10-Q 1 wpc-20240930.htm 10-Q wpc-20240930
0001025378false2024Q3--12-31P8Y2M12DP10Yhttp://www.wpcarey.com/20240930#GovernmentBondYieldMemberhttp://www.wpcarey.com/20240930#GovernmentBondYieldMemberxbrli:sharesiso4217:USDiso4217:USDxbrli:shareswpc:propertywpc:segmentutr:sqftwpc:tenantxbrli:purewpc:entitywpc:viewpc:investmentiso4217:USDiso4217:EURwpc:projectwpc:derivativeiso4217:EURiso4217:GBP00010253782024-01-012024-09-3000010253782024-10-2500010253782024-09-3000010253782023-12-310001025378wpc:OwnedRealEstateMember2024-07-012024-09-300001025378wpc:OwnedRealEstateMember2023-07-012023-09-300001025378wpc:OwnedRealEstateMember2024-01-012024-09-300001025378wpc:OwnedRealEstateMember2023-01-012023-09-300001025378us-gaap:ManagementServiceMember2024-07-012024-09-300001025378us-gaap:ManagementServiceMember2023-07-012023-09-300001025378us-gaap:ManagementServiceMember2024-01-012024-09-300001025378us-gaap:ManagementServiceMember2023-01-012023-09-300001025378wpc:OtherAdvisoryIncomeAndReimbursementsMember2024-07-012024-09-300001025378wpc:OtherAdvisoryIncomeAndReimbursementsMember2023-07-012023-09-300001025378wpc:OtherAdvisoryIncomeAndReimbursementsMember2024-01-012024-09-300001025378wpc:OtherAdvisoryIncomeAndReimbursementsMember2023-01-012023-09-300001025378wpc:InvestmentManagementMember2024-07-012024-09-300001025378wpc:InvestmentManagementMember2023-07-012023-09-300001025378wpc:InvestmentManagementMember2024-01-012024-09-300001025378wpc:InvestmentManagementMember2023-01-012023-09-3000010253782024-07-012024-09-3000010253782023-07-012023-09-3000010253782023-01-012023-09-300001025378us-gaap:CommonStockMember2024-06-300001025378us-gaap:AdditionalPaidInCapitalMember2024-06-300001025378us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-06-300001025378wpc:DeferredCompensationObligationMember2024-06-300001025378us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001025378us-gaap:ParentMember2024-06-300001025378us-gaap:NoncontrollingInterestMember2024-06-3000010253782024-06-300001025378us-gaap:CommonStockMember2024-07-012024-09-300001025378us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001025378us-gaap:ParentMember2024-07-012024-09-300001025378wpc:DeferredCompensationObligationMember2024-07-012024-09-300001025378us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-07-012024-09-300001025378us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001025378us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001025378us-gaap:CommonStockMember2024-09-300001025378us-gaap:AdditionalPaidInCapitalMember2024-09-300001025378us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-09-300001025378wpc:DeferredCompensationObligationMember2024-09-300001025378us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001025378us-gaap:ParentMember2024-09-300001025378us-gaap:NoncontrollingInterestMember2024-09-300001025378us-gaap:CommonStockMember2023-06-300001025378us-gaap:AdditionalPaidInCapitalMember2023-06-300001025378us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-06-300001025378wpc:DeferredCompensationObligationMember2023-06-300001025378us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001025378us-gaap:ParentMember2023-06-300001025378us-gaap:NoncontrollingInterestMember2023-06-3000010253782023-06-300001025378us-gaap:CommonStockMember2023-07-012023-09-300001025378us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001025378us-gaap:ParentMember2023-07-012023-09-300001025378us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001025378us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-07-012023-09-300001025378us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001025378us-gaap:CommonStockMember2023-09-300001025378us-gaap:AdditionalPaidInCapitalMember2023-09-300001025378us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-09-300001025378wpc:DeferredCompensationObligationMember2023-09-300001025378us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001025378us-gaap:ParentMember2023-09-300001025378us-gaap:NoncontrollingInterestMember2023-09-3000010253782023-09-300001025378us-gaap:CommonStockMember2023-12-310001025378us-gaap:AdditionalPaidInCapitalMember2023-12-310001025378us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-12-310001025378wpc:DeferredCompensationObligationMember2023-12-310001025378us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001025378us-gaap:ParentMember2023-12-310001025378us-gaap:NoncontrollingInterestMember2023-12-310001025378us-gaap:CommonStockMember2024-01-012024-09-300001025378us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001025378us-gaap:ParentMember2024-01-012024-09-300001025378wpc:DeferredCompensationObligationMember2024-01-012024-09-300001025378us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-01-012024-09-300001025378us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001025378us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001025378us-gaap:CommonStockMember2022-12-310001025378us-gaap:AdditionalPaidInCapitalMember2022-12-310001025378us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-12-310001025378wpc:DeferredCompensationObligationMember2022-12-310001025378us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001025378us-gaap:ParentMember2022-12-310001025378us-gaap:NoncontrollingInterestMember2022-12-3100010253782022-12-310001025378us-gaap:CommonStockMember2023-01-012023-09-300001025378us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001025378us-gaap:ParentMember2023-01-012023-09-300001025378wpc:DeferredCompensationObligationMember2023-01-012023-09-300001025378us-gaap:NoncontrollingInterestMember2023-01-012023-09-300001025378us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-01-012023-09-300001025378us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001025378srt:OfficeBuildingMemberwpc:NetLeaseOfficePropertiesMemberus-gaap:DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsSpinoffMember2023-09-300001025378srt:OfficeBuildingMemberwpc:NetLeaseOfficePropertiesMemberus-gaap:DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsSpinoffMember2023-11-010001025378srt:OfficeBuildingMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-11-010001025378wpc:OwnedRealEstateMember2024-09-300001025378wpc:OperatingPropertiesMemberwpc:OwnedRealEstateMember2024-09-300001025378wpc:SelfStorageMemberwpc:OwnedRealEstateMember2024-09-300001025378srt:HotelMemberwpc:OwnedRealEstateMember2024-09-300001025378wpc:StudentHousingPropertiesMemberwpc:OwnedRealEstateMember2024-09-300001025378us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001025378us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001025378wpc:OwnedRealEstateMember2024-09-300001025378wpc:ManagedProgramsMember2024-09-300001025378srt:HotelMemberwpc:OwnedRealEstateMember2024-07-012024-09-300001025378srt:HotelMemberwpc:OwnedRealEstateMember2023-07-012023-09-300001025378srt:HotelMemberwpc:OwnedRealEstateMember2024-01-012024-09-300001025378srt:HotelMemberwpc:OwnedRealEstateMember2023-01-012023-09-300001025378country:USsrt:HotelMemberwpc:OwnedRealEstateMember2024-09-300001025378country:USsrt:HotelMemberwpc:OwnedRealEstateMemberus-gaap:ScenarioAdjustmentMember2023-03-310001025378srt:HotelMemberwpc:OwnedRealEstateMember2023-01-012023-12-310001025378us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberus-gaap:LandBuildingsAndImprovementsMember2024-04-012024-06-300001025378wpc:AdministrativeReimbursementsMember2024-07-012024-09-300001025378wpc:AdministrativeReimbursementsMember2023-07-012023-09-300001025378wpc:AdministrativeReimbursementsMember2024-01-012024-09-300001025378wpc:AdministrativeReimbursementsMember2023-01-012023-09-300001025378wpc:RevenueFromReimbursementsMember2024-07-012024-09-300001025378wpc:RevenueFromReimbursementsMember2023-07-012023-09-300001025378wpc:RevenueFromReimbursementsMember2024-01-012024-09-300001025378wpc:RevenueFromReimbursementsMember2023-01-012023-09-300001025378srt:AffiliatedEntityMemberwpc:NetLeaseOfficePropertiesMember2024-07-012024-09-300001025378srt:AffiliatedEntityMemberwpc:NetLeaseOfficePropertiesMember2023-07-012023-09-300001025378srt:AffiliatedEntityMemberwpc:NetLeaseOfficePropertiesMember2024-01-012024-09-300001025378srt:AffiliatedEntityMemberwpc:NetLeaseOfficePropertiesMember2023-01-012023-09-300001025378srt:AffiliatedEntityMemberwpc:CareyEuropeanStudentHousingFundIL.P.Member2024-07-012024-09-300001025378srt:AffiliatedEntityMemberwpc:CareyEuropeanStudentHousingFundIL.P.Member2023-07-012023-09-300001025378srt:AffiliatedEntityMemberwpc:CareyEuropeanStudentHousingFundIL.P.Member2024-01-012024-09-300001025378srt:AffiliatedEntityMemberwpc:CareyEuropeanStudentHousingFundIL.P.Member2023-01-012023-09-300001025378srt:AffiliatedEntityMember2024-07-012024-09-300001025378srt:AffiliatedEntityMember2023-07-012023-09-300001025378srt:AffiliatedEntityMember2024-01-012024-09-300001025378srt:AffiliatedEntityMember2023-01-012023-09-300001025378srt:AffiliatedEntityMember2024-09-300001025378srt:AffiliatedEntityMember2023-12-310001025378srt:AffiliatedEntityMemberwpc:CareyEuropeanStudentHousingFundIL.P.Memberwpc:GrossAssetsFairValueMember2024-01-012024-09-300001025378srt:AffiliatedEntityMemberwpc:NetLeaseOfficePropertiesMember2023-11-010001025378wpc:OtherEntityMember2024-09-300001025378wpc:OperatingRealEstateBusinessMemberus-gaap:LandMember2024-09-300001025378wpc:OperatingRealEstateBusinessMemberus-gaap:LandMember2023-12-310001025378wpc:OperatingRealEstateBusinessMemberus-gaap:BuildingAndBuildingImprovementsMember2024-09-300001025378wpc:OperatingRealEstateBusinessMemberus-gaap:BuildingAndBuildingImprovementsMember2023-12-310001025378wpc:OperatingRealEstateBusinessMemberus-gaap:AssetUnderConstructionMember2024-09-300001025378wpc:OperatingRealEstateBusinessMemberus-gaap:AssetUnderConstructionMember2023-12-310001025378wpc:OperatingRealEstateBusinessMember2024-09-300001025378wpc:OperatingRealEstateBusinessMember2023-12-310001025378wpc:RealEstateSubjectToOperatingLeaseMember2024-01-012024-09-300001025378wpc:SelfStorageMemberus-gaap:ScenarioAdjustmentMember2024-09-300001025378wpc:SelfStorageMemberus-gaap:ScenarioAdjustmentMember2024-09-010001025378wpc:SelfStorageMemberus-gaap:ScenarioAdjustmentMember2024-09-300001025378wpc:LandBuildingsAndImprovementsNetLeaseAndOtherMemberus-gaap:ScenarioAdjustmentMember2024-09-300001025378wpc:RealEstateInvestmentPropertyNetRealEstateLeasedMemberus-gaap:ScenarioAdjustmentMember2024-09-300001025378us-gaap:ScenarioAdjustmentMember2024-09-300001025378wpc:DirectFinancingLeaseMemberus-gaap:ScenarioAdjustmentMember2024-09-300001025378us-gaap:ScenarioAdjustmentMember2024-01-012024-09-300001025378wpc:RealEstateSubjectToOperatingLeaseMember2024-07-012024-09-300001025378wpc:RealEstateSubjectToOperatingLeaseMember2023-07-012023-09-300001025378wpc:RealEstateSubjectToOperatingLeaseMember2023-01-012023-09-300001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:DoncasterUnitedKingdomMember2024-01-090001