2012 Q2 Form 10-Q Financial Statement

#000119312512339974 Filed on August 07, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $62.41M $114.7M
YoY Change -45.58% 68.88%
Cost Of Revenue $23.50M $19.50M
YoY Change 20.51% 14.04%
Gross Profit $41.90M $96.80M
YoY Change -56.71% 86.15%
Gross Profit Margin 67.14% 84.41%
Selling, General & Admin $21.90M $24.60M
YoY Change -10.98% 32.26%
% of Gross Profit 52.27% 25.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.200M $7.300M
YoY Change -1.37% 21.67%
% of Gross Profit 17.18% 7.54%
Operating Expenses $28.40M $53.51M
YoY Change -46.92% 26.37%
Operating Profit $13.50M $43.29M
YoY Change -68.82% 348.26%
Interest Expense $7.128M $5.355M
YoY Change 33.11% 42.23%
% of Operating Profit 52.8% 12.37%
Other Income/Expense, Net $22.59M $42.89M
YoY Change -47.34% 907.85%
Pretax Income $30.74M $106.4M
YoY Change -71.1% 246.5%
Income Tax -$1.900M $24.76M
% Of Pretax Income -6.18% 23.28%
Net Earnings $31.78M $81.44M
YoY Change -60.98% 247.57%
Net Earnings / Revenue 50.92% 71.02%
Basic Earnings Per Share $0.78 $2.02
Diluted Earnings Per Share $0.77 $1.99
COMMON SHARES
Basic Shares Outstanding 40.05M shares 39.78M shares
Diluted Shares Outstanding 40.76M shares 40.24M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.00M $26.00M
YoY Change 53.85% -33.33%
Cash & Equivalents $39.80M $26.46M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $34.00M $32.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $74.00M $58.00M
YoY Change 27.59% -14.71%
LONG-TERM ASSETS
Property, Plant & Equipment $579.0M $628.0M
YoY Change -7.8% 18.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $552.6M $528.0M
YoY Change 4.65% 68.69%
Other Assets
YoY Change
Total Long-Term Assets $1.365B $1.402B
YoY Change -2.65% 32.74%
TOTAL ASSETS
Total Short-Term Assets $74.00M $58.00M
Total Long-Term Assets $1.365B $1.402B
Total Assets $1.439B $1.460B
YoY Change -1.44% 29.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.00M $65.00M
YoY Change -3.08% 41.3%
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 $124.0M $145.0M
YoY Change -14.48% 36.79%
LONG-TERM LIABILITIES
Long-Term Debt $580.0M $576.0M
YoY Change 0.69% 52.38%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $580.0M $576.0M
YoY Change 0.69% 52.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $124.0M $145.0M
Total Long-Term Liabilities $580.0M $576.0M
Total Liabilities $703.3M $720.9M
YoY Change -2.45% 41.91%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $695.0M $693.3M
YoY Change
Total Liabilities & Shareholders Equity $1.439B $1.460B
YoY Change -1.44% 29.87%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $31.78M $81.44M
YoY Change -60.98% 247.57%
Depreciation, Depletion And Amortization $7.200M $7.300M
YoY Change -1.37% 21.67%
Cash From Operating Activities $15.90M $41.90M
YoY Change -62.05% 84.58%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K -$24.80M
YoY Change -98.79% -12.68%
Acquisitions
YoY Change
Other Investing Activities $32.30M -$112.1M
YoY Change -128.81% -18783.33%
Cash From Investing Activities $31.90M -$136.9M
YoY Change -123.3% 392.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -38.30M 87.20M
YoY Change -143.92% 626.67%
NET CHANGE
Cash From Operating Activities 15.90M 41.90M
Cash From Investing Activities 31.90M -136.9M
Cash From Financing Activities -38.30M 87.20M
Net Change In Cash 9.500M -7.800M
YoY Change -221.79% -213.04%
FREE CASH FLOW
Cash From Operating Activities $15.90M $41.90M
Capital Expenditures -$300.0K -$24.80M
Free Cash Flow $16.20M $66.70M
YoY Change -75.71% 30.53%

Facts In Submission

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wpc Incentive Termination And Subordinated Disposition Revenue
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wpc Gain On Change In Control Of Interests
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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman Bold;font-size:10pt;font-weight:bold;margin-left:0px;">Note </font><font style="font-family:Times New Roman Bold;font-size:10pt;font-weight:bold;">1</font><font style="font-family:Times New Roman Bold;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Times New Roman Bold;font-size:10pt;font-weight:bold;">Business</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">W. P. Carey &amp; Co. LLC (&#8220;W. P. Carey&#8221; and, together with its consolidated subsidiaries and predecessors, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;) provides long-term financing via sale-leaseback and build-to-suit transactions for