W. P. Carey 9/30/~~2021~~2022 10-Q – 6

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

(Continued)

(in thousands, except share and per share amounts)


		W. P. Carey Stockholders																		W. P. Carey Stockholders
							Distributions				Accumulated														Distributions				Accumulated
		Common Stock			Additional		in Excess of		Deferred		Other		Total							Common Stock			Additional		in Excess of		Deferred		Other		Total
		$0.001 Par Value			Paid-in		Accumulated		Compensation		Comprehensive		W. P. Carey		Noncontrolling					$0.001 Par Value			Paid-in		Accumulated		Compensation		Comprehensive		W. P. Carey		Noncontrolling
		Shares	Amount		Capital		Earnings		Obligation		Loss		Stockholders		Interests		Total			Shares	Amount		Capital		Earnings		Obligation		Loss		Stockholders		Interests		Total
Balance at January 1, 2021		175,401,757	$	175	$	8,925,365	$	(1,850,935)	$	42,014	$	(239,906)	$	6,876,713	$	1,656	$	6,878,369
Shares issued under forward sale agreements, net		6,535,709	7		457,193								457,200				457,200
Balance at January 1, 2022																			Balance at January 1, 2022	190,013,751	$	190	$	9,977,686	$	(2,224,231)	$	49,810	$	(221,670)	$	7,581,785	$	1,666	$	7,583,451
Shares issued to stockholders of CPA:18 – Global in connection with CPA:18 Merger																			Shares issued to stockholders of CPA:18 – Global in connection with CPA:18 Merger	13,786,302	14		1,205,736								1,205,750				1,205,750
Shares issued under ATM Program, net	Shares issued under ATM Program, net	4,225,624	4		302,619								302,623				302,623		Shares issued under ATM Program, net	2,740,295	3		218,098								218,101				218,101
Shares issued under Equity Forwards, net																			Shares issued under Equity Forwards, net	1,337,500	1		97,454								97,455				97,455
Shares issued upon delivery of vested restricted share awards	Shares issued upon delivery of vested restricted share awards	119,268	—		(3,779)								(3,779)				(3,779)		Shares issued upon delivery of vested restricted share awards	152,830	—		(6,612)								(6,612)				(6,612)
Shares issued upon purchases under employee share purchase plan	Shares issued upon purchases under employee share purchase plan	2,597	—		176								176				176		Shares issued upon purchases under employee share purchase plan	2,040	—		155								155				155
Amortization of stock-based compensation expense	Amortization of stock-based compensation expense				18,790								18,790				18,790		Amortization of stock-based compensation expense				23,102								23,102				23,102
Deferral of vested shares, net	Deferral of vested shares, net				(7,044)				7,044				—				—		Deferral of vested shares, net				(6,696)				6,696				—				—
Acquisition of noncontrolling interests in connection with the CPA:18 Merger																			Acquisition of noncontrolling interests in connection with the CPA:18 Merger												—		14,367		14,367
Distributions to noncontrolling interests	Distributions to noncontrolling interests												—		(104)		(104)		Distributions to noncontrolling interests												—		(176)		(176)
Dividends declared ($3.150 per share)					906		(581,427)		752				(579,769)				(579,769)
Dividends declared ($3.177 per share)																			Dividends declared ($3.177 per share)				1,380		(635,631)		506				(633,745)				(633,745)
Net income	Net income						310,426						310,426		84		310,510		Net income						389,601						389,601		(622)		388,979
Other comprehensive income:
Other comprehensive loss:																			Other comprehensive loss:
Foreign currency translation adjustments																			Foreign currency translation adjustments										(108,655)		(108,655)		(543)		(109,198)
Unrealized gain on derivative instruments	Unrealized gain on derivative instruments										30,989		30,989		21		31,010		Unrealized gain on derivative instruments										50,956		50,956				50,956
Foreign currency translation adjustments											(28,329)		(28,329)				(28,329)
Balance at September 30, 2021		186,284,955	$	186	$	9,694,226	$	(2,121,936)	$	49,810	$	(237,246)	$	7,385,040	$	1,657	$	7,386,697
Reclassification of unrealized gain on investments to net income																			Reclassification of unrealized gain on investments to net income										(18,688)		(18,688)				(18,688)
Balance at September 30, 2022																			Balance at September 30, 2022	208,032,718	$	208	$	11,510,303	$	(2,470,261)	$	57,012	$	(298,057)	$	8,799,205	$	14,692	$	8,813,897

W. P. Carey Stockholders
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 January 1, 2020 172,278,242 $ 172 $ 8,717,535 $ (1,557,374) $ 37,263 $ (255,667) $ 6,941,929 $ 6,244 $ 6,948,173
Cumulative-effect adjustment for the adoption of ASU 2016-13, Financial Instruments — Credit Losses
(14,812) (14,812) (14,812)
Shares issued under forward sale agreements, net 2,951,791 3 199,478 199,481 199,481
Shares issued upon delivery of vested restricted share awards 160,653 — (5,272) (5,272) (5,272)
Shares issued upon purchases under employee share purchase plan 5,472 — 299 299 299
Amortization of stock-based compensation expense 10,143 10,143 10,143
Deferral of vested shares, net (3,854) 3,854 — —
Distributions to noncontrolling interests — (5,280) (5,280)
Dividends declared ($3.126 per share) 1,191 (549,476) 897 (547,388) (547,388)
Redemption of noncontrolling interest (Note 3)
— (9,865) (9,865)
Net income 320,787 320,787 10,553 331,340
Other comprehensive loss:
Unrealized loss on derivative instruments (13,274) (13,274) 7 (13,267)
Foreign currency translation adjustments (4,183) (4,183) (4,183)
Balance at September 30, 2020 175,396,158 $ 175 $ 8,919,520 $ (1,800,875) $ 42,014 $ (273,124) $ 6,887,710 $ 1,659 $ 6,889,369


	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 January 1, 2021	175,401,757	$	175	$	8,925,365	$	(1,850,935)	$	42,014	$	(239,906)	$	6,876,713	$	1,656	$	6,878,369
Shares issued under Equity Forwards, net	6,535,709	7		457,193								457,200				457,200
Shares issued under ATM Program, net	4,225,624	4		302,619								302,623				302,623
Shares issued upon delivery of vested restricted share awards	119,268	—		(3,779)								(3,779)				(3,779)
Shares issued upon purchases under employee share purchase plan	2,597	—		176								176				176
Amortization of stock-based compensation expense				18,790								18,790				18,790
Deferral of vested shares, net				(7,044)				7,044				—				—
Distributions to noncontrolling interests												—		(104)		(104)
Dividends declared ($3.150 per share)				906		(581,427)		752				(579,769)				(579,769)
Net income						310,426						310,426		84		310,510
Other comprehensive income:
Unrealized gain on derivative instruments										30,989		30,989		21		31,010
Foreign currency translation adjustments										(28,329)		(28,329)				(28,329)
Balance at September 30, 2021	186,284,955	$	186	$	9,694,226	$	(2,121,936)	$	49,810	$	(237,246)	$	7,385,040	$	1,657	$	7,386,697

See Notes to Consolidated Financial Statements.

W. P. Carey 9/30/~~2021~~2022 10-Q – 7

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

Nine Months Ended September 30,
2021 2020
Cash Flows — Operating Activities
Net income $ 310,510 $ 331,340
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs 351,503 341,801
Amortization of rent-related intangibles and deferred rental revenue 41,346 40,291
Straight-line rent adjustments (34,034) (39,365)
Gain on sale of real estate, net (30,914) (32,684)
Stock-based compensation expense 18,790 10,143
Impairment charges 16,301 19,420
Asset management revenue received in shares of Managed REITs (9,452) (13,585)
Distributions of earnings from equity method investments 8,816 7,286
Change in allowance for credit losses (6,737) 10,313
Net realized and unrealized gains on extinguishment of debt, equity securities, foreign currency transactions, and other (5,992) (46,035)
Losses from equity method investments 4,154 10,087
Deferred income tax benefit (3,012) (47,414)
Net changes in other operating assets and liabilities (35,883) (35,014)
Net Cash Provided by Operating Activities 625,396 556,584
Cash Flows — Investing Activities
Purchases of real estate (1,004,433) (350,120)
Proceeds from sales of real estate 126,697 167,974
Capital contributions to equity method investments (97,380) (595)
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (87,955) (169,503)
Proceeds from repayment of short-term loans to affiliates 62,048 51,702
Funding of short-term loans to affiliates (41,000) (5,433)
Other investing activities, net (22,854) 4,602
Return of capital from equity method investments 11,611 12,522
Proceeds from repayment of loans receivable — 11,000
Net Cash Used in Investing Activities (1,053,266) (277,851)
Cash Flows — Financing Activities
Proceeds from Unsecured Revolving Credit Facility 1,360,312 777,867
Repayments of Unsecured Revolving Credit Facility (1,179,552) (790,760)
Proceeds from issuance of Senior Unsecured Notes 1,038,391 —
Redemption of Senior Unsecured Notes (617,442) —
Dividends paid (567,240) (542,857)
Proceeds from shares issued under forward sale agreements, net of selling costs 457,227 199,716
Prepayments of mortgage principal (427,492) —
Proceeds from shares issued under ATM Program, net of selling costs 302,506 —
Scheduled payments of mortgage principal (51,013) (241,332)
Payment of financing costs (8,201) (9,998)
Payments for withholding taxes upon delivery of equity-based awards (3,779) (5,272)
Other financing activities, net 2,252 7,542
Distributions paid to noncontrolling interests (104) (5,280)
Proceeds from Unsecured Term Loans — 298,974
Net Cash Provided by (Used in) Financing Activities 305,865 (311,400)
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash (7,852) 3,918
Net decrease in cash and cash equivalents and restricted cash (129,857) (28,749)
Cash and cash equivalents and restricted cash, beginning of period 311,779 251,518
Cash and cash equivalents and restricted cash, end of period $ 181,922 $ 222,769


	Nine Months Ended September 30,
	2022		2021
Cash Flows — Operating Activities
Net income	$	388,979	$	310,510
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	374,163		351,503
Straight-line rent adjustments	(42,342)		(34,034)
Gain on sale of real estate, net	(37,631)		(30,914)
Gain on change in control of interests	(33,931)		—
Amortization of rent-related intangibles and deferred rental revenue	34,378		41,346
Impairment charges — Investment Management goodwill	29,334		—
Decrease in allowance for credit losses	(27,777)		(6,737)
Impairment charges — real estate	26,385		16,301
Distributions of earnings from equity method investments	26,276		8,816
(Earnings) losses from equity method investments	(23,477)		4,154
Stock-based compensation expense	23,102		18,790
Net realized and unrealized losses (gains) on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other	22,322		(5,992)
Deferred income tax benefit	(1,561)		(3,012)
Asset management revenue received in shares of CPA:18 – Global	(1,024)		(9,452)
Net changes in other operating assets and liabilities	(54,668)		(35,883)
Net Cash Provided by Operating Activities	702,528		625,396
Cash Flows — Investing Activities
Purchases of real estate	(1,013,950)		(1,004,433)
Cash paid to stockholders of CPA:18 – Global in the CPA:18 Merger	(423,435)		—
Cash and restricted cash acquired in connection with the CPA:18 Merger	331,063		—
Proceeds from sales of real estate	170,341		126,697
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(83,721)		(87,955)
Capital contributions to equity method investments	(69,127)		(97,380)
Proceeds from redemption of WLT preferred stock (Note 9)	65,000		—
Proceeds from repayment of loans receivable	34,000		—
Proceeds from repayment of short-term loans to affiliates	26,000		62,048
Funding of short-term loans to affiliates	(26,000)		(41,000)
Investment in loan receivable	(20,098)		—
Other investing activities, net	(16,945)		(22,854)
Return of capital from equity method investments	7,447		11,611
Net Cash Used in Investing Activities	(1,019,425)		(1,053,266)
Cash Flows — Financing Activities
Proceeds from Unsecured Revolving Credit Facility	1,460,226		1,360,312
Repayments of Unsecured Revolving Credit Facility	(1,357,254)		(1,179,552)
Dividends paid	(613,302)		(567,240)
Proceeds from issuance of Senior Unsecured Notes	334,775		1,038,391
Proceeds from Unsecured Term Loans	283,139		—
Proceeds from shares issued under ATM Program, net of selling costs	218,081		302,506
Proceeds from shares issued under Equity Forwards, net of selling costs	97,456		457,227
Scheduled payments of mortgage principal	(51,548)		(51,013)
Other financing activities, net	11,781		2,252
Prepayments of mortgage principal	(10,381)		(427,492)
Payments for withholding taxes upon delivery of equity-based awards	(6,612)		(3,779)
Payment of financing costs	(2,128)		(8,201)
Distributions paid to noncontrolling interests	(176)		(104)
Redemption of Senior Unsecured Notes	—		(617,442)
Net Cash Provided by Financing Activities	364,057		305,865
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(15,097)		(7,852)
Net increase (decrease) in cash and cash equivalents and restricted cash	32,063		(129,857)
Cash and cash equivalents and restricted cash, beginning of period	217,950		311,779
Cash and cash equivalents and restricted cash, end of period	$	250,013	$	181,922

See Notes to Consolidated Financial Statements.

