in effect. In addition, prior to obtaining an Investment Grade Debt Rating, we pay a quarterly fee ranging from 0.3% to 0.4% of the unused portion of the line of credit, depending on our leverage ratio. After an Investment Grade Debt Rating has been obtained, we will pay a facility fee ranging from 0.2% to 0.4% of the total commitment. In connection with the amendments of the credit agreement, we incurred costs of $7.0 million, which are being amortized over the remaining term of the facility. | |||||||
Availability under the Senior Credit Facility is dependent upon a number of factors, including the Unencumbered Property NOI, the Unencumbered Management EBITDA and the Total Unsecured Outstanding Indebtedness (each as defined in the Amended and Restated Credit Agreement). At December 31, 2012, availability under the Senior Credit Facility was $625.0 million, of which we had drawn $253.0 million, including $175.0 million under the Term Loan which we used to pay for the cash portion of the Merger Consideration (Note 3). At December 31, 2012, we paid interest on the Senior Credit Facility at an annual interest rate consisting of LIBOR plus 2.00%. In addition, as of December 31, 2012, our lenders had issued letters of credit totaling $5.4 million on our behalf in connection with certain contractual obligations, which reduce amounts that may be drawn under the Revolver. The Revolver is currently expected to be utilized primarily for potential new investments; repayment of existing debt and general corporate purposes as well as for repurchases of our common stock from the Estate Shareholders (Note 4). | |||||||
We are required to ensure that the total Restricted Payments (as defined in the Amended and Restated Credit Agreement) made in the current quarter, when added to the total for the three preceding fiscal quarters, does not exceed the greater of (i) 95% of Adjusted Funds from Operations (as defined in the Amended and Restated Credit Agreement) and (ii) the amount of Restricted Payments required in order for us to maintain our REIT status. Restricted Payments include quarterly dividends and the total amount of shares repurchased by us, if any, in excess of $50.0 million per year. In addition to placing limitations on dividend distributions and share repurchases, the Amended and Restated Credit Agreement stipulates certain financial covenants. We were in compliance with all of these covenants at December 31, 2012. | |||||||
Non-Recourse Debt | |||||||
Non-recourse debt consists of mortgage notes payable, which are collateralized by the assignment of real property, and direct financing leases, with an aggregate carrying value of approximately $2.0 billion at December 31, 2012. Our mortgage notes payable had fixed annual interest rates ranging from 2.7% to 10.0% and variable effective annual interest rates ranging from 1.2% to 7.6% with maturity dates ranging from 2013 to 2026 at December 31, 2012. | |||||||
2012 — In connection with the Merger (Note 3), we assumed property level debt comprised of 9 variable-rate and 58 fixed-rate non-recourse mortgage loans with fair values totaling $295.2 million and $1.1 billion, respectively, on the acquisition date and recorded an aggregate net fair market value adjustment of $14.8 million at that date. The fair market value adjustment will be amortized to interest expense over the remaining lives of the related loans using the effective interest rate method. These fixed-rate and variable-rate mortgages had weighted-average annual interest rates of 5.08% and 5.03%, respectively. The weighted-average annual interest rate for the variable-rate mortgages was calculated using the applicable interest rates on the date of the Merger. | |||||||
During the year ended December 31, 2012, we refinanced four maturing non-recourse mortgages totaling $21.2 million with new financing totaling $23.8 million. These mortgage loans have a weighted-average annual interest rate and term of 4.2% and 11.5 years, respectively. | |||||||
2011 — In connection with our acquisition of three properties from CPA®:14 in May 2011 as part of the CPA®:14 Asset Sales (Note 4), we assumed two non-recourse mortgage loans with an aggregate fair value of $87.6 million (and a carrying value of $88.7 million) on the date of acquisition and recorded a net fair market value adjustment of $1.1 million. The fair market value adjustment will be amortized to interest expense over the remaining lives of the loans. These mortgage loans have a weighted-average annual fixed interest rate and remaining term of 5.8% and 8.3 years, respectively. | |||||||
During the year ended December 31, 2011, we refinanced two maturing non-recourse mortgage loans totaling $10.5 million with new financing totaling $11.9 million and obtained new financing on two unencumbered properties totalling $29.0 million. These mortgage loans have a weighted-average annual interest rate and term of 5.1% and 10.4 years, respectively. Additionally, during the year ended December 31, 2011, the Carey Storage borrowed a total of $4.6 million, inclusive of amounts attributable to the third-party's interest of $2.8 million, with a weighted-average annual interest rate and term of 6.7% and 8.2 years, respectively. | |||||||
2010 — In connection with an acquisition in February 2010, we obtained non-recourse mortgage financing of $35.0 million at an annual interest rate of LIBOR plus 2.5% that has been fixed at 5.5% through the use of an interest rate swap. This financing has a term of 10 years. | |||||||
In connection with their acquisitions in 2010, the Carey Storage and an entity 100% owned by Carey Storage obtained new non-recourse mortgage financing and assumed existing mortgage loans from the sellers totaling $17.1 million, inclusive of amounts attributable to the Investor's interest of $8.2 million. The mortgage loans have a weighted-average annual fixed interest rate and term of 6.3% and 8.5 years, respectively. | |||||||
Scheduled Debt Principal Payments | |||||||
Scheduled debt principal payments for each of the next five calendar years following December 31, 2012, and thereafter are as follows (in thousands): | |||||||
Years Ending December 31, | Total (a) | ||||||
2013 | $ | 174,648 | |||||
2014 (b) | 631,345 | ||||||
2015 | 240,681 | ||||||
2016 | 87,223 | ||||||
2017 | 125,999 | ||||||
Thereafter through 2037 | 725,257 | ||||||
1,985,153 | |||||||
Unamortized discount | -16,756 | ||||||
Total | $ | 1,968,397 | |||||
__________ | |||||||
Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2012. | |||||||
Includes $78.0 million outstanding under our Revolver and $175.0 million outstanding under our Term Loan Facility at December 31, 2012, each of which is scheduled to mature in 2014 unless extended pursuant to its terms. | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2012 | |
Commitments and Contingencies Disclosure | ' |
Commitments and Contingencies Disclosure | ' |
Note 13. Commitments and Contingencies | |
At December 31, 2012, we were not involved in any material litigation. | |
For a description of an agreement that we entered into regarding repurchases of our common stock from the Estate Shareholders, see Note 4. | |
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. | |
Equity
Equity | 12 Months Ended | |||||||||||
Dec. 31, 2012 | ||||||||||||
Equity | ' | |||||||||||
Equity | ' | |||||||||||
Note 14. Equity | ||||||||||||
Distributions | ||||||||||||
Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents distributions per share, declared and paid in October 2012, reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): | ||||||||||||
Distributions Paid on | ||||||||||||
16-Oct-12 | ||||||||||||
Ordinary income | $ | 0.6228 | ||||||||||
Return of capital | 0.0272 | |||||||||||
Total distributions | $ | 0.65 | ||||||||||
We declared a quarterly distribution of $0.6600 per share in December 2012, which was paid in January 2013 to stockholders of record at December 31, 2012; and a quarterly distribution of $0.5630 per share in December 2011, which was paid in January 2012 to stockholders of record at December 31, 2011. | ||||||||||||
Redeemable Noncontrolling Interest | ||||||||||||
On June 30, 2003, WPCI granted an incentive award to two officers of WPCI consisting of 1,500,000 restricted units, representing an approximate 13% interest in WPCI, and 1,500,000 options for WPCI units with a combined fair value of $2.5 million at that date. Both the options and restricted units vested ratably over five years, with full vesting occurring December 31, 2007. During 2008, the officers exercised all of their 1,500,000 options to purchase 1,500,000 units of WPCI at $1.00 per unit. Upon the exercise of the WPCI options, the officers had a total interest of approximately 23% in WPCI. The terms of the vested restricted units and units received in connection with the exercise of options of WPCI by noncontrolling interest holders provided that the units could be redeemed, commencing December 31, 2012 and thereafter, solely in exchange for our shares and that any redemption would be subject to a third-party valuation of WPCI. | ||||||||||||
In December 2009, one of those officers resigned from W. P. Carey, WPCI and all affiliated entities pursuant to a mutually agreed separation. In October 2012, the remaining officer's employment with W. P. Carey, WPCI and all affiliated entities was terminated. At December 31, 2012, this former employee has a total interest of approximately 7.7% in each of WPCI and the related entities. We account for the noncontrolling interest in WPCI held by this former employee as a redeemable noncontrolling interest, as we have an obligation to repurchase the interest from that individual, at his election and subject to certain conditions. The individual's interest is reflected at estimated redemption value for all periods presented. | ||||||||||||
The following table presents a reconciliation of redeemable noncontrolling interest (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Beginning balance | $ | 7,700 | $ | 7,546 | $ | 7,692 | ||||||
Redemption value adjustment | 840 | -455 | -471 | |||||||||
Net income | 40 | 1,923 | 1,293 | |||||||||
Distributions | -1,055 | -1,309 | -956 | |||||||||
Change in other comprehensive (loss) income | 6 | -5 | -12 | |||||||||
Ending balance | $ | 7,531 | $ | 7,700 | $ | 7,546 | ||||||
Transfers to Noncontrolling Interest | ||||||||||||
The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Net income attributable to W. P. Carey | $ | 62,132 | $ | 139,079 | $ | 73,972 | ||||||
Transfers to noncontrolling interest | ||||||||||||
Decrease in W. P. Carey’s additional paid-in capital for purchase of 50 Rock | -154 | - | - | |||||||||
Decrease in W. P. Carey’s additional paid-in capital for purchase of CheckFree Holdings, Inc. | - | -5,879 | - | |||||||||
Net transfers to noncontrolling interest | -154 | -5,879 | - | |||||||||
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest | $ | 61,978 | $ | 133,200 | $ | 73,972 | ||||||
Accumulated Other Comprehensive Loss | ||||||||||||
The following table presents the components of accumulated other comprehensive loss reflected in equity, net of tax. Amounts include our proportionate share of other comprehensive income or loss from our unconsolidated investments (in thousands): | ||||||||||||
December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Unrealized gain on marketable securities | $ | 31 | $ | 37 | ||||||||
Unrealized loss on derivative instruments | -6,029 | -5,246 | ||||||||||
Foreign currency translation adjustment | 1,349 | -3,298 | ||||||||||
Accumulated other comprehensive loss | $ | -4,649 | $ | -8,507 | ||||||||
Earnings Per Share | ||||||||||||
To determine earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Our unvested RSUs contain rights to receive non-forfeitable distribution equivalents, and therefore we apply the two-class method of computing earnings per share. The calculation of earnings per share below excludes the income attributable to the unvested RSUs from the numerator. The following table summarizes basic and diluted earnings per share for the periods indicated (in thousands, except share amounts): | ||||||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Net income attributable to W. P. Carey | $ | 62,132 | $ | 139,079 | $ | 73,972 | ||||||
Allocation of earnings to participating unvested RSUs | -535 | -2,130 | -440 | |||||||||
Net income – basic | 61,597 | 136,949 | 73,532 | |||||||||
Income effect of dilutive securities, net of taxes | 23 | 1,076 | 724 | |||||||||
Net income – diluted | $ | 61,620 | $ | 138,025 | $ | 74,256 | ||||||
Weighted average shares outstanding – basic | 47,389,460 | 39,819,475 | 39,514,746 | |||||||||
Effect of dilutive securities | 689,014 | 278,620 | 493,148 | |||||||||
Weighted average shares outstanding – diluted | 48,078,474 | 40,098,095 | 40,007,894 | |||||||||
Securities included in our diluted earnings per share determination consist of stock options and restricted stock awards. Securities totaling 207,258 shares and 247,750 shares for the years ended December 31, 2011 and 2010, respectively, were excluded from the earnings per share computations above as their effect would have been anti-dilutive. For information on long-term incentive plan awards issued to key employees subsequent to December 31, 2012 that could have a dilutive impact on our earnings per share calculation, please see Note 20. | ||||||||||||
Sale of Common Shares | ||||||||||||
On October 19, 2012, we entered into an agreement to sell 937,500 shares of our common stock to an institutional investor, which were issued pursuant to our existing shelf registration statement. The shares were issued in a privately negotiated transaction at a purchase price of $48.00 per share. The proceeds to us from the sale of these shares were $45.0 million. We delivered the shares to the institutional investor on October 19, 2012. |
StockBased_and_Other_Compensat
Stock-Based and Other Compensation | 12 Months Ended | ||||||||||||||
Dec. 31, 2012 | |||||||||||||||
Stock-Based and Other Compensation | ' | ||||||||||||||
Stock-Based and Other Compensation | ' | ||||||||||||||
Note 15. Stock-Based and Other Compensation | |||||||||||||||
Stock-Based Compensation | |||||||||||||||
At December 31, 2012, we maintained several stock-based compensation plans as described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $26.2 million, $17.8 million and $7.4 million for the years ended December 31, 2012, 2011 and 2010, respectively, all of which are included in General and administrative expenses in the consolidated financial instruments. As compared to the prior year, stock-based compensation expense for the year ended December 31, 2012 increased by $8.1 million due to awards issued during 2012 with higher fair values as a result of the increase in our stock price between the two years. In addition, 2012 included an additional $2.8 million of compensation expense as a result of our revision of the expected vesting of PSUs granted during 2009 and 2010 and a reduction related to our revision in our expected forfeitures of $2.5 million. The tax benefit recognized by us related to these awards totaled $16.2 million, $7.8 million and $3.3 million for the years ended December 31, 2012, 2011 and 2010, respectively. | |||||||||||||||
In connection with the Merger in September 2012, we adopted and assumed all of the stock-based compensation plans of our predecessor and all of its obligations thereunder. There has been no significant activity or changes to the terms and conditions of any of our stock-based compensation plans or arrangements during 2012, other than as described below. | |||||||||||||||
2009 Incentive Plan and 1997 Incentive Plans | |||||||||||||||
We maintain the 1997 Share Incentive Plan (as amended, the “1997 Incentive Plan”), which authorized the issuance of up to 6,200,000 shares of our common stock. In June 2009, our shareholders approved the 2009 Share Incentive Plan (the “2009 Incentive Plan”) to replace the 1997 Incentive Plan, except with respect to outstanding contractual obligations under the 1997 Incentive Plan, so that no further awards can be made under that plan. The 2009 Incentive Plan authorizes the issuance of up to 3,600,000 shares of our common stock, of which 1,959,996 remain available for issuance of RSUs and PSUs at December 31, 2012. The 1997 Incentive Plan provided for the grant of (i) share options, which may or may not qualify as incentive stock options under the Code, (ii) performance shares or PSUs, (iii) dividend equivalent rights and (iv) restricted shares or RSUs. The 2009 Incentive Plan provides for the grant of (i) share options, (ii) restricted shares or RSUs, (iii) performance shares or PSUs, and (iv) dividend equivalent rights. The vesting of grants under both plans is accelerated upon a change in our control and under certain other conditions. | |||||||||||||||
In December 2007, the Compensation Committee approved the long-term incentive plan (“LTIP”) and terminated further contributions to the Partnership Equity Unit Plan described below. The following table presents LTIP awards granted in the past three years: | |||||||||||||||
2009 Incentive Plan | |||||||||||||||
Fiscal Year | RSUs Awarded | PSUs Awarded | |||||||||||||
2010 | 140,050 | 159,250 | |||||||||||||
2011(a) | 524,550 | 291,600 | |||||||||||||
2012(b) | 259,400 | 314,400 | |||||||||||||
__________ | |||||||||||||||
Includes 340,000 RSUs and 100,000 PSUs issued in connection with entering into employment agreements with certain employees, and excludes 20,000 PSUs for which the terms and conditions were not determined at the time of grant. | |||||||||||||||
Includes 78,000 RSUs and 142,000 PSUs issued in connection with entering into employment agreements with certain employees, and excludes 20,000 PSUs for which the terms and conditions were not determined at the time of grant. Also includes 10,000 PSUs awarded related to 2011 awards for which the previously undetermined terms and conditions of the grant were finalized in 2012. | |||||||||||||||
As a result of issuing the LTIP awards, we currently expect to recognize compensation expense totaling approximately $33.6 million over the vesting period. We have previously recognized compensation expense of $24.8 million, $15.7 million and $5.7 million during 2012, 2011 and 2010, respectively, related to these awards. | |||||||||||||||
2009 Non-Employee Directors Incentive Plan and 1997 Non-Employee Directors' Plan | |||||||||||||||
We maintain the 1997 Non-Employee Directors' Plan (the “1997 Directors' Plan”), which authorized the issuance of up to 300,000 shares of our Common Stock. In June 2007, the 1997 Director's Plan, which had been due to expire in October 2007, was extended through October 2017. In June 2009, our shareholders approved the 2009 Non-Employee Directors' Incentive Plan (the “2009 Directors' Plan”) to replace the 1997 Directors' Plan, except with respect to outstanding contractual obligations under the predecessor plan, so that no further awards can be made under that plan. The 1997 Directors' Plan provided for the grant of (i) share options, which may or may not qualify as incentive stock options, (ii) performance shares, (iii) dividend equivalent rights and (iv) restricted shares. The 2009 Directors' Plan authorizes the issuance of 325,000 shares of our common stock in the aggregate and initially provided for the automatic annual grant of RSUs with a total value of $50,000 to each director. In January 2011, the Compensation Committee approved an increase in the value of the annual grant to $70,000 per director, effective as of July 1, 2011. In the discretion of our board of directors, the awards may also be in the form of share options or restricted shares, or any combination of the permitted awards. At December 31, 2012, there were 245,075 shares which remained available for issuance of RSUs under this plan. | |||||||||||||||
Employee Share Purchase Plan | |||||||||||||||
We sponsor an ESPP pursuant to which eligible employees may contribute up to 10% of compensation, subject to certain limits, to purchase our common stock. Employees can purchase stock semi-annually at a price equal to 85% of the fair market value at certain plan defined dates. Compensation expense under this plan for the years ended December 31, 2012, 2011 and 2010 was $0.6 million, $0.6 million and $0.2 million, respectively. | |||||||||||||||
Partnership Equity Unit Plan | |||||||||||||||
During 2003, we adopted a non-qualified deferred compensation plan (the “Partnership Equity Plan”, or “PEP”) under which a portion of any participating officer's cash compensation in excess of designated amounts was deferred and the officer was awarded Partnership Equity Plan Units (“PEP Units”). The value of each PEP Unit was intended to correspond to the value of a share of the CPA® REIT designated at the time of such award. During 2005, further contributions to the initial PEP were terminated and it was succeeded by a second PEP. As amended, payment under these plans will occur at the earlier of December 16, 2013 (in the case of the initial PEP) or twelve years from the date of award. The award is fully vested upon grant. Each of the PEPs is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation and subject to liability award accounting. The value of each PEP Unit will be adjusted to reflect the underlying appraised value of the designated CPA® REIT. Additionally, each PEP Unit will be entitled to distributions equal to the distribution rate of the CPA® REIT. All issuances of PEP Units, changes in the fair value of PEP Units and distributions paid are included in our compensation expense. As a result of the Merger, the remaining holders of the PEP Units issued under the initial PEP will be paid, in cash, on December 16, 2013 in amounts equal to the per share Merger consideration received by CPA®:15 stockholders. | |||||||||||||||
The plans are carried at fair value each quarter and are subject to changes in the fair value of the PEP units. Further contributions to the second PEP were terminated at December 31, 2007; however, this termination did not affect any awardees' rights pursuant to awards granted under this plan. In December 2008, participants in the PEPs were required to make an election to either (i) remain in the PEPs, (ii) receive cash for their PEP Units (available to former employees only) or (iii) convert their PEP Units to fully vested RSUs (available to current employees only) to be issued under the 1997 Incentive Plan on June 15, 2009. Substantially all of the PEP participants elected to receive cash or convert their existing PEP Units to RSUs. In January 2009, we paid $2.0 million in cash to former employee participants who elected to receive cash for their PEP Units. As a result of the election to convert PEP Units to RSUs, we derecognized $9.3 million of our existing PEP liability and recorded a deferred compensation obligation within W. P. Carey members' equity in the same amount during the second quarter of 2009. The PEP participants that elected RSUs received a total of 356,416 RSUs, which was equal to the total value of their PEP Units divided by the closing price of our common stock on June 15, 2009. The PEP participants electing to receive RSUs were required to defer receipt of the underlying shares of our common stock for a minimum of two years. While employed by us, these participants are entitled to receive dividend equivalents equal to the amount of dividends paid on the underlying common stock during the deferral period. At December 31, 2012, we are obligated to issue 53,743 shares of our common stock underlying these RSUs, which is recorded within W. P. Carey members' equity as a Deferred compensation obligation of $1.4 million. The remaining PEP liability pertaining to participants who elected to remain in the plans was $0.7 million at December 31, 2012. | |||||||||||||||
Stock Options | |||||||||||||||
Option activity and changes for all periods presented were as follows: | |||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||
Weighted | |||||||||||||||
Average | |||||||||||||||
Weighted | Remaining | ||||||||||||||
Average | Contractual | Aggregate | |||||||||||||
Shares | Exercise Price | Term (in Years) | Intrinsic Value | ||||||||||||
Outstanding at beginning of year | 1,208,041 | $ | 28.73 | - | - | ||||||||||
Exercised | -410,331 | 25.94 | - | - | |||||||||||
Forfeited / Expired | -3,500 | 24.93 | - | - | |||||||||||
Outstanding at end of year | 794,210 | $ | 30.32 | 3.19 | $ | 17,335,637 | |||||||||
Vested and expected to vest at end of year | 746,689 | $ | 30.26 | 3.18 | $ | 16,346,539 | |||||||||
Exercisable at end of year | 623,218 | $ | 30.22 | 2.99 | $ | 13,669,784 | |||||||||
Years Ended December 31, | |||||||||||||||
2011 | 2010 | ||||||||||||||
Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||
Remaining | Remaining | ||||||||||||||
Weighted | Contractual | Weighted | Contractual | ||||||||||||
Average | Term | Average | Term | ||||||||||||
Shares | Exercise Price | (in Years) | Shares | Exercise Price | (in Years) | ||||||||||
Outstanding at beginning of year | 1,699,701 | $ | 28.57 | 2,255,604 | $ | 27.55 | |||||||||
Exercised | -449,660 | 27.71 | -399,507 | 22.26 | |||||||||||
Forfeited / Expired | -42,000 | 32.85 | -156,396 | 30.24 | |||||||||||
Outstanding at end of year | 1,208,041 | $ | 28.73 | 3.29 | 1,699,701 | $ | 28.57 | 4.26 | |||||||
Exercisable at end of year | 959,779 | $ | 28.36 | 1,231,683 | $ | 27.86 | |||||||||
Options granted under the 1997 Incentive Plan generally have a 10-year term and generally vest in four equal annual installments. Options granted under the 1997 Directors' Plan have a 10-year term and vest generally over three years from the date of grant. We have not issued option awards since 2008. The total intrinsic value of options exercised during the years ended December 31, 2012, 2011 and 2010 was $9.3 million, $4.6 million and $2.8 million, respectively. | |||||||||||||||
At December 31, 2012, all of our options were fully vested; however certain options had exercise limitations. | |||||||||||||||
We have the ability and intent to issue shares upon stock option exercises. Historically, we have issued authorized but unissued common stock to satisfy such exercises. Cash received from stock option exercises and purchases under the ESPP during the years ended December 31, 2012, 2011 and 2010 was $6.8 million, $1.2 million and $3.7 million, respectively. | |||||||||||||||
Restricted and Conditional Awards | |||||||||||||||
Nonvested restricted stock, RSUs and PSUs at December 31, 2012 and changes during the years ended December 31, 2012 and 2011 were as follows: | |||||||||||||||
Restricted Stock and RSU Awards | PSU Awards | ||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||
Shares | Fair Value | Shares | Fair Value | ||||||||||||
Nonvested at January 1, 2010 | 381,878 | $ | 28.87 | 170,375 | $ | 32.33 | |||||||||
Granted | 156,682 | 28.34 | 159,250 | 36.16 | |||||||||||
Vested (a) | -175,225 | 28.58 | - | - | |||||||||||
Forfeited | -99,515 | 29.75 | -65,725 | 36.26 | |||||||||||
Adjustment (b) | - | - | -19,906 | 28.49 | |||||||||||
Nonvested at December 31, 2010 | 263,820 | 28.42 | 243,994 | 36.18 | |||||||||||
Granted | 541,890 | 34.65 | 291,600 | 46.66 | |||||||||||
Vested (a) | -162,437 | 30.48 | -48,925 | 39.78 | |||||||||||
Forfeited | -18,480 | 29.32 | -14,055 | 42.14 | |||||||||||
Adjustment (b) | - | - | 200,814 | 22.65 | |||||||||||
Nonvested at December 31, 2011 | 624,793 | 33.26 | 673,428 | 36.3 | |||||||||||
Granted | 274,420 | 41.41 | 314,400 | 42.28 | |||||||||||
Vested (a) | -268,683 | 32.56 | -235,189 | 23.66 | |||||||||||
Forfeited | -36,336 | 36.33 | -49,494 | 33.96 | |||||||||||
Adjustment (b) | - | - | 296,368 | 26.01 | |||||||||||
Nonvested at December 31, 2012 | 594,194 | $ | 37.15 | 999,513 | $ | 34.55 | |||||||||
____________ | |||||||||||||||
The total fair value of shares vested during the years ended December 31, 2012, 2011 and 2010 was $14.3 million, $6.9 million and $5.0 million, respectively. | |||||||||||||||
Vesting and payment of the PSUs is conditional on certain company and market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. Pursuant to a review of our current and expected performance versus the performance goals, we revised our estimate of the ultimate number of certain of the PSUs to be vested. As a result, we recorded adjustments in 2012, 2011 and 2010 to reflect the number of shares expected to be issued when the PSUs vest. | |||||||||||||||
At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest based upon the extent to which we have met and expect to meet the performance goals and where appropriate revise our estimate and associated expense. We do not adjust the associated expense for revision on PSUs expected to vest based on market performance. Upon vesting, the RSUs and PSUs may be converted into shares of our common stock. Both the RSUs and PSUs carry dividend equivalent rights. Dividend equivalent rights on RSUs are paid in cash on a quarterly basis whereas dividend equivalent rights on PSUs accrue during the performance period and may be converted into additional shares of common stock at the conclusion of the performance period to the extent the PSUs vest. Dividend equivalent rights are accounted for as a reduction to retained earnings to the extent that the awards are expected to vest. For awards that are not expected to vest or do not ultimately vest, dividend equivalent rights are accounted for as additional compensation expense. | |||||||||||||||
Other Compensation | |||||||||||||||
Profit-Sharing Plan | |||||||||||||||
We sponsor a qualified profit-sharing plan and trust that generally permits all employees, as defined by the plan, to make pre-tax contributions into the plan. We are under no obligation to contribute to the plan and the amount of any contribution is determined by and at the discretion of our board of directors. Our board of directors can authorize contributions to a maximum of 15% of an eligible participant's compensation, limited to less than $0.1 million annually per participant. For the years ended December 31, 2012, 2011 and 2010, amounts expensed for contributions to the trust were $4.4 million, $3.8 million and $3.3 million, respectively, which were included in General and administrative expenses in the accompanying consolidated financial statements. The profit-sharing plan is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation. | |||||||||||||||
Other | |||||||||||||||
We have employment contracts with certain senior executives. These contracts provide for severance payments in the event of termination under certain conditions including a change of control. During 2012, 2011 and 2010, we recognized severance costs totaling approximately $1.1 million, $0.4 million and $1.1 million, respectively, related to several former employees who did not have employment contracts. Such costs are included in General and administrative expenses in the accompanying consolidated financial statements. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||
Dec. 31, 2012 | |||||||||||||||
Income Taxes | ' | ||||||||||||||
Income Taxes | ' | ||||||||||||||
Note 16. Income Taxes | |||||||||||||||
The components of our provision for income taxes for the periods presented are as follows (in thousands): | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2012 | 2011 | 2010 | |||||||||||||
Federal | |||||||||||||||
Current | $ | 18,142 | $ | 17,820 | $ | 17,729 | |||||||||
Deferred | -21,167 | 6,867 | -2,409 | ||||||||||||
-3,025 | 24,687 | 15,320 | |||||||||||||
State, Local and Foreign | |||||||||||||||
Current | 15,441 | 10,559 | 12,288 | ||||||||||||
Deferred | -5,633 | 1,968 | -1,756 | ||||||||||||
9,808 | 12,527 | 10,532 | |||||||||||||
Total Provision | $ | 6,783 | $ | 37,214 | $ | 25,852 | |||||||||
Deferred income taxes at December 31, 2012 and 2011 consist of the following (in thousands): | |||||||||||||||
At December 31, | |||||||||||||||
2012 | 2011 | ||||||||||||||
Deferred Tax Assets | |||||||||||||||
Unearned and deferred compensation | $ | 17,272 | $ | 12,598 | |||||||||||
Other | 10,832 | 3,465 | |||||||||||||
28,104 | 16,063 | ||||||||||||||
Deferred Tax Liabilities | |||||||||||||||
Receivables from affiliates | -13,251 | -14,378 | |||||||||||||
Investments | -31,598 | -45,812 | |||||||||||||
Other | -583 | - | |||||||||||||
-45,432 | -60,190 | ||||||||||||||
Net Deferred Tax Liability | $ | -17,328 | $ | -44,127 | |||||||||||
A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (in thousands): | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2012 | 2011 | 2010 | |||||||||||||
Pre-tax (loss) income from taxable subsidiaries | $ | -412 | $ | 78,561 | $ | 49,253 | |||||||||
Federal provision at statutory tax rate (35%) | -144 | 35.00% | 27,496 | 35.00% | 17,238 | 35.00% | |||||||||
State and local taxes, net of federal benefit | 616 | -149.50% | 7,409 | 9.40% | 4,303 | 8.70% | |||||||||
Amortization of intangible assets | 465 | -112.90% | 486 | 0.60% | 854 | 1.70% | |||||||||
Other | 1,069 | -261.20% | 272 | 0.40% | 264 | 0.60% | |||||||||
Tax provision — taxable subsidiaries | 2,006 | -488.60% | 35,663 | 45.40% | 22,659 | 46.00% | |||||||||
Other state, local and foreign taxes | 4,777 | 1,551 | 3,193 | ||||||||||||
Total provision | $ | 6,783 | $ | 37,214 | $ | 25,852 | |||||||||
Included in Income taxes, net in the consolidated balance sheets at December 31, 2012 and 2011 are accrued income taxes totaling $4.0 million and prepaid income taxes totaling $4.6 million, respectively, deferred income taxes totaling $17.3 million and $44.1 million, respectively, and uncertain tax positions totaling $0.3 million and $0, respectively. The uncertain tax positions, which we account for in accordance with ASC 740, Income Taxes, were acquired in the Merger. | |||||||||||||||
At January 1, 2010, we had unrecognized tax benefits of $0.6 million (net of federal benefits), which if recognized, would have affected our effective tax rate. During 2010, we reversed the unrecognized tax benefits, including all related interest totaling $0.1 million, as they were no longer required. | |||||||||||||||
Real Estate Ownership Operations | |||||||||||||||
As discussed in Note 3, W. P. Carey & Co. LLC, our predecessor, converted to a REIT through the REIT Reorganization. Effective February 15, 2012, W. P. Carey Inc. elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code for the year ended December 31, 2012. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. As a REIT, we expect to derive most of our REIT income from our real estate operations under our Real Estate Ownership segment. | |||||||||||||||
Investment Management Operations | |||||||||||||||
We conduct our investment management services in our Investment Management segment through TRSs. A TRS is a subsidiary of a REIT that is subject to corporate federal, state, local and foreign taxes, as applicable. Our use of TRSs enables us to engage in certain businesses while complying with the REIT qualification requirements and also allows us to retain income generated by these businesses for reinvestment without the requirement to distribute those earnings. We conduct business in the U.S., Asia and the European Union, and as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and certain foreign jurisdictions. Certain of our inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation. Periodically, shares in the Managed REITs that are payable to our TRSs in consideration of services rendered are distributed from TRSs to us. | |||||||||||||||
Our tax returns are subject to audit by taxing authorities. Such audits can often take years to complete and settle. The tax years 2009 through 2012 remain open to examination by the major taxing jurisdictions to which we are subject. | |||||||||||||||
Our subsidiary, Carey REIT II, owns our real estate assets and elected to be taxed as a real estate investment trust under Sections 856 through 860 of the Internal Revenue Code until September 28, 2012, the date of the Merger, when it became a qualified real estate investment trust subsidiary (“QRS”). In connection with the CPA®:14/16 Merger in May 2011, we formed Carey REIT III to hold the Special Member Interest in the newly formed operating partnership of CPA®:16 – Global (Note 4). Carey REIT III also elected to be taxed as a real estate investment trust under the Internal Revenue Code until September 28, 2012, when it merged into another of our subsidiaries. Under the REIT operating structure, Carey REIT II and Carey REIT III were permitted to deduct distributions paid to our shareholders and generally would not be required to pay U.S. federal income taxes. Accordingly, no provision was made for U.S. federal income taxes in the consolidated financial statements related to either Carey REIT II or Carey REIT III through September 28, 2012. Carey REIT II became a QRS effective September 28, 2012. QRS's are disregarded for US federal tax purposes and therefore not subject to US federal income tax. A QRS is still subject to state, local and foreign taxes where applicable. | |||||||||||||||
As of December 31, 2012, we had net operating losses (“NOLs”) in foreign jurisdictions of approximately $46.1 million, translating to a deferred tax asset before valuation allowance of $11.9 million. Our NOLs began expiring in 2011 in certain foreign jurisdictions. The utilization of NOLs may be subject to certain limitations under the tax laws of the relevant jurisdiction. Management determined that as of December 31, 2012, $11.9 million of deferred tax assets related to losses in foreign jurisdictions did not satisfy the recognition criteria set forth in accounting guidance for income taxes and established valuation allowance for this amount. | |||||||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||
Dec. 31, 2012 | ||||||||||
Discontinued Operations | ' | |||||||||
Discontinued Operations | ' | |||||||||
Note 17. Discontinued Operations | ||||||||||
From time to time, we decide to sell a property. We may make a decision to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. When it is appropriate to do so, upon the evaluation of the disposition of long-lived assets, we classify the property as an asset held for sale on our consolidated balance sheet and the current and prior period results of operations of the property are reclassified as discontinued operations. | ||||||||||
The results of operations for properties that as of September 30, 2013 are held for sale or have been sold and with which we have no continuing involvement are reflected in the consolidated financial statements as discontinued operations and are summarized as follows (in thousands, net of tax): | ||||||||||
Years Ended December 31, | ||||||||||
2012 | 2011 | 2010 | ||||||||
Revenues | $ | 10,569 | $ | 14,559 | $ | 18,389 | ||||
Expenses | -10,164 | -15,262 | -14,838 | |||||||
Gain on deconsolidation of a subsidiary | - | 1,008 | - | |||||||
(Loss) gain on sale of real estate | -5,019 | -3,391 | 460 | |||||||
Impairment charges | -22,962 | -11,838 | -14,241 | |||||||
Loss from discontinued operations | $ | -27,576 | $ | -14,924 | $ | -10,230 | ||||
During the nine months ended September 30, 2013, we sold seven domestic properties for a total of $22.7 million, net of selling costs, and recognized a net gain on these sales of $0.6 million, excluding impairment charges totaling $3.9 million and $0.2 million previously recognized during 2013 and 2012, respectively. We used a portion of the proceeds to repay the related mortgage loan obligation of $5.7 million and recognized a gain on extinguishment of debt of $0.1 million. In connection with those sales that are deemed businesses, we allocated goodwill totaling $1.2 million to the cost basis of the properties, from our Real Estate Ownership segment based on the relative fair value at the time of sale. | ||||||||||
During the nine months ended September 30, 2013, a jointly-owned investment in which we and an affiliate own 44% and 56%, respectively, and which we consolidate, entered into a contract to sell a domestic property, which we acquired in the CPA®:15 Merger, for $16.4 million. In addition, during the nine months ended September 30, 2013, we entered into a contract to sell our hotel for $3.8 million. In connection with the potential sale of the hotel, we recognized impairment charges totaling $1.1 million during the second quarter of 2013 to write down the carrying value of the asset to its estimated fair value, which approximated the estimated selling price less selling costs. At September 30, 2013, these two properties were classified as Assets held for sale in the consolidated balance sheet. We completed the sale of the hotel in October 2013. There can be no assurance that the remaining property will be sold at the contracted price, or at all. | ||||||||||
2012 — During the year ended December 31, 2012, we sold 13 domestic properties for $44.8 million, net of selling costs, and recognized an aggregate net loss on these sales of $1.4 million, excluding impairment charges of $12.5 million recognized in the current year and $11.8 million and $0.5 million previously recognized during 2011 and 2010, respectively. | ||||||||||
We also sold a property in December 2012 that we acquired in the Merger (Note 3), which was leased to BE Aerospace. We sold the property for $25.3 million, net of selling costs, and recognized a net loss on this sale of $0.5 million. | ||||||||||
In December 2012, we entered into a contract to sell a domestic property that we acquired in the Merger for $1.4 million. We completed the sale of this property in January 2013. At December 31, 2012, this property was classified within Assets held for sale in the consolidated balance sheet. We completed the sale of this property in January 2013. | ||||||||||
In connection with the sale of the properties we acquired in the Merger, we wrote off goodwill of $3.2 million related to these properties (Note 8). | ||||||||||
2011 — During the year ended December 31, 2011, we sold seven domestic properties for $12.5 million, net of selling costs, and recognized a net loss on these sales of $3.4 million, excluding previously recognized impairment charges of less than $0.1 million and $2.7 million during the years ended December 31, 2011 and 2010, respectively. | ||||||||||
In September 2011, one of our subsidiaries consented to a court order appointing a receiver when the subsidiary stopped making payments on the non-recourse debt obligation on a property after the tenant, Career Education Institute, vacated the property. As we no longer had control over the activities that most significantly impact the economic performance of this subsidiary following possession of the property by the receiver, we deconsolidated the subsidiary during the third quarter of 2011. As of the date of deconsolidation, the property had a carrying value of $5.3 million, reflecting the impact of impairment charges totaling $5.6 million recognized during the fourth quarter of 2010, and the related non-recourse mortgage loan had an outstanding balance of $6.3 million. In connection with the deconsolidation, we recognized a gain of $1.0 million during the third quarter of 2011. We believe that our retained interest in this deconsolidated entity had no value at the date of deconsolidation. | ||||||||||
2010 — We sold seven properties for a total of $14.6 million, net of selling costs, and recognized a net gain on these sales totaling $0.5 million, excluding impairment charges totaling $5.9 million that were previously recognized in 2010. | ||||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||
Dec. 31, 2012 | ||||||||||||
Segment Reporting | ' | |||||||||||
Segment Reporting | ' | |||||||||||
