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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________ to __________
Commission File Number: 001-13779
wpc-20220930_g1.jpg
W. P. Carey Inc.
(Exact name of registrant as specified in its charter)
Maryland45-4549771
(State of incorporation)(I.R.S. Employer Identification No.)
One Manhattan West, 395 9th Avenue, 58th Floor
New York,New York10001
(Address of principal executive offices)(Zip Code)
 
Investor Relations (212) 492-8920
(212) 492-1100
(Registrant’s telephone numbers, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 Par ValueWPCNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Registrant has 208,032,718 shares of common stock, $0.001 par value, outstanding at October 28, 2022.



INDEX
Page No.
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
PART II — OTHER INFORMATION
Item 6. Exhibits
W. P. Carey 9/30/2022 10-Q 1



Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Report”), including Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of Part I of this Report, contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements include, but are not limited to, statements regarding: the impact of the CPA:18 Merger (as defined herein); our corporate strategy and estimated or future economic performance and results, including our expectations surrounding the impact of the novel coronavirus (“COVID-19”) pandemic on our business, financial condition, liquidity, results of operations, and prospects; our future capital expenditure and leverage levels, debt service obligations, and plans to fund our liquidity needs; prospective statements regarding our access to the capital markets, including our “at-the-market” program (“ATM Program”) and settlement of our Equity Forwards (as defined herein); the outlook for the investment programs that we manage, including possible liquidity events for those programs; statements that we make regarding our ability to remain qualified for taxation as a real estate investment trust (“REIT”); and the impact of recently issued accounting pronouncements and regulatory activity.

These statements are based on the current expectations of our management. It is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to the effects of pandemics and global outbreaks of contagious diseases (such as the current COVID-19 pandemic) and domestic or geopolitical crises, such as terrorism, military conflict (including the ongoing conflict between Russia and Ukraine and the global response to it), war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, could also have material adverse effects on our business, financial condition, liquidity, results of operations, and prospects. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties, and other factors that may materially affect our future results, performance, achievements, or transactions. Information on factors that could impact actual results and cause them to differ from what is anticipated in the forward-looking statements contained herein is included in this Report, as well as in our other filings with the Securities and Exchange Commission (“SEC”), including but not limited to those described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 11, 2022 (the “2021 Annual Report”). Moreover, because we operate in a very competitive and rapidly changing environment, new risks are likely to emerge from time to time. Given these risks and uncertainties, potential investors are cautioned not to place undue reliance on these forward-looking statements as a prediction of future results, which speak only as of the date of this Report, unless noted otherwise. Except as required by federal securities laws and the rules and regulations of the SEC, we do not undertake to revise or update any forward-looking statements.

All references to “Notes” throughout the document refer to the footnotes to the consolidated financial statements of the registrant in Part I, Item 1. Financial Statements (Unaudited).

W. P. Carey 9/30/2022 10-Q 2



PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

W. P. CAREY INC. 
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share amounts)
September 30, 2022December 31, 2021
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other$12,862,423 $11,791,734 
Land, buildings and improvements — operating properties1,084,524 83,673 
Net investments in direct financing leases and loans receivable781,345 813,577 
In-place lease intangible assets and other2,578,236 2,386,000 
Above-market rent intangible assets840,943 843,410 
Investments in real estate18,147,471 15,918,394 
Accumulated depreciation and amortization(3,065,161)(2,889,294)
Assets held for sale, net38,578 8,269 
Net investments in real estate15,120,888 13,037,369 
Equity method investments297,665 356,637 
Cash and cash equivalents186,417 165,427 
Due from affiliates602 1,826 
Other assets, net1,146,099 1,017,842 
Goodwill1,023,171 901,529 
Total assets (a)
$17,774,842 $15,480,630 
Liabilities and Equity
Debt:
Senior unsecured notes, net$5,651,865 $5,701,913 
Unsecured term loans, net506,004 310,583 
Unsecured revolving credit facility462,660 410,596 
Non-recourse mortgages, net1,162,814 368,524 
Debt, net7,783,343 6,791,616 
Accounts payable, accrued expenses and other liabilities594,139 572,846 
Below-market rent and other intangible liabilities, net184,885 183,286 
Deferred income taxes174,276 145,572 
Dividends payable224,302 203,859 
Total liabilities (a)
8,960,945 7,897,179 
Commitments and contingencies (Note 12)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued
  
Common stock, $0.001 par value, 450,000,000 shares authorized; 208,032,718 and 190,013,751 shares, respectively, issued and outstanding
208 190 
Additional paid-in capital11,510,303 9,977,686 
Distributions in excess of accumulated earnings(2,470,261)(2,224,231)
Deferred compensation obligation57,012 49,810 
Accumulated other comprehensive loss(298,057)(221,670)
Total stockholders’ equity8,799,205 7,581,785 
Noncontrolling interests14,692 1,666 
Total equity8,813,897 7,583,451 
Total liabilities and equity$17,774,842 $15,480,630 
__________
(a)See Note 2 for details related to variable interest entities (“VIEs”).

