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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 September 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
400771118_wpchighreslogo26.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 172,276,402 shares of common stock, $0.001 par value, outstanding at October 25, 2019.
 




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



W. P. Carey 9/30/2019 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 9/30/2019 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)
 
September 30, 2019
 
December 31, 2018
Assets
 
 
 
Investments in real estate:
 
 
 
Land, buildings and improvements
$
9,439,301

 
$
9,251,396

Net investments in direct financing leases
1,176,301

 
1,306,215

In-place lease intangible assets and other
2,111,601

 
2,009,628

Above-market rent intangible assets
911,940

 
925,797

Investments in real estate
13,639,143

 
13,493,036

Accumulated depreciation and amortization
(1,914,233
)
 
(1,564,182
)
Assets held for sale, net
104,013

 

Net investments in real estate
11,828,923

 
11,928,854

Equity investments in the Managed Programs and real estate
315,641

 
329,248

Cash and cash equivalents
331,687

 
217,644

Due from affiliates
86,400

 
74,842

Other assets, net
590,124

 
711,507

Goodwill
930,864

 
920,944

Total assets (a)
$
14,083,639

 
$
14,183,039

Liabilities and Equity
 
 
 
Debt:
 
 
 
Senior unsecured notes, net
$
4,302,892

 
$
3,554,470

Unsecured revolving credit facility
22,410

 
91,563

Non-recourse mortgages, net
1,771,887

 
2,732,658

Debt, net
6,097,189

 
6,378,691

Accounts payable, accrued expenses and other liabilities
470,540

 
403,896

Below-market rent and other intangible liabilities, net
207,655

 
225,128

Deferred income taxes
163,036

 
173,115

Dividends payable
180,797

 
172,154

Total liabilities (a)
7,119,217

 
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; 172,276,402 and 165,279,642 shares, respectively, issued and outstanding
172

 
165

Additional paid-in capital
8,712,441

 
8,187,335

Distributions in excess of accumulated earnings
(1,506,795
)
 
(1,143,992
)
Deferred compensation obligation
37,263

 
35,766

Accumulated other comprehensive loss
(284,975
)
 
(254,996
)
Total stockholders’ equity
6,958,106

 
6,824,278

Noncontrolling interests
6,316

 
5,777

Total equity
6,964,422

 
6,830,055

Total liabilities and equity
$
14,083,639

 
$
14,183,039

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

See Notes to Consolidated Financial Statements.


W. P. Carey 9/30/2019 10-Q 3




W. P. CAREY INC. 
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except share and per share amounts)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Real Estate:
 
 
 
 
 
 
 
Lease revenues
$
278,839

 
$
173,067

 
$
811,580

 
$
510,866

Lease termination income and other
14,377

 
1,981

 
23,951

 
3,603

Operating property revenues
9,538

 
4,282

 
40,970

 
16,365

 
302,754

 
179,330

 
876,501

 
530,834

Investment Management:
 
 
 
 
 
 
 
Asset management revenue
9,878

 
17,349

 
29,400

 
51,602

Reimbursable costs from affiliates
4,786

 
6,042

 
12,475

 
16,883

Structuring and other advisory revenue
587

 
6,663

 
3,163

 
13,018

 
15,251

 
30,054

 
45,038

 
81,503

 
318,005

 
209,384

 
921,539

 
612,337

Operating Expenses
 
 
 
 
 
 
 
Depreciation and amortization
109,517

 
67,825

 
335,528

 
198,119

Impairment charges
25,781

 

 
25,781

 
4,790

General and administrative
17,210

 
15,863

 
58,224

 
50,888

Reimbursable tenant costs
15,611

 
5,979

 
42,699

 
17,931

Property expenses, excluding reimbursable tenant costs
10,377

 
4,898

 
30,204

 
14,454

Operating property expenses
8,547

 
3,055

 
30,015

 
12,306

Reimbursable costs from affiliates
4,786

 
6,042

 
12,475

 
16,883

Stock-based compensation expense
4,747

 
2,475

 
13,848

 
14,392

Subadvisor fees
1,763

 
3,127

 
5,615

 
7,014

Merger and other expenses
70

 
1,673

 
912

 
4,328

 
198,409

 
110,937

 
555,301

 
341,105

Other Income and Expenses
 
 
 
 
 
 
 
Interest expense
(58,626
)
 
(41,740
)
 
(179,658
)
 
(121,125
)
Other gains and (losses)
(12,402
)
 
8,875

 
(12,118
)
 
16,698

Loss on change in control of interests
(8,416
)
 

 
(8,416
)
 

Equity in earnings of equity method investments in the Managed Programs and real estate
5,769

 
18,363

 
15,211

 
46,246

Gain on sale of real estate, net
71

 
343

 
642

 
18,987

 
(73,604
)
 
(14,159
)
 
(184,339
)
 
(39,194
)
Income before income taxes
45,992

 
84,288

 
181,899

 
232,038

Provision for income taxes
(4,157
)
 
(2,715
)
 
(5,147
)
 
(2,975
)
Net Income
41,835

 
81,573

 
176,752

 
229,063

Net income attributable to noncontrolling interests
(496
)
 
(4,225
)
 
(881
)
 
(10,760
)
Net Income Attributable to W. P. Carey
$
41,339

 
$
77,348

 
$
175,871

 
$
218,303

 
 
 
 
 
 
 
 
Basic Earnings Per Share
$
0.24

 
$
0.71

 
$
1.03

 
$
2.02

Diluted Earnings Per Share
$
0.24

 
$
0.71

 
$
1.03

 
$
2.01

Weighted-Average Shares Outstanding
 
 
 
 
 
 
 
Basic
172,235,066

 
108,073,969

 
170,276,085

 
108,063,826

Diluted
172,486,506

 
108,283,666

 
170,545,665

 
108,253,841

 

See Notes to Consolidated Financial Statements.