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:DoncasterUnitedKingdomMember2024-01-092024-01-090001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:VariousPropertiesInItalyMember2024-01-300001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:VariousPropertiesInItalyMember2024-01-302024-01-300001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:LavalCanadaMember2024-03-260001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:LavalCanadaMember2024-03-262024-03-260001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:CommercialPointOhioMember2024-04-050001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:CommercialPointOhioMember2024-04-052024-04-050001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:TusconArizonaMember2024-05-130001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:TusconArizonaMember2024-05-132024-05-130001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:VariousUnitedStates1Memberwpc:AcquiredPropertiesMember2024-05-150001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:VariousUnitedStates1Memberwpc:AcquiredPropertiesMember2024-05-152024-05-150001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:VariousUnitedStates2Memberwpc:AcquiredPropertiesMember2024-05-150001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:VariousUnitedStates2Memberwpc:AcquiredPropertiesMember2024-05-152024-05-150001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:SylacaugaAlabamaMemberwpc:AcquiredPropertiesMember2024-05-150001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:SylacaugaAlabamaMemberwpc:AcquiredPropertiesMember2024-05-152024-05-150001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:MoxeeWashingtonAndLaPorteIndianaMemberwpc:AcquiredPropertiesMember2024-06-260001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:MoxeeWashingtonAndLaPorteIndianaMemberwpc:AcquiredPropertiesMember2024-06-262024-06-260001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:VariousNorthCarolinaMemberwpc:AcquiredPropertiesMember2024-07-230001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:VariousNorthCarolinaMemberwpc:AcquiredPropertiesMember2024-07-232024-07-230001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:NeenahWisconsinMemberwpc:AcquiredPropertiesMember2024-07-230001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:NeenahWisconsinMemberwpc:AcquiredPropertiesMember2024-07-232024-07-230001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:AlexandriaCanadaMemberwpc:AcquiredPropertiesMember2024-08-060001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:AlexandriaCanadaMemberwpc:AcquiredPropertiesMember2024-08-062024-08-060001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:TillsonburgAndOldcastleCanadaMemberwpc:AcquiredPropertiesMember2024-08-060001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:TillsonburgAndOldcastleCanadaMemberwpc:AcquiredPropertiesMember2024-08-062024-08-060001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:AcquiredPropertiesMember2024-09-300001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:AcquiredPropertiesMember2024-01-012024-09-300001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:MesaAndLaveenArizonaMember2024-06-030001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:MesaAndLaveenArizonaMember2024-06-032024-06-030001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:VariousPolandMember2024-07-250001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:VariousPolandMember2024-07-252024-09-180001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:LasVegasNevadaMember2024-08-020001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:LasVegasNevadaMember2024-08-022024-08-020001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:WestDesMoinesIowaMember2024-08-090001025378wpc:RealEstateSubjectToOperatingLeaseMemberwpc:WestDesMoinesIowaMember2024-08-092024-08-090001025378wpc:RealEstateSubjectToOperatingLeaseMember2024-09-300001025378wpc:NonRecourseMortgageLoanMember2024-09-300001025378wpc:RealEstateSubjectToOperatingLeaseMemberus-gaap:LandMember2024-01-012024-09-300001025378wpc:RealEstateSubjectToOperatingLeaseMemberus-gaap:BuildingAndBuildingImprovementsMember2024-01-012024-09-300001025378us-gaap:LeasesAcquiredInPlaceMemberwpc:RealEstateSubjectToOperatingLeaseMember2024-09-300001025378us-gaap:LeasesAcquiredInPlaceMemberwpc:RealEstateSubjectToOperatingLeaseMember2024-01-012024-09-300001025378wpc:BelowMarketRentMemberwpc:RealEstateSubjectToOperatingLeaseMember2024-09-300001025378wpc:BelowMarketRentMemberwpc:RealEstateSubjectToOperatingLeaseMember2024-01-012024-09-300001025378us-gaap:UseRightsMemberwpc:RealEstateSubjectToOperatingLeaseMemberus-gaap:LandMember2024-01-012024-09-300001025378wpc:RealEstateSubjectToOperatingLeaseMemberus-gaap:LongTermDebtMember2024-01-012024-09-300001025378wpc:RightOfUseLiabilityMemberwpc:RealEstateSubjectToOperatingLeaseMember2024-01-012024-09-3000010253782023-01-012023-12-310001025378wpc:PropertyLocatedInSalisburyNCMemberus-gaap:ConstructionInProgressMember2024-09-300001025378wpc:PropertyLocatedInSalisburyNCMemberus-gaap:ConstructionInProgressMember2024-01-012024-09-300001025378wpc:LittleRockArkansasMemberus-gaap:ConstructionInProgressMember2024-09-300001025378wpc:LittleRockArkansasMemberus-gaap:ConstructionInProgressMember2024-01-012024-09-300001025378wpc:IrvineCaliforniaMemberus-gaap:ConstructionInProgressMember2024-09-300001025378wpc:IrvineCaliforniaMemberus-gaap:ConstructionInProgressMember2024-01-012024-09-300001025378us-gaap:ConstructionInProgressMember2024-09-300001025378us-gaap:ConstructionInProgressMember2024-01-012024-09-300001025378us-gaap:ConstructionMember2024-01-012024-09-300001025378us-gaap:ConstructionMember2024-09-300001025378us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberus-gaap:LandBuildingsAndImprovementsMember2024-01-012024-09-300001025378wpc:OperatingRealEstateBusinessMemberwpc:SelfStorageMember2024-09-300001025378wpc:OperatingRealEstateBusinessMembersrt:HotelMember2024-09-300001025378wpc:OperatingRealEstateBusinessMemberwpc:StudentHousingMember2024-09-300001025378wpc:OperatingRealEstateBusinessMemberwpc:SelfStorageMember2023-12-310001025378wpc:OperatingRealEstateBusinessMembersrt:HotelMember2023-12-310001025378wpc:OperatingRealEstateBusinessMemberwpc:StudentHousingMember2023-12-310001025378wpc:OperatingRealEstateBusinessMemberwpc:RealEstateUnderConstructionMember2024-09-300001025378wpc:OperatingRealEstateBusinessMemberwpc:RealEstateUnderConstructionMember2023-12-310001025378srt:HotelMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberus-gaap:LandBuildingsAndImprovementsMember2024-01-012024-09-300001025378wpc:OperatingRealEstateBusinessMember2024-07-012024-09-300001025378wpc:OperatingRealEstateBusinessMember2023-07-012023-09-300001025378wpc:OperatingRealEstateBusinessMember2024-01-012024-09-300001025378wpc:OperatingRealEstateBusinessMember2023-01-012023-09-300001025378wpc:OperatingRealEstateBusinessMemberwpc:DaytonOhioMember2024-08-190001025378wpc:OperatingRealEstateBusinessMemberwpc:DaytonOhioMember2024-08-192024-08-190001025378wpc:OperatingRealEstateBusinessMemberus-gaap:LandMember2024-01-012024-09-300001025378wpc:OperatingRealEstateBusinessMemberus-gaap:BuildingAndBuildingImprovementsMember2024-01-012024-09-300001025378us-gaap:LeasesAcquiredInPlaceMemberwpc:OperatingRealEstateBusinessMember2024-09-300001025378us-gaap:LeasesAcquiredInPlaceMemberwpc:OperatingRealEstateBusinessMember2024-01-012024-09-300001025378wpc:LandBuildingsAndImprovementsNetLeaseAndOtherMember2024-09-300001025378wpc:LandBuildingsAndImprovementsNetLeaseAndOtherMember2023-12-310001025378us-gaap:LeasesAcquiredInPlaceMember2024-09-300001025378us-gaap:LeasesAcquiredInPlaceMember2023-12-310001025378us-gaap:AboveMarketLeasesMember2024-09-300001025378us-gaap:AboveMarketLeasesMember2023-12-310001025378us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-09-300001025378us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-12-310001025378wpc:DirectFinancingLeaseMember2024-09-300001025378wpc:DirectFinancingLeaseMember2023-12-310001025378wpc:SalesTypeLeasesMember2024-09-300001025378wpc:SalesTypeLeasesMember2023-12-310001025378us-gaap:LoansReceivableMember2024-09-300001025378us-gaap:LoansReceivableMember2023-12-310001025378wpc:DirectFinancingLeaseMember2024-01-012024-09-300001025378us-gaap:FinanceReceivablesMember2024-01-012024-09-300001025378us-gaap:FinanceReceivablesMember2023-01-012023-09-300001025378wpc:LandAndBuildingImprovementsNetLeaseAndOtherMemberus-gaap:ScenarioAdjustmentMember2024-09-300001025378wpc:DirectFinancingLeaseMember2024-01-012024-09-300001025378wpc:RealEstateAssociatedWithSalesLeaseBackMemberwpc:VariousPropertiesInItalyMember2024-03-260001025378wpc:RealEstateAssociatedWithSalesLeaseBackMemberwpc:VariousPropertiesInItalyMember2024-09-300001025378wpc:RealEstateAssociatedWithSalesLeaseBackMember2024-03-260001025378wpc:RealEstateAssociatedWithSalesLeaseBackMember2024-09-3000010253782024-03-012024-03-310001025378us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2024-06-300001025378us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2024-06-012024-06-3000010253782024-09-012024-09-300001025378wpc:DirectFinancingLeaseMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2024-09-300001025378wpc:SelfStoragePropertiesLocatedInTheUnitedStatesMember2023-01-012023-09-300001025378wpc:PropertiesLocatedInSpainMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2024-09-300001025378wpc:PropertiesLocatedInSpainMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2024-01-012024-09-300001025378wpc:PropertiesLocatedInSpainMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-10-012023-12-310001025378wpc:PropertiesLocatedInNetherlandsMember2024-07-100001025378wpc:PropertiesLocatedInNetherlandsMember2024-07-102024-07-100001025378wpc:PropertiesLocatedInNetherlandsMemberus-gaap:ScenarioAdjustmentMember2024-07-100001025378wpc:PropertiesLocatedInNetherlandsMember2024-07-012024-09-300001025378wpc:PropertiesLocatedInNetherlandsMember2024-01-012024-09-300001025378wpc:InternallyAssignedGrade1thru3Member2024-09-300001025378wpc:InternallyAssignedGrade1thru3Member2023-12-310001025378wpc:InternallyAssignedGrade4Member2024-09-300001025378wpc:InternallyAssignedGrade4Member2023-12-310001025378wpc:InternallyAssignedGrade5Member2024-09-300001025378wpc:InternallyAssignedGrade5Member2023-12-310001025378us-gaap:SoftwareDevelopmentMember2024-09-300001025378us-gaap:SoftwareDevelopmentMember2023-12-310001025378wpc:ContractsincludinginternalsoftwaredevelopmentMember2024-09-300001025378wpc:ContractsincludinginternalsoftwaredevelopmentMember2023-12-310001025378us-gaap:LeaseAgreementsMember2024-09-300001025378us-gaap:LeaseAgreementsMember2023-12-310001025378us-gaap:GoodwillMember2024-09-300001025378us-gaap:GoodwillMember2023-12-310001025378wpc:BelowMarketLeaseMember2024-09-300001025378wpc:BelowMarketLeaseMember2023-12-310001025378wpc:NetIntangibleAssetsMember2024-01-012024-09-300001025378wpc:RetailComplexInLasVegasNevadaMemberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2024-09-300001025378wpc:RetailComplexInLasVegasNevadaMemberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2023-12-310001025378wpc:KeskoSenukaiMemberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2024-09-300001025378wpc:KeskoSenukaiMemberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2023-12-310001025378wpc:HarmonRetailCornerMemberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2024-09-300001025378wpc:HarmonRetailCornerMemberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2023-12-310001025378wpc:CareyEuropeanStudentHousingFundIL.P.Memberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2024-09-300001025378wpc:CareyEuropeanStudentHousingFundIL.P.Memberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2023-12-310001025378wpc:JohnsonSelfStorageMemberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2024-09-300001025378wpc:JohnsonSelfStorageMemberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2023-12-310001025378wpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2024-09-300001025378wpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2023-12-310001025378wpc:RetailComplexInLasVegasNevadaMemberwpc:ConstructionCommitmentMemberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2021-06-100001025378wpc:RetailComplexInLasVegasNevadaMemberwpc:ConstructionCommitmentMemberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2024-01-012024-09-300001025378wpc:RetailComplexInLasVegasNevadaMemberwpc:ConstructionCommitmentMemberwpc:OwnedRealEstateMembersrt:AffiliatedEntityMember2023-01-012023-09-300001025378us-gaap:UnconsolidatedPropertiesMemberwpc:OwnedRealEstateMember2024-01-012024-09-300001025378us-gaap:UnconsolidatedPropertiesMemberwpc:OwnedRealEstateMember2023-01-012023-09-300001025378us-gaap:UnconsolidatedPropertiesMemberwpc:OwnedRealEstateMember2024-09-300001025378us-gaap:UnconsolidatedPropertiesMemberwpc:OwnedRealEstateMember2023-12-310001025378wpc:CareyEuropeanStudentHousingFundIL.P.Membersrt:AffiliatedEntityMember2023-01-012023-09-300001025378wpc:CareyEuropeanStudentHousingFundIL.P.Membersrt:AffiliatedEntityMember2024-01-012024-09-300001025378wpc:JohnsonSelfStorageMember2024-09-010001025378wpc:JohnsonSelfStorageMember2024-09-012024-09-010001025378wpc:SelfStorageMemberwpc:JohnsonSelfStorageMember2024-09-010001025378wpc:JohnsonSelfStorageMember2024-07-012024-09-300001025378wpc:JohnsonSelfStorageMemberus-gaap:ScenarioAdjustmentMember2024-09-010001025378wpc:LineageLogisticsMember2024-09-300001025378us-gaap:FairValueInputsLevel2Memberwpc:LineageLogisticsMember2024-01-012024-09-300001025378us-gaap:FairValueInputsLevel2Memberwpc:LineageLogisticsMember2024-09-300001025378us-gaap:FairValueInputsLevel2Memberwpc:LineageLogisticsMember2023-12-310001025378wpc:GuggenheimCreditIncomeFundMember2024-01-012024-09-300001025378wpc:GuggenheimCreditIncomeFundMember2024-09-300001025378wpc:GuggenheimCreditIncomeFundMember2023-12-310001025378wpc:FairValueInputsLevel2AndLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-09-300001025378wpc:FairValueInputsLevel2AndLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-09-300001025378wpc:FairValueInputsLevel2AndLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2023-12-310001025378wpc:FairValueInputsLevel2AndLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2023-12-310001025378us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMember2024-09-300001025378us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMember2024-09-300001025378us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMember2023-12-310001025378us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMember2023-12-310001025378wpc:FairValueInputsLevel2AndLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMember2024-09-300001025378wpc:FairValueInputsLevel2AndLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMember2023-12-310001025378us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-07-012024-09-300001025378us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-07-012023-09-300001025378us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-09-300001025378us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-01-012023-09-300001025378us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwpc:OfficeSalesProgramMember2024-07-012024-07-310001025378wpc:ForeignCurrencyCollarsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2023-12-310001025378us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2024-09-300001025378us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2023-12-310001025378wpc:ForeignCurrencyCollarsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2023-12-310001025378us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2024-09-300001025378us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2023-12-310001025378us-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001025378us-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001025378wpc:ForeignCurrencyCollarsMemberus-gaap:NondesignatedMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:NondesignatedMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2023-12-310001025378us-gaap:NondesignatedMember2024-09-300001025378us-gaap:NondesignatedMember2023-12-310001025378wpc:ForeignCurrencyCollarsMemberus-gaap:CashFlowHedgingMember2024-07-012024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:CashFlowHedgingMember2023-07-012023-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:CashFlowHedgingMember2023-01-012023-09-300001025378us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-07-012024-09-300001025378us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-07-012023-09-300001025378us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-300001025378us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-01-012023-09-300001025378us-gaap:InterestRateCapMemberus-gaap:CashFlowHedgingMember2024-07-012024-09-300001025378us-gaap:InterestRateCapMemberus-gaap:CashFlowHedgingMember2023-07-012023-09-300001025378us-gaap:InterestRateCapMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-300001025378us-gaap:InterestRateCapMemberus-gaap:CashFlowHedgingMember2023-01-012023-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:CashFlowHedgingMemberwpc:NonOperatingIncomeMember2024-07-012024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:CashFlowHedgingMemberwpc:NonOperatingIncomeMember2023-07-012023-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:CashFlowHedgingMemberwpc:NonOperatingIncomeMember2024-01-012024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:CashFlowHedgingMemberwpc:NonOperatingIncomeMember2023-01-012023-09-300001025378wpc:InterestRateSwapandCapsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-07-012024-09-300001025378wpc:InterestRateSwapandCapsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2023-07-012023-09-300001025378wpc:InterestRateSwapandCapsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-01-012024-09-300001025378wpc:InterestRateSwapandCapsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2023-01-012023-09-300001025378us-gaap:CashFlowHedgingMember2024-07-012024-09-300001025378us-gaap:CashFlowHedgingMember2023-07-012023-09-300001025378us-gaap:CashFlowHedgingMember2024-01-012024-09-300001025378us-gaap:CashFlowHedgingMember2023-01-012023-09-300001025378us-gaap:CashFlowHedgingMemberus-gaap:EquityMethodInvestmentsMember2024-07-012024-09-300001025378us-gaap:CashFlowHedgingMemberus-gaap:EquityMethodInvestmentsMember2023-07-012023-09-300001025378us-gaap:CashFlowHedgingMemberus-gaap:EquityMethodInvestmentsMember2024-01-012024-09-300001025378us-gaap:CashFlowHedgingMemberus-gaap:EquityMethodInvestmentsMember2023-01-012023-09-300001025378us-gaap:InterestExpenseMember2024-01-012024-09-300001025378wpc:NonOperatingIncomeMember2024-01-012024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:DesignatedAsHedgingInstrumentMemberwpc:NonOperatingIncomeMember2024-07-012024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:DesignatedAsHedgingInstrumentMemberwpc:NonOperatingIncomeMember2023-07-012023-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:DesignatedAsHedgingInstrumentMemberwpc:NonOperatingIncomeMember2024-01-012024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:DesignatedAsHedgingInstrumentMemberwpc:NonOperatingIncomeMember2023-01-012023-09-300001025378us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2024-07-012024-09-300001025378us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2023-07-012023-09-300001025378us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2024-01-012024-09-300001025378us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2023-01-012023-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:NondesignatedMemberwpc:OtherGainsAndLossesMember2024-07-012024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:NondesignatedMemberwpc:OtherGainsAndLossesMember2023-07-012023-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:NondesignatedMemberwpc:OtherGainsAndLossesMember2024-01-012024-09-300001025378wpc:ForeignCurrencyCollarsMemberus-gaap:NondesignatedMemberwpc:OtherGainsAndLossesMember2023-01-012023-09-300001025378wpc:NominalCurrencyEuroMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001025378wpc:NominalCurrencyUSDMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001025378us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001025378wpc:NominalCurrencyEuroMemberwpc:ForeignCurrencyCollarsMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001025378wpc:NominalCurrencyGBPMemberwpc:ForeignCurrencyCollarsMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001025378wpc:NominalCurrencyEuroMemberwpc:ForeignCurrencyCollarsMemberus-gaap:NondesignatedMember2024-09-300001025378us-gaap:IndividualMember2024-09-300001025378wpc:SeniorUnsecuredTermLoanMember2024-09-300001025378wpc:SeniorUnsecuredTermLoanMember2023-12-310001025378wpc:TermLoanDue2026Memberwpc:SeniorUnsecuredTermLoanMember2024-09-300001025378wpc:TermLoanDue2026Memberwpc:SeniorUnsecuredTermLoanMember2023-12-310001025378wpc:DelayedDrawTermLoanDue2026Memberwpc:SeniorUnsecuredTermLoanMember2023-12-310001025378wpc:DelayedDrawTermLoanDue2026Memberwpc:SeniorUnsecuredTermLoanMember2024-09-300001025378wpc:UnsecuredCreditFacilityMaturingFebruary2029Memberwpc:SeniorUnsecuredCreditFacilityMember2024-09-300001025378wpc:UnsecuredCreditFacilityMaturingFebruary2029Memberwpc:SeniorUnsecuredCreditFacilityMember2023-12-310001025378wpc:GBPTermLoanDue2028Memberwpc:SeniorUnsecuredCreditFacilityMember2023-12-310001025378wpc:GBPTermLoanDue2028Memberwpc:SeniorUnsecuredCreditFacilityMember2024-09-300001025378wpc:EURTermLoanDue2028Memberwpc:SeniorUnsecuredCreditFacilityMember2023-12-310001025378wpc:EURTermLoanDue2028Memberwpc:SeniorUnsecuredCreditFacilityMember2024-09-300001025378wpc:SeniorUnsecuredCreditFacilityMember2024-09-300001025378us-gaap:StandbyLettersOfCreditMember2024-09-300001025378wpc:SeniorUnsecuredCreditFacilityMember2024-01-012024-09-300001025378wpc:UnsecuredTermLoanDue2026Memberwpc:SeniorUnsecuredTermLoanMember2024-09-300001025378wpc:UnsecuredTermLoanDue2026Memberwpc:SeniorUnsecuredTermLoanMember2023-12-310001025378wpc:GBPTermLoanDue2028Memberwpc:SeniorUnsecuredTermLoanMemberwpc:SterlingOvernightInterbankAverageRateMember2024-01-012024-09-300001025378wpc:GBPTermLoanDue2028Memberwpc:SeniorUnsecuredTermLoanMember2024-09-300001025378wpc:GBPTermLoanDue2028Memberwpc:SeniorUnsecuredTermLoanMember2023-12-310001025378wpc:EURTermLoanDue2028Memberwpc:SeniorUnsecuredTermLoanMemberwpc:EuroInterbankOfferingRateMember2024-01-012024-09-300001025378wpc:EURTermLoanDue2028Memberwpc:SeniorUnsecuredTermLoanMember2024-09-300001025378wpc:EURTermLoanDue2028Memberwpc:SeniorUnsecuredTermLoanMember2023-12-310001025378wpc:EuroUnsecuredCreditFacilityDue2029Memberwpc:SeniorUnsecuredCreditFacilityMemberwpc:EuroInterbankOfferingRateMember2024-01-012024-09-300001025378wpc:EuroUnsecuredCreditFacilityDue2029Memberwpc:SeniorUnsecuredCreditFacilityMember2024-09-300001025378wpc:EuroUnsecuredCreditFacilityDue2029Memberwpc:SeniorUnsecuredCreditFacilityMember2023-12-310001025378wpc:JPYUnsecuredCreditFacilityDue2029Memberwpc:SeniorUnsecuredCreditFacilityMemberwpc:TokyoInterbankOfferedRateMember2024-01-012024-09-300001025378wpc:JPYUnsecuredCreditFacilityDue2029Memberwpc:SeniorUnsecuredCreditFacilityMember2024-09-300001025378wpc:JPYUnsecuredCreditFacilityDue2029Memberwpc:SeniorUnsecuredCreditFacilityMember2023-12-310001025378wpc:SeniorUnsecuredCreditFacilityMember2023-12-310001025378us-gaap:SeniorNotesMember2024-09-300001025378wpc:EuroSeniorNote4.25Due2032Memberus-gaap:SeniorNotesMember2024-05-160001025378wpc:EuroSeniorNote4.25Due2032Memberus-gaap:SeniorNotesMember2024-05-162024-05-160001025378wpc:SeniorNote5.375Due2034Memberus-gaap:SeniorNotesMember2024-06-280001025378wpc:SeniorNote5.375Due2034Memberus-gaap:SeniorNotesMember2024-06-282024-06-280001025378srt:MinimumMemberus-gaap:SeniorNotesMember2024-01-012024-09-300001025378srt:MaximumMemberus-gaap:SeniorNotesMember2024-01-012024-09-300001025378wpc:SeniorNote341Due2029Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:EuroSeniorNote3.7Due2032Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:SeniorNote4.6due2024Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:SeniorNote4.6due2024Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:EuroSenior2.25Due2024Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:EuroSenior2.25Due2024Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:SeniorNote4.0Due2025Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:SeniorNote4.0Due2025Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:EuroSeniorNote225Due2026Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:EuroSeniorNote225Due2026Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:SeniorNote4.25Due2026Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:SeniorNote4.25Due2026Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:EuroSeniorNote2.125Due2027Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:EuroSeniorNote2.125Due2027Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:EuroSeniorNote1.35Due2028Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:EuroSeniorNote1.35Due2028Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:SeniorNote3.85Due2029Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:SeniorNote3.85Due2029Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:SeniorNote341Due2029Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:EuroSeniorNote095Due2030Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:EuroSeniorNote095Due2030Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:SeniorNote24Due2031Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:SeniorNote24Due2031Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:SeniorNote245Due2032Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:SeniorNote245Due2032Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:EuroSeniorNote4.25Due2032Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:EuroSeniorNote4.25Due2032Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:EuroSeniorNote3.7Due2032Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:SeniorNote225Due2033Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:SeniorNote225Due2033Memberus-gaap:SeniorNotesMember2023-12-310001025378wpc:SeniorNote5.375Due2034Memberus-gaap:SeniorNotesMember2024-09-300001025378wpc:SeniorNote5.375Due2034Memberus-gaap:SeniorNotesMember2023-12-310001025378us-gaap:SeniorNotesMember2023-12-310001025378us-gaap:SeniorNotesMember2024-04-012024-04-300001025378us-gaap:SeniorNotesMember2024-04-300001025378us-gaap:SeniorNotesMember2024-07-012024-07-310001025378us-gaap:SeniorNotesMember2024-07-310001025378wpc:FixedInterestRateMember2024-09-300001025378wpc:VariableInterestRateMember2024-09-300001025378wpc:FixedInterestRateMemberwpc:NonRecourseMortgageLoanMember2024-09-300001025378wpc:NonRecourseDebtMember2024-01-012024-09-300001025378wpc:NonRecourseDebtMember2024-09-300001025378us-gaap:CommonStockMemberwpc:A2017ShareIncentivePlanMember2024-06-300001025378wpc:RestrictedShareAwardsRSAsAndRestrictedShareUnitsRSUsMember2023-12-310001025378us-gaap:PerformanceSharesMember2023-12-310001025378wpc:RestrictedShareAwardsRSAsAndRestrictedShareUnitsRSUsMember2024-01-012024-09-300001025378us-gaap:PerformanceSharesMember2024-01-012024-09-300001025378wpc:RestrictedShareAwardsRSAsAndRestrictedShareUnitsRSUsMember2024-09-300001025378us-gaap:PerformanceSharesMember2024-09-300001025378wpc:LongTermIncentivePlanMember2024-09-300001025378wpc:LongTermIncentivePlanMember2023-12-310001025378us-gaap:PerformanceSharesMembersrt:MinimumMember2024-01-012024-09-300001025378us-gaap:PerformanceSharesMembersrt:MaximumMember2024-01-012024-09-300001025378wpc:LongTermIncentivePlanMember2024-01-012024-09-300001025378wpc:MinorityInterestMember2023-05-300001025378us-gaap:AdditionalPaidInCapitalMember2023-05-302023-05-300001025378wpc:DomesticJointlyOwnedInvestmentsMember2023-07-180001025378wpc:DomesticJointlyOwnedInvestmentsMemberus-gaap:AdditionalPaidInCapitalMember2023-07-182023-07-180001025378us-gaap:AdditionalPaidInCapitalMember2023-07-182023-07-180001025378us-gaap:CommonStockMemberwpc:AtTheMarketMember2022-05-020001025378us-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2024-07-012024-09-300001025378us-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2023-07-012023-09-300001025378us-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2024-01-012024-09-300001025378us-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2023-01-012023-09-300001025378us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300001025378us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300001025378us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-07-012024-09-300001025378us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-07-012024-09-300001025378us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-07-012024-09-300001025378us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001025378us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001025378us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001025378us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300001025378us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300001025378us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300001025378us-gaap:AccumulatedTranslationAdjustmentMember2023-06-300001025378us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-07-012023-09-300001025378us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-07-012023-09-300001025378us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-07-012023-09-300001025378us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001025378us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001025378us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001025378us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300001025378us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300001025378us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310001025378us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001025378us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-01-012024-09-300001025378us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-09-300001025378us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-09-300001025378us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001025378us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001025378us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001025378us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001025378us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001025378us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-01-012023-09-300001025378us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-09-300001025378us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-09-300001025378us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001025378us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001025378us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001025378us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-07-012024-09-300001025378us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-01-012024-09-300001025378srt:HotelMemberwpc:OwnedRealEstateMember2024-04-012024-06-300001025378us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwpc:OfficeSalesProgramMember2024-07-012024-09-300001025378us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwpc:OfficeSalesProgramMember2024-01-012024-09-300001025378us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-07-012023-09-300001025378us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-01-012023-09-300001025378us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-01-012023-09-300001025378us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-07-012023-09-300001025378us-gaap:SubsequentEventMember2024-10-300001025378us-gaap:SubsequentEventMember2024-10-012024-10-300001025378wpc:IndustrialFacilitiesInMexicoMemberus-gaap:SubsequentEventMember2024-10-012024-10-300001025378wpc:IndustrialFacilitiesInMexicoMemberus-gaap:SubsequentEventMember2024-10-300001025378wpc:IndustrialPropertyInLebanonIndianaMemberus-gaap:SubsequentEventMember2024-10-012024-10-300001025378wpc:IndustrialPropertyInLebanonIndianaMemberus-gaap:SubsequentEventMember2024-10-300001025378wpc:IndustrialPropertyInShelbyvilleKentuckyMemberus-gaap:SubsequentEventMember2024-10-012024-10-300001025378wpc:IndustrialPropertyInShelbyvilleKentuckyMemberus-gaap:SubsequentEventMember2024-10-300001025378us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberus-gaap:SubsequentEventMember2024-10-012024-10-300001025378wpc:BankruptcyTenantMember2024-09-30