companies worldwide and manages a global investment portfolio. We invest primarily in commercial properties domestically and internationally that are </font><font style="font-family:Times New Roman;font-size:10pt;">generally</font><font style="font-family:Times New Roman;font-size:10pt;"> triple-net leased to single corporate tenants, which requires </font><font style="font-family:Times New Roman;font-size:10pt;">each</font><font style="font-family:Times New Roman;font-size:10pt;"> tenant to pay substantially all of the costs associated with operating and maintaining the property. We also earn revenue as the advisor to publicly</font><font style="font-family:Times New Roman;font-size:10pt;">-</font><font style="font-family:Times New Roman;font-size:10pt;">owned, non-listed real estate investment trusts, which are sponsored by us under the Corporate Property Associates brand name (the &#8220;CPA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;"> REITs&#8221;) </font><font style="font-family:Times New Roman;font-size:10pt;">and</font><font style="font-family:Times New Roman;font-size:10pt;"> invest in similar properties. At </font><font style="font-family:Times New Roman;font-size:10pt;">June&#160;30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, we were the advisor to the following CPA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;"> REITs: Corporate Property Associates 15 Incorporated (&#8220;CPA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">:15&#8221;), CPA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">:16 &#8211; Global and Corporate Property Associates 17 &#8211; Global Incorporated (&#8220;CPA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">:17 &#8211; Global&#8221;). We are also the advisor to Carey Watermark Investors Incorporated (&#8220;CWI&#8221; and, together with the CPA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;"> REITs, the &#8220;REITs&#8221;), which we formed in March 2008 for the purpose of acquiring interests in lodging and lodging-related properties. At </font><font style="font-family:Times New Roman;font-size:10pt;">June&#160;30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, we owned and</font><font style="font-family:Times New Roman;font-size:10pt;">/or</font><font style="font-family:Times New Roman;font-size:10pt;"> managed</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">more than</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">970</font><font style="font-family:Times New Roman;font-size:10pt;"> properties domestically and internationally. 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P. Carey Inc.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(</font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;Proposed Merger&#8221;) </font><font style="font-family:Times New Roman;font-size:10pt;">(</font><font style="font-family:Times New Roman;font-size:10pt;">Note </font><font style="font-family:Times New Roman;font-size:10pt;">3</font><font style="font-family:Times New Roman;font-size:10pt;">). </font><font style="font-family:Times New Roman;font-size:10pt;">The closing of the Proposed Merger is subject to customary closing conditions</font><font style="font-family:Times New Roman;font-size:10pt;">, including the approval of our shareholders and the stockholders of </font><font style="font-family:Times New Roman;font-size:10pt;">CPA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">:15</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">Upon approval of</font><font style="font-family:Times New Roman;font-size:10pt;"> the Proposed Merger</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> immediately prior </font><font style="font-family:Times New Roman;font-size:10pt;">thereto, we</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">intend </font><font style="font-family:Times New Roman;font-size:10pt;">to reorganize as a real estate investment trust (the &#8220;Proposed REIT Reorganization&#8221;). The Proposed REIT Reorganization is an internal reorganization of our corporate structure into a real estate investment trust to hold substantially all of our real estate assets attributable to our Real Estate Ownership segment</font><font style="font-family:Times New Roman;font-size:10pt;">, including the assets </font><font style="font-family:Times New Roman;font-size:10pt;">held by</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">CPA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">:15</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">while