W P Carey Inc
For the period ended Jun 30, 2024. Filed Jul 31, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 31, 2024
WPC$65.05-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-01.
0001025378-24-000081
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsSupplemental Financial MeasuresCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-07-31.
0001025378-24-000119
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsSupplemental Financial MeasuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 176 previous paragraphs and 192 current paragraphs.
123 unchanged; 45 reworded; 22 added; 8 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Significant Developments
Current report
Management Change
Current report
On July 10, 2024, we announced that John J. Park will step down as President of the Company effective September 30, 2024. The separate role of President will be eliminated, and the title will be assumed by Jason E. Fox, the Company’s Chief Executive Officer, effective October 1, 2024. Mr. Park will remain Senior Advisor to the Company through February 28, 2025.
Current report
•We acquired ten investments totaling $535.2 million (Note 4, Note 5).
Current report
•In April 2024, we repaid our $500 million of 4.6% Senior Notes due 2024 at maturity (Note 10).
Current report
•On May 16, 2024, we completed an underwritten public offering of €650.0 million of 4.25% Senior Notes due 2032, at a price of 99.526% of par value. These 4.25% Senior Notes due 2032 have an 8.2-year term and are scheduled to mature on July 23, 2032 (Note 10).
Current report
•On June 28, 2024, we completed an underwritten public offering of $400.0 million of 5.375% Senior Notes due 2034, at a price of 98.843% of par value. These 5.375% Senior Notes due 2034 have a 10.0-year term and are scheduled to mature on June 30, 2034 (Note 10).
Current report
We declared cash dividends totaling $1.735 per share during the six months ended June 30, 2024, comprised of two quarterly dividends per share of $0.865 and $0.870 (Note 12).
Current report
Net income attributable to W. P. Carey decreased for the three months ended June 30, 2024 as compared to the same period in 2023, primarily due to the impact of the Spin-Off and the Office Sale Program, and impairment charges recognized during the current year period, partially offset by higher gain on sale of real estate.
Current report
•one net-leased property classified as held for sale at June 30, 2024, which was sold in July 2024 (Note 4, Note 15);
Current report
Impairment Charges — Real Estate
Current report
Property Expenses, Excluding Reimbursable Tenant Costs
Current report
For the three and six months ended June 30, 2024 as compared to the same periods in 2023, property expenses, excluding reimbursable tenant costs, increased by $8.6 million and $8.0 million, respectively, primarily due to the release of real estate taxes accrued for a cash basis tenant during the prior year periods. The tenant was previously not current on real estate taxes due, and repaid the outstanding amount in the second quarter of 2023.
Current report
W. P. Carey 6/30/2024 10-Q –49
Current report
(a)Increase is due to funding of this construction loan since January 1, 2023, which has an interest rate of 6.0%.
Current report
(b)Decrease is due to higher interest expense as a result of refinancing the non-recourse mortgage loan encumbering the properties during the second quarter of 2024.
Current report
W. P. Carey 6/30/2024 10-Q –50
Current report
W. P. Carey 6/30/2024 10-Q –51
Current report
W. P. Carey 6/30/2024 10-Q –52
Removed paragraphs (8)
Previous report
•We acquired three investments totaling $264.7 million (Note 4, Note 5).
Previous report
In March 2024, we declared cash dividends totaling $0.865 per share (Note 12).
Previous report
W. P. Carey 3/31/2024 10-Q –32
Previous report
W. P. Carey 3/31/2024 10-Q –33
Previous report
W. P. Carey 3/31/2024 10-Q –34
Previous report
W. P. Carey 3/31/2024 10-Q –35
Previous report
General and Administrative
Previous report
For the three months ended March 31, 2024 as compared to the same period in 2023, general and administrative expenses increased by $1.3 million, primarily due to higher compensation expense and employee benefits expense.
Reworded paragraphs (45)
Previous wording
During the three months ended March 31, 2024, we completed the following (as further described in the consolidated financial statements):
Current wording
During the six months ended June 30, 2024, we completed the following (as further described in the consolidated financial statements):
Previous wording
•We completed one construction project at a cost totaling $14.7 million (Note 4).
Current wording
•We completed three construction projects at a cost totaling $33.2 million (Note 4).