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, 2024
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
wpchighreslogo29.jpg
W. P. Carey Inc.
(Exact name of registrant as specified in its charter)
Maryland45-4549771
(State or other jurisdiction 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)

(Former name or former address, if changed since last report.)

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 218,847,504 shares of common stock, $0.001 par value, outstanding at October 25, 2024.



INDEX
Page No.
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
PART II — OTHER INFORMATION
Item 6. Exhibits
W. P. Carey 9/30/2024 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 NLOP Spin-Off (as defined herein); our expectations surrounding the impact of the broader macroeconomic environment and the ability of tenants to pay rent; our 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”); 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 other 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 fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, 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, 2023, as filed with the SEC on February 9, 2024 (the “2023 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 9/30/2024 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, 2024December 31, 2023
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other$12,745,926 $12,095,458 
Land, buildings and improvements — operating properties1,204,351 1,256,249 
Net investments in finance leases and loans receivable657,054 1,514,923 
In-place lease intangible assets and other2,287,824 2,308,853 
Above-market rent intangible assets682,345 706,773 
Investments in real estate17,577,500 17,882,256 
Accumulated depreciation and amortization(3,195,204)(3,005,479)
Assets held for sale, net29,785 37,122 
Net investments in real estate14,412,081 14,913,899 
Equity method investments299,465 354,261 
Cash and cash equivalents818,194 633,860 
Other assets, net1,122,571 1,096,474 
Goodwill979,265 978,289 
Total assets (a)
$17,631,576 $17,976,783 
Liabilities and Equity
Debt:
Senior unsecured notes, net$6,134,810 $6,035,686 
Unsecured term loans, net1,156,442 1,125,564 
Unsecured revolving credit facility229,607 403,785 
Non-recourse mortgages, net451,962 579,147 
Debt, net7,972,821 8,144,182 
Accounts payable, accrued expenses and other liabilities590,347 615,750 
Below-market rent intangible liabilities, net125,934 136,872 
Deferred income taxes160,503 180,650 
Dividends payable196,025 192,332 
Total liabilities (a)
9,045,630 9,269,786 
Commitments and contingencies (Note 11)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued
  