the activities conducted by our Investment Management segment subsidiaries will be organized under taxable real estate investment trust subsidiaries</font><font style="font-family:Times New Roman;font-size:10pt;"> (&#8220;TRSs&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">In July 2012, we entered into a number of agreements with the Estate of Wm</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> Polk Carey</font><font style="font-family:Times New Roman;font-size:10pt;"> (the &#8220;Estate&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">, our Chairman and </font><font style="font-family:Times New Roman;font-size:10pt;">f</font><font style="font-family:Times New Roman;font-size:10pt;">ounder who passed away on January</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">2, 2012, including a voting agreement</font><font style="font-family:Times New Roman;font-size:10pt;"> (the &#8220;Voting Agreement&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;"> pursuant to which the Estate </font><font style="font-family:Times New Roman;font-size:10pt;">and W.&#160;P. Carey &amp; Co.</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc., a wholly-owned corporation of the Estate (&#8220;Hold</font><font style="font-family:Times New Roman;font-size:10pt;">C</font><font style="font-family:Times New Roman;font-size:10pt;">o&#8221; and together with the Estate, the &#8220;Estate Shareholders&#8221;) have</font><font style="font-family:Times New Roman;font-size:10pt;"> agreed, among other thing</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">, to vote </font><font style="font-family:Times New Roman;font-size:10pt;">their L</font><font style="font-family:Times New Roman;font-size:10pt;">isted </font><font style="font-family:Times New Roman;font-size:10pt;">shares</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> totaling </font><font style="font-family:Times New Roman;font-size:10pt;">approximately </font><font style="font-family:Times New Roman;font-size:10pt;">27.92</font><font style="font-family:Times New Roman;font-size:10pt;">% of our outstanding common stock on </font><font style="font-family:Times New Roman;font-size:10pt;">July&#160;16, 2012, the record date for the spe</font><font style="font-family:Times New Roman;font-size:10pt;">cial meeting of our shareholders regarding</font><font style="font-family:Times New Roman;font-size:10pt;"> the </font><font style="font-family:Times New Roman;font-size:10pt;">Proposed REIT Reorganization and </font><font style="font-family:Times New Roman;font-size:10pt;">Proposed Merger</font><font style="font-family:Times New Roman;font-size:10pt;">, in favor of those transactions</font><font style="font-family:Times New Roman;font-size:10pt;"> (Note 16)</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">Primary Business Segments</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Investment Management </font><font style="font-family:Times New Roman;font-size:10pt;">&#8212; We structure and negotiate investments and debt placement transactions for the REITs, for which we earn structuring revenue, and manage their portfolios of real estate investments, for which we earn asset-based management and performance revenue. We earn asset-based management and performance revenue from the REITs based on the value of their real estate-related</font><font style="font-family:Times New Roman;font-size:10pt;">, self-storage-related</font><font style="font-family:Times New Roman;font-size:10pt;"> and lodging-related assets under management. As funds available to the REITs are invested, the asset base from which we earn revenue increases. We may also earn incentive and disposition revenue and receive other compensation in connection with providing liquidity alternatives to the REIT</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">'</font><font style="font-family:Times New Roman;font-size:10pt;"> shareholders.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Real Estate Ownership </font><font style="font-family:Times New Roman;font-size:10pt;">&#8212; We own and invest in commercial properties in the United States of America (&#8220;U.S.&#8221;) and the European Union that are then leased to companies, primarily on a triple-net lease basis. We may also invest in other properties if opportunities arise.