Previous wording
•We funded approximately $1.8 million for a construction loan to build a retail complex in Las Vegas, Nevada, during the three months ended March 31, 2024. Through March 31, 2024, we have funded $233.2 million (Note 7).
Current wording
•We funded approximately $4.9 million for a construction loan to build a retail complex in Las Vegas, Nevada, during the six months ended June 30, 2024. Through June 30, 2024, we have funded $236.3 million (Note 7).
Previous wording
•We disposed of 153 properties for total proceeds, net of selling costs, of $868.4 million, including (i) our portfolio of 78 U-Haul properties for total proceeds, net of selling costs, of $464.1 million, (ii) 72 properties sold under the Office Sale Program for total proceeds, net of selling costs, of $390.0 million, and (iii) three additional properties for total proceeds, net of selling costs, of $14.4 million (Note 14).
Current wording
•We disposed of 165 properties for total proceeds, net of selling costs, of $1.0 billion, including (i) our portfolio of 78 U-Haul properties for total proceeds, net of selling costs, of $464.1 million, (ii) 75 properties sold under the Office Sale Program for total proceeds, net of selling costs, of $451.9 million, and (iii) 12 additional properties for total proceeds, net of selling costs, of $87.0 million (Note 14).
Previous wording
•We repaid non-recourse mortgage debt outstanding totaling $65.0 million with a weighted-average interest rate of 5.0% (Note 10).
Current wording
•We repaid non-recourse mortgage debt outstanding totaling $118.7 million with a weighted-average interest rate of 4.8% (Note 10).
Previous wording
(a)Amount for the three months ended March 31, 2024 includes $807.5 million of proceeds from the sales of net investments in sales-type leases (U-Haul and State of Andalusia portfolios) (Note 5). Such proceeds are included within Net cash provided by operating activities in accordance with Accounting Standards Codification 842, Leases.
Current wording
(a)Amount for the six months ended June 30, 2024 includes $807.1 million of proceeds from the sales of net investments in sales-type leases (U-Haul and State of Andalusia portfolios) (Note 5). Such proceeds are included within Net cash provided by operating activities in accordance with ASC 842, Leases.
Previous wording
Total revenues decreased for the three months ended March 31, 2024 as compared to the same period in 2023, primarily due to lower lease revenues (substantially as a result of the Spin-Off and the Office Sale Program (Note 1), partially offset by property acquisition activity and rent escalations), as well as lower other lease-related income (Note 4).
Current wording
Total revenues decreased for the three and six months ended June 30, 2024 as compared to the same periods in 2023, primarily due to lower lease revenues (substantially as a result of the Spin-Off and the Office Sale Program (Note 1)) and lower operating property revenue (substantially as a result of dispositions of hotel operating properties) (Note 4).
Previous wording
Net income attributable to W. P. Carey decreased for the three months ended March 31, 2024 as compared to the same period in 2023, primarily due to lower gain on sale of real estate.
Current wording
Net income attributable to W. P. Carey decreased for the six months ended June 30, 2024 as compared to the same period in 2023, primarily due to lower gain on sale of real estate, the impact of the Spin-Off and the Office Sale Program, and impairment charges recognized during the current year period.
Previous wording
AFFO decreased for the three months ended March 31, 2024 as compared to the same period in 2023, primarily due to the impact of the Spin-Off and Office Sale Program, as well as lower other lease-related income, partially offset by the impact of net investment activity and rent escalations.
Current wording
AFFO decreased for the three and six months ended June 30, 2024 as compared to the same periods in 2023, primarily due to the impact of the Spin-Off and Office Sale Program, as well as certain lease restructurings and property vacancies.
Previous wording
(a)Amounts for the three months ended March 31, 2024 and 2023 include $1.8 million and $13.7 million, respectively, of funding for a construction loan (Note 7). Amount for the three months ended March 31, 2024 includes $83.9 million of sale-leasebacks classified as loans receivable (Note 5).
Current wording
(a)Amounts for the six months ended June 30, 2024 and 2023 include $4.9 million and $23.7 million, respectively, of funding for a construction loan (Note 7). Amount for the six months ended June 30, 2024 includes $83.9 million of sale-leasebacks classified as loans receivable (Note 5).