W. P. Carey 9/30/~~2021~~2022 10-Q – 8

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Continued)

Supplemental Non-Cash Investing and Financing Activities:

2022 — On August 1, 2022, CPA:18 – Global (as defined herein) merged with and into one of our indirect subsidiaries in the CPA:18 Merger (as defined herein) (Note 3). The following table summarizes estimated fair values of the assets acquired and liabilities assumed in the CPA:18 Merger (in thousands):


Total Consideration
Fair value of W. P. Carey shares of common stock issued	$	1,205,750
Cash consideration paid	423,297
Cash paid for fractional shares	138
Fair value of our equity interest in CPA:18 – Global prior to the CPA:18 Merger	88,299
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	28,574
	1,746,058
Assets Acquired at Fair Value
Land, buildings and improvements — net lease and other	881,613
Land, buildings and improvements — operating properties	1,000,447
Net investments in direct financing leases and loans receivable	38,517
In-place lease and other intangible assets	224,458
Above-market rent intangible assets	61,090
Assets held for sale	85,026
Goodwill	172,346
Other assets, net (excluding restricted cash)	25,229
Liabilities Assumed at Fair Value
Non-recourse mortgages, net	900,173
Accounts payable, accrued expenses and other liabilities	90,035
Below-market rent and other intangible liabilities	16,836
Deferred income taxes	52,320
Amounts attributable to noncontrolling interests	14,367
Net assets acquired excluding cash and restricted cash	1,414,995
Cash and cash equivalents and restricted cash acquired	$	331,063

See Notes to Consolidated Financial Statements.

W. P. Carey 9/30/2022 10-Q– 9

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 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. Through our taxable REIT subsidiaries (“TRSs”), we also earn revenue as the advisor to certain non-traded investment programs. We hold all of our real estate assets attributable to our Real Estate segment under the REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs.

On ~~April 13, 2020, two of the~~August 1, 2022, a non-traded ~~REITs~~REIT that we advised, Carey Watermark Investors Incorporated (“CWI 1”) and Carey Watermark Investors 2 Incorporated (“CWI 2”) (together, the “CWI REITs”), merged in an all-stock transaction, with CWI 2 as the surviving entity (the “CWI 1 and CWI 2 Merger”). Following the close of the CWI 1 and CWI 2 Merger, our advisory agreements with CWI 1 and CWI 2 were terminated, CWI 2 was renamed Watermark Lodging Trust, Inc. (“WLT”), and we began to provide certain services to WLT pursuant to a transition services agreement (which was terminated on October 13, 2021). As a result, at September 30, 2021, we were the advisor to the following entities (~~Note 3~~):

•Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”)~~, a publicly owned, non-traded REIT that primarily invests in commercial real estate properties;~~ merged with and into one of our indirect subsidiaries (the “CPA:18 Merger”) (Note 3). At September 30, 2022, we ~~refer~~were the advisor to ~~CPA:18 – Global together with the CWI REITs as the “Managed REITs” (as used throughout this Report, the term “Managed REITs” does not include CWI 1 and CWI 2 after April 13, 2020); and~~

•Carey European Student Housing Fund I, L.P. (“CESH”), a limited partnership formed for the purpose of developing, owning, and operating student housing properties ~~and similar investments~~ in ~~Europe; we~~Europe (Note 4).

We refer to CPA:18 – Global (prior to the ~~Managed REITs~~CPA:18 Merger) and CESH collectively as the “Managed Programs.”

We no longer raise capital for new or existing funds, but currently expect to continue managing ~~CPA:18 – Global and~~ CESH through the end of ~~their respective~~its life ~~cycles~~cycle (Note 34).

Reportable Segments

Real Estate — 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, ~~2021,~~2022, our owned portfolio was comprised of our full or partial ownership interests in ~~1,264~~1,428 properties, totaling approximately ~~152~~175 million square feet, substantially all of which were net leased to ~~358~~391 tenants, with a weighted-average lease term of ~~10.6~~10.9 years and an occupancy rate of ~~98.4%~~98.9%. In addition, at September 30, ~~2021,~~2022, our portfolio was comprised of full or partial ownership interests in 2087 operating properties, including 1984 self-storage properties, two student housing properties, and 1one hotel, totaling approximately ~~1.4~~6.6 million square feet.

Investment Management — Through our TRSs, we manage the real estate investment ~~portfolios~~portfolio for ~~the Managed Programs,~~CESH, for which we earn asset management revenue. We may ~~earn incentive revenue and~~also be entitled to receive ~~other compensation through~~certain distributions pursuant to our advisory ~~agreements~~arrangements with ~~certain~~CESH. At September 30, 2022, CESH owned all or a portion of three net-leased properties, totaling approximately 0.4 million square feet, all of which were leased to one tenant, with an occupancy rate of 100.0%. CESH also owned one active build-to-suit project at the Managed Programs, including in connection with providing a liquidity event for CPA:18 – Global’s stockholders. In addition, we include equity income generated through our (i) ownership of shares and limited partnership units of the Managed Programs (~~Note 7) and (ii) special general partner interest in the operating partnership of CPA:18 – Global (through which we participate in its cash flows (Note 3)), in our Investment Management segment.~~same date.

W. P. Carey 9/30/~~2021~~2022 10-Q – 910

Notes to Consolidated Financial Statements (Unaudited)

At September 30, 2021, the Managed Programs owned all or a portion of 58 net-leased properties (including certain properties in which we also have an ownership interest), totaling approximately 11.3 million square feet, substantially all of which were leased to 66 tenants, with an occupancy rate of approximately 98.8%. The Managed Programs also had interests in 66 operating properties (totaling approximately 5.1 million square feet in the aggregate) and 4 active build-to-suit projects at the same date.

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 ~~fair~~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, ~~2020,~~2021, which are included in the ~~2020~~2021 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 ~~2020~~2021 Annual Report.

Upon the closing of the CPA:18 Merger, we acquired five consolidated VIEs and declassified three entities as VIEs.

At ~~both~~ September 30, ~~2021~~2022 and December 31, ~~2020,~~2021, we considered 1216 and 14 entities to be VIEs, respectively, of which we consolidated 411 and 5,six, 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, 2021		December 31, 2020			September 30, 2022		December 31, 2021
Land, buildings and improvements		$	423,333	$	423,333
Net investments in direct financing leases		—		15,242
Land, buildings and improvements — net lease and other						Land, buildings and improvements — net lease and other	$	606,459	$	426,831
Land, buildings and improvements — operating properties						Land, buildings and improvements — operating properties	105,883		—
Net investments in direct financing leases and loans receivable						Net investments in direct financing leases and loans receivable	144,103		144,103
In-place lease intangible assets and other	In-place lease intangible assets and other	41,968		41,997		In-place lease intangible assets and other	71,017		42,884
Above-market rent intangible assets	Above-market rent intangible assets	26,720		26,720		Above-market rent intangible assets	33,414		26,720
Accumulated depreciation and amortization	Accumulated depreciation and amortization	(150,266)		(137,827)		Accumulated depreciation and amortization	(168,802)		(154,413)
Total assets	Total assets	354,493		381,953		Total assets	823,378		500,884

Non-recourse mortgages, net	Non-recourse mortgages, net	$	1,585	$	3,508	Non-recourse mortgages, net	$	157,044	$	1,485
Below-market rent and other intangible liabilities, net	Below-market rent and other intangible liabilities, net	20,997		22,283		Below-market rent and other intangible liabilities, net	19,318		20,568
Total liabilities	Total liabilities	45,527		48,971		Total liabilities	224,509		46,302

W. P. Carey 9/30/~~2021~~2022 10-Q – 4045

Notes to Consolidated Financial Statements (Unaudited)

~~(b)~~Beginning with the second quarter of 2020, general and administrative expenses attributed to our Investment Management segment are comprised of the incremental costs of providing services to the Managed Programs, which are fully reimbursed by those funds (resulting in no net expense for us). All other general and administrative expenses are attributed to our Real Estate segment. Previously, general and administrative expenses were allocated based on time incurred by our personnel for the Real Estate and Investment Management segments. In addition, beginning with the second quarter of 2020, stock-based compensation expense and corporate depreciation and amortization expense are fully recognized within our Real Estate segment. In light of the termination of the advisory agreements with CWI 1 and CWI 2 in connection with the WLT management internalization (~~Note 3~~), we now view essentially all assets, liabilities, and operational expenses as part of our Real Estate segment, other than incremental activities that are expected to wind down as we manage CPA:18 – Global and CESH through the end of their respective life cycles (~~Note 2). These changes between the segments had no impact on our consolidated financial statements.~~

Note ~~16.~~17. Subsequent Events

~~Issuance of Senior Unsecured Notes~~

On October 15, 2021, we completed an underwritten public offering of $350.0 million of 2.450% Senior Notes due 2032, at a price of 99.048% of par value, in our inaugural green bond offering. These 2.450% Senior Notes due 2032 have a ~~10.3-year~~ ~~term and are scheduled to mature on February 1, 2032.~~

~~Acquisition~~

~~In October 2021, we completed the acquisition of 2 manufacturing facilities in Chattanooga, Tennessee,~~Cash Received for ~~$40.7 million.~~

~~Mortgage Loan Repayments~~

~~In October 2021, we prepaid or repaid at maturity 6 non-recourse mortgage loans for $297.6 million with a weighted-average interest rate of 4.4%.~~

~~Dividend from our Investment in Preferred~~ Shares of WLT

In October ~~2021,~~2022, we received $82.6 million in cash proceeds as a ~~$0.8 million quarterly cash dividend from our investment in preferred~~result of certain private real estate funds’ acquisition of all outstanding shares of WLT common stock. As of the date of acquisition, we owned 12,208,243 shares of WLT common stock (Note 9). Upon completion of this transaction, we have no remaining interest in WLT.

W. P. Carey 9/30/~~2021~~2022 10-Q – 4146

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial statements and the reasons for changes in certain key components of our financial statements from period to period. This item also provides our perspective on our financial position and liquidity, as well as certain other factors that may affect our future results. The discussion also breaks down the financial results of our business by segment to provide a better understanding of how these segments and their results affect our financial condition and results of operations. Our Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the ~~2020~~2021 Annual Report and subsequent reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Refer to Item 1 of the ~~2020~~2021 Annual Report for a description of our business.

Significant Developments

~~Issuance of Senior Unsecured Notes~~CPA:18 Merger

On ~~October 15, 2021,~~February 27, 2022, we, ~~completed an underwritten public offering~~CPA:18 – Global, CPA:18 Limited Partnership (a subsidiary of ~~$350.0 million~~CPA:18 – Global), and certain of ~~2.450% Senior Notes due 2032, at~~our subsidiaries entered into a ~~price~~merger agreement, pursuant to which CPA:18 – Global would merge with and into one of ~~99.048%~~our indirect subsidiaries in exchange for shares of ~~par value, in~~ our ~~inaugural green bond offering. These 2.450% Senior Notes due 2032 have a 10.3-year term~~common stock and are scheduled to mature on February 1, 2032. We intend to fully allocate an amount equal to the net proceeds from this offering to recently completed or future eligible green projects in the categories outlined in our green financing framework, which is designed to align with the International Capital Markets Association Green Bond Principles 2021cash (Note 163).

~~COVID-19~~

~~We continue to actively engage in discussions with our tenants regarding~~ The CPA:18 Merger and related transactions were approved by the ~~impact~~stockholders of ~~the COVID-19 pandemic~~CPA:18 – Global on ~~their business operations, liquidity,~~July 26, 2022 and ~~financial position. Through the date of this Report, we received from tenants over 99.5% of contractual base rent that was due during the third quarter of 2021 (based~~completed on contractual minimum annualized base rent (“ABR”) as of June 30, 2021). Given the ongoing uncertainty around the duration and severity of the impact of the COVID-19 pandemic, we are unable to predict the impact it will have on our tenants’ continued ability to pay rent. Therefore, information provided in this Report regarding recent rent collections should not serve as an indication of expected future rent collections.August 1, 2022.

Financial Highlights

During the nine months ended September 30, ~~2021,~~2022, we completed the following (as further described in the consolidated financial statements):

Real Estate

CPA:18 Merger

On August 1, 2022, we completed the CPA:18 Merger (Note 3).

•We acquired full or partial ownership interests in 42 properties in the CPA:18 Merger (including seven properties in which we already owned a partial ownership interest), substantially all of which were triple-net leased with a weighted-average lease term of 7.0 years, an occupancy rate of 99.3%, and an estimated ABR totaling $81.0 million. We also acquired 65 self-storage operating properties and two student housing operating properties totaling 5.1 million square feet. The related property-level debt was comprised of non-recourse mortgage loans with an aggregate consolidated fair value of approximately $900.2 million with a weighted-average annual interest rate of 5.1% as of August 1, 2022.

•We issued the following to CPA:18 – Global stockholders as part of the merger consideration: (i) 13,786,302 shares of our common stock of approximately $1.2 billion, (ii) $3.00 per share of cash consideration totaling approximately $423.3 million, and (iii) cash of $0.1 million paid in lieu of issuing any fractional shares of our common stock.