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">We own interests in the REITs and account for these interests under the equity method of accounting. </font><font style="font-family:Times New Roman;font-size:10pt;">In addition, we receive a percentage of distributions of </font><font style="font-family:Times New Roman;font-size:10pt;">Available C</font><font style="font-family:Times New Roman;font-size:10pt;">ash</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">as defined in the respective advisory agreements</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">from </font><font style="font-family:Times New Roman;font-size:10pt;">the operating partnerships of CPA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">:16 &#8211; Global, </font><font style="font-family:Times New Roman;font-size:10pt;">CPA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">:17 &#8211; Global</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">CWI</font><font style="font-family:Times New Roman;font-size:10pt;">, and earn deferred revenue from </font><font style="font-family:Times New Roman;font-size:10pt;">our special member interest in CPA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">:16 &#8211; Global's operating partnership</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">Effective April 1, 2012, we include </font><font style="font-family:Times New Roman;font-size:10pt;">such </font><font style="font-family:Times New Roman;font-size:10pt;">distributions and deferred revenue in our Real Estate Ownership segment. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2012Q2 wpc Number Of Tenants
NumberOfTenants
69
CY2012Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
146
CY2012Q2 wpc Number Of Real Estate Properties Owned And Managed
NumberOfRealEstatePropertiesOwnedAndManaged
970
CY2012Q2 wpc Number Of Self Storage Properties
NumberOfSelfStorageProperties
21
CY2012Q2 wpc Square Footage Of All Real Estate Properties
SquareFootageOfAllRealEstateProperties
11400000
CY2012Q2 wpc Square Footage Of Self Storage Properties
SquareFootageOfSelfStorageProperties
800000
CY2012Q2 wpc Occupancy Rate
OccupancyRate
0.94
CY2012Q2 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.2792
us-gaap Error Corrections And Prior Period Adjustments Description
ErrorCorrectionsAndPriorPeriodAdjustmentsDescription
Out-of-Period Adjustment During the second quarter of 2012, we identified an error in the consolidated financial statements related to the misapplication of accounting guidance on the involuntary disposals of two parcels of land in the fourth quarter of 2010. We concluded that this adjustment, with a net impact on income from continuing operations and income attributable to W. P. Carey members of $1.8 million on our statement of operations for the second quarter of 2012, was not material to our results for the prior year period or for the period of adjustment. Accordingly, this change was recorded in the consolidated financial statements in the second quarter of 2012 as an out-of-period adjustment as follows: a reduction to Accounts payable, accrued expenses and other liabilities of $2.1 million and a reduction to Net investments in properties of $0.3 million on the consolidated balance sheet; and an increase in Gain on sale of real estate of $2.0 million, an increase in Property expenses of $0.4 million, an increase in Other real estate income of $0.2 million and an increase in Other interest income of $0.1 million on the consolidated statement of operations.
wpc Percentage Of Average Invested Assets Management Fee Revenue
PercentageOfAverageInvestedAssetsManagementFeeRevenue
0.01
wpc Percentage Of Average Invested Assets Performance Revenue
PercentageOfAverageInvestedAssetsPerformanceRevenue
0.005
wpc Percentage Of Real Estate Assets Management Fee Revenue
PercentageOfRealEstateAssetsManagementFeeRevenue
0.005
wpc Termination Revenue Received In Shares Exchanged
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3242089 shares
wpc Percentage Of Equity Value Securities Management Fee Revenue
PercentageOfEquityValueSecuritiesManagementFeeRevenue
0.0175
wpc Percentage Of Loging Assets Management Fee Revenue
PercentageOfLogingAssetsManagementFeeRevenue
0.005
wpc Asset Management Fees Receivable In Shares Percent Of Total
AssetManagementFeesReceivableInSharesPercentOfTotal
0.5
wpc Asset Management Fees Receivable In Cash Percent Of Total
AssetManagementFeesReceivableInCashPercentOfTotal
0.5
wpc Investment Banking Revenue As Percentage Of Total Cost Of Investments Made
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0.045
wpc Investment Banking Revenue Percent Paid Upon Completion Of Transaction
InvestmentBankingRevenuePercentPaidUponCompletionOfTransaction