Previous wording
(b)Other properties within Midwest include assets in Minnesota, Iowa, Kansas, Missouri, Nebraska, South Dakota, and North Dakota. Other properties within South include assets in Louisiana, Arkansas, Oklahoma, and Mississippi. Other properties within East include assets in Virginia, Connecticut, Maryland, West Virginia, New Hampshire, and Maine. Other properties within West include assets in Oregon, Colorado, Hawaii, Washington, Idaho, Montana, Nevada, Wyoming, and New Mexico.
Current wording
(b)Other properties within Midwest include assets in Minnesota, Iowa, Kansas, Missouri, Nebraska, South Dakota, and North Dakota. Other properties within South include assets in Louisiana, Arkansas, Oklahoma, and Mississippi. Other properties within East include assets in Virginia, Connecticut, Maryland, West Virginia, New Hampshire, and Maine. Other properties within West include assets in Oregon, Colorado, Washington, Nevada, Hawaii, Idaho, Montana, Wyoming, and New Mexico.
Previous wording
(c)$46.8 million (92%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.
Current wording
(c)$48.2 million (93%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.
Previous wording
(f)Includes ABR from tenants within the following property types: education facility, office, specialty, self storage (net lease), laboratory, hotel (net lease), research and development, and land.
Current wording
(f)Includes ABR from tenants within the following property types: education facility, specialty, office, self-storage (net lease), laboratory, hotel (net lease), research and development, and land.
Previous wording
(b)Includes ABR from tenants in the following industries: aerospace and defense, wholesale, insurance, sovereign and public finance, banking, environmental industries, media: advertising, printing, and publishing, oil and gas, consumer transportation, forest products and paper, and electricity. Also includes square footage for vacant properties.
Current wording
(b)Includes ABR from tenants in the following industries: aerospace and defense, insurance, sovereign and public finance, environmental industries, media: advertising, printing, and publishing, oil and gas, consumer transportation, forest products and paper, banking, and electricity. Also includes square footage for vacant properties.
Previous wording
“Existing net-leased properties” are those that we acquired or placed into service prior to January 1, 2023 and that were not sold, held for sale, derecognized, or reclassified to operating properties during the periods presented. For the periods presented, there were 1,099 existing net-leased properties.
Current wording
“Existing net-leased properties” are those that we acquired or placed into service prior to January 1, 2023 and that were not sold, held for sale, derecognized, or reclassified to operating properties during the periods presented. For the periods presented, there were 1,101 existing net-leased properties.
Previous wording
For the three months ended March 31, 2024 as compared to the same period in 2023, lease revenues from existing net-leased properties increased due to the following items (in millions):
Current wording
For the three months ended June 30, 2024 as compared to the same period in 2023, lease revenues from existing net-leased properties decreased due to the following items (in millions):
Previous wording
“Recently acquired net-leased properties” are those that we acquired or placed into service subsequent to December 31, 2022 and that were not sold or held for sale during the periods presented. Since January 1, 2023, we acquired 15 investments (comprised of 79 properties).
Current wording
“Recently acquired net-leased properties” are those that we acquired or placed into service subsequent to December 31, 2022 and that were not sold or held for sale during the periods presented. Since January 1, 2023, we acquired 22 investments (comprised of 95 properties).
Previous wording
•153 net-leased properties disposed of during the three months ended March 31, 2024;
Current wording
•164 net-leased properties disposed of during the six months ended June 30, 2024;
Previous wording
•a portfolio of 12 net-leased hotel properties that converted to operating properties in the first quarter of 2023 upon expiration of the master lease with the Marriott Corporation, after which we began recognizing operating property revenues and expenses from these properties (eight of these properties were sold during the third and fourth quarters of 2023).
Current wording
•a portfolio of 12 net-leased hotel properties that converted to operating properties in the first quarter of 2023 upon expiration of the master lease with the Marriott Corporation, after which we began recognizing operating property revenues and expenses from these properties (eight of these properties were sold during the third and fourth quarters of 2023 and one property was sold during the second quarter of 2024).
