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Section 1: 10-Q (10-Q)

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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, 2019
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
399031208_wpchighreslogo25.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 170,787,017 shares of common stock, $0.001 par value, outstanding at July 26, 2019.
 




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



W. P. Carey 6/30/2019 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, underlying assumptions about our portfolio (e.g., occupancy rate, lease terms, and tenant credit quality, including our expectations about tenant bankruptcies and interest coverage), possible new acquisitions and dispositions, and our international exposure and acquisition volume; our capital structure, future capital expenditure levels (including any plans to fund our future liquidity needs), and future leverage and debt service obligations; prospective statements regarding our capital markets program, including our credit ratings and “at-the-market” program (“ATM Program”); 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 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, 2018, dated February 25, 2019 (the “2018 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 6/30/2019 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, 2019
 
December 31, 2018
Assets
 
 
 
Investments in real estate:
 
 
 
Land, buildings and improvements
$
9,480,306

 
$
9,251,396

Net investments in direct financing leases
1,263,319

 
1,306,215

In-place lease intangible assets and other
2,134,786

 
2,009,628

Above-market rent intangible assets
921,998

 
925,797

Investments in real estate
13,800,409

 
13,493,036

Accumulated depreciation and amortization
(1,812,628
)
 
(1,564,182
)
Assets held for sale, net
102,777

 

Net investments in real estate
12,090,558

 
11,928,854

Equity investments in the Managed Programs and real estate
317,159

 
329,248

Cash and cash equivalents
202,279

 
217,644

Due from affiliates
81,523

 
74,842

Other assets, net
580,270

 
711,507

Goodwill
920,218

 
920,944

Total assets (a)
$
14,192,007

 
$
14,183,039

Liabilities and Equity
 
 
 
Debt:
 
 
 
Senior unsecured notes, net
$
3,861,931

 
$
3,554,470

Unsecured revolving credit facility
111,227

 
91,563

Non-recourse mortgages, net
2,203,853

 
2,732,658

Debt, net
6,177,011

 
6,378,691

Accounts payable, accrued expenses and other liabilities
463,417

 
403,896

Below-market rent and other intangible liabilities, net
213,279

 
225,128

Deferred income taxes
168,841

 
173,115

Dividends payable
178,665

 
172,154

Total liabilities (a)
7,201,213

 
7,352,984

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; 170,756,507 and 165,279,642 shares, respectively, issued and outstanding
171

 
165

Additional paid-in capital
8,576,245

 
8,187,335

Distributions in excess of accumulated earnings
(1,368,457
)
 
(1,143,992
)
Deferred compensation obligation
37,263

 
35,766

Accumulated other comprehensive loss
(260,817
)
 
(254,996
)
Total stockholders’ equity
6,984,405

 
6,824,278

Noncontrolling interests
6,389

 
5,777

Total equity
6,990,794

 
6,830,055

Total liabilities and equity
$
14,192,007

 
$
14,183,039

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

See Notes to Consolidated Financial Statements.


W. P. Carey 6/30/2019 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,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Real Estate:
 
 
 
 
 
 
 
Lease revenues
$
269,802

 
$
168,367

 
$
532,741

 
$
337,799

Operating property revenues
15,436

 
4,865

 
31,432

 
12,083

Lease termination income and other
6,304

 
680

 
9,574

 
1,622

 
291,542

 
173,912

 
573,747

 
351,504

Investment Management:
 
 
 
 
 
 
 
Asset management revenue
9,790

 
17,268

 
19,522

 
34,253

Reimbursable costs from affiliates
3,821

 
5,537

 
7,689

 
10,841

Structuring and other advisory revenue
58

 
4,426

 
2,576

 
6,355

 
13,669

 
27,231

 
29,787

 
51,449

 
305,211

 
201,143

 
603,534

 
402,953

Operating Expenses
 
 
 
 
 
 
 
Depreciation and amortization
113,632

 
64,337

 
226,011

 
130,294

General and administrative
19,729

 
16,442

 
41,014

 
35,025

Reimbursable tenant costs
13,917

 
5,733

 
27,088

 
11,952

Operating property expenses
10,874

 
3,581

 
21,468

 
9,251

Property expenses, excluding reimbursable tenant costs
9,915

 
5,327

 
19,827

 
9,556

Stock-based compensation expense
4,936

 
3,698

 
9,101

 
11,917

Reimbursable costs from affiliates
3,821

 
5,537

 
7,689

 
10,841

Subadvisor fees
1,650

 
1,855

 
3,852

 
3,887

Merger and other expenses
696

 
2,692

 
842

 
2,655

Impairment charges

 

 

 
4,790

 
179,170

 
109,202

 
356,892

 
230,168

Other Income and Expenses
 
 
 
 
 
 
 
Interest expense
(59,719
)
 
(41,311
)
 
(121,032
)
 
(79,385
)
Equity in earnings of equity method investments in the Managed Programs and real estate
3,951

 
12,558

 
9,442

 
27,883

Other gains and (losses)
(671
)
 
10,586

 
284

 
7,823

(Loss) gain on sale of real estate, net
(362
)
 
11,912

 
571

 
18,644

 
(56,801
)
 
(6,255
)
 
(110,735
)
 
(25,035
)
Income before income taxes
69,240

 
85,686

 
135,907

 
147,750

Provision for income taxes
(3,119
)
 
(6,262
)
 
(990
)
 
(260
)
Net Income
66,121

 
79,424

 
134,917

 
147,490

Net income attributable to noncontrolling interests
(83
)
 
(3,743
)
 
(385
)
 
(6,535
)
Net Income Attributable to W. P. Carey
$
66,038

 
$
75,681

 
$
134,532

 
$
140,955

 
 
 
 
 
 
 
 
Basic Earnings Per Share
$
0.39

 
$
0.70

 
$
0.79

 
$
1.30

Diluted Earnings Per Share
$
0.38

 
$
0.70

 
$
0.79

 
$
1.30

Weighted-Average Shares Outstanding
 
 
 
 
 
 
 
Basic
171,304,112

 
108,059,394

 
169,280,360

 
108,058,671

Diluted
171,490,625

 
108,234,934

 
169,520,508

 
108,243,063

 

See Notes to Consolidated Financial Statements.