Note 18. Segment Reporting | ||||||||||||
We evaluate our results from operations by our two major business segments — Real Estate Ownership and Investment Management (Note 1). Effective April 1, 2012, we include cash distributions and deferred revenue received and earned from the operating partnerships of CPA®:16 – Global, CPA®:17 – Global and CWI in our Real Estate Ownership segment. Effective January 1, 2011, we include our equity investments in the Managed REITs in our Real Estate Ownership segment. The equity income or loss from the Managed REITs that is now included in our Real Estate Ownership segment represents our proportionate share of the revenue less expenses of the net-leased properties held by the Managed REITS. This treatment is consistent with that of our directly-owned properties. Results of operations for the prior years have been reclassified to conform to the current year presentation. The following table presents a summary of comparative results of these business segments (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Real Estate Ownership (a) | ||||||||||||
Revenues | $ | 145,685 | $ | 81,475 | $ | 65,289 | ||||||
Operating expenses (b) | -102,321 | -39,264 | -30,593 | |||||||||
Interest expense | -50,290 | -21,675 | -15,539 | |||||||||
Other, net (c) | 83,436 | 82,911 | 30,131 | |||||||||
Provision for income taxes | -4,012 | -2,243 | -2,192 | |||||||||
Income from continuing operations attributable to W. P. Carey | $ | 72,498 | $ | 101,204 | $ | 47,096 | ||||||
Investment Management | ||||||||||||
Revenues (d) | $ | 223,180 | $ | 242,647 | $ | 191,890 | ||||||
Operating expenses (d) | -207,050 | -157,572 | -133,683 | |||||||||
Other, net (e) | 3,878 | 2,695 | 2,559 | |||||||||
Provision for income taxes | -2,771 | -34,971 | -23,660 | |||||||||
Income from continuing operations attributable to W. P. Carey | $ | 17,237 | $ | 52,799 | $ | 37,106 | ||||||
Total Company | ||||||||||||
Revenues (d) | $ | 368,865 | $ | 324,122 | $ | 257,179 | ||||||
Operating expenses (d) | -309,371 | -196,836 | -164,276 | |||||||||
Interest expense | -50,290 | -21,675 | -15,539 | |||||||||
Other, net (c) (e) | 87,314 | 85,606 | 32,690 | |||||||||
Provision for income taxes | -6,783 | -37,214 | -25,852 | |||||||||
Income from continuing operations attributable to W. P. Carey | $ | 89,735 | $ | 154,003 | $ | 84,202 | ||||||
Total Long-Lived Assets at (f) | Total Assets at | |||||||||||
December 31, 2012 | 31-Dec-11 | December 31, 2012 | 31-Dec-11 | |||||||||
Real Estate Ownership | $ | 4,236,993 | $ | 1,273,521 | $ | 4,484,821 | $ | 1,334,066 | ||||
Investment Management | 69,258 | 70,369 | 124,221 | 128,557 | ||||||||
Total Company | $ | 4,306,251 | $ | 1,343,890 | $ | 4,609,042 | $ | 1,462,623 | ||||
__________ | ||||||||||||
Included within the Real Estate Ownership segment is our total investment in shares of CPA®:16 – Global, which represented approximately 6.8% of our total assets at December 31, 2012 (Note 7). | ||||||||||||
Includes expenses incurred of $31.7 million related to the Merger for the year ended December 31, 2012. | ||||||||||||
Includes Other interest income, Income from equity investments in real estate and the Managed REITs, Gain on change in control of interests, Other income and (expenses), and Net income attributable to noncontrolling interests. | ||||||||||||
Included in revenues and operating expenses are reimbursable costs from affiliates totaling $98.2 million, $64.8 million and $60.0 million for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||
Includes Other interest income, Other income and (expenses), Net loss attributable to noncontrolling interests and Net loss (income) attributable to redeemable noncontrolling interest. | ||||||||||||
Long-lived assets include Net investments in real estate, Goodwill and Intangible assets, net. | ||||||||||||
At December 31, 2012, our international investments within our Real Estate Ownership segment were comprised of investments in France, Poland, Germany, Spain, Belgium, Finland, Netherlands and the United Kingdom. None of these countries comprised more than 10% of our total revenues or total assets at December 31, 2012. The following tables present information about these investments (in thousands): | ||||||||||||
Year Ended December 31, 2012 | Domestic | Foreign (a) | Total | |||||||||
Revenues | $ | 115,572 | $ | 30,113 | $ | 145,685 | ||||||
Operating expenses | -99,801 | -2,520 | -102,321 | |||||||||
Interest expense | -38,759 | -11,531 | -50,290 | |||||||||
Other, net (b) (c) | 76,830 | 6,606 | 83,436 | |||||||||
Provision for income taxes | -2,697 | -1,315 | -4,012 | |||||||||
Income from continuing operations attributable to W. P. Carey | $ | 51,145 | $ | 21,353 | $ | 72,498 | ||||||
Total assets | $ | 3,527,918 | $ | 956,903 | $ | 4,484,821 | ||||||
Total long-lived assets (d) | $ | 3,361,197 | $ | 875,796 | $ | 4,236,993 | ||||||
Year Ended December 31, 2011 | Domestic | Foreign (a) | Total | |||||||||
Revenues | $ | 71,746 | $ | 9,729 | $ | 81,475 | ||||||
Operating expenses | -34,405 | -4,859 | -39,264 | |||||||||
Interest expense | -19,980 | -1,695 | -21,675 | |||||||||
Other, net (c) | 76,735 | 6,176 | 82,911 | |||||||||
Provision for income taxes | -2,135 | -108 | -2,243 | |||||||||
Income from continuing operations attributable to W. P. Carey | $ | 91,961 | $ | 9,243 | $ | 101,204 | ||||||
Total assets | $ | 1,258,544 | $ | 75,522 | $ | 1,334,066 | ||||||
Total long-lived assets (d) | $ | 1,203,474 | $ | 70,047 | $ | 1,273,521 | ||||||
Year Ended December 31, 2010 | Domestic | Foreign (a) | Total | |||||||||
Revenues | $ | 57,583 | $ | 7,706 | $ | 65,289 | ||||||
Operating expenses | -26,851 | -3,742 | -30,593 | |||||||||
Interest expense | -13,797 | -1,742 | -15,539 | |||||||||
Other, net (c) | 26,188 | 3,943 | 30,131 | |||||||||
Provision for income taxes | -2,162 | -30 | -2,192 | |||||||||
Income from continuing operations attributable to W. P. Carey | $ | 40,961 | $ | 6,135 | $ | 47,096 | ||||||
Total assets | $ | 965,418 | $ | 82,987 | $ | 1,048,405 | ||||||
Total long-lived assets (d) | $ | 961,298 | $ | 73,447 | $ | 1,034,745 | ||||||
__________ | ||||||||||||
All years include operations in France, Germany, Poland and Spain. The year ended December 31, 2012 also includes operations in Belgium, Finland, the Netherlands and the United Kingdom through properties acquired from CPA®:15 in the Merger. | ||||||||||||
Amount for the year ended December 31, 2012 includes our $15.1 million share of the net gain recognized by a jointly-owned entity in connection with selling its interests in the Médica investment. | ||||||||||||
Includes Other interest income, Income from equity investments in real estate and the Managed REITs, Gain on change in control of interests, Other income and (expenses), and Net income attributable to noncontrolling interests. | ||||||||||||
Consists of Net investments in real estate, Goodwill and Intangible assets, net, as applicable. | ||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2012 | ||||||||||||||
Quarterly Disclosures | ' | |||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Note 19. Selected Quarterly Financial Data (Unaudited) | ||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||
Three Months Ended | ||||||||||||||
31-Mar-12 | 30-Jun-12 | 30-Sep-12 | 31-Dec-12 | |||||||||||
Revenues (a) (b) | $ | 67,548 | $ | 66,113 | $ | 69,278 | $ | 165,926 | ||||||
Expenses (a) | 55,452 | 57,794 | 84,451 | 111,674 | ||||||||||
Net income | 11,669 | 31,230 | 2,226 | 17,654 | ||||||||||
Add: Net loss (income) attributable to noncontrolling interests | 578 | 480 | 325 | -1,990 | ||||||||||
Add: Net loss (income) attributable to redeemable | ||||||||||||||
noncontrolling interests | 43 | 67 | 37 | -187 | ||||||||||
Net income attributable to W. P. Carey | 12,290 | 31,777 | 2,588 | 15,477 | ||||||||||
Earnings per share attributable to W. P. Carey: | ||||||||||||||
Basic | 0.3 | 0.78 | 0.06 | 0.22 | ||||||||||
Diluted | 0.3 | 0.77 | 0.06 | 0.22 | ||||||||||
Distributions declared per share | 0.565 | 0.567 | 0.65 | 0.66 | ||||||||||
Three Months Ended | ||||||||||||||
31-Mar-11 | 30-Jun-11 | 30-Sep-11 | 31-Dec-11 | |||||||||||
Revenues (a) (c) | $ | 74,522 | $ | 114,674 | $ | 74,900 | $ | 60,026 | ||||||
Expenses (a) | 47,059 | 50,550 | 50,208 | 49,019 | ||||||||||
Net income | 23,616 | 81,060 | 25,258 | 9,204 | ||||||||||
Add: Net loss attributable to noncontrolling interests | 330 | 384 | 581 | 569 | ||||||||||
Add: Net income attributable to redeemable | ||||||||||||||
noncontrolling interests | -603 | -1 | -637 | -682 | ||||||||||
Net income attributable to W. P. Carey | 23,343 | 81,443 | 25,202 | 9,091 | ||||||||||
Earnings per share attributable to W. P. Carey: | ||||||||||||||
Basic | 0.58 | 2.02 | 0.62 | 0.22 | ||||||||||
Diluted | 0.58 | 1.99 | 0.62 | 0.22 | ||||||||||
Distributions declared per share | 0.512 | 0.55 | 0.56 | 0.563 | ||||||||||
__________ | ||||||||||||||
Certain amounts from previous quarters have been reclassified to discontinued operations (Note 17). | ||||||||||||||
Amount for the three months ended December 31, 2012 includes the impact of the Merger with CPA®:15 (Note 3). | ||||||||||||||
Amount for the three months ended June 30, 2011 includes $52.5 million of incentive, termination and subordinated disposition revenue recognized in connection with the CPA®:14/16 Merger (Note 4). | ||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2012 | |
Subsequent Events | ' |
Subsequent Events [Text Block] | ' |
Note 20. Subsequent Events | |
In January 2013, our board of directors approved loans to CWI up to $50.0 million to be made at our discretion. We intend to fund any such loans from our Revolver. | |
In February 2013, the Compensation Committee approved long-term incentive plan awards to key employees consisting of 166,200 RSUs and 75,900 PSUs that could have a dilutive impact on our earnings per share calculation. | |
Note 21. Subsequent Event | |
Retrospective Adjustment for Discontinued Operations | |
During the nine months ended September 30, 2013, we sold seven domestic properties for a total of $22.7 million, net of selling costs, and recognized a net gain on these sales of $0.6 million, excluding impairment charges totaling $3.9 million and $0.2 million previously recognized during 2013 and 2012, respectively. We used a portion of the proceeds to repay the related mortgage loan obligation of $5.7 million and recognized a gain on extinguishment of debt of $0.1 million. In connection with those sales that are deemed businesses, we allocated goodwill totaling $1.2 million to the cost basis of the properties, for our Real Estate Ownership segment based on the relative fair value at the time of sale. | |
During the nine months ended September 30, 2013, a jointly-owned investment in which we and an affiliate own 44% and 56%, respectively, and which we consolidate, entered into a contract to sell a domestic property, which we acquired in the CPA®:15 Merger, for $16.4 million. In addition, during the nine months ended September 30, 2013, we entered into a contract to sell our hotel for $3.8 million. In connection with the potential sale of the hotel, we recognized impairment charges totaling $1.1 million during the second quarter of 2013 to write down the carrying value of the asset to its estimated fair value, which approximated the estimated selling price less selling costs. At September 30, 2013, these two properties were classified as Assets held for sale in the September 30, 2013 consolidated balance sheet. We completed the sale of the hotel in October 2013. There can be no assurance that the remaining property will be sold at the contracted price, or at all. | |
The accompanying consolidated statements of income have been retrospectively adjusted and the net results of operations of each of these properties have been reclassified to discontinued operations for the years ended December 31, 2012, 2011, and 2010. The net effect of the reclassification represents an increase of $11.0 million, or 13.8%, $2.1 million, or 1.4%, and $1.3 million, or 1.6% in our previously reported income from continuing operations for the years ended December 31, 2012, 2011, and 2010, respectively. There was no effect on our previously reported net income, financial condition, or cash flows. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||
Dec. 31, 2012 | |||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||
W. P. CAREY INC. | |||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||
For the Years Ended December 31, 2012, 2011 and 2010 | |||||||||||||||
(in thousands) | |||||||||||||||
Description | Balance at Beginning of Year | Other Additions (a) | Deductions | Balance at End of Year | |||||||||||
Year Ended December 31, 2012: | |||||||||||||||
Valuation reserve for deferred tax assets | $ | - | $ | 11,915 | $ | - | $ | 11,915 | |||||||
$ | - | $ | 11,915 | $ | - | $ | 11,915 | ||||||||
Year Ended December 31, 2011: | |||||||||||||||
Valuation reserve for deferred tax assets | $ | - | $ | - | $ | - | $ | - | |||||||
$ | - | $ | - | $ | - | $ | - | ||||||||
Year Ended December 31, 2010: | |||||||||||||||
Valuation reserve for deferred tax assets | $ | - | $ | - | $ | - | $ | - | |||||||
$ | - | $ | - | $ | - | $ | - | ||||||||
__________ | |||||||||||||||
Represents amount acquired in the Merger. | |||||||||||||||
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumualated Depreciation | ' | |||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumualated Depreciation | ' | |||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE and ACCUMULATED DEPRECIATION (Continued) | ||||||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to Company - Land | Initial Cost to Company - Buildings | Costs Capitalized Subsequent to Acquisition (a) | Increase (Decrease) in Net Investments (b) | Gross Amount at which Carried at Close of Period (c) - Land | Gross Amount at which Carried at Close of Period (c) - Buildings | Gross Amount at which Carried at Close of Period (c) - Total | Accumulated Depreciation (c) | Date Acquired | Life on which Depreciation in Latest Statement of Income is Computed | |||||||||||||||||||||||||
Real Estate Under Operating Leases: | ||||||||||||||||||||||||||||||||||||
Office facilities in Broomfield, CO | $ | - | $ | 248 | $ | 2,538 | $ | 4,844 | $ | -2,069 | $ | 2,643 | $ | 2,918 | $ | 5,561 | $ | 1,217 | Jan. 1998 | 40 yrs. | ||||||||||||||||
Distribution facilities and warehouses in Erlanger, KY | 12,000 | 1,526 | 21,427 | 2,966 | 141 | 1,526 | 24,534 | 26,060 | 9,431 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Retail store in Montgomery, AL | - | 855 | 6,762 | 277 | -6,978 | 142 | 774 | 916 | 417 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Anchorage, AK and Commerce, CA | - | 4,905 | 11,898 | - | 12 | 4,905 | 11,910 | 16,815 | 1,636 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Toledo, OH | - | 224 | 2,408 | - | - | 224 | 2,408 | 2,632 | 1,003 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Industrial facility in Goshen, IN | - | 239 | 940 | - | - | 239 | 940 | 1,179 | 133 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Raleigh, NC | - | 1,638 | 2,844 | 157 | -2,554 | 828 | 1,257 | 2,085 | 454 | Jan. 1998 | 20 yrs. | |||||||||||||||||||||||||
Office facility in King of Prussia, PA | - | 1,219 | 6,283 | 1,295 | - | 1,219 | 7,578 | 8,797 | 2,658 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in Fort Lauderdale, FL | - | 1,893 | 11,077 | 703 | -8,449 | 1,173 | 4,051 | 5,224 | 1,429 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Industrial facilities in Pinconning, MS | - | 32 | 1,692 | - | - | 32 | 1,692 | 1,724 | 634 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Industrial facilities in San Fernando, CA | 6,991 | 2,052 | 5,322 | - | 152 | 2,052 | 5,474 | 7,526 | 2,043 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Land leased in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, and Texas | 139 | 9,382 | - | - | -172 | 9,210 | - | 9,210 | - | Jan. 1998 | N/A | |||||||||||||||||||||||||
Industrial facility in Milton, VT | - | 220 | 1,579 | - | - | 220 | 1,579 | 1,799 | 592 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Land in Glendora, CA | - | 1,135 | - | - | 17 | 1,152 | - | 1,152 | - | Jan. 1998 | N/A | |||||||||||||||||||||||||
Industrial facility in Doraville, GA | 4,842 | 3,288 | 9,864 | 1,546 | 274 | 3,288 | 11,684 | 14,972 | 3,887 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facilities in Collierville, TN and warehouse/distribution facilities in Corpus Christi and College Station, TX | 51,871 | 3,490 | 72,497 | - | -15,008 | 334 | 60,645 | 60,979 | 4,003 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Land in Irving and Houston, TX | 8,313 | 9,795 | - | - | - | 9,795 | - | 9,795 | - | Jan. 1998 | N/A | |||||||||||||||||||||||||
Industrial facility in Chandler, AZ | 12,066 | 5,035 | 18,957 | 7,435 | 541 | 5,035 | 26,933 | 31,968 | 8,959 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Houston, TX | - | 167 | 885 | 73 | - | 167 | 958 | 1,125 | 345 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facilities in Bridgeton, MO | - | 842 | 4,762 | 1,627 | 71 | 842 | 6,460 | 7,302 | 1,552 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Industrial facility in Industry, CA | - | 3,789 | 13,164 | 1,872 | 318 | 3,789 | 15,354 | 19,143 | 4,608 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Retail stores in Drayton Plains, MI and Citrus Heights, CA | - | 1,039 | 4,788 | 165 | 193 | 1,039 | 5,146 | 6,185 | 1,049 | Jan. 1998 | 35 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in Memphis, TN | - | 1,882 | 3,973 | - | -3,893 | 328 | 1,634 | 1,962 | 538 | Jan. 1998 | 15 yrs. | |||||||||||||||||||||||||
Retail store in Bellevue, WA | 8,269 | 4,125 | 11,812 | 393 | -123 | 4,371 | 11,836 | 16,207 | 4,352 | Apr. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Houston, TX | - | 3,260 | 22,574 | 1,628 | -23,311 | 211 | 3,940 | 4,151 | 2,944 | Jun. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Rio Rancho, NM | 8,162 | 1,190 | 9,353 | 1,504 | - | 1,467 | 10,580 | 12,047 | 3,598 | Jul. 1998 | 40 yrs. | |||||||||||||||||||||||||
Vacant office facility in Moorestown, NJ | - | 351 | 5,981 | 943 | 43 | 351 | 6,967 | 7,318 | 2,890 | Feb. 1999 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Norcross, GA | 28,347 | 5,200 | 25,585 | 11,822 | - | 5,200 | 37,407 | 42,607 | 12,327 | Jun. 1999 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Tours, France | 4,991 | 1,034 | 9,737 | 342 | 4,169 | 1,451 | 13,831 | 15,282 | 4,154 | Sep. 2000 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Illkirch, France | 13,171 | - | 18,520 | - | 9,116 | - | 27,636 | 27,636 | 8,826 | Dec. 2001 | 40 yrs. | |||||||||||||||||||||||||
Industrial and warehouse/distribution facilities in Lenexa, KS; Winston-Salem, NC; and Dallas, TX | - | 1,860 | 12,539 | - | 5 | 1,860 | 12,544 | 14,404 | 3,310 | Sep. 2002 | 40 yrs. | |||||||||||||||||||||||||
Office facilities in Playa Vista and Venice, CA | 50,306 | 2,032 | 10,152 | 52,816 | 1 | 5,889 | 59,112 | 65,001 | 2,853 | Sep. 2004; Sep. 2012 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in Greenfield, IN | - | 2,807 | 10,335 | 223 | -8,383 | 967 | 4,015 | 4,982 | 853 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Birmingham, AL | 4,425 | 1,256 | 7,704 | - | - | 1,256 | 7,704 | 8,960 | 1,597 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||
Industrial facility in Scottsdale, AZ | 1,229 | 586 | 46 | - | - | 586 | 46 | 632 | 10 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||
Retail store in Hot Springs, AR | - | 850 | 2,939 | 2 | -2,614 | - | 1,177 | 1,177 | 245 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||
Industrial facilities in Apopka, FL | - | 362 | 10,855 | 569 | -155 | 337 | 11,294 | 11,631 | 2,287 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||
Land in San Leandro, CA | - | 1,532 | - | - | - | 1,532 | - | 1,532 | -1 | Dec. 2006 | N/A | |||||||||||||||||||||||||
Industrial facility in Sunnyvale, CA | - | 1,663 | 3,571 | - | - | 1,663 | 3,571 | 5,234 | 803 | Dec. 2006 | 27 yrs. | |||||||||||||||||||||||||
Fitness and recreational sports center in Austin, TX | 3,165 | 1,725 | 5,168 | - | - | 1,725 | 5,168 | 6,893 | 1,103 | Dec. 2006 | 28.5 yrs. | |||||||||||||||||||||||||
Retail store in Wroclaw, Poland | 8,309 | 3,600 | 10,306 | - | -1,958 | 3,305 | 8,643 | 11,948 | 1,093 | Dec. 2007 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Fort Worth, TX | 33,631 | 4,600 | 37,580 | - | - | 4,600 | 37,580 | 42,180 | 2,740 | Feb. 2010 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in Mallorca, Spain | - | 11,109 | 12,636 | - | 2,212 | 12,161 | 13,796 | 25,957 | 891 | Jun. 2010 | 40 yrs. | |||||||||||||||||||||||||
Industrial and office facilities in San Diego, CA | 33,527 | 7,247 | 29,098 | 967 | -5,514 | 4,762 | 27,036 | 31,798 | 1,982 | May. 2011 | 40 yrs. | |||||||||||||||||||||||||
Retail stores in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA | 22,000 | 5,646 | 12,367 | - | - | 5,646 | 12,367 | 18,013 | 109 | Sep. 2012 | 40 yrs. | |||||||||||||||||||||||||
Hospitality facilities in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | 140,000 | 32,680 | 198,999 | - | - | 32,680 | 198,999 | 231,679 | 1,369 | Sep. 2012 | 34 - 37 yrs. | |||||||||||||||||||||||||
Industrial facilities in Bluffton, OH; Auburn, IN; and Milan, TN | - | 2,564 | 6,998 | - | - | 2,564 | 6,998 | 9,562 | 58 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Land in Irvine, CA | 1,666 | 4,173 | - | - | - | 4,173 | - | 4,173 | - | Sep. 2012 | N/A | |||||||||||||||||||||||||
Office facility in Alpharetta, GA | 7,699 | 2,198 | 6,349 | - | - | 2,198 | 6,349 | 8,547 | 53 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Office facility in Clinton, NJ | 25,714 | 2,866 | 34,834 | - | - | 2,866 | 34,834 | 37,700 | 290 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Office facilities in St. Petersburg, FL | 18,481 | 3,280 | 24,627 | - | - | 3,280 | 24,627 | 27,907 | 205 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Movie theatre in Baton Rouge, LA | 10,025 | 4,168 | 5,724 | - | - | 4,168 | 5,724 | 9,892 | 48 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Office facilities in San Diego, CA | 17,470 | 7,804 | 16,729 | - | - | 7,804 | 16,729 | 24,533 | 139 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facilities in Richmond, CA | - | 895 | 1,953 | - | - | 895 | 1,953 | 2,848 | 16 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Warehouse/distribution and industrial facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX | 64,836 | 16,386 | 84,668 | - | - | 16,386 | 84,668 | 101,054 | 700 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France | 94,059 | 15,779 | 89,421 | - | 2,929 | 16,219 | 91,910 | 108,129 | 764 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Orlando, FL; Macon, GA; Rocky Mount, NC, and Lewisville, TX | 14,645 | 2,163 | 17,715 | - | - | 2,163 | 17,715 | 19,878 | 148 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Fitness and recreational sports center in Newton, MA | 7,655 | 1,897 | 11,451 | - | - | 1,897 | 11,451 | 13,348 | 94 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facilities in Chattanooga, TN | - | 558 | 5,923 | - | - | 558 | 5,923 | 6,481 | 49 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facilities in Mooresville, NC | 6,512 | 756 | 9,775 | - | - | 756 | 9,775 | 10,531 | 80 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facility in MaCalla, AL | 6,307 | 960 | 14,472 | - | - | 960 | 14,472 | 15,432 | 115 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facility in Lower Makefield Township, PA | 10,874 | 1,726 | 12,781 | - | - | 1,726 | 12,781 | 14,507 | 105 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facility in Fort Smith, AZ | - | 1,063 | 6,159 | - | - | 1,063 | 6,159 | 7,222 | 50 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Retail facilities in Greenwood, IN and Buffalo, NY | 8,893 | - | 19,990 | - | - | - | 19,990 | 19,990 | 161 | Sep. 2012 | 30 - 31 yrs. | |||||||||||||||||||||||||
Industrial facilities in Bowling Green, KY and Jackson, TN | 7,436 | 1,492 | 8,182 | - | - | 1,492 | 8,182 | 9,674 | 66 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facilities in Mattoon, IL; Holyoke, MA; and Morristown, TN and a warehouse/distribution facility in Westfield, MA | 5,245 | 1,891 | 11,064 | - | - | 1,891 | 11,064 | 12,955 | 90 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in Rancho Cucamonga, CA and educational facilities in Glendale Heights, IL; Exton, PA; and Avondale, AZ | 37,911 | 14,006 | 33,683 | - | - | 14,006 | 33,683 | 47,689 | 263 | Sep. 2012 | 31 - 32 yrs. | |||||||||||||||||||||||||
Sports facilities in Rochester Hills and Canton, MI | 22,160 | 5,447 | 9,988 | - | - | 5,447 | 9,988 | 15,435 | 81 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | 12,860 | 6,559 | 19,078 | - | - | 6,559 | 19,078 | 25,637 | 153 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY | 15,164 | 6,080 | 23,424 | - | - | 6,080 | 23,424 | 29,504 | 187 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Land in Kahl, Germany | 10,573 | 6,694 | - | - | 186 | 6,880 | - | 6,880 | - | Sep. 2012 | N/A | |||||||||||||||||||||||||
Land in Memphis, TN and sports facilities in Bedford, TX and Englewood, CO | 8,050 | 4,877 | 4,258 | - | - | 4,877 | 4,258 | 9,135 | 34 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facilities in Brussels, Belgium | 11,094 | 1,505 | 6,026 | - | 210 | 1,547 | 6,194 | 7,741 | 48 | Sep. 2012 | 32 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Oceanside, CA and Concordville, PA | 4,506 | 3,333 | 8,270 | - | - | 3,333 | 8,270 | 11,603 | 66 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facility in Peachtree City, GA | 3,962 | 1,205 | 5,907 | - | - | 1,205 | 5,907 | 7,112 | 47 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Self-storage and trucking facilities in numerous locations throughout the U.S. | 154,658 | 74,551 | 319,186 | - | - | 74,551 | 319,186 | 393,737 | 2,527 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in La Vista, NE | 22,340 | 4,196 | 23,148 | - | - | 4,196 | 23,148 | 27,344 | 173 | Sep. 2012 | 33 yrs. | |||||||||||||||||||||||||
Office facility in Pleasanton, CA | 12,861 | 3,675 | 7,468 | - | - | 3,675 | 7,468 | 11,143 | 59 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facility in San Marcos, TX | - | 440 | 688 | - | - | 440 | 688 | 1,128 | 5 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facilities in Espoo, Finland | 58,910 | 40,555 | 15,662 | - | 1,565 | 41,684 | 16,098 | 57,782 | 127 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facility in Conflans, France | 20,378 | 7,208 | 11,333 | - | 516 | 7,409 | 11,648 | 19,057 | 91 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facilities in Chicago, IL | 15,499 | 2,169 | 19,010 | - | - | 2,169 | 19,010 | 21,179 | 149 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in Louisville, CO | 10,417 | 5,342 | 8,786 | - | - | 5,342 | 8,786 | 14,128 | 69 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facilities in Hollywood and Orlando, FL | - | 3,639 | 1,269 | - | - | 3,639 | 1,269 | 4,908 | 10 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in Golden, CO | - | 808 | 4,304 | - | - | 808 | 4,304 | 5,112 | 36 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facilities in Texarkana, TX and Orem, UT | 2,699 | 1,755 | 4,493 | - | - | 1,755 | 4,493 | 6,248 | 35 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in Eugene, OR | 4,724 | 2,286 | 3,783 | - | - | 2,286 | 3,783 | 6,069 | 30 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in Neenah, WI | 4,869 | 438 | 4,954 | - | - | 438 | 4,954 | 5,392 | 39 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in South Jordan, UT | 13,075 | 2,183 | 11,340 | - | - | 2,183 | 11,340 | 13,523 | 89 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in Ennis, TX | 2,609 | 478 | 4,087 | - | - | 478 | 4,087 | 4,565 | 32 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Childcare facilities in Chandler and Tucson, AZ; Alhambra, Chino, Garden Grove, and Tustin, CA; Westland and Canton, MI; and Carrollton, Duncansville, and Lewisville, TX | - | 6,343 | 379 | - | -1,384 | 5,338 | - | 5,338 | - | Sep. 2012 | N/A | |||||||||||||||||||||||||
Retail facility in Oklahoma City, OK | 5,759 | 1,246 | 4,771 | - | - | 1,246 | 4,771 | 6,017 | 37 | Sep. 2012 | 32 yrs. | |||||||||||||||||||||||||
Land in Farmington, CT and Braintree, MA | 490 | 2,409 | - | - | - | 2,409 | - | 2,409 | - | Sep. 2012 | N/A | |||||||||||||||||||||||||
Office facilities in Helsinki, Finland | 58,917 | 26,560 | 20,735 | - | 1,316 | 27,299 | 21,312 | 48,611 | 165 | Sep. 2012 | 32 yrs. | |||||||||||||||||||||||||
Office facility in Paris, France | 73,391 | 23,387 | 43,450 | - | 1,860 | 24,038 | 44,659 | 68,697 | 341 | Sep. 2012 | 32 yrs. | |||||||||||||||||||||||||
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Walbrzych, Warsaw, and Warszawa, Poland | 148,643 | 26,564 | 72,866 | - | 2,768 | 27,303 | 74,895 | 102,198 | 785 | Sep. 2012 | 23 - 34 yrs. | |||||||||||||||||||||||||
Office facility in Laupheim, Germany | - | 2,072 | 8,339 | - | 290 | 2,130 | 8,571 | 10,701 | 107 | Sep. 2012 | 20 yrs. | |||||||||||||||||||||||||
Industrial facilities in Danbury, CT and Bedford, MA | 12,973 | 3,519 | 16,329 | - | - | 3,519 | 16,329 | 19,848 | 136 | Sep. 2012 | 29 yrs. | |||||||||||||||||||||||||
$ | 1,512,763 | $ | 513,758 | $ | 1,777,346 | $ | 94,169 | $ | -53,660 | $ | 509,530 | $ | 1,822,083 | $ | 2,331,613 | $ | 116,075 | |||||||||||||||||||
SCHEDULE III — REAL ESTATE and ACCUMULATED DEPRECIATION (Continued) | ||||||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to Company - Land | Initial Cost to Company - Buildings | Costs Capitalized Subsequent to Acquisition (a) | Increase (Decrease) in Net Investment(b) | Gross Amount at which Carried at Close of Period Total | Date Acquired | |||||||||||||||||||||||||||||
Direct Financing Method: | ||||||||||||||||||||||||||||||||||||
Retail stores in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, and Texas | $ | 199 | $ | - | $ | 16,416 | $ | - | $ | -384 | $ | 16,032 | Jan. 1998 | |||||||||||||||||||||||
Office and industrial facilities in Glendora, CA and Romulus, MI | - | 454 | 13,251 | 9 | -2,437 | 11,277 | Jan. 1998 | |||||||||||||||||||||||||||||
Industrial facilities in Thurmont, MD and Farmington, NY | - | 729 | 6,093 | - | -158 | 6,664 | Jan. 1998 | |||||||||||||||||||||||||||||
Industrial facilities in Irving and Houston, TX | 20,118 | - | 27,599 | - | -3,897 | 23,702 | Jan. 1998 | |||||||||||||||||||||||||||||
Retail facilities in Farmington, CT and Braintree, MA | 3,010 | - | 8,761 | - | - | 8,761 | Sep. 2012 | |||||||||||||||||||||||||||||
Education facilities in Chandler and Tucson, AZ; Alhambra, Chino, Garden Grove, and Tustin, CA; Naperville, IL; Westland and Canton, MI; and Carrollton, Duncansville, and Lewisville, TX | - | - | 7,840 | - | - | 7,840 | Sep. 2012 | |||||||||||||||||||||||||||||
Industrial facility in Owingsville, KY | 113 | 309 | 5,741 | - | -88 | 5,962 | Sep. 2012 | |||||||||||||||||||||||||||||
Retail facility in Freehold, NJ | 6,515 | - | 17,067 | - | -12 | 17,055 | Sep. 2012 | |||||||||||||||||||||||||||||
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX | 5,313 | 2,089 | 14,211 | - | -102 | 16,198 | Sep. 2012 | |||||||||||||||||||||||||||||
Retail facilities in Osnabruck, Borken, Bunde, Arnstadt, Dorsten, Duisburg, Freiberg, Leimbach-Kaiserro, Monheim, Oberhausen, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, Wuppertal, and Monheim, Germany | 87,982 | 28,734 | 145,854 | - | 4,837 | 179,425 | Sep. 2012 | |||||||||||||||||||||||||||||
Warehouse/distribution facility in Birmingham, United Kingdom | 10,903 | 2,147 | 12,357 | - | 117 | 14,621 | Sep. 2012 | |||||||||||||||||||||||||||||
Warehouse/distribution facilities in Mesquite, TX | 6,905 | 2,851 | 15,899 | - | -38 | 18,712 | Sep. 2012 | |||||||||||||||||||||||||||||
Industrial facility in Rochester, MN | 5,211 | 881 | 17,039 | - | 39 | 17,959 | Sep. 2012 | |||||||||||||||||||||||||||||
Office facility in Irvine, CA | 6,792 | - | 17,027 | - | -19 | 17,008 | Sep. 2012 | |||||||||||||||||||||||||||||
Sports facility in Memphis, TN | 1,890 | - | 4,823 | - | -33 | 4,790 | Sep. 2012 | |||||||||||||||||||||||||||||
Industrial facility in Brownwood, TX | - | 722 | 6,268 | - | - | 6,990 | Sep. 2012 | |||||||||||||||||||||||||||||
Education facility in Glendale Heights, IL | - | - | 3,009 | - | - | 3,009 | Sep. 2012 | |||||||||||||||||||||||||||||
$ | 154,951 | $ | 38,916 | $ | 339,255 | $ | 9 | $ | -2,175 | $ | 376,005 | |||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to Company - Land | Initial Cost to Company - Buildings | Initial Cost to Company - Personal Property | Costs Capitalized Subsequent to Acquisition (a) | Increase (Decrease) in Net Investments (b) | Gross Amount at which Carried at Close of Period (c) - Land | Gross Amount at which Carried at Close of Period (c) - Buildings | Gross Amount at which Carried at Close of Period (c) - Personal Property | Gross Amount at which Carried at Close of Period (c) - Total | Accumulated Depreciation (c) | Date Acquired | Life on which Depreciation in Latest Statement of Income is computed | |||||||||||||||||||||||
Operating Real Estate: | ||||||||||||||||||||||||||||||||||||
Hotel in Livonia, MI | $ | - | $ | 2,765 | $ | 11,087 | $ | 3,816 | $ | 18,733 | $ | -20,440 | $ | 892 | $ | 5,556 | $ | 9,513 | $ | 15,961 | $ | 10,961 | Jan. 1998 | 7-40 yrs. | ||||||||||||
Self-storage facilities in Taunton, North Andover, North Billerica, and Brockton, MA | 9,532 | 4,300 | 12,274 | - | 254 | -478 | 4,300 | 12,050 | - | 16,350 | 2,036 | Dec. 2006 | 25-40 yrs. | |||||||||||||||||||||||
Self-storage facility in Newington, CT | 2,073 | 520 | 2,973 | - | 241 | -121 | 520 | 3,093 | - | 3,613 | 468 | Dec. 2006 | 40 yrs. | |||||||||||||||||||||||
Self-storage facility in Killeen, TX | 3,226 | 1,230 | 3,821 | - | 339 | -179 | 1,230 | 3,981 | - | 5,211 | 648 | Dec. 2006 | 30 yrs. | |||||||||||||||||||||||
Self-storage facility in Rohnert Park, CA | 3,108 | 1,761 | 4,989 | - | 40 | - | 1,761 | 5,029 | - | 6,790 | 748 | Jan. 2007 | 40 yrs. | |||||||||||||||||||||||
Self-storage facility in Fort Worth, TX | 2,150 | 1,030 | 4,176 | - | 33 | - | 1,030 | 4,209 | - | 5,239 | 626 | Jan. 2007 | 40 yrs. | |||||||||||||||||||||||
Self-storage facility in Augusta, GA | 1,876 | 970 | 2,442 | - | 48 | - | 970 | 2,490 | - | 3,460 | 367 | Feb. 2007 | 39 yrs. | |||||||||||||||||||||||
Self-storage facility in Garland, TX | 1,435 | 880 | 3,104 | - | 57 | - | 880 | 3,161 | - | 4,041 | 461 | Feb. 2007 | 40 yrs. | |||||||||||||||||||||||
Self-storage facility in Lawrenceville, GA | 2,314 | 1,410 | 4,477 | - | 82 | - | 1,411 | 4,558 | - | 5,969 | 717 | Mar. 2007 | 37 yrs. | |||||||||||||||||||||||
Self-storage facility in Fairfield, OH | 1,824 | 540 | 2,640 | - | 19 | - | 540 | 2,659 | - | 3,199 | 508 | Apr. 2007 | 30 yrs. | |||||||||||||||||||||||
Self-storage facility in Tallahassee, FL | 3,629 | 850 | 5,736 | - | 7 | - | 850 | 5,743 | - | 6,593 | 809 | Apr. 2007 | 40 yrs. | |||||||||||||||||||||||
Self-storage facility in Lincolnshire, IL | 1,955 | 1,477 | 1,519 | - | 96 | - | 1,477 | 1,615 | - | 3,092 | 220 | Jul. 2010 | 18 yrs. | |||||||||||||||||||||||
Self-storage facility in Chicago, IL | 1,683 | 823 | 912 | - | 627 | - | 823 | 1,539 | - | 2,362 | 278 | Jul. 2010 | 15 yrs. | |||||||||||||||||||||||
Self-storage facility in Chicago, IL | 1,411 | 700 | 733 | - | 556 | - | 700 | 1,289 | - | 1,989 | 223 | Jul. 2010 | 15 yrs. | |||||||||||||||||||||||
Self-storage facility in Bedford Park, IL | 1,713 | 809 | 1,312 | - | 200 | - | 809 | 1,512 | - | 2,321 | 196 | Jul. 2010 | 20 yrs. | |||||||||||||||||||||||
Self-storage facility in Bentonville, AR | 2,024 | 1,050 | 1,323 | - | 22 | - | 1,050 | 1,345 | - | 2,395 | 131 | Sep. 2010 | 24 yrs. | |||||||||||||||||||||||
Self-storage facility in Tallahassee, FL | 3,848 | 570 | 3,447 | - | 30 | - | 570 | 3,477 | - | 4,047 | 262 | Sep. 2010 | 30 yrs. | |||||||||||||||||||||||
Self-storage facility in Pensacola, FL | 1,801 | 560 | 2,082 | - | 5 | - | 560 | 2,087 | - | 2,647 | 156 | Sep. 2010 | 30 yrs. | |||||||||||||||||||||||
Self-storage facility in Chicago, IL | 2,081 | 1,785 | 2,616 | - | 23 | - | 1,785 | 2,639 | - | 4,424 | 178 | Oct. 2010 | 32 yrs. | |||||||||||||||||||||||
$ | 47,683 | $ | 24,030 | $ | 71,663 | $ | 3,816 | $ | 21,412 | $ | -21,218 | $ | 22,158 | $ | 68,032 | $ | 9,513 | $ | 99,703 | $ | 19,993 | |||||||||||||||
W. P. CAREY INC. | ||||||||||||||||||||||||||||||||||||
NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Consists of the cost of improvements and acquisition costs subsequent to acquisition, including legal fees, appraisal fees, title costs, other related professional fees and purchases of furniture, fixtures, equipment and improvements at the hotel properties. For business combinations, transaction costs are excluded. | ||||||||||||||||||||||||||||||||||||
The increase (decrease) in net investment is primarily due to (i) the amortization of unearned income from net investment in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received, (ii) sales of properties, (iii) impairment charges, and (iv) changes in foreign currency exchange rates. | ||||||||||||||||||||||||||||||||||||
Reconciliation of real estate and accumulated depreciation (see below): | ||||||||||||||||||||||||||||||||||||
Reconciliation of Real Estate Subject to | ||||||||||||||||||||||||||||||||||||
Operating Leases | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 646,482 | $ | 560,592 | $ | 525,607 | ||||||||||||||||||||||||||||||
Additions | 1,777,443 | 107,484 | 67,787 | |||||||||||||||||||||||||||||||||
Dispositions | -75,548 | -22,106 | -18,896 | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 13,263 | -1,837 | -2,142 | |||||||||||||||||||||||||||||||||
Reclassification from (to) equity investment, direct financing lease, | ||||||||||||||||||||||||||||||||||||
intangible assets or assets held for sale | -17,681 | 20,105 | 1,790 | |||||||||||||||||||||||||||||||||
Deconsolidation of real estate asset | - | -5,938 | - | |||||||||||||||||||||||||||||||||
Impairment charges | -12,346 | -11,818 | -13,554 | |||||||||||||||||||||||||||||||||
Balance at end of year | $ | 2,331,613 | $ | 646,482 | $ | 560,592 | ||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation for | ||||||||||||||||||||||||||||||||||||
Real Estate Subject to Operating Leases | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 118,054 | $ | 108,032 | $ | 100,247 | ||||||||||||||||||||||||||||||
Depreciation expense | 24,302 | 15,179 | 13,437 | |||||||||||||||||||||||||||||||||
Dispositions | -22,947 | -5,785 | -5,000 | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 358 | -396 | -839 | |||||||||||||||||||||||||||||||||
Reclassification from (to) equity investment, direct financing lease, | ||||||||||||||||||||||||||||||||||||
intangible assets or assets held for sale | -3,692 | 2,339 | 187 | |||||||||||||||||||||||||||||||||
Deconsolidation of real estate asset | - | -1,315 | - | |||||||||||||||||||||||||||||||||
Balance at end of year | $ | 116,075 | $ | 118,054 | $ | 108,032 | ||||||||||||||||||||||||||||||
Reconciliation of Operating Real Estate | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 109,875 | $ | 109,851 | $ | 85,927 | ||||||||||||||||||||||||||||||
Additions/capital expenditures | 295 | 24 | 23,924 | |||||||||||||||||||||||||||||||||
Impairment charges | -10,467 | - | - | |||||||||||||||||||||||||||||||||
Balance at end of year | $ | 99,703 | $ | 109,875 | $ | 109,851 | ||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation for | ||||||||||||||||||||||||||||||||||||
Operating Real Estate | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 17,121 | $ | 14,280 | $ | 12,039 | ||||||||||||||||||||||||||||||
Depreciation expense | 2,872 | 2,841 | 2,241 | |||||||||||||||||||||||||||||||||
Balance at end of year | $ | 19,993 | $ | 17,121 | $ | 14,280 | ||||||||||||||||||||||||||||||
At December 31, 2012, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $ |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2012 | |
Accounting Policies | ' |
Consolidation, Policy | ' |
Basis of Consolidation | |
The consolidated financial statements reflect all of our accounts, including those of our majority-owned and/or controlled subsidiaries. The portion of equity in a subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. The consolidated financial statements include the historical results of our predecessor prior to the REIT Reorganization and the Merger. | |
When we obtain an economic interest in an entity, we evaluate the entity to determine if it is deemed a VIE and, if so, whether we are deemed to be the primary beneficiary and are therefore required to consolidate the entity. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of a VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. | |
For an entity that is not considered to be a VIE, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (a) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (b) substantive participating rights, the limited partners' rights overcome the presumption of control by a general partner of the limited partnership, and, therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting. | |
We have investments in tenancy-in-common interests in various domestic and international properties. Consolidation of these investments is not required as such interests do not qualify as VIEs and do not meet the control requirement required for consolidation. Accordingly, we account for these investments using the equity method of accounting. We use the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides us with significant influence on the operating and financial decisions of these investments. | |
We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease as well as certain decision-making rights within a loan can cause us to consider an entity a VIE. | |
Additionally, we own interests in single-tenant net leased properties leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. We account for these investments under the equity method of accounting. At times the carrying value of our equity investments may fall below zero for certain investments. We intend to fund our share of the investments' future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. | |
One of our directors and officers was the sole shareholder of Livho, a subsidiary that operates a hotel investment (Note 4). We consolidated the accounts of Livho in our consolidated financial statements because it was a VIE and we were its primary beneficiary. In order to streamline Livho's corporate structure, in August 2012, the director and officer transferred his ownership interest in Livho to one of our subsidiaries, Carey REIT II, Inc. (“Carey REIT II”), for no consideration. Immediately after the ownership transfer, Livho is no longer a VIE as we own 100% of the entity. We continue to consolidate the accounts of Livho. | |
We formed CWI in March 2008 for the purpose of acquiring interests in lodging and lodging-related properties. In April 2010, CWI filed a registration statement with the SEC to sell up to $1.0 billion of its common stock in an initial public offering plus up to an additional $237.5 million of its common stock under a dividend reinvestment plan. This registration statement was declared effective by the SEC in September 2010. Through December 31, 2010, the financial activity of CWI, which had no significant assets, liabilities or operations, was included in our consolidated financial statements, as we owned all of CWI's outstanding common stock. Beginning in 2011, we have accounted for our interest in CWI under the equity method of accounting because, as the advisor, we do not exert control over, but we have the ability to exercise significant influence on, CWI. Similarly, we formed a new CPA® REIT, CPA®:18 – Global, in September 2012. Through December 31, 2012, the financial activity of CPA®:18 – Global, which had no significant assets, liabilities or operations, was included in our consolidated financial statements. | |