Previous wording
For the three months ended March 31, 2024 as compared to the same period in 2023, income from finance leases and loans receivable increased due to the following items (in millions):
Current wording
For the three and six months ended June 30, 2024 as compared to the same periods in 2023, income from finance leases and loans receivable decreased due to the following items (in millions):
Previous wording
(b)During the first quarter of 2024, we entered into a lease restructuring with our tenant Hellweg, which resulted in the reclassification of 13 properties leased to this tenant from direct financing leases to operating leases (Note 5).
Current wording
(b)Amount is primarily related to a lease restructuring we entered into with our tenant Hellweg during the first quarter of 2024, which resulted in the reclassification of 13 properties leased to this tenant from direct financing leases to operating leases (Note 5).
Previous wording
“Operating properties recently reclassified from net-leased properties or recently acquired” include (i) four net-leased hotel properties that converted to operating properties in the first quarter of 2023 (after which we began recognizing operating property revenues and expenses from these properties) and (ii) five self-storage operating properties acquired during 2023.
Current wording
“Operating properties recently reclassified from net-leased properties or recently acquired” include (i) three net-leased hotel properties that converted to operating properties in the first quarter of 2023 (after which we began recognizing operating property revenues and expenses from these properties) and (ii) five self-storage operating properties acquired during 2023.
Previous wording
“Operating properties sold, held for sale, or derecognized” are comprised of (i) eight hotel operating properties disposed of during 2023 and (ii) a parking garage attached to a net-leased property that was derecognized in connection with the Spin-Off.
Current wording
“Operating properties sold, held for sale, or derecognized” are comprised of (i) nine hotel operating properties disposed of during 2023 and 2024 and (ii) a parking garage attached to a net-leased property that was derecognized in connection with the Spin-Off.
Previous wording
For the three months ended March 31, 2024 as compared to the same period in 2023, depreciation and amortization expense decreased primarily due to the impact of the Spin-Off, the Office Sale Program, and other dispositions, partially offset by the impact of property acquisition activity.
Current wording
For the three and six months ended June 30, 2024 as compared to the same periods in 2023, depreciation and amortization expense decreased primarily due to the impact of the Spin-Off, the Office Sale Program, and other dispositions, partially offset by the impact of property acquisition activity and certain tenant vacancies (amortization of intangible assets for such properties was accelerated upon vacancy).
Previous wording
For the three months ended March 31, 2024 as compared to the same period in 2023, stock-based compensation expense increased by $1.1 million, primarily due to higher amortization of restricted share units and changes in the projected payout for performance share units.
Current wording
For the six months ended June 30, 2024 as compared to the same period in 2023, stock-based compensation expense increased by $1.0 million, primarily due to changes in the projected payout for PSUs and higher amortization of RSUs.
Previous wording
For the three months ended March 31, 2024, merger and other expenses are primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment.
Current wording
For the six months ended June 30, 2024, merger and other expenses are primarily comprised of the write-off of a value added tax receivable that was previously recorded in connection with an international investment.
Previous wording
For the three months ended March 31, 2024 as compared to the same period in 2023, interest expense increased by $1.5 million primarily due to (i) higher interest rates on our Senior Unsecured Credit Facility and (ii) our Unsecured Term Loan due 2026 that we entered into in April 2023 (Note 10), partially offset by (i) the reduction of our mortgage debt outstanding by prepaying or repaying at or close to maturity a total of $433.0 million of non-recourse mortgage loans with a weighted-average interest rate of 4.9% since January 1, 2023 (Note 10), and (ii) the derecognition of non-recourse mortgage loans with an aggregate carrying value totaling $164.7 million in connection with the Spin-Off on November 1, 2023 (Note 1).
Current wording
For the three and six months ended June 30, 2024 as compared to the same periods in 2023, interest expense decreased by $10.2 million and $8.7 million, respectively, primarily due to (i) the reduction of our mortgage debt outstanding by prepaying or repaying at or close to maturity a total of $486.7 million of non-recourse mortgage loans with a weighted-average interest rate of 4.9% since January 1, 2023 (Note 10), (ii) the derecognition of non-recourse mortgage loans with an aggregate carrying value totaling $164.7 million in connection with the Spin-Off on November 1, 2023, (iii) lower outstanding balances on our Unsecured Revolving Credit Facility, and (iv) the repayment of our $500 million of 4.6% Senior Notes on April 1, 2024, partially offset by our Unsecured Term Loan due 2026 that we entered into in April 2023 (Note 10).