Common stock, $0.001 par value, 450,000,000 shares authorized; 218,847,015 and 218,671,874 shares, respectively, issued and outstanding
219 219 
Additional paid-in capital11,795,514 11,784,461 
Distributions in excess of accumulated earnings(3,056,708)(2,891,424)
Deferred compensation obligation78,420 62,046 
Accumulated other comprehensive loss(237,987)(254,867)
Total stockholders’ equity8,579,458 8,700,435 
Noncontrolling interests6,488 6,562 
Total equity8,585,946 8,706,997 
Total liabilities and equity$17,631,576 $17,976,783 
__________
(a)See Note 2 for details related to variable interest entities (“VIEs”).

See Notes to Consolidated Financial Statements.
W. P. Carey 9/30/2024 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,
2024202320242023
Revenues
Real Estate:
Lease revenues$334,039 $369,159 $980,394 $1,090,619 
Income from finance leases and loans receivable15,712 27,575 56,466 75,641 
Operating property revenues37,323 49,218 112,681 140,780 
Other lease-related income7,701 2,310 19,005 20,723 
394,775 448,262 1,168,546 1,327,763 
Investment Management:
Asset management revenue1,557 194 5,136 836 
Other advisory income and reimbursements1,051 97 3,171 322 
2,608 291 8,307 1,158 
397,383 448,553 1,176,853 1,328,921 
Operating Expenses
Depreciation and amortization115,705 144,771 371,954 444,728 
General and administrative22,679 23,355 74,715 74,816 
Operating property expenses17,765 26,570 54,280 74,738 
Stock-based compensation expense13,468 9,050 31,227 25,811 
Reimbursable tenant costs13,337 20,498 40,314 62,997 
Property expenses, excluding reimbursable tenant costs10,993 13,021 37,097 31,164 
Merger and other expenses283 4,152 4,941 5,595 
Impairment charges — real estate 15,173 15,752 15,173 
194,230 256,590 630,280 735,022 
Other Income and Expenses
Other gains and (losses)(77,107)2,859 (60,764)9,593 
Interest expense(72,526)(76,974)(206,484)(219,658)
Gain on change in control of interests31,849  31,849  
Gain on sale of real estate, net15,534 2,401 70,342 181,958 
Non-operating income13,669 4,862 38,389 13,997 
Earnings from equity method investments6,124 4,978 17,624 14,569 
(82,457)(61,874)(109,044)459 
Income before income taxes120,696 130,089 437,529 594,358 
Provision for income taxes(9,044)(5,090)(23,937)(30,338)
Net Income111,652 124,999 413,592 564,020 
Net loss attributable to noncontrolling interests46 41 224 20 
Net Income Attributable to W. P. Carey$111,698 $125,040 $413,816 $564,040 
Basic Earnings Per Share$0.51 $0.58 $1.88 $2.64 
Diluted Earnings Per Share$0.51 $0.58 $1.88 $2.63 
Weighted-Average Shares Outstanding
Basic220,221,366 215,097,114 220,149,886 214,052,907 
Diluted220,404,149 215,252,969 220,425,244 214,427,425 

See Notes to Consolidated Financial Statements.
W. P. Carey 9/30/2024 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,
 2024202320242023
Net Income$111,652 $124,999 $413,592 $564,020 
Other Comprehensive Income (Loss)
Foreign currency translation adjustments28,630 (8,844)24,268 7,092 
Unrealized (loss) gain on derivative instruments(13,742)6,816 (7,429)(5,384)
14,888 (2,028)16,839 1,708 
Comprehensive Income126,540 122,971 430,431 565,728 
Amounts Attributable to Noncontrolling Interests
Net loss46 41 224 20 
Foreign currency translation adjustments(235)139 41 252 
Comprehensive (income) loss attributable to noncontrolling interests(189)180 265 272 
Comprehensive Income Attributable to W. P. Carey$126,351 $123,151 $430,696 $566,000 
 
See Notes to Consolidated Financial Statements.
W. P. Carey 9/30/2024 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, 2024
218,831,869 $219 $11,782,157 $(2,975,236)$78,379 $(252,640)$8,632,879 $6,620 $8,639,499 
Shares issued upon delivery of vested restricted share awards15,146 — (84)(84)(84)
Amortization of stock-based compensation expense13,468 13,468 13,468 
Deferral of vested shares, net(27)27 —  
Dividends declared ($0.875 per share)
(193,170)14 (193,156)(193,156)
Net income111,698 111,698 (46)111,652 
Distributions to noncontrolling interests— (321)(321)
Other comprehensive income:
Foreign currency translation adjustments28,395 28,395 235 28,630 
Unrealized loss on derivative instruments(13,742)(13,742)(13,742)
Balance at September 30, 2024218,847,015 $219 $11,795,514 $(3,056,708)$78,420 $(237,987)$8,579,458 $6,488 $8,585,946 

W. P. Carey Stockholders
DistributionsAccumulated
Common StockAdditionalin Excess ofDeferredOtherTotal
$0.001 Par ValuePaid-inAccumulatedCompensationComprehensiveW. P. CareyNoncontrolling
SharesAmountCapitalEarningsObligationLossStockholdersInterestsTotal
Balance at July 1, 2023
213,901,170 $214 $11,959,060 $(2,510,816)$62,046 $(279,931)$9,230,573 $16,359 $9,246,932 
Shares issued upon delivery of vested restricted share awards24,647 — (61)(61)(61)
Amortization of stock-based compensation expense9,050 9,050 9,050 
Acquisition of noncontrolling interest2,510 2,510 (2,510) 
Dividends declared ($1.071 per share)
(230,862)(230,862)(230,862)
Net income125,040 125,040 (41)124,999 
Distributions to noncontrolling interests— (2,779)(2,779)
Other comprehensive loss:
Foreign currency translation adjustments(8,705)(8,705)(139)(8,844)
Unrealized gain on derivative instruments6,816 6,816 6,816 
Balance at September 30, 2023213,925,817 $214 $11,970,559 $(2,616,638)$62,046 $(281,820)$9,134,361 $10,890 $9,145,251 
(Continued)




W. P. Carey 9/30/2024 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, 2024
218,671,874 $219 $11,784,461 $(2,891,424)$62,046 $(254,867)$8,700,435 $6,562 $8,706,997 
Shares issued upon delivery of vested restricted share awards171,216 — (6,949)(6,949)(6,949)
Shares issued upon purchases under employee share purchase plan3,925 — 198 198 198 
Amortization of stock-based compensation expense31,227 31,227 31,227 
Deferral of vested shares, net(14,472)14,472   
Dividends declared ($2.610 per share)
1,049 (579,100)1,902 (576,149)(576,149)
Net income413,816 413,816 (224)413,592 
Contributions from noncontrolling interests— 622 622 
Distributions to noncontrolling interests— (431)(431)
Other comprehensive income:
Foreign currency translation adjustments24,309 24,309 (41)24,268 
Unrealized loss on derivative instruments(7,429)(7,429)(7,429)
Balance at September 30, 2024218,847,015 $219 $11,795,514 $(3,056,708)$78,420 $(237,987)$8,579,458 $6,488 $8,585,946 