Reclassification, Revisions and Adjustments, Policy | ' |
Reclassifications and Revisions | |
Certain prior year amounts have been reclassified to conform to the current year presentation. The consolidated financial statements included in this Report have been retrospectively adjusted to reflect the disposition (or planned disposition) of certain properties as discontinued operations and certain adjustments related to purchase price allocation for all periods presented. | |
Purchase Price Allocation, Policy | ' |
Purchase Price Allocation | |
In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We immediately expense acquisition-related costs and fees associated with business combinations. | |
When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. We determine the value of the tangible assets, consisting of land and buildings, as if vacant, and site improvements, and record intangible assets, including the above-market and below-market value of leases and the value of in-place leases at their relative estimated fair values. Land is typically valued utilizing the sales comparison (or market approach). Buildings, as if vacant, are valued using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined by reference to portfolio appraisals which determines their values, on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and the estimated residual value of each property from a hypothetical sale of the property upon expiration after considering the re-tenanting of such property at estimated then current market rental rate, at a selected capitalization rate and deducting estimated costs of sale. The proceeds from a hypothetical sale are derived by capitalizing the estimated net operating income of each property for the year following lease expiration at an estimated residual capitalization rate. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including the creditworthiness of the lessees, industry surveys, property type, location and age, current lease rates relative to market lease rates and anticipated lease duration. In the case where a tenant has a purchase option deemed to be materially favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, the appraisal assumes the exercise of such purchase option or long-term renewal options in its determination of residual value. Where a property is deemed to have excess land, the discounted cash flow analysis includes the estimated excess land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property grown at estimated market growth rates through the year of lease expiration. For those properties that are under contract for sale, the appraised value of the portfolio reflects the current contractual sale price of such properties. See Real Estate Leased to Others and Depreciation below for a discussion of our significant accounting policies related to tangible assets. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. | |
We record above-market and below-market lease values for owned properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the leases negotiated and in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over a period equal to the estimated lease term which includes renewal options with rental rates below estimated market rental rates. We amortize the capitalized above-market lease value as a reduction of rental income over the estimated market lease term. We amortize the capitalized below-market lease value as an increase to rental income over the initial term and any fixed rate renewal periods in the respective leases. | |
We measure the fair value of the below-market purchase option liability we acquired in connection with the Merger as the excess of the present value of the fair value of the real estate over the present value of the tenant's exercise price at the option date. | |
The value of any in-place lease is estimated to be equal to the property owners' avoidance of costs necessary to release the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance to the property owners' of vacancy/leasing costs necessary to lease the property for a lease term equal to the remaining in-place lease term is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term was estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy (iii) rent concessions (i.e. free rent) (iv) leasing commissions and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the capitalized value of in-place lease intangibles to expense over the remaining initial term of each lease. We amortize the capitalized value of tenant relationships to expense over the initial and expected renewal terms of the lease. No amortization period for intangibles will exceed the remaining depreciable life of the building. | |
If a lease is terminated, we charge the unamortized portion of above-market and below-market lease values to lease revenue, and in-place lease and tenant relationship values to amortization expense. | |
When we acquire leveraged properties, the fair value of debt instruments acquired is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the company, the time until maturity and the current interest rate. | |
Goodwill, Policy | ' |
Goodwill | |
In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid per the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocated goodwill to the respective reporting units in which such goodwill arose. Goodwill acquired in the Merger was attributed to the Real Estate Ownership segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, which is less than all of the reporting unit, we allocate a portion of the reporting unit's goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business for the reporting unit. | |
Operating Real Estate, Policy | ' |
Operating Real Estate | |
We carry land and buildings and personal property at cost less accumulated depreciation. We capitalize improvements, while we expense replacements, maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. | |
Assets Held For Sale, Policy | ' |
Assets Held for Sale | |
We classify those assets that are associated with operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied and we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated costs to sell, which is generally calculated as the expected sale price, less expected selling costs. The results of operations and the related gain or loss on sale of properties that have been sold or that are classified as held for sale and which we will have no continuing involvement in are included in discontinued operations (Note 17). | |
If circumstances arise that we previously considered unlikely and, as a result, we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. | |
We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. | |
Cash and Cash Equivalents, Policy | ' |
Cash | |
Our cash is held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. | |
Other Assets and Liabilities, Policy | ' |
Other Assets and Liabilities | |
We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets and corporate fixed assets in Other assets. We include derivative instruments; miscellaneous amounts held on behalf of tenants; and deferred revenue, including unamortized below-market rent intangibles and unamortizable below-market purchase options in Other liabilities. Deferred charges are costs incurred in connection with mortgage financings and refinancings that are amortized over the terms of the mortgages and included in Interest expense in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term, and rent recognized on a straight-line basis. Marketable securities are classified as available-for-sale securities and reported at fair value with unrealized gains and losses on these securities reported as a component of Other comprehensive income until realized. | |
Revenue Recognition, Policy | ' |
Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. | |
We account for leases as operating or direct financing leases, as described below: | |
Operating leases — We record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancellable lease term of the related leases and charge expenses to operations as incurred (Note 5). | |
Direct financing method — We record leases accounted for under the direct financing method at their net investment (Note 5). We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. | |
On an ongoing basis, we assess our ability to collect rent and other tenant-based receivables and determine an appropriate allowance for uncollected amounts. Because we have a limited number of lessees, we believe that it is necessary to evaluate the collectability of these receivables based on the facts and circumstances of each situation rather than solely using statistical methods. Therefore, in recognizing our provision for uncollected rents and other tenant receivables, we evaluate actual past due amounts and make subjective judgments as to the collectability of those amounts based on factors including, but not limited to, our knowledge of a lessee's circumstances, the age of the receivables, the tenant's credit profile and prior experience with the tenant. Even if a lessee has been making payments, we may reserve for the entire receivable amount if we believe there has been significant or continuing deterioration in the lessee's ability to meet its lease obligations. | |
Investment Management Operations | |
We earn structuring revenue and asset management revenue in connection with providing services to the Managed REITs. We earn structuring revenue for services we provide in connection with the analysis, negotiation and structuring of transactions, including acquisitions and dispositions and the placement of mortgage financing obtained by the Managed REITs. Asset management revenue consists of property management, leasing and advisory revenue. Receipt of the incentive revenue portion of the asset management revenue or performance revenue, however, which we received from CPA®:15 prior to the date of the Merger in 2012 and from CPA®:14 and CPA®:16 – Global prior to the CPA®:14/16 Merger in 2011, was subordinated to the achievement of specified cumulative return requirements by the stockholders of those CPA®REITs. At our option, the performance revenue could be collected in cash or shares of the CPA REIT (Note 4). In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties. We may also earn termination revenue in connection with the termination of the advisory agreements for the Managed REITs. | |
We recognize all revenue as earned. We earn structuring revenue upon the consummation of a transaction and asset management revenue when services are performed. We recognize revenue subject to subordination only when the performance criteria of the Managed REIT is achieved and contractual limitations are not exceeded. | |
We earned subordinated disposition and incentive revenue from CPA®:15 until September 28, 2012 (Note 4) after its stockholders received their initial investment plus a specified preferred return. We may earn termination revenue if a liquidity event is consummated by any of the other Managed REITs. | |
We are also reimbursed for certain costs incurred in providing services, including broker-dealer commissions paid on behalf of the Managed REITs, marketing costs and the cost of personnel provided for the administration of the Managed REITs. We record reimbursement income as the expenses are incurred, subject to limitations on a Managed REIT's ability to incur offering costs. | |
Revenue Recognition, Real Estate Transactions, Policy | ' |
Real Estate Leased to Others | |
We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for all operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, renewals and improvements. We charge expenditures for maintenance and repairs, including routine betterments, to operations as incurred. We capitalize significant renovations that increase the useful life of the properties. For the years ended December 31, 2012, 2011 and 2010, although we are legally obligated for payment pursuant to our lease agreements with our tenants, lessees were responsible for the direct payment to the taxing authorities of real estate taxes of approximately $18.7 million, $6.4 million and $7.7 million, respectively. | |
Depreciation, Policy | ' |
Depreciation | |
We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life. | |
Impairments, Policy | ' |
Impairments | |
We periodically assess whether there are any indicators that the value of our long-lived assets, including goodwill, may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease; a lease default by a tenant that is experiencing financial difficulty; the termination of a lease by a tenant; or the rejection of a lease in a bankruptcy proceeding. We may incur impairment charges on long-lived assets, including real estate, direct financing leases, assets held for sale and equity investments in real estate. We may also incur impairment charges on marketable securities and goodwill. Our policies for evaluating whether these assets are impaired are presented below. | |
Real Estate | |
For real estate assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property's asset group to the future net undiscounted cash flow that we expect the property's asset group will generate, including any estimated proceeds from the eventual sale of the property's asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, market rents, residual values, and holding periods. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows. If the future net undiscounted cash flow of the property's asset group is less than the carrying value, the property's asset group is considered to be impaired. We then measure the loss as the excess of the carrying value of the property's asset group over its estimated fair value. | |
Direct Financing Leases | |
We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying value, which is discounted at the internal rate of return of the project. | |
Assets Held for Sale | |
When we classify an asset as held for sale, we compare the asset's estimated fair value less estimated cost to sell to its carrying value, and if the estimated fair value less estimated cost to sell is less than the property's carrying value, we reduce the carrying value to the estimated fair value less estimated cost to sell. We will continue to review the initial impairment for subsequent changes in the estimated fair value, and may recognize an additional impairment charge, if warranted. | |
Equity Investments in Real Estate and the Managed REITs | |
We evaluate our equity investments in real estate and in the Managed REITs on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent impairment has occurred, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. For equity investments in real estate, we calculate estimated fair value by multiplying the estimated fair value of the underlying venture's net assets by our ownership interest percentage. For certain investments in the Managed REITs, we calculate the estimated fair value of our investment using the most recently published NAV of each Managed REIT, which for CPA®:17 – Global and CWI is deemed to be their initial public offering prices. | |
Goodwill | |
We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. We calculate the estimated fair value of the Investment Management reporting unit by applying a multiple, based on comparable companies, to earnings. For the Real Estate Ownership reporting unit, we calculate its estimated fair value by applying a multiple common to the real estate community. The selection of the comparable companies and transactions to be used in our evaluation process could have a significant impact on the fair value of our reporting units and possible impairments. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. | |
For the second step, we compare the implied fair value of the goodwill for each reporting unit with its respective carrying amount and record an impairment charge equal to the excess of the carrying amount over the implied fair value. We determine the implied fair value of the goodwill by allocating the estimated fair value of the reporting unit to its assets and liabilities. The excess of the estimated fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of the goodwill. | |
We evaluate goodwill on an annual basis or upon the occurrence of a triggering event. The goodwill recorded in our Investment Management reporting unit is evaluated in the fourth quarter of every year. In connection with the Merger, we recorded goodwill in our Real Estate Ownership reporting unit. Prior to the Merger, there was no goodwill recorded in our Real Estate Ownership reporting unit. We will evaluate the goodwill recorded in our Real Estate Ownership reporting unit in the second quarter of every year. | |
Share-Based Compensation, Policy | ' |
Stock-Based Compensation | |
We have granted restricted shares, stock options, RSUs and PSUs to certain employees and independent directors. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. We recognize these compensation costs for only those shares expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. We include stock-based compensation within the listed shares caption of equity. | |
Foreign Currency, Policy | ' |
Foreign Currency | |
Translation | |
We have interests in real estate investments in the European Union and United Kingdom for which the functional currency is the euro and the British pound sterling, respectively. We perform the translation from the euro or the British pound sterling to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the period. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. | |
Transaction Gains or Losses | |
A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of subordinated intercompany debt with scheduled principal payments, are included in the determination of net income. | |
Foreign currency transactions that are intercompany foreign currency transactions that are of a long term nature (that is, settlement is not planned or anticipated in the foreseeable future), when the entities to the transactions are consolidated or accounted for by the equity method in our financial statements, are not included in determining net income but are accounted for in the same manner as foreign currency translation adjustments and reported as a component of other comprehensive income in equity. | |
Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. For the years ended December 31, 2012, 2011 and 2010, we recognized net realized (losses) gains on such transactions of $(0.6) million, $0.4 million and less than $(0.1) million, respectively. | |
Derivatives Investments, Policy | ' |
Derivative Instruments | |
We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value is immediately recognized in earnings. | |
We made an accounting policy election effective January 1, 2011, or the “effective date,” to use the portfolio exception in Accounting Standards Codification (“ASC”) 820-10-35-18D “Fair Value Measurement”, the “portfolio exception,” with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. | |
Income Tax, Policy | ' |
Income Taxes | |
W. P. Carey & Co. LLC, our predecessor, converted to a REIT through the REIT Reorganization (Note 3). Effective February 15, 2012, we have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code for the year ended December 31, 2012. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. Deferred income taxes are recorded for the corporate subsidiaries based on earnings reported. The provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities (Note 16). | |
Real Estate Ownership Operations | |
We expect to derive most of our REIT income from our real estate operations under our Real Estate Ownership segment. As such, our real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations are subject to certain state, local and foreign taxes, as applicable. | |
We hold our real estate assets under a subsidiary, Carey REIT II. Carey REIT II has elected to be taxed as a REIT under the Internal Revenue Code. We believe we have operated, and we intend to continue to operate, in a manner that allows Carey REIT II to continue to qualify as a REIT. Under the REIT operating structure, Carey REIT II is permitted to deduct distributions paid to our stockholders and generally will not be required to pay U.S. federal income taxes. Accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements related to Carey REIT II. | |
Investment Management Operations | |
We conduct our investment management operations primarily through TRSs. These operations are subject to federal, state, local and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations. | |
Earnings Per Share, Policy | ' |
Earnings Per Share | |
Basic earnings per share is calculated by dividing net income available to common stockholders, as adjusted for unallocated earnings attributable to the unvested RSUs by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share reflects potentially dilutive securities (options, restricted shares and RSUs) using the treasury stock method, except when the effect would be anti-dilutive. | |
Future Accounting Requirements, Policy | ' |
Future Accounting Requirement | |
The following Accounting Standards Update (“ASU”) promulgated by the FASB is applicable to us in future reports, as indicated: | |
ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment — In July 2012, the FASB issued an update to ASC 350, Intangibles – Goodwill and Other. The objective of this ASU is to simplify how entities test indefinite-lived intangible assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. The amendments in the ASU permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test described in topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. Previous guidance under topic 350 required an entity to test indefinite-lived intangible assets for impairment, on at least an annual basis, by comparing the fair value of the asset with its carrying amount. If the fair value of an intangible asset is less than its carrying amount, an entity should recognize an impairment loss in the amount of that excess. Under the amendments in this ASU, an entity is not required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. Permitting an entity to assess qualitative factors when testing indefinite-lived intangible assets for impairment, results in guidance that is similar to the goodwill impairment testing guidance in ASU 2011-08. We do not expect the adoption to have a material impact on our financial position and results of operations. | |
Use Of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2012 | ||||||||||
Additional Cash Flow Elements And Supplemental Cash Flow Information | ' | |||||||||
Schedule Of Noncash Or Part Noncash Acquisitions | ' | |||||||||
Assets Acquired at Fair Value | ||||||||||
Investments in real estate | $ | 1,762,872 | ||||||||
Net investment in direct financing leases | 315,789 | |||||||||
Equity investments in real estate | 166,247 | |||||||||
Intangible assets | 695,310 | |||||||||
Other assets | 81,750 | |||||||||
Liabilities Assumed at Fair Value | ||||||||||
Non-recourse debt | -1,350,755 | |||||||||
Accounts payable, accrued expenses and other liabilities | -186,795 | |||||||||
Amounts attributable to noncontrolling interests | -237,359 | |||||||||
Net assets acquired excluding cash | 1,247,059 | |||||||||
Fair value of common shares issued | -1,380,362 | |||||||||
Cash consideration | -152,356 | |||||||||
Fair value of W. P. Carey & Co. LLC equity interest in CPA®:15 prior to the Merger | -107,147 | |||||||||
Fair value of W. P. Carey & Co. LLC equity interest in jointly-owned investments with CPA®:15 prior to the Merger | -54,822 | |||||||||
Goodwill | 268,683 | |||||||||
Cash acquired on acquisition of subsidiaries | $ | -178,945 | ||||||||
Schedule of Assets and Liabilities Deconsolidated | ' | |||||||||
Assets | ||||||||||
Net investments in properties | $ | 5,340 | ||||||||
Intangible assets and goodwill, net | -15 | |||||||||
Total | $ | 5,325 | ||||||||
Liabilities | ||||||||||
Non-recourse debt | $ | -6,311 | ||||||||
Accounts payable, accrued expenses and other liabilities | -22 | |||||||||
Total | $ | -6,333 | ||||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | |||||||||
Years Ended December 31, | ||||||||||
2012 | 2011 | 2010 | ||||||||
Interest paid | $ | 38,092 | $ | 21,168 | $ | 15,351 | ||||
Income taxes paid | $ | 12,501 | $ | 33,641 | $ | 24,307 | ||||
Merger_with_CPA_15_Tables
Merger with CPA 15 (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2012 | |||||||||||
REIT Reorganization and Merger | ' | ||||||||||
Schedule of Merger Activity | ' | ||||||||||
Initially Reported | Measurement | As Revised at | |||||||||
at September 30, 2012 | Period Adjustments | 31-Dec-12 | |||||||||
Total Consideration | |||||||||||
Fair value of W. P. Carey shares of common stock issued | $ | 1,380,362 | $ | - | $ | 1,380,362 | |||||
Cash consideration paid | 152,356 | - | 152,356 | ||||||||
Merger Consideration | 1,532,718 | - | 1,532,718 | ||||||||
Fair value of our equity interest in CPA®:15 prior to the Merger | 107,147 | - | 107,147 | ||||||||
Fair value of our equity interest in jointly-owned investments with CPA®:15 prior to the Merger | 54,822 | - | 54,822 | ||||||||
$ | 1,694,687 | $ | - | $ | 1,694,687 | ||||||
Assets Acquired at Fair Value | |||||||||||
Net investment in properties | $ | 1,758,372 | $ | 4,500 | $ | 1,762,872 | |||||
Net investment in direct financing leases | 315,789 | - | 315,789 | ||||||||
Equity investments in real estate | 164,886 | 1,361 | 166,247 | ||||||||
Intangible assets (Note 8) | 694,411 | 899 | 695,310 | ||||||||
Cash and cash equivalents | 178,945 | - | 178,945 | ||||||||
Other assets | 83,838 | -2,088 | 81,750 | ||||||||
3,196,241 | 4,672 | 3,200,913 | |||||||||
Liabilities Assumed at Fair Value | |||||||||||
Non-recourse debt | -1,350,755 | - | -1,350,755 | ||||||||
Accounts payable, accrued expenses and other liabilities (including below-market rent intangibles of $102,155) | -187,712 | 917 | -186,795 | ||||||||
Prepaid and deferred rental income and security deposits | |||||||||||
-1,538,467 | 917 | -1,537,550 | |||||||||
Total identifiable net assets | 1,657,774 | 5,589 | 1,663,363 | ||||||||
Amounts attributable to noncontrolling interests | -238,038 | 679 | -237,359 | ||||||||
Goodwill | 274,951 | -6,268 | 268,683 | ||||||||
$ | 1,694,687 | $ | - | $ | 1,694,687 | ||||||
Pro Forma Financial Information | ' | ||||||||||
2012 | 2011 | ||||||||||
Pro forma total revenues | $ | 529,331 | $ | 542,667 | |||||||
Pro forma income attributable to W. P. Carey stockholders | $ | 140,284 | $ | 117,708 | |||||||
Pro forma earnings per share: | (a) | ||||||||||
Basic | $ | 2.03 | $ | 1.7 | |||||||
Diluted | $ | 2.01 | $ | 1.7 | |||||||
Pro forma weighted average shares: | (b) | ||||||||||
Basic | 68,382,378 | 67,990,118 | |||||||||
Diluted | 69,071,391 | 68,268,738 | |||||||||
Agreements_and_Transactions_wi1
Agreements and Transactions with Related Parties (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2012 | ||||||||||||
Agreements and Transactions with Related Parties | ' | |||||||||||
Schedule Of Related Party Transactions | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Asset management revenue | $ | 56,666 | $ | 66,808 | $ | 76,246 | ||||||
Structuring revenue | 48,355 | 46,831 | 44,525 | |||||||||
Incentive, termination and subordinated disposition revenue | - | 52,515 | - | |||||||||
Wholesaling revenue | 19,914 | 11,664 | 11,096 | |||||||||
Reimbursed costs from affiliates | 98,245 | 64,829 | 60,023 | |||||||||
Distributions of Available Cash | 30,009 | 15,535 | 4,468 | |||||||||
Deferred revenue earned | 8,492 | 5,662 | - | |||||||||
$ | 261,681 | $ | 263,844 | $ | 196,358 | |||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
CPA®:14 | $ | - | $ | 59,605 | $ | 23,387 | ||||||
CPA®:15 | 21,563 | 31,489 | 31,172 | |||||||||
CPA®:16 – Global | 50,825 | 40,555 | 28,478 | |||||||||
CPA®:17 – Global | 173,262 | 124,465 | 112,386 | |||||||||
CWI | 15,334 | 6,745 | - | |||||||||
Other | 697 | 985 | 935 | |||||||||
$ | 261,681 | $ | 263,844 | $ | 196,358 | |||||||
Schedule Of Unpaid Deferred Acquisition Fees And Interest Earned | ' | |||||||||||
December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Unpaid deferred acquisition fees | $ | 28,654 | $ | 29,410 | ||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Interest earned on unpaid deferred acquisition fees | $ | 1,064 | $ | 1,332 | $ | 1,136 | ||||||
Reconciliation of Reedemable Securities | ' | |||||||||||
Year Ended | ||||||||||||
December 31, 2012 | ||||||||||||
Reclassification from permanent equity to temporary equity | 85,000 | |||||||||||
Redemptions of securities | -45,000 | |||||||||||
Balance - end of year | $ | 40,000 | ||||||||||
Net_Investments_in_Properties_
Net Investments in Properties (Tables) | 12 Months Ended | |||||
Dec. 31, 2012 | ||||||
Net Investments in Properties | ' | |||||
Net Investments in Real Estate Properties | ' | |||||
December 31, | ||||||
2012 | 2011 | |||||
Land | $ | 509,530 | $ | 111,483 | ||
Buildings | 1,822,083 | 534,999 | ||||
Less: Accumulated depreciation | -116,075 | -118,054 | ||||
$ | 2,215,538 | $ | 528,428 | |||
Net Investments in Operating Real Estate Properties | ' | |||||
December 31, | ||||||
2012 | 2011 | |||||
Land | $ | 22,158 | $ | 24,031 | ||
Buildings | 77,545 | 85,844 | ||||
Less: Accumulated depreciation | -19,993 | -17,121 | ||||
$ | 79,710 | $ | 92,754 | |||
Schedule of Minimum Lease Rents Receivable | ' | |||||
Years Ending December 31, | Total | |||||
2013 | $ | 272,559 | ||||
2014 | 270,952 | |||||
2015 | 249,266 | |||||
2016 | 227,445 | |||||
2017 | 213,292 | |||||
Thereafter | 1,078,071 | |||||
Total | $ | 2,311,585 | ||||
Finance_Receivables_Tables
Finance Receivables (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2012 | |||||||||||
Finance Receivables | ' | ||||||||||
Capital Leases Net Investment In Direct Financing Leases | ' | ||||||||||
December 31, | |||||||||||
2012 | 2011 | ||||||||||
Minimum lease payments receivable | $ | 430,514 | $ | 29,986 | |||||||
Unguaranteed residual value | 375,706 | 57,218 | |||||||||
806,220 | 87,204 | ||||||||||
Less: unearned income | -430,215 | -29,204 | |||||||||
$ | 376,005 | $ | 58,000 | ||||||||
Schedule Of Future Minimum Lease Payments For Capital Leases | ' | ||||||||||
Years Ending December 31, | Total | ||||||||||
2013 | $ | 34,573 | |||||||||
2014 | 32,277 | ||||||||||
2015 | 31,968 | ||||||||||
2016 | 30,150 | ||||||||||
2017 | 29,707 | ||||||||||
Thereafter | 271,839 | ||||||||||
Total | $ | 430,514 | |||||||||
Finance Receivables Credit Quality Indicators | ' | ||||||||||
Number of Tenants at | Net Investments in Direct Financing Leases at | ||||||||||
Internal Credit Quality Indicator | December 31, 2012 | 31-Dec-11 | December 31, 2012 | 31-Dec-11 | |||||||
1 | 3 | 8 | $ | 46,398 | $ | 46,694 | |||||
2 | 4 | 2 | 49,764 | 11,306 | |||||||
3 | 8 | - | 257,281 | - | |||||||
4 | 4 | - | 22,562 | - | |||||||
5 | - | - | - | - | |||||||
$ | 376,005 | $ | 58,000 | ||||||||
Equity_Investment_in_Real_Esta1
Equity Investment in Real Estate and the Managed REITs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
Equity Investments in Real Estate and the Managed REITs | ' | ||||||||||||
Schedule Of Income From Equity Investment | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Equity earnings from equity investments in the Managed REITs | $ | 5,509 | $ | 16,928 | $ | 10,480 | |||||||
Other-than-temporary impairment charges on CPA®:16 – Global operating partnership | -9,910 | - | - | ||||||||||
Distributions of Available Cash (Note 4) | 30,009 | 15,535 | 4,468 | ||||||||||
Deferred revenue earned (Note 4) | 8,492 | 5,662 | - | ||||||||||
Equity income from the Managed REITs | 34,100 | 38,125 | 14,948 | ||||||||||
Equity earnings from other equity investments | 28,292 | 13,103 | 16,044 | ||||||||||
Total income from equity investments in real estate and the Managed REITs | $ | 62,392 | $ | 51,228 | $ | 30,992 | |||||||
Carrying Amount Of Investment In Funds | ' | ||||||||||||
% of Outstanding Shares Owned at | Carrying Amount of Investment at | ||||||||||||
Fund | December 31, 2012 | 31-Dec-11 | December 31, 2012 | (a) | 31-Dec-11 | ||||||||
CPA®:15 | (b) | (c) | 7.70% | $ | - | $ | 93,650 | ||||||
CPA®:16 – Global | (d) (e) (f) | 18.30% | 17.90% | 313,441 | 338,964 | ||||||||
CPA®:17 – Global | (g) | 1.30% | 0.90% | 38,977 | 21,277 | ||||||||
CWI | 0.40% | 0.50% | 727 | 121 | |||||||||
$ | 353,145 | $ | 454,012 | ||||||||||
Schedule Of Financial Information Of Investment | ' | ||||||||||||
December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
Assets | $ | 8,052,546 | $ | 9,184,111 | |||||||||
Liabilities | -3,959,756 | -4,896,116 | |||||||||||
Redeemable noncontrolling interests | -21,747 | -21,306 | |||||||||||
Noncontrolling interests | -170,140 | -330,873 | |||||||||||
Stockholders’ equity | $ | 3,900,903 | $ | 3,935,816 | |||||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Revenues | $ | 809,364 | $ | 789,933 | $ | 737,369 | |||||||
Expenses | (a) (b) | -626,422 | -599,822 | -501,216 | |||||||||
Income from continuing operations | $ | 182,942 | $ | 190,111 | $ | 236,153 | |||||||
Net income attributable to the Managed REITs | (c) (d) | $ | 123,815 | $ | 123,479 | $ | 189,155 | ||||||
Ownership Interests and Carrying Values in Equity Investments | ' | ||||||||||||
Ownership Interest | Carrying Value at December 31, | ||||||||||||
Lessee | at December 31, 2012 | 2012 | 2011 | ||||||||||
Schuler A.G. | (a) (b) (c) (d) | 67% | $ | 62,006 | $ | 19,958 | |||||||
Hellweg Die Profi-Baumarkte GmbH & Co. KG (Hellweg 2) | (a) (c) | 45% | 42,387 | 1,062 | |||||||||
Advanced Micro Devices | (b) (e) | 33% | 23,667 | - | |||||||||
The New York Times Company | (f) | 18% | 20,584 | 19,647 | |||||||||
C1000 Logistiek Vastgoed B.V. | (a) (b) (e) | 15% | 14,929 | - | |||||||||
Del Monte Corporation | (b) (e) | 50% | 8,318 | - | |||||||||
U. S. Airways Group, Inc. | (b) (g) | 75% | 7,995 | 7,415 | |||||||||
The Talaria Company (Hinckley) | (e) (h) | 30% | 7,702 | - | |||||||||
The Upper Deck Company | (b) (e) | 50% | 7,198 | - | |||||||||
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH | (a) (e) | 33% | 6,323 | - | |||||||||
Builders FirstSource, Inc. | (e) | 40% | 5,138 | - | |||||||||
PETsMART, Inc. | (e) | 30% | 3,808 | - | |||||||||
Consolidated Systems, Inc. | (b) | 60% | 3,278 | 3,387 | |||||||||
Carrefour France, SAS | (a) | (i) | - | 20,014 | |||||||||
Médica – France, S.A. | (a) | (j) | - | 4,430 | |||||||||
Hologic, Inc. | (i) | - | 4,429 | ||||||||||
Childtime Childcare, Inc. | (i) | - | 4,419 | ||||||||||
Symphony IRI Group, Inc. | (k) (l) (m) | (i) | - | -24 | |||||||||
SaarOTEC | (a) (e) (l) | 50% | -116 | - | |||||||||
Wanbishi Archives Co. Ltd. | (a) (l) (n) | 3% | -736 | - | |||||||||
$ | 212,481 | $ | 84,737 | ||||||||||
Financial Information of Venture Properties | ' | ||||||||||||
December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
Assets | $ | 1,286,294 | $ | 1,026,124 | |||||||||
Liabilities | -799,422 | -706,244 | |||||||||||
Redeemable noncontrolling interest | -21,747 | -21,306 | |||||||||||
Partners’/members’ equity | $ | 465,125 | $ | 298,574 | |||||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Revenues | $ | 108,242 | $ | 118,819 | $ | 146,214 | |||||||
Expenses | -64,453 | -75,992 | -79,665 | ||||||||||
Impairment charges | (b) | - | -8,602 | - | |||||||||
Income from continuing operations | $ | 43,789 | $ | 34,225 | $ | 66,549 | |||||||
Net income attributable to equity method investees | (a) (b) | $ | 79,591 | $ | 34,225 | $ | 66,549 | ||||||
Recovered_Sheet1
Intangible assets and Goodwill (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||
Goodwill And Intangible Assets Disclosure | ' | ||||||||||||||||||
Schedule Of Acquired Finite Lived Intangible Assets Liabilites By Major Class | ' | ||||||||||||||||||
Initially | Measurement | As | |||||||||||||||||
Weighted-Average | Reported at | Period | Revised at | ||||||||||||||||
Life | 30-Sep-12 | Adjustments | 31-Dec-12 | ||||||||||||||||
Amortizable Intangible Assets | |||||||||||||||||||
Lease intangibles: | |||||||||||||||||||
In-place lease | 12.9 | $ | 413,198 | $ | 5,322 | $ | 418,520 | ||||||||||||
Above-market rent | 11.7 | 284,174 | 790 | 284,964 | |||||||||||||||
Total intangible assets | $ | 697,372 | $ | 6,112 | $ | 703,484 | |||||||||||||
Amortizable Intangible Liabilities | |||||||||||||||||||
Below-market rent | 29.9 | $ | -79,312 | $ | -1,111 | $ | -80,423 | ||||||||||||
Above-market ground lease | 11.8 | -6,896 | - | -6,896 | |||||||||||||||
Unamortizable Intangible Liabilities | |||||||||||||||||||
Below-market purchase option | -16,711 | 314 | -16,397 | ||||||||||||||||
Total intangible liabilities | $ | -102,919 | $ | -797 | $ | -103,716 | |||||||||||||
Schedule Of Goodwill | ' | ||||||||||||||||||
Management | Ownership | Total | |||||||||||||||||
Balance at January 1, 2010 | $ | 63,607 | $ | - | $ | 63,607 | |||||||||||||
Balance at December 31, 2010 | 63,607 | - | 63,607 | ||||||||||||||||
Balance at December 31, 2011 | 63,607 | - | 63,607 | ||||||||||||||||
Acquisition of CPA®:15 | - | 268,683 | 268,683 | ||||||||||||||||
Allocation of goodwill to dispositions of properties within the reporting unit | (a) | - | -3,158 | -3,158 | |||||||||||||||
Balance at December 31, 2012 | $ | 63,607 | $ | 265,525 | $ | 329,132 | |||||||||||||
Schedule Of Intangible Assets Liabilities And Goodwill | ' | ||||||||||||||||||
December 31, | |||||||||||||||||||
2012 | 2011 | ||||||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | ||||||||||||||||
Amount | Amortization | Total | Amount | Amortization | Total | ||||||||||||||
Amortizable Intangible Assets | |||||||||||||||||||
Management contracts | $ | 32,765 | $ | -31,283 | $ | 1,482 | $ | 32,765 | $ | -30,172 | $ | 2,593 | |||||||
32,765 | -31,283 | 1,482 | 32,765 | -30,172 | 2,593 | ||||||||||||||
Lease Intangibles: | (a) | ||||||||||||||||||
In-place lease | 474,629 | -27,351 | 447,278 | 62,162 | -17,585 | 44,577 | |||||||||||||
Other intangibles | 8,149 | -3,406 | 4,743 | 10,968 | -4,586 | 6,382 | |||||||||||||
Above-market rent | 293,627 | -13,742 | 279,885 | 9,905 | -5,082 | 4,823 | |||||||||||||
776,405 | -44,499 | 731,906 | 83,035 | -27,253 | 55,782 | ||||||||||||||
Unamortizable Goodwill and Indefinite-Lived Intangible Assets | |||||||||||||||||||
Goodwill | 329,132 | - | 329,132 | 63,607 | - | 63,607 | |||||||||||||
Trade name | 3,975 | - | 3,975 | 3,975 | - | 3,975 | |||||||||||||
333,107 | - | 333,107 | 67,582 | - | 67,582 | ||||||||||||||
Total Intangible Assets | $ | 1,142,277 | $ | -75,782 | $ | 1,066,495 | $ | 183,382 | $ | -57,425 | $ | 125,957 | |||||||
Amortizable Intangible Liabilities | |||||||||||||||||||
Below-market rent | $ | -86,171 | $ | 3,227 | $ | -82,944 | $ | -6,455 | $ | 1,482 | $ | -4,973 | |||||||
Above-market ground lease | -6,896 | 103 | -6,793 | - | - | - | |||||||||||||
-93,067 | 3,330 | -89,737 | -6,455 | 1,482 | -4,973 | ||||||||||||||
Unamortizable Intangible Liabilities | |||||||||||||||||||
Below-market purchase option | -16,711 | - | -16,711 | - | - | - | |||||||||||||
Total Intangible Liabilities | $ | -109,778 | $ | 3,330 | $ | -106,448 | $ | -6,455 | $ | 1,482 | $ | -4,973 | |||||||
Schedule Of Finite Lived Intangible Assets Future Amortization Expense | ' | ||||||||||||||||||
Years Ending December 31, | Total | ||||||||||||||||||
2013 | $ | 84,274 | |||||||||||||||||
2014 | 79,533 | ||||||||||||||||||
2015 | 72,016 | ||||||||||||||||||
2016 | 70,050 | ||||||||||||||||||
2017 | 66,667 | ||||||||||||||||||
Thereafter | 271,111 | ||||||||||||||||||
Total | $ | 643,651 | |||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||||||||||
Schedule of Fair Value Measurements of Assets and Liabilities | ' | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using: | ||||||||||||||||||||||||||
Quoted Prices in | ||||||||||||||||||||||||||
Active Markets for | Significant Other | Unobservable | ||||||||||||||||||||||||
Identical Assets | Observable Inputs | Inputs | ||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Money market funds | $ | 231 | $ | 231 | $ | - | $ | - | ||||||||||||||||||
Derivative assets | 1,745 | - | 25 | 1,720 | ||||||||||||||||||||||
Total | $ | 1,976 | $ | 231 | $ | 25 | $ | 1,720 | ||||||||||||||||||
Redeemable Noncontrolling Interest and Liabilities: | ||||||||||||||||||||||||||
Redeemable noncontrolling interest | $ | 7,531 | $ | - | $ | - | $ | 7,531 | ||||||||||||||||||
Derivative liabilities | 24,578 | - | 24,578 | - | ||||||||||||||||||||||
Total | $ | 32,109 | $ | - | $ | 24,578 | $ | 7,531 | ||||||||||||||||||
Fair Value Measurements at December 31, 2011 Using: | ||||||||||||||||||||||||||
Quoted Prices in | ||||||||||||||||||||||||||
Active Markets for | Significant Other | Unobservable | ||||||||||||||||||||||||
Identical Assets | Observable Inputs | Inputs | ||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Other securities | $ | 233 | $ | - | $ | - | $ | 233 | ||||||||||||||||||
Money market funds | 35 | 35 | - | - | ||||||||||||||||||||||
Total | $ | 268 | $ | 35 | $ | - | $ | 233 | ||||||||||||||||||
Redeemable Noncontrolling Interest and Liabilities: | ||||||||||||||||||||||||||
Redeemable noncontrolling interest | $ | 7,700 | $ | - | $ | - | $ | 7,700 | ||||||||||||||||||
Derivative liabilities | 4,175 | - | 4,175 | - | ||||||||||||||||||||||
Total | $ | 11,875 | $ | - | $ | 4,175 | $ | 7,700 | ||||||||||||||||||
Schedule Of Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis | ' | |||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||
Significant Unobservable Inputs (Level 3 Only) | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||
Redeemable | Redeemable | |||||||||||||||||||||||||
Other | Derivative | Total | Noncontrolling | Other | Derivative | Total | Noncontrolling | |||||||||||||||||||
Securities | Assets | Assets | Interest | Securities | Assets | Assets | Interest | |||||||||||||||||||
Beginning balance | $ | 233 | $ | - | $ | 233 | $ | 7,700 | $ | 263 | $ | - | $ | 263 | $ | 7,546 | ||||||||||
Total gains or losses (realized and unrealized): | ||||||||||||||||||||||||||
Included in earnings | 10 | 80 | 90 | 40 | -20 | - | -20 | 1,923 | ||||||||||||||||||
Included in other comprehensive (loss) income | -7 | - | -7 | 6 | -10 | - | -10 | -5 | ||||||||||||||||||
Settlements | -236 | - | -236 | - | - | - | - | - | ||||||||||||||||||
Acquired due to Merger | - | 1,640 | 1,640 | - | - | - | - | - | ||||||||||||||||||
Distributions paid | - | - | - | -1,055 | - | - | - | -1,309 | ||||||||||||||||||
Redemption value adjustment | - | - | - | 840 | - | - | - | -455 | ||||||||||||||||||
Amortization and accretion | ||||||||||||||||||||||||||
Ending balance | $ | - | $ | 1,720 | $ | 1,720 | $ | 7,531 | $ | 233 | $ | - | $ | 233 | $ | 7,700 | ||||||||||
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | $ | - | $ | 80 | $ | 80 | $ | - | $ | -20 | $ | - | $ | -20 | $ | - | ||||||||||
Schedule Of Other Financial Instruments In Carrying Values And Fair Values | ' | |||||||||||||||||||||||||
December 31, 2012 | 31-Dec-11 | |||||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||
Non-recourse debt | (a) | 3 | $ | 1,715,397 | $ | 1,727,985 | $ | 356,209 | $ | 361,948 | ||||||||||||||||
Senior Credit Facility | 2 | 253,000 | 253,000 | 233,160 | 233,160 | |||||||||||||||||||||
Deferred acquisition fees receivable | (b) | 3 | 28,654 | 33,632 | 29,410 | 31,638 | ||||||||||||||||||||
Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis | ' | |||||||||||||||||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||||||||||||||||||||
Total Fair Value | Total Impairment | Total Fair Value | Total Impairment | Total Fair Value | Total Impairment | |||||||||||||||||||||
Measurements | Charges | Measurements | Charges | Measurements | Charges | |||||||||||||||||||||
Impairment Charges from Continuing Operations: | ||||||||||||||||||||||||||
Real estate | (a) | $ | - | $ | - | $ | 380 | $ | 243 | $ | - | $ | - | |||||||||||||
Net investments in direct financing leases | (b) | - | - | - | -1,608 | 3,548 | 1,140 | |||||||||||||||||||
Equity investments in real estate | (c) | 17,140 | 9,910 | 1,554 | 206 | 22,846 | 1,394 | |||||||||||||||||||
17,140 | 9,910 | 1,934 | -1,159 | 26,394 | 2,534 | |||||||||||||||||||||
Impairment Charges from Discontinued Operations: | ||||||||||||||||||||||||||
Real estate | (a) | 39,642 | 12,495 | 42,207 | 11,838 | 11,662 | 14,241 | |||||||||||||||||||
Operating real estate | (d) | 5,002 | 10,467 | - | - | - | - | |||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||||
$ | 61,784 | $ | 32,872 | $ | 44,141 | $ | 10,679 | $ | 38,056 | $ | 16,775 | |||||||||||||||
Risk_Management_and_Use_of_Der1
Risk Management and Use of Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||||
Risk Management and Use of Derivative Financial Instruments | ' | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||
Derivatives Designated | Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | ||||||||||||||||||
as Hedging Instruments | Balance Sheet Location | December 31, 2012 | 31-Dec-11 | December 31, 2012 | 31-Dec-11 | |||||||||||||||
Interest rate cap | Other assets, net | 25 | - | - | - | |||||||||||||||
Foreign currency contracts | Accounts payable, accrued | |||||||||||||||||||
expenses and other liabilities | - | - | -2,067 | - | ||||||||||||||||
Interest rate swaps | Accounts payable, accrued | - | - | -5,825 | -4,175 | |||||||||||||||
expenses and other liabilities | ||||||||||||||||||||
Derivatives Not Designated | ||||||||||||||||||||
as Hedging Instruments | ||||||||||||||||||||
Stock warrants | (a) | Other assets, net | 1,720 | - | - | - | ||||||||||||||
Interest rate swaps | (a) | Accounts payable, accrued | ||||||||||||||||||
expenses and other liabilities | - | - | -16,686 | - | ||||||||||||||||
Total derivatives | $ | 1,745 | $ | - | $ | -24,578 | $ | -4,175 | ||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
Amount of Gain (Loss) Recognized in | ||||||||||||||||||||
Other Comprehensive Income on Derivatives (Effective Portion) | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2012 | 2011 | 2010 | |||||||||||||||||
Interest rate swaps | $ | -1,059 | $ | -3,564 | $ | -45 | ||||||||||||||
Interest rate cap | 277 | - | - | |||||||||||||||||
Foreign currency contracts | -1,480 | - | - | |||||||||||||||||
Total | $ | -2,262 | $ | -3,564 | $ | -45 | ||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | |||||||||||||||||||
Amount of Gain (Loss) Reclassified from Other Comprehensive Income | ||||||||||||||||||||
into Income (Effective Portion) | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2012 | 2011 | 2010 | |||||||||||||||||
Interest rate swaps | $ | -1,442 | $ | - | $ | - | ||||||||||||||
Foreign currency contracts | -186 | |||||||||||||||||||
Total | $ | -1,628 | $ | - | $ | - | ||||||||||||||
Amount of Gain (Loss) Recognized in | ||||||||||||||||||||
Income on Derivatives | ||||||||||||||||||||
Location of Gain (Loss) | Years Ended December 31, | |||||||||||||||||||
Derivatives Not in Cash Flow Hedging Relationships | Recognized in Income | 2012 | 2011 | 2010 | ||||||||||||||||
Interest rate swaps | Other income and (expenses) | $ | 429 | $ | - | $ | - | |||||||||||||
Stock warrants | Other income and (expenses) | 108 | - | - | ||||||||||||||||
Total | $ | 537 | $ | - | $ | - | ||||||||||||||
Schedule of Derivative Instruments | ' | |||||||||||||||||||
Notional | Effective | Effective | Expiration | Fair Value at | ||||||||||||||||
Description | Type | Amount | Interest Rate | Date | Date | December 31, 2012 | ||||||||||||||
3-Month Euro Interbank Offering Rate (“Euribor”) | Interest rate cap | € | 69,457 | 2.00% | Dec-12 | Dec-14 | $ | 25 | ||||||||||||
3-Month Euribor | “Pay-fixed” swap | € | 6,286 | 4.20% | Mar-08 | Mar-18 | -1,392 | |||||||||||||
1-Month LIBOR | “Pay-fixed” swap | $ | 33,631 | 3.00% | Jul-10 | Jul-20 | -3,624 | |||||||||||||
1-Month LIBOR | “Pay-fixed” swap | $ | 25,714 | 3.90% | Aug-12 | Aug-22 | -403 | |||||||||||||
1-Month LIBOR | “Pay-fixed” swap | $ | 6,905 | 4.40% | Jun-12 | Mar-22 | -122 | |||||||||||||
1-Month LIBOR | “Pay-fixed” swap | $ | 4,414 | 3.00% | Apr-10 | Apr-15 | -247 | |||||||||||||
1-Month LIBOR | “Pay-fixed” swap | $ | 3,500 | 3.70% | Dec-12 | Feb-19 | -37 | |||||||||||||
$ | -5,800 | |||||||||||||||||||
Notional | Effective | Effective | Expiration | Fair Value at | ||||||||||||||||
Description | (a) (c) | Type | Amount | Interest Rate | Date | Date | December 31, 2012 | |||||||||||||
3-Month Euribor | “Pay-fixed” swap | € | 100,000 | 3.70% | Jul-06 | Jul-16 | $ | -15,462 | ||||||||||||
3-Month Euribor | “Pay-fixed” swap | € | 15,970 | 0.90% | Apr-12 | Jul-13 | -86 | |||||||||||||
3-Month Euribor | “Pay-fixed” swap | € | 6,975 | 4.40% | Apr-08 | Oct-15 | -523 | |||||||||||||
3-Month Euribor | “Pay-fixed” swap | € | 5,479 | 4.30% | Apr-07 | Jul-16 | -615 | |||||||||||||
$ | -16,686 | |||||||||||||||||||
Ownership | ||||||||||||||||||||
Interest at | Notional | Effective | Expiration | Fair Value at | ||||||||||||||||
Description | December 31, 2012 | Type | Amount | Cap Rate | Spread | Date | Date | December 31, 2012 | ||||||||||||
3-Month LIBOR | (a) | 17.80% | Interest rate cap | $ | 119,185 | 4.00% | 4.80% | Aug-09 | Aug-14 | $ | 1 | |||||||||
1-Month LIBOR | (b) | 79.00% | Interest rate cap | 17,275 | 3.00% | 4.00% | Sep-09 | Apr-14 | - | |||||||||||
$ | 1 | |||||||||||||||||||
Notional | Strike | Effective | Expiration | Fair Value at | ||||||||||||||||
Type | Amount | Price | Date | Date | December 31, 2012 | |||||||||||||||
Foreign currency forward contracts | € | 50,648 | $ | 1.27 - 1.30 | May-12 | 3/2013 - 6/2017 | $ | -2,051 | ||||||||||||
Foreign currency forward contracts | € | 8,700 | $ | 1.34 - 1.35 | Dec-12 | 9/2017 - 3/2018 | -16 | |||||||||||||
$ | -2,067 | |||||||||||||||||||
Portfolio Concentration Risk | ' | |||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Region: | ||||||||||||||||||||
California | 10% | |||||||||||||||||||
Other U.S. | 62% | |||||||||||||||||||
Total U.S | 72% | |||||||||||||||||||
Total Europe | 28% | |||||||||||||||||||
Total | 100% | |||||||||||||||||||
Asset Type: | ||||||||||||||||||||
Office | 29% | |||||||||||||||||||
Industrial | 19% | |||||||||||||||||||
Warehouse/Distribution | 15% | |||||||||||||||||||
Retail | 14% | |||||||||||||||||||
Self storage | 10% | |||||||||||||||||||
All others | 13% | |||||||||||||||||||
Total | 100% | |||||||||||||||||||
Tenant Industry: | ||||||||||||||||||||
Retail | 20% | |||||||||||||||||||
All other | 80% | |||||||||||||||||||
100% | ||||||||||||||||||||
Aerospace and Defense |
Impairment_Charges_Tables
Impairment Charges (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2012 | |||||||||||
Impairment Charges | ' | ||||||||||
Schedule Of Asset Impairments | ' | ||||||||||
Years Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Real estate | $ | - | $ | 243 | $ | - | |||||
Net investments in direct financing leases | - | -1,608 | 1,140 | ||||||||
Total impairment charges included in expenses | - | -1,365 | 1,140 | ||||||||
Equity investments in real estate | (a) | 9,910 | 206 | 1,394 | |||||||
Total impairment charges included in continuing operations | 9,910 | -1,159 | 2,534 | ||||||||
Impairment charges included in discontinued operations | 22,962 | 11,838 | 14,241 | ||||||||
Total impairment charges | $ | 32,872 | $ | 10,679 | $ | 16,775 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
Debt Disclosure | ' | |||||||
Schedule of Debt | ' | |||||||
Years Ending December 31, | Total | |||||||
2013 | $ | 174,648 | ||||||
2014 | (b) | 631,345 | ||||||
2015 | 240,681 | |||||||
2016 | 87,223 | |||||||
2017 | 125,999 | |||||||
Thereafter through 2037 | 725,257 | |||||||
1,985,153 | ||||||||
Unamortized discount | -16,756 | |||||||
Total | $ | 1,968,397 | ||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2012 | ||||||||||||
Equity | ' | |||||||||||
Schedule Of Distributions Paid Per Share For Tax | ' | |||||||||||
Distributions Paid on | ||||||||||||
16-Oct-12 | ||||||||||||
Ordinary income | $ | 0.6228 | ||||||||||
Return of capital | 0.0272 | |||||||||||
Total distributions | $ | 0.65 | ||||||||||
Redeemable Noncontrolling Interest | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Beginning balance | $ | 7,700 | $ | 7,546 | $ | 7,692 | ||||||
Redemption value adjustment | 840 | -455 | -471 | |||||||||
Net income | 40 | 1,923 | 1,293 | |||||||||
Distributions | -1,055 | -1,309 | -956 | |||||||||
Change in other comprehensive (loss) income | 6 | -5 | -12 | |||||||||
Ending balance | $ | 7,531 | $ | 7,700 | $ | 7,546 | ||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Net income attributable to W. P. Carey | $ | 62,132 | $ | 139,079 | $ | 73,972 | ||||||
Transfers to noncontrolling interest | ||||||||||||
Decrease in W. P. Carey’s additional paid-in capital for purchase of 50 Rock | -154 | - | - | |||||||||
Decrease in W. P. Carey’s additional paid-in capital for purchase of CheckFree Holdings, Inc. | - | -5,879 | - | |||||||||
Net transfers to noncontrolling interest | -154 | -5,879 | - | |||||||||
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest | $ | 61,978 | $ | 133,200 | $ | 73,972 | ||||||
Schedule Of Accumulated Other Comprehensive Income Loss | ' | |||||||||||
December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Unrealized gain on marketable securities | $ | 31 | $ | 37 | ||||||||
Unrealized loss on derivative instruments | -6,029 | -5,246 | ||||||||||
Foreign currency translation adjustment | 1,349 | -3,298 | ||||||||||
Accumulated other comprehensive loss | $ | -4,649 | $ | -8,507 | ||||||||
Earnings Per Share Reconciliation Table | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Net income attributable to W. P. Carey | $ | 62,132 | $ | 139,079 | $ | 73,972 | ||||||
Allocation of earnings to participating unvested RSUs | -535 | -2,130 | -440 | |||||||||
Net income – basic | 61,597 | 136,949 | 73,532 | |||||||||
Income effect of dilutive securities, net of taxes | 23 | 1,076 | 724 | |||||||||
Net income – diluted | $ | 61,620 | $ | 138,025 | $ | 74,256 | ||||||
Weighted average shares outstanding – basic | 47,389,460 | 39,819,475 | 39,514,746 | |||||||||
Effect of dilutive securities | 689,014 | 278,620 | 493,148 | |||||||||
Weighted average shares outstanding – diluted | 48,078,474 | 40,098,095 | 40,007,894 | |||||||||
StockBased_Compensation_and_Ot
Stock-Based Compensation and Other Compensation (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2012 | |||||||||||||||
Stock-Based and Other Compensation | ' | ||||||||||||||
Long Term Incentive Plan Awards Granted | ' | ||||||||||||||
Fiscal Year | RSUs Awarded | PSUs Awarded | |||||||||||||
2010 | 140,050 | 159,250 | |||||||||||||
2011 | (a) | 524,550 | 291,600 | ||||||||||||
2012 | (b) | 259,400 | 314,400 | ||||||||||||
Schedule Of Share Based Compensation Stock Options Activity | ' | ||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||
Weighted | |||||||||||||||
Average | |||||||||||||||
Weighted | Remaining | ||||||||||||||
Average | Contractual | Aggregate | |||||||||||||
Shares | Exercise Price | Term (in Years) | Intrinsic Value | ||||||||||||
Outstanding at beginning of year | 1,208,041 | $ | 28.73 | - | - | ||||||||||
Exercised | -410,331 | 25.94 | - | - | |||||||||||
Forfeited / Expired | -3,500 | 24.93 | - | - | |||||||||||
Outstanding at end of year | 794,210 | $ | 30.32 | 3.19 | $ | 17,335,637 | |||||||||
Vested and expected to vest at end of year | 746,689 | $ | 30.26 | 3.18 | $ | 16,346,539 | |||||||||
Exercisable at end of year | 623,218 | $ | 30.22 | 2.99 | $ | 13,669,784 | |||||||||
Years Ended December 31, | |||||||||||||||
2011 | 2010 | ||||||||||||||
Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||
Remaining | Remaining | ||||||||||||||
Weighted | Contractual | Weighted | Contractual | ||||||||||||
Average | Term | Average | Term | ||||||||||||
Shares | Exercise Price | (in Years) | Shares | Exercise Price | (in Years) | ||||||||||
Outstanding at beginning of year | 1,699,701 | $ | 28.57 | 2,255,604 | $ | 27.55 | |||||||||
Exercised | -449,660 | 27.71 | -399,507 | 22.26 | |||||||||||
Forfeited / Expired | -42,000 | 32.85 | -156,396 | 30.24 | |||||||||||
Outstanding at end of year | 1,208,041 | $ | 28.73 | 3.29 | 1,699,701 | $ | 28.57 | 4.26 | |||||||
Exercisable at end of year | 959,779 | $ | 28.36 | 1,231,683 | $ | 27.86 | |||||||||
Restricted Stock, RSU and PSU Rollforward | ' | ||||||||||||||
Restricted Stock and RSU Awards | PSU Awards | ||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||
Shares | Fair Value | Shares | Fair Value | ||||||||||||
Nonvested at January 1, 2010 | 381,878 | $ | 28.87 | 170,375 | $ | 32.33 | |||||||||
Granted | 156,682 | 28.34 | 159,250 | 36.16 | |||||||||||
Vested | (a) | -175,225 | 28.58 | - | - | ||||||||||
Forfeited | -99,515 | 29.75 | -65,725 | 36.26 | |||||||||||
Adjustment | (b) | - | - | -19,906 | 28.49 | ||||||||||
Nonvested at December 31, 2010 | 263,820 | 28.42 | 243,994 | 36.18 | |||||||||||
Granted | 541,890 | 34.65 | 291,600 | 46.66 | |||||||||||
Vested | (a) | -162,437 | 30.48 | -48,925 | 39.78 | ||||||||||
Forfeited | -18,480 | 29.32 | -14,055 | 42.14 | |||||||||||
Adjustment | (b) | - | - | 200,814 | 22.65 | ||||||||||
Nonvested at December 31, 2011 | 624,793 | 33.26 | 673,428 | 36.3 | |||||||||||
Granted | 274,420 | 41.41 | 314,400 | 42.28 | |||||||||||
Vested | (a) | -268,683 | 32.56 | -235,189 | 23.66 | ||||||||||
Forfeited | -36,336 | 36.33 | -49,494 | 33.96 | |||||||||||
Adjustment | (b) | - | - | 296,368 | 26.01 | ||||||||||
Nonvested at December 31, 2012 | 594,194 | $ | 37.15 | 999,513 | $ | 34.55 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2012 | |||||||||||||||
Income Taxes | ' | ||||||||||||||
Schedule Of Components Of Income Tax Expense Benefit | ' | ||||||||||||||
Years Ended December 31, | |||||||||||||||
2012 | 2011 | 2010 | |||||||||||||
Federal | |||||||||||||||
Current | $ | 18,142 | $ | 17,820 | $ | 17,729 | |||||||||
Deferred | -21,167 | 6,867 | -2,409 | ||||||||||||
-3,025 | 24,687 | 15,320 | |||||||||||||
State, Local and Foreign | |||||||||||||||
Current | 15,441 | 10,559 | 12,288 | ||||||||||||
Deferred | -5,633 | 1,968 | -1,756 | ||||||||||||
9,808 | 12,527 | 10,532 | |||||||||||||
Total Provision | $ | 6,783 | $ | 37,214 | $ | 25,852 | |||||||||
Schedule Of Deferred Tax Assets And Liabilities | ' | ||||||||||||||
At December 31, | |||||||||||||||
2012 | 2011 | ||||||||||||||
Deferred Tax Assets | |||||||||||||||
Unearned and deferred compensation | $ | 17,272 | $ | 12,598 | |||||||||||
Other | 10,832 | 3,465 | |||||||||||||
28,104 | 16,063 | ||||||||||||||
Deferred Tax Liabilities | |||||||||||||||
Receivables from affiliates | -13,251 | -14,378 | |||||||||||||
Investments | -31,598 | -45,812 | |||||||||||||
Other | -583 | - | |||||||||||||
-45,432 | -60,190 | ||||||||||||||
Net Deferred Tax Liability | $ | -17,328 | $ | -44,127 | |||||||||||
Schedule Of Effective Income Tax Rate Reconciliation | ' | ||||||||||||||
Years Ended December 31, | |||||||||||||||
2012 | 2011 | 2010 | |||||||||||||
Pre-tax (loss) income from taxable subsidiaries | $ | -412 | $ | 78,561 | $ | 49,253 | |||||||||
Federal provision at statutory tax rate (35%) | -144 | 35.00% | 27,496 | 35.00% | 17,238 | 35.00% | |||||||||
State and local taxes, net of federal benefit | 616 | -149.50% | 7,409 | 9.40% | 4,303 | 8.70% | |||||||||
Amortization of intangible assets | 465 | -112.90% | 486 | 0.60% | 854 | 1.70% | |||||||||
Other | 1,069 | -261.20% | 272 | 0.40% | 264 | 0.60% | |||||||||
Tax provision — taxable subsidiaries | 2,006 | -488.60% | 35,663 | 45.40% | 22,659 | 46.00% | |||||||||
Other state, local and foreign taxes | 4,777 | 1,551 | 3,193 | ||||||||||||
Total provision | $ | 6,783 | $ | 37,214 | $ | 25,852 | |||||||||
Discountinued_Operation_Tables
Discountinued Operation (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2012 | ||||||||||
Discontinued Operations | ' | |||||||||
Schedule Of Disposal Groups Including Discontinued Operations Income Statement Balance Sheet And Additional Disclosures | ' | |||||||||
Years Ended December 31, | ||||||||||
2012 | 2011 | 2010 | ||||||||
Revenues | $ | 10,569 | $ | 14,559 | $ | 18,389 | ||||
Expenses | -10,164 | -15,262 | -14,838 | |||||||
Gain on deconsolidation of a subsidiary | - | 1,008 | - | |||||||
(Loss) gain on sale of real estate | -5,019 | -3,391 | 460 | |||||||
Impairment charges | -22,962 | -11,838 | -14,241 | |||||||
Loss from discontinued operations | $ | -27,576 | $ | -14,924 | $ | -10,230 | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
Segment Reporting | ' | ||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Real Estate Ownership | (a) | ||||||||||||
Revenues | $ | 145,685 | $ | 81,475 | $ | 65,289 | |||||||
Operating expenses | (b) | -102,321 | -39,264 | -30,593 | |||||||||
Interest expense | -50,290 | -21,675 | -15,539 | ||||||||||
Other, net | (c) | 83,436 | 82,911 | 30,131 | |||||||||
Provision for income taxes | -4,012 | -2,243 | -2,192 | ||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 72,498 | $ | 101,204 | $ | 47,096 | |||||||
Investment Management | |||||||||||||
Revenues | (d) | $ | 223,180 | $ | 242,647 | $ | 191,890 | ||||||
Operating expenses | (d) | -207,050 | -157,572 | -133,683 | |||||||||
Other, net | (e) | 3,878 | 2,695 | 2,559 | |||||||||
Provision for income taxes | -2,771 | -34,971 | -23,660 | ||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 17,237 | $ | 52,799 | $ | 37,106 | |||||||
Total Company | |||||||||||||
Revenues | (d) | $ | 368,865 | $ | 324,122 | $ | 257,179 | ||||||
Operating expenses | (d) | -309,371 | -196,836 | -164,276 | |||||||||
Interest expense | -50,290 | -21,675 | -15,539 | ||||||||||
Other, net | (c) (e) | 87,314 | 85,606 | 32,690 | |||||||||
Provision for income taxes | -6,783 | -37,214 | -25,852 | ||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 89,735 | $ | 154,003 | $ | 84,202 | |||||||
Reconciliation Of Assets From Segment To Consolidated | ' | ||||||||||||
Total Long-Lived Assets at | (f) | Total Assets at | |||||||||||
December 31, 2012 | 31-Dec-11 | December 31, 2012 | 31-Dec-11 | ||||||||||
Real Estate Ownership | $ | 4,236,993 | $ | 1,273,521 | $ | 4,484,821 | $ | 1,334,066 | |||||
Investment Management | 69,258 | 70,369 | 124,221 | 128,557 | |||||||||
Total Company | $ | 4,306,251 | $ | 1,343,890 | $ | 4,609,042 | $ | 1,462,623 | |||||
Schedule Of International Investment By Segment | ' | ||||||||||||
Year Ended December 31, 2012 | Domestic | Foreign | (a) | Total | |||||||||
Revenues | $ | 115,572 | $ | 30,113 | $ | 145,685 | |||||||
Operating expenses | -99,801 | -2,520 | -102,321 | ||||||||||
Interest expense | -38,759 | -11,531 | -50,290 | ||||||||||
Other, net | (b) (c) | 76,830 | 6,606 | 83,436 | |||||||||
Provision for income taxes | -2,697 | -1,315 | -4,012 | ||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 51,145 | $ | 21,353 | $ | 72,498 | |||||||
Total assets | $ | 3,527,918 | $ | 956,903 | $ | 4,484,821 | |||||||
Total long-lived assets | (d) | $ | 3,361,197 | $ | 875,796 | $ | 4,236,993 | ||||||
Year Ended December 31, 2011 | Domestic | Foreign | (a) | Total | |||||||||
Revenues | $ | 71,746 | $ | 9,729 | $ | 81,475 | |||||||
Operating expenses | -34,405 | -4,859 | -39,264 | ||||||||||
Interest expense | -19,980 | -1,695 | -21,675 | ||||||||||
Other, net | (c) | 76,735 | 6,176 | 82,911 | |||||||||
Provision for income taxes | -2,135 | -108 | -2,243 | ||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 91,961 | $ | 9,243 | $ | 101,204 | |||||||
Total assets | $ | 1,258,544 | $ | 75,522 | $ | 1,334,066 | |||||||
Total long-lived assets | (d) | $ | 1,203,474 | $ | 70,047 | $ | 1,273,521 | ||||||
Year Ended December 31, 2010 | Domestic | Foreign | (a) | Total | |||||||||
Revenues | $ | 57,583 | $ | 7,706 | $ | 65,289 | |||||||
Operating expenses | -26,851 | -3,742 | -30,593 | ||||||||||
Interest expense | -13,797 | -1,742 | -15,539 | ||||||||||
Other, net | (c) | 26,188 | 3,943 | 30,131 | |||||||||
Provision for income taxes | -2,162 | -30 | -2,192 | ||||||||||
Income from continuing operations attributable to W. P. Carey | $ | 40,961 | $ | 6,135 | $ | 47,096 | |||||||
Total assets | $ | 965,418 | $ | 82,987 | $ | 1,048,405 | |||||||
Total long-lived assets | (d) | $ | 961,298 | $ | 73,447 | $ | 1,034,745 | ||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2012 | |||||||||||||||
Quarterly Disclosures | ' | ||||||||||||||
Schedule Of Quarterly Financial Information | ' | ||||||||||||||
Three Months Ended | |||||||||||||||
31-Mar-12 | 30-Jun-12 | 30-Sep-12 | 31-Dec-12 | ||||||||||||
Revenues | (a) (b) | $ | 67,548 | $ | 66,113 | $ | 69,278 | $ | 165,926 | ||||||
Expenses | (a) | 55,452 | 57,794 | 84,451 | 111,674 | ||||||||||
Net income | 11,669 | 31,230 | 2,226 | 17,654 | |||||||||||
Add: Net loss (income) attributable to noncontrolling interests | 578 | 480 | 325 | -1,990 | |||||||||||
Add: Net loss (income) attributable to redeemable | |||||||||||||||
noncontrolling interests | 43 | 67 | 37 | -187 | |||||||||||
Net income attributable to W. P. Carey | 12,290 | 31,777 | 2,588 | 15,477 | |||||||||||
Earnings per share attributable to W. P. Carey: | |||||||||||||||
Basic | 0.3 | 0.78 | 0.06 | 0.22 | |||||||||||
Diluted | 0.3 | 0.77 | 0.06 | 0.22 | |||||||||||
Distributions declared per share | 0.565 | 0.567 | 0.65 | 0.66 | |||||||||||
Three Months Ended | |||||||||||||||
31-Mar-11 | 30-Jun-11 | 30-Sep-11 | 31-Dec-11 | ||||||||||||
Revenues | (a) (c) | $ | 74,522 | $ | 114,674 | $ | 74,900 | $ | 60,026 | ||||||
Expenses | (a) | 47,059 | 50,550 | 50,208 | 49,019 | ||||||||||
Net income | 23,616 | 81,060 | 25,258 | 9,204 | |||||||||||
Add: Net loss attributable to noncontrolling interests | 330 | 384 | 581 | 569 | |||||||||||
Add: Net income attributable to redeemable | |||||||||||||||
noncontrolling interests | -603 | -1 | -637 | -682 | |||||||||||
Net income attributable to W. P. Carey | 23,343 | 81,443 | 25,202 | 9,091 | |||||||||||
Earnings per share attributable to W. P. Carey: | |||||||||||||||
Basic | 0.58 | 2.02 | 0.62 | 0.22 | |||||||||||
Diluted | 0.58 | 1.99 | 0.62 | 0.22 | |||||||||||
Distributions declared per share | 0.512 | 0.55 | 0.56 | 0.563 | |||||||||||
Schedule_III_Tables
Schedule III (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumualated Depreciation | ' | |||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation By Property | ' | |||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to Company - Land | Initial Cost to Company - Buildings | Costs Capitalized Subsequent to Acquisition (a) | Increase (Decrease) in Net Investments (b) | Gross Amount at which Carried at Close of Period (c) - Land | Gross Amount at which Carried at Close of Period (c) - Buildings | Gross Amount at which Carried at Close of Period (c) - Total | Accumulated Depreciation (c) | Date Acquired | Life on which Depreciation in Latest Statement of Income is Computed | |||||||||||||||||||||||||
Real Estate Under Operating Leases: | ||||||||||||||||||||||||||||||||||||
Office facilities in Broomfield, CO | $ | - | $ | 248 | $ | 2,538 | $ | 4,844 | $ | -2,069 | $ | 2,643 | $ | 2,918 | $ | 5,561 | $ | 1,217 | Jan. 1998 | 40 yrs. | ||||||||||||||||
Distribution facilities and warehouses in Erlanger, KY | 12,000 | 1,526 | 21,427 | 2,966 | 141 | 1,526 | 24,534 | 26,060 | 9,431 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Retail store in Montgomery, AL | - | 855 | 6,762 | 277 | -6,978 | 142 | 774 | 916 | 417 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Anchorage, AK and Commerce, CA | - | 4,905 | 11,898 | - | 12 | 4,905 | 11,910 | 16,815 | 1,636 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Toledo, OH | - | 224 | 2,408 | - | - | 224 | 2,408 | 2,632 | 1,003 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Industrial facility in Goshen, IN | - | 239 | 940 | - | - | 239 | 940 | 1,179 | 133 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Raleigh, NC | - | 1,638 | 2,844 | 157 | -2,554 | 828 | 1,257 | 2,085 | 454 | Jan. 1998 | 20 yrs. | |||||||||||||||||||||||||
Office facility in King of Prussia, PA | - | 1,219 | 6,283 | 1,295 | - | 1,219 | 7,578 | 8,797 | 2,658 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in Fort Lauderdale, FL | - | 1,893 | 11,077 | 703 | -8,449 | 1,173 | 4,051 | 5,224 | 1,429 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Industrial facilities in Pinconning, MS | - | 32 | 1,692 | - | - | 32 | 1,692 | 1,724 | 634 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Industrial facilities in San Fernando, CA | 6,991 | 2,052 | 5,322 | - | 152 | 2,052 | 5,474 | 7,526 | 2,043 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Land leased in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, and Texas | 139 | 9,382 | - | - | -172 | 9,210 | - | 9,210 | - | Jan. 1998 | N/A | |||||||||||||||||||||||||
Industrial facility in Milton, VT | - | 220 | 1,579 | - | - | 220 | 1,579 | 1,799 | 592 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Land in Glendora, CA | - | 1,135 | - | - | 17 | 1,152 | - | 1,152 | - | Jan. 1998 | N/A | |||||||||||||||||||||||||
Industrial facility in Doraville, GA | 4,842 | 3,288 | 9,864 | 1,546 | 274 | 3,288 | 11,684 | 14,972 | 3,887 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facilities in Collierville, TN and warehouse/distribution facilities in Corpus Christi and College Station, TX | 51,871 | 3,490 | 72,497 | - | -15,008 | 334 | 60,645 | 60,979 | 4,003 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Land in Irving and Houston, TX | 8,313 | 9,795 | - | - | - | 9,795 | - | 9,795 | - | Jan. 1998 | N/A | |||||||||||||||||||||||||
Industrial facility in Chandler, AZ | 12,066 | 5,035 | 18,957 | 7,435 | 541 | 5,035 | 26,933 | 31,968 | 8,959 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Houston, TX | - | 167 | 885 | 73 | - | 167 | 958 | 1,125 | 345 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facilities in Bridgeton, MO | - | 842 | 4,762 | 1,627 | 71 | 842 | 6,460 | 7,302 | 1,552 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Industrial facility in Industry, CA | - | 3,789 | 13,164 | 1,872 | 318 | 3,789 | 15,354 | 19,143 | 4,608 | Jan. 1998 | 40 yrs. | |||||||||||||||||||||||||
Retail stores in Drayton Plains, MI and Citrus Heights, CA | - | 1,039 | 4,788 | 165 | 193 | 1,039 | 5,146 | 6,185 | 1,049 | Jan. 1998 | 35 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in Memphis, TN | - | 1,882 | 3,973 | - | -3,893 | 328 | 1,634 | 1,962 | 538 | Jan. 1998 | 15 yrs. | |||||||||||||||||||||||||
Retail store in Bellevue, WA | 8,269 | 4,125 | 11,812 | 393 | -123 | 4,371 | 11,836 | 16,207 | 4,352 | Apr. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Houston, TX | - | 3,260 | 22,574 | 1,628 | -23,311 | 211 | 3,940 | 4,151 | 2,944 | Jun. 1998 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Rio Rancho, NM | 8,162 | 1,190 | 9,353 | 1,504 | - | 1,467 | 10,580 | 12,047 | 3,598 | Jul. 1998 | 40 yrs. | |||||||||||||||||||||||||
Vacant office facility in Moorestown, NJ | - | 351 | 5,981 | 943 | 43 | 351 | 6,967 | 7,318 | 2,890 | Feb. 1999 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Norcross, GA | 28,347 | 5,200 | 25,585 | 11,822 | - | 5,200 | 37,407 | 42,607 | 12,327 | Jun. 1999 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Tours, France | 4,991 | 1,034 | 9,737 | 342 | 4,169 | 1,451 | 13,831 | 15,282 | 4,154 | Sep. 2000 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Illkirch, France | 13,171 | - | 18,520 | - | 9,116 | - | 27,636 | 27,636 | 8,826 | Dec. 2001 | 40 yrs. | |||||||||||||||||||||||||
Industrial and warehouse/distribution facilities in Lenexa, KS; Winston-Salem, NC; and Dallas, TX | - | 1,860 | 12,539 | - | 5 | 1,860 | 12,544 | 14,404 | 3,310 | Sep. 2002 | 40 yrs. | |||||||||||||||||||||||||
Office facilities in Playa Vista and Venice, CA | 50,306 | 2,032 | 10,152 | 52,816 | 1 | 5,889 | 59,112 | 65,001 | 2,853 | Sep. 2004; Sep. 2012 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in Greenfield, IN | - | 2,807 | 10,335 | 223 | -8,383 | 967 | 4,015 | 4,982 | 853 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Birmingham, AL | 4,425 | 1,256 | 7,704 | - | - | 1,256 | 7,704 | 8,960 | 1,597 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||
Industrial facility in Scottsdale, AZ | 1,229 | 586 | 46 | - | - | 586 | 46 | 632 | 10 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||
Retail store in Hot Springs, AR | - | 850 | 2,939 | 2 | -2,614 | - | 1,177 | 1,177 | 245 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||
Industrial facilities in Apopka, FL | - | 362 | 10,855 | 569 | -155 | 337 | 11,294 | 11,631 | 2,287 | Sep. 2004 | 40 yrs. | |||||||||||||||||||||||||
Land in San Leandro, CA | - | 1,532 | - | - | - | 1,532 | - | 1,532 | -1 | Dec. 2006 | N/A | |||||||||||||||||||||||||
Industrial facility in Sunnyvale, CA | - | 1,663 | 3,571 | - | - | 1,663 | 3,571 | 5,234 | 803 | Dec. 2006 | 27 yrs. | |||||||||||||||||||||||||
Fitness and recreational sports center in Austin, TX | 3,165 | 1,725 | 5,168 | - | - | 1,725 | 5,168 | 6,893 | 1,103 | Dec. 2006 | 28.5 yrs. | |||||||||||||||||||||||||
Retail store in Wroclaw, Poland | 8,309 | 3,600 | 10,306 | - | -1,958 | 3,305 | 8,643 | 11,948 | 1,093 | Dec. 2007 | 40 yrs. | |||||||||||||||||||||||||
Office facility in Fort Worth, TX | 33,631 | 4,600 | 37,580 | - | - | 4,600 | 37,580 | 42,180 | 2,740 | Feb. 2010 | 40 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in Mallorca, Spain | - | 11,109 | 12,636 | - | 2,212 | 12,161 | 13,796 | 25,957 | 891 | Jun. 2010 | 40 yrs. | |||||||||||||||||||||||||
Industrial and office facilities in San Diego, CA | 33,527 | 7,247 | 29,098 | 967 | -5,514 | 4,762 | 27,036 | 31,798 | 1,982 | May. 2011 | 40 yrs. | |||||||||||||||||||||||||
Retail stores in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA | 22,000 | 5,646 | 12,367 | - | - | 5,646 | 12,367 | 18,013 | 109 | Sep. 2012 | 40 yrs. | |||||||||||||||||||||||||
Hospitality facilities in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | 140,000 | 32,680 | 198,999 | - | - | 32,680 | 198,999 | 231,679 | 1,369 | Sep. 2012 | 34 - 37 yrs. | |||||||||||||||||||||||||
Industrial facilities in Bluffton, OH; Auburn, IN; and Milan, TN | - | 2,564 | 6,998 | - | - | 2,564 | 6,998 | 9,562 | 58 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Land in Irvine, CA | 1,666 | 4,173 | - | - | - | 4,173 | - | 4,173 | - | Sep. 2012 | N/A | |||||||||||||||||||||||||
Office facility in Alpharetta, GA | 7,699 | 2,198 | 6,349 | - | - | 2,198 | 6,349 | 8,547 | 53 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Office facility in Clinton, NJ | 25,714 | 2,866 | 34,834 | - | - | 2,866 | 34,834 | 37,700 | 290 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Office facilities in St. Petersburg, FL | 18,481 | 3,280 | 24,627 | - | - | 3,280 | 24,627 | 27,907 | 205 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Movie theatre in Baton Rouge, LA | 10,025 | 4,168 | 5,724 | - | - | 4,168 | 5,724 | 9,892 | 48 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Office facilities in San Diego, CA | 17,470 | 7,804 | 16,729 | - | - | 7,804 | 16,729 | 24,533 | 139 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facilities in Richmond, CA | - | 895 | 1,953 | - | - | 895 | 1,953 | 2,848 | 16 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Warehouse/distribution and industrial facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX | 64,836 | 16,386 | 84,668 | - | - | 16,386 | 84,668 | 101,054 | 700 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France | 94,059 | 15,779 | 89,421 | - | 2,929 | 16,219 | 91,910 | 108,129 | 764 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Orlando, FL; Macon, GA; Rocky Mount, NC, and Lewisville, TX | 14,645 | 2,163 | 17,715 | - | - | 2,163 | 17,715 | 19,878 | 148 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Fitness and recreational sports center in Newton, MA | 7,655 | 1,897 | 11,451 | - | - | 1,897 | 11,451 | 13,348 | 94 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facilities in Chattanooga, TN | - | 558 | 5,923 | - | - | 558 | 5,923 | 6,481 | 49 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facilities in Mooresville, NC | 6,512 | 756 | 9,775 | - | - | 756 | 9,775 | 10,531 | 80 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facility in MaCalla, AL | 6,307 | 960 | 14,472 | - | - | 960 | 14,472 | 15,432 | 115 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facility in Lower Makefield Township, PA | 10,874 | 1,726 | 12,781 | - | - | 1,726 | 12,781 | 14,507 | 105 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facility in Fort Smith, AZ | - | 1,063 | 6,159 | - | - | 1,063 | 6,159 | 7,222 | 50 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Retail facilities in Greenwood, IN and Buffalo, NY | 8,893 | - | 19,990 | - | - | - | 19,990 | 19,990 | 161 | Sep. 2012 | 30 - 31 yrs. | |||||||||||||||||||||||||
Industrial facilities in Bowling Green, KY and Jackson, TN | 7,436 | 1,492 | 8,182 | - | - | 1,492 | 8,182 | 9,674 | 66 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facilities in Mattoon, IL; Holyoke, MA; and Morristown, TN and a warehouse/distribution facility in Westfield, MA | 5,245 | 1,891 | 11,064 | - | - | 1,891 | 11,064 | 12,955 | 90 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in Rancho Cucamonga, CA and educational facilities in Glendale Heights, IL; Exton, PA; and Avondale, AZ | 37,911 | 14,006 | 33,683 | - | - | 14,006 | 33,683 | 47,689 | 263 | Sep. 2012 | 31 - 32 yrs. | |||||||||||||||||||||||||
Sports facilities in Rochester Hills and Canton, MI | 22,160 | 5,447 | 9,988 | - | - | 5,447 | 9,988 | 15,435 | 81 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | 12,860 | 6,559 | 19,078 | - | - | 6,559 | 19,078 | 25,637 | 153 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY | 15,164 | 6,080 | 23,424 | - | - | 6,080 | 23,424 | 29,504 | 187 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Land in Kahl, Germany | 10,573 | 6,694 | - | - | 186 | 6,880 | - | 6,880 | - | Sep. 2012 | N/A | |||||||||||||||||||||||||
Land in Memphis, TN and sports facilities in Bedford, TX and Englewood, CO | 8,050 | 4,877 | 4,258 | - | - | 4,877 | 4,258 | 9,135 | 34 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facilities in Brussels, Belgium | 11,094 | 1,505 | 6,026 | - | 210 | 1,547 | 6,194 | 7,741 | 48 | Sep. 2012 | 32 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facilities in Oceanside, CA and Concordville, PA | 4,506 | 3,333 | 8,270 | - | - | 3,333 | 8,270 | 11,603 | 66 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facility in Peachtree City, GA | 3,962 | 1,205 | 5,907 | - | - | 1,205 | 5,907 | 7,112 | 47 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Self-storage and trucking facilities in numerous locations throughout the U.S. | 154,658 | 74,551 | 319,186 | - | - | 74,551 | 319,186 | 393,737 | 2,527 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in La Vista, NE | 22,340 | 4,196 | 23,148 | - | - | 4,196 | 23,148 | 27,344 | 173 | Sep. 2012 | 33 yrs. | |||||||||||||||||||||||||
Office facility in Pleasanton, CA | 12,861 | 3,675 | 7,468 | - | - | 3,675 | 7,468 | 11,143 | 59 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facility in San Marcos, TX | - | 440 | 688 | - | - | 440 | 688 | 1,128 | 5 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facilities in Espoo, Finland | 58,910 | 40,555 | 15,662 | - | 1,565 | 41,684 | 16,098 | 57,782 | 127 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facility in Conflans, France | 20,378 | 7,208 | 11,333 | - | 516 | 7,409 | 11,648 | 19,057 | 91 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Office facilities in Chicago, IL | 15,499 | 2,169 | 19,010 | - | - | 2,169 | 19,010 | 21,179 | 149 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in Louisville, CO | 10,417 | 5,342 | 8,786 | - | - | 5,342 | 8,786 | 14,128 | 69 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facilities in Hollywood and Orlando, FL | - | 3,639 | 1,269 | - | - | 3,639 | 1,269 | 4,908 | 10 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in Golden, CO | - | 808 | 4,304 | - | - | 808 | 4,304 | 5,112 | 36 | Sep. 2012 | 30 yrs. | |||||||||||||||||||||||||
Industrial facilities in Texarkana, TX and Orem, UT | 2,699 | 1,755 | 4,493 | - | - | 1,755 | 4,493 | 6,248 | 35 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in Eugene, OR | 4,724 | 2,286 | 3,783 | - | - | 2,286 | 3,783 | 6,069 | 30 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in Neenah, WI | 4,869 | 438 | 4,954 | - | - | 438 | 4,954 | 5,392 | 39 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Industrial facility in South Jordan, UT | 13,075 | 2,183 | 11,340 | - | - | 2,183 | 11,340 | 13,523 | 89 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Warehouse/distribution facility in Ennis, TX | 2,609 | 478 | 4,087 | - | - | 478 | 4,087 | 4,565 | 32 | Sep. 2012 | 31 yrs. | |||||||||||||||||||||||||
Childcare facilities in Chandler and Tucson, AZ; Alhambra, Chino, Garden Grove, and Tustin, CA; Westland and Canton, MI; and Carrollton, Duncansville, and Lewisville, TX | - | 6,343 | 379 | - | -1,384 | 5,338 | - | 5,338 | - | Sep. 2012 | N/A | |||||||||||||||||||||||||
Retail facility in Oklahoma City, OK | 5,759 | 1,246 | 4,771 | - | - | 1,246 | 4,771 | 6,017 | 37 | Sep. 2012 | 32 yrs. | |||||||||||||||||||||||||
Land in Farmington, CT and Braintree, MA | 490 | 2,409 | - | - | - | 2,409 | - | 2,409 | - | Sep. 2012 | N/A | |||||||||||||||||||||||||
Office facilities in Helsinki, Finland | 58,917 | 26,560 | 20,735 | - | 1,316 | 27,299 | 21,312 | 48,611 | 165 | Sep. 2012 | 32 yrs. | |||||||||||||||||||||||||
Office facility in Paris, France | 73,391 | 23,387 | 43,450 | - | 1,860 | 24,038 | 44,659 | 68,697 | 341 | Sep. 2012 | 32 yrs. | |||||||||||||||||||||||||
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Walbrzych, Warsaw, and Warszawa, Poland | 148,643 | 26,564 | 72,866 | - | 2,768 | 27,303 | 74,895 | 102,198 | 785 | Sep. 2012 | 23 - 34 yrs. | |||||||||||||||||||||||||
Office facility in Laupheim, Germany | - | 2,072 | 8,339 | - | 290 | 2,130 | 8,571 | 10,701 | 107 | Sep. 2012 | 20 yrs. | |||||||||||||||||||||||||
Industrial facilities in Danbury, CT and Bedford, MA | 12,973 | 3,519 | 16,329 | - | - | 3,519 | 16,329 | 19,848 | 136 | Sep. 2012 | 29 yrs. | |||||||||||||||||||||||||
$ | 1,512,763 | $ | 513,758 | $ | 1,777,346 | $ | 94,169 | $ | -53,660 | $ | 509,530 | $ | 1,822,083 | $ | 2,331,613 | $ | 116,075 | |||||||||||||||||||
Description | Encumbrances | Initial Cost to Company - Land | Initial Cost to Company - Buildings | Costs Capitalized Subsequent to Acquisition (a) | Increase (Decrease) in Net Investment(b) | Gross Amount at which Carried at Close of Period Total | Date Acquired | |||||||||||||||||||||||||||||
Direct Financing Method: | ||||||||||||||||||||||||||||||||||||
Retail stores in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, and Texas | $ | 199 | $ | - | $ | 16,416 | $ | - | $ | -384 | $ | 16,032 | Jan. 1998 | |||||||||||||||||||||||
Office and industrial facilities in Glendora, CA and Romulus, MI | - | 454 | 13,251 | 9 | -2,437 | 11,277 | Jan. 1998 | |||||||||||||||||||||||||||||
Industrial facilities in Thurmont, MD and Farmington, NY | - | 729 | 6,093 | - | -158 | 6,664 | Jan. 1998 | |||||||||||||||||||||||||||||
Industrial facilities in Irving and Houston, TX | 20,118 | - | 27,599 | - | -3,897 | 23,702 | Jan. 1998 | |||||||||||||||||||||||||||||
Retail facilities in Farmington, CT and Braintree, MA | 3,010 | - | 8,761 | - | - | 8,761 | Sep. 2012 | |||||||||||||||||||||||||||||
Education facilities in Chandler and Tucson, AZ; Alhambra, Chino, Garden Grove, and Tustin, CA; Naperville, IL; Westland and Canton, MI; and Carrollton, Duncansville, and Lewisville, TX | - | - | 7,840 | - | - | 7,840 | Sep. 2012 | |||||||||||||||||||||||||||||
Industrial facility in Owingsville, KY | 113 | 309 | 5,741 | - | -88 | 5,962 | Sep. 2012 | |||||||||||||||||||||||||||||
Retail facility in Freehold, NJ | 6,515 | - | 17,067 | - | -12 | 17,055 | Sep. 2012 | |||||||||||||||||||||||||||||
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX | 5,313 | 2,089 | 14,211 | - | -102 | 16,198 | Sep. 2012 | |||||||||||||||||||||||||||||
Retail facilities in Osnabruck, Borken, Bunde, Arnstadt, Dorsten, Duisburg, Freiberg, Leimbach-Kaiserro, Monheim, Oberhausen, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, Wuppertal, and Monheim, Germany | 87,982 | 28,734 | 145,854 | - | 4,837 | 179,425 | Sep. 2012 | |||||||||||||||||||||||||||||
Warehouse/distribution facility in Birmingham, United Kingdom | 10,903 | 2,147 | 12,357 | - | 117 | 14,621 | Sep. 2012 | |||||||||||||||||||||||||||||
Warehouse/distribution facilities in Mesquite, TX | 6,905 | 2,851 | 15,899 | - | -38 | 18,712 | Sep. 2012 | |||||||||||||||||||||||||||||
Industrial facility in Rochester, MN | 5,211 | 881 | 17,039 | - | 39 | 17,959 | Sep. 2012 | |||||||||||||||||||||||||||||
Office facility in Irvine, CA | 6,792 | - | 17,027 | - | -19 | 17,008 | Sep. 2012 | |||||||||||||||||||||||||||||
Sports facility in Memphis, TN | 1,890 | - | 4,823 | - | -33 | 4,790 | Sep. 2012 | |||||||||||||||||||||||||||||
Industrial facility in Brownwood, TX | - | 722 | 6,268 | - | - | 6,990 | Sep. 2012 | |||||||||||||||||||||||||||||
Education facility in Glendale Heights, IL | - | - | 3,009 | - | - | 3,009 | Sep. 2012 | |||||||||||||||||||||||||||||
$ | 154,951 | $ | 38,916 | $ | 339,255 | $ | 9 | $ | -2,175 | $ | 376,005 | |||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to Company - Land | Initial Cost to Company - Buildings | Initial Cost to Company - Personal Property | Costs Capitalized Subsequent to Acquisition (a) | Increase (Decrease) in Net Investments (b) | Gross Amount at which Carried at Close of Period (c) - Land | Gross Amount at which Carried at Close of Period (c) - Buildings | Gross Amount at which Carried at Close of Period (c) - Personal Property | Gross Amount at which Carried at Close of Period (c) - Total | Accumulated Depreciation (c) | Date Acquired | Life on which Depreciation in Latest Statement of Income is computed | |||||||||||||||||||||||
Operating Real Estate: | ||||||||||||||||||||||||||||||||||||
Hotel in Livonia, MI | $ | - | $ | 2,765 | $ | 11,087 | $ | 3,816 | $ | 18,733 | $ | -20,440 | $ | 892 | $ | 5,556 | $ | 9,513 | $ | 15,961 | $ | 10,961 | Jan. 1998 | 7-40 yrs. | ||||||||||||
Self-storage facilities in Taunton, North Andover, North Billerica, and Brockton, MA | 9,532 | 4,300 | 12,274 | - | 254 | -478 | 4,300 | 12,050 | - | 16,350 | 2,036 | Dec. 2006 | 25-40 yrs. | |||||||||||||||||||||||
Self-storage facility in Newington, CT | 2,073 | 520 | 2,973 | - | 241 | -121 | 520 | 3,093 | - | 3,613 | 468 | Dec. 2006 | 40 yrs. | |||||||||||||||||||||||
Self-storage facility in Killeen, TX | 3,226 | 1,230 | 3,821 | - | 339 | -179 | 1,230 | 3,981 | - | 5,211 | 648 | Dec. 2006 | 30 yrs. | |||||||||||||||||||||||
Self-storage facility in Rohnert Park, CA | 3,108 | 1,761 | 4,989 | - | 40 | - | 1,761 | 5,029 | - | 6,790 | 748 | Jan. 2007 | 40 yrs. | |||||||||||||||||||||||
Self-storage facility in Fort Worth, TX | 2,150 | 1,030 | 4,176 | - | 33 | - | 1,030 | 4,209 | - | 5,239 | 626 | Jan. 2007 | 40 yrs. | |||||||||||||||||||||||
Self-storage facility in Augusta, GA | 1,876 | 970 | 2,442 | - | 48 | - | 970 | 2,490 | - | 3,460 | 367 | Feb. 2007 | 39 yrs. | |||||||||||||||||||||||