Previous wording
(a)Increase for the three months ended March 31, 2024 as compared to the same period in 2023 is due to higher cash deposit balances as a result of the Spin-Off, the Office Sale Program, and other dispositions.
Current wording
(a)Increases for the three and six months ended June 30, 2024 as compared to the same periods in 2023 are due to higher cash deposit balances as a result of proceeds from issuances of Senior Unsecured Notes (Note 10), the Spin-Off, the Office Sale Program, and other dispositions.
Previous wording
Other gains and (losses) primarily consists of gains and losses on (i) foreign currency exchange rate movements, (ii) extinguishment of debt, and (iii) the mark-to-market fair value of equity securities, as well as changes in the allowance for credit losses on finance receivables. The timing and amount of such gains or losses cannot always be estimated and are subject to fluctuation. Certain of our foreign currency-denominated unsecured debt instruments were designated as net investment hedges during thethree months ended March 31, 2024 and 2023. Therefore, no gains and losses on foreign currency exchange rate movements were recognized on the remeasurement of such instruments during those periods (Note 9).
Current wording
Other gains and (losses) primarily consists of gains and losses on (i) foreign currency exchange rate movements, (ii) extinguishment of debt, and (iii) the mark-to-market fair value of equity securities, as well as changes in the allowance for credit losses on finance receivables. The timing and amount of such gains or losses cannot always be estimated and are subject to fluctuation. Certain of our foreign currency-denominated unsecured debt instruments were designated as net investment hedges during the three andsix months ended June 30, 2024 and 2023. Therefore, no gains and losses on foreign currency exchange rate movements were recognized on the remeasurement of such instruments during those periods (Note 9).
Previous wording
(b)Remeasurement of certain monetary assets and liabilities that are held by our subsidiaries in currencies other than their functional currency are included in other gains and (losses). This includes foreign currency-denominated intercompany loans to our foreign subsidiaries that are scheduled for settlement. Beginning in the first quarter of 2023, our intercompany loans subject to remeasurement were hedged by certain of our foreign currency-denominated unsecured debt that we de-designated as net investment hedges.
Current wording
(a)Remeasurement of certain monetary assets and liabilities that are held by our subsidiaries in currencies other than their functional currency are included in other gains and (losses). This includes foreign currency-denominated intercompany loans to our foreign subsidiaries that are scheduled for settlement. Beginning in the first quarter of 2023, our intercompany loans subject to remeasurement were hedged by certain of our foreign currency-denominated unsecured debt that we de-designated as net investment hedges.
Previous wording
(a)We acquired a secured loan receivable with a fair value of $13.3 million in our merger with a former affiliate, Corporate Property Associates 17 – Global Incorporated, in October 2018, for which the outstanding principal of $24.0 million was fully repaid to us in March 2024 (Note 5). Therefore, we recorded a $10.7 million gain on repayment of this secured loan receivable.
Current wording
(b)We acquired a secured loan receivable with a fair value of $13.3 million in our merger with a former affiliate, Corporate Property Associates 17 – Global Incorporated, in October 2018, for which the outstanding principal of $24.0 million was fully repaid to us in March 2024 (Note 5). Therefore, we recorded a $10.7 million gain on repayment of this secured loan receivable during the six months ended June 30, 2024.
Previous wording
For the three months ended March 31, 2024 as compared to the same period in 2023, provision for income taxes decreased by $6.4 million, primarily due to (i) the release of deferred tax assets in connection with the tax restructuring of certain international properties during the prior year period and (ii) the impact of international office property dispositions.
Current wording
For the three and six months ended June 30, 2024 as compared to the same periods in 2023, provision for income taxes decreased by $3.9 million and $10.4 million, primarily due to (i) the impact of international office property dispositions and (ii) the release of deferred tax assets in connection with the tax restructuring of certain international properties during the six months ended June 30, 2023.
Previous wording
Operating Activities— Net cash provided by operating activities increased by $752.8 million during the three months ended March 31, 2024 as compared to the same period in 2023, primarily due to $807.5 million of proceeds received from the sales of net investments in sales-types leases during the current year period (Note 5), net investment activity, and scheduled rent increases at existing properties, partially offset by the impact of the Spin-Off and Office Sale Program (Note 1).