0.025
wpc Investment Banking Revenue Percent Deferred
InvestmentBankingRevenuePercentDeferred
0.02
wpc Investment Banking Revenue Max Percent
InvestmentBankingRevenueMaxPercent
0.025
wpc Maximum Percentage Of Revenue Earned On Initial Acquisition
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0.06
wpc Unpaid Transaction Fee Interest Rate Minimum
UnpaidTransactionFeeInterestRateMinimum
0.05
wpc Unpaid Transaction Fee Interest Rate Maximum
UnpaidTransactionFeeInterestRateMaximum
0.07
CY2012Q2 wpc Number Of Properties In Proposed Merger
NumberOfPropertiesInProposedMerger
305
CY2012Q2 wpc Number Of Tenants In Proposed Merger
NumberOfTenantsInProposedMerger
75
CY2012Q2 wpc Number Of Square Foot In Proposed Merger
NumberOfSquareFootInProposedMerger
27000000
CY2012Q2 wpc Occupancy Rate In Proposed Merger
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0.99
CY2012Q2 wpc Weighted Average Remaining Life Of Properties In Proposed Merger
WeightedAverageRemainingLifeOfPropertiesInProposedMerger
9.9
wpc Base Rent Of Properties In Proposed Merger
BaseRentOfPropertiesInProposedMerger
219400000 USD
CY2012Q2 wpc Number Of Fixed Rate Debt Assumed
NumberOfFixedRateDebtAssumed
68
CY2012Q2 wpc Number Of Variable Rate Debt Assumed
NumberOfVariableRateDebtAssumed
9
CY2012Q2 wpc Weighted Average Interest Rate Of Debt Assumed
WeightedAverageInterestRateOfDebtAssumed
0.058
wpc Revenue Earned From Proposed Merger Entity
RevenueEarnedFromProposedMergerEntity
12400000 USD
wpc Equity Earnings From Proposed Merger Entity
EquityEarningsFromProposedMergerEntity
3800000 USD
CY2012Q2 wpc Shares Issued To Proposed Merger Liquidating Shareholders
SharesIssuedToProposedMergerLiquidatingShareholders
28190000 shares
CY2012Q2 wpc Shares Outstanding From Proposed Merger Entity
SharesOutstandingFromProposedMergerEntity
131598908 shares
CY2012Q2 wpc Shares Owned By Parent
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10418731 shares
CY2012Q2 wpc Proposed Merger Consideration Liquidating Amount
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151500000 USD
CY2012Q2 wpc Credit Facility For Proposed Merger
CreditFacilityForProposedMerger
175000000 USD
wpc Shareholder Cash Option Arising From Proposed Merger
ShareholderCashOptionArisingFromProposedMerger
1.25
wpc Shareholder Share Option Available From Proposed Merger
ShareholderShareOptionAvailableFromProposedMerger
0.2326 shares
CY2012Q2 wpc Per Share Market Price To Liquidating Shareholders
PerShareMarketPriceToLiquidatingShareholders
11.97
CY2012Q2 wpc Net Asset Value Of Per Share Received By Liquidating Shareholders
NetAssetValueOfPerShareReceivedByLiquidatingShareholders
46.08
CY2012Q2 wpc Operating Leases Average Future Minimum Annual Payments Due
OperatingLeasesAverageFutureMinimumAnnualPaymentsDue
3000000 USD
CY2011Q2 wpc Interest Income From Affiliates
InterestIncomeFromAffiliates
100000 USD
CY2012Q2 wpc Joint Ventures Ownership Percentage Maximum
JointVenturesOwnershipPercentageMaximum
0.95
CY2012Q2 wpc Joint Ventures Ownership Percentage Minimum
JointVenturesOwnershipPercentageMinimum
0.05
wpc Other Distributions Of Cash Received
OtherDistributionsOfCashReceived
0.1
CY2012Q2 wpc Fair Value Of Debt Assumed In Proposed Merger
FairValueOfDebtAssumedInProposedMerger
1100000000 USD
wpc Termination Revenue
TerminationRevenue
31200000 USD
wpc Subordinated Disposition Revenue
SubordinatedDispositionRevenue
21300000 USD
CY2011Q2 wpc Loan To Affiliate Cpa17
LoanToAffiliateCpa17
90000000 USD
CY2011Q2 wpc Loan To Affiliate Cwi
LoanToAffiliateCwi
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wpc Interest Rate On Loan To Affiliate Cpa17
InterestRateOnLoanToAffiliateCpa17
0.0115
wpc Interest Rate On Loan To Affiliate Cwi
InterestRateOnLoanToAffiliateCwi
0.025
wpc Interest Income From Affiliates
InterestIncomeFromAffiliates
200000 USD
CY2011 wpc Asset Management Fees Receivable In Shares Percent Of Total
AssetManagementFeesReceivableInSharesPercentOfTotal
0.80
CY2011 wpc Asset Management Fees Receivable In Cash Percent Of Total
AssetManagementFeesReceivableInCashPercentOfTotal
0.20
CY2011Q2 us-gaap Business Acquisition Cost Of Acquired Entity Purchase Price
BusinessAcquisitionCostOfAcquiredEntityPurchasePrice
31800000 USD
wpc Shares Received As Termination Revenue
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2717138 shares
CY2011Q2 wpc Subordinated Disposition Revenue
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21300000 USD
CY2011Q2 wpc Termination Revenue
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31200000 USD