See Notes to Consolidated Financial Statements.
W. P. Carey 9/30/2022 10-Q 3



W. P. CAREY INC. 
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except share and per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues
Real Estate:
Lease revenues$331,902 $298,616 $953,981 $872,345 
Income from direct financing leases and loans receivable20,637 16,754 56,794 51,917 
Operating property revenues21,350 4,050 30,279 9,474 
Lease termination income and other8,192 1,421 24,905 8,066 
382,081 320,841 1,065,959 941,802 
Investment Management:
Asset management and other revenue1,197 3,872 8,084 11,792 
Reimbursable costs from affiliates344 1,041 2,414 3,050 
1,541 4,913 10,498 14,842 
383,622 325,754 1,076,457 956,644 
Operating Expenses
Depreciation and amortization132,181 115,657 362,654 340,327 
Impairment charges — Investment Management goodwill29,334  29,334  
General and administrative22,299 19,750 66,224 62,297 
Reimbursable tenant costs18,874 15,092 52,538 45,942 
Merger and other expenses17,667 (908)17,329 (3,983)
Property expenses, excluding reimbursable tenant costs11,244 13,734 36,874 36,432 
Operating property expenses9,357 3,001 15,335 6,961 
Stock-based compensation expense5,511 4,361 23,102 18,790 
Reimbursable costs from affiliates344 1,041 2,414 3,050 
Impairment charges — real estate 16,301 26,385 16,301 
246,811 188,029 632,189 526,117 
Other Income and Expenses
Interest expense(59,022)(48,731)(151,492)(149,623)
Gain on change in control of interests33,931  33,931  
Other gains and (losses)(15,020)49,219 (1,021)15,576 
Earnings (losses) from equity method investments11,304 5,735 23,477 (4,154)
Non-operating income9,263 1,283 23,783 10,704 
(Loss) gain on sale of real estate, net(4,736)1,702 37,631 30,914 
(24,280)9,208 (33,691)(96,583)
Income before income taxes112,531 146,933 410,577 333,944 
Provision for income taxes(8,263)(8,347)(21,598)(23,434)
Net Income104,268 138,586 388,979 310,510 
Net loss (income) attributable to noncontrolling interests660 (39)622 (84)
Net Income Attributable to W. P. Carey$104,928 $138,547 $389,601 $310,426 
Basic Earnings Per Share$0.52 $0.75 $1.98 $1.72 
Diluted Earnings Per Share$0.51 $0.74 $1.98 $1.71 
Weighted-Average Shares Outstanding
Basic203,093,553 185,422,639 196,382,433 180,753,115 
Diluted204,098,116 186,012,478 197,264,509 181,323,128 

See Notes to Consolidated Financial Statements.
W. P. Carey 9/30/2022 10-Q 4



W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands) 
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net Income$104,268 $138,586 $388,979 $310,510 
Other Comprehensive (Loss) Income
Foreign currency translation adjustments(56,053)(20,400)(109,198)(28,329)
Unrealized gain on derivative instruments23,610 13,114 50,956 31,010 
Reclassification of unrealized gain on investments to net income  (18,688) 
(32,443)(7,286)(76,930)2,681 
Comprehensive Income71,825 131,300 312,049 313,191 
Amounts Attributable to Noncontrolling Interests
Net loss (income)660 (39)622 (84)
Foreign currency translation adjustments543  543  
Unrealized gain on derivative instruments   (21)
Comprehensive loss (income) attributable to noncontrolling interests1,203 (39)1,165 (105)
Comprehensive Income Attributable to W. P. Carey$73,028 $131,261 $313,214 $313,086 
 
