$WPC
W. P. Carey Inc.

2018 Q2 Form 10-Q Financial Statement

#000102537818000050 Filed on August 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $201.1M $221.5M
YoY Change -9.2% 1.96%
Cost Of Revenue $5.537M $18.80M
YoY Change -70.55% -43.88%
Gross Profit $195.6M $202.7M
YoY Change -3.51% 10.3%
Gross Profit Margin 97.25% 91.51%
Selling, General & Admin $20.10M $20.60M
YoY Change -2.43% -17.6%
% of Gross Profit 10.28% 10.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $66.40M $35.80M
YoY Change 85.47% -3.24%
% of Gross Profit 33.95% 17.66%
Operating Expenses $84.50M $83.50M
YoY Change 1.2% -8.74%
Operating Profit $111.1M $119.2M
YoY Change -6.81% 29.17%
Interest Expense $41.31M $42.24M
YoY Change -2.19% -9.66%
% of Operating Profit 37.18% 35.42%
Other Income/Expense, Net -$6.255M -$27.42M
YoY Change -77.19% -8.28%
Pretax Income $85.69M $66.11M
YoY Change 29.6% 147.88%
Income Tax $6.262M $2.448M
% Of Pretax Income 7.31% 3.7%
Net Earnings $75.68M $64.32M
YoY Change 17.67% 24.5%
Net Earnings / Revenue 37.63% 29.03%
Basic Earnings Per Share $0.70 $0.60
Diluted Earnings Per Share $0.70 $0.59
COMMON SHARES
Basic Shares Outstanding 108.1M shares 107.7M shares
Diluted Shares Outstanding 108.2M shares 107.8M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.0M $172.0M
YoY Change -29.07% -0.58%
Cash & Equivalents $122.4M $171.6M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $32.00M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $200.0M $333.0M
YoY Change -39.94% 44.78%
LONG-TERM ASSETS
Property, Plant & Equipment $4.973B $4.806B
YoY Change 3.47% -1.78%
Goodwill $642.1M $640.8M
YoY Change 0.2% 0.03%
Intangibles
YoY Change
Long-Term Investments $363.6M $330.5M
YoY Change 10.01% 15.26%
Other Assets $41.00M
YoY Change
Total Long-Term Assets $8.067B $7.984B
YoY Change 1.03% -5.54%
TOTAL ASSETS
Total Short-Term Assets $200.0M $333.0M
Total Long-Term Assets $8.067B $7.984B
Total Assets $8.267B $8.317B
YoY Change -0.61% -4.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $245.0M $277.0M
YoY Change -11.55% 2.21%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $356.0M $386.0M
YoY Change -7.77% 2.66%
LONG-TERM LIABILITIES
Long-Term Debt $4.401B $4.265B
YoY Change 3.19% -8.12%
Other Long-Term Liabilities $108.0M $123.0M
YoY Change -12.2% -3.91%
Total Long-Term Liabilities $4.509B $4.388B
YoY Change 2.76% -8.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $356.0M $386.0M
Total Long-Term Liabilities $4.509B $4.388B
Total Liabilities $4.954B $4.860B
YoY Change 1.93% -6.87%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $107.0K $107.0K
YoY Change 0.0% 1.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.100B $3.238B
YoY Change
Total Liabilities & Shareholders Equity $8.267B $8.317B
YoY Change -0.61% -4.21%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $75.68M $64.32M
YoY Change 17.67% 24.5%
Depreciation, Depletion And Amortization $66.40M $35.80M
YoY Change 85.47% -3.24%
Cash From Operating Activities $126.0M $136.1M
YoY Change -7.42% 9.49%
INVESTING ACTIVITIES
Capital Expenditures -$213.2M -$20.30M
YoY Change 950.25% -94.95%
Acquisitions
YoY Change
Other Investing Activities $42.00M $1.800M
YoY Change 2233.33% -98.07%
Cash From Investing Activities -$171.3M -$18.50M
YoY Change 825.95% -94.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.900M -103.8M
YoY Change -101.83% -209.61%
NET CHANGE
Cash From Operating Activities 126.0M 136.1M
Cash From Investing Activities -171.3M -18.50M
Cash From Financing Activities 1.900M -103.8M
Net Change In Cash -43.40M 13.80M
YoY Change -414.49% -115.37%
FREE CASH FLOW
Cash From Operating Activities $126.0M $136.1M
Capital Expenditures -$213.2M -$20.30M
Free Cash Flow $339.2M $156.4M
YoY Change 116.88% -70.29%

Facts In Submission

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wpc Advisory Expense
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11917000 USD
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24753000 USD
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2788000 USD
wpc Dealer Manager Feesand Expenses
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5620000 USD
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4064000 USD
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5681000 USD
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113957000 USD
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107542000 USD
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5651906000 USD
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30793000 USD
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126956000 USD
wpc Net Income Loss Including Portion Attributable To Redeemable Noncontrolling Interest
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147490000 USD
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5 property