W. P. Carey Stockholders
DistributionsAccumulated
Common StockAdditionalin Excess ofDeferredOtherTotal
$0.001 Par ValuePaid-inAccumulatedCompensationComprehensiveW. P. CareyNoncontrolling
SharesAmountCapitalEarningsObligationLossStockholdersInterestsTotal
Balance at January 1, 2023
210,620,949 $211 $11,706,836 $(2,486,633)$57,012 $(283,780)$8,993,646 $14,998 $9,008,644 
Shares issued under forward equity, net3,081,867 3 249,860 249,863 249,863 
Shares issued upon delivery of vested restricted share awards218,266 — (13,679)(13,679)(13,679)
Shares issued upon purchases under employee share purchase plan4,735 — 294 294 294 
Amortization of stock-based compensation expense25,811 25,811 25,811 
Deferral of vested shares, net(4,521)4,521   
Acquisition of noncontrolling interest3,663 3,663 (3,663) 
Dividends declared ($3.207 per share)
2,295 (694,045)513 (691,237)(691,237)
Net income564,040 564,040 (20)564,020 
Contributions from noncontrolling interests— 2,886 2,886 
Distributions to noncontrolling interests— (3,059)(3,059)
Other comprehensive income:
Foreign currency translation adjustments7,344 7,344 (252)7,092 
Unrealized loss on derivative instruments(5,384)(5,384)(5,384)
Balance at September 30, 2023213,925,817 $214 $11,970,559 $(2,616,638)$62,046 $(281,820)$9,134,361 $10,890 $9,145,251 
See Notes to Consolidated Financial Statements.
W. P. Carey 9/30/2024 10-Q 7



W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Nine Months Ended September 30,
20242023
Cash Flows — Operating Activities
Net income$413,592 $564,020 
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs386,343 459,830 
Gain on sale of real estate, net(70,342)(181,958)
Net realized and unrealized losses (gains) on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other60,692 (1,837)
Straight-line rent adjustments
(57,656)(55,671)
Gain on change in control of interests(31,849) 
Stock-based compensation expense31,227 25,811 
Earnings from equity method investments(17,624)(14,569)
Distributions of earnings from equity method investments16,821 15,107 
Impairment charges — real estate15,752 15,173 
Amortization of rent-related intangibles and deferred rental revenue14,221 27,694 
Increase (decrease) in allowance for credit losses10,798 (6,113)
Gain on repayment of secured loan receivable(10,650) 
Deferred income tax benefit(4,341)(2,706)
Proceeds from sales of net investments in sales-type leases806,981  
Net changes in other operating assets and liabilities(27,200)(32,094)
Net Cash Provided by Operating Activities1,536,765 812,687 
Cash Flows — Investing Activities
Purchases of real estate (576,716)(908,271)
Proceeds from sales of real estate287,565 187,678 
Investments in loans receivable(83,816) 
Funding for real estate construction, redevelopments, and other capital expenditures on real estate(71,020)(90,149)
Value added taxes paid in connection with acquisition of real estate(36,516)(7,108)
Proceeds from repayment of loans receivable24,000 28,000 
Value added taxes refunded in connection with acquisition of real estate18,270 12,490 
Other investing activities, net15,269 (10,369)
Capital contributions to equity method investments(9,126)(36,595)
(Release) receipt of tenant-funded escrow for investing activities(4,959)21,717 
Return of capital from equity method investments1,027 10,081 
Net Cash Used in Investing Activities(436,022)(792,526)
Cash Flows — Financing Activities
Repayments of Unsecured Revolving Credit Facility(1,311,889)(1,977,451)
Proceeds from Unsecured Revolving Credit Facility1,138,577 2,217,896 
Proceeds from issuance of Senior Unsecured Notes1,098,314  
Repayment of Senior Unsecured Notes(1,044,500) 
Dividends paid(572,456)(686,163)
Payments of mortgage principal(190,213)(350,416)
Other financing activities, net(15,818)(558)
Payment of financing costs(9,754)(14,696)
Payments for withholding taxes upon delivery of equity-based awards(6,950)(13,679)
Contributions from noncontrolling interests622 2,886 
Distributions to noncontrolling interests(431)(3,059)
Proceeds from term loans 546,014 
Proceeds from shares issued under forward equity, net of selling costs 249,806 
Net Cash Used in Financing Activities(914,498)(29,420)
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash913 (958)
Net increase (decrease) in cash and cash equivalents and restricted cash187,158 (10,217)
Cash and cash equivalents and restricted cash, beginning of period691,971 224,141 
Cash and cash equivalents and restricted cash, end of period$879,129 $213,924 
See Notes to Consolidated Financial Statements.
W. P. Carey 9/30/2024 10-Q 8



W. P. CAREY INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Business and Organization
 
W. P. Carey Inc. (“W. P. Carey”) is a REIT that, together with our consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in the United States and Northern and Western Europe that are leased on a long-term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property.

Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.”

We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries.

In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning off 59 office properties into Net Lease Office Properties (“NLOP”), so that it became a separate publicly-traded real estate investment trust (the “Spin-Off”), and (ii) implementing an asset sale program to dispose of certain office properties retained by us (the “Office Sale Program”), which is substantially completed.

On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP. Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements. Through the date of this Report, we have disposed of 85 of the office properties subject to the Office Sale Program (Note 14). The final property is under a binding contract for sale scheduled to close in December 2024, which will complete the Office Sale Program.

Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead view the business as one reportable segment, since our investment management operations have been determined to be both quantitatively and qualitatively insignificant to the Company’s business. Our business is characterized as investing in operationally-critical, single-tenant commercial real estate properties that are leased on a long-term basis. These economic characteristics are similar across various property types, geographic locations, and industries in which our tenants operate and therefore considered one operating segment. The operating results of both the real estate and investment management activities are regularly reviewed, in the aggregate, by our chief operating decision maker to evaluate performance and allocate resources. Accordingly, all operations have been considered to represent one reportable segment, which are reported on our consolidated statements of income and our consolidated balance sheets. As a result of this change, we have conformed prior period segment information to reflect how we currently view our business.

Lease revenues from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United States and Northern and Western Europe, which are leased to companies on a triple-net lease basis. At September 30, 2024, our portfolio was comprised of our full or partial ownership interests in 1,430 properties, totaling approximately 172 million square feet, substantially all of which were net leased to 346 tenants, with a weighted-average lease term of 12.2 years and an occupancy rate of 98.8%. In addition, at September 30, 2024, our portfolio was comprised of full or partial ownership interests in 84 operating properties, including 78 self-storage properties, four hotels, and two student housing properties, totaling approximately 6.4 million square feet.

W. P. Carey 9/30/2024 10-Q 9


Notes to Consolidated Financial Statements (Unaudited)
Note 2. Basis of Presentation

Basis of Presentation

Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair presentation of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2023, which are included in the 2023 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Basis of Consolidation

Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2023 Annual Report.

During the nine months ended September 30, 2024, we had a net decrease of 12 entities classified as VIEs, primarily related to the completion of certain tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”), dispositions, and the purchase of the remaining controlling interest in a jointly owned investment (Note 7).

At September 30, 2024 and December 31, 2023, we considered nine and 21 entities, respectively, to be VIEs, of which we consolidated five and 15, respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):
September 30, 2024December 31, 2023
Land, buildings and improvements — net lease and other$117,121 $237,858 
Land, buildings and improvements — operating properties 39,422 
Net investments in finance leases and loans receivable144,103 595,524 
In-place lease intangible assets and other9,244 40,650 
Above-market rent intangible assets3,923 6,828 
Accumulated depreciation and amortization(18,039)(23,580)
Total assets260,652 947,509 
Non-recourse mortgages, net$51,583 $59,715 
Below-market rent intangible liabilities, net28 32 
Total liabilities67,746 101,047 

W. P. Carey 9/30/2024 10-Q 10


Notes to Consolidated Financial Statements (Unaudited)
At September 30, 2024 and December 31, 2023, our four and six unconsolidated VIEs, respectively, included our interests in (i) two unconsolidated real estate investments, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), and (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. In addition, at December 31, 2023, we had a variable interest in NLOP, which we also deemed a VIE, due to our guarantee of a non-recourse mortgage loan with approximately $19.0 million principal balance outstanding as of December 31, 2023 encumbering a property that was derecognized in the Spin-Off (Note 1). This non-recourse mortgage loan was repaid by NLOP during the first quarter of 2024 and as a result, NLOP is not deemed a VIE as of September 30, 2024. As of September 30, 2024, and December 31, 2023, the net carrying amount of our investments in these entities was $631.5 million and $729.8 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

Reimbursable costs from affiliates (revenues) are now included within Other advisory income and reimbursements. Reimbursable affiliate costs (expenses) are now included within General and administrative expenses. Previously, such amounts were presented in their own financial statement line items on the consolidated statements of income.