us-gaap Equity Method Investment Dividends Or Distributions
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14437000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
3788000 USD
wpc Deferred Revenue Recognized
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4246000 USD
wpc Deferred Revenue Recognized
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1416000 USD
us-gaap Investment Banking Advisory Brokerage And Underwriting Fees And Commissions
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108269000 USD
us-gaap Investment Banking Advisory Brokerage And Underwriting Fees And Commissions
InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions
156818000 USD
CY2012Q2 us-gaap Investment Banking Advisory Brokerage And Underwriting Fees And Commissions
InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions
53408000 USD
CY2012Q2 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
7463000 USD
CY2012Q2 wpc Deferred Revenue Recognized
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2123000 USD
CY2011Q2 us-gaap Investment Banking Advisory Brokerage And Underwriting Fees And Commissions
InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions
98239000 USD
CY2011Q2 wpc Deferred Revenue Recognized
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1416000 USD
CY2011Q2 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
1973000 USD
wpc Interest Earned On Unpaid Deferred Acquisition Fees
InterestEarnedOnUnpaidDeferredAcquisitionFees
642000 USD
wpc Interest Earned On Unpaid Deferred Acquisition Fees
InterestEarnedOnUnpaidDeferredAcquisitionFees
555000 USD
CY2012Q2 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
20994000 USD
CY2011Q4 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
29410000 USD
CY2012Q2 wpc Interest Earned On Unpaid Deferred Acquisition Fees
InterestEarnedOnUnpaidDeferredAcquisitionFees
73000 USD
CY2011Q2 wpc Interest Earned On Unpaid Deferred Acquisition Fees
InterestEarnedOnUnpaidDeferredAcquisitionFees
310000 USD
us-gaap Minority Interest In Net Income Loss Joint Venture Partners
MinorityInterestInNetIncomeLossJointVenturePartners
1196000 USD
us-gaap Minority Interest In Net Income Loss Joint Venture Partners
MinorityInterestInNetIncomeLossJointVenturePartners
1428000 USD
CY2012Q2 us-gaap Minority Interest In Net Income Loss Joint Venture Partners
MinorityInterestInNetIncomeLossJointVenturePartners
701000 USD
CY2011Q2 us-gaap Minority Interest In Net Income Loss Joint Venture Partners
MinorityInterestInNetIncomeLossJointVenturePartners
552000 USD
CY2012Q2 wpc Deferred Rent Due To Affiliates
DeferredRentDueToAffiliates
756000 USD
CY2011Q4 wpc Deferred Rent Due To Affiliates
DeferredRentDueToAffiliates
798000 USD
CY2012Q2 wpc Foreign Currency Exchange Rate
ForeignCurrencyExchangeRate
1.2578 USD
CY2011Q4 wpc Foreign Currency Exchange Rate
ForeignCurrencyExchangeRate
1.2950 USD
CY2012Q2 us-gaap Acquired Finite Lived Intangible Asset Amount
AcquiredFiniteLivedIntangibleAssetAmount
66300000 USD
us-gaap Finite Lived Intangible Assets Useful Life Minimum
FiniteLivedIntangibleAssetsUsefulLifeMinimum
1
us-gaap Finite Lived Intangible Assets Useful Life Maximum
FiniteLivedIntangibleAssetsUsefulLifeMaximum
40
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1300000 USD
CY2011Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000 USD
CY2012Q2 wpc Foreign Currency Exchange Rate Impact
ForeignCurrencyExchangeRateImpact
-1800000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2600000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1400000 USD
CY2012Q2 wpc Decrease In Foreign Currency Exchange Rate
DecreaseInForeignCurrencyExchangeRate
0.029
us-gaap Financing Receivable Credit Quality Range Of Dates Ratings Updated
FinancingReceivableCreditQualityRangeOfDatesRatingsUpdated
second quarter of 2012
us-gaap Financing Receivable Credit Quality Additional Information
FinancingReceivableCreditQualityAdditionalInformation
We generally seek investments in facilities that we believe are critical to a tenant&#8217;s business and that we believe have a low risk of tenant defaults. At June&#160;30, 2012 and December&#160;31, 2011, none of the balances of our finance receivables were past due and we had not established any allowances for credit losses. Additionally, there have been no modifications of finance receivables. We evaluate the credit quality of our tenant receivables utilizing an internal 5-point credit rating scale, with 1 representing the highest credit quality and 5 representing the lowest.