W. P. Carey 9/30/2019 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,
 
2019
 
2018
 
2019
 
2018
Net Income
$
41,835

 
$
81,573

 
$
176,752

 
$
229,063

Other Comprehensive Loss
 
 
 
 
 
 
 
Foreign currency translation adjustments
(37,412
)
 
(8,102
)
 
(41,772
)
 
(29,401
)
Unrealized gain on derivative instruments
13,243

 
772

 
11,786

 
6,453

Unrealized gain (loss) on investments
11

 
(269
)
 
7

 
101

 
(24,158
)
 
(7,599
)
 
(29,979
)
 
(22,847
)
Comprehensive Income
17,677

 
73,974

 
146,773

 
206,216

 
 
 
 
 
 
 
 
Amounts Attributable to Noncontrolling Interests
 
 
 
 
 
 
 
Net income
(496
)
 
(4,225
)
 
(881
)
 
(10,760
)
Foreign currency translation adjustments

 
945

 

 
4,797

Unrealized loss on derivative instruments

 
1

 

 
6

Comprehensive income attributable to noncontrolling interests
(496
)
 
(3,279
)
 
(881
)
 
(5,957
)
Comprehensive Income Attributable to W. P. Carey
$
17,181

 
$
70,695

 
$
145,892

 
$
200,259

 
See Notes to Consolidated Financial Statements.


W. P. Carey 9/30/2019 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 July 1, 2019
170,756,507

 
$
171

 
$
8,576,245

 
$
(1,368,457
)
 
$
37,263

 
$
(260,817
)
 
$
6,984,405

 
$
6,389

 
$
6,990,794

Shares issued under ATM Program, net
1,502,572

 
1

 
131,472

 
 
 
 
 
 
 
131,473

 
 
 
131,473

Shares issued upon delivery of vested restricted share awards
17,323

 

 
(23
)
 
 
 
 
 
 
 
(23
)
 
 
 
(23
)
Amortization of stock-based compensation expense
 
 
 
 
4,747

 
 
 
 
 
 
 
4,747

 
 
 
4,747

Distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 

 
(569
)
 
(569
)
Dividends declared ($1.036 per share)
 
 
 
 
 
 
(179,677
)
 
 
 
 
 
(179,677
)
 
 
 
(179,677
)
Net income
 
 
 
 
 
 
41,339

 
 
 
 
 
41,339

 
496

 
41,835

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
 
 
(37,412
)
 
(37,412
)
 
 
 
(37,412
)
Unrealized gain on derivative instruments
 
 
 
 
 
 
 
 
 
 
13,243

 
13,243

 
 
 
13,243

Unrealized gain on investments
 
 
 
 
 
 
 
 
 
 
11

 
11

 
 
 
11

Balance at September 30, 2019
172,276,402

 
$
172

 
$
8,712,441

 
$
(1,506,795
)
 
$
37,263

 
$
(284,975
)
 
$
6,958,106

 
$
6,316

 
$
6,964,422

 
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 July 1, 2018
107,200,687

 
$
107

 
$
4,443,374

 
$
(1,132,182
)
 
$
36,007

 
$
(247,402
)
 
$
3,099,904

 
$
212,100

 
$
3,312,004

Shares issued upon delivery of vested restricted share awards
13,707

 

 
64

 
 
 
 
 
 
 
64

 
 
 
64

Delivery of deferred vested shares, net
 
 
 
 
(152
)
 
 
 
152

 
 
 

 
 
 

Amortization of stock-based compensation expense
 
 
 
 
2,475

 
 
 
 
 
 
 
2,475

 
 
 
2,475

Distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 

 
(5,393
)
 
(5,393
)
Redemption value adjustment
 
 
 
 
(335
)
 
 
 
 
 
 
 
(335
)
 
 
 
(335
)
Dividends declared ($1.025 per share)
 
 
 
 
 
 
(111,080
)
 
 
 
 
 
(111,080
)
 
 
 
(111,080
)
Net income
 
 
 
 
 
 
77,348

 
 
 
 
 
77,348

 
4,225

 
81,573

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
 
 
(7,157
)
 
(7,157
)
 
(945
)
 
(8,102
)
Unrealized gain on derivative instruments
 
 
 
 
 
 
 
 
 
 
773

 
773

 
(1
)
 
772

Unrealized loss on investments
 
 
 
 
 
 
 
 
 
 
(269
)
 
(269
)
 
 
 
(269
)
Balance at September 30, 2018
107,214,394

 
$
107

 
$
4,445,426

 
$
(1,165,914
)
 
$
36,159

 
$
(254,055
)
 
$
3,061,723

 
$
209,986

 
$
3,271,709


(Continued)


W. P. Carey 9/30/2019 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