Revenue Recognition

There have been no significant changes in our policies for revenue from contracts under Accounting Standards Codification (“ASC”) 606 from what was disclosed in the 2023 Annual Report. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to (i) revenues generated from our hotel operating properties and (ii) investment management revenues. Revenue from contracts primarily represented hotel operating property revenues of $11.6 million and $23.2 million for the three months ended September 30, 2024 and 2023, respectively, and $34.1 million and $63.3 million for the nine months ended September 30, 2024 and 2023, respectively, generated from 13 hotels located in the United States (12 of which were reclassified from net leases to operating properties in the first quarter of 2023; eight of these properties were sold during 2023 and one was sold during the second quarter of 2024). Investment management revenue from contracts under ASC 606 is discussed in Note 3.

Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):
September 30, 2024December 31, 2023
Cash and cash equivalents
$818,194 $633,860 
Restricted cash (a)
60,935 58,111 
Total cash and cash equivalents and restricted cash
$879,129 $691,971 
__________
(a)Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of September 30, 2024 includes $27.0 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.

Note 3. Agreements and Transactions with Related Parties
 
Advisory Agreements and Partnership Agreements with NLOP and CESH
 
We currently have advisory arrangements with NLOP and Carey European Student Housing Fund I, L.P. (“CESH”), pursuant to which we earn fees and are entitled to receive reimbursement for certain administrative expenses.

W. P. Carey 9/30/2024 10-Q 11


Notes to Consolidated Financial Statements (Unaudited)
The following tables present a summary of revenue earned and reimbursable costs received/accrued from NLOP and CESH for the periods indicated, included in the consolidated financial statements (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Asset management revenue (a) (b)
$1,557 $194 $5,136 $836 
Administrative reimbursements (a) (c)
1,000  3,000  
Reimbursable costs from affiliates (a) (c)
51 97 171 322 
$2,608 $291 $8,307 $1,158 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
NLOP$2,465 $ $7,868 $ 
CESH143 291 439 1,158 
$2,608 $291 $8,307 $1,158 
__________
(a)Amounts represent revenues from contracts under ASC 606.
(b)Included within Asset management revenue in the consolidated statements of income.
(c)Included within Other advisory income and reimbursements in the consolidated statements of income.

The following table presents a summary of amounts due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands):
September 30, 2024December 31, 2023
Asset management fees receivable$664 $1,349 
Accounts receivable458 768 
Reimbursable costs45 59 
$1,167 $2,176 

Asset Management Revenue
 
Under the advisory agreement with CESH, we earn asset management revenue at a rate of 1.0% based on its gross assets at fair value, paid in cash. Under the advisory agreement with NLOP, we earn an asset management fee, which was initially set at an annual amount of $7.5 million and is being reduced proportionately following the disposition of each portfolio property.

Administrative Reimbursements

Under the advisory agreement with NLOP, we earn a base administrative amount of approximately $4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters, paid in cash.

Reimbursable Costs from Affiliates
 
CESH reimburses us in cash for certain personnel and overhead costs that we incur on its behalf, based on actual expenses incurred.

Back-End Fees and Interests in CESH

Under our advisory arrangements with CESH, we may also receive compensation in connection with providing a liquidity event for its investors. Such back-end fees or interests include interests in disposition proceeds. There can be no assurance as to whether or when any back-end fees or interests will be realized.

W. P. Carey 9/30/2024 10-Q 12


Notes to Consolidated Financial Statements (Unaudited)
Other Transactions with Affiliates and Related Parties

Other

At September 30, 2024, we owned interests in seven jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate four such investments and account for the remaining three investments under the equity method of accounting (Note 7). In addition, we owned limited partnership units of CESH at that date. We elected to account for our investment in CESH under the fair value option (Note 7).

Note 4. Land, Buildings and Improvements, and Assets Held for Sale
 
Land, Buildings and Improvements — Net Lease and Other

Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):
September 30, 2024December 31, 2023
Land$2,371,452 $2,248,300 
Buildings and improvements10,305,779 9,801,596 
Real estate under construction68,695 45,562 
Less: Accumulated depreciation(1,673,843)(1,509,730)
$11,072,083 $10,585,728 

During the nine months ended September 30, 2024, the U.S. dollar weakened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro increased by 1.3% to $1.1196 from $1.1050. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements — net lease and other increased by $65.9 million from December 31, 2023 to September 30, 2024.

On September 1, 2024, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, in September 2024, we reclassified three consolidated self-storage properties with an aggregate carrying value of $46.1 million from Land, buildings and improvements — operating properties to Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing lease revenues from these properties, whereas previously we recognized operating property revenues and expenses from these properties. In addition, in connection with the net lease agreements described above, in September 2024, we reclassified nine self-storage properties from Equity method investments and recorded $84.4 million in Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing lease revenues from these properties (Note 7).

In connection with changes in lease classifications due to (i) extensions of the underlying leases, (ii) entering into a new lease, or (iii) lease expirations, we reclassified 16 properties with an aggregate carrying value of $117.5 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other during the nine months ended September 30, 2024 (Note 5).

During the nine months ended September 30, 2024, we reclassified two properties classified as Land, buildings and improvements — net lease and other to Net investments in finance leases and loans receivable since we entered into an agreement to sell the properties to the tenant. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $6.8 million from December 31, 2023 to September 30, 2024 (Note 5).

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $74.8 million and $80.9 million for the three months ended September 30, 2024 and 2023, respectively, and $219.0 million and $251.9 million for the nine months ended September 30, 2024 and 2023, respectively.

W. P. Carey 9/30/2024 10-Q 13


Notes to Consolidated Financial Statements (Unaudited)
Acquisitions of Real Estate

During the nine months ended September 30, 2024, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands):
Property Location(s)Number of PropertiesDate of AcquisitionProperty TypeTotal Capitalized Costs
Doncaster, United Kingdom (a)
21/9/2024Retail $30,055 
Various, Italy (a)
51/30/2024Industrial, Warehouse 148,130 
Laval, Canada (a)
13/26/2024Industrial2,604 
Commercial Point, Ohio14/5/2024Warehouse 94,220 
Tucson, Arizona15/13/2024Warehouse 38,784 
Portfolio Acquisition:
Various, United States55/15/2024Industrial, Warehouse 44,400 
Various, United States45/15/2024Industrial 23,330 
Sylacauga, Alabama15/15/2024Industrial 5,852 
Moxee, Washington and La Porte, Indiana (b)
26/26/2024Industrial 37,019 
Various, North Carolina (b)
37/23/2024Industrial, Retail18,260 
Neenah, Wisconsin (b)
17/23/2024Industrial 19,868 
Alexandria, Canada (a) (b)
18/6/2024Warehouse 26,030 
Tillsonburg and Oldcastle, Canada (b)
28/6/2024Industrial 15,919 
Portfolio Total19190,678 
Mesa and Laveen, Arizona26/3/2024Retail 26,964 
Various, Poland (a)
1237/25/2024; 9/18/2024Retail 31,508 
Las Vegas, Nevada18/2/2024Retail 12,471 
West Des Moines, Iowa18/9/2024Retail 21,063 
156$596,477 
__________
(a)Amount reflects the applicable exchange rate on the date of transaction.
(b)In connection with these acquisitions, we assumed non-recourse mortgage loans encumbering the properties with an outstanding principal balance totaling $66.0 million (Note 10).

The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):
Total Capitalized Costs
Land$96,287 
Buildings and improvements412,069 
Intangible assets and liabilities:
In-place lease (weighted-average expected life of 15.4 years)
84,298 
Below-market rent (expected life of 12.8 years)
(408)
Right-of-use assets:
Land lease right-of-use assets4,346 
Debt discount and deferred financing costs on non-recourse mortgage loans assumed4,231 
Operating lease liabilities(4,346)
$596,477 

W. P. Carey 9/30/2024 10-Q 14


Notes to Consolidated Financial Statements (Unaudited)
Real Estate Under Construction — Net Lease and Operating Properties

During the nine months ended September 30, 2024, we capitalized real estate under construction totaling $55.2 million. The number of construction projects in progress with balances included in real estate under construction was three and 11 as of September 30, 2024 and December 31, 2023, respectively. Aggregate unfunded commitments totaled approximately $80.6 million and $71.8 million as of September 30, 2024 and December 31, 2023, respectively.

During the nine months ended September 30, 2024, we completed the following construction projects (dollars in thousands):
Property Location(s)Primary Transaction TypeNumber of PropertiesDate of CompletionProperty TypeTotal Capitalized Costs
Salisbury, North CarolinaExpansion13/8/2024Industrial $14,737 
Little Rock, ArkansasExpansion14/10/2024Self-Storage (Operating)3,280 
Irvine, CaliforniaRedevelopment16/27/2024Industrial15,222 
3$33,239 

During the nine months ended September 30, 2024, we committed to fund two construction projects totaling $49.0 million. We currently expect to complete these projects in 2025.

Capitalized interest incurred during construction was $0.2 million for both the three months ended September