•Lease revenues and operating property revenues from properties acquired in the CPA:18 Merger were $16.5 million and $15.4 million, respectively, for both the three and nine months ended September 30, 2022.

•We recognized a Gain on change in control of interests of $33.9 million in connection with the CPA:18 Merger during the three and nine months ended September 30, 2022, of which $11.4 million was attributable to our Real Estate segment and $22.5 million was attributable to our Investment Management segment.

Investments

•We acquired 18 investments totaling $1.0 billion (Note 45, Note 6).

•We completed ~~four~~five construction projects at a cost totaling ~~$88.2~~$147.3 million (Note 45).

•We ~~entered into an agreement to fund~~funded approximately $65.2 million for a construction loan ~~of approximately $224.3 million for~~to build a retail complex in Las Vegas, ~~Nevada.~~Nevada, during the nine months ended September 30, 2022. Through September 30, ~~2021,~~2022, we have funded ~~$93.5~~$168.9 million (Note 7).

•We committed to purchase a food production facility in Lawrence, Kansas, for approximately $27.3 million upon completion of construction of the property, which is expected to take place during the fourth quarter of 2021 (~~Note 4~~8).

•We committed to fund athree build-to-suit ~~project for a research center in Wageningen, the Netherlands, for an aggregate amount of $29.1 million (based on the exchange rate of the euro at September 30, 2021).~~or expansion projects totaling $25.5 million. We currently expect to complete the ~~project~~projects in ~~the second quarter of 2022~~2023 (Note 45).

W. P. Carey 9/30/2022 10-Q– 47

Dispositions

•As part of our active capital recycling program, we disposed of 17 properties for total proceeds, net of selling costs, of ~~$126.7~~$170.3 million (Note 1415).

•In January 2022, WLT redeemed in full our 1,300,000 shares of its preferred stock for gross proceeds of $65.0 million (Note 9).

•In October 2022, we received $82.6 million in cash proceeds as a result of certain private real estate funds’ acquisition of all outstanding shares of WLT common stock. As of the date of acquisition, we owned 12,208,243 shares of WLT common stock (Note 9). Upon completion of this transaction, we have no remaining interest in WLT (Note 17).

~~W. P. Carey 9/30/2021 10-Q~~– 42

Financing and Capital Markets Transactions

•~~On February 25, 2021,~~In April 2022, we ~~completed an underwritten public offering~~increased the Term Loan to £270.0 million and the Delayed Draw Term Loan to €215.0 million, thereby increasing the total capacity of ~~$425.0 million of 2.250%~~our Senior ~~Notes due 2033, at a price of 98.722% of par value. These 2.250% Senior Notes due 2033 have a 12.1-year term and are scheduled~~Unsecured Credit Facility to ~~mature on April 1, 2033.~~approximately $2.4 billion. We used the ~~net~~approximately $300 million of proceeds from this ~~offering~~increase in the capacity of our Unsecured Term Loans to ~~prepay a total of $427.5 million of non-recourse mortgage loans (including prepayment penalties totaling $31.8 million)~~partially repay amounts outstanding under our Unsecured Revolving Credit Facility (Note 1011).

•On ~~March 8, 2021,~~May 2, 2022, we ~~completed an underwritten public offering~~established a $1.0 billion ATM Program, under which we may issue shares directly or defer delivery to a later date through our ATM Forwards. As of ~~€525.0~~September 30, 2022, we had approximately $455.7 million of ~~0.950% Senior Notes due 2030, at a price of 99.335% of par value, issued by~~available proceeds under our wholly owned finance subsidiary, WPC Eurobond B.V., and fully and unconditionally guaranteed by us. These 0.950% Senior Notes due 2030 have a 9.2-year term and are scheduled to mature on June 1, 2030. We used the net proceeds from this offering to redeem the €500.0 million of 2.0% Senior Notes due 2023, for which we paid a “make-whole” amount of $26.2 million (based on the exchange rate of the euro as of the date of redemption)ATM Forwards (Note 1013).

•~~On June 7, 2021, we offered 6,037,500~~We issued 2,740,295 shares of our common stock ~~through~~under our ~~June 2021 Equity Forwards,~~prior ATM Program at a weighted-average price of $80.79 per share, for ~~gross~~net proceeds of approximately $454.6 million. In addition, on August 9, 2021, we offered 5,175,000 shares of common stock through our August 2021 Equity Forwards, for gross proceeds of approximately $403.7 million. During the nine months ended September 30, 2021, we$218.1 million (Note 13).

•We settled portions of our Equity Forwards by delivering ~~6,535,709~~1,337,500 shares of common stock ~~to certain forward purchasers~~ for net proceeds of ~~$457.2~~$97.5 million. As of September 30, ~~2021, 7,187,500~~2022, 2,587,500 shares remained outstanding under our Equity Forwards for available proceeds of approximately $185.8 million (Note 1213).

•~~We issued 4,225,624 shares~~On September 28, 2022, we completed a private placement of ~~our common stock under our ATM Program at~~(i) €150 million of 3.41% Senior Notes due 2029, which have a ~~weighted-average price~~seven-year term and are scheduled to mature on September 28, 2029, and (ii) €200 million of ~~$72.50 per share, for net proceeds of $302.5 million~~3.70% Senior Notes due 2032, which have a ten-year term and are scheduled to mature on September 28, 2032 (Note 1211).

Investment Management

Assets Under Management

•As of September 30, ~~2021,~~2022, we managed total assets of approximately ~~$2.7 billion~~$161.5 million on behalf of ~~CPA:18 – Global and~~ CESH. ~~We expect that the~~The vast majority of our Investment Management earnings ~~will continue to be~~are generated from asset management fees. Upon completion of the CPA:18 Merger (Note 3), we ceased earning advisory fees and ~~our ownership interests in~~other income previously earned when we served as advisor to CPA:18 – Global. During the nine months ended September 30, 2022, through the date of the CPA:18 Merger, such fees and other income from CPA:18 – Global ~~and CESH.~~totaled $17.9 million.

Dividends to Stockholders

We declared cash dividends totaling ~~$3.150~~$3.177 per share during the nine months ended September 30, ~~2021,~~2022, comprised of three quarterly dividends per share of ~~$1.048, $1.050,~~$1.057, $1.059, and ~~$1.052~~$1.061 (Note 1213).

W. P. Carey 9/30/~~2021~~2022 10-Q – 4348

Consolidated Results

(in thousands, except shares)


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended September 30,				Nine Months Ended September 30,
		2021		2020		2021		2020			2022		2021		2022		2021
Revenues from Real Estate	Revenues from Real Estate	$	320,841	$	297,395	$	941,802	$	875,628	Revenues from Real Estate	$	382,081	$	320,841	$	1,065,959	$	941,802
Revenues from Investment Management	Revenues from Investment Management	4,913		5,024		14,842		26,320		Revenues from Investment Management	1,541		4,913		10,498		14,842
Total revenues	Total revenues	325,754		302,419		956,644		901,948		Total revenues	383,622		325,754		1,076,457		956,644

Net income from Real Estate attributable to W. P. Carey	Net income from Real Estate attributable to W. P. Carey	130,858		146,983		290,132		329,722		Net income from Real Estate attributable to W. P. Carey	111,375		130,858		381,461		290,132
Net income (loss) from Investment Management attributable to W. P. Carey		7,689		2,414		20,294		(8,935)
Net (loss) income from Investment Management attributable to W. P. Carey										Net (loss) income from Investment Management attributable to W. P. Carey	(6,447)		7,689		8,140		20,294
Net income attributable to W. P. Carey	Net income attributable to W. P. Carey	138,547		149,397		310,426		320,787		Net income attributable to W. P. Carey	104,928		138,547		389,601		310,426

Dividends declared	Dividends declared	197,374		184,380		579,769		547,388		Dividends declared	222,350		197,374		633,745		579,769

Net cash provided by operating activities	Net cash provided by operating activities					625,396		556,584		Net cash provided by operating activities					702,528		625,396
Net cash used in investing activities	Net cash used in investing activities					(1,053,266)		(277,851)		Net cash used in investing activities					(1,019,425)		(1,053,266)
Net cash provided by (used in) financing activities						305,865		(311,400)
Net cash provided by financing activities										Net cash provided by financing activities					364,057		305,865

Supplemental financial measures (a):	Supplemental financial measures (a):									Supplemental financial measures (a):
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Real Estate	Adjusted funds from operations attributable to W. P. Carey (AFFO) — Real Estate	224,445		196,770		657,150		598,449		Adjusted funds from operations attributable to W. P. Carey (AFFO) — Real Estate	273,567		224,445		772,827		657,150
Adjusted funds from operations attributable to W. P. Carey (AFFO) — Investment Management	Adjusted funds from operations attributable to W. P. Carey (AFFO) — Investment Management	6,279		5,185		18,736		17,956		Adjusted funds from operations attributable to W. P. Carey (AFFO) — Investment Management	4,155		6,279		18,095		18,736
Adjusted funds from operations attributable to W. P. Carey (AFFO)	Adjusted funds from operations attributable to W. P. Carey (AFFO)	230,724		201,955		675,886		616,405		Adjusted funds from operations attributable to W. P. Carey (AFFO)	277,722		230,724		790,922		675,886

Diluted weighted-average shares outstanding	Diluted weighted-average shares outstanding	186,012,478		175,261,812		181,323,128		174,144,038		Diluted weighted-average shares outstanding	204,098,116		186,012,478		197,264,509		181,323,128

__________

(a)We consider Adjusted funds from operations (“AFFO”), a supplemental measure that is not defined by GAAP (a “non-GAAP measure”), to be an important measure in the evaluation of our operating performance. See Supplemental Financial Measures below for our definition of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.

Revenues

Total revenues increased for the three and nine months ended September 30, ~~2021~~2022 as compared to the same periods in ~~2020.~~2021. Real Estate revenue increased primarily due to higher lease revenues (substantially as a result of property acquisition activity and rent escalations, as well as the ~~weakening U.S. dollar, and~~net-leased properties we acquired in the positive impact on rent collections as businesses recover from the initial effects of the COVID-19 pandemic, partially offset by property dispositions). Investment Management revenue decreased primarily due to lower asset management revenue and reimbursable costs earned from the Managed Programs following the termination of our advisory agreements in connection with the closing of the CWI 1 and CWI 2CPA:18 Merger on ~~April 13, 2020~~August 1, 2022 (Note 3), partially offset by the impact of the weakening euro and British pound sterling), higher operating property revenues (primarily from the operating properties we acquired in the CPA:18 Merger on August 1, 2022 (Note 3)), and higher lease termination and other income (Note 5).

~~W. P. Carey 9/30/2021 10-Q~~– 44

Net Income Attributable to W. P. Carey

Net income attributable to W. P. Carey decreased for the three months ended September 30, ~~2021~~2022 as compared to the same period in ~~2020. Net income from Real Estate attributable to W. P. Carey decreased primarily due a lower aggregate gain on sale of real estate (Note 14) and an impairment charge recognized in the current year period (Note 8~~). These decreases were partially offset by the impact of real estate acquisitions, the weakening U.S. dollar, the positive impact on rent collections as businesses recover from the initial effects of the COVID-19 pandemic, and lower interest expense. In addition, we recognized non-cash unrealized gains on our investment in shares of Lineage Logistics during both the current and prior year periods (~~Note 8). Net income from Investment Management attributable to W. P. Carey increased primarily due to higher income taxes recognized during the prior year period.~~

~~Net income attributable to W. P. Carey decreased for the nine months ended September 30, 2021 as compared to the same period in 2020.~~2021. Net income from Real Estate attributable to W. P. Carey decreased primarily due to ~~loss~~a non-cash unrealized gain recognized on ~~extinguishment of debt recognized during the current year period (Note 10) and a deferred tax benefit as a result of the release of a deferred tax liability relating to~~ our investment in shares of Lineage Logistics during the prior year period (Note 139), and the weakening euro and British pound sterling, partially offset by the impact of real estate acquisitions, the weakening U.S. dollar, and the positive impact on rent collections as businesses recover from the initial effects of the COVID-19 pandemic. In addition, we recognized non-cash unrealized gains on our investment in shares of Lineage Logistics during both the current and prior year periods (~~Note 8~~).acquisitions. Net income from Investment Management attributable to W. P. Carey was in a loss position during the current year period, primarily due to an impairment charge recognized on goodwill within our Investment Management segment (Note 9). In addition, we recognized a gain on change in control of interests during the current year period in connection with the CPA:18 Merger (Note 3).

