W. P. Carey Inc.
For the period ended Jun 30, 2025. Filed Jul 30, 2025.
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, 2025 · Filed Jul 30, 2025
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 2025-03-31; filed 2025-04-30.
0001025378-25-000064
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsSupplemental Financial MeasuresCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001025378-25-000130
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 177 previous paragraphs and 192 current paragraphs.
118 unchanged; 49 reworded; 21 added; 10 removed; 0 previous and 4 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 (21)
Current report
Significant Developments
Current report
Issuance of Senior Unsecured Notes
Current report
On July 10, 2025, we completed an underwritten public offering of $400.0 million of 4.650% Senior Notes due 2030, at a price of 99.088% of par value. These 4.650% Senior Notes due 2030 have a five-year term and are scheduled to mature on July 15, 2030 (Note 10, Note 15).
Current report
•We acquired ten investments totaling $800.6 million (Note 4, Note 5).
Current report
•We completed one construction project at a cost of $4.8 million (Note 4).
Current report
We declared cash dividends totaling $1.790 per share during the six months ended June 30, 2025, comprised of two quarterly dividends per share of $0.900 and $0.890 (Note 12).
Current report
•ten self-storage operating properties sold during the second quarter of 2025; and
Current report
For the three and six months ended June 30, 2025 as compared to the same periods in 2024, depreciation and amortization expense decreased primarily due to accelerated amortization of intangible assets in connection with certain lease restructurings during the prior year periods, partially offset by the impact of net investment activity.
Current report
Stock-Based Compensation Expense
Current report
W. P. Carey 6/30/2025 10-Q – 48
Current report
(a)Decrease for the three months ended June 30, 2025 as compared to the same period in 2024 is primarily due to higher signage revenue at the complex related to a high-profile event during the prior year period.
Current report
(b)Increase is primarily due to higher rent collections at these retail properties, where certain rents were previously disputed and subsequently collected.
Current report
W. P. Carey 6/30/2025 10-Q – 49
Current report
W. P. Carey 6/30/2025 10-Q – 50
Current report
•funds totaling $135.2 million that are held by an intermediary and have been designated for future tax-deferred like-kind exchanges under 1031 Exchange transactions (Note 2);
Current report
W. P. Carey 6/30/2025 10-Q – 51
Current report
New Tax Legislation
Current report
Effective July 4, 2025, certain changes to U.S. tax law were approved that may impact us and our stockholders. Among other changes, this legislation (i) permanently extended the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers under Section 199A of the Code, (ii) increased the percentage limit under the REIT asset test applicable to TRSs from 20% to 25% for taxable years beginning after December 31, 2025, and (iii) increases the base on which the 30% interest deduction limit under Section 163(j) of the Code applies by excluding depreciation, amortization, and depletion from the definition of “adjusted taxable income” (i.e. based on EBITDA rather than EBIT) for taxable years beginning after December 31, 2024.
Removed paragraphs (10)
Previous report
•We acquired four investments totaling $268.2 million (Note 4, Note 5).
Previous report
•We funded approximately $0.8 million for construction loans for retail projects in Las Vegas, Nevada, during the three months ended March 31, 2025. Through March 31, 2025, we have funded $32.7 million (Note 5).
Previous report
In March 2025, we declared cash dividends totaling $0.890 per share (Note 12).
Previous report
W. P. Carey 3/31/2025 10-Q –31
Previous report
W. P. Carey 3/31/2025 10-Q –32
Previous report
W. P. Carey 3/31/2025 10-Q –33
Previous report
W. P. Carey 3/31/2025 10-Q –34
Previous report
General and Administrative
Previous report
For the three months ended March 31, 2025 as compared to the same period in 2024, general and administrative expenses decreased by $0.9 million, primarily due to lower professional fees.
Previous report
(a)Increase is due to (i) funding of the construction loan portion of this investment since January 1, 2024, which has an interest rate of 6.0%, and (ii) the acquisition of a 47.50% equity interest in the partnership that owns this investment on February 27, 2025 (Note 7).
Reworded paragraphs (49)
Previous wording
During the three months ended March 31, 2025, we completed the following (as further described in the consolidated financial statements):
Current wording
During the six months ended June 30, 2025, we completed the following (as further described in the consolidated financial statements):
Previous wording
•We acquired a 47.50% ownership interest in the partnership that owns the Las Vegas Retail Complex for $5.0 million (Note 7). In addition, we funded approximately $1.2 million for a construction loan on this project during the three months ended March 31, 2025. Through March 31, 2025, we have funded $248.9 million (Note 7).
Current wording
•We acquired a 47.50% ownership interest in the partnership that owns the Las Vegas Retail Complex for $5.0 million (Note 7). In addition, we funded approximately $5.2 million for construction loans for projects in Las Vegas, Nevada, during the six months ended June 30, 2025 (Note 5, Note 7).
