Company Quick10K Filing
WP Carey
Price88.93 EPS2
Shares172 P/E41
MCap15,339 P/FCF27
Net Debt5,708 EBIT557
TEV21,048 TEV/EBIT38
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-11-02
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10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-23
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10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
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10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-18
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-08
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-09-02 Regulation FD, Exhibits
8-K 2020-07-31 Earnings, Regulation FD, Exhibits
8-K 2020-07-02 Regulation FD, Exhibits
8-K 2020-06-17
8-K 2020-06-11
8-K 2020-06-02
8-K 2020-05-01
8-K 2020-04-13
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8-K 2020-02-20
8-K 2019-11-01
8-K 2019-10-22
8-K 2019-09-19
8-K 2019-09-10
8-K 2019-08-09
8-K 2019-08-02
8-K 2019-06-14
8-K 2019-06-10
8-K 2019-05-03
8-K 2019-02-27
8-K 2019-02-22
8-K 2018-12-06
8-K 2018-11-16
8-K 2018-11-02
8-K 2018-10-31
8-K 2018-10-29
8-K 2018-10-09
8-K 2018-10-02
8-K 2018-10-01
8-K 2018-08-03
8-K 2018-06-20
8-K 2018-06-17
8-K 2018-05-04
8-K 2018-03-20
8-K 2018-02-27
8-K 2018-02-23

WPC 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1. Business and Organization
Note 2. Basis of Presentation
Note 3. Agreements and Transactions with Related Parties
Note 4. Land, Buildings and Improvements and Assets Held for Sale
Note 5. Finance Receivables
Note 6. Goodwill and Other Intangibles
Note 7. Equity Investments in The Managed Programs and Real Estate
Note 8. Fair Value Measurements
Note 9. Risk Management and Use of Derivative Financial Instruments
Note 10. Debt
Note 11. Commitments and Contingencies
Note 12. Stock - Based Compensation and Equity
Note 13. Income Taxes
Note 14. Property Dispositions
Note 15. Segment Reporting
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1A. Risk Factors.
Item 6. Exhibits.
EX-31.1 wpc2020q210-qexh311.htm
EX-31.2 wpc2020q210-qexh312.htm
EX-32 wpc2020q210-qexh32.htm

WP Carey Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
0.40.30.20.20.10.02012201420172020
Rev, G Profit, Net Income
0.40.2-0.0-0.3-0.5-0.72012201420172020
Ops, Inv, Fin

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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 June 30, 2020
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)
Maryland
45-4549771
(State of incorporation)
(I.R.S. Employer Identification No.)
 
 
 
50 Rockefeller Plaza
 
New York,
New York
10020
(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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.001 Par Value
 
WPC
 
New 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 173,907,867 shares of common stock, $0.001 par value, outstanding at July 24, 2020.
 




INDEX
 
Page No.
PART I — FINANCIAL INFORMATION
 
Item 1. Financial Statements (Unaudited)
 
 
 
 
 
 
 
 
 
PART II — OTHER INFORMATION
 
Item 1A. Risk Factors
Item 6. Exhibits



W. P. Carey 6/30/2020 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: 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, tenants, and prospects; underlying assumptions about our portfolio, including tenant rent collections and bankruptcies, as well as the estimated fair values of our investments and properties; 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 credit ratings, our “at-the-market” program (“ATM Program”), and settlement of our forward equity offering; 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 effects of pandemics and global outbreaks of contagious diseases or the fear of such outbreaks, like the current COVID-19 pandemic and those additional factors discussed in reports filed with the SEC by us under the heading “Risk Factors” could also have material adverse effects on our business, financial condition, liquidity, results of operations, Adjusted funds from operations (“AFFO”), 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, 2019, as filed with the SEC on February 21, 2020 (the “2019 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 6/30/2020 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)
 
June 30, 2020
 
December 31, 2019
Assets
 
 
 
Investments in real estate:
 
 
 
Land, buildings and improvements
$
10,287,575

 
$
9,856,191

Net investments in direct financing leases
752,630

 
896,549

In-place lease intangible assets and other
2,197,714

 
2,186,851

Above-market rent intangible assets
896,051

 
909,139

Investments in real estate
14,133,970

 
13,848,730

Accumulated depreciation and amortization
(2,257,551
)
 