Current wording
Operating Activities— Net cash provided by operating activities increased by $726.3 million during the six months ended June 30, 2024 as compared to the same period in 2023, primarily due to $807.1 million of proceeds received from the sales of net investments in sales-types leases during the current year period (Note 5), partially offset by the impact of the Spin-Off and Office Sale Program (Note 1).
Previous wording
(a)Aggregate debt balance includes unamortized discount, net, totaling $29.0 million and $31.8 million as of March 31, 2024 and December 31, 2023, respectively, and unamortized deferred financing costs totaling $20.0 million and $21.5 million as of March 31, 2024 and December 31, 2023, respectively.
Current wording
(a)Aggregate debt balance includes unamortized discount, net, totaling $35.6 million and $31.8 million as of June 30, 2024 and December 31, 2023, respectively, and unamortized deferred financing costs totaling $28.5 million and $21.5 million as of June 30, 2024 and December 31, 2023, respectively.
Previous wording
(b)Includes non-recourse mortgages subject to variable-to-fixed interest rate swaps totaling $44.4 million and $45.0 million as of March 31, 2024 and December 31, 2023, respectively.
Current wording
(b)Includes non-recourse mortgages subject to variable-to-fixed interest rate swaps totaling $68.4 million and $45.0 million as of June 30, 2024 and December 31, 2023, respectively.
Previous wording
•cash and cash equivalents totaling $777.0 million. Of this amount, $171.0 million, at then-current exchange rates, was held in foreign subsidiaries, and we could be subject to restrictions or significant costs should we decide to repatriate these amounts;
Current wording
•cash and cash equivalents totaling $1.1 billion. Of this amount, $598.9 million, at then-current exchange rates, was held in foreign subsidiaries, and we could be subject to restrictions or significant costs should we decide to repatriate these amounts;
Previous wording
•funds totaling $283.8 million that are held by an intermediary and have been designated for future 1031 Exchange transactions (Note 2);
Current wording
•funds totaling $106.9 million that are held by an intermediary and have been designated for future 1031 Exchange transactions (Note 2);
Previous wording
•our Unsecured Revolving Credit Facility, with available capacity of approximately $1.7 billion (net of amounts reserved for standby letters of credit totaling $5.9 million); and
Current wording
•our Unsecured Revolving Credit Facility, with available capacity of approximately $2.0 billion (net of amounts reserved for standby letters of credit totaling $5.8 million); and
Previous wording
•unleveraged properties that had an aggregate asset carrying value of approximately $12.9 billion at March 31, 2024, although there can be no assurance that we would be able to obtain financing for these properties.
Current wording
•unleveraged properties that had an aggregate asset carrying value of approximately $13.0 billion at June 30, 2024, although there can be no assurance that we would be able to obtain financing for these properties.
Previous wording
As of March 31, 2024, we had (i) $777.0 million of cash and cash equivalents, (ii) $283.8 million of funds that are held by an intermediary and have been designated for future 1031 Exchange transactions (Note 2), and (iii) approximately $1.7 billion of available capacity under our Unsecured Revolving Credit Facility (net of amounts reserved for standby letters of credit totaling $5.9 million). As of March 31, 2024, scheduled debt principal payments total $1.2 billion during the remainder of 2024 (including $500 million of senior notes that were repaid in April 2024 (Note 15)) and $704.7 million during 2025 (Note 10).
Current wording
As of June 30, 2024, we had (i) $1.1 billion of cash and cash equivalents, (ii) $106.9 million of funds that are held by an intermediary and have been designated for future 1031 Exchange transactions (Note 2), and (iii) approximately $2.0 billion of available capacity under our Unsecured Revolving Credit Facility (net of amounts reserved for standby letters of credit totaling $5.8 million). As of June 30, 2024, scheduled debt principal payments total $603.0 million during the remainder of 2024 (including €500 million of senior notes that were repaid in July 2024 (Note 15)) and $707.3 million during 2025 (Note 10).
Showing the first 40 of 45 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the six months ended June 30, 2024 as compared to the same period in 2023, lease revenues from existing net-leased properties decreased due to the following items (in millions):
Current report — wording carried from elsewhere
Our impairment charges on real estate are more fully described in Note 8.