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4 property
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0 USD
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-22304000 USD
wpc Other Comprehensive Income Loss Unrealized Gain Loss On Derivatives Arising During Period Including Portion Attributable To Noncontrolling Interest Redeemable Noncontrolling Interest Net Of Tax
OtherComprehensiveIncomeLossUnrealizedGainLossOnDerivativesArisingDuringPeriodIncludingPortionAttributableToNoncontrollingInterestRedeemableNoncontrollingInterestNetOfTax
42707000 USD
wpc Other Comprehensive Income Loss Unrealized Gain Loss On Derivatives Arising During Period Including Portion Attributable To Noncontrolling Interest Redeemable Noncontrolling Interest Net Of Tax
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-21299000 USD
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OtherComprehensiveIncomeLossunrealizedholdingGainLossOnSecuritiesArisingDuringPeriodIncludingPortionAttributableToRedeemableNoncontrollingInterestNetOfTax
-326000 USD
wpc Other Comprehensive Income Lossunrealizedholding Gain Loss On Securities Arising During Period Including Portion Attributable To Redeemable Noncontrolling Interest Net Of Tax
OtherComprehensiveIncomeLossunrealizedholdingGainLossOnSecuritiesArisingDuringPeriodIncludingPortionAttributableToRedeemableNoncontrollingInterestNetOfTax
370000 USD
wpc Payments To Acquire Real Estate Under Construction
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28519000 USD
wpc Payments To Acquire Real Estate Under Construction
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48888000 USD
wpc Percentage Of Available Cash Distribution To Advisor
PercentageOfAvailableCashDistributionToAdvisor
0.1
wpc Prepayment Of Mortgage Principal
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100647000 USD
wpc Prepayment Of Mortgage Principal
PrepaymentOfMortgagePrincipal
164908000 USD
wpc Realized Gain Loss On Foreign Currency Transactions And Other
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-7089000 USD
wpc Realized Gain Loss On Foreign Currency Transactions And Other
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4330000 USD
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4315000 USD
CY2018Q2 wpc Related Party Reimbursement Revenue Receivable
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4158000 USD
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7100000 USD
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UnfundedCommitment
147900000 USD
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131600000 USD
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VariableInterestEntitiesConsolidatedCount
21 vie
CY2018Q2 wpc Variable Interest Entities Consolidated Count
VariableInterestEntitiesConsolidatedCount
21 vie
CY2017Q4 wpc Variable Interest Entities Count
VariableInterestEntitiesCount
28 vie
CY2018Q2 wpc Variable Interest Entities Count
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28 vie
CY2017Q4 wpc Variable Interest Entities Unconsolidated Count
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7 vie
CY2018Q2 wpc Variable Interest Entities Unconsolidated Count
VariableInterestEntitiesUnconsolidatedCount
7 vie
us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Business and Organization</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">W. P. Carey Inc. is a REIT that, together with its consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in North America and Northern and Western Europe. 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.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol &#8220;WPC.&#8221;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 17, 2018, we, Corporate Property Associates 17 &#8211; Global Incorporated, or CPA:17 &#8211; Global, a publicly-held, non-listed REIT advised by us, and certain of our subsidiaries entered into an agreement and plan of merger, or Merger Agreement, pursuant to which CPA:17 &#8211; Global will merge with and into one of our subsidiaries in exchange for shares of our common stock, or the Proposed Merger (</font><a style="font-family:inherit;font-size:10pt;" href="#sC9BF0FCF9CE3591C819AF664146E69A0"><font style="font-family:inherit;font-size:10pt;">Note 3</font></a><font style="font-family:inherit;font-size:10pt;">). On July 27, 2018, we filed a registration statement on Form S-4 with the SEC to register the shares of our common stock to be issued in the Proposed Merger; upon effectiveness of this registration statement, which is currently under review by the SEC, we and CPA:17 &#8211; Global intend to mail the joint proxy statement/prospectus contained therein to our respective stockholders in connection with the Proposed Merger. The Proposed Merger and related transactions are subject to a number of closing conditions, including approvals by our stockholders and the stockholders of CPA:17 &#8211; Global. If these approvals are obtained and the other closing conditions are met, we currently expect the transaction to close at or around December 31, 2018, although there can be no assurance that the Proposed Merger will occur at such time or at all.