(2,035,995
)
Assets held for sale, net

 
104,010

Net investments in real estate
11,876,419

 
11,916,745

Equity investments in the Managed Programs and real estate
284,643

 
324,004

Cash and cash equivalents
137,157

 
196,028

Due from affiliates
11,074

 
57,816

Other assets, net
747,878

 
631,637

Goodwill
898,842

 
934,688

Total assets (a)
$
13,956,013

 
$
14,060,918

Liabilities and Equity
 
 
 
Debt:
 
 
 
Senior unsecured notes, net
$
4,384,879

 
$
4,390,189

Unsecured term loans, net
290,827

 

Unsecured revolving credit facility
22,366

 
201,267

Non-recourse mortgages, net
1,424,195

 
1,462,487

Debt, net
6,122,267

 
6,053,943

Accounts payable, accrued expenses and other liabilities
515,811

 
487,405

Below-market rent and other intangible liabilities, net
197,223

 
210,742

Deferred income taxes
134,519

 
179,309

Dividends payable
183,738

 
181,346

Total liabilities (a)
7,153,558

 
7,112,745

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; 173,890,427 and 172,278,242 shares, respectively, issued and outstanding
174

 
172

Additional paid-in capital
8,815,108

 
8,717,535

Distributions in excess of accumulated earnings
(1,765,892
)
 
(1,557,374
)
Deferred compensation obligation
42,014

 
37,263

Accumulated other comprehensive loss
(290,613
)
 
(255,667
)
Total stockholders’ equity
6,800,791

 
6,941,929

Noncontrolling interests
1,664

 
6,244

Total equity
6,802,455

 
6,948,173

Total liabilities and equity
$
13,956,013

 
$
14,060,918

__________
(a)
See Note 2 for details related to variable interest entities (“VIEs”).

See Notes to Consolidated Financial Statements.


W. P. Carey 6/30/2020 10-Q 3




W. P. CAREY INC. 
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except share and per share amounts)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Revenues
 
 
 
 
 
 
 
Real Estate:
 
 
 
 
 
 
 
Lease revenues
$
280,303

 
$
269,802

 
$
562,413

 
$
532,741

Lease termination income and other
1,917

 
6,304

 
8,426

 
9,574

Operating property revenues
1,427

 
15,436

 
7,394

 
31,432

 
283,647

 
291,542

 
578,233

 
573,747

Investment Management:
 
 
 
 
 
 
 
Asset management revenue
4,472

 
9,790

 
14,361

 
19,522

Reimbursable costs from affiliates
2,411

 
3,821

 
6,441

 
7,689

Structuring and other advisory revenue

 
58

 
494

 
2,576

 
6,883

 
13,669

 
21,296

 
29,787

 
290,530

 
305,211

 
599,529

 
603,534

Operating Expenses
 
 
 
 
 
 
 
Depreciation and amortization
107,477

 
113,632

 
223,671

 
226,011

General and administrative
17,472

 
19,729

 
38,217

 
41,014

Reimbursable tenant costs
13,796

 
13,917

 
26,971

 
27,088

Property expenses, excluding reimbursable tenant costs
11,651

 
9,915

 
21,726

 
19,827

Stock-based compensation expense
2,918

 
4,936

 
5,579

 
9,101

Reimbursable costs from affiliates
2,411

 
3,821

 
6,441

 
7,689

Operating property expenses
1,388

 
10,874

 
6,611

 
21,468

Merger and other expenses
1,074

 
696

 
1,261

 
842

Subadvisor fees
192

 
1,650

 
1,469

 
3,852

Impairment charges

 

 
19,420

 

 
158,379

 
179,170

 
351,366

 
356,892

Other Income and Expenses
 
 
 
 
 
 
 
Interest expense
(52,182
)
 
(59,719
)
 
(104,722
)
 
(121,032
)
Equity in earnings (losses) of equity method investments in the Managed Programs and real estate
33,983

 
3,951

 
(11,807
)
 
9,442

Other gains and (losses)
8,847

 
(671
)
 