CY2012Q2 wpc Accounts Receivable Billed Under Direct Financing Leases
AccountsReceivableBilledUnderDirectFinancingLeases
100000 USD
CY2011Q4 wpc Accounts Receivable Billed Under Direct Financing Leases
AccountsReceivableBilledUnderDirectFinancingLeases
100000 USD
CY2012Q2 wpc Income From Equity Investment In Affiliates
IncomeFromEquityInvestmentInAffiliates
3648000 USD
CY2012Q2 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
-3234000 USD
CY2011Q2 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0 USD
CY2011Q2 wpc Income From Equity Investment In Affiliates
IncomeFromEquityInvestmentInAffiliates
8032000 USD
us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
-3532000 USD
wpc Income From Equity Investment In Affiliates
IncomeFromEquityInvestmentInAffiliates
5496000 USD
wpc Income From Equity Investment In Affiliates
IncomeFromEquityInvestmentInAffiliates
9813000 USD
us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0 USD
us-gaap Derivative Instruments Loss Recognized In Income
DerivativeInstrumentsLossRecognizedInIncome
100000 USD
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
1300000 USD
CY2012Q2 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
5100000 USD
wpc Fairvaluemeasurementsvaluationtechniques
Fairvaluemeasurementsvaluationtechniques
Our money market funds, which are included in Cash and cash equivalents in the consolidated financial statements, are consisted of government securities and U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values. Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are primarily comprised of interest rate swaps and foreign currency future contracts. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates. These derivative instruments were classified as Level&#160;2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. We account for the noncontrolling interest in WPCI as a redeemable noncontrolling interest. We determined the valuation of the redeemable noncontrolling interest using widely accepted valuation techniques, including expected discounted cash flows of the investment as well as the income capitalization approach, which considers prevailing market capitalization rates. We classified this liability as Level&#160;3. Unobservable inputs for WPCI include a discount for lack of marketability, a discount rate and EBITDA multiples with weighted average ranges of 20% &#8211; 30%, 23% &#8211; 27% and 3x &#8211; 5x, respectively. Significant increases or decreases in any one of these inputs in isolation would result in significant changes in the fair value measurement. Our other securities, which are included in Other assets, net in the consolidated financial statements, are primarily comprised of our interest in a commercial mortgage loan securitization. This fund is not traded in an active market. We estimated the fair value of these securities using internal valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3. These fair value measurements were developed by third-party sources, subject to our corroboration for reasonableness. This investment&#8217;s fair value was obtained using an estimate of discounted cash flows using two significant unobservable inputs, which are the discount rate and the estimated general and administrative costs as a percentage of assets under management with a weighted average range of 13% &#8211; 16% and 35 bps &#8211; 45 bps, respectively. Significant increases or decreases to these inputs in isolation would result in significant change in the fair value measurement. The valuation is also dependent upon the expected date of the liquidity event for CPA&#174;:16 &#8211; Global because cash flows attributable to this investment will cease upon such event. Therefore, the fair value of this investment may decline in the future as the estimated liquidation date approaches
us-gaap Loss On Contract Termination For Default
LossOnContractTerminationForDefault
5700000 USD
CY2012Q2 us-gaap Derivative Asset Fair Value Net
DerivativeAssetFairValueNet
86000 USD
CY2012Q2 us-gaap Derivative Liability Fair Value Net
DerivativeLiabilityFairValueNet
-4954000 USD
CY2011Q4 us-gaap Derivative Liability Fair Value Net
DerivativeLiabilityFairValueNet
-4175000 USD
CY2012Q2 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-1018000 USD
CY2011Q2 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-971000 USD
us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-180000 USD
us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-727000 USD
CY2012Q2 us-gaap Concentration Risk Percentage
ConcentrationRiskPercentage
0.10
CY2012Q2 wpc Percentage Geography
PercentageGeography
0.182
us-gaap Line Of Credit Facility Expiration Date
LineOfCreditFacilityExpirationDate
December 2014
us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
We were in compliance with these covenants at June&#160;30, 2012.