See Notes to Consolidated Financial Statements.
W. P. Carey 9/30/2022 10-Q 5



W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
(in thousands, except share and per share amounts)
W. P. Carey Stockholders
DistributionsAccumulated
Common StockAdditionalin Excess ofDeferredOtherTotal
$0.001 Par ValuePaid-inAccumulatedCompensationComprehensiveW. P. CareyNoncontrolling
SharesAmountCapitalEarningsObligationLossStockholdersInterestsTotal
Balance at July 1, 2022
192,891,792 $193 $10,201,614 $(2,352,839)$57,012 $(266,157)$7,639,823 $1,639 $7,641,462 
Shares issued to stockholders of CPA:18 – Global in connection with CPA:18 Merger13,786,302 14 1,205,736 1,205,750 1,205,750 
Shares issued under Equity Forwards, net1,337,500 1 97,454 97,455 97,455 
Shares issued upon delivery of vested restricted share awards17,124 — (12)(12)(12)
Amortization of stock-based compensation expense5,511 5,511 5,511 
Acquisition of noncontrolling interests in connection with the CPA:18 Merger— 14,367 14,367 
Distributions to noncontrolling interests— (111)(111)
Dividends declared ($1.061 per share)
(222,350)(222,350)(222,350)
Net income104,928 104,928 (660)104,268 
Other comprehensive loss:
Foreign currency translation adjustments(55,510)(55,510)(543)(56,053)
Unrealized gain on derivative instruments23,610 23,610 23,610 
Balance at September 30, 2022208,032,718 $208 $11,510,303 $(2,470,261)$57,012 $(298,057)$8,799,205 $14,692 $8,813,897 

W. P. Carey Stockholders
DistributionsAccumulated
Common StockAdditionalin Excess ofDeferredOtherTotal
$0.001 Par ValuePaid-inAccumulatedCompensationComprehensiveW. P. CareyNoncontrolling
SharesAmountCapitalEarningsObligationLossStockholdersInterestsTotal
Balance at July 1, 2021
184,253,151 $184 $9,542,171 $(2,063,109)$49,815 $(229,960)$7,299,101 $1,666 $7,300,767 
Shares issued under Equity Forwards, net2,012,500 2 147,691 147,693 147,693 
Shares issued upon delivery of vested restricted share awards19,304 — (2)(2)(2)
Amortization of stock-based compensation expense4,361 4,361 4,361 
Delivery of vested shares, net5 (5)— — 
Distributions to noncontrolling interests— (48)(48)
Dividends declared ($1.052 per share)
(197,374)(197,374)(197,374)
Net income138,547 138,547 39 138,586 
Other comprehensive loss:
Foreign currency translation adjustments(20,400)(20,400)(20,400)
Unrealized gain on derivative instruments13,114 13,114 13,114 
Balance at September 30, 2021186,284,955 $186 $9,694,226 $(2,121,936)$49,810 $(237,246)$7,385,040 $1,657 $7,386,697 

(Continued)

W. P. Carey 9/30/2022 10-Q 6



W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
(Continued)
(in thousands, except share and per share amounts)
W. P. Carey Stockholders
DistributionsAccumulated
Common StockAdditionalin Excess ofDeferredOtherTotal
$0.001 Par ValuePaid-inAccumulatedCompensationComprehensiveW. P. CareyNoncontrolling
SharesAmountCapitalEarningsObligationLossStockholdersInterestsTotal
Balance at January 1, 2022
190,013,751 $190 $9,977,686 $(2,224,231)$49,810 $(221,670)$7,581,785 $1,666 $7,583,451 
Shares issued to stockholders of CPA:18 – Global in connection with CPA:18 Merger13,786,302 14 1,205,736 1,205,750 1,205,750 
Shares issued under ATM Program, net2,740,295 3 218,098 218,101 218,101 
Shares issued under Equity Forwards, net1,337,500 1 97,454 97,455 97,455 
Shares issued upon delivery of vested restricted share awards152,830 — (6,612)(6,612)(6,612)
Shares issued upon purchases under employee share purchase plan2,040 — 155 155 155 
Amortization of stock-based compensation expense23,102 23,102 23,102 
Deferral of vested shares, net(6,696)6,696 — — 
Acquisition of noncontrolling interests in connection with the CPA:18 Merger— 14,367 14,367 
Distributions to noncontrolling interests— (176)(176)
Dividends declared ($3.177 per share)
1,380 (635,631)506 (633,745)(633,745)
Net income389,601 389,601 (622)388,979 
Other comprehensive loss:
Foreign currency translation adjustments(108,655)(108,655)(543)(109,198)
Unrealized gain on derivative instruments50,956 50,956 50,956 
Reclassification of unrealized gain on investments to net income(18,688)(18,688)(18,688)
Balance at September 30, 2022208,032,718 $208 $11,510,303 $(2,470,261)$57,012 $(298,057)$8,799,205 $14,692 $8,813,897 

W. P. Carey Stockholders
DistributionsAccumulated
Common StockAdditionalin Excess ofDeferredOtherTotal
$0.001 Par ValuePaid-inAccumulatedCompensationComprehensiveW. P. CareyNoncontrolling
SharesAmountCapitalEarningsObligationLoss