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have elected to be taxed as a REIT under Section&#160;856 through 860 of the Internal Revenue Code. As a REIT, we are not generally subject to United States federal income taxation other than from our taxable REIT subsidiaries, or TRSs, 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. We hold all of our real estate assets attributable to our Owned Real Estate segment under the REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Through our TRSs, we also earn revenue as the advisor to publicly owned, non-listed REITs that invested in similar properties, which are sponsored by us under the Corporate Property Associates, or CPA,</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> </sup></font><font style="font-family:inherit;font-size:10pt;">brand name. At </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, we were the advisor to CPA:17 &#8211; Global and Corporate Property Associates 18 &#8211; Global Incorporated, or CPA:18 &#8211; Global. We refer to CPA:17 &#8211; Global and CPA:18 &#8211; Global together as the CPA REITs.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, we were also the advisor to Carey Watermark Investors Incorporated, or CWI 1, and Carey Watermark Investors 2 Incorporated, or CWI 2, two publicly owned, non-listed REITs that invest in lodging and lodging-related properties. We refer to CWI 1 and CWI 2 together as the CWI REITs and, together with the CPA REITs, as the Managed REITs (</font><a style="font-family:inherit;font-size:10pt;" href="#sC9BF0FCF9CE3591C819AF664146E69A0"><font style="font-family:inherit;font-size:10pt;">Note 3</font></a><font style="font-family:inherit;font-size:10pt;">).</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, we were also the advisor to Carey European Student Housing Fund I, L.P., or CESH I, a limited partnership formed for the purpose of developing, owning, and operating student housing properties and similar investments in Europe (</font><a style="font-family:inherit;font-size:10pt;" href="#sC9BF0FCF9CE3591C819AF664146E69A0"><font style="font-family:inherit;font-size:10pt;">Note 3</font></a><font style="font-family:inherit;font-size:10pt;">). We refer to the Managed REITs and CESH I collectively as the Managed Programs.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2017, our board of directors, or the Board, approved a plan to exit non-traded retail fundraising activities carried out by our wholly-owned broker-dealer subsidiary, Carey Financial LLC, or Carey Financial, as of June 30, 2017. As a result, we will no longer be raising capital for new or existing funds that we manage, but we do expect to continue managing our existing Managed Programs through the end of their respective life cycles (</font><a style="font-family:inherit;font-size:10pt;" href="#sC9BF0FCF9CE3591C819AF664146E69A0"><font style="font-family:inherit;font-size:10pt;">Note 3</font></a><font style="font-family:inherit;font-size:10pt;">).</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, we resigned as the advisor to Carey Credit Income Fund (known since October 23, 2017 as Guggenheim Credit Income Fund, or GCIF), or CCIF, and by extension, its feeder funds, or the CCIF Feeder Funds, each of which is a business development company, or BDC (</font><a style="font-family:inherit;font-size:10pt;" href="#sC9BF0FCF9CE3591C819AF664146E69A0"><font style="font-family:inherit;font-size:10pt;">Note 3</font></a><font style="font-family:inherit;font-size:10pt;">). We refer to CCIF and the CCIF Feeder Funds collectively as the Managed BDCs. The board of trustees of CCIF approved our resignation and appointed CCIF&#8217;s subadvisor, Guggenheim Partners Investment Management, LLC, or Guggenheim, as the interim sole advisor to CCIF, effective as of September 11, 2017. The shareholders of CCIF approved Guggenheim&#8217;s appointment as sole advisor on a permanent basis on October 20, 2017. The Managed BDCs were included in the Managed Programs prior to our resignation as their advisor. We have retained our initial investment in shares of CCIF (now GCIF), which is included within Other assets, net in the consolidated financial statements (</font><a style="font-family:inherit;font-size:10pt;" href="#s6B7F87F02CEF57F4B8DD6BAC456B9347"><font style="font-family:inherit;font-size:10pt;">Note 7</font></a><font style="font-family:inherit;font-size:10pt;">).