W. P. Carey 6/30/2019 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,
 
2019
 
2018
 
2019
 
2018
Net Income
$
66,121

 
$
79,424

 
$
134,917

 
$
147,490

Other Comprehensive Loss
 
 
 
 
 
 
 
Foreign currency translation adjustments
(4,187
)
 
(39,815
)
 
(4,360
)
 
(21,299
)
Unrealized (loss) gain on derivative instruments
(3,406
)
 
14,073

 
(1,457
)
 
5,681

Unrealized (loss) gain on investments
(541
)
 
(58
)
 
(4
)
 
370

 
(8,134
)
 
(25,800
)
 
(5,821
)
 
(15,248
)
Comprehensive Income
57,987

 
53,624

 
129,096

 
132,242

 
 
 
 
 
 
 
 
Amounts Attributable to Noncontrolling Interests
 
 
 
 
 
 
 
Net income
(83
)
 
(3,743
)
 
(385
)
 
(6,535
)
Foreign currency translation adjustments

 
7,634

 

 
3,852

Unrealized loss on derivative instruments

 
2

 

 
5

Comprehensive (income) loss attributable to noncontrolling interests
(83
)
 
3,893

 
(385
)
 
(2,678
)
Comprehensive Income Attributable to W. P. Carey
$
57,904

 
$
57,517

 
$
128,711

 
$
129,564

 
See Notes to Consolidated Financial Statements.


W. P. Carey 6/30/2019 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, 2019
169,636,526

 
$
170

 
$
8,483,301

 
$
(1,256,754
)
 
$
37,263

 
$
(252,683
)
 
$
7,011,297

 
$
6,432

 
$
7,017,729

Shares issued under ATM Program, net
1,116,217

 
1

 
88,072

 
 
 
 
 
 
 
88,073

 
 
 
88,073

Shares issued upon delivery of vested restricted share awards
2,247

 

 
(177
)
 
 
 
 
 
 
 
(177
)
 
 
 
(177
)
Shares issued upon purchases under employee share purchase plan
1,517

 

 
113

 
 
 
 
 
 
 
113

 
 
 
113

Amortization of stock-based compensation expense
 
 
 
 
4,936

 
 
 
 
 
 
 
4,936

 
 
 
4,936

Distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 

 
(126
)
 
(126
)
Dividends declared ($1.034 per share)
 
 
 
 
 
 
(177,741
)
 
 
 
 
 
(177,741
)
 
 
 
(177,741
)
Net income
 
 
 
 
 
 
66,038

 
 
 
 
 
66,038

 
83

 
66,121

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
 
 
(4,187
)
 
(4,187
)
 
 
 
(4,187
)
Unrealized loss on derivative instruments
 
 
 
 
 
 
 
 
 
 
(3,406
)
 
(3,406
)
 
 
 
(3,406
)
Unrealized loss on investments
 
 
 
 
 
 
 
 
 
 
(541
)
 
(541
)
 
 
 
(541
)
Balance at June 30, 2019
170,756,507

 
$
171

 
$
8,576,245

 
$
(1,368,457
)
 
$
37,263

 
$
(260,817
)
 
$
6,984,405

 
$
6,389

 
$
6,990,794

 
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, 2018
107,194,440

 
$
107

 
$
4,439,433

 
$
(1,097,415
)
 
$
36,147

 
$
(229,238
)
 
$
3,149,034

 
$
220,471

 
$
3,369,505

Shares issued upon delivery of vested restricted share awards
4,176

 

 
(22
)
 
 
 
 
 
 
 
(22
)
 
 
 
(22
)
Shares issued upon purchases under employee share purchase plan
2,071

 

 
125

 
 
 
 
 
 
 
125

 
 
 
125

Delivery of deferred vested shares, net
 
 
 
 
140

 
 
 
(140
)
 
 
 

 
 
 

Amortization of stock-based compensation expense
 
 
 
 
3,698

 
 
 
 
 
 
 
3,698

 
 
 
3,698

Contributions from noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 

 
71

 
71

Distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 

 
(4,549
)
 
(4,549
)
Dividends declared ($1.020 per share)
 
 
 
 
 
 
(110,448
)
 
 
 
 
 
(110,448
)
 
 
 
(110,448
)
Net income
 
 
 
 
 
 
75,681

 
 
 
 
 
75,681

 
3,743

 
79,424

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
 
 
(32,181
)
 
(32,181
)
 
(7,634
)
 
(39,815
)
Unrealized gain on derivative instruments
 
 
 
 
 
 
 
 
 
 
14,075

 
14,075

 
(2
)
 
14,073

Unrealized loss on investments
 
 
 
 
 
 
 
 
 
 
(58
)