Self-storage facility in Garland, TX | 1,435 | 880 | 3,104 | - | 57 | - | 880 | 3,161 | - | 4,041 | 461 | Feb. 2007 | 40 yrs. | |||||||||||||||||||||||
Self-storage facility in Lawrenceville, GA | 2,314 | 1,410 | 4,477 | - | 82 | - | 1,411 | 4,558 | - | 5,969 | 717 | Mar. 2007 | 37 yrs. | |||||||||||||||||||||||
Self-storage facility in Fairfield, OH | 1,824 | 540 | 2,640 | - | 19 | - | 540 | 2,659 | - | 3,199 | 508 | Apr. 2007 | 30 yrs. | |||||||||||||||||||||||
Self-storage facility in Tallahassee, FL | 3,629 | 850 | 5,736 | - | 7 | - | 850 | 5,743 | - | 6,593 | 809 | Apr. 2007 | 40 yrs. | |||||||||||||||||||||||
Self-storage facility in Lincolnshire, IL | 1,955 | 1,477 | 1,519 | - | 96 | - | 1,477 | 1,615 | - | 3,092 | 220 | Jul. 2010 | 18 yrs. | |||||||||||||||||||||||
Self-storage facility in Chicago, IL | 1,683 | 823 | 912 | - | 627 | - | 823 | 1,539 | - | 2,362 | 278 | Jul. 2010 | 15 yrs. | |||||||||||||||||||||||
Self-storage facility in Chicago, IL | 1,411 | 700 | 733 | - | 556 | - | 700 | 1,289 | - | 1,989 | 223 | Jul. 2010 | 15 yrs. | |||||||||||||||||||||||
Self-storage facility in Bedford Park, IL | 1,713 | 809 | 1,312 | - | 200 | - | 809 | 1,512 | - | 2,321 | 196 | Jul. 2010 | 20 yrs. | |||||||||||||||||||||||
Self-storage facility in Bentonville, AR | 2,024 | 1,050 | 1,323 | - | 22 | - | 1,050 | 1,345 | - | 2,395 | 131 | Sep. 2010 | 24 yrs. | |||||||||||||||||||||||
Self-storage facility in Tallahassee, FL | 3,848 | 570 | 3,447 | - | 30 | - | 570 | 3,477 | - | 4,047 | 262 | Sep. 2010 | 30 yrs. | |||||||||||||||||||||||
Self-storage facility in Pensacola, FL | 1,801 | 560 | 2,082 | - | 5 | - | 560 | 2,087 | - | 2,647 | 156 | Sep. 2010 | 30 yrs. | |||||||||||||||||||||||
Self-storage facility in Chicago, IL | 2,081 | 1,785 | 2,616 | - | 23 | - | 1,785 | 2,639 | - | 4,424 | 178 | Oct. 2010 | 32 yrs. | |||||||||||||||||||||||
$ | 47,683 | $ | 24,030 | $ | 71,663 | $ | 3,816 | $ | 21,412 | $ | -21,218 | $ | 22,158 | $ | 68,032 | $ | 9,513 | $ | 99,703 | $ | 19,993 | |||||||||||||||
Reconciliation of Real Estate Subject to | ||||||||||||||||||||||||||||||||||||
Operating Leases | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 646,482 | $ | 560,592 | $ | 525,607 | ||||||||||||||||||||||||||||||
Additions | 1,777,443 | 107,484 | 67,787 | |||||||||||||||||||||||||||||||||
Dispositions | -75,548 | -22,106 | -18,896 | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 13,263 | -1,837 | -2,142 | |||||||||||||||||||||||||||||||||
Reclassification from (to) equity investment, direct financing lease, | ||||||||||||||||||||||||||||||||||||
intangible assets or assets held for sale | -17,681 | 20,105 | 1,790 | |||||||||||||||||||||||||||||||||
Deconsolidation of real estate asset | - | -5,938 | - | |||||||||||||||||||||||||||||||||
Impairment charges | -12,346 | -11,818 | -13,554 | |||||||||||||||||||||||||||||||||
Balance at end of year | $ | 2,331,613 | $ | 646,482 | $ | 560,592 | ||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation for | ||||||||||||||||||||||||||||||||||||
Real Estate Subject to Operating Leases | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 118,054 | $ | 108,032 | $ | 100,247 | ||||||||||||||||||||||||||||||
Depreciation expense | 24,302 | 15,179 | 13,437 | |||||||||||||||||||||||||||||||||
Dispositions | -22,947 | -5,785 | -5,000 | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 358 | -396 | -839 | |||||||||||||||||||||||||||||||||
Reclassification from (to) equity investment, direct financing lease, | ||||||||||||||||||||||||||||||||||||
intangible assets or assets held for sale | -3,692 | 2,339 | 187 | |||||||||||||||||||||||||||||||||
Deconsolidation of real estate asset | - | -1,315 | - | |||||||||||||||||||||||||||||||||
Balance at end of year | $ | 116,075 | $ | 118,054 | $ | 108,032 | ||||||||||||||||||||||||||||||
Reconciliation of Operating Real Estate | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 109,875 | $ | 109,851 | $ | 85,927 | ||||||||||||||||||||||||||||||
Additions/capital expenditures | 295 | 24 | 23,924 | |||||||||||||||||||||||||||||||||
Impairment charges | -10,467 | - | - | |||||||||||||||||||||||||||||||||
Balance at end of year | $ | 99,703 | $ | 109,875 | $ | 109,851 | ||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation for | ||||||||||||||||||||||||||||||||||||
Operating Real Estate | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 17,121 | $ | 14,280 | $ | 12,039 | ||||||||||||||||||||||||||||||
Depreciation expense | 2,872 | 2,841 | 2,241 | |||||||||||||||||||||||||||||||||
Balance at end of year | $ | 19,993 | $ | 17,121 | $ | 14,280 | ||||||||||||||||||||||||||||||
Consolidated_Statements_of_Cas2
Consolidated Statements of Cash Flows (Supplementals) (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 2-May-11 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 31-May-11 | Sep. 28, 2012 | 2-May-11 | 31-May-11 | Dec. 31, 2011 | |
CPA 16 - Global | CPA 16 - Global | CPA 16 - Global | CPA 16 - Global | Federal Express And Amylin | CPA 15 | CPA14/16 Merger | CPA14/16 Merger | CPA14/16 Merger | ||||
Supplemental noncash investing and financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption value adjustment | $85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash per share exchage rate | ' | ' | ' | ' | ' | ' | ' | ' | $1.25 | ' | ' | $10.50 |
Share per share exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | $0.23 | ' | ' | $1.19 |
Distributions received from equity investment | -17,271,000 | 310,000 | -4,920,000 | 28,300,000 | 39,700,000 | 18,600,000 | 4,100,000 | ' | ' | ' | ' | ' |
Shares distributed in exchage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,113,050 | ' | ' |
Shares received in exhange | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,260,091 | ' | ' |
Nonmonetary transaction gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' |
Gain on shares from termination revenue | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of mortgage loans assumed | ' | ' | ' | ' | ' | ' | ' | 87,600,000 | ' | ' | 117,100,000 | 87,600,000 |
Gain on change in control of interests | $20,744,000 | $27,859,000 | $781,000 | ' | ' | ' | ' | $27,900,000 | ' | ' | $27,900,000 | ' |
Consolidated_Statements_of_Cas3
Consolidated Statements of Cash Flows (Supplementals) (Details 1) (CPA 15, USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | |||
CPA 15 | ' | ' | ' |
Assets Acquired at fair value: | ' | ' | ' |
Investments in real estate | $1,762,872 | $1,758,372 | $1,762,872 |
Net investment in direct finanacing lease | 315,789 | 315,789 | 315,789 |
Equity investments in real estate | 166,247 | 164,886 | 166,247 |
Intangible assets | 695,310 | 694,411 | 695,310 |
Other assets, net | 81,750 | 83,838 | 81,750 |
Liabilities assumed at fair value: | ' | ' | ' |
Non recourse debt | ' | ' | -1,350,755 |
Accounts payable, accrued expenses and other liabilities | -186,795 | -187,712 | -186,795 |
Amount attributable to noncontrolling interest | -237,359 | -238,038 | -237,359 |
Net (liabilities assumed) assets acquired excluding cash | ' | ' | 1,247,059 |
Fair value of common shares issued | -1,380,362 | -1,380,362 | -1,380,362 |
Cash consideration | -152,356 | -152,356 | -152,356 |
Fair value of W. P. Carey & Co. LLC equity interest in CPA:15 prior to the Merger | -107,147 | -107,147 | -107,147 |
Fair value of W. P. Carey & Co. LLC equity interest in jointly-owned investments with CPA:15 prior to the Merger | -54,822 | -54,822 | -54,822 |
Goodwill in connection with Merger | 268,683 | 274,951 | 268,683 |
Cash acquired on acquisition of subsidiary, net | ($178,945) | ($178,945) | ($178,945) |
Consolidated_Statements_of_Cas4
Consolidated Statements of Cash Flows (Supplementals) (Details 2) (USD $) | Sep. 28, 2012 |
In Thousands, unless otherwise specified | |
Assets: | ' |
Net investments in properties | $5,340 |
Intangible assets and goodwill, net | -15 |
Total | 5,325 |
Liabilities: | ' |
Non-recourse debt | -6,311 |
Accounts payable, accrued expenses and other liabilities | -22 |
Total | ($6,333) |
Consolidated_Statements_of_Cas5
Consolidated Statements of Cash Flows (Supplementals) (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Supplemental Cash Flow Information | ' | ' | ' |
Interest paid | $38,092 | $21,168 | $15,351 |
Income taxes paid | $12,501 | $33,641 | $24,307 |
Business_Narratives_Details
Business (Narratives) (Details) (USD $) | Dec. 31, 2012 | Sep. 13, 2012 |
property | ||
sqft | ||
tenant | ||
Business and Basis of Presentation | ' | ' |
Number of tenants | 124 | ' |
Additional disclosures | ' | ' |
Square footage of all real estate properties | 38,500,000 | ' |
Number of real estate properties | 423 | ' |
Common stock, per share value | ' | $0.00 |
Shares outstanding | ' | 40,396,245 |
Self storage and Hotel | ' | ' |
Additional disclosures | ' | ' |
Square footage of all real estate properties | 800,000 | ' |
Hotel | ' | ' |
Additional disclosures | ' | ' |
Number of real estate properties | 1 | ' |
Self Storage | ' | ' |
Additional disclosures | ' | ' |
Number of real estate properties | 21 | ' |
Owned and Managed Reits | ' | ' |
Additional disclosures | ' | ' |
Number of real estate properties | 1,007 | ' |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Narratives) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Apr. 30, 2010 | Aug. 31, 2012 | |
Building and related improvements | Furniture, fixtures and equipment | Gain on sales of real estate | Net income | Net investments in direct financing lease | Operating real estate | Lease revenue | Impairment charges | Deprecation expense | Other real estate income | CWI | Hotel | ||||
Maximum | Maximum | ||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Interest In Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Maximum Offering Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | ' |
Amount From Dividend Reinvestment Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,500,000 | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate taxes | 18,700,000 | 6,400,000 | 7,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency gain loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign curreny transaction gain, net of tax | -600,000 | 400,000 | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior Period Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Out-of-period adjustment, amount | ' | $200,000 | ' | ' | ' | $2,000,000 | $2,500,000 | ($17,600,000) | $17,900,000 | $900,000 | ($1,600,000) | $2,200,000 | $17,900,000 | ' | ' |
Property Plant And Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed asset useful life | ' | ' | ' | '40 years 0 months 0 days | '7 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounting Changes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Out-of-Period Adjustments | |||||||||||||||
During 2012, we identified errors in the consolidated financial statements related to prior years. The errors were primarily attributable to the misapplication of guidance in accounting for and clerical errors related to the expropriation of land related to two investments and our reimbursement of certain affiliated costs. We concluded that these adjustments were not material, individually or in the aggregate, to our results for this or any of the prior periods, and as such, we recorded an out-of-period adjustment to increase our income from operations by $2.5 million within continuing operations primarily attributable to an increase in Gain on sale of real estate of $2.0 million in the consolidated statement of income. | |||||||||||||||
In 2011, we identified an error in the consolidated financial statements related to prior years. The error relates to the misapplication of accounting guidance related to the modifications of certain leases. We concluded this adjustment, with a net impact of $0.2 million on our statement of operations for the fourth quarter of 2011, was not material to our results for the prior year periods or to the period of adjustment. Accordingly, this cumulative change was recorded in the consolidated financial statements in the fourth quarter of 2011 as an out-of-period adjustment as follows: a reduction to Net investment in direct financing leases of $17.6 million and an increase in net Operating real estate of $17.9 million on the consolidated balance sheet; and an increase in Lease revenues of $0.9 million, a reduction of Impairment charges of $1.6 million, and an increase in Depreciation expense of $2.2 million on the consolidated statement of operations. | |||||||||||||||
Merger_with_CPA_15_Narratives_
Merger with CPA 15 (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 13, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 28, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 28, 2012 | Sep. 28, 2012 | Dec. 31, 2012 | Sep. 28, 2012 | Sep. 28, 2012 | Sep. 28, 2012 | Sep. 28, 2012 | |
tenant | tenant | Below-market rent | Below-market rent | CPA 15 | CPA 15 | CPA 15 | CPA 15 | Marcourt Investments Inc. | Marcourt Investments Inc. | WPC/CPA 15 Merger | WPC/CPA 15 Merger | WPC/CPA 15 Merger | WPC/CPA 15 Merger | WPC/CPA 15 Merger | WPC/CPA 15 Merger | |||||||||||
property | property | sqft | quantity | Market Value Flucuation | Increase In Client Base | Fixed Rate | Variable Rate | |||||||||||||||||||
sqft | sqft | property | quantity | quantity | ||||||||||||||||||||||
tenant | ||||||||||||||||||||||||||
Merger Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash per share exchage rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share per share exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total per share consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.40 | ' | ' | ' | ' | ' | $12.65 | ' | ' | ' | ' | ' |
Consideration, shares recieved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,194,272 | ' | ' | ' | ' | ' |
Per share closing price on merger date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $49 | ' | ' | ' | ' | ' |
Merger consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,532,718,000 | $1,532,718,000 | ' | ' | $1,500,000,000 | ' | ' | ' | ' | ' |
Cash consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,356,000 | ' | 152,356,000 | 152,356,000 | ' | ' | 152,400,000 | ' | ' | ' | ' | ' |
Fair value of WP Carey common shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,380,362,000 | ' | 1,380,362,000 | 1,380,362,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ' | ' |
Number of real estate properties | 423 | ' | ' | ' | ' | ' | ' | ' | 423 | ' | ' | ' | ' | ' | 305 | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' |
Number of tenants | 124 | ' | ' | ' | ' | ' | ' | ' | 124 | ' | ' | ' | ' | ' | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Square footage of all real estate properties | 38,500,000 | ' | ' | ' | ' | ' | ' | ' | 38,500,000 | ' | ' | ' | ' | ' | 27,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Occupany rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Lease Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease revenues | ' | ' | ' | ' | ' | ' | ' | ' | 123,203,000 | 62,236,000 | 51,094,000 | ' | ' | ' | ' | 242,200,000 | ' | ' | ' | ' | ' | 57,300,000 | ' | ' | ' | ' |
Number of loans acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58 | 9 |
Nonrecourse debt fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger fees earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost expensed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,700,000 | ' | ' | ' | ' |
Net income | 15,477,000 | 2,588,000 | 31,777,000 | 12,290,000 | 9,091,000 | 25,202,000 | 81,443,000 | 23,343,000 | 62,132,000 | 139,079,000 | 73,972,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | ' | ' | ' | ' |
Income loss attributable to non controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.37% | 52.63% | ' | 100.00% | ' | ' | ' | ' | ' |
Liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,537,550,000 | 1,538,467,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, per share value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | $45.07 | ' | ' | ' | ' | ' |
Goodwill in connection with Merger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 268,683,000 | ' | 268,683,000 | 274,951,000 | ' | ' | ' | ' | 110,800,000 | 121,200,000 | ' | ' |
Common stock, market value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $49 | ' | ' | ' | ' | ' |
Increase in market value of stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.33 | ' | ' |
Gain on change in control of interests | ' | ' | ' | ' | ' | ' | ' | ' | 20,744,000 | 27,859,000 | 781,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | ' | ' | ' | ' | ' |
Gain on conversion of shares | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | 3,806,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' | ' | ' |
Carrying value of shares owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,700,000 | ' | ' | ' | ' | ' |
Fair value of shares owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,800,000 | ' | ' | ' | ' | ' |
Carrying value of equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,400,000 | ' | ' | ' | ' | ' |
Fair value of equity investments acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,100,000 | ' | ' | ' | ' | ' |
Per share premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.93 | ' | ' | ' | ' | ' |
Net asset value, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.40 | ' | ' | ' | ' | ' |
Shares issued to stockholders of CPA:15 in connection with the Merger, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,170,643 | ' | ' | ' | ' | ' |
Shares issued to stockholders of CPA:15 in connection with the Merger, value | ' | ' | ' | ' | ' | ' | ' | ' | 1,380,361,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000,000 | ' | ' | ' | ' | ' |
Amortizable and Unamortizable Intangible Liabilities, net | 106,448,000 | ' | ' | ' | 4,973,000 | ' | ' | ' | 106,448,000 | 4,973,000 | ' | ' | 82,944,000 | 4,973,000 | ' | ' | ' | ' | ' | ' | 102,155,000 | ' | ' | ' | ' | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $6,783,000 | $37,214,000 | $25,852,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,600,000 | ' | ' | ' | ' |
valuation technique | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '• Discount rates applied to the estimated net operating income of each property ranged from approximately 3.5% to 14.75%; • Discount rates applied to the estimated residual value of each property ranged from approximately 5.75% to 12.5%; • Residual capitalization rates applied to the properties ranged from approximately 7.0% to 11.5%. • The fair market value of such property level debt was determined based upon available market data for comparable liabilities and by applying selected discount rates to the stream of future debt payments; and • Discount rates applied to cash flows ranged from approximately 2.7% to 10%. | ' | ' | ' | ' | ' |
Number Of Shares Owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,389,079 | ' | ' | ' | ' | ' |
Merger_with_CPA_15_Details_1
Merger with CPA 15 (Details 1) (CPA 15, USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | |||
Total Consideration: | ' | ' | ' |
Fair value of WP Carey common shares issued | $1,380,362 | $1,380,362 | $1,380,362 |
Cash consideration paid | 152,356 | 152,356 | 152,356 |
Merger Consideration | 1,532,718 | 1,532,718 | ' |
Fair value of W. P. Carey & Co. LLC equity interest in CPA:15 prior to the Merger | 107,147 | 107,147 | 107,147 |
Fair value of W. P. Carey & Co. LLC equity interest in jointly-owned investments with CPA:15 prior to the Merger | 54,822 | 54,822 | 54,822 |
Total consideration | 1,694,687 | 1,694,687 | ' |
Assets Acquired at fair value: | ' | ' | ' |
Net investment in properties | 1,762,872 | 1,758,372 | 1,762,872 |
Net investment in direct finanacing lease | 315,789 | 315,789 | 315,789 |
Equity investments in real estate | 166,247 | 164,886 | 166,247 |
Intangible assets | 695,310 | 694,411 | 695,310 |
Cash and cash equivalents | 178,945 | 178,945 | 178,945 |
Other assets, net | 81,750 | 83,838 | 81,750 |
Total assets acquired | 3,200,913 | 3,196,241 | ' |
Liabilities assumed at fair value: | ' | ' | ' |
Non-recourse and limited recourse debt | -1,350,755 | -1,350,755 | ' |
Accounts payable, accrued expenses and other liabilities | -186,795 | -187,712 | -186,795 |
Total liabilities assumed | -1,537,550 | -1,538,467 | ' |
Net identifiable assets acquired at fair value | 1,663,363 | 1,657,774 | ' |
Amount attributable to noncontrolling interest | -237,359 | -238,038 | -237,359 |
Goodwill | 268,683 | 274,951 | 268,683 |
Measurement Period Adjustment | ' | ' | ' |
Assets Acquired at fair value: | ' | ' | ' |
Net investment in properties | 4,500 | ' | ' |
Equity investments in real estate | 1,361 | ' | ' |
Intangible assets | 899 | ' | ' |
Other assets, net | -2,088 | ' | ' |
Total assets acquired | 4,672 | ' | ' |
Liabilities assumed at fair value: | ' | ' | ' |
Accounts payable, accrued expenses and other liabilities | 917 | ' | ' |
Total liabilities assumed | 917 | ' | ' |
Net identifiable assets acquired at fair value | 5,589 | ' | ' |
Amount attributable to noncontrolling interest | 679 | ' | ' |
Goodwill | ($6,268) | ' | ' |
Merger_with_CPA_15_Details_2
Merger with CPA 15 (Details 2) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Pro forma results of operations | ' | ' |
Pro forma total revenues | $529,331 | $542,667 |
Pro forma income attributable to W. P. Carey stockholders | $140,284 | $117,708 |
Pro forma earnings per share: | ' | ' |
Basic | $2.03 | $1.70 |
Diluted | $2.01 | $1.70 |
Pro forma weighted average shares: | ' | ' |
Basic | 68,382,378 | 67,990,118 |
Diluted | 69,071,391 | 68,268,738 |
Agreements_and_Transactions_of
Agreements and Transactions of Related Parties (Narratives) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | 31-May-11 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | |
Options One | Options Two | Options Maximum | CPA14/16 Merger | CPA14/16 Merger | CPA14/16 Merger | Maximum | Minimum | CPA 15 | CPA 16 - Global | CPA 16 - Global | CPA 17 - Global | CPA 17 - Global | CPA 17 - Global | CPA 17 - Global | CWI | CWI | CWI | CWI | ||||
Maximum | Minimum | |||||||||||||||||||||
Asset management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset management revenue is calculated as a percent of total average invested assets | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance revenue is calculated as a percent of total average invested assets | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset management revenue is calculated as a percent of average market value of real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' |
Asset management revenue is calculated as a percent of average equity value of securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' |
Asset management revenue is calculated as a percent of average lodging-related assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' |
Other distributions of cash received | 10.00% | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset management revenue receivable in shares, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset management revenue receivable in cash, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Structuring revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition revenue as a percent of total cost of all investments made by each CPA REIT | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of structuring revenue paid on completion of transaction | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of structuring revenue paid in annual installments | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial acquisition revenue percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 0.00% | ' | ' | 2.50% | ' |
Maximum percentage of revenue earned on initial acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' |
Unpaid transaction fee interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Refinanced Fee Rate | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination revenue | ' | $31,200,000 | ' | ' | ' | ' | ' | ' | $31,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated disposition revenue, percentage | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated disposition revenue | ' | 21,300,000 | ' | ' | ' | ' | ' | ' | 21,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated incentive revenue, percentage | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursed costs from affiliates and wholesaling revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling commission per share sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.65 | ' | ' | ' | ' | ' | $0.70 | ' |
Dealer revenue per share sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.35 | ' | ' | ' | ' | ' | $0.30 | ' |
Wholesaling revenue per share sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.15 | ' | ' | ' | ' | ' | ' | ' |
Minimum Offering Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' |
Maximum percent of offering proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' |
Organization and offering costs incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,400,000 | ' |
Offering Costs Obligation To Reimburse | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' |
Offering Costs Reimbursed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' |
Other transactions with affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan To Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | 2,000,000 | 4,000,000 | ' | ' |
Due from affiliates | 36,002,000 | 38,369,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on loan to affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0.0115 | ' | ' | 'LIBOR plus0.9% | 'LIBOR plus 2.5% | ' | ' |
Joint venture ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from repayment of loans to related party | 0 | 96,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Proceeds from related party debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Share Purchase Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First sale option, value | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Second sale option, value | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third sale option, value | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock market value on excerise date | ' | ' | ' | $44.53 | $48.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased during period, shares | ' | ' | ' | 561,418 | 410,964 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of common stock | 45,270,000 | 0 | 0 | 25,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Registration rights agreement | ' | ' | ' | 50,000,000 | 75,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum lease payment receivable | 430,514,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent Purchase Price | ' | 96.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
UPREIT Reorganization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment for special member interest | ' | 0.3 | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments | 565,626,000 | 538,749,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of dererred revenue | -9,436,000 | -6,291,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Interest Of Managing Members | ' | ' | ' | ' | ' | ' | ' | ' | 99.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0.02% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Former Subordinated Incentive And Termination Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduced Asset Management Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Previous Asset Management Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final Distribution Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return On Managing Members Invested Capital Base | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue Eliminated | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Interest In Another Reit | ' | ' | ' | ' | ' | ' | ' | ' | 17.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Managing Members Priority Return | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Termination Fee | ' | ' | ' | ' | ' | ' | ' | ' | 28,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CPA 14/16 Merger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 31,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of mortgage loans assumed | ' | ' | ' | ' | ' | ' | 117,100,000 | ' | 87,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination revenue | ' | 31,200,000 | ' | ' | ' | ' | ' | ' | 31,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Terminition revenue received in share exchange | ' | ' | ' | ' | ' | ' | ' | ' | 3,242,089 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares received as terminaton revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,717,138 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized deferred revenue | ' | ' | ' | ' | ' | ' | ' | 12,600,000 | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Unsecured Lines of Credit | 300,000,000 | 251,410,000 | 83,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of differential basis | ' | ' | ' | ' | ' | ' | ' | 900,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash per share exchage rate | ' | ' | ' | ' | ' | ' | ' | ' | $10.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share per share exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | $1.19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Asset Value | ' | ' | ' | ' | ' | ' | ' | ' | $11.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special Distributions Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special Distributions Value | ' | ' | ' | ' | ' | ' | ' | ' | 90,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger Consideration | ' | ' | ' | ' | ' | ' | ' | ' | 954,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | 444,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration, shares recieved | ' | ' | ' | ' | ' | ' | ' | ' | 57,365,145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of shares issued | ' | ' | ' | ' | ' | ' | ' | ' | 510,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Shares Purchased | ' | ' | ' | ' | ' | ' | ' | ' | 13,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value Of Additional Shares Purchased | ' | ' | ' | ' | ' | ' | ' | ' | 121,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Affiliate Senior Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | 320,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | $121,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Received From Reit Arising From Merger | ' | ' | ' | ' | ' | ' | ' | ' | 13,260,091 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Received In Exchange From Liquidating Shareholders | ' | ' | ' | ' | ' | ' | ' | 48,076,723 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreements_and_Transactions_of1
Agreements and Transactions of Related Parties (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Asset management fees: | ' | ' | ' |
Asset management revenue from affiliates | $56,666 | $66,808 | $76,246 |
Structuring revenue from affiliates | 48,355 | 46,831 | 44,525 |
Incentive termination and subordinated disposition revenue | 0 | 52,515 | 0 |
Wholesaling revenue | 19,914 | 11,664 | 11,096 |
Reimbursed costs from affiliates | 98,245 | 64,829 | 60,023 |
Distributions of Available Cash | 30,009 | 15,535 | 4,468 |
Deferred revenue earned | 8,492 | 5,662 | 0 |
Revenue earned and cash received from REITs | $261,681 | $263,844 | $196,358 |
Agreements_and_Transactions_of2
Agreements and Transactions of Related Parties (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Asset management fees | ' | ' | ' |
Investment Banking Advisory Brokerage And Underwriting Fees And Commissions | $261,681 | $263,844 | $196,358 |
CPA 14 | ' | ' | ' |
Asset management fees | ' | ' | ' |
Investment Banking Advisory Brokerage And Underwriting Fees And Commissions | ' | 59,605 | 23,387 |
CPA 15 | ' | ' | ' |
Asset management fees | ' | ' | ' |
Investment Banking Advisory Brokerage And Underwriting Fees And Commissions | 21,563 | 31,489 | 31,172 |
CPA 16 - Global | ' | ' | ' |
Asset management fees | ' | ' | ' |
Investment Banking Advisory Brokerage And Underwriting Fees And Commissions | 50,825 | 40,555 | 28,478 |
CPA 17 - Global | ' | ' | ' |
Asset management fees | ' | ' | ' |
Investment Banking Advisory Brokerage And Underwriting Fees And Commissions | 173,262 | 124,465 | 112,386 |
CWI | ' | ' | ' |
Asset management fees | ' | ' | ' |
Investment Banking Advisory Brokerage And Underwriting Fees And Commissions | 15,334 | 6,745 | ' |
Other | ' | ' | ' |
Asset management fees | ' | ' | ' |
Investment Banking Advisory Brokerage And Underwriting Fees And Commissions | $697 | $985 | $935 |
Agreements_and_Transactions_of3
Agreements and Transactions of Related Parties (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Structuring revenue | ' | ' | ' |
Unpaid deferred acquistion fees | $28,654 | $29,410 | ' |
Interest earned on unpaid deferred acquisition fees | $1,064 | $1,332 | $1,136 |
Agreements_and_Transactions_of4
Agreements and Transactions of Related Parties (Details 4) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Redeemable Noncontrolling Interests | ' |
Balance - beginning balance | $0 |
Reclassification from permanent equity to temporary equity | 85,000 |
Redemption of securities | -45,000 |
Balance - end of period | $40,000 |
Net_Investments_in_Properties_1
Net Investments in Properties (Narratives) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | 31-May-11 | Dec. 31, 2011 | Sep. 28, 2012 | Sep. 13, 2012 | Dec. 31, 2012 | |
property | Operating real estate | Self Storage | Hotel | CPA14/16 Merger | CPA14/16 Merger | WPC/CPA 15 Merger | Walgreens Co. | Walgreens Co. | |||
property | property | ||||||||||
Real Estate Investment Property At Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Exchange Rate | $1.32 | $1.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase decrease in foreign currency exchange rate | 2.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency exchange rate impact | 12,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate under construction | 2,875,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in real estate | ' | ' | ' | ' | ' | ' | 174,800,000 | ' | 1,800,000,000 | ' | ' |
Number of real estate properties | 423 | ' | ' | ' | 21 | 1 | ' | ' | ' | ' | ' |
Payments to acquire real estate | 3,944,000 | 24,315,000 | 96,884,000 | ' | ' | ' | ' | ' | ' | 24,800,000 | ' |
Capitalized acquistion cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' |
Measurement period adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 |
Net lease intangibles recorded | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' |
Impairment of real estate | 0 | -1,365,000 | 1,140,000 | ' | ' | -10,500,000 | ' | ' | ' | ' | ' |
Fair value of mortgage loans assumed | ' | ' | ' | ' | ' | ' | 117,100,000 | 87,600,000 | ' | ' | ' |
Gain on change in control of interests | 20,744,000 | 27,859,000 | 781,000 | ' | ' | ' | 27,900,000 | ' | 14,700,000 | ' | ' |
Increase in real estate due to acquisition | ' | ' | ' | ' | ' | ' | 90,200,000 | ' | ' | ' | ' |
Increase (decrease) in lease intangibles due to acquisition | ' | ' | ' | ' | ' | ' | 40,800,000 | ' | ' | ' | ' |
Prior Period Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | ' | $200,000 | ' | $17,900,000 | ' | ' | ' | ' | ' | ' | ' |
Net_Investments_in_Properties_2
Net Investments in Properties (Details 1) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Real Estate Investment Property At Cost | ' | ' |
Accumulated depreciation (inclusive of amounts attributable to consolidated VIEs of $16,110 and $22,350, respectively) | ($136,068) | ($135,175) |
Net investments in properties | 2,295,248 | 621,182 |
Real Estate | ' | ' |
Real Estate Investment Property At Cost | ' | ' |
Land | 509,530 | 111,483 |
Buildings | 1,822,083 | 534,999 |
Accumulated depreciation (inclusive of amounts attributable to consolidated VIEs of $16,110 and $22,350, respectively) | -116,075 | -118,054 |
Net investments in properties | 2,215,538 | 528,428 |
Operating real estate | ' | ' |
Real Estate Investment Property At Cost | ' | ' |
Land | 22,158 | 24,031 |
Buildings | 77,545 | 85,844 |
Accumulated depreciation (inclusive of amounts attributable to consolidated VIEs of $16,110 and $22,350, respectively) | -19,993 | -17,121 |
Net investments in properties | $79,710 | $92,754 |
Net_Investments_in_Properties_3
Net Investments in Properties (Details 2) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Schedule of Minimum Lease Rents Receivable | ' |
2013 | $272,559 |
2014 | 270,952 |
2015 | 249,266 |
2016 | 227,445 |
2017 | 213,292 |
Thereafter | 1,078,071 |
Total | $2,311,585 |
Finance_Receivables_Narratives
Finance Receivables (Narratives) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2011 | Sep. 28, 2012 | Dec. 31, 2010 | |
Net investments in direct financing lease | Impairment charges | WPC/CPA 15 Merger | Net investments in direct financing lease | ||||
property | |||||||
Finance Receivables | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of DFL | $2,000,000 | ' | ' | ' | ' | ' | ' |
Gain (loss) on sales of DFL | -200,000 | ' | ' | ' | ' | ' | ' |
Number of DFL acquired from Merger | ' | ' | ' | ' | ' | 15 | ' |
Net investment in direct finanacing lease | ' | ' | ' | ' | ' | -315,800,000 | ' |
Impairment charges | 22,962,000 | 10,473,000 | 15,381,000 | ' | ' | ' | 1,100,000 |
AR billed under DFL | 200,000 | 100,000 | ' | ' | ' | ' | ' |
Financing receivable credit quality additional information | 'We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant defaults. At both ##D##D and ##D, none of our finance receivables were past due and we had not established any allowances for credit losses. | ' | ' | ' | ' | ' | ' |
Financing receivable credit quality range of dates ratings updated | 'fourth quarter of 2012 | ' | ' | ' | ' | ' | ' |
Prior Period Adjustment | ' | ' | ' | ' | ' | ' | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | ' | $200,000 | ' | ($17,600,000) | ($1,600,000) | ' | ' |
Finance_Receivables_Details_1
Finance Receivables (Details 1) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Net Investments In Direct Financing Lease | ' | ' |
Minimum lease payments receivable | $430,514 | $29,986 |
Unguaranteed residual value | 375,706 | 57,218 |
Gross minimum lease payments receivable | 806,220 | 87,204 |
Less: unearned income | -430,215 | -29,204 |
Net investments in direct financing lease | $376,005 | $58,000 |
Finance_Receivables_Details_2
Finance Receivables (Details 2) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Schedule of Capital Lease Future Minimum Lease Payments | ' |
2013 | $34,573 |
2014 | 32,277 |
2015 | 31,968 |
2016 | 30,150 |
2017 | 29,707 |
Thereafter | 271,839 |
Total | $430,514 |
Finance_Receivables_Details_3
Finance Receivables (Details 3) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | tenant | |
Credit Quality Of Finanace Receivables | ' | ' |
Number of tenants | 124 | ' |
Net investments in direct financing leases (inclusive of amounts attributable to consolidated VIEs of $23,921 and $0, respectively) | $376,005 | $58,000 |
Internally Assigned Grade1 | ' | ' |
Credit Quality Of Finanace Receivables | ' | ' |
Number of tenants | 3 | 8 |
Net investments in direct financing leases (inclusive of amounts attributable to consolidated VIEs of $23,921 and $0, respectively) | 46,398 | 46,694 |
Internally Assigned Grade2 | ' | ' |
Credit Quality Of Finanace Receivables | ' | ' |
Number of tenants | 4 | 2 |
Net investments in direct financing leases (inclusive of amounts attributable to consolidated VIEs of $23,921 and $0, respectively) | 49,764 | 11,306 |
Internally Assigned Grade3 | ' | ' |
Credit Quality Of Finanace Receivables | ' | ' |
Number of tenants | 8 | ' |
Net investments in direct financing leases (inclusive of amounts attributable to consolidated VIEs of $23,921 and $0, respectively) | 257,281 | ' |
Internally Assigned Grade4 | ' | ' |
Credit Quality Of Finanace Receivables | ' | ' |
Number of tenants | 4 | ' |
Net investments in direct financing leases (inclusive of amounts attributable to consolidated VIEs of $23,921 and $0, respectively) | 22,562 | ' |
Internally Assigned Grade5 | ' | ' |
Credit Quality Of Finanace Receivables | ' | ' |
Number of tenants | ' | ' |
Net investments in direct financing leases (inclusive of amounts attributable to consolidated VIEs of $23,921 and $0, respectively) | $0 | ' |
Equity_Investment_in_Real_Esta2
Equity Investment in Real Estate and the Managed REITs (Narratives) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 2-May-11 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2012 | Mar. 31, 2011 | Dec. 31, 2011 | Apr. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Symphony IRI Group, Inc. | Medica France, S.A. | SchulerA.G. | SchulerA.G. | SchulerA.G. | Wanbishi Archives Co. Ltd. | Wanbishi Archives Co. Ltd. | The New York Times Company | The New York Times Company | U.S. Airways Group, Inc. | U.S. Airways Group, Inc. | U.S. Airways Group, Inc. | CPA 14 | CPA 15 | CPA 15 | CPA 15 | CPA 16 - Global | CPA 16 - Global | CPA 16 - Global | CPA 16 - Global | CPA 17 - Global | CPA 17 - Global | CPA 17 - Global | CPA 17 - Global | CWI | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Managed REITs | Real Estate | Real Estate | Real Estate | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | Real Estate Investments | ||||
Wanbishi Archives Co. Ltd. | Discontinued Operations | Discontinued Operations | Discontinued Operations | CPA14/16 Merger | CPA 14 | CPA 15 | CPA 15 | CPA 16 - Global | CPA 16 - Global | CPA 16 - Global | CPA 17 - Global | CPA 17 - Global | CPA 17 - Global | CWI | CWI | Symphony IRI Group, Inc. | Symphony IRI Group, Inc. | Symphony IRI Group, Inc. | Medica France, S.A. | Medica France, S.A. | Wanbishi Archives Co. Ltd. | ||||||||||||||||||||||||||||||||||
CPA14/16 Merger | CPA14/16 Merger | CPA14/16 Merger | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in REITs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset management fees receivable, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,595 | ' | ' | 128,992 | ' | ' | ' | 9,842 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions received from equity investment | ($17,271,000) | $310,000 | ($4,920,000) | $2,600,000 | ' | $8,200,000 | $2,400,000 | $2,300,000 | ' | ' | $3,200,000 | $4,400,000 | $2,400,000 | $2,200,000 | $2,500,000 | ' | $5,600,000 | $6,900,000 | $6,200,000 | $28,300,000 | $39,700,000 | $18,600,000 | $4,100,000 | $16,200,000 | $10,000,000 | $4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Asset Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger expenses | 31,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | 3,100,000 | ' | ' | ' | 13,600,000 | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of investment properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,400,000 | 45,400,000 | 30,500,000 | 29,600,000 | 16,700,000 | 14,600,000 | ' | 78,800,000 | ' | ' | ' | ' | ' | ' | ' | 7,400,000 | ' | ' | ' | ' | ' | -15,100,000 | ' | 1,400,000 | -34,000,000 | ' | ' |
Other-than-temporary impairment charges | 9,910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,900,000 | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 57,700,000 | 51,400,000 | 6,900,000 | 45,100,000 | 17,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | 8,600,000 | ' | 200,000 | ' | ' | ' | ' |
Reduction in equity investments earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | 7,800,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from market value over consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | 28,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss related to the early payment of non recourse loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from equity method investments | 62,392,000 | 51,228,000 | 30,992,000 | ' | 15,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,000,000 | ' |