4,424

 
284

(Loss) gain on sale of real estate, net

 
(362
)
 
11,751

 
571

 
(9,352
)
 
(56,801
)
 
(100,354
)
 
(110,735
)
Income before income taxes
122,799

 
69,240

 
147,809

 
135,907

(Provision for) benefit from income taxes
(7,595
)
 
(3,119
)
 
34,097

 
(990
)
Net Income
115,204

 
66,121

 
181,906

 
134,917

Net income attributable to noncontrolling interests
(9,904
)
 
(83
)
 
(10,516
)
 
(385
)
Net Income Attributable to W. P. Carey
$
105,300

 
$
66,038

 
$
171,390

 
$
134,532

 
 
 
 
 
 
 
 
Basic Earnings Per Share
$
0.61

 
$
0.39

 
$
0.99

 
$
0.79

Diluted Earnings Per Share
$
0.61

 
$
0.38

 
$
0.99

 
$
0.79

Weighted-Average Shares Outstanding
 
 
 
 
 
 
 
Basic
173,401,749

 
171,304,112

 
173,325,493

 
169,280,360

Diluted
173,472,755

 
171,490,625

 
173,514,894

 
169,520,508

 

See Notes to Consolidated Financial Statements.


W. P. Carey 6/30/2020 10-Q 4




W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands) 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net Income
$
115,204

 
$
66,121

 
$
181,906

 
$
134,917

Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
Foreign currency translation adjustments
13,847

 
(4,187
)
 
(38,353
)
 
(4,360
)
Unrealized (loss) gain on derivative instruments
(9,442
)
 
(3,406
)
 
3,407

 
(1,457
)
Unrealized loss on investments

 
(541
)
 

 
(4
)
 
4,405

 
(8,134
)
 
(34,946
)
 
(5,821
)
Comprehensive Income
119,609

 
57,987

 
146,960

 
129,096

 
 
 
 
 
 
 
 
Amounts Attributable to Noncontrolling Interests
 
 
 
 
 
 
 
Net income
(9,904
)
 
(83
)
 
(10,516
)
 
(385
)
Comprehensive income attributable to noncontrolling interests
(9,904
)
 
(83
)
 
(10,516
)
 
(385
)
Comprehensive Income Attributable to W. P. Carey
$
109,705

 
$
57,904

 
$
136,444

 
$
128,711

 
See Notes to Consolidated Financial Statements.


W. P. Carey 6/30/2020 10-Q 5




W. P. CAREY INC.
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
(in thousands, except share and per share amounts)
 
W. P. Carey Stockholders
 
 
 
 
 
 
 
 
 
 
 
Distributions
 
 
 
Accumulated
 
 
 
 
 
 
 
Common Stock
 
Additional
 
in Excess of
 
Deferred
 
Other
 
Total
 
 
 
 
 
$0.001 Par Value
 
Paid-in
 
Accumulated
 
Compensation
 
Comprehensive
 
W. P. Carey
 
Noncontrolling
 
 
 
Shares
 
Amount
 
Capital
 
Earnings
 
Obligation
 
Loss
 
Stockholders
 
Interests
 
Total
Balance at April 1, 2020
172,402,516

 
$
172

 
$
8,712,244

 
$
(1,688,744
)
 
$
42,291

 
$
(295,018
)
 
$
6,770,945

 
$
2,131

 
$
6,773,076

Shares issued under forward sale agreements, net
1,463,500

 
2

 
99,630

 
 
 
 
 
 
 
99,632

 
 
 
99,632

Shares issued upon delivery of vested restricted share awards
18,939

 

 
(260
)
 
 
 
 
 
 
 
(260
)
 
 
 
(260
)
Shares issued upon purchases under employee share purchase plan
5,472

 

 
299

 
 
 
 
 
 
 
299

 
 
 
299

Amortization of stock-based compensation expense
 
 
 
 
2,918

 
 
 
 
 
 
 
2,918

 
 
 
2,918

Delivery of deferred vested shares, net
 
 
 
 
277

 
 
 
(277
)
 
 
 

 
 
 

Distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 

 
(506
)
 
(506
)
Dividends declared ($1.042 per share)