CY2012Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
31386000 USD
CY2012Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
8874000 USD
CY2012Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
242181000 USD
CY2012Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
49058000 USD
CY2012Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
57961000 USD
CY2012Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
191184000 USD
CY2012Q2 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.0175
CY2012Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
450000000 USD
CY2012Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
6800000 USD
CY2012Q2 us-gaap Debt Instrument Unused Borrowing Capacity Amount
DebtInstrumentUnusedBorrowingCapacityAmount
194900000 USD
CY2012Q2 wpc Carrying Value Of Collaterial Mortgage Loans
CarryingValueOfCollaterialMortgageLoans
443700000 USD
us-gaap Debt Instrument Maturity Date Range Start
DebtInstrumentMaturityDateRangeStart
2012
us-gaap Debt Instrument Maturity Date Range End
DebtInstrumentMaturityDateRangeEnd
2025
CY2012Q2 wpc Long Term Debt Before Unamortized Discount
LongTermDebtBeforeUnamortizedDiscount
580644000 USD
CY2012Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
952000 USD
CY2012Q2 us-gaap Long Term Debt
LongTermDebt
579692000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
The RSUs are scheduled to vest in equal annual installments over three years. Vesting of the PSUs is conditioned upon the extent that we achieve the performance goals during the performance period, which was set as January 1, 2012 through December 31, 2014. The ultimate number of shares to be issued upon vesting of PSUs will depend on the extent to which we meet the performance goals and can range from zero to three times the original &#8220;target&#8221; awards noted above.
wpc Share Based Compensation Awards Vesting Period
ShareBasedCompensationAwardsVestingPeriod
three years
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-656000 USD
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-1510000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
103276000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
43411000 USD
us-gaap Dilutive Securities
DilutiveSecurities
-61000 USD
us-gaap Dilutive Securities
DilutiveSecurities
333000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
103609000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
43350000 USD
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
431742 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
609969 shares
CY2011Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
57565 shares
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
1115000 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
3054000 USD
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
709835 shares
CY2011Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
460752 shares
CY2012Q2 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-473000 USD
CY2011Q2 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-1166000 USD
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
31304000 USD
CY2011Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
80277000 USD
CY2011Q2 us-gaap Dilutive Securities
DilutiveSecurities
1000 USD
CY2012Q2 us-gaap Dilutive Securities
DilutiveSecurities
-37000 USD
CY2011Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
80278000 USD
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
31267000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
122623 shares
CY2012Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4500000 USD
CY2011Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6200000 USD
CY2011Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2800000 USD
CY2012Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2000000 USD
wpc Share Based Compensation Expected To Be Recognized
ShareBasedCompensationExpectedToBeRecognized
25300000 USD
CY2012Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9800000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4200000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8700000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3900000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3600000 USD
wpc Allocated Share Based Compensation Expense Performance Share Units
AllocatedShareBasedCompensationExpensePerformanceShareUnits
-1700000 USD
wpc Employee Stock Purchase Plan Authorized For Issuance
EmployeeStockPurchasePlanAuthorizedForIssuance
500000 shares
CY2011Q4 wpc Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
7700000 USD
CY2010Q4 wpc Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
7546000 USD
CY2012Q2 wpc Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
6788000 USD
us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
79000 USD
us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
-876000 USD
us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
-676000 USD
CY2011Q2 wpc Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
6792000 USD
us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
-691000 USD
CY2011 us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
500000 USD
us-gaap Open Tax Years By Major Tax Jurisdiction
OpenTaxYearsByMajorTaxJurisdiction
2008 through 2012
wpc Nonoperating Income Expense Excluding Interest Expense
NonoperatingIncomeExpenseExcludingInterestExpense
45681000 USD
wpc Nonoperating Income Expense Excluding Interest Expense
NonoperatingIncomeExpenseExcludingInterestExpense
55731000 USD
CY2012Q2 wpc Nonoperating Income Expense Excluding Interest Expense
NonoperatingIncomeExpenseExcludingInterestExpense
30265000 USD
CY2011Q2 wpc Nonoperating Income Expense Excluding Interest Expense
NonoperatingIncomeExpenseExcludingInterestExpense
48632000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
47887000 USD
CY2012Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
32306000 USD
CY2011Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
81727000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
103764000 USD
wpc Percentage Of Total Investment In Reit
PercentageOfTotalInvestmentInReit
0.23
CY2011Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1220524000 USD
CY2012Q2 us-gaap Noncurrent Assets
NoncurrentAssets
1191270000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
842000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
3457000 USD
wpc Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
five
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
25200000 USD
wpc Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
four
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
10600000 USD
CY2012Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
94000 USD
CY2012Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
325000 USD
CY2011Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
1746000 USD
CY2011Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
1624000 USD
CY2012Q2 wpc Maximum Value Of Shares To Be Repurchased
MaximumValueOfSharesToBeRepurchased
85000000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
561418 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
44.5301
CY2012Q2 wpc Purchase Price Percent Of Shares
PurchasePricePercentOfShares
0.96

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