W. P. Carey 9/30/2022 10-Q– 49

Net income attributable to W. P. Carey increased for the nine months ended September 30, 2022 as compared to the same period in 2021. Net income from Real Estate attributable to W. P. Carey increased primarily due to ~~other-than temporary impairment charges~~a lower loss on extinguishment of debt (Note 11), non-cash unrealized gains recognized on our ~~equity method investments~~investment in ~~CWI 1~~common shares of WLT (Note 9), and ~~CWI 2~~the impact of real estate acquisitions, partially offset by non-cash unrealized gains recognized on our investment in shares of Lineage Logistics during the prior year period (Note 89)~~, partially offset by a non-cash net gain~~ and the impact of the weakening euro and British pound sterling. Net income from Investment Management attributable to W. P. Carey decreased primarily due to an impairment charge recognized on goodwill within our Investment Management segment (Note 9). In addition, we recognized a gain on change in control of interests during the ~~redemption of our special general partner interests in CWI 1 and CWI 2~~current year period in connection with the ~~WLT management internalization during the prior year period~~CPA:18 Merger (Note 3).

AFFO

AFFO increased for the three and nine months ended September 30, ~~2021~~2022 as compared to the same periods in ~~2020,~~2021, primarily due to higher lease revenues and operating property revenues from net investment activity (including properties acquired in the positive impact on rent collections as businesses recover from the initial effects of the COVID-19 pandemic, higher lease termination and other income, cash dividends received from our investments in shares of Lineage Logistics and WLT (~~Note 8), and lower interest expense, partially offset by lower Investment Management revenues due to the WLT management internalization in April 2020~~CPA:18 Merger (Note 3).) and rent escalations, as well as higher lease termination income and other, partially offset by the impact of the weakening euro and British pound sterling and higher interest expense.

~~W. P. Carey 9/30/2021 10-Q~~– 45

Portfolio Overview

Our portfolio is comprised of operationally-critical, commercial real estate assets net leased to tenants located primarily in the United States and Northern and Western Europe. We invest in high-quality single tenant industrial, warehouse, office, retail, and self-storage properties subject to long-term net leases with built-in rent escalators. Portfolio information is provided on a pro rata basis, unless otherwise noted below, to better illustrate the economic impact of our various net-leased jointly owned investments. See Terms and Definitions below for a description of pro rata amounts.

Portfolio Summary


		September 30, 2021			December 31, 2020				September 30, 2022			December 31, 2021
Number of net-leased properties		1,264			1,243
Number of operating properties (a)		20			20
ABR (in thousands)								ABR (in thousands)	$	1,333,741		$	1,247,764
Number of net-leased properties (a)								Number of net-leased properties (a)	1,428			1,304
Number of operating properties (b)								Number of operating properties (b)	87			20
Number of tenants (net-leased properties)	Number of tenants (net-leased properties)	358			350			Number of tenants (net-leased properties)	391			352
Total square footage (net-leased properties, in thousands)	Total square footage (net-leased properties, in thousands)	151,908			144,259			Total square footage (net-leased properties, in thousands)	174,950			155,674
Occupancy (net-leased properties)	Occupancy (net-leased properties)	98.4		%	98.5		%	Occupancy (net-leased properties)	98.9		%	98.5		%
Weighted-average lease term (net-leased properties, in years)	Weighted-average lease term (net-leased properties, in years)	10.6			10.6			Weighted-average lease term (net-leased properties, in years)	10.9			10.8
Number of countries		25			25
Number of countries (c)								Number of countries (c)	26			24
Total assets (in thousands)	Total assets (in thousands)	$	15,135,134		$	14,707,636		Total assets (in thousands)	$	17,774,842		$	15,480,630
Net investments in real estate (in thousands)	Net investments in real estate (in thousands)	12,740,327			12,362,429			Net investments in real estate (in thousands)	15,120,888			13,037,369


Maryland		45-4549771
(State of incorporation)		(I.R.S. Employer Identification No.)

One Manhattan West, 395 9th Avenue, 58th Floor
New York,	New York	10001
(Address of principal executive offices)		(Zip Code)


		Page No.
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
	Consolidated Balance Sheets as of September 30, ~~2021~~2022 and December 31, ~~2020~~2021	3
	Consolidated Statements of Income for the Three and Nine Months Ended September 30, ~~2021~~2022 and ~~2020~~2021	4
	Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, ~~2021~~2022 and ~~2020~~2021	5
	Consolidated Statements of Equity for the Three and Nine Months Ended September 30, ~~2021~~2022 and ~~2020~~2021	6
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, ~~2021~~2022 and ~~2020~~2021	8
	Notes to Consolidated Financial Statements	910
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		4247
Item 3. Quantitative and Qualitative Disclosures About Market Risk		6772
Item 4. Controls and Procedures		6974

PART II — OTHER INFORMATION
Item 6. Exhibits		7075
Signatures		7176


		September 30, 2021		December 31, 2020			September 30, 2022		December 31, 2021
Assets	Assets					Assets
Investments in real estate:	Investments in real estate:					Investments in real estate:
Land, buildings and improvements		$	11,644,851	$	10,939,619
Net investments in direct financing leases		633,190		711,974
Land, buildings and improvements — net lease and other						Land, buildings and improvements — net lease and other	$	12,862,423	$	11,791,734
Land, buildings and improvements — operating properties						Land, buildings and improvements — operating properties	1,084,524		83,673
Net investments in direct financing leases and loans receivable						Net investments in direct financing leases and loans receivable	781,345		813,577
In-place lease intangible assets and other	In-place lease intangible assets and other	2,384,575		2,301,174		In-place lease intangible assets and other	2,578,236		2,386,000
Above-market rent intangible assets	Above-market rent intangible assets	859,386		881,159		Above-market rent intangible assets	840,943		843,410
Investments in real estate	Investments in real estate	15,522,002		14,833,926		Investments in real estate	18,147,471		15,918,394
Accumulated depreciation and amortization	Accumulated depreciation and amortization	(2,793,347)		(2,490,087)		Accumulated depreciation and amortization	(3,065,161)		(2,889,294)
Assets held for sale, net	Assets held for sale, net	11,672		18,590		Assets held for sale, net	38,578		8,269
Net investments in real estate	Net investments in real estate	12,740,327		12,362,429		Net investments in real estate	15,120,888		13,037,369
Equity method investments	Equity method investments	361,835		283,446		Equity method investments	297,665		356,637
Cash and cash equivalents	Cash and cash equivalents	129,686		248,662		Cash and cash equivalents	186,417		165,427
Due from affiliates	Due from affiliates	1,992		26,257		Due from affiliates	602		1,826
Other assets, net	Other assets, net	997,318		876,024		Other assets, net	1,146,099		1,017,842
Goodwill	Goodwill	903,976		910,818		Goodwill	1,023,171		901,529
Total assets (a)	Total assets (a)	$	15,135,134	$	14,707,636	Total assets (a)	$	17,774,842	$	15,480,630
Liabilities and Equity	Liabilities and Equity					Liabilities and Equity
Debt:	Debt:					Debt:
Senior unsecured notes, net	Senior unsecured notes, net	$	5,419,419	$	5,146,192	Senior unsecured notes, net	$	5,651,865	$	5,701,913
Unsecured term loans, net	Unsecured term loans, net	312,605		321,971		Unsecured term loans, net	506,004		310,583
Unsecured revolving credit facility	Unsecured revolving credit facility	254,463		82,281		Unsecured revolving credit facility	462,660		410,596
Non-recourse mortgages, net	Non-recourse mortgages, net	688,430		1,145,554		Non-recourse mortgages, net	1,162,814		368,524
Debt, net	Debt, net	6,674,917		6,695,998		Debt, net	7,783,343		6,791,616
Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities	536,242		603,663		Accounts payable, accrued expenses and other liabilities	594,139		572,846
Below-market rent and other intangible liabilities, net	Below-market rent and other intangible liabilities, net	191,128		197,248		Below-market rent and other intangible liabilities, net	184,885		183,286
Deferred income taxes	Deferred income taxes	147,107		145,844		Deferred income taxes	174,276		145,572
Dividends payable	Dividends payable	199,043		186,514		Dividends payable	224,302		203,859
Total liabilities (a)	Total liabilities (a)	7,748,437		7,829,267		Total liabilities (a)	8,960,945		7,897,179
Commitments and contingencies (Note 11)		0		0
Commitments and contingencies (Note 12)						Commitments and contingencies (Note 12)

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—		Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	—		—
Common stock, $0.001 par value, 450,000,000 shares authorized; 186,284,955 and 175,401,757 shares, respectively, issued and outstanding		186		175
Common stock, $0.001 par value, 450,000,000 shares authorized; 208,032,718 and 190,013,751 shares, respectively, issued and outstanding						Common stock, $0.001 par value, 450,000,000 shares authorized; 208,032,718 and 190,013,751 shares, respectively, issued and outstanding	208		190
Additional paid-in capital	Additional paid-in capital	9,694,226		8,925,365		Additional paid-in capital	11,510,303		9,977,686
Distributions in excess of accumulated earnings	Distributions in excess of accumulated earnings	(2,121,936)		(1,850,935)		Distributions in excess of accumulated earnings	(2,470,261)		(2,224,231)
Deferred compensation obligation	Deferred compensation obligation	49,810		42,014		Deferred compensation obligation	57,012		49,810
Accumulated other comprehensive loss	Accumulated other comprehensive loss	(237,246)		(239,906)		Accumulated other comprehensive loss	(298,057)		(221,670)
Total stockholders’ equity	Total stockholders’ equity	7,385,040		6,876,713		Total stockholders’ equity	8,799,205		7,581,785
Noncontrolling interests	Noncontrolling interests	1,657		1,656		Noncontrolling interests	14,692		1,666
Total equity	Total equity	7,386,697		6,878,369		Total equity	8,813,897		7,583,451
Total liabilities and equity	Total liabilities and equity	$	15,135,134	$	14,707,636	Total liabilities and equity	$	17,774,842	$	15,480,630


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended September 30,				Nine Months Ended September 30,
		2021		2020		2021		2020			2022		2021		2022		2021
Revenues	Revenues									Revenues
Real Estate:	Real Estate:									Real Estate:
Lease revenues	Lease revenues	$	314,194	$	293,856	$	921,269	$	856,269	Lease revenues	$	331,902	$	298,616	$	953,981	$	872,345
Income from direct financing leases and loans receivable										Income from direct financing leases and loans receivable	20,637		16,754		56,794		51,917
Operating property revenues	Operating property revenues	4,050		1,974		9,474		9,368		Operating property revenues	21,350		4,050		30,279		9,474
Lease termination income and other	Lease termination income and other	2,597		1,565		11,059		9,991		Lease termination income and other	8,192		1,421		24,905		8,066
		320,841		297,395		941,802		875,628			382,081		320,841		1,065,959		941,802
Investment Management:	Investment Management:									Investment Management:
Asset management and other revenue	Asset management and other revenue	3,872		3,748		11,792		18,603		Asset management and other revenue	1,197		3,872		8,084		11,792
Reimbursable costs from affiliates	Reimbursable costs from affiliates	1,041		1,276		3,050		7,717		Reimbursable costs from affiliates	344		1,041		2,414		3,050
		4,913		5,024		14,842		26,320			1,541		4,913		10,498		14,842
		325,754		302,419		956,644		901,948			383,622		325,754		1,076,457		956,644
Operating Expenses	Operating Expenses									Operating Expenses
Depreciation and amortization	Depreciation and amortization	115,657		108,351		340,327		332,022		Depreciation and amortization	132,181		115,657		362,654		340,327
Impairment charges — Investment Management goodwill										Impairment charges — Investment Management goodwill	29,334		—		29,334		—
General and administrative	General and administrative	19,750		19,399		62,297		57,616		General and administrative	22,299		19,750		66,224		62,297
Impairment charges		16,301		—		16,301		19,420
Reimbursable tenant costs	Reimbursable tenant costs	15,092		15,728		45,942		42,699		Reimbursable tenant costs	18,874		15,092		52,538		45,942
Merger and other expenses										Merger and other expenses	17,667		(908)		17,329		(3,983)
Property expenses, excluding reimbursable tenant costs	Property expenses, excluding reimbursable tenant costs	13,734		11,923		36,432		33,649		Property expenses, excluding reimbursable tenant costs	11,244		13,734		36,874		36,432
Operating property expenses										Operating property expenses	9,357		3,001		15,335		6,961
Stock-based compensation expense	Stock-based compensation expense	4,361		4,564		18,790		10,143		Stock-based compensation expense	5,511		4,361		23,102		18,790
Operating property expenses		3,001		1,594		6,961		8,205
Reimbursable costs from affiliates	Reimbursable costs from affiliates	1,041		1,276		3,050		7,717		Reimbursable costs from affiliates	344		1,041		2,414		3,050
Merger and other expenses		(908)		(596)		(3,983)		665
Subadvisor fees		—		—		—		1,469
Impairment charges — real estate										Impairment charges — real estate	—		16,301		26,385		16,301
		188,029		162,239		526,117		513,605			246,811		188,029		632,189		526,117
Other Income and Expenses	Other Income and Expenses									Other Income and Expenses
Interest expense										Interest expense	(59,022)		(48,731)		(151,492)		(149,623)
Gain on change in control of interests										Gain on change in control of interests	33,931		—		33,931		—
Other gains and (losses)	Other gains and (losses)	49,219		44,648		15,576		39,092		Other gains and (losses)	(15,020)		49,219		(1,021)		15,576
Interest expense		(48,731)		(52,537)		(149,623)		(157,259)
Earnings (losses) from equity method investments	Earnings (losses) from equity method investments	5,735		1,720		(4,154)		(10,087)		Earnings (losses) from equity method investments	11,304		5,735		23,477		(4,154)
Gain on sale of real estate, net		1,702		20,933		30,914		32,684
Non-operating income	Non-operating income	1,283		465		10,704		10,445		Non-operating income	9,263		1,283		23,783		10,704
(Loss) gain on sale of real estate, net										(Loss) gain on sale of real estate, net	(4,736)		1,702		37,631		30,914
		9,208		15,229		(96,583)		(85,125)			(24,280)		9,208		(33,691)		(96,583)
Income before income taxes	Income before income taxes	146,933		155,409		333,944		303,218		Income before income taxes	112,531		146,933		410,577		333,944
(Provision for) benefit from income taxes		(8,347)		(5,975)		(23,434)		28,122
Provision for income taxes										Provision for income taxes	(8,263)		(8,347)		(21,598)		(23,434)
Net Income	Net Income	138,586		149,434		310,510		331,340		Net Income	104,268		138,586		388,979		310,510
Net income attributable to noncontrolling interests		(39)		(37)		(84)		(10,553)
Net loss (income) attributable to noncontrolling interests										Net loss (income) attributable to noncontrolling interests	660		(39)		622		(84)
Net Income Attributable to W. P. Carey	Net Income Attributable to W. P. Carey	$	138,547	$	149,397	$	310,426	$	320,787	Net Income Attributable to W. P. Carey	$	104,928	$	138,547	$	389,601	$	310,426