</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reportable Segments</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Owned Real Estate</font><font style="font-family:inherit;font-size:10pt;"> &#8212; Lease revenues and equity income (</font><a style="font-family:inherit;font-size:10pt;" href="#s6B7F87F02CEF57F4B8DD6BAC456B9347"><font style="font-family:inherit;font-size:10pt;">Note 7</font></a><font style="font-family:inherit;font-size:10pt;">) from our wholly- and co-owned real estate investments generate the vast majority of our earnings. We invest in commercial properties located primarily in North America and Europe, which are leased to companies, primarily on a triple-net lease basis. We also owned </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> hotel at </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, which is considered an operating property. At </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, our owned portfolio was comprised of our full or partial ownership interests in </font><font style="font-family:inherit;font-size:10pt;">878</font><font style="font-family:inherit;font-size:10pt;"> properties, totaling approximately </font><font style="font-family:inherit;font-size:10pt;">86.6 million</font><font style="font-family:inherit;font-size:10pt;"> square feet, substantially all of which were net leased to </font><font style="font-family:inherit;font-size:10pt;">208</font><font style="font-family:inherit;font-size:10pt;"> tenants, with a weighted-average lease term of </font><font style="font-family:inherit;font-size:10pt;">10.0 years</font><font style="font-family:inherit;font-size:10pt;"> and an occupancy rate of </font><font style="font-family:inherit;font-size:10pt;">99.6%</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Investment Management</font><font style="font-family:inherit;font-size:10pt;"> &#8212; Through our TRSs, we structure and negotiate investments and debt placement transactions for the Managed Programs, for which we earn structuring revenue, and manage their portfolios of real estate investments, for which we earn asset management revenue. We also earned asset management revenue from CCIF based on the average of its gross assets at fair value through the effective date of our resignation as its advisor. We may earn disposition revenue when we negotiate and structure the sale of properties on behalf of the Managed REITs, and we may also earn incentive revenue and receive other compensation through our advisory agreements with certain of the Managed Programs, including in connection with providing liquidity events for the Managed REITs&#8217; stockholders. In addition, we include equity income generated through our (i) ownership of shares and limited partnership units of the Managed Programs (</font><a style="font-family:inherit;font-size:10pt;" href="#s6B7F87F02CEF57F4B8DD6BAC456B9347"><font style="font-family:inherit;font-size:10pt;">Note 7</font></a><font style="font-family:inherit;font-size:10pt;">) and (ii) special general partner interests in the operating partnerships of the Managed REITs, through which we participate in their cash flows (</font><a style="font-family:inherit;font-size:10pt;" href="#sC9BF0FCF9CE3591C819AF664146E69A0"><font style="font-family:inherit;font-size:10pt;">Note 3</font></a><font style="font-family:inherit;font-size:10pt;">), in our Investment Management segment.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the CPA</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> </sup></font><font style="font-family:inherit;font-size:10pt;">REITs collectively owned all or a portion of </font><font style="font-family:inherit;font-size:10pt;">462</font><font style="font-family:inherit;font-size:10pt;"> properties (including certain properties in which we have an ownership interest), totaling approximately </font><font style="font-family:inherit;font-size:10pt;">54.1 million</font><font style="font-family:inherit;font-size:10pt;"> square feet, substantially all of which were net leased to </font><font style="font-family:inherit;font-size:10pt;">206</font><font style="font-family:inherit;font-size:10pt;"> tenants, with an occupancy rate of approximately </font><font style="font-family:inherit;font-size:10pt;">99.4%</font><font style="font-family:inherit;font-size:10pt;">. The Managed Programs also had interests in </font><font style="font-family:inherit;font-size:10pt;">167</font><font style="font-family:inherit;font-size:10pt;"> operating properties, totaling approximately </font><font style="font-family:inherit;font-size:10pt;">19.8 million</font><font style="font-family:inherit;font-size:10pt;"> square feet in the aggregate.</font></div></div>

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