Equity method investments | 565,626,000 | 538,749,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,300,000 | ' | ' | ' | ' | ' | ' | 353,145,000 | 454,012,000 | ' | ' | ' | ' | ' | ' | 0 | 93,650,000 | 313,441,000 | 338,964,000 | ' | 38,977,000 | 21,277,000 | ' | 727,000 | 121,000 | ' | ' | ' | ' | ' | ' | -76,500,000 | ' | ' |
Payments to acquire equity method investments | 726,000 | 2,297,000 | 0 | ' | ' | ' | ' | ' | 1,500,000 | 52,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 |
Mortgage financing cost | ' | ' | ' | ' | ' | ' | ' | ' | $900,000 | $31,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000 |
Interest rate on debt | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loan Term | '11.5 | '10.4 | '10 | ' | ' | ' | ' | ' | '5 | '5 | ' | ' | ' | ' | ' | '8.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Interest In Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Investment_in_Real_Esta3
Equity Investment in Real Estate and the Managed REITs (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Investments in REITs | ' | ' | ' |
Equity earnings from equity investments in the Managed REITs | $5,509 | $16,928 | $10,480 |
Other-than-temporary impairment charges on CPA:16-Global operating partnership | -9,910 | ' | ' |
Distributions of Available Cash | 30,009 | 15,535 | 4,468 |
Deferred revenue earned | 8,492 | 5,662 | 0 |
Equity income from the Managed REITs | 34,100 | 38,125 | 14,948 |
Equity from other equity investments | 28,292 | 13,103 | 16,044 |
Total income from equity investments in real estate and the Managed REITs | $62,392 | $51,228 | $30,992 |
Equity_Investment_in_Real_Esta4
Equity Investment in Real Estate and the Managed REITs (Details 2) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Investments in REITs | ' | ' |
Equity method investments | $565,626 | $538,749 |
CPA 16 - Global | ' | ' |
Investments in REITs | ' | ' |
Equity method investments | ' | 28,300 |
Managed REITs | ' | ' |
Investments in REITs | ' | ' |
Equity method investments | 353,145 | 454,012 |
Managed REITs | CPA 15 | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | ' | 7.70% |
Equity method investments | 0 | 93,650 |
Managed REITs | CPA 16 - Global | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 18.30% | 17.90% |
Equity method investments | 313,441 | 338,964 |
Managed REITs | CPA 17 - Global | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 1.30% | 0.90% |
Equity method investments | 38,977 | 21,277 |
Managed REITs | CWI | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 0.40% | 0.50% |
Equity method investments | $727 | $121 |
Equity_Investment_in_Real_Esta5
Equity Investment in Real Estate and the Managed REITs (Details 3) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Managed REITs | ' | ' |
Equity Method Investment Summarized Financial Information | ' | ' |
Assets | $8,052,546 | $9,184,111 |
Liabilities | -3,959,756 | -4,896,116 |
Reedemable noncontrolling interest | -21,747 | -21,306 |
Noncontrolling interests | -170,140 | -330,873 |
Partners'/stockholders' equity | 3,900,903 | 3,935,816 |
Combined Equity Investments | ' | ' |
Equity Method Investment Summarized Financial Information | ' | ' |
Assets | 1,286,294 | 1,026,124 |
Liabilities | -799,422 | -706,244 |
Reedemable noncontrolling interest | -21,747 | -21,306 |
Partners'/stockholders' equity | $465,125 | $298,574 |
Equity_Investment_in_Real_Esta6
Equity Investment in Real Estate and the Managed REITs (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Equity Method Investment Summarized Financial Information Income Statement | ' | ' | ' |
Impairment charges | ($22,962) | ($10,473) | ($15,381) |
Managed REITs | ' | ' | ' |
Equity Method Investment Summarized Financial Information Income Statement | ' | ' | ' |
Revenues | 809,364 | 789,933 | 737,369 |
Expenses | -626,422 | -599,822 | -501,216 |
Net Income from continuing operations | 182,942 | 190,111 | 236,153 |
Net income (loss) attributable to the equity investments in real estate and REITs | 123,815 | 123,479 | 189,155 |
Combined Equity Investments | ' | ' | ' |
Equity Method Investment Summarized Financial Information Income Statement | ' | ' | ' |
Revenues | 108,242 | 118,819 | 146,214 |
Expenses | -64,453 | -75,992 | -79,665 |
Impairment charges | 0 | -8,602 | 0 |
Net Income from continuing operations | 43,789 | 34,225 | 66,549 |
Net income (loss) attributable to the equity investments in real estate and REITs | $79,591 | $34,225 | $66,549 |
Equity_Investment_in_Real_Esta7
Equity Investment in Real Estate and the Managed REITs (Details 5) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Investments in REITs | ' | ' |
Equity method investments | $565,626 | $538,749 |
Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investments | 212,481 | 84,737 |
Carrefour France SAS | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investments | ' | 20,014 |
Advanced Micro Devices | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 33.00% | ' |
Equity method investments | 23,667 | ' |
Builders FirstSource, Inc. | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 40.00% | ' |
Equity method investments | 5,138 | ' |
C1000 Logestiek Vastgoed B.V. | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 15.00% | ' |
Equity method investments | 14,929 | ' |
Del Monte Corporation | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' |
Equity method investments | 8,318 | ' |
The Upper Deck Company | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' |
Equity method investments | 7,198 | ' |
Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 33.00% | ' |
Equity method investments | 6,323 | ' |
The Talaria Company (Hinckley) | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 30.00% | ' |
Equity method investments | 7,702 | ' |
PETsMart, Inc. | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 30.00% | ' |
Equity method investments | 3,808 | ' |
SaarOTEC | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' |
Equity method investments | -116 | ' |
SchulerA.G. | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 67.00% | ' |
Equity method investments | 62,006 | 19,958 |
The New York Times Company | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 18.00% | ' |
Equity method investments | 20,584 | 19,647 |
Medica France, S.A. | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investments | ' | 4,430 |
U.S. Airways Group, Inc. | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 75.00% | ' |
Equity method investments | 7,995 | 7,415 |
Hologic, Inc. | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investments | ' | 4,429 |
Childtime Childcare, Inc. | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investments | ' | 4,419 |
Consolidated Systems, Inc. | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 60.00% | ' |
Equity method investments | 3,278 | 3,387 |
Hellweg Die Profi-Baumarkte GmbH & Co. K.G | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 45.00% | ' |
Equity method investments | 42,387 | 1,062 |
Symphony IRI Group, Inc. | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investments | ' | -24 |
Wanbishi Archives Co. Ltd. | Real Estate Investments | ' | ' |
Investments in REITs | ' | ' |
Equity method investment, ownership percentage | 3.00% | ' |
Equity method investments | ($736) | ' |
Intangible_assets_and_Goodwill1
Intangible assets and Goodwill (Narratives) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Amortizable Intangible Assets | ' | ' | ' |
Amortization of intangible assets | $24.70 | $4 | $1.30 |
Maximum | ' | ' | ' |
Amortizable Intangible Assets | ' | ' | ' |
Finite lived intangible assets useful life | '40 years 0 months 0 days | ' | ' |
Minimum | ' | ' | ' |
Amortizable Intangible Assets | ' | ' | ' |
Finite lived intangible assets useful life | '1 year 0 months 0 days | ' | ' |
Intangible_assets_and_Goodwill2
Intangible assets and Goodwill (Details 1) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2012 |
Lease Intangibles: | ' | ' |
Finite-lived intangible assets acquired | $697,372 | $703,484 |
Amortizable and Unmortizable Intangible Liabilities Acquired | ' | ' |
Amortizable and unmortizable intangible liabilities acquired | -102,919 | -103,716 |
Measurement Period Adjustment | ' | ' |
Lease Intangibles: | ' | ' |
Finite-lived intangible assets acquired | ' | 6,112 |
Amortizable and Unmortizable Intangible Liabilities Acquired | ' | ' |
Amortizable and unmortizable intangible liabilities acquired | ' | -797 |
Below-market rent | ' | ' |
Lease Intangibles: | ' | ' |
Acquired intangible assets/liability weighted-average life | ' | '29 years 10 months 24 days |
Amortizable and Unmortizable Intangible Liabilities Acquired | ' | ' |
Amortizable and unmortizable intangible liabilities acquired | -79,312 | -80,423 |
Acquired intangible assets/liability weighted-average life | ' | '29 years 10 months 24 days |
Below-market rent | Measurement Period Adjustment | ' | ' |
Amortizable and Unmortizable Intangible Liabilities Acquired | ' | ' |
Amortizable and unmortizable intangible liabilities acquired | ' | -1,111 |
Below-market purchase option | ' | ' |
Amortizable and Unmortizable Intangible Liabilities Acquired | ' | ' |
Amortizable and unmortizable intangible liabilities acquired | -16,711 | -16,397 |
Below-market purchase option | Measurement Period Adjustment | ' | ' |
Amortizable and Unmortizable Intangible Liabilities Acquired | ' | ' |
Amortizable and unmortizable intangible liabilities acquired | ' | 314 |
Above-market ground lease | ' | ' |
Lease Intangibles: | ' | ' |
Acquired intangible assets/liability weighted-average life | ' | '11 years 9 months 18 days |
Amortizable and Unmortizable Intangible Liabilities Acquired | ' | ' |
Amortizable and unmortizable intangible liabilities acquired | -6,896 | -6,896 |
Acquired intangible assets/liability weighted-average life | ' | '11 years 9 months 18 days |
In-place lease | ' | ' |
Lease Intangibles: | ' | ' |
Finite-lived intangible assets acquired | 413,198 | 418,520 |
Acquired intangible assets/liability weighted-average life | ' | '12 years 10 months 24 days |
Amortizable and Unmortizable Intangible Liabilities Acquired | ' | ' |
Acquired intangible assets/liability weighted-average life | ' | '12 years 10 months 24 days |
In-place lease | Measurement Period Adjustment | ' | ' |
Lease Intangibles: | ' | ' |
Finite-lived intangible assets acquired | ' | 5,322 |
Above-market rent | ' | ' |
Lease Intangibles: | ' | ' |
Finite-lived intangible assets acquired | 284,174 | 284,964 |
Acquired intangible assets/liability weighted-average life | ' | '11 years 8 months 12 days |
Amortizable and Unmortizable Intangible Liabilities Acquired | ' | ' |
Acquired intangible assets/liability weighted-average life | ' | '11 years 8 months 12 days |
Above-market rent | Measurement Period Adjustment | ' | ' |
Lease Intangibles: | ' | ' |
Finite-lived intangible assets acquired | ' | $790 |
Intangible_assets_and_Goodwill3
Intangible assets and Goodwill (Details 2) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 |
Investment Management | Investment Management | Investment Management | Investment Management | Real Estate Ownership | Real Estate Ownership | Real Estate Ownership | ||||
Goodwill Rollforward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance - beginning of period | $63,607 | $63,607 | $63,607 | $63,607 | $63,607 | $63,607 | $63,607 | $0 | $0 | $0 |
Acquisition of CPA 15 | 268,683 | ' | ' | ' | ' | ' | ' | 268,683 | ' | ' |
Allocation of goodwill to dispositions of properties within the reporting unit | -3,158 | ' | ' | ' | ' | ' | ' | -3,158 | ' | ' |
Balance - end of period | $329,132 | $63,607 | $63,607 | $63,607 | $63,607 | $63,607 | $63,607 | $265,525 | $0 | $0 |
Intangible_assets_and_Goodwill4
Intangible assets and Goodwill (Details 3) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | ||||
Amortizable Intangible Assets | ' | ' | ' | ' |
Less: accumulated amortization | ($75,782) | ($57,425) | ' | ' |
Net amortizable intangible assets | 643,651 | ' | ' | ' |
Unamortizable Goodwill and Indefinite-Lived Intangible Assets | ' | ' | ' | ' |
Goodwill | 329,132 | 63,607 | 63,607 | 63,607 |
Trade name | 3,975 | 3,975 | ' | ' |
Indefinite lived intangible assets net, including goodwill | 1,066,495 | 125,957 | ' | ' |
Intangible Liabilities Net | ' | ' | ' | ' |
Amortized and unamortizable intangible liabilities gross | -109,778 | -6,455 | ' | ' |
Less: accumulated depreciation | 3,330 | 1,482 | ' | ' |
Net intangible liabilities | -106,448 | -4,973 | ' | ' |
Below-market rent | ' | ' | ' | ' |
Intangible Liabilities Net | ' | ' | ' | ' |
Amortized and unamortizable intangible liabilities gross | -86,171 | -6,455 | ' | ' |
Less: accumulated depreciation | 3,227 | 1,482 | ' | ' |
Net intangible liabilities | -82,944 | -4,973 | ' | ' |
Below-market purchase option | ' | ' | ' | ' |
Intangible Liabilities Net | ' | ' | ' | ' |
Amortized and unamortizable intangible liabilities gross | -16,711 | ' | ' | ' |
Net intangible liabilities | -16,711 | ' | ' | ' |
Above-market ground lease | ' | ' | ' | ' |
Intangible Liabilities Net | ' | ' | ' | ' |
Amortized and unamortizable intangible liabilities gross | -6,896 | ' | ' | ' |
Less: accumulated depreciation | 103 | ' | ' | ' |
Net intangible liabilities | -6,793 | ' | ' | ' |
Tenant Lease | ' | ' | ' | ' |
Amortizable Intangible Assets | ' | ' | ' | ' |
Finite lived intangible assets gross | 776,405 | 83,035 | ' | ' |
Less: accumulated amortization | -44,499 | -27,253 | ' | ' |
Net amortizable intangible assets | 731,906 | 55,782 | ' | ' |
Management contracts | ' | ' | ' | ' |
Amortizable Intangible Assets | ' | ' | ' | ' |
Finite lived intangible assets gross | 32,765 | 32,765 | ' | ' |
Less: accumulated amortization | -31,283 | -30,172 | ' | ' |
Net amortizable intangible assets | 1,482 | 2,593 | ' | ' |
In-place lease | Tenant Lease | ' | ' | ' | ' |
Amortizable Intangible Assets | ' | ' | ' | ' |
Finite lived intangible assets gross | 474,629 | 62,162 | ' | ' |
Less: accumulated amortization | -27,351 | -17,585 | ' | ' |
Net amortizable intangible assets | 447,278 | 44,577 | ' | ' |
Above-market rent | Tenant Lease | ' | ' | ' | ' |
Amortizable Intangible Assets | ' | ' | ' | ' |
Finite lived intangible assets gross | 293,627 | 9,905 | ' | ' |
Less: accumulated amortization | -13,742 | -5,082 | ' | ' |
Net amortizable intangible assets | 279,885 | 4,823 | ' | ' |
Tenant relationship | Tenant Lease | ' | ' | ' | ' |
Amortizable Intangible Assets | ' | ' | ' | ' |
Finite lived intangible assets gross | 8,149 | 10,968 | ' | ' |
Less: accumulated amortization | -3,406 | -4,586 | ' | ' |
Net amortizable intangible assets | $4,743 | $6,382 | ' | ' |
Intangible_assets_and_Goodwill5
Intangible assets and Goodwill (Details 4) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense | ' |
2013 | $84,274 |
2014 | 79,533 |
2015 | 72,016 |
2016 | 70,050 |
2017 | 66,667 |
Thereafter | 271,111 |
Amortizable intangible assets | $643,651 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narratives) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Fair Value Disclosures | ' |
Other-than-temporary impairment charges | $9,910 |
Redeemable noncontrolling interest | Maximum | ' |
Fair value inputs | ' |
Discount rate | 26.00% |
Lack of Marketability | 30.00% |
EBITDA Multiple | 5 |
Redeemable noncontrolling interest | Minimum | ' |
Fair value inputs | ' |
Discount rate | 22.00% |
Lack of Marketability | 20.00% |
EBITDA Multiple | 3 |
Deferred acquistion receivable | Maximum | ' |
Fair value inputs | ' |
Leverage adjusted unsecured spread | 3.25% |
Illiquidity Adjustment | 1.00% |
Deferred acquistion receivable | Minimum | ' |
Fair value inputs | ' |
Leverage adjusted unsecured spread | 2.75% |
Illiquidity Adjustment | 0.50% |
Hotel | ' |
Fair value inputs | ' |
Discount rate | 10.00% |
Lack of Marketability | 7.50% |
Capitalization rate | 9.50% |
CPA 16 - Global | Maximum | ' |
Fair value inputs | ' |
Discount rate | 15.75% |
Gen and admin to assets ratio | 0.45% |
CPA 16 - Global | Minimum | ' |
Fair value inputs | ' |
Discount rate | 12.75% |
Gen and admin to assets ratio | 0.35% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details 1) (Fair Value Recurring, USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Other securities | ' | $233 |
Money market funds | 231 | 35 |
Derivative assets | 1,745 | 0 |
Total | 1,976 | 268 |
Liabilities: | ' | ' |
Reedemable noncontrolling interest | 7,531 | 7,700 |
Derivative liabilities | 24,578 | 4,175 |
Total | 32,109 | 11,875 |
Level 1 | ' | ' |
Assets: | ' | ' |
Other securities | ' | 0 |
Money market funds | 231 | 35 |
Derivative assets | 0 | ' |
Total | 231 | 35 |
Liabilities: | ' | ' |
Reedemable noncontrolling interest | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total | 0 | 0 |
Level 2 | ' | ' |
Assets: | ' | ' |
Other securities | ' | 0 |
Money market funds | 0 | 0 |
Derivative assets | 25 | ' |
Total | 25 | 0 |
Liabilities: | ' | ' |
Reedemable noncontrolling interest | 0 | 0 |
Derivative liabilities | 24,578 | 4,175 |
Total | 24,578 | 4,175 |
Level 3 | ' | ' |
Assets: | ' | ' |
Other securities | ' | 233 |
Money market funds | 0 | 0 |
Derivative assets | 1,720 | ' |
Total | 1,720 | 233 |
Liabilities: | ' | ' |
Reedemable noncontrolling interest | 7,531 | 7,700 |
Derivative liabilities | 0 | 0 |
Total | $7,531 | $7,700 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Measurment Using Significant Unobservable Inputs, Assets (Level 3 Only) | ' | ' |
Beginning balance | $233 | $263 |
Total gains or losses (realized and unrealized): | ' | ' |
Included in earnings | 90 | -20 |
Included in other comprehensive income (loss) | -7 | -10 |
Purchases | 0 | 0 |
Settlements | -236 | 0 |
Transfer in due to Merger | 1,640 | ' |
Ending balance | 1,720 | 233 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | 80 | -20 |
Gains or losses (realized and unrealized): | ' | ' |
Redemption value adjustment | 85,000 | ' |
Other Securities | ' | ' |
Fair Value Measurment Using Significant Unobservable Inputs, Assets (Level 3 Only) | ' | ' |
Beginning balance | 233 | 263 |
Total gains or losses (realized and unrealized): | ' | ' |
Included in earnings | 10 | -20 |
Included in other comprehensive income (loss) | -7 | -10 |
Purchases | 0 | 0 |
Settlements | -236 | 0 |
Ending balance | 0 | 233 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | 0 | -20 |
Derivative Assets | ' | ' |
Fair Value Measurment Using Significant Unobservable Inputs, Assets (Level 3 Only) | ' | ' |
Beginning balance | 0 | 0 |
Total gains or losses (realized and unrealized): | ' | ' |
Included in earnings | 80 | 0 |
Included in other comprehensive income (loss) | 0 | 0 |
Purchases | 0 | 0 |
Settlements | 0 | 0 |
Transfer in due to Merger | 1,640 | ' |
Ending balance | 1,720 | 0 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | 80 | 0 |
Redeemable noncontrolling interest | ' | ' |
Fair Value Measurment Using Significant Unobservable Inputs, Liabilities (Level 3 Only) | ' | ' |
Beginning balance | 7,700 | 7,546 |
Gains or losses (realized and unrealized): | ' | ' |
Included in earnings | 40 | 1,923 |
Included in other comprehensive income (loss) | 6 | -5 |
Purchases | ' | 0 |
Settlements | ' | 0 |
Distributions paid | -1,055 | -1,309 |
Redemption value adjustment | 840 | -455 |
Ending balance | 7,531 | 7,700 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | $0 | $0 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Level 2 | ' | ' |
Liabilities: | ' | ' |
Senior credit facility | $253,000 | $233,160 |
Level 3 | ' | ' |
Liabilities: | ' | ' |
Non-recourse debt | 1,727,985 | 361,948 |
Assets: | ' | ' |
Deferred acquisiton fees receivable | 33,632 | 31,638 |
Carrying Value | Level 2 | ' | ' |
Liabilities: | ' | ' |
Senior credit facility | 253,000 | 233,160 |
Carrying Value | Level 3 | ' | ' |
Liabilities: | ' | ' |
Non-recourse debt | 1,715,397 | 356,209 |
Assets: | ' | ' |
Deferred acquisiton fees receivable | $28,654 | $29,410 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) (Nonrecurring, Level 3, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Impairment Disclosure | ' | ' | ' |
Total fair value measurements | $61,784 | $44,141 | $38,056 |
Impairment charges on properties | 32,872 | 10,679 | 16,775 |
Continuing Operations: | ' | ' | ' |
Impairment Disclosure | ' | ' | ' |
Total fair value measurements | 17,140 | 1,934 | 26,394 |
Impairment charges on properties | 9,910 | -1,159 | 2,534 |
Real Estate | Continuing Operations: | ' | ' | ' |
Impairment Disclosure | ' | ' | ' |
Total fair value measurements | ' | 380 | ' |
Impairment charges on properties | ' | 243 | ' |
Real Estate | Discontinued Operations: | ' | ' | ' |
Impairment Disclosure | ' | ' | ' |
Total fair value measurements | 39,642 | 42,207 | 11,662 |
Impairment charges on properties | 12,495 | 11,838 | 14,241 |
Operating real estate | Continuing Operations: | ' | ' | ' |
Impairment Disclosure | ' | ' | ' |
Total fair value measurements | 0 | ' | ' |
Impairment charges on properties | 0 | ' | ' |
Operating real estate | Discontinued Operations: | ' | ' | ' |
Impairment Disclosure | ' | ' | ' |
Total fair value measurements | 5,002 | ' | ' |
Impairment charges on properties | 10,467 | ' | ' |
Net Investments In Direct Financing Lease | Continuing Operations: | ' | ' | ' |
Impairment Disclosure | ' | ' | ' |
Total fair value measurements | ' | ' | 3,548 |
Impairment charges on properties | ' | -1,608 | 1,140 |
Equity Investments In Real Estate | Continuing Operations: | ' | ' | ' |
Impairment Disclosure | ' | ' | ' |
Total fair value measurements | 17,140 | 1,554 | 22,846 |
Impairment charges on properties | $9,910 | $206 | $1,394 |
Risk_Management_and_Use_of_Der2
Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 28, 2012 |
USD ($) | USD ($) | Interest Expense | Cash Flow Hedging | Stock warrants | Interest rate cap | Interest rate cap | Interest rate cap | Forward contracts | Forward contracts | Forward contracts | CPA 16 - Global | CPA 15 | |
property | USD ($) | USD ($) | USD ($) | USD ($) | 1-Month LIBOR | 3-Month LIBOR | USD ($) | EUR (€) | Derivatives Not in Cash Flow Hedging Relationships | USD ($) | USD ($) | ||
tenant | Cash Flow Hedging | Cash Flow Hedging | Noncontrolling Interest | quantity | |||||||||
USD ($) | |||||||||||||
Summary of Derivative Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 50,648,000 | $33,700,000 | ' | ' |
Fair Value | -2,067,000 | ' | ' | -5,800,000 | 1,700,000 | 1,000 | ' | ' | -2,051,000 | ' | -4,200,000 | ' | ' |
Debt instrument interest rate at end of period | ' | ' | ' | ' | ' | ' | 4.20% | 2.90% | ' | ' | ' | ' | ' |
Stock warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 |
Derivative instruments gain loss reclassification from OCI to income, to be transferred | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum credit exposure | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Fair Value, Gross Liability | 25,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate termination value of derivatives in liability position | 27,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage geography | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.30% | ' |
Assets | $4,609,042,000 | $1,462,623,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,400,000,000 | ' |
Number of real estate properties | 423 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 498 | ' |
Number of tenants | 124 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144 | ' |
Risk_Management_and_Use_of_Der3
Risk Management and Use of Derivative Financial Instruments (Details 1) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Derivatives Not Designated as Hedging Instruments | ' | ' |
Stock warrants | $1,720 | $0 |
Interest rate swap | ' | 0 |
Total derivatives, assets | 1,745 | 0 |
Total derivatives, liabilities | -24,578 | -4,175 |
Foreign currency contracts | ' | ' |
Derivatives Designated as Hedging Instruments | ' | ' |
Derivative Instruments in Hedges, Liabilities, at Fair Value | -2,067 | 0 |
Interest rate swap | ' | ' |
Derivatives Designated as Hedging Instruments | ' | ' |
Derivative Instruments in Hedges, Liabilities, at Fair Value | -5,825 | -4,175 |
Derivatives Not Designated as Hedging Instruments | ' | ' |
Interest rate swap | -16,686 | ' |
Interest rate cap | ' | ' |
Derivatives Designated as Hedging Instruments | ' | ' |
Derivative Instruments in Hedges, Assets, at Fair Value | $25 | $0 |
Risk_Management_and_Use_of_Der4
Risk Management and Use of Derivative Financial Instruments (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($2,262) | ($3,564) | ($45) |
Interest rate swap | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -1,059 | -3,564 | -45 |
Interest rate cap | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 277 | ' | ' |
Foreign currency contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss) Activity | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($1,480) | ' | ' |
Risk_Management_and_Use_of_Der5
Risk Management and Use of Derivative Financial Instruments (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Amount of Gain (Loss) Reclassified from Other Comprehensive Income into Income (Effective Portion) | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Other Comprehensive Income into Income (Effective Portion) | ($1,628) | $0 | $0 |
Interest rate swap | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Other Comprehensive Income into Income (Effective Portion) | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Other Comprehensive Income into Income (Effective Portion) | -1,442 | 0 | 0 |
Foreign currency contracts | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Other Comprehensive Income into Income (Effective Portion) | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Other Comprehensive Income into Income (Effective Portion) | ($186) | ' | ' |
Risk_Management_and_Use_of_Der6
Risk Management and Use of Derivative Financial Instruments (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Amount of Gain (Loss) Recognized in Income on Derivatives | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $537 | $0 | $0 |
Interest rate swap | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 429 | 0 | 0 |
Stock warrants | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $108 | $0 | $0 |
Risk_Management_and_Use_of_Der7
Risk Management and Use of Derivative Financial Instruments (Details 5) | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | Cash Flow Hedging | Interest rate cap | 3-Month Euro Interbank Offering Rate | 3-Month Euro Interbank Offering Rate | 3-Month Euribor March | 3-Month Euribor March | 1-Month LIBOR July | 1-Month LIBOR August | 1-Month LIBOR June | 1-Month LIBOR April | 1-Month LIBOR December |
USD ($) | USD ($) | Interest rate cap | Interest rate cap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | ||
Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | ||||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Derivative Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | € 69,457 | ' | € 6,286 | $33,631 | $25,714 | $6,905 | $4,414 | $3,500 |
Effective Interest Rate | ' | ' | ' | 2.00% | 2.00% | 4.20% | 4.20% | 3.00% | 3.90% | 4.40% | 3.00% | 3.70% |
Effective Date | ' | ' | ' | 1-Dec-12 | 1-Dec-12 | 1-Mar-08 | 1-Mar-08 | 1-Jul-10 | 1-Aug-12 | 1-Jun-12 | 1-Apr-10 | 1-Dec-12 |
Expiration Date | ' | ' | ' | 1-Dec-14 | 1-Dec-14 | 1-Mar-18 | 1-Mar-18 | 1-Jul-20 | 1-Aug-22 | 1-Mar-22 | 1-Apr-15 | 1-Feb-19 |
Fair Value | ($2,067) | ($5,800) | $1 | $25 | ' | ($1,392) | ' | ($3,624) | ($403) | ($122) | ($247) | ($37) |
Risk_Management_and_Use_of_Der8
Risk Management and Use of Derivative Financial Instruments (Details 6) (Interest rate swap, Derivatives Not in Cash Flow Hedging Relationships) | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | 3-Month Euribor | 3-Month Euribor | 3-Month Euribor April 1 | 3-Month Euribor April 1 | 3-Month Euribor April 2 | 3-Month Euribor April 2 | 3-Montth Euribor April 3 | 3-Montth Euribor April 3 |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | ||
Derivative Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | € 100,000 | ' | € 15,970 | ' | € 6,975 | ' | € 5,479 |
Effective Interest Rate | ' | 3.70% | 3.70% | 0.90% | 0.90% | 4.40% | 4.40% | 4.30% | 4.30% |
Effective Date | ' | 31-Jul-06 | 31-Jul-06 | 30-Apr-12 | 30-Apr-12 | 30-Apr-08 | 30-Apr-08 | 30-Apr-07 | 30-Apr-07 |
Expiration Date | ' | 31-Jul-16 | 31-Jul-16 | 31-Jul-13 | 31-Jul-13 | 31-Oct-15 | 31-Oct-15 | 31-Jul-16 | 31-Jul-16 |
Fair Value | ($16,686) | ($15,462) | ' | ($86) | ' | ($523) | ' | ($615) | ' |
Risk_Management_and_Use_of_Der9
Risk Management and Use of Derivative Financial Instruments (Details 7) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Derivative Disclosure | ' |
Fair Value | ($2,067) |
Interest rate cap | ' |
Derivative Disclosure | ' |
Fair Value | 1 |
3-Month Libor August | Interest rate cap | ' |
Derivative Disclosure | ' |
Equity method investment, ownership percentage | 17.80% |
Notional Amount | 119,185 |
Cap Rate | 4.00% |
Spread | 4.80% |
Effective Date | 31-Aug-09 |
Expiration Date | 31-Aug-14 |
Fair Value | 1 |
1-Month Libor September | Interest rate cap | ' |
Derivative Disclosure | ' |
Equity method investment, ownership percentage | 79.00% |
Notional Amount | 17,275 |
Cap Rate | 3.00% |
Spread | 4.00% |
Effective Date | 30-Sep-09 |
Expiration Date | 30-Apr-14 |
Fair Value | $0 |
Recovered_Sheet2
Risk Management and Use of Derivative Financial Instruments (Details 8) | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | Forward contracts | Forward contracts | Forward contracts | Forward contracts | Forward Contract Two | Forward Contract Two | Forward Contract Two | Forward Contract Two |
USD ($) | EUR (€) | Minimum | Maximum | USD ($) | EUR (€) | Minimum | Maximum | ||
Derivative Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | € 50,648 | ' | ' | ' | € 8,700 | ' | ' |
Floor price | ' | 1.27 | 1.27 | ' | ' | 1.34 | 1.34 | ' | ' |
Cap price | ' | 1.3 | 1.3 | ' | ' | 1.35 | 1.35 | ' | ' |
Effective Date | ' | 1-May-12 | 1-May-12 | ' | ' | 1-Dec-12 | 1-Dec-12 | ' | ' |
Expiration Date | ' | ' | ' | 1-Mar-13 | 1-Jun-17 | ' | ' | 1-Sep-17 | 1-Mar-18 |
Fair Value | ($2,067) | ($2,051) | ' | ' | ' | ($16) | ' | ' | ' |
Recovered_Sheet3
Risk Management and Use of Derivative Financial Instruments (Details 9) | 12 Months Ended |
Dec. 31, 2012 | |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 10.00% |
Retail | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 20.00% |
All other | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 80.00% |
Office | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 29.00% |
Industrial | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 19.00% |
Warehouse/Distribution | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 15.00% |
Retail | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 14.00% |
Self Storage | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 10.00% |
All other | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 13.00% |
California | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 10.00% |
Other US | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 62.00% |
US | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 72.00% |
Europe | ' |
Risks and Uncertainties | ' |
Concentration Risk Percentage | 28.00% |
Impairment_Charges_Details_1
Impairment Charges (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Impairment Disclosure [Line Items] | ' | ' | ' |
Asset Impairment Charges | $22,962 | $10,473 | $15,381 |
Continuing Operations: | ' | ' | ' |
Impairment Disclosure [Line Items] | ' | ' | ' |
Asset Impairment Charges | 9,910 | -1,159 | 2,534 |
Continuing Operations: | Operating Expense | ' | ' | ' |
Impairment Disclosure [Line Items] | ' | ' | ' |
Asset Impairment Charges | 0 | -1,365 | 1,140 |
Discontinued Operations: | ' | ' | ' |
Impairment Disclosure [Line Items] | ' | ' | ' |
Asset Impairment Charges | 22,962 | 11,838 | 14,241 |
Real Estate | Continuing Operations: | Operating Expense | ' | ' | ' |
Impairment Disclosure [Line Items] | ' | ' | ' |
Asset Impairment Charges | 0 | 243 | ' |
Net Investments In Direct Financing Lease | Continuing Operations: | Operating Expense | ' | ' | ' |
Impairment Disclosure [Line Items] | ' | ' | ' |
Asset Impairment Charges | ' | -1,608 | 1,140 |
Equity Investments in Real Estate | Continuing Operations: | ' | ' | ' |
Impairment Disclosure [Line Items] | ' | ' | ' |
Asset Impairment Charges | 9,910 | 206 | 1,394 |
Total Assets | ' | ' | ' |
Impairment Disclosure [Line Items] | ' | ' | ' |
Asset Impairment Charges | $32,872 | $10,679 | $16,775 |
Debt_Narratives_Details
Debt (Narratives) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Revolving Line Of Credit | ' | ' | ' |
Senior credit facility | $625,000,000 | $450,000,000 | ' |
Credit facility, expiration date | 31-Dec-14 | ' | ' |
Letters of credit outstanding amount | 5,400,000 | ' | ' |
Amendement fees | 7,000,000 | ' | ' |
Debt instrument, covenant compliance | 'We were in compliance with all of these covenants at December 31, 2012. | ' | ' |
Maximum cash distributions | 50,000,000 | ' | ' |
Non Recourse Debt | ' | ' | ' |
Amount of debt acquired | 23,800,000 | 29,000,000 | 35,000,000 |
Collateral mortgage loan, carrying value | 2,000,000,000 | ' | ' |
Debt instrument maturity date, range start | 1-Jan-13 | ' | ' |
Debt instrument maturity date, range end | 31-Dec-26 | ' | ' |
Mortgage loans on real estate, interest rate | 4.20% | 5.10% | 5.50% |
Debt refinanced | 21,200,000 | 10,500,000 | ' |
Debt refinanced, restated carrying value | ' | 11,900,000 | ' |
Mortgage loan term | '11.5 | '10.4 | '10 |
Variable rate basis | ' | ' | 'Libor |
Variable rate spread | ' | ' | 2.50% |
Carey Storage Ventures | ' | ' | ' |
Non Recourse Debt | ' | ' | ' |
Mortgage loans on real estate, interest rate | ' | 6.70% | 6.30% |
Mortgage loan term | ' | '8.2 | '8.5 |
Fair value of mortgage loans assumed | ' | ' | 17,100,000 |
Carey Storage Ventures | Investors | ' | ' | ' |
Non Recourse Debt | ' | ' | ' |
Amount of debt acquired | ' | 2,800,000 | 8,200,000 |
CPA 14 | ' | ' | ' |
Non Recourse Debt | ' | ' | ' |
Amount of debt acquired | ' | 88,700,000 | ' |
Fair value market adjustment | ' | 1,100,000 | ' |
Mortgage loans on real estate, interest rate | ' | 5.80% | ' |
Mortgage loan term | ' | '8.3 | ' |
Fair value of mortgage loans assumed | ' | 87,600,000 | ' |
WPC/CPA 15 Merger | ' | ' | ' |
Non Recourse Debt | ' | ' | ' |
Fair value market adjustment | 14,800,000 | ' | ' |
Maximum | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Credit facililty potential increase | 125,000,000 | ' | ' |
Potential increase in swing line loan | 35,000,000 | ' | ' |
Potential increase in credit facility demonitated in currency other than USD | 150,000,000 | ' | ' |
Additional potential letter of credit | 50,000,000 | ' | ' |
Revolving Credit Facility | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Senior credit facility | 450,000,000 | ' | ' |
Interest rate on debt | 2.00% | ' | ' |
Line of credit facility, available | 625,000,000 | ' | ' |
Term Loan Facility | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Senior credit facility | 175,000,000 | ' | ' |
Letter of Credit | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Letters of credit outstanding amount | 253,000,000 | ' | ' |
Investment Grade | Maximum | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Facility interest rate | 0.40% | ' | ' |
Investment Grade | Maximum | Euro Currency | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Interest rate on debt | 2.00% | ' | ' |
Investment Grade | Maximum | Base Rate Loans | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Interest rate on debt | 1.00% | ' | ' |
Investment Grade | Minimum | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Facility interest rate | 0.20% | ' | ' |
Investment Grade | Minimum | Euro Currency | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Interest rate on debt | 1.10% | ' | ' |
Investment Grade | Minimum | Base Rate Loans | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Interest rate on debt | 0.10% | ' | ' |
Not Investment Grade | Maximum | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Dent instrument unused borrowing capacity fee % | 0.40% | ' | ' |
Not Investment Grade | Maximum | Euro Currency | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Interest rate on debt | 2.50% | ' | ' |
Not Investment Grade | Maximum | Base Rate Loans | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Interest rate on debt | 1.50% | ' | ' |
Not Investment Grade | Minimum | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Dent instrument unused borrowing capacity fee % | 0.30% | ' | ' |
Not Investment Grade | Minimum | Euro Currency | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Interest rate on debt | 1.75% | ' | ' |
Not Investment Grade | Minimum | Base Rate Loans | ' | ' | ' |
Revolving Line Of Credit | ' | ' | ' |
Interest rate on debt | 0.75% | ' | ' |
Fixed Interest Rate Loans | ' | ' | ' |
Non Recourse Debt | ' | ' | ' |
Mortgage loan on real estate, minimum interest rate | 2.70% | ' | ' |
Mortgage loan on real estate, maximum interest rate | 10.00% | ' | ' |
Fixed Interest Rate Loans | Carey Storage Ventures | ' | ' | ' |
Non Recourse Debt | ' | ' | ' |
Amount of debt acquired | ' | 4,600,000 | ' |
Fixed Interest Rate Loans | WPC/CPA 15 Merger | ' | ' | ' |
Non Recourse Debt | ' | ' | ' |
Amount of debt acquired | 1,100,000,000 | ' | ' |
Mortgage loans on real estate, interest rate | 5.08% | ' | ' |
Numbers of loans assumed | 58 | ' | ' |
Variable Interest Rate Loans | ' | ' | ' |
Non Recourse Debt | ' | ' | ' |
Mortgage loan on real estate, minimum interest rate | 1.20% | ' | ' |
Mortgage loan on real estate, maximum interest rate | 7.60% | ' | ' |
Variable Interest Rate Loans | WPC/CPA 15 Merger | ' | ' | ' |
Non Recourse Debt | ' | ' | ' |
Amount of debt acquired | $295,200,000 | ' | ' |
Mortgage loans on real estate, interest rate | 5.03% | ' | ' |
Numbers of loans assumed | 9 | ' | ' |
Debt_Details_1
Debt (Details 1) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Long-term Debt, by Maturity | ' |
2013 | $174,648 |
2014 | 631,345 |
2015 | 240,681 |
2016 | 87,223 |
2017 | 125,999 |
Thereafter through 2037 | 725,257 |
Long Term Debt Before Unamortized Discount | 1,985,153 |
Unamortized discount | -16,756 |
Total scheduled debt principal payments | 1,968,397 |
Revolving Credit Facility | ' |
Long-term Debt, by Maturity | ' |
2014 | 78,000 |
Term Loan Facility | ' |
Long-term Debt, by Maturity | ' |
2014 | $175,000 |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Oct. 19, 2012 | Jun. 30, 2003 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2008 | |
Per Share Distributions | ' | ' | ' | ' | ' | ' |
Dividends payable | ' | ' | $0.66 | $0.56 | ' | ' |
Dividend payable date | ' | ' | '2013-01 | '2012-01 | ' | ' |
Redeemable Noncontrolling Interests | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | $2,500,000 | $26,038,000 | $17,290,000 | $7,961,000 | ' |
Excercise price | ' | ' | $25.94 | $27.71 | $22.26 | $1 |
Options granted | ' | 1,500,000 | ' | ' | ' | ' |
Restricted stock award issued during period, gross | ' | 1,500,000 | ' | ' | ' | ' |
Percent Ownership In Subsidary By Officers | ' | 13.00% | 7.70% | ' | ' | 23.00% |
Earnings Per Share | ' | ' | ' | ' | ' | ' |
Restricted stock award issued during period, gross | ' | 1,500,000 | ' | ' | ' | ' |
Common stock, issued | 937,500 | ' | ' | ' | ' | ' |
Common stock sold, per share | $48 | ' | ' | ' | ' | ' |
Proceeds from the issuance of common stock | $45,000,000 | ' | ' | ' | ' | ' |
Anti dilutive shares | ' | ' | ' | 207,258 | 247,750 | ' |
Equity_Details_1
Equity (Details 1) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Per Share Distributions | ' |
Ordinary income | $0.62 |
Return of capital | $0.03 |
Total distributions | $0.65 |
Equity_Details_2
Equity (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Redeemable Noncontrolling Interests | ' | ' | ' |
Beginning balance | $7,700 | $7,546 | $7,692 |
Reclassification from permanent equity to temporary equity | -840 | -455 | -471 |
Net (loss) income | 40 | 1,923 | 1,293 |
Distributions | -1,055 | -1,309 | -956 |
Change in other comprehensive income | -6 | 5 | 12 |
Ending balance | $7,531 | $7,700 | $7,546 |
Equity_Details_3
Equity (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Minority Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to W. P. Carey | $15,477 | $2,588 | $31,777 | $12,290 | $9,091 | $25,202 | $81,443 | $23,343 | $62,132 | $139,079 | $73,972 |
Transfers to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net transfers to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -154 | -5,879 | ' |
Change from net income attributable to W. P. Carey and transfers to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 61,978 | 133,200 | 73,972 |
50 Rock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in W. P. Carey's additional paid-in capital for purchase | ' | ' | ' | ' | ' | ' | ' | ' | -154 | ' | ' |
Checkfree Holdings, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in W. P. Carey's additional paid-in capital for purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($5,879) | ' |
Equity_Details_4
Equity (Details 4) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income | ' | ' |
Unrealized gain on marketable securities | $31 | $37 |
Unrealized loss on derivative instrument | -6,029 | -5,246 |
Foreign currency translation adjustment | 1,349 | -3,298 |
Accumulated other comprehensive loss | ($4,649) | ($8,507) |
Equity_Details_5
Equity (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to W. P. Carey | $15,477 | $2,588 | $31,777 | $12,290 | $9,091 | $25,202 | $81,443 | $23,343 | $62,132 | $139,079 | $73,972 |
Allocation of earnings to participating unvested RSUs | ' | ' | ' | ' | ' | ' | ' | ' | -535 | -2,130 | -440 |
Net Income - basic | ' | ' | ' | ' | ' | ' | ' | ' | 61,597 | 136,949 | 73,532 |
Income effect of dilutive securities, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 23 | 1,076 | 724 |
Net Income - diluted | ' | ' | ' | ' | ' | ' | ' | ' | $61,620 | $138,025 | $74,256 |
Weighted average shares outstanding-basic | ' | ' | ' | ' | ' | ' | ' | ' | 47,389,460 | 39,819,475 | 39,514,746 |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 689,014 | 278,620 | 493,148 |
Weighted average shares outstanding-diluted | ' | ' | ' | ' | ' | ' | ' | ' | 48,078,474 | 40,098,095 | 40,007,894 |
Anti dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 207,258 | 247,750 |
StockBased_Compensation_and_Ot1
Stock-Based Compensation and Other Compensation (Narratives) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
1997 Incentive Plan | 2009 Incentive Plan | Long Term Incentive Plan | Long Term Incentive Plan | Long Term Incentive Plan | 2009 Non-Employee Directors Incentive Plan | 2009 Non-Employee Directors Incentive Plan | 1997 Non-Employee Directors Plan | Performance Stock Units | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Partnership Equity Plan | Partnership Equity Plan | Non-Vested Awards | Non-Vested Awards | Non-Vested Awards | ||||
Stock-Based and Other Compensation Additional Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allcoated share-based compensation expense | $26,200,000 | $17,800,000 | $7,400,000 | ' | ' | $24,800,000 | $15,700,000 | $5,700,000 | ' | ' | ' | $2,800,000 | $600,000 | $600,000 | $200,000 | ' | ' | ' | ' | ' |