Basic Earnings Per Share	Basic Earnings Per Share	$	0.75	$	0.85	$	1.72	$	1.84	Basic Earnings Per Share	$	0.52	$	0.75	$	1.98	$	1.72
Diluted Earnings Per Share	Diluted Earnings Per Share	$	0.74	$	0.85	$	1.71	$	1.84	Diluted Earnings Per Share	$	0.51	$	0.74	$	1.98	$	1.71
Weighted-Average Shares Outstanding	Weighted-Average Shares Outstanding									Weighted-Average Shares Outstanding
Basic	Basic	185,422,639		174,974,185		180,753,115		173,879,068		Basic	203,093,553		185,422,639		196,382,433		180,753,115
Diluted	Diluted	186,012,478		175,261,812		181,323,128		174,144,038		Diluted	204,098,116		186,012,478		197,264,509		181,323,128


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended September 30,				Nine Months Ended September 30,
		2021		2020		2021		2020			2022		2021		2022		2021
Net Income	Net Income	$	138,586	$	149,434	$	310,510	$	331,340	Net Income	$	104,268	$	138,586	$	388,979	$	310,510
Other Comprehensive (Loss) Income	Other Comprehensive (Loss) Income									Other Comprehensive (Loss) Income
Foreign currency translation adjustments	Foreign currency translation adjustments	(20,400)		34,170		(28,329)		(4,183)		Foreign currency translation adjustments	(56,053)		(20,400)		(109,198)		(28,329)
Unrealized gain (loss) on derivative instruments		13,114		(16,674)		31,010		(13,267)
Unrealized gain on derivative instruments										Unrealized gain on derivative instruments	23,610		13,114		50,956		31,010
Reclassification of unrealized gain on investments to net income										Reclassification of unrealized gain on investments to net income	—		—		(18,688)		—
		(7,286)		17,496		2,681		(17,450)			(32,443)		(7,286)		(76,930)		2,681
Comprehensive Income	Comprehensive Income	131,300		166,930		313,191		313,890		Comprehensive Income	71,825		131,300		312,049		313,191

Amounts Attributable to Noncontrolling Interests	Amounts Attributable to Noncontrolling Interests									Amounts Attributable to Noncontrolling Interests
Net income		(39)		(37)		(84)		(10,553)
Net loss (income)										Net loss (income)	660		(39)		622		(84)
Foreign currency translation adjustments										Foreign currency translation adjustments	543		—		543		—
Unrealized gain on derivative instruments	Unrealized gain on derivative instruments	—		(7)		(21)		(7)		Unrealized gain on derivative instruments	—		—		—		(21)
Comprehensive income attributable to noncontrolling interests		(39)		(44)		(105)		(10,560)
Comprehensive loss (income) attributable to noncontrolling interests										Comprehensive loss (income) attributable to noncontrolling interests	1,203		(39)		1,165		(105)
Comprehensive Income Attributable to W. P. Carey	Comprehensive Income Attributable to W. P. Carey	$	131,261	$	166,886	$	313,086	$	303,330	Comprehensive Income Attributable to W. P. Carey	$	73,028	$	131,261	$	313,214	$	313,086


	Preliminary Purchase Price Allocation (in thousands)
Total Consideration
Fair value of W. P. Carey shares of common stock issued	$	1,205,750
Cash consideration paid	423,297
Cash paid for fractional shares	138
Merger Consideration	1,629,185
Fair value of our equity interest in CPA:18 – Global prior to the CPA:18 Merger	88,299
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	28,574
	$	1,746,058


Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Capitalized Costs
Grove City, Ohio, and Anderson, South Carolina	2	2/2/2021	Warehouse	$	19,129
Various, New Jersey and Pennsylvania (a)	10	2/11/2021	Retail; Office	55,115
Central Valley, California (b)	4	2/11/2021	Warehouse; Land	75,008
Various, France (c) (d)	3	4/1/2021	Retail	119,341
Searcy, Arkansas	1	4/14/2021	Industrial	14,038
Detroit, Michigan	1	4/27/2021	Warehouse	52,810
Solihull, United Kingdom (c) (d)	1	5/4/2021	Warehouse	194,954
New Rochelle, New York	1	5/5/2021	Student Housing (Net Lease)	26,109
Groveport, Ohio	1	5/5/2021	Industrial	27,133
Dakota, Illinois	1	5/12/2021	Industrial	65,043
San Jose, California	1	5/13/2021	Industrial	51,949
Opelika, Alabama	1	6/7/2021	Warehouse	48,897
Niles and Elk Grove Village, Illinois; and Guelph, Canada	3	6/9/2021	Warehouse	42,829
Rome, New York	1	6/10/2021	Warehouse	44,781
St. Louis, Missouri	1	8/2/2021	Office	7,924
Frankfort, Indiana	1	8/26/2021	Warehouse	113,544
Various, United States (e)	6	9/1/2021	Hospitality	17,396
Rogers, Minnesota	1	9/9/2021	Warehouse	26,531
	40			$	1,002,531


	Total Capitalized Costs
Land	$	~~150,093~~129,005
Buildings and improvements	~~728,528~~751,579
~~Intangibles:~~Intangible assets and liabilities:
In-place lease (weighted-average expected life of ~~21.2~~21.4 years)	~~153,505~~133,327
Below-market rent ~~(weighted-average expected~~(expected life of ~~11.1~~6.8 years)	~~(9,995)~~(3,379)
Right-of-use assets:
~~Land lease right-of-use assets~~	~~5,979~~
~~Above-market ground lease intangibles, net~~	~~(4,155)~~
Prepaid rent ~~liabilities~~(a)	~~(15,445)~~
~~Operating lease liabilities~~	~~(5,979)~~12,287
	$	~~1,002,531~~1,022,819


	Maturity Date	September 30, 2022		December 31, 2021
Net investments in direct financing leases (a)	2022 – 2036	$	515,662	$	572,205
Sale-leaseback transactions accounted for as loans receivable (b)	2038 – 2052	226,433		217,229
Secured loans receivable (c)	2022 – 2024	39,250		24,143
		$	781,345	$	813,577


		Number of Tenants / Obligors at		Carrying Value at					Number of Tenants / Obligors at		Carrying Value at
Internal Credit Quality Indicator	Internal Credit Quality Indicator	September 30, 2021	December 31, 2020	September 30, 2021		December 31, 2020		Internal Credit Quality Indicator	September 30, 2022	December 31, 2021	September 30, 2022		December 31, 2021
1 – 3	1 – 3	17	18	$	514,709	$	587,103	1 – 3	19	17	$	676,152	$	703,280
4	4	10	9	165,554		141,944		4	8	9	113,224		140,230
5	5	—	2	—		36,737		5	—	—	—		—
				$	680,263	$	765,784				$	789,376	$	843,510


	Weighted-Average Life	Amount
Finite-Lived Intangible Assets
In-place lease	7.4	$	199,913
Above-market rent	11.9	61,090
		$	261,003

Finite-Lived Intangible Liabilities
Below-market rent	8.5	$	(16,836)


		% of Outstanding Interests Owned at				Carrying Amount of Investment at					% of Outstanding Interests Owned at				Carrying Amount of Investment at
Fund	Fund	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020		Fund	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
CPA:18 – Global (a)	CPA:18 – Global (a)	5.265	%	4.569	%	$	60,296	$	51,949	CPA:18 – Global (a)	100.000	%	5.578	%	$	—	$	60,836
CPA:18 – Global operating partnership(a)	CPA:18 – Global operating partnership(a)	0.034	%	0.034	%	209		209		CPA:18 – Global operating partnership(a)	100.000	%	0.034	%	—		209
CESH (b)	CESH (b)	2.430	%	2.430	%	4,936		4,399		CESH (b)	2.430	%	2.430	%	2,334		3,689
						$	65,441	$	56,557						$	2,334	$	64,734


				Carrying Value at							Carrying Value at
Lessee/Fund/Description	Lessee/Fund/Description	Co-owner	Ownership Interest	September 30, 2021		December 31, 2020		Lessee/Fund/Description	Co-owner	Ownership Interest	September 30, 2022		December 31, 2021
Existing Equity Method Investments								Existing Equity Method Investments
Las Vegas Retail Complex (a)	Las Vegas Retail Complex (a)	Third Party	N/A	$	93,997	$	—	Las Vegas Retail Complex (a)	Third Party	N/A	$	169,896	$	104,114
Johnson Self Storage	Johnson Self Storage	Third Party	90%	67,807		68,979		Johnson Self Storage	Third Party	90%	66,137		67,573
Kesko Senukai (b)	Kesko Senukai (b)	Third Party	70%	42,044		46,443		Kesko Senukai (b)	Third Party	70%	34,554		41,955
WLT (c)		WLT	5%	34,319		44,182
Harmon Retail Corner ~~(d)~~(c)	Harmon Retail Corner ~~(d)~~(c)	Third Party	15%	24,358		23,815		Harmon Retail Corner ~~(d)~~(c)	Third Party	15%	24,744		24,435
Bank Pekao (b)		CPA:18 – Global	50%	17,558		17,850
State Farm Mutual Automobile Insurance Co. (e)		CPA:18 – Global	50%	7,484		15,475
WLT (d)								WLT (d)	WLT	N/A	—		33,392
											295,331		271,469
Equity Method Investments Consolidated After the CPA:18 Merger (e)								Equity Method Investments Consolidated After the CPA:18 Merger (e)
State Farm Mutual Automobile Insurance Co.								State Farm Mutual Automobile Insurance Co.	CPA:18 – Global	50%	—		7,129
Apply Sørco AS (f)	Apply Sørco AS (f)	CPA:18 – Global	49%	5,940		7,156		Apply Sørco AS (f)	CPA:18 – Global	49%	—		5,909
Bank Pekao (b) (g)								Bank Pekao (b) (g)	CPA:18 – Global	50%	—		4,460
Fortenova Grupa d.d. (b)	Fortenova Grupa d.d. (b)	CPA:18 – Global	20%	2,887		2,989		Fortenova Grupa d.d. (b)	CPA:18 – Global	20%	—		2,936
				$	296,394	$	226,889				—		20,434
											$	295,331	$	291,903


Derivatives Designated as Hedging Instruments	Derivatives Designated as Hedging Instruments	Balance Sheet Location		Derivative Assets Fair Value at								Derivative Liabilities Fair Value at						Derivatives Designated as Hedging Instruments			Balance Sheet Location		Derivative Assets Fair Value at				Derivative Liabilities Fair Value at
			September 30, 2021			December 31, 2020				September 30, 2021				December 31, 2020						September 30, 2022			December 31, 2021		September 30, 2022		December 31, 2021
Foreign currency collars	Foreign currency collars		Other assets, net			$	16,345			$	3,489			$	—				$	—		Foreign currency collars	Other assets, net		$	62,583	$	19,484	$	—	$	—
Interest rate swaps (a)																		Interest rate swaps (a)			Other assets, net		2,557		—		—		—
Interest rate cap																		Interest rate cap			Other assets, net		15		1		—		—
Foreign currency collars	Foreign currency collars	Accounts payable, accrued expenses and other liabilities		—				—				(1,683)				(15,122)		Foreign currency collars			Accounts payable, accrued expenses and other liabilities		—		—		—		(1,311)
Interest rate swaps	Interest rate swaps	Accounts payable, accrued expenses and other liabilities		—				—				(1,295)				(5,859)		Interest rate swaps			Accounts payable, accrued expenses and other liabilities		—		—		—		(908)
				16,345				3,489				(2,978)				(20,981)							65,155		19,485		—		(2,219)
Derivatives Not Designated as Hedging Instruments	Derivatives Not Designated as Hedging Instruments																	Derivatives Not Designated as Hedging Instruments
Stock warrants	Stock warrants	Other assets, net		5,300				5,800				—				—		Stock warrants			Other assets, net		4,600		4,600		—		—
Foreign currency collars																		Foreign currency collars			Other assets, net		1,573		—		—		—
				5,300				5,800				—				—							6,173		4,600		—		—
Total derivatives	Total derivatives			$	21,645			$	9,289			$	(2,978)			$	(20,981)	Total derivatives					$	71,328	$	24,085	$	—	$	(2,219)


		Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (a)									Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (a)
		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	Derivatives in Cash Flow Hedging Relationships	2021		2020		2021		2020		Derivatives in Cash Flow Hedging Relationships	2022		2021		2022		2021
Foreign currency collars	Foreign currency collars	$	12,666	$	(17,029)	$	26,294	$	(5,524)	Foreign currency collars	$	20,756	$	12,666	$	44,410	$	26,294
Interest rate swaps	Interest rate swaps	203		312		3,851		(2,047)		Interest rate swaps	1,663		203		3,019		3,851
Interest rate caps	Interest rate caps	1		4		5		5		Interest rate caps	11		1		16		5
Foreign currency forward contracts		—		—		—		(5,272)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency collars		—		(16)		—		9
Total	Total	$	12,870	$	(16,729)	$	30,150	$	(12,829)	Total	$	22,430	$	12,870	$	47,445	$	30,150


Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Capitalized Costs
Pleasant Prairie, Wisconsin	1	1/10/2022	Industrial	$	20,024
Various, Spain (a)	26	2/3/2022	Funeral Home	146,364
Various, Denmark (a) (b)	8	2/11/2022	Retail	33,976
Laval, Canada (a)	1	2/18/2022	Industrial	21,459
Chattanooga, Tennessee (c)	1	3/4/2022	Warehouse	43,198
Various, United States (4 properties), Canada (1 property, and Mexico (1 property)	6	4/27/2022; 5/9/2022	Industrial	80,595
Various, United States	6	5/16/2022	Industrial; Warehouse	110,381
Various, Denmark (a) (b)	10	6/1/2022; 6/30/2022	Retail	42,635
Medina, Ohio	1	6/17/2022	Industrial	28,913
Bree, Belgium (a)	1	6/30/2022	Warehouse	96,697
Various, Spain (a)	5	7/21/2022	Retail	19,894
Various, United States	18	7/26/2022	Industrial; Warehouse	262,061
Various, Denmark (a) (b)	8	8/1/2022; 9/28/2022	Retail	29,644
Westlake, Ohio	1	8/3/2022	Warehouse	29,517
Hebron and Strongsville, Ohio; and Scarborough, Canada	3	8/10/2022	Industrial; Warehouse	20,111
Clifton Park, New York and West Des Moines, Iowa	2	8/12/2022	Specialty	23,317
Orzinuovi, Italy (a)	1	8/26/2022	Industrial	14,033
	99			$	1,022,819


				Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)																		Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Derivatives in Cash Flow Hedging Relationships	Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income		Three Months Ended September 30,								Nine Months Ended September 30,						Derivatives in Cash Flow Hedging Relationships			Location of Gain (Loss) Recognized in Income	Three Months Ended September 30,				Nine Months Ended September 30,
			2021			2020				2021				2020						2022		2021		2022		2021
Interest rate swaps and caps (c)			Interest expense			$	(196)			$	(548)			$	(720)				$	(1,254)
Foreign currency collars	Foreign currency collars	Non-operating income		14				1,664				(553)				4,565		Foreign currency collars			Non-operating income	$	4,987	$	14	$	10,450	$	(553)
Foreign currency forward contracts		Non-operating income		—				—				—				5,716
Interest rate swaps and caps (b)																		Interest rate swaps and caps (b)			Interest expense	(66)		(196)		(352)		(720)
Total	Total			$	(182)			$	1,116			$	(1,273)			$	9,027	Total				$	4,921	$	(182)	$	10,098	$	(1,273)


				Amount of Gain (Loss) on Derivatives Recognized in Income																Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives Not in Cash Flow Hedging Relationships		Location of Gain (Loss) Recognized in Income		Three Months Ended September 30,						Nine Months Ended September 30,
													Derivatives in Cash Flow Hedging Relationships			Location of Gain (Loss) Recognized in Income			Three Months Ended September 30,							Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships																		2022			2021				2022				2021
															Foreign currency collars				Non-operating income			$	3,737			$	357			$	7,520			$	516
Interest rate swaps															Interest rate swaps		Interest expense			56				223				387				1,354
Derivatives Not in Cash Flow Hedging Relationships	Derivatives Not in Cash Flow Hedging Relationships		Location of Gain (Loss) Recognized in Income			2021			2020			2021				2020	Derivatives Not in Cash Flow Hedging Relationships
				$	357		$	(1,368)		$	516		$	(937)	Foreign currency collars		Other gains and (losses)			447				—				1,573				—
Interest rate swaps		Interest expense		—			11			—			41
Stock warrants	Stock warrants	Other gains and (losses)		—			—			(500)			(1,300)		Stock warrants		Other gains and (losses)			—				—				—				(500)
Foreign currency forward contracts		Non-operating income		—			—			—			(43)
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps		Interest expense		223			627			1,354			1,491
Total	Total			$	580		$	(730)		$	1,370		$	(748)	Total					$	4,240			$	580			$	9,480			$	1,370


Interest Rate Derivatives	Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at September 30, 2021 (a)		Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at September 30, 2022 (a)
Designated as Cash Flow Hedging Instruments	Designated as Cash Flow Hedging Instruments						Designated as Cash Flow Hedging Instruments
Interest rate swaps	Interest rate swaps	2	47,506	EUR	$	(1,020)	Interest rate swaps	5	35,176	USD	$	1,410
Interest rate swaps	Interest rate swaps	2	21,895	USD	(275)		Interest rate swaps	2	46,277	EUR	1,147
Interest rate cap	Interest rate cap	1	10,842	EUR	—		Interest rate cap	1	10,530	EUR	15
					$	(1,295)					$	2,572


Foreign Currency Derivatives	Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at September 30, 2021		Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at September 30, 2022
Designated as Cash Flow Hedging Instruments	Designated as Cash Flow Hedging Instruments						Designated as Cash Flow Hedging Instruments
Foreign currency collars	Foreign currency collars	94	335,500	EUR	$	13,854	Foreign currency collars	71	280,600	EUR	$	51,271
Foreign currency collars	Foreign currency collars	96	58,300	GBP	808		Foreign currency collars	77	49,820	GBP	11,312
Not Designated as Cash Flow Hedging Instruments							Not Designated as Cash Flow Hedging Instruments
Foreign currency collar							Foreign currency collar	1	10,600	EUR	1,573
					$	14,662					$	64,156


		Interest Rate at September 30, 2021 (a)	Maturity Date at September 30, 2021		Principal Outstanding Balance at							Interest Rate at September 30, 2022 (a)		Maturity Date at September 30, 2022	Principal Outstanding Balance at
Senior Unsecured Credit Facility	Senior Unsecured Credit Facility			September 30, 2021			December 31, 2020	Senior Unsecured Credit Facility					September 30, 2022		December 31, 2021
Unsecured Term Loans:	Unsecured Term Loans:										Unsecured Term Loans:
Term Loan — borrowing in British pounds sterling (b)		GBP LIBOR + 0.95%	2/20/2025		$	201,835		$	204,737
Term Loan — borrowing in British pounds sterling (b) (c) (d)										Term Loan — borrowing in British pounds sterling (b) (c) (d)		SONIA + 0.85%		2/20/2025	$	298,070	$	202,183
Delayed Draw Term Loan — borrowing in euros ~~(c)~~(e)	Delayed Draw Term Loan — borrowing in euros ~~(c)~~(e)	EURIBOR + 0.95%	2/20/2025		111,737			118,415		Delayed Draw Term Loan — borrowing in euros ~~(c)~~(e)		EURIBOR + 0.85%		2/20/2025	209,582		109,296
					313,572			323,152							507,652		311,479
Unsecured Revolving Credit Facility:	Unsecured Revolving Credit Facility:									Unsecured Revolving Credit Facility:
Borrowing in U.S. dollars (f)										Borrowing in U.S. dollars (f)		LIBOR + 0.775%		2/20/2025	446,000		—
Borrowing in Japanese yen (g)										Borrowing in Japanese yen (g)		TIBOR + 0.775%		2/20/2025	16,660		20,935
Borrowing in euros										Borrowing in euros		N/A		2/20/2025	—		205,001
Borrowing in British pounds sterling	Borrowing in British pounds sterling	GBP LIBOR + 0.85%	2/20/2025		192,416			—		Borrowing in British pounds sterling		N/A		2/20/2025	—		184,660
Borrowing in euros (c)		EURIBOR + 0.85%	2/20/2025		40,527			58,901
Borrowing in Japanese yen		JPY LIBOR + 0.85%	2/20/2025		21,520			23,380
					254,463			82,281							462,660		410,596
					$	568,035		$	405,433						$	970,312	$	722,075


			Principal Amount				Coupon Rate			Maturity Date		Principal Outstanding Balance at										Principal Amount				Coupon Rate				Maturity Date		Principal Outstanding Balance at
Senior Unsecured Notes, net (a)	Senior Unsecured Notes, net (a)	Issue Date							September 30, 2021			December 31, 2020		Senior Unsecured Notes, net (a)			Issue Date							September 30, 2022							December 31, 2021
2.0% Senior Notes due 2023		1/21/2015			€	500,000				2.0	%	Redeemed			$	—			$	613,550
4.6% Senior Notes due 2024	4.6% Senior Notes due 2024	3/14/2014	$	500,000			4.6	%		4/1/2024		500,000			500,000			4.6% Senior Notes due 2024			3/14/2014			$	500,000			4.6	%		4/1/2024			$	500,000			$	500,000
2.25% Senior Notes due 2024	2.25% Senior Notes due 2024	1/19/2017	€	500,000			2.25	%		7/19/2024		578,950			613,550			2.25% Senior Notes due 2024			1/19/2017	€	500,000			2.25	%			7/19/2024		487,400				566,300
4.0% Senior Notes due 2025	4.0% Senior Notes due 2025	1/26/2015	$	450,000			4.0	%		2/1/2025		450,000			450,000			4.0% Senior Notes due 2025			1/26/2015	$	450,000			4.0	%			2/1/2025		450,000				450,000
2.250% Senior Notes due 2026	2.250% Senior Notes due 2026	10/9/2018	€	500,000			2.250	%		4/9/2026		578,950			613,550			2.250% Senior Notes due 2026			10/9/2018	€	500,000			2.250	%			4/9/2026		487,400				566,300
4.25% Senior Notes due 2026	4.25% Senior Notes due 2026	9/12/2016	$	350,000			4.25	%		10/1/2026		350,000			350,000			4.25% Senior Notes due 2026			9/12/2016	$	350,000			4.25	%			10/1/2026		350,000				350,000
2.125% Senior Notes due 2027	2.125% Senior Notes due 2027	3/6/2018	€	500,000			2.125	%		4/15/2027		578,950			613,550			2.125% Senior Notes due 2027			3/6/2018	€	500,000			2.125	%			4/15/2027		487,400				566,300
1.350% Senior Notes due 2028	1.350% Senior Notes due 2028	9/19/2019	€	500,000			1.350	%		4/15/2028		578,950			613,550			1.350% Senior Notes due 2028			9/19/2019	€	500,000			1.350	%			4/15/2028		487,400				566,300
3.850% Senior Notes due 2029	3.850% Senior Notes due 2029	6/14/2019	$	325,000			3.850	%		7/15/2029		325,000			325,000			3.850% Senior Notes due 2029			6/14/2019	$	325,000			3.850	%			7/15/2029		325,000				325,000
3.41% Senior Notes due 2029																		3.41% Senior Notes due 2029			9/28/2022	€	150,000			3.41	%			9/28/2029		146,220				—
0.950% Senior Notes due 2030	0.950% Senior Notes due 2030	3/8/2021	€	525,000			0.950	%		6/1/2030		607,898			—			0.950% Senior Notes due 2030			3/8/2021	€	525,000			0.950	%			6/1/2030		511,770				594,615
2.400% Senior Notes due 2031	2.400% Senior Notes due 2031	10/14/2020	$	500,000			2.400	%		2/1/2031		500,000			500,000			2.400% Senior Notes due 2031			10/14/2020	$	500,000			2.400	%			2/1/2031		500,000				500,000
2.450% Senior Notes due 2032																		2.450% Senior Notes due 2032			10/15/2021	$	350,000			2.450	%			2/1/2032		350,000				350,000
3.70% Senior Notes due 2032																		3.70% Senior Notes due 2032			9/28/2022	€	200,000			3.70	%			9/28/2032		194,960				—
2.250% Senior Notes due 2033	2.250% Senior Notes due 2033	2/25/2021	$	425,000			2.250	%		4/1/2033		425,000			—			2.250% Senior Notes due 2033			2/25/2021	$	425,000			2.250	%			4/1/2033		425,000				425,000
												$	5,473,698		$	5,192,750																$	5,702,550			$	5,759,815