Stock based compensaton period increase decrease | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeiture of stock compensation | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recognized from stock based compensation plan | 16,200,000 | 7,800,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of Share-Based Compensation Plan | ' | ' | ' | 'The 1997 Incentive Plan provided for the grant of (i) share options, which may or may not qualify as incentive stock options under the Code, (ii) performance shares or PSUs, (iii) dividend equivalent rights and (iv) restricted shares or RSUs. | 'The 2009 Incentive Plan provides for the grant of (i) share options, (ii) restricted shares or RSUs, (iii) performance shares or PSUs, and (iv) dividend equivalent rights. | ' | ' | ' | ' The 2009 Directors’ Plan authorizes the issuance of 325,000 shares of our common stock in the aggregate and initially provided for the automatic annual grant of RSUs with a total value of $50,000 to each director. In January 2011, the Compensation Committee approved an increase in the value of the annual grant to $70,000 per director, effective as of July 1, 2011. | ' | 'The 1997 Directors’ Plan provided for the grant of (i) share options, which may or may not qualify as incentive stock options, (ii) performance shares, (iii) dividend equivalent rights and (iv) restricted shares. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Terms of Award | ' | ' | ' | 'Options granted under the 1997 Incentive Plan generally have a 10-year term and generally vest in four equal annual installments. | ' | ' | ' | ' | ' | ' | ' Options granted under the 1997 Directors’ Plan have a 10-year term and vest generally over three years from the date of grant. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Authorized For Grant | ' | ' | ' | 6,200,000 | 3,600,000 | ' | ' | ' | 325,000 | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Available For Grant | ' | ' | ' | ' | 1,959,996 | ' | ' | ' | 245,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distributions for stock compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' |
Deferred compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,300,000 | 700,000 | ' | ' | ' |
New shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 356,416 | ' | ' | ' | ' |
Stock options to be issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,743 | ' | ' | ' |
Deferred Compensation Equity | 8,358,000 | 7,063,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' |
Outstanding at end of year, weighted average remaining contractual term | '3 years 2 months 8 days | '3 years 3 months 14 days | '4 years 3 months 4 days | '10 years 0 months 0 days | ' | ' | ' | ' | ' | ' | '10 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options execrised during the period, aggeregate instrinsic value | 9,300,000 | 4,600,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation expense expected to be recognized | ' | ' | ' | ' | ' | 33,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from excerise of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,800,000 | 1,200,000 | 3,700,000 | ' | ' | ' | ' | ' |
Fair value of vested stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,300,000 | 6,900,000 | 5,000,000 |
Maximum contribution for profit sharing plan | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Profit sharing expense | 4,400,000 | 3,800,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance cost | $1,100,000 | $400,000 | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_and_Ot2
Stock-Based Compensation and Other Compensation (Details 1) | 0 Months Ended | 12 Months Ended | |||||
Jun. 30, 2003 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | |
2009 Incentive Plan | 2009 Incentive Plan | 2009 Incentive Plan | 2009 Incentive Plan | 2009 Incentive Plan | |||
Employment Contracts | Employment Contracts | ||||||
Stock Issued or Granted During Period, Share-based Compensation | ' | ' | ' | ' | ' | ' | ' |
Restricted stock award issued during period, gross | 1,500,000 | ' | 259,400 | 524,550 | 140,050 | 78,000 | 340,000 |
Peformance stock award issued during period, gross | ' | ' | 314,400 | 291,600 | 159,250 | 142,000 | 100,000 |
Peformance stock award issued during period gross, excluded | ' | 10,000 | ' | ' | ' | 20,000 | 20,000 |
StockBased_Compensation_and_Ot3
Stock-Based Compensation and Other Compensation (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2008 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Outstanding at beginning of year - shares | 1,208,041 | 1,699,701 | 2,255,604 | ' |
Excercised - shares | -410,331 | -449,660 | -399,507 | ' |
Forfeited/Expired - shares | -3,500 | -42,000 | -156,396 | ' |
Outstanding at end of year - shares | 794,210 | 1,208,041 | 1,699,701 | ' |
Vested and expected to vest at end of year - shares | 746,689 | ' | ' | ' |
Exercisable at end of year - shares | 623,218 | 959,779 | 1,231,683 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' |
Outstanding at beginning of year, weighted average exercise price | $28.73 | $28.57 | $27.55 | ' |
Excercised, weighted average exercise price | $25.94 | $27.71 | $22.26 | $1 |
Forfeited/Expired, weighted average exercise price | $24.93 | $32.85 | $30.24 | ' |
Outstanding at end of year, weighted average exercise price | $30.32 | $28.73 | $28.57 | ' |
Vested and expected to vest at end of year, weighted average exercise price | $30.26 | ' | ' | ' |
Exercisable at end of year, weighted average exercise price | $30.22 | $28.36 | $27.86 | ' |
Outstanding at end of year, weighted average remaining contractual term | '3 years 2 months 8 days | '3 years 3 months 14 days | '4 years 3 months 4 days | ' |
Vested and expected to vest at end of year, weighted average remaining contractual term | '3 years 2 months 5 days | ' | ' | ' |
Exercisable at end of year, weighted average remaining contractual term | '2 years 11 months 26 days | '2 years 11 months 12 days | ' | ' |
Outstanding at end of year, aggeregate instrinsic value | $17,335,637 | ' | ' | ' |
Vested and expected to vest at end of year, aggeregate instrinsic value | 16,346,539 | ' | ' | ' |
Exercisable at end of year, aggeregate instrinsic value | $13,669,784 | ' | ' | ' |
StockBased_Compensation_and_Ot4
Stock-Based Compensation and Other Compensation (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Restricted Stock And Units RSU | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | ' | ' | ' |
Nonvested, beginning balance - shares | 624,793 | 263,820 | 381,878 |
Granted - shares | 274,420 | 541,890 | 156,682 |
Vested - shares | -268,683 | -162,437 | -175,225 |
Forfeited - shares | -36,336 | -18,480 | -99,515 |
Adjustments - shares | 0 | 0 | 0 |
Novested, ending balance - shares | 594,194 | 624,793 | 263,820 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' | ' | ' |
Novested, beginning balance, weighted average grant date fair value | $33.26 | $28.42 | $28.87 |
Granted, weighted average grant date fair value | $41.41 | $34.65 | $28.34 |
Vested, weighted average grant date fair value | $32.56 | $30.48 | $28.58 |
Forfeited, weighted average grant date fair value | $36.33 | $29.32 | $29.75 |
Adjustments, weighted average grant date fair | $0 | $0 | $0 |
Novested, weighted average grant date fair value | $37.15 | $33.26 | $28.42 |
PSU Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | ' | ' | ' |
Nonvested, beginning balance - shares | 673,428 | 243,994 | 170,375 |
Granted - shares | 314,400 | 291,600 | 159,250 |
Vested - shares | -235,189 | -48,925 | 0 |
Forfeited - shares | -49,494 | -14,055 | -65,725 |
Adjustments - shares | 296,368 | 200,814 | -19,906 |
Novested, ending balance - shares | 999,513 | 673,428 | 243,994 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' | ' | ' |
Novested, beginning balance, weighted average grant date fair value | $36.30 | $36.18 | $32.33 |
Granted, weighted average grant date fair value | $42.28 | $46.66 | $36.16 |
Vested, weighted average grant date fair value | $23.66 | $39.78 | $0 |
Forfeited, weighted average grant date fair value | $33.96 | $42.14 | $36.26 |
Adjustments, weighted average grant date fair | $26.01 | $22.65 | $28.49 |
Novested, weighted average grant date fair value | $34.55 | $36.30 | $36.18 |
Income_Taxes_Narratives_Detail
Income Taxes (Narratives) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||
Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2012 | |
Minimum [Member] | Maximum [Member] | |||||
Income Tax Disclosures | ' | ' | ' | ' | ' | ' |
Accrued income taxes | ' | $4,000,000 | ' | ' | ' | ' |
Net deferrred tax asset (liability) | ' | -17,328,000 | -44,127,000 | ' | ' | ' |
Unrecognized tax benefit that would impact tax rate | ' | ' | ' | 600,000 | ' | ' |
Unrecognized tax benefit tax benefit, reversed | 100,000 | ' | ' | ' | ' | ' |
Prepaid taxes | ' | ' | 4,600,000 | ' | ' | ' |
Uncertain tax position | ' | 300,000 | 0 | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' |
Open tax years by major tax jurisdiction | ' | ' | ' | ' | '2009 | '2012 |
Operating loss carryforward | ' | 46,100,000 | ' | ' | ' | ' |
Operating loss deferred tax asset, valuation allowance | ' | 11,900,000 | ' | ' | ' | ' |
Operating loss carryforwards, deferred tax asset | ' | $11,900,000 | ' | ' | ' | ' |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Federal | ' | ' | ' |
Current | $18,142 | $17,820 | $17,729 |
Deferred | -21,167 | 6,867 | -2,409 |
Total, Federal | -3,025 | 24,687 | 15,320 |
State, Local and Foreign | ' | ' | ' |
Current | 15,441 | 10,559 | 12,288 |
Deferred | -5,633 | 1,968 | -1,756 |
Total, State, Local and Foreign | 9,808 | 12,527 | 10,532 |
Income Tax Expense (Benefit), Continuing Operations | $6,783 | $37,214 | $25,852 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets | ' | ' |
Unearned and deferred compensation | $17,272 | $12,598 |
Other | 10,832 | 3,465 |
Deferred tax asset, gross | 28,104 | 16,063 |
Deferred Tax Liability | ' | ' |
Receivable from affiliates | -13,251 | -14,378 |
Investments | -31,598 | -45,812 |
Other | -583 | 0 |
Deferred tax liability, gross | -45,432 | -60,190 |
Net deferrred tax asset (liability) | ($17,328) | ($44,127) |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Reconciliation of total provision for Income Tax | ' | ' | ' |
Pretax income from taxable subsidiaries | ($412) | $78,561 | $49,253 |
Federal provision at statutory tax rate (35%) | -144 | 27,496 | 17,238 |
State and local taxes, net of federal benefit | 616 | 7,409 | 4,303 |
Amortization of intangible assets | 465 | 486 | 854 |
Other | 1,069 | 272 | 264 |
Tax provision - taxable subsidiaries | 2,006 | 35,663 | 22,659 |
Other state, local and foreign taxes | 4,777 | 1,551 | 3,193 |
Income Tax Expense (Benefit), Continuing Operations | $6,783 | $37,214 | $25,852 |
Effective Income Tax Rate, Continuing Operations | ' | ' | ' |
Income tax rate - Federal | 35.00% | 35.00% | 35.00% |
Income tax rate - State and local | -149.50% | 9.40% | 8.70% |
Income tax rate - Amortization of intangible assets | -112.90% | 0.60% | 1.70% |
Income tax rate - Other | -261.20% | 0.40% | 0.60% |
Income tax rate - Total | -488.60% | 45.40% | 46.00% |
Discontinued_Operations_Narrat
Discontinued Operations (Narratives) (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | |
Hotel | BE Aerospace | Career Education Institute | Career Education Institute | Merger property | Merger property | Merger property | Merger property | Domestic properties sold in 2013 | Domestic properties sold in 2013 | Domestic properties sold in 2013 | Domestic properties sold in 2012 | Domestic properties sold in 2012 | Domestic properties sold in 2012 | Domestic properties sold in 2011 | Domestic properties sold in 2011 | Domestic properties sold in 2010 | ||||
WPC/CPA 15 Merger | WPC/CPA 15 Merger | property | Assets held-for-sale | property | property | property | ||||||||||||||
Affiliate | property | |||||||||||||||||||
Discontinued Operation Additional Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | 3 | 13 | ' | ' | 7 | ' | 7 |
Contract selling price of property | ' | ' | ' | $3,800,000 | $25,300,000 | ' | ' | $16,400,000 | $1,400,000 | ' | ' | $22,700,000 | ' | ' | $44,800,000 | ' | ' | $12,500,000 | ' | $14,600,000 |
Gain (loss) on sale of property | ' | ' | ' | ' | -500,000 | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | -1,400,000 | ' | ' | -3,400,000 | ' | 500,000 |
Gain (loss) on deconsolidation | 0 | 1,008,000 | 0 | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset to be disposed, carrying value | ' | ' | ' | ' | ' | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | 22,962,000 | 11,838,000 | 14,241,000 | 1,100,000 | ' | ' | 5,600,000 | ' | ' | ' | ' | 3,900,000 | 200,000 | ' | 12,500,000 | 11,800,000 | 500,000 | 100,000 | 2,700,000 | 5,900,000 |
Goodwill written off | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse mortgage | 23,800,000 | 29,000,000 | 35,000,000 | ' | ' | 6,300,000 | ' | ' | ' | ' | ' | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.00% | 56.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | ' | ' | ' |
Revenues | $10,569 | $14,559 | $18,389 |
Expenses | -10,164 | -15,262 | -14,838 |
Gain on deconsolidation of a subsidiary | 0 | 1,008 | 0 |
(Loss) gain on sale of real estate | -5,019 | -3,391 | 460 |
Impairment charges | -22,962 | -11,838 | -14,241 |
(Loss) income from discontinued operations | ($27,576) | ($14,924) | ($10,230) |
Segment_Reporting_Narratives_D
Segment Reporting (Narratives) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Segment Reporting Information Profit Loss | ' | ' | ' |
Income from equity method investments | $62,392,000 | $51,228,000 | $30,992,000 |
Reimbursed costs from affiliates | 98,245,000 | 64,829,000 | 60,023,000 |
Merger expenses | 31,700,000 | ' | ' |
Medica France, S.A. | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' |
Income from equity method investments | $15,100,000 | ' | ' |
CPA 16 - Global | Real Estate Ownership | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' |
Percentage of total investment in REIT | 6.80% | ' | ' |
Segment_Reporting_Details_1
Segment Reporting (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Segment Reporting Information Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $165,926 | $69,278 | $66,113 | $67,548 | $60,026 | $74,900 | $114,674 | $74,522 | $368,865 | $324,122 | $257,179 |
Operating expenses | -111,674 | -84,451 | -57,794 | -55,452 | -49,019 | -50,208 | -50,550 | -47,059 | -309,371 | -196,836 | -164,276 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -50,290 | -21,675 | -15,539 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 87,314 | 85,606 | 32,690 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -6,783 | -37,214 | -25,852 |
Income from continuing operations attributable to W.P. Carey | ' | ' | ' | ' | ' | ' | ' | ' | 89,735 | 154,003 | 84,202 |
Segment Reporting Asset Balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Long-Lived Assets | 4,306,251 | ' | ' | ' | 1,343,890 | ' | ' | ' | 4,306,251 | 1,343,890 | ' |
Total Assets | 4,609,042 | ' | ' | ' | 1,462,623 | ' | ' | ' | 4,609,042 | 1,462,623 | ' |
Investment Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 223,180 | 242,647 | 191,890 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -207,050 | -157,572 | -133,683 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 3,878 | 2,695 | 2,559 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,771 | -34,971 | -23,660 |
Income from continuing operations attributable to W.P. Carey | ' | ' | ' | ' | ' | ' | ' | ' | 17,237 | 52,799 | 37,106 |
Segment Reporting Asset Balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Long-Lived Assets | 69,258 | ' | ' | ' | 70,369 | ' | ' | ' | 69,258 | 70,369 | ' |
Total Assets | 124,221 | ' | ' | ' | 128,557 | ' | ' | ' | 124,221 | 128,557 | ' |
Real Estate Ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 145,685 | 81,475 | 65,289 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -102,321 | -39,264 | -30,593 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -50,290 | -21,675 | -15,539 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 83,436 | 82,911 | 30,131 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -4,012 | -2,243 | -2,192 |
Income from continuing operations attributable to W.P. Carey | ' | ' | ' | ' | ' | ' | ' | ' | 72,498 | 101,204 | 47,096 |
Segment Reporting Asset Balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Long-Lived Assets | 4,236,993 | ' | ' | ' | 1,273,521 | ' | ' | ' | 4,236,993 | 1,273,521 | 1,034,745 |
Total Assets | $4,484,821 | ' | ' | ' | $1,334,066 | ' | ' | ' | $4,484,821 | $1,334,066 | $1,048,405 |
Segment_Reporting_Details_2
Segment Reporting (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Segment Reporting Information Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $165,926 | $69,278 | $66,113 | $67,548 | $60,026 | $74,900 | $114,674 | $74,522 | $368,865 | $324,122 | $257,179 |
Operating expenses | -111,674 | -84,451 | -57,794 | -55,452 | -49,019 | -50,208 | -50,550 | -47,059 | -309,371 | -196,836 | -164,276 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -50,290 | -21,675 | -15,539 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 87,314 | 85,606 | 32,690 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -6,783 | -37,214 | -25,852 |
Income from continuing operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 89,735 | 154,003 | 84,202 |
Segment Reporting Asset Balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 4,609,042 | ' | ' | ' | 1,462,623 | ' | ' | ' | 4,609,042 | 1,462,623 | ' |
Long-Lived Assets | 4,306,251 | ' | ' | ' | 1,343,890 | ' | ' | ' | 4,306,251 | 1,343,890 | ' |
Real Estate Ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 145,685 | 81,475 | 65,289 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -102,321 | -39,264 | -30,593 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -50,290 | -21,675 | -15,539 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 83,436 | 82,911 | 30,131 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -4,012 | -2,243 | -2,192 |
Income from continuing operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 72,498 | 101,204 | 47,096 |
Segment Reporting Asset Balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 4,484,821 | ' | ' | ' | 1,334,066 | ' | ' | ' | 4,484,821 | 1,334,066 | 1,048,405 |
Long-Lived Assets | 4,236,993 | ' | ' | ' | 1,273,521 | ' | ' | ' | 4,236,993 | 1,273,521 | 1,034,745 |
Foreign Properties | Real Estate Ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 30,113 | 9,729 | 7,706 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -2,520 | -4,859 | -3,742 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -11,531 | -1,695 | -1,742 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 6,606 | 6,176 | 3,943 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,315 | -108 | -30 |
Income from continuing operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 21,353 | 9,243 | 6,135 |
Segment Reporting Asset Balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 956,903 | ' | ' | ' | 75,522 | ' | ' | ' | 956,903 | 75,522 | 82,987 |
Long-Lived Assets | 875,796 | ' | ' | ' | 70,047 | ' | ' | ' | 875,796 | 70,047 | 73,447 |
Domestic properties | Real Estate Ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 115,572 | 71,746 | 57,583 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -99,801 | -34,405 | -26,851 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -38,759 | -19,980 | -13,797 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 76,830 | 76,735 | 26,188 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,697 | -2,135 | -2,162 |
Income from continuing operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 51,145 | 91,961 | 40,961 |
Segment Reporting Asset Balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 3,527,918 | ' | ' | ' | 1,258,544 | ' | ' | ' | 3,527,918 | 1,258,544 | 965,418 |
Long-Lived Assets | $3,361,197 | ' | ' | ' | $1,203,474 | ' | ' | ' | $3,361,197 | $1,203,474 | $961,298 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Quarterly Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $165,926 | $69,278 | $66,113 | $67,548 | $60,026 | $74,900 | $114,674 | $74,522 | $368,865 | $324,122 | $257,179 |
Expenses | 111,674 | 84,451 | 57,794 | 55,452 | 49,019 | 50,208 | 50,550 | 47,059 | 309,371 | 196,836 | 164,276 |
Net Income | 17,654 | 2,226 | 31,230 | 11,669 | 9,204 | 25,258 | 81,060 | 23,616 | 62,779 | 139,138 | 74,951 |
Net (income) loss attributable to non controlling interest | -1,990 | 325 | 480 | 578 | 569 | 581 | 384 | 330 | -607 | 1,864 | 314 |
Less: Net income attributable to redeemable noncontrolling interests | -187 | 37 | 67 | 43 | -682 | -637 | -1 | -603 | ' | ' | ' |
Net income attributable to W. P. Carey | 15,477 | 2,588 | 31,777 | 12,290 | 9,091 | 25,202 | 81,443 | 23,343 | 62,132 | 139,079 | 73,972 |
Earnings per share attributable to W.P. Carey shareholders- | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.22 | $0.06 | $0.78 | $0.30 | $0.22 | $0.62 | $2.02 | $0.58 | $1.30 | $3.44 | $1.86 |
Diluted | $0.22 | $0.06 | $0.77 | $0.30 | $0.22 | $0.62 | $1.99 | $0.58 | $1.28 | $3.42 | $1.86 |
Per shares distributions declared | $0.66 | $0.65 | $0.57 | $0.56 | $0.56 | $0.56 | $0.55 | $0.51 | $2.44 | $2.19 | $2.03 |
Incentive termination and subordinated disposition revenue | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $52,515 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Hotel | Merger property | Merger property | Domestic properties sold in 2013 | Domestic properties sold in 2013 | Domestic properties sold in 2013 | Subsequent event | Subsequent event | Subsequent event | ||||
property | Assets held-for-sale | |||||||||||
property | ||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan To Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' |
RSUs Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166,200 | ' | ' |
PSUs Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,900 | ' | ' |
Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property Sold | ' | ' | ' | ' | ' | ' | 7 | ' | 3 | ' | ' | ' |
Sales of Real Estate | ' | ' | ' | 3,800,000 | 16,400,000 | 1,400,000 | 22,700,000 | ' | ' | ' | ' | ' |
Gain (Loss) on Sale of Properties | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' |
Impairment charges | 22,962,000 | 11,838,000 | 14,241,000 | 1,100,000 | ' | ' | 3,900,000 | 200,000 | ' | ' | ' | ' |
Goodwill written off | ' | ' | ' | ' | ' | 3,200,000 | 1,200,000 | ' | ' | ' | ' | ' |
Non-recourse mortgage | 23,800,000 | 29,000,000 | 35,000,000 | ' | ' | ' | 5,700,000 | ' | ' | ' | ' | ' |
Gain (loss) on extinguishment of debt | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Prior period reclassification adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,000,000 | $2,100,000 | $1,300,000 |
Prior period reclassification adjustment percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.80% | 1.40% | 1.60% |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 |
Movement In Valuation Allowances And Reserves | ' | ' | ' |
Balance at beginning of year | $0 | $0 | $0 |
Other Additions | 11,915 | ' | ' |
Deductions | 0 | ' | ' |
Balance at end of year | 11,915 | 0 | 0 |
Valuation reserve for deferred tax assets | ' | ' | ' |
Movement In Valuation Allowances And Reserves | ' | ' | ' |
Balance at beginning of year | 0 | 0 | 0 |
Other Additions | 11,915 | ' | ' |
Deductions | 0 | ' | ' |
Balance at end of year | $11,915 | $0 | $0 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Narratives) (Details) (USD $) | Dec. 31, 2012 |
In Billions, unless otherwise specified | |
Schedule III - Real Estate and Accumualated Depreciation | ' |
Real estate tax basis | $2.60 |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Emcumbrances | ' |
Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Emcumbrances | 1,512,763 |
Initial Cost | ' |
Land | 513,758 |
Building | 1,777,346 |
Costs Capitalized Subsequent to Acquistion | 94,169 |
Increase (Decrease) in Net Investments | -53,660 |
Gross Amount at which Carried at Close of Period | ' |
Land | 509,530 |
Building | 1,822,083 |
Total | 2,331,613 |
Accumulated Depreciation | 116,075 |
Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Emcumbrances | 154,951 |
Initial Cost | ' |
Land | 38,916 |
Building | 339,255 |
Costs Capitalized Subsequent to Acquistion | 9 |
Increase (Decrease) in Net Investments | -2,175 |
Gross Amount at which Carried at Close of Period | ' |
Total | 376,005 |
Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Emcumbrances | 47,683 |
Initial Cost | ' |
Land | 24,030 |
Building | 71,663 |
Personal Property | 3,816 |
Costs Capitalized Subsequent to Acquistion | 21,412 |
Increase (Decrease) in Net Investments | -21,218 |
Gross Amount at which Carried at Close of Period | ' |
Land | 22,158 |
Building | 68,032 |
Personal Property | 9,513 |
Total | 99,703 |
Accumulated Depreciation | 19,993 |
Office facility in Broomfield, Co | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facilities in Broomfield, CO |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 248 |
Building | 2,538 |
Costs Capitalized Subsequent to Acquistion | 4,844 |
Increase (Decrease) in Net Investments | -2,069 |
Gross Amount at which Carried at Close of Period | ' |
Land | 2,643 |
Building | 2,918 |
Total | 5,561 |
Accumulated Depreciation | 1,217 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Distribution facilities and warehouses in Erlanger, KY | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Distribution facilities and warehouses in Erlanger, KY |
Emcumbrances | 12,000 |
Initial Cost | ' |
Land | 1,526 |
Building | 21,427 |
Costs Capitalized Subsequent to Acquistion | 2,966 |
Increase (Decrease) in Net Investments | 141 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,526 |
Building | 24,534 |
Total | 26,060 |
Accumulated Depreciation | 9,431 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Retail store in Montgomery, AL | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail store in Montgomery, AL |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 855 |
Building | 6,762 |
Costs Capitalized Subsequent to Acquistion | 277 |
Increase (Decrease) in Net Investments | -6,978 |
Gross Amount at which Carried at Close of Period | ' |
Land | 142 |
Building | 774 |
Total | 916 |
Accumulated Depreciation | 417 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Warehouse/distribution facilities in Anchorage, AK and Commerce, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facilities in Anchorage, AK and Commerce, CA |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 4,905 |
Building | 11,898 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 12 |
Gross Amount at which Carried at Close of Period | ' |
Land | 4,905 |
Building | 11,910 |
Total | 16,815 |
Accumulated Depreciation | 1,636 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facility in Toledo, OH | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Toledo, OH |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 224 |
Building | 2,408 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 224 |
Building | 2,408 |
Total | 2,632 |
Accumulated Depreciation | 1,003 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Industrial facility in Goshen, IN | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Goshen, IN |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 239 |
Building | 940 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 239 |
Building | 940 |
Total | 1,179 |
Accumulated Depreciation | 133 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facility in Raleigh, NC | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Raleigh, NC |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 1,638 |
Building | 2,844 |
Costs Capitalized Subsequent to Acquistion | 157 |
Increase (Decrease) in Net Investments | -2,554 |
Gross Amount at which Carried at Close of Period | ' |
Land | 828 |
Building | 1,257 |
Total | 2,085 |
Accumulated Depreciation | 454 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '20 years 0 months 0 days |
Office facility in King of Prussia, PA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in King of Prussia, PA |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 1,219 |
Building | 6,283 |
Costs Capitalized Subsequent to Acquistion | 1,295 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,219 |
Building | 7,578 |
Total | 8,797 |
Accumulated Depreciation | 2,658 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Warehouse/distribution facility in Fort Lauderdale, FL | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facility in Fort Lauderdale, FL |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 1,893 |
Building | 11,077 |
Costs Capitalized Subsequent to Acquistion | 703 |
Increase (Decrease) in Net Investments | -8,449 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,173 |
Building | 4,051 |
Total | 5,224 |
Accumulated Depreciation | 1,429 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Industrial facilities in Pinconning, MS | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Pinconning, MS |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 32 |
Building | 1,692 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 32 |
Building | 1,692 |
Total | 1,724 |
Accumulated Depreciation | 634 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Industrial facilities in San Fernando, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in San Fernando, CA |
Emcumbrances | 6,991 |
Initial Cost | ' |
Land | 2,052 |
Building | 5,322 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 152 |
Gross Amount at which Carried at Close of Period | ' |
Land | 2,052 |
Building | 5,474 |
Total | 7,526 |
Accumulated Depreciation | 2,043 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Land leased in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, and Texas | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Land leased in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, and Texas |
Emcumbrances | 139 |
Initial Cost | ' |
Land | 9,382 |
Building | 0 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -172 |
Gross Amount at which Carried at Close of Period | ' |
Land | 9,210 |
Building | 0 |
Total | 9,210 |
Accumulated Depreciation | 0 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '0 years 0 months 0 days |
Industrial facility in Milton, VT | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Milton, VT |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 220 |
Building | 1,579 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 220 |
Building | 1,579 |
Total | 1,799 |
Accumulated Depreciation | 592 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Land in Glendora, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Land in Glendora, CA |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 1,135 |
Building | 0 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 17 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,152 |
Building | 0 |
Total | 1,152 |
Accumulated Depreciation | 0 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '0 years 0 months 0 days |
Industrial facility in Doraville, GA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Doraville, GA |
Emcumbrances | 4,842 |
Initial Cost | ' |
Land | 3,288 |
Building | 9,864 |
Costs Capitalized Subsequent to Acquistion | 1,546 |
Increase (Decrease) in Net Investments | 274 |
Gross Amount at which Carried at Close of Period | ' |
Land | 3,288 |
Building | 11,684 |
Total | 14,972 |
Accumulated Depreciation | 3,887 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facilities in Collierville, TN and warehouse/distribution facilities in Corpus Christi and College Station, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facilities in Collierville, TN and warehouse/distribution facilities in Corpus Christi and College Station, TX |
Emcumbrances | 51,871 |
Initial Cost | ' |
Land | 3,490 |
Building | 72,497 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -15,008 |
Gross Amount at which Carried at Close of Period | ' |
Land | 334 |
Building | 60,645 |
Total | 60,979 |
Accumulated Depreciation | 4,003 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Land in Irving and Houston, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Land in Irving and Houston, TX |
Emcumbrances | 8,313 |
Initial Cost | ' |
Land | 9,795 |
Building | 0 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 9,795 |
Building | 0 |
Total | 9,795 |
Accumulated Depreciation | 0 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '0 years 0 months 0 days |
Industrial facility in Chandler, AZ | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Chandler, AZ |
Emcumbrances | 12,066 |
Initial Cost | ' |
Land | 5,035 |
Building | 18,957 |
Costs Capitalized Subsequent to Acquistion | 7,435 |
Increase (Decrease) in Net Investments | 541 |
Gross Amount at which Carried at Close of Period | ' |
Land | 5,035 |
Building | 26,933 |
Total | 31,968 |
Accumulated Depreciation | 8,959 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Warehouse/distribution facilities in Houston, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facilities in Houston, TX |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 167 |
Building | 885 |
Costs Capitalized Subsequent to Acquistion | 73 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 167 |
Building | 958 |
Total | 1,125 |
Accumulated Depreciation | 345 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facilities in Bridgeton, MO | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facilities in Bridgeton, MO |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 842 |
Building | 4,762 |
Costs Capitalized Subsequent to Acquistion | 1,627 |
Increase (Decrease) in Net Investments | 71 |
Gross Amount at which Carried at Close of Period | ' |
Land | 842 |
Building | 6,460 |
Total | 7,302 |
Accumulated Depreciation | 1,552 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Industrial facility in Industry, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Industry, CA |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 3,789 |
Building | 13,164 |
Costs Capitalized Subsequent to Acquistion | 1,872 |
Increase (Decrease) in Net Investments | 318 |
Gross Amount at which Carried at Close of Period | ' |
Land | 3,789 |
Building | 15,354 |
Total | 19,143 |
Accumulated Depreciation | 4,608 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Retail stores in Drayton Plains, MI and Citrus Heights, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail stores in Drayton Plains, MI and Citrus Heights, CA |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 1,039 |
Building | 4,788 |
Costs Capitalized Subsequent to Acquistion | 165 |
Increase (Decrease) in Net Investments | 193 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,039 |
Building | 5,146 |
Total | 6,185 |
Accumulated Depreciation | 1,049 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '35 years 0 months 0 days |
Warehouse/distribution facilities in New Orleans, LA; Memphis, TN; and San Antonio, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facility in Memphis, TN |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 1,882 |
Building | 3,973 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -3,893 |
Gross Amount at which Carried at Close of Period | ' |
Land | 328 |
Building | 1,634 |
Total | 1,962 |
Accumulated Depreciation | 538 |
Date Acquired | 1-Jan-98 |
Life on which depreciation in latest statement of income computed | '15 years 0 months 0 days |
Retail store in Bellevue, WA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail store in Bellevue, WA |
Emcumbrances | 8,269 |
Initial Cost | ' |
Land | 4,125 |
Building | 11,812 |
Costs Capitalized Subsequent to Acquistion | 393 |
Increase (Decrease) in Net Investments | -123 |
Gross Amount at which Carried at Close of Period | ' |
Land | 4,371 |
Building | 11,836 |
Total | 16,207 |
Accumulated Depreciation | 4,352 |
Date Acquired | 1-Apr-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facility in Houston, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Houston, TX |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 3,260 |
Building | 22,574 |
Costs Capitalized Subsequent to Acquistion | 1,628 |
Increase (Decrease) in Net Investments | -23,311 |
Gross Amount at which Carried at Close of Period | ' |
Land | 211 |
Building | 3,940 |
Total | 4,151 |
Accumulated Depreciation | 2,944 |
Date Acquired | 1-Jun-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facility in Rio Rancho, NM | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Rio Rancho, NM |
Emcumbrances | 8,162 |
Initial Cost | ' |
Land | 1,190 |
Building | 9,353 |
Costs Capitalized Subsequent to Acquistion | 1,504 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,467 |
Building | 10,580 |
Total | 12,047 |
Accumulated Depreciation | 3,598 |
Date Acquired | 1-Jul-98 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Vacant office facility in Moorestown, NJ | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Vacant office facility in Moorestown, NJ |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 351 |
Building | 5,981 |
Costs Capitalized Subsequent to Acquistion | 943 |
Increase (Decrease) in Net Investments | 43 |
Gross Amount at which Carried at Close of Period | ' |
Land | 351 |
Building | 6,967 |
Total | 7,318 |
Accumulated Depreciation | 2,890 |
Date Acquired | 1-Feb-99 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facility in Norcross, GA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Norcross, GA |
Emcumbrances | 28,347 |
Initial Cost | ' |
Land | 5,200 |
Building | 25,585 |
Costs Capitalized Subsequent to Acquistion | 11,822 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 5,200 |
Building | 37,407 |
Total | 42,607 |
Accumulated Depreciation | 12,327 |
Date Acquired | 1-Jun-99 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facility in Tours, France | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Tours, France |
Emcumbrances | 4,991 |
Initial Cost | ' |
Land | 1,034 |
Building | 9,737 |
Costs Capitalized Subsequent to Acquistion | 342 |
Increase (Decrease) in Net Investments | 4,169 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,451 |
Building | 13,831 |
Total | 15,282 |
Accumulated Depreciation | 4,154 |
Date Acquired | 1-Sep-00 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facility in Illkirch, France | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Illkirch, France |
Emcumbrances | 13,171 |
Initial Cost | ' |
Land | 0 |
Building | 18,520 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 9,116 |
Gross Amount at which Carried at Close of Period | ' |
Land | 0 |
Building | 27,636 |
Total | 27,636 |
Accumulated Depreciation | 8,826 |
Date Acquired | 1-Dec-01 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Industrial and warehouse/distribution facilities in Lenexa, KS; Winston-Salem, NC; and Dallas, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial and warehouse/distribution facilities in Lenexa, KS; Winston-Salem, NC; and Dallas, TX |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 1,860 |
Building | 12,539 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 5 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,860 |
Building | 12,544 |
Total | 14,404 |
Accumulated Depreciation | 3,310 |
Date Acquired | 1-Sep-02 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facilities in Playa Vista and Venice, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facilities in Playa Vista and Venice, CA |
Emcumbrances | 50,306 |
Initial Cost | ' |
Land | 2,032 |
Building | 10,152 |
Costs Capitalized Subsequent to Acquistion | 52,816 |
Increase (Decrease) in Net Investments | 1 |
Gross Amount at which Carried at Close of Period | ' |
Land | 5,889 |
Building | 59,112 |
Total | 65,001 |
Accumulated Depreciation | 2,853 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facilities in Playa Vista and Venice, CA | Real Estate Under Operating Leases | Minimum | ' |
Gross Amount at which Carried at Close of Period | ' |
Date Acquired | 1-Sep-04 |
Office facilities in Playa Vista and Venice, CA | Real Estate Under Operating Leases | Maximum | ' |
Gross Amount at which Carried at Close of Period | ' |
Date Acquired | 1-Sep-12 |
Warehouse/distribution facility in Greenfield, IN | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facility in Greenfield, IN |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 2,807 |
Building | 10,335 |
Costs Capitalized Subsequent to Acquistion | 223 |
Increase (Decrease) in Net Investments | -8,383 |
Gross Amount at which Carried at Close of Period | ' |
Land | 967 |
Building | 4,015 |
Total | 4,982 |
Accumulated Depreciation | 853 |
Date Acquired | 1-Sep-04 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Warehouse/distribution facilities in Birmingham, AL | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facilities in Birmingham, AL |
Emcumbrances | 4,425 |
Initial Cost | ' |
Land | 1,256 |
Building | 7,704 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,256 |
Building | 7,704 |
Total | 8,960 |
Accumulated Depreciation | 1,597 |
Date Acquired | 1-Sep-04 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Industrial facility in Scottsdale, AZ | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Scottsdale, AZ |
Emcumbrances | 1,229 |
Initial Cost | ' |
Land | 586 |
Building | 46 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 586 |
Building | 46 |
Total | 632 |
Accumulated Depreciation | 10 |
Date Acquired | 1-Sep-04 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Retail store in Hot Springs, AR | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail store in Hot Springs, AR |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 850 |
Building | 2,939 |
Costs Capitalized Subsequent to Acquistion | 2 |
Increase (Decrease) in Net Investments | -2,614 |
Gross Amount at which Carried at Close of Period | ' |
Land | 0 |
Building | 1,177 |
Total | 1,177 |
Accumulated Depreciation | 245 |
Date Acquired | 1-Sep-04 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Industrial facilities in Apopka, FL | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Apopka, FL |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 362 |
Building | 10,855 |
Costs Capitalized Subsequent to Acquistion | 569 |
Increase (Decrease) in Net Investments | -155 |
Gross Amount at which Carried at Close of Period | ' |
Land | 337 |
Building | 11,294 |
Total | 11,631 |
Accumulated Depreciation | 2,287 |
Date Acquired | 1-Sep-04 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Land in San Leandro, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Land in San Leandro, CA |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 1,532 |
Building | 0 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,532 |
Building | 0 |
Total | 1,532 |
Accumulated Depreciation | -1 |
Date Acquired | 1-Dec-06 |
Life on which depreciation in latest statement of income computed | '0 years 0 months 0 days |
Industrial facility in Sunnyvale, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Sunnyvale, CA |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 1,663 |
Building | 3,571 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,663 |
Building | 3,571 |
Total | 5,234 |
Accumulated Depreciation | 803 |
Date Acquired | 1-Dec-06 |
Life on which depreciation in latest statement of income computed | '27 years 0 months 0 days |
Fitness and recreational sports center in Austin, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Fitness and recreational sports center in Austin, TX |
Emcumbrances | 3,165 |
Initial Cost | ' |
Land | 1,725 |
Building | 5,168 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,725 |
Building | 5,168 |
Total | 6,893 |
Accumulated Depreciation | 1,103 |
Date Acquired | 1-Dec-06 |
Life on which depreciation in latest statement of income computed | '28 years 6 months 0 days |
Retail store in Wroclaw, Poland | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail store in Wroclaw, Poland |
Emcumbrances | 8,309 |
Initial Cost | ' |
Land | 3,600 |
Building | 10,306 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -1,958 |
Gross Amount at which Carried at Close of Period | ' |
Land | 3,305 |
Building | 8,643 |