Years Ending December 31,	Total (a)
2021 (remainder)	$	5,704
2022	311,752
2023	201,156
2024	1,120,399
2025	1,112,036
Thereafter through 2031	3,982,399
Total principal payments	6,733,446
Unamortized discount, net (b)	(31,330)
Unamortized deferred financing costs	(27,199)
Total	$	6,674,917


Years Ending December 31,	Total
2022 (remainder)	$	96,744
2023	428,242
2024	1,161,427
2025	1,769,956
2026	959,287
Thereafter through 2039	3,431,674
Total principal payments	7,847,330
Unamortized discount, net	(37,597)
Unamortized deferred financing costs	(26,390)
Total	$	7,783,343


		RSA and RSU Awards			PSU Awards				RSA and RSU Awards			PSU Awards
		Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value			Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2021		260,977	$	74.75	262,013	$	88.99
Nonvested at January 1, 2022								Nonvested at January 1, 2022	306,994	$	71.21	398,255	$	86.86
Granted (a)	Granted (a)	191,940	67.44		134,290	86.19		Granted (a)	229,497	80.35		144,311	104.97
Vested (b)	Vested (b)	(136,120)	72.60		(151,678)	76.04		Vested (b)	(154,028)	72.80		(165,615)	92.16
Forfeited	Forfeited	(9,883)	71.92		(16,463)	93.91		Forfeited	(5,546)	76.44		—	—
Adjustment (c)	Adjustment (c)	—	—		161,125	75.13		Adjustment (c)	—	—		84,248	88.78
Nonvested at September 30, 2021 (d)		306,914	$	71.22	389,287	$	87.33
Nonvested at September 30, 2022 (d)								Nonvested at September 30, 2022 (d)	376,917	$	76.04	461,199	$	92.00


		Agreement Date (a)	Shares Offered (b)	Gross Offering Price		Gross Offering Proceeds at Closing		Outstanding Shares as of September 30, 2021		Agreement Date (a)	Shares Offered (b)	Average Gross Offering Price		Average Gross Offering Proceeds at Closing		Outstanding Shares as of September 30, 2022
June 2020 Equity Forwards (c)	June 2020 Equity Forwards (c)	6/17/2020	5,462,500	$	70.00	$	382,375	—	June 2020 Equity Forwards (c)	6/17/2020	5,462,500	$	70.00	$	382,375	—
June 2021 Equity Forwards(d)	June 2021 Equity Forwards(d)	6/7/2021	6,037,500	75.30		454,624		2,012,500	June 2021 Equity Forwards(d)	6/7/2021	6,037,500	75.30		454,624		—
August 2021 Equity Forwards	August 2021 Equity Forwards	8/9/2021	5,175,000	78.00		403,650		5,175,000	August 2021 Equity Forwards	8/9/2021	5,175,000	78.00		403,650		2,587,500
ATM Forwards (e)									ATM Forwards (e)	5/2/2022	5,538,037	84.81		469,697		5,538,037
								7,187,500								8,125,537


		Three Months Ended September 30, 2021				Three Months Ended September 30, 2022
		Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments			Total			Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Gains and (Losses) on Investments		Total
Beginning balance	Beginning balance	$	(1,062)	$	(228,898)		$	(229,960)	Beginning balance	$	43,693	$	(309,850)	$	—	$	(266,157)
Other comprehensive loss before reclassifications	Other comprehensive loss before reclassifications	12,932		(20,400)			(7,468)		Other comprehensive loss before reclassifications	28,531		(56,053)		—		(27,522)
Amounts reclassified from accumulated other comprehensive loss to:	Amounts reclassified from accumulated other comprehensive loss to:								Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income									Non-operating income	(4,987)		—		—		(4,987)
Interest expense	Interest expense	196		—			196		Interest expense	66		—		—		66
Non-operating income		(14)		—			(14)
Total	Total	182		—			182		Total	(4,921)		—		—		(4,921)
Net current period other comprehensive loss	Net current period other comprehensive loss	13,114		(20,400)			(7,286)		Net current period other comprehensive loss	23,610		(56,053)		—		(32,443)
Net current period other comprehensive loss attributable to noncontrolling interests									Net current period other comprehensive loss attributable to noncontrolling interests	—		543		—		543
Ending balance	Ending balance	$	12,052	$	(249,298)		$	(237,246)	Ending balance	$	67,303	$	(365,360)	$	—	$	(298,057)


		Three Months Ended September 30, 2020				Three Months Ended September 30, 2021
		Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments			Total			Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Gains and (Losses) on Investments		Total
Beginning balance	Beginning balance	$	16,455	$	(307,068)		$	(290,613)	Beginning balance	$	(1,062)	$	(228,898)	$	—	$	(229,960)
Other comprehensive income before reclassifications		(15,558)		34,170			18,612
Other comprehensive loss before reclassifications									Other comprehensive loss before reclassifications	12,932		(20,400)		—		(7,468)
Amounts reclassified from accumulated other comprehensive loss to:	Amounts reclassified from accumulated other comprehensive loss to:								Amounts reclassified from accumulated other comprehensive loss to:
Interest expense									Interest expense	196		—		—		196
Non-operating income	Non-operating income	(1,664)		—			(1,664)		Non-operating income	(14)		—		—		(14)
Interest expense		548		—			548
Total	Total	(1,116)		—			(1,116)		Total	182		—		—		182
Net current period other comprehensive income		(16,674)		34,170			17,496
Net current period other comprehensive income attributable to noncontrolling interests		(7)		—			(7)
Net current period other comprehensive loss									Net current period other comprehensive loss	13,114		(20,400)		—		(7,286)

Ending balance	Ending balance	$	(226)	$	(272,898)		$	(273,124)	Ending balance	$	12,052	$	(249,298)	$	—	$	(237,246)


		Nine Months Ended September 30, 2021				Nine Months Ended September 30, 2022
		Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments			Total			Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Gains and (Losses) on Investments		Total
Beginning balance	Beginning balance	$	(18,937)	$	(220,969)		$	(239,906)	Beginning balance	$	16,347	$	(256,705)	$	18,688	$	(221,670)
Other comprehensive income before reclassifications		29,737		(28,329)			1,408
Other comprehensive loss before reclassifications									Other comprehensive loss before reclassifications	61,054		(109,198)		—		(48,144)
Amounts reclassified from accumulated other comprehensive loss to:	Amounts reclassified from accumulated other comprehensive loss to:								Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income									Non-operating income	(10,450)		—		—		(10,450)
Interest expense	Interest expense	720		—			720		Interest expense	352		—		—		352
Non-operating income		553		—			553
Other gains and (losses) (Note 9)									Other gains and (losses) (Note 9)	—		—		(18,688)		(18,688)
Total	Total	1,273		—			1,273		Total	(10,098)		—		(18,688)		(28,786)
Net current period other comprehensive income		31,010		(28,329)			2,681
Net current period other comprehensive income attributable to noncontrolling interests		(21)		—			(21)
Net current period other comprehensive loss									Net current period other comprehensive loss	50,956		(109,198)		(18,688)		(76,930)
Net current period other comprehensive loss attributable to noncontrolling interests									Net current period other comprehensive loss attributable to noncontrolling interests	—		543		—		543
Ending balance	Ending balance	$	12,052	$	(249,298)		$	(237,246)	Ending balance	$	67,303	$	(365,360)	$	—	$	(298,057)


		Nine Months Ended September 30, 2020				Nine Months Ended September 30, 2021
		Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments			Total			Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Gains and (Losses) on Investments		Total
Beginning balance	Beginning balance	$	13,048	$	(268,715)		$	(255,667)	Beginning balance	$	(18,937)	$	(220,969)	$	—	$	(239,906)
Other comprehensive loss before reclassifications		(4,240)		(4,183)			(8,423)
Other comprehensive income before reclassifications									Other comprehensive income before reclassifications	29,737		(28,329)		—		1,408
Amounts reclassified from accumulated other comprehensive loss to:	Amounts reclassified from accumulated other comprehensive loss to:								Amounts reclassified from accumulated other comprehensive loss to:
Interest expense									Interest expense	720		—		—		720
Non-operating income	Non-operating income	(10,281)		—			(10,281)		Non-operating income	553		—		—		553
Interest expense		1,254		—			1,254
Total	Total	(9,027)		—			(9,027)		Total	1,273		—		—		1,273
Net current period other comprehensive loss		(13,267)		(4,183)			(17,450)
Net current period other comprehensive income									Net current period other comprehensive income	31,010		(28,329)		—		2,681
Net current period other comprehensive income attributable to noncontrolling interests	Net current period other comprehensive income attributable to noncontrolling interests	(7)		—			(7)		Net current period other comprehensive income attributable to noncontrolling interests	(21)		—		—		(21)
Ending balance	Ending balance	$	(226)	$	(272,898)		$	(273,124)	Ending balance	$	12,052	$	(249,298)	$	—	$	(237,246)


		Total Assets at					Total Assets at
		September 30, 2021		December 31, 2020			September 30, 2022		December 31, 2021
Real Estate	Real Estate	$	14,999,355	$	14,582,015	Real Estate	$	17,747,813	$	15,344,799
Investment Management(b)	Investment Management(b)	135,779		125,621		Investment Management(b)	27,029		135,831
Total Company	Total Company	$	15,135,134	$	14,707,636	Total Company	$	17,774,842	$	15,480,630


Tenant/Lease Guarantor	Tenant/Lease Guarantor	Description	Number of Properties	ABR		ABR Percent		Weighted-Average Lease Term (Years)	Tenant/Lease Guarantor	Description	Number of Properties	ABR		ABR Percent		Weighted-Average Lease Term (Years)
U-Haul Moving Partners Inc. and Mercury Partners, LP	U-Haul Moving Partners Inc. and Mercury Partners, LP	Net lease self-storage properties in the U.S.	78	$	38,751	3.2	%	2.6	U-Haul Moving Partners Inc. and Mercury Partners, LP	Net lease self-storage properties in the U.S.	78	$	38,751	2.9	%	1.6
State of Andalucía (a)	State of Andalucía (a)	Government office properties in Spain	70	30,149		2.5	%	13.2	State of Andalucía (a)	Government office properties in Spain	70	26,752		2.0	%	12.2
Metro Cash & Carry Italia S.p.A. (a)									Metro Cash & Carry Italia S.p.A. (a)	Business-to-business wholesale stores in Italy and Germany	20	25,047		1.9	%	6.1
Hellweg Die Profi-Baumärkte GmbH & Co. KG (a)	Hellweg Die Profi-Baumärkte GmbH & Co. KG (a)	Do-it-yourself retail properties in Germany	35	29,022		2.4	%	15.4	Hellweg Die Profi-Baumärkte GmbH & Co. KG (a)	Do-it-yourself retail properties in Germany	35	24,904		1.9	%	14.4
Metro Cash & Carry Italia S.p.A. (a)		Business-to-business wholesale stores in Italy and Germany	20	28,608		2.3	%	7.1
Pendragon PLC (a)		Automotive dealerships in the United Kingdom	69	23,197		1.9	%	8.7
Extra Space Storage, Inc.									Extra Space Storage, Inc.	Net lease self-storage properties in the U.S.	27	22,957		1.7	%	21.6
Marriott Corporation	Marriott Corporation	Net lease hotel properties in the U.S.	18	21,100		1.7	%	2.3	Marriott Corporation	Net lease hotel properties in the U.S.	18	21,350		1.6	%	1.3
Extra Space Storage, Inc.		Net lease self-storage properties in the U.S.	27	20,688		1.7	%	22.6
Nord Anglia Education, Inc.									Nord Anglia Education, Inc.	K-12 private schools in the U.S.	3	20,981		1.6	%	21.0
OBI Group (a)									OBI Group (a)	Do-it-yourself retail properties in Poland	26	20,192		1.5	%	7.9
Advance Auto Parts, Inc.	Advance Auto Parts, Inc.	Distribution facilities in the U.S.	30	20,180		1.6	%	11.3	Advance Auto Parts, Inc.	Distribution facilities in the U.S.	29	19,851		1.5	%	10.3
Nord Anglia Education, Inc.		K-12 private schools in the U.S.	3	19,473		1.6	%	22.0
Forterra, Inc. (a) (b)	Forterra, Inc. (a) (b)	Industrial properties in the U.S. and Canada	27	19,157		1.6	%	21.7	Forterra, Inc. (a) (b)	Industrial properties in the U.S. and Canada	27	19,465		1.4	%	20.7
Total	Total		377	$	250,325	20.5	%	11.7	Total		333	$	240,250	18.0	%	10.9


Region	Region	ABR		ABR Percent		Square Footage (a)	Square Footage Percent		Region	ABR		ABR Percent		Square Footage (a)	Square Footage Percent
United States	United States								United States
South	South								South
Texas	Texas	$	103,733	8.5	%	11,875	7.8	%	Texas	$	114,960	8.6	%	12,656	7.2	%
Florida	Florida	51,093		4.2	%	4,460	3.0	%	Florida	54,001		4.0	%	4,544	2.6	%
Georgia	Georgia	23,809		1.9	%	3,512	2.3	%	Georgia	28,342		2.1	%	4,721	2.7	%
Tennessee	Tennessee	19,517		1.6	%	2,875	1.9	%	Tennessee	25,243		1.9	%	4,136	2.4	%
Alabama	Alabama	18,347		1.5	%	3,085	2.0	%	Alabama	19,882		1.5	%	3,334	1.9	%
Other (b)	Other (b)	15,566		1.3	%	2,356	1.6	%	Other (b)	14,377		1.1	%	2,237	1.3	%
Total South	Total South	232,065		19.0	%	28,163	18.6	%	Total South	256,805		19.2	%	31,628	18.1	%
Midwest	Midwest								Midwest
Illinois	Illinois	59,379		4.9	%	7,739	5.1	%	Illinois	73,872		5.5	%	10,738	6.1	%
Minnesota	Minnesota	31,044		2.5	%	2,915	1.9	%	Minnesota	34,766		2.6	%	3,686	2.1	%
Indiana	Indiana	26,755		2.2	%	4,734	3.1	%	Indiana	29,197		2.2	%	5,222	3.0	%
Ohio	Ohio	18,181		1.5	%	3,988	2.6	%	Ohio	28,596		2.1	%	6,181	3.5	%
Michigan	Michigan	16,867		1.4	%	2,599	1.7	%	Michigan	22,287		1.7	%	3,652	2.1	%
Wisconsin	Wisconsin	16,027		1.3	%	3,245	2.1	%	Wisconsin	18,056		1.4	%	3,276	1.9	%
Iowa									Iowa	13,450		1.0	%	1,817	1.0	%
Other (b)	Other (b)	30,417		2.5	%	4,923	3.3	%	Other (b)	29,446		2.2	%	4,543	2.6	%
Total Midwest	Total Midwest	198,670		16.3	%	30,143	19.8	%	Total Midwest	249,670		18.7	%	39,115	22.3	%
East	East								East
North Carolina	North Carolina	34,039		2.8	%	8,098	5.3	%	North Carolina	36,634		2.7	%	8,098	4.6	%
Pennsylvania	Pennsylvania	26,973		2.2	%	3,838	2.5	%	Pennsylvania	31,978		2.4	%	3,527	2.0	%
New York									New York	19,306		1.4	%	2,257	1.3	%
Kentucky									Kentucky	18,578		1.4	%	3,063	1.8	%
South Carolina									South Carolina	18,462		1.4	%	4,949	2.8	%
Massachusetts									Massachusetts	18,129		1.4	%	1,387	0.8	%
New Jersey	New Jersey	22,809		1.9	%	1,235	0.8	%	New Jersey	15,735		1.2	%	943	0.5	%
Massachusetts		22,107		1.8	%	1,407	0.9	%
New York		17,590		1.4	%	2,221	1.5	%
South Carolina		14,404		1.2	%	4,088	2.7	%
Virginia									Virginia	14,580		1.1	%	1,854	1.1	%
Other (b)	Other (b)	46,662		3.8	%	8,024	5.3	%	Other (b)	24,841		1.9	%	3,884	2.2	%
Total East	Total East	184,584		15.1	%	28,911	19.0	%	Total East	198,243		14.9	%	29,962	17.1	%
West	West								West
California	California	67,903		5.6	%	6,430	4.3	%	California	67,528		5.1	%	6,417	3.7	%
Arizona	Arizona	29,575		2.4	%	3,365	2.2	%	Arizona	30,471		2.3	%	3,437	2.0	%
Other (b)	Other (b)	54,179		4.4	%	5,503	3.6	%	Other (b)	64,759		4.9	%	6,994	4.0	%
Total West	Total West	151,657		12.4	%	15,298	10.1	%	Total West	162,758		12.3	%	16,848	9.7	%
United States Total	United States Total	766,976		62.8	%	102,515	67.5	%	United States Total	867,476		65.1	%	117,553	67.2	%
International	International								International
Germany	Germany	61,699		5.1	%	6,229	4.1	%	Germany	64,247		4.8	%	7,020	4.0	%
United Kingdom		61,123		5.0	%	5,099	3.3	%
Spain	Spain	57,352		4.7	%	4,708	3.1	%	Spain	58,290		4.4	%	5,187	3.0	%
Poland	Poland	54,765		4.5	%	7,214	4.7	%	Poland	57,874		4.3	%	8,631	4.9	%
The Netherlands	The Netherlands	51,050		4.2	%	6,389	4.2	%	The Netherlands	51,318		3.8	%	7,054	4.0	%
United Kingdom									United Kingdom	46,967		3.5	%	4,804	2.8	%
Italy	Italy	26,953		2.2	%	2,386	1.6	%	Italy	24,570		1.8	%	2,541	1.5	%
Denmark									Denmark	20,748		1.6	%	2,994	1.7	%
France	France	20,782		1.7	%	1,685	1.1	%	France	18,205		1.4	%	1,685	1.0	%
Norway									Norway	18,033		1.4	%	953	0.5	%
Croatia	Croatia	17,964		1.5	%	1,783	1.2	%	Croatia	17,787		1.3	%	2,063	1.2	%
Denmark		15,652		1.3	%	2,408	1.6	%
Canada	Canada	13,744		1.1	%	2,213	1.5	%	Canada	15,950		1.2	%	2,492	1.4	%
Other (c)	Other (c)	72,511		5.9	%	9,279	6.1	%	Other (c)	72,276		5.4	%	11,973	6.8	%
International Total	International Total	453,595		37.2	%	49,393	32.5	%	International Total	466,265		34.9	%	57,397	32.8	%
Total	Total	$	1,220,571	100.0	%	151,908	100.0	%	Total	$	1,333,741	100.0	%	174,950	100.0	%


Industry Type	Industry Type	ABR		ABR Percent		Square Footage	Square Footage Percent		Industry Type	ABR		ABR Percent		Square Footage	Square Footage Percent
Retail Stores (a)	Retail Stores (a)	$	258,231	21.2	%	31,828	21.0	%	Retail Stores (a)	$	262,384	19.7	%	35,734	20.4	%
Consumer Services	Consumer Services	105,162		8.6	%	8,029	5.3	%	Consumer Services	109,943		8.3	%	8,067	4.6	%
Beverage and Food									Beverage and Food	104,493		7.8	%	15,759	9.0	%
Automotive	Automotive	88,048		7.2	%	13,317	8.8	%	Automotive	79,628		6.0	%	13,038	7.4	%
Grocery	Grocery	74,354		6.1	%	7,742	5.1	%	Grocery	72,984		5.5	%	8,363	4.8	%
Beverage and Food		68,203		5.6	%	9,095	6.0	%
Cargo Transportation	Cargo Transportation	64,555		5.3	%	9,491	6.2	%	Cargo Transportation	60,119		4.5	%	9,550	5.5	%
Hotel and Leisure									Hotel and Leisure	55,498		4.2	%	3,060	1.7	%
Healthcare and Pharmaceuticals	Healthcare and Pharmaceuticals	56,355		4.6	%	4,910	3.2	%	Healthcare and Pharmaceuticals	55,036		4.1	%	5,557	3.2	%
Capital Equipment									Capital Equipment	52,520		3.9	%	8,255	4.7	%
Business Services	Business Services	53,115		4.4	%	4,563	3.0	%	Business Services	48,089		3.6	%	4,113	2.3	%
Containers, Packaging, and Glass									Containers, Packaging, and Glass	46,286		3.5	%	8,266	4.7	%
Construction and Building	Construction and Building	49,980		4.1	%	9,005	5.9	%	Construction and Building	46,021		3.5	%	9,235	5.3	%
Capital Equipment		43,148		3.5	%	6,932	4.6	%
Durable Consumer Goods									Durable Consumer Goods	45,725		3.4	%	10,299	5.9	%
Sovereign and Public Finance	Sovereign and Public Finance	41,724		3.4	%	3,364	2.2	%	Sovereign and Public Finance	39,257		2.9	%	3,560	2.0	%
Durable Consumer Goods		40,098		3.3	%	9,951	6.5	%
Hotel and Leisure		39,338		3.2	%	2,197	1.4	%
Containers, Packaging, and Glass		36,381		3.0	%	6,186	4.1	%
High Tech Industries	High Tech Industries	31,134		2.5	%	3,315	2.2	%	High Tech Industries	35,043		2.6	%	3,574	2.0	%
Insurance	Insurance	25,761		2.1	%	1,749	1.1	%	Insurance	30,726		2.3	%	2,024	1.2	%
Banking		20,135		1.6	%	1,247	0.8	%
Telecommunications		15,386		1.3	%	1,480	1.0	%
Aerospace and Defense		15,346		1.3	%	1,357	0.9	%
Chemicals, Plastics, and Rubber	Chemicals, Plastics, and Rubber	14,242		1.2	%	1,853	1.2	%	Chemicals, Plastics, and Rubber	29,898		2.2	%	5,254	3.0	%
Non-Durable Consumer Goods	Non-Durable Consumer Goods	14,222		1.2	%	5,250	3.5	%	Non-Durable Consumer Goods	26,085		2.0	%	6,244	3.6	%
Media: Advertising, Printing, and Publishing		13,940		1.1	%	1,001	0.7	%
Media: Broadcasting and Subscription		13,306		1.1	%	784	0.5	%
Wholesale		12,765		1.0	%	2,005	1.3	%
Banking									Banking	22,821		1.7	%	1,426	0.8	%
Metals									Metals	18,281		1.4	%	3,259	1.9	%
Aerospace and Defense									Aerospace and Defense	16,304		1.2	%	1,358	0.8	%
Telecommunications									Telecommunications	16,214		1.2	%	1,686	1.0	%
Other (b)	Other (b)	25,642		2.1	%	5,257	3.5	%	Other (b)	60,386		4.5	%	7,269	4.2	%
Total	Total	$	1,220,571	100.0	%	151,908	100.0	%	Total	$	1,333,741	100.0	%	174,950	100.0	%


Year of Lease Expiration (a)	Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR Percent		Square Footage	Square Footage Percent		Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR Percent		Square Footage	Square Footage Percent
Remaining 2021		8	8	$	2,889	0.2	%	249	0.2	%
2022		24	24	32,934		2.7	%	2,348	1.5	%
2023		35	31	51,997		4.3	%	5,975	3.9	%
2024 (b)		61	49	97,010		7.9	%	12,442	8.2	%
Remaining 2022											Remaining 2022	13	12	$	7,642	0.6	%	717	0.4	%
2023 (b)											2023 (b)	33	28	57,787		4.3	%	6,939	4.0	%
2024 (c)											2024 (c)	42	36	91,852		6.9	%	12,413	7.1	%
2025	2025	62	31	64,151		5.3	%	7,419	4.9	%	2025	56	34	61,672		4.6	%	7,325	4.2	%
2026	2026	42	30	58,519		4.8	%	8,676	5.7	%	2026	44	34	57,810		4.3	%	8,185	4.7	%
2027	2027	55	31	83,555		6.8	%	8,763	5.8	%	2027	58	34	82,040		6.2	%	8,986	5.1	%
2028	2028	41	23	63,469		5.2	%	4,829	3.2	%	2028	44	26	65,870		4.9	%	5,423	3.1	%
2029	2029	50	23	55,757		4.6	%	6,702	4.4	%	2029	57	29	65,545		4.9	%	8,341	4.8	%
2030	2030	26	21	66,447		5.4	%	5,657	3.7	%	2030	31	27	69,011		5.2	%	5,844	3.3	%
2031	2031	66	16	73,338		6.0	%	8,642	5.7	%	2031	37	21	68,117		5.1	%	8,749	5.0	%
2032	2032	34	14	48,826		4.0	%	6,610	4.3	%	2032	40	21	41,216		3.1	%	5,715	3.3	%
2033	2033	27	21	75,378		6.2	%	10,119	6.7	%	2033	30	24	76,780		5.8	%	10,907	6.2	%
2034	2034	47	15	75,799		6.2	%	7,765	5.1	%	2034	49	18	77,608		5.8	%	8,639	4.9	%
Thereafter (>2034)		211	100	370,502		30.4	%	53,357	35.1	%
2035											2035	14	14	28,332		2.1	%	4,957	2.8	%
Thereafter (>2035)											Thereafter (>2035)	303	122	482,459		36.2	%	69,930	40.0	%
Vacant	Vacant	—	—	—		—	%	2,355	1.6	%	Vacant	—	—	—		—	%	1,880	1.1	%
Total	Total	789		$	1,220,571	100.0	%	151,908	100.0	%	Total	851		$	1,333,741	100.0	%	174,950	100.0	%


			W. P. Carey Inc.
Date:	~~October 29, 2021~~November 4, 2022
		By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer
			(Principal Financial Officer)

Date:	~~October 29, 2021~~November 4, 2022
		By:	/s/ Arjun Mahalingam
			Arjun Mahalingam
			Chief Accounting Officer
			(Principal Accounting Officer)