Total | 11,948 |
Accumulated Depreciation | 1,093 |
Date Acquired | 1-Dec-07 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Office facility in Fort Worth, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Fort Worth, TX |
Emcumbrances | 33,631 |
Initial Cost | ' |
Land | 4,600 |
Building | 37,580 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 4,600 |
Building | 37,580 |
Total | 42,180 |
Accumulated Depreciation | 2,740 |
Date Acquired | 1-Feb-10 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Warehouse/distribution facility in Mallorca, Spain | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facility in Mallorca, Spain |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 11,109 |
Building | 12,636 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 2,212 |
Gross Amount at which Carried at Close of Period | ' |
Land | 12,161 |
Building | 13,796 |
Total | 25,957 |
Accumulated Depreciation | 891 |
Date Acquired | 1-Jun-10 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Industrial and office facilities in San Diego, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial and office facilities in San Diego, CA |
Emcumbrances | 33,527 |
Initial Cost | ' |
Land | 7,247 |
Building | 29,098 |
Costs Capitalized Subsequent to Acquistion | 967 |
Increase (Decrease) in Net Investments | -5,514 |
Gross Amount at which Carried at Close of Period | ' |
Land | 4,762 |
Building | 27,036 |
Total | 31,798 |
Accumulated Depreciation | 1,982 |
Date Acquired | 1-May-11 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Retail stores in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail stores in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA |
Emcumbrances | 22,000 |
Initial Cost | ' |
Land | 5,646 |
Building | 12,367 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 5,646 |
Building | 12,367 |
Total | 18,013 |
Accumulated Depreciation | 109 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Hospitality facilities in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Hospitality facilities in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA |
Emcumbrances | 140,000 |
Initial Cost | ' |
Land | 32,680 |
Building | 198,999 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 32,680 |
Building | 198,999 |
Total | 231,679 |
Accumulated Depreciation | 1,369 |
Date Acquired | 1-Sep-12 |
Hospitality facilities in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Real Estate Under Operating Leases | Minimum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '34 years 0 months 0 days |
Hospitality facilities in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Real Estate Under Operating Leases | Maximum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '37 years 0 months 0 days |
Industrial facilities in Bluffton, OH; Auburn, IN; and Milan, TN | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Bluffton, OH; Auburn, IN; and Milan, TN |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 2,564 |
Building | 6,998 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 2,564 |
Building | 6,998 |
Total | 9,562 |
Accumulated Depreciation | 58 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Land in Irvine, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Land in Irvine, CA |
Emcumbrances | 1,666 |
Initial Cost | ' |
Land | 4,173 |
Building | 0 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 4,173 |
Building | 0 |
Total | 4,173 |
Accumulated Depreciation | 0 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '0 years 0 months 0 days |
Office facility in Alpharetta, GA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Alpharetta, GA |
Emcumbrances | 7,699 |
Initial Cost | ' |
Land | 2,198 |
Building | 6,349 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 2,198 |
Building | 6,349 |
Total | 8,547 |
Accumulated Depreciation | 53 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Office facility in Clinton, NJ | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Clinton, NJ |
Emcumbrances | 25,714 |
Initial Cost | ' |
Land | 2,866 |
Building | 34,834 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 2,866 |
Building | 34,834 |
Total | 37,700 |
Accumulated Depreciation | 290 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Office facilities in St. Petersburg, FL | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facilities in St. Petersburg, FL |
Emcumbrances | 18,481 |
Initial Cost | ' |
Land | 3,280 |
Building | 24,627 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 3,280 |
Building | 24,627 |
Total | 27,907 |
Accumulated Depreciation | 205 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Movie theatre in Baton Rouge, LA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Movie theatre in Baton Rouge, LA |
Emcumbrances | 10,025 |
Initial Cost | ' |
Land | 4,168 |
Building | 5,724 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 4,168 |
Building | 5,724 |
Total | 9,892 |
Accumulated Depreciation | 48 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Office facilities in San Diego, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facilities in San Diego, CA |
Emcumbrances | 17,470 |
Initial Cost | ' |
Land | 7,804 |
Building | 16,729 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 7,804 |
Building | 16,729 |
Total | 24,533 |
Accumulated Depreciation | 139 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Industrial facilities in Richmond, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Richmond, CA |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 895 |
Building | 1,953 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 895 |
Building | 1,953 |
Total | 2,848 |
Accumulated Depreciation | 16 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Warehouse/distribution and industrial facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution and industrial facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX |
Emcumbrances | 64,836 |
Initial Cost | ' |
Land | 16,386 |
Building | 84,668 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 16,386 |
Building | 84,668 |
Total | 101,054 |
Accumulated Depreciation | 700 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Warehouse/distribution facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France |
Emcumbrances | 94,059 |
Initial Cost | ' |
Land | 15,779 |
Building | 89,421 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 2,929 |
Gross Amount at which Carried at Close of Period | ' |
Land | 16,219 |
Building | 91,910 |
Total | 108,129 |
Accumulated Depreciation | 764 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Warehouse/distribution facilities in Orlando, FL; Macon, GA; Rocky Mount, NC, and Lewisville, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facilities in Orlando, FL; Macon, GA; Rocky Mount, NC, and Lewisville, TX |
Emcumbrances | 14,645 |
Initial Cost | ' |
Land | 2,163 |
Building | 17,715 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 2,163 |
Building | 17,715 |
Total | 19,878 |
Accumulated Depreciation | 148 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Fitness and recreational sports center in Newton, MA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Fitness and recreational sports center in Newton, MA |
Emcumbrances | 7,655 |
Initial Cost | ' |
Land | 1,897 |
Building | 11,451 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,897 |
Building | 11,451 |
Total | 13,348 |
Accumulated Depreciation | 94 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Industrial facilities in Chattanooga, TN | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Chattanooga, TN |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 558 |
Building | 5,923 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 558 |
Building | 5,923 |
Total | 6,481 |
Accumulated Depreciation | 49 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Industrial facilities in Mooresville, NC | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Mooresville, NC |
Emcumbrances | 6,512 |
Initial Cost | ' |
Land | 756 |
Building | 9,775 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 756 |
Building | 9,775 |
Total | 10,531 |
Accumulated Depreciation | 80 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Industrial facility in MaCalla, AL | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in MaCalla, AL |
Emcumbrances | 6,307 |
Initial Cost | ' |
Land | 960 |
Building | 14,472 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 960 |
Building | 14,472 |
Total | 15,432 |
Accumulated Depreciation | 115 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Office facility in Lower Makefield Township, PA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Lower Makefield Township, PA |
Emcumbrances | 10,874 |
Initial Cost | ' |
Land | 1,726 |
Building | 12,781 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,726 |
Building | 12,781 |
Total | 14,507 |
Accumulated Depreciation | 105 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Industrial facility in Fort Smith, AZ | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Fort Smith, AZ |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 1,063 |
Building | 6,159 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,063 |
Building | 6,159 |
Total | 7,222 |
Accumulated Depreciation | 50 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Retail facilities in Greenwood, IN and Buffalo, NY | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail facilities in Greenwood, IN and Buffalo, NY |
Emcumbrances | 8,893 |
Initial Cost | ' |
Land | 0 |
Building | 19,990 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 0 |
Building | 19,990 |
Total | 19,990 |
Accumulated Depreciation | 161 |
Date Acquired | 1-Sep-12 |
Retail facilities in Greenwood, IN and Buffalo, NY | Real Estate Under Operating Leases | Minimum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Retail facilities in Greenwood, IN and Buffalo, NY | Real Estate Under Operating Leases | Maximum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facilities in Bowling Green, KY and Jackson, TN | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Bowling Green, KY and Jackson, TN |
Emcumbrances | 7,436 |
Initial Cost | ' |
Land | 1,492 |
Building | 8,182 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,492 |
Building | 8,182 |
Total | 9,674 |
Accumulated Depreciation | 66 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facilities in Mattoon, IL; Holyoke, MA; and Morristown, TN and a warehouse/distribution facility in Westfield, MA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Mattoon, IL; Holyoke, MA; and Morristown, TN and a warehouse/distribution facility in Westfield, MA |
Emcumbrances | 5,245 |
Initial Cost | ' |
Land | 1,891 |
Building | 11,064 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,891 |
Building | 11,064 |
Total | 12,955 |
Accumulated Depreciation | 90 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facility in Rancho Cucamonga, CA and educational facilities in Glendale Heights, IL; Exton, PA; and Avondale, AZ | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Rancho Cucamonga, CA and educational facilities in Glendale Heights, IL; Exton, PA; and Avondale, AZ |
Emcumbrances | 37,911 |
Initial Cost | ' |
Land | 14,006 |
Building | 33,683 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 14,006 |
Building | 33,683 |
Total | 47,689 |
Accumulated Depreciation | 263 |
Date Acquired | 1-Sep-12 |
Industrial facility in Rancho Cucamonga, CA and educational facilities in Glendale Heights, IL; Exton, PA; and Avondale, AZ | Real Estate Under Operating Leases | Minimum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facility in Rancho Cucamonga, CA and educational facilities in Glendale Heights, IL; Exton, PA; and Avondale, AZ | Real Estate Under Operating Leases | Maximum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '32 years 0 months 0 days |
Sports facilities in Rochester Hills and Canton, MI | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Sports facilities in Rochester Hills and Canton, MI |
Emcumbrances | 22,160 |
Initial Cost | ' |
Land | 5,447 |
Building | 9,988 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 5,447 |
Building | 9,988 |
Total | 15,435 |
Accumulated Depreciation | 81 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA |
Emcumbrances | 12,860 |
Initial Cost | ' |
Land | 6,559 |
Building | 19,078 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 6,559 |
Building | 19,078 |
Total | 25,637 |
Accumulated Depreciation | 153 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY |
Emcumbrances | 15,164 |
Initial Cost | ' |
Land | 6,080 |
Building | 23,424 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 6,080 |
Building | 23,424 |
Total | 29,504 |
Accumulated Depreciation | 187 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Land in Kahl, Germany | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Land in Kahl, Germany |
Emcumbrances | 10,573 |
Initial Cost | ' |
Land | 6,694 |
Building | 0 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 186 |
Gross Amount at which Carried at Close of Period | ' |
Land | 6,880 |
Building | 0 |
Total | 6,880 |
Accumulated Depreciation | 0 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '0 years 0 months 0 days |
Land in Memphis, TN and sports facilities in Bedford, TX and Englewood, CO | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Land in Memphis, TN and sports facilities in Bedford, TX and Englewood, CO |
Emcumbrances | 8,050 |
Initial Cost | ' |
Land | 4,877 |
Building | 4,258 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 4,877 |
Building | 4,258 |
Total | 9,135 |
Accumulated Depreciation | 34 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Office facilities in Brussels, Belgium | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facilities in Brussels, Belgium |
Emcumbrances | 11,094 |
Initial Cost | ' |
Land | 1,505 |
Building | 6,026 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 210 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,547 |
Building | 6,194 |
Total | 7,741 |
Accumulated Depreciation | 48 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '32 years 0 months 0 days |
Warehouse/distribution facilities in Oceanside, CA and Concordville, PA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facilities in Oceanside, CA and Concordville, PA |
Emcumbrances | 4,506 |
Initial Cost | ' |
Land | 3,333 |
Building | 8,270 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 3,333 |
Building | 8,270 |
Total | 11,603 |
Accumulated Depreciation | 66 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Office facility in Peachtree City, GA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Peachtree City, GA |
Emcumbrances | 3,962 |
Initial Cost | ' |
Land | 1,205 |
Building | 5,907 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,205 |
Building | 5,907 |
Total | 7,112 |
Accumulated Depreciation | 47 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Self-storage and trucking facilities in numerous locations throughout the U.S. | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage and trucking facilities in numerous locations throughout the U.S. |
Emcumbrances | 154,658 |
Initial Cost | ' |
Land | 74,551 |
Building | 319,186 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 74,551 |
Building | 319,186 |
Total | 393,737 |
Accumulated Depreciation | 2,527 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Warehouse/distribution facility in La Vista, NE | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facility in La Vista, NE |
Emcumbrances | 22,340 |
Initial Cost | ' |
Land | 4,196 |
Building | 23,148 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 4,196 |
Building | 23,148 |
Total | 27,344 |
Accumulated Depreciation | 173 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '33 years 0 months 0 days |
Office facility in Pleasanton, CA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Pleasanton, CA |
Emcumbrances | 12,861 |
Initial Cost | ' |
Land | 3,675 |
Building | 7,468 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 3,675 |
Building | 7,468 |
Total | 11,143 |
Accumulated Depreciation | 59 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Office facility in San Marcos, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in San Marcos, TX |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 440 |
Building | 688 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 440 |
Building | 688 |
Total | 1,128 |
Accumulated Depreciation | 5 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Office facilities in Espoo, Finland | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facilities in Espoo, Finland |
Emcumbrances | 58,910 |
Initial Cost | ' |
Land | 40,555 |
Building | 15,662 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 1,565 |
Gross Amount at which Carried at Close of Period | ' |
Land | 41,684 |
Building | 16,098 |
Total | 57,782 |
Accumulated Depreciation | 127 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Office facility in Conflans, France | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Conflans, France |
Emcumbrances | 20,378 |
Initial Cost | ' |
Land | 7,208 |
Building | 11,333 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 516 |
Gross Amount at which Carried at Close of Period | ' |
Land | 7,409 |
Building | 11,648 |
Total | 19,057 |
Accumulated Depreciation | 91 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Office facilities in Chicago, IL | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facilities in Chicago, IL |
Emcumbrances | 15,499 |
Initial Cost | ' |
Land | 2,169 |
Building | 19,010 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 2,169 |
Building | 19,010 |
Total | 21,179 |
Accumulated Depreciation | 149 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facility in Louisville, CO | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Louisville, CO |
Emcumbrances | 10,417 |
Initial Cost | ' |
Land | 5,342 |
Building | 8,786 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 5,342 |
Building | 8,786 |
Total | 14,128 |
Accumulated Depreciation | 69 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facilities in Hollywood and Orlando, FL | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Hollywood and Orlando, FL |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 3,639 |
Building | 1,269 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 3,639 |
Building | 1,269 |
Total | 4,908 |
Accumulated Depreciation | 10 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facility in Golden, CO | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Golden, CO |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 808 |
Building | 4,304 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 808 |
Building | 4,304 |
Total | 5,112 |
Accumulated Depreciation | 36 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Industrial facilities in Texarkana, TX and Orem, UT | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Texarkana, TX and Orem, UT |
Emcumbrances | 2,699 |
Initial Cost | ' |
Land | 1,755 |
Building | 4,493 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,755 |
Building | 4,493 |
Total | 6,248 |
Accumulated Depreciation | 35 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facility in Eugene, OR | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Eugene, OR |
Emcumbrances | 4,724 |
Initial Cost | ' |
Land | 2,286 |
Building | 3,783 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 2,286 |
Building | 3,783 |
Total | 6,069 |
Accumulated Depreciation | 30 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facility in Neenah, WI | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Neenah, WI |
Emcumbrances | 4,869 |
Initial Cost | ' |
Land | 438 |
Building | 4,954 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 438 |
Building | 4,954 |
Total | 5,392 |
Accumulated Depreciation | 39 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Industrial facility in South Jordan, UT | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in South Jordan, UT |
Emcumbrances | 13,075 |
Initial Cost | ' |
Land | 2,183 |
Building | 11,340 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 2,183 |
Building | 11,340 |
Total | 13,523 |
Accumulated Depreciation | 89 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Warehouse/distribution facility in Ennis, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facility in Ennis, TX |
Emcumbrances | 2,609 |
Initial Cost | ' |
Land | 478 |
Building | 4,087 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 478 |
Building | 4,087 |
Total | 4,565 |
Accumulated Depreciation | 32 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '31 years 0 months 0 days |
Childcare facilities in Chandler and Tucson, AZ; Alhambra, Chino, Garden Grove, and Tustin, CA; Naperville, IL; Westland and Canton, MI; and Carrollton, Duncansville, and Lewisville, TX | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Childcare facilities in Chandler and Tucson, AZ; Alhambra, Chino, Garden Grove, and Tustin, CA; Westland and Canton, MI; and Carrollton, Duncansville, and Lewisville, TX |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 6,343 |
Building | 379 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -1,384 |
Gross Amount at which Carried at Close of Period | ' |
Land | 5,338 |
Building | 0 |
Total | 5,338 |
Accumulated Depreciation | 0 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '0 years 0 months 0 days |
Retail facility in Oklahoma City, OK | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail facility in Oklahoma City, OK |
Emcumbrances | 5,759 |
Initial Cost | ' |
Land | 1,246 |
Building | 4,771 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,246 |
Building | 4,771 |
Total | 6,017 |
Accumulated Depreciation | 37 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '32 years 0 months 0 days |
Land in Farmington, CT and Braintree, MA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Land in Farmington, CT and Braintree, MA |
Emcumbrances | 490 |
Initial Cost | ' |
Land | 2,409 |
Building | 0 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 2,409 |
Building | 0 |
Total | 2,409 |
Accumulated Depreciation | 0 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '0 years 0 months 0 days |
Office facilities in Helsinki, Finland | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facilities in Helsinki, Finland |
Emcumbrances | 58,917 |
Initial Cost | ' |
Land | 26,560 |
Building | 20,735 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 1,316 |
Gross Amount at which Carried at Close of Period | ' |
Land | 27,299 |
Building | 21,312 |
Total | 48,611 |
Accumulated Depreciation | 165 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '32 years 0 months 0 days |
Office facility in Paris, France | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Paris, France |
Emcumbrances | 73,391 |
Initial Cost | ' |
Land | 23,387 |
Building | 43,450 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 1,860 |
Gross Amount at which Carried at Close of Period | ' |
Land | 24,038 |
Building | 44,659 |
Total | 68,697 |
Accumulated Depreciation | 341 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '32 years 0 months 0 days |
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Walbrzych, Warsaw, and Warszawa, Poland | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Walbrzych, Warsaw, and Warszawa, Poland |
Emcumbrances | 148,643 |
Initial Cost | ' |
Land | 26,564 |
Building | 72,866 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 2,768 |
Gross Amount at which Carried at Close of Period | ' |
Land | 27,303 |
Building | 74,895 |
Total | 102,198 |
Accumulated Depreciation | 785 |
Date Acquired | 1-Sep-12 |
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Walbrzych, Warsaw, and Warszawa, Poland | Real Estate Under Operating Leases | Minimum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '23 years 0 months 0 days |
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Walbrzych, Warsaw, and Warszawa, Poland | Real Estate Under Operating Leases | Maximum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '34 years 0 months 0 days |
Office facility in Laupheim, Germany | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Laupheim, Germany |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 2,072 |
Building | 8,339 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 290 |
Gross Amount at which Carried at Close of Period | ' |
Land | 2,130 |
Building | 8,571 |
Total | 10,701 |
Accumulated Depreciation | 107 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '20 years 0 months 0 days |
Industrial facilities in Danbury, CT and Bedford, MA | Real Estate Under Operating Leases | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Danbury, CT and Bedford, MA |
Emcumbrances | 12,973 |
Initial Cost | ' |
Land | 3,519 |
Building | 16,329 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 3,519 |
Building | 16,329 |
Total | 19,848 |
Accumulated Depreciation | 136 |
Date Acquired | 1-Sep-12 |
Life on which depreciation in latest statement of income computed | '29 years 0 months 0 days |
Retail stores in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, and Texas | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail stores in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, and Texas |
Emcumbrances | 199 |
Initial Cost | ' |
Land | 0 |
Building | 16,416 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -384 |
Gross Amount at which Carried at Close of Period | ' |
Total | 16,032 |
Date Acquired | 1-Jan-98 |
Office and industrial facilities in Glendora, CA and Romulus, MI | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office and industrial facilities in Glendora, CA and Romulus, MI |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 454 |
Building | 13,251 |
Costs Capitalized Subsequent to Acquistion | 9 |
Increase (Decrease) in Net Investments | -2,437 |
Gross Amount at which Carried at Close of Period | ' |
Total | 11,277 |
Date Acquired | 1-Jan-98 |
Industrial facilities in Thurmont, MD and Farmington, NY | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Thurmont, MD and Farmington, NY |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 729 |
Building | 6,093 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -158 |
Gross Amount at which Carried at Close of Period | ' |
Total | 6,664 |
Date Acquired | 1-Jan-98 |
Industrial facilities in Irving and Houston, TX | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facilities in Irving and Houston, TX |
Emcumbrances | 20,118 |
Initial Cost | ' |
Land | 0 |
Building | 27,599 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -3,897 |
Gross Amount at which Carried at Close of Period | ' |
Total | 23,702 |
Date Acquired | 1-Jan-98 |
Retail facilities in Farmington, CT and Braintree, MA | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail facilities in Farmington, CT and Braintree, MA |
Emcumbrances | 3,010 |
Initial Cost | ' |
Land | 0 |
Building | 8,761 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Total | 8,761 |
Date Acquired | 1-Sep-12 |
Education facilities in Chandler and Tucson, AZ; Alhambra, Chino, Garden Grove, and Tustin, CA; Naperville, IL; Westland and Canton, MI; and Carrollton, Duncansville, and Lewisville, TX | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Education facilities in Chandler and Tucson, AZ; Alhambra, Chino, Garden Grove, and Tustin, CA; Naperville, IL; Westland and Canton, MI; and Carrollton, Duncansville, and Lewisville, TX |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 0 |
Building | 7,840 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Total | 7,840 |
Date Acquired | 1-Sep-12 |
Industrial facility in Owingsville, KY | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Owingsville, KY |
Emcumbrances | 113 |
Initial Cost | ' |
Land | 309 |
Building | 5,741 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -88 |
Gross Amount at which Carried at Close of Period | ' |
Total | 5,962 |
Date Acquired | 1-Sep-12 |
Retail facility in Freehold, NJ | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail facility in Freehold, NJ |
Emcumbrances | 6,515 |
Initial Cost | ' |
Land | 0 |
Building | 17,067 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -12 |
Gross Amount at which Carried at Close of Period | ' |
Total | 17,055 |
Date Acquired | 1-Sep-12 |
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX |
Emcumbrances | 5,313 |
Initial Cost | ' |
Land | 2,089 |
Building | 14,211 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -102 |
Gross Amount at which Carried at Close of Period | ' |
Total | 16,198 |
Date Acquired | 1-Sep-12 |
Retail facilities in Osnabruck, Borken, Bunde, Arnstadt, Dorsten, Duisburg, Freiberg, Leimbach-Kaiserro, Monheim, Oberhausen, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, Wuppertal, and Monheim, Germany | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Retail facilities in Osnabruck, Borken, Bunde, Arnstadt, Dorsten, Duisburg, Freiberg, Leimbach-Kaiserro, Monheim, Oberhausen, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, Wuppertal, and Monheim, Germany |
Emcumbrances | 87,982 |
Initial Cost | ' |
Land | 28,734 |
Building | 145,854 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 4,837 |
Gross Amount at which Carried at Close of Period | ' |
Total | 179,425 |
Date Acquired | 1-Sep-12 |
Warehouse/distribution facility in Birmingham, United Kingdom | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facility in Birmingham, United Kingdom |
Emcumbrances | 10,903 |
Initial Cost | ' |
Land | 2,147 |
Building | 12,357 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 117 |
Gross Amount at which Carried at Close of Period | ' |
Total | 14,621 |
Date Acquired | 1-Sep-12 |
Warehouse/distribution facilities in Mesquite, TX | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Warehouse/distribution facilities in Mesquite, TX |
Emcumbrances | 6,905 |
Initial Cost | ' |
Land | 2,851 |
Building | 15,899 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -38 |
Gross Amount at which Carried at Close of Period | ' |
Total | 18,712 |
Date Acquired | 1-Sep-12 |
Industrial facility in Rochester, MN | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Rochester, MN |
Emcumbrances | 5,211 |
Initial Cost | ' |
Land | 881 |
Building | 17,039 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 39 |
Gross Amount at which Carried at Close of Period | ' |
Total | 17,959 |
Date Acquired | 1-Sep-12 |
Office facility in Irvine, CA | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Office facility in Irvine, CA |
Emcumbrances | 6,792 |
Initial Cost | ' |
Land | 0 |
Building | 17,027 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -19 |
Gross Amount at which Carried at Close of Period | ' |
Total | 17,008 |
Date Acquired | 1-Sep-12 |
Sports facility in Memphis, TN | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Sports facility in Memphis, TN |
Emcumbrances | 1,890 |
Initial Cost | ' |
Land | 0 |
Building | 4,823 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | -33 |
Gross Amount at which Carried at Close of Period | ' |
Total | 4,790 |
Date Acquired | 1-Sep-12 |
Industrial facility in Brownwood, TX | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Industrial facility in Brownwood, TX |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 722 |
Building | 6,268 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Total | 6,990 |
Date Acquired | 1-Sep-12 |
Education facility in Glendale Heights, IL | Direct Financing Lease | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Education facility in Glendale Heights, IL |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 0 |
Building | 3,009 |
Costs Capitalized Subsequent to Acquistion | 0 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Total | 3,009 |
Date Acquired | 1-Sep-12 |
Hotel in Livonia, MI | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Hotel in Livonia, MI |
Emcumbrances | 0 |
Initial Cost | ' |
Land | 2,765 |
Building | 11,087 |
Personal Property | 3,816 |
Costs Capitalized Subsequent to Acquistion | 18,733 |
Increase (Decrease) in Net Investments | -20,440 |
Gross Amount at which Carried at Close of Period | ' |
Land | 892 |
Building | 5,556 |
Personal Property | 9,513 |
Total | 15,961 |
Accumulated Depreciation | 10,961 |
Date Acquired | 1-Jan-98 |
Hotel in Livonia, MI | Operating real estate | Minimum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '7 years 0 months 0 days |
Hotel in Livonia, MI | Operating real estate | Maximum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Self-storage facilities in Taunton, North Andover, North Billerica, and Brockton, MA | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facilities in Taunton, North Andover, North Billerica, and Brockton, MA |
Emcumbrances | 9,532 |
Initial Cost | ' |
Land | 4,300 |
Building | 12,274 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 254 |
Increase (Decrease) in Net Investments | -478 |
Gross Amount at which Carried at Close of Period | ' |
Land | 4,300 |
Building | 12,050 |
Personal Property | 0 |
Total | 16,350 |
Accumulated Depreciation | 2,036 |
Date Acquired | 1-Dec-06 |
Self-storage facilities in Taunton, North Andover, North Billerica, and Brockton, MA | Operating real estate | Minimum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '25 years 0 months 0 days |
Self-storage facilities in Taunton, North Andover, North Billerica, and Brockton, MA | Operating real estate | Maximum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Self-storage facility in Newington, CT | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Newington, CT |
Emcumbrances | 2,073 |
Initial Cost | ' |
Land | 520 |
Building | 2,973 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 241 |
Increase (Decrease) in Net Investments | -121 |
Gross Amount at which Carried at Close of Period | ' |
Land | 520 |
Building | 3,093 |
Personal Property | 0 |
Total | 3,613 |
Accumulated Depreciation | 468 |
Date Acquired | 1-Dec-06 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Self-storage facility in Killeen, TX | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Killeen, TX |
Emcumbrances | 3,226 |
Initial Cost | ' |
Land | 1,230 |
Building | 3,821 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 339 |
Increase (Decrease) in Net Investments | -179 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,230 |
Building | 3,981 |
Personal Property | 0 |
Total | 5,211 |
Accumulated Depreciation | 648 |
Date Acquired | 1-Dec-06 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Self-storage facility in Rohnert Park, CA | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Rohnert Park, CA |
Emcumbrances | 3,108 |
Initial Cost | ' |
Land | 1,761 |
Building | 4,989 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 40 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,761 |
Building | 5,029 |
Personal Property | 0 |
Total | 6,790 |
Accumulated Depreciation | 748 |
Date Acquired | 1-Jan-07 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Self-storage facility in Fort Worth, TX | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Fort Worth, TX |
Emcumbrances | 2,150 |
Initial Cost | ' |
Land | 1,030 |
Building | 4,176 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 33 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,030 |
Building | 4,209 |
Personal Property | 0 |
Total | 5,239 |
Accumulated Depreciation | 626 |
Date Acquired | 1-Jan-07 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Self-storage facility in Augusta, GA | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Augusta, GA |
Emcumbrances | 1,876 |
Initial Cost | ' |
Land | 970 |
Building | 2,442 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 48 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 970 |
Building | 2,490 |
Personal Property | 0 |
Total | 3,460 |
Accumulated Depreciation | 367 |
Date Acquired | 1-Feb-07 |
Life on which depreciation in latest statement of income computed | '39 years 0 months 0 days |
Self-storage facility in Garland, TX | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Garland, TX |
Emcumbrances | 1,435 |
Initial Cost | ' |
Land | 880 |
Building | 3,104 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 57 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 880 |
Building | 3,161 |
Personal Property | 0 |
Total | 4,041 |
Accumulated Depreciation | 461 |
Date Acquired | 1-Feb-07 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Self-storage facility in Lawrenceville, GA | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Lawrenceville, GA |
Emcumbrances | 2,314 |
Initial Cost | ' |
Land | 1,410 |
Building | 4,477 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 82 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,411 |
Building | 4,558 |
Personal Property | 0 |
Total | 5,969 |
Accumulated Depreciation | 717 |
Date Acquired | 1-Mar-07 |
Life on which depreciation in latest statement of income computed | '37 years 0 months 0 days |
Self-storage facility in Fairfield, OH | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Fairfield, OH |
Emcumbrances | 1,824 |
Initial Cost | ' |
Land | 540 |
Building | 2,640 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 19 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 540 |
Building | 2,659 |
Personal Property | 0 |
Total | 3,199 |
Accumulated Depreciation | 508 |
Date Acquired | 1-Apr-07 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Self-storage facility in Tallahassee, FL | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Tallahassee, FL |
Emcumbrances | 3,629 |
Initial Cost | ' |
Land | 850 |
Building | 5,736 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 7 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 850 |
Building | 5,743 |
Personal Property | 0 |
Total | 6,593 |
Accumulated Depreciation | 809 |
Date Acquired | 1-Apr-07 |
Life on which depreciation in latest statement of income computed | '40 years 0 months 0 days |
Self-storage facility in Lincolnshire, IL | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Lincolnshire, IL |
Emcumbrances | 1,955 |
Initial Cost | ' |
Land | 1,477 |
Building | 1,519 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 96 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,477 |
Building | 1,615 |
Personal Property | 0 |
Total | 3,092 |
Accumulated Depreciation | 220 |
Date Acquired | 1-Jul-10 |
Life on which depreciation in latest statement of income computed | '18 years 0 months 0 days |
Self-storage facility in Chicago, IL | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Chicago, IL |
Emcumbrances | 1,683 |
Initial Cost | ' |
Land | 823 |
Building | 912 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 627 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 823 |
Building | 1,539 |
Personal Property | 0 |
Total | 2,362 |
Accumulated Depreciation | 278 |
Date Acquired | 1-Jul-10 |
Life on which depreciation in latest statement of income computed | '15 years 0 months 0 days |
Self-storage facility in Chicago, IL | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Chicago, IL |
Emcumbrances | 1,411 |
Initial Cost | ' |
Land | 700 |
Building | 733 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 556 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 700 |
Building | 1,289 |
Personal Property | 0 |
Total | 1,989 |
Accumulated Depreciation | 223 |
Date Acquired | 1-Jul-10 |
Life on which depreciation in latest statement of income computed | '15 years 0 months 0 days |
Self-storage facility in Bedford Park, IL | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Bedford Park, IL |
Emcumbrances | 1,713 |
Initial Cost | ' |
Land | 809 |
Building | 1,312 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 200 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 809 |
Building | 1,512 |
Personal Property | 0 |
Total | 2,321 |
Accumulated Depreciation | 196 |
Date Acquired | 1-Jul-10 |
Life on which depreciation in latest statement of income computed | '20 years 0 months 0 days |
Self-storage facility in Bentonville, AR | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Bentonville, AR |
Emcumbrances | 2,024 |
Initial Cost | ' |
Land | 1,050 |
Building | 1,323 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 22 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,050 |
Building | 1,345 |
Personal Property | 0 |
Total | 2,395 |
Accumulated Depreciation | 131 |
Date Acquired | 1-Sep-10 |
Life on which depreciation in latest statement of income computed | '24 years 0 months 0 days |
Self-storage facility in Tallahassee, FL | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Tallahassee, FL |
Emcumbrances | 3,848 |
Initial Cost | ' |
Land | 570 |
Building | 3,447 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 30 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 570 |
Building | 3,477 |
Personal Property | 0 |
Total | 4,047 |
Accumulated Depreciation | 262 |
Date Acquired | 1-Sep-10 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Self-storage facility in Pensacola, FL | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Pensacola, FL |
Emcumbrances | 1,801 |
Initial Cost | ' |
Land | 560 |
Building | 2,082 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 5 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 560 |
Building | 2,087 |
Personal Property | 0 |
Total | 2,647 |
Accumulated Depreciation | 156 |
Date Acquired | 1-Sep-10 |
Life on which depreciation in latest statement of income computed | '30 years 0 months 0 days |
Self-storage facility in Chicago, IL | Operating real estate | ' |
Schedule Of Real Estate And Accumulated Depreciation | ' |
Description | 'Self-storage facility in Chicago, IL |
Emcumbrances | 2,081 |
Initial Cost | ' |
Land | 1,785 |
Building | 2,616 |
Personal Property | 0 |
Costs Capitalized Subsequent to Acquistion | 23 |
Increase (Decrease) in Net Investments | 0 |
Gross Amount at which Carried at Close of Period | ' |
Land | 1,785 |
Building | 2,639 |
Personal Property | 0 |
Total | 4,424 |
Accumulated Depreciation | $178 |
Date Acquired | 1-Oct-10 |
Life on which depreciation in latest statement of income computed | '32 years 0 months 0 days |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Real Estate Under Operating Leases | ' | ' | ' |
Schedule Of Real Estate | ' | ' | ' |
Balance at beginning of year | $646,482 | $560,592 | $525,607 |
Additions/capital expenditures | 1,777,443 | 107,484 | 67,787 |
Dispositions | -75,548 | -22,106 | -18,896 |
Foreign currency translation adjustment | 13,263 | -1,837 | -2,142 |
Reclassification from (to) equity investment, direct financing lease, intangible assets or assets held for sale | -17,681 | 20,105 | 1,790 |
Deconsolidation of real estate asset | ' | -5,938 | ' |
Impairment charges | -12,346 | -11,818 | -13,554 |
Balance at end of year | 2,331,613 | 646,482 | 560,592 |
Reconciliation of Real Estate Accumulated Depreciation | ' | ' | ' |
Balance at beginning of year | 118,054 | 108,032 | 100,247 |
Depreciation expense | 24,302 | 15,179 | 13,437 |
Dispositions | -22,947 | -5,785 | -5,000 |
Foreign currency translation adjustment | 358 | -396 | -839 |
Reclassification from (to) equity investment, direct financing lease, intangible assets or assets held for sale | -3,692 | 2,339 | 187 |
Deconsolidation of real estate asset | ' | -1,315 | ' |
Balance at end of year | 116,075 | 118,054 | 108,032 |
Operating real estate | ' | ' | ' |
Schedule Of Real Estate | ' | ' | ' |
Balance at beginning of year | 109,875 | 109,851 | 85,927 |
Additions/capital expenditures | 295 | 24 | 23,924 |
Impairment charges | -10,467 | 0 | 0 |
Balance at end of year | 99,703 | 109,875 | 109,851 |
Reconciliation of Real Estate Accumulated Depreciation | ' | ' | ' |
Balance at beginning of year | 17,121 | 14,280 | 12,039 |
Depreciation expense | 2,872 | 2,841 | 2,241 |
Balance at end of year | $19,993 | $17,121 | $14,280 |