Previous wording
•We committed to fund three construction projects totaling $45.2 million. We currently expect to complete these projects in 2025 and 2026 (Note 4).
Current wording
•We committed to fund five new construction projects totaling $167.2 million (on a consolidated basis). We currently expect to complete these projects in 2025, 2026, and 2027 (Note 4, Note 5).
Previous wording
•We disposed of nine properties for total proceeds, net of selling costs, of $126.7 million (Note 14).
Current wording
•We disposed of 55 properties for total proceeds, net of selling costs, of $487.3 million, including ten self-storage operating properties for total proceeds, net of selling costs, of $110.4 million (Note 14).
Previous wording
•On March 31, 2025, we refinanced our €500.0 million Unsecured Term Loan due 2029, extending the maturity date by three years to April 2029. In conjunction with this refinancing, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.80% as of March 31, 2025 (inclusive of the current spread) (Note 10).
Current wording
•On March 31, 2025, we refinanced our €500.0 million term loan, extending the maturity date by three years to April 2029 (our Unsecured Term Loan due 2029). In conjunction with this refinancing, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.80% as of June 30, 2025 (inclusive of the current spread) (Note 10).
Previous wording
•On March 31, 2025, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate on our £270.0 million GBP Term Loan due 2028 at 3.92% through the end of 2027, for a total per annum interest rate of approximately 4.72% as of March 31, 2025 (inclusive of the current spread) (Note 10).
Current wording
•On March 31, 2025, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate on our £270.0 million GBP Term Loan due 2028 at 3.92% through the end of 2027, for a total annual interest rate of approximately 4.72% as of June 30, 2025 (inclusive of the current spread) (Note 10).
Previous wording
•We repaid non-recourse mortgage debt outstanding totaling $69.8 million with a weighted-average interest rate of 4.3% (Note 10).
Current wording
•We repaid non-recourse mortgage debt outstanding totaling $173.9 million with a weighted-average interest rate of 4.3% (Note 10).
Previous wording
(a)Amounts for the three months ended March 31, 2025 and 2024 include $16.3 million and $807.5 million, respectively, of proceeds from the sales of net investments in sales-type leases (U-Haul and State of Andalusia portfolios sold during the prior-year period) (Note 5). Such proceeds are included within Net cash provided by operating activities in accordance with ASC 842, Leases.
Current wording
(a)Amounts for the six months ended June 30, 2025 and 2024 include $178.2 million and $807.1 million, respectively, of proceeds from the sales of net investments in sales-type leases (primarily the Grupo Memora portfolio sold during the current-year period and the U-Haul and State of Andalusia portfolios sold during the prior-year period) (Note 5). Such proceeds are included within Net cash provided by operating activities in accordance with ASC 842, Leases.
Previous wording
Total revenues increased for the three months ended March 31, 2025 as compared to the same period in 2024, primarily due to net investment activity and the impact of certain lease restructurings.
Current wording
Total revenues increased for the three and six months ended June 30, 2025 as compared to the same periods in 2024, primarily due to net investment activity and rent escalations.
Previous wording
Net income attributable to W. P. Carey decreased for the three months ended March 31, 2025 as compared to the same period in 2024, primarily due to higher losses from remeasurement of foreign debt and a higher non-cash allowance for credit loss on finance leases and loans receivable, partially offset by higher gain on sale of real estate.
Current wording
Net income attributable to W. P. Carey decreased for the three and six months ended June 30, 2025 as compared to the same periods in 2024, primarily due to non-cash unrealized losses recognized on our investment in shares of Lineage during the current-year periods (Note 8), higher losses from remeasurement of foreign debt, and a higher non-cash allowance for credit loss on finance leases and loans receivable, partially offset by higher gain on sale of real estate.
Previous wording
AFFO increased for the three months ended March 31, 2025 as compared to the same period in 2024, primarily due to the impact of net investment activity, rent escalations, and leasing activity, partially offset by lower interest income on cash deposits.
Current wording
AFFO increased for the three and six months ended June 30, 2025 as compared to the same periods in 2024, primarily due to the accretive impact of net investment activity, rent escalations, and leasing activity.
Previous wording
(a)Amounts for the three months ended March 31, 2025 and 2024 include $1.2 million and $1.8 million, respectively, of funding for a construction loan accounted for as an equity investment (Note 7). Amount for the three months ended March 31, 2025 includes $5.0 million to acquire a 47.50% ownership interest in that equity investment (Note 7). Amount for the three months ended March 31, 2025 includes $0.8 million of funding for two construction loans accounted for as secured loans receivable (Note 5). Amounts for the three months ended March 31, 2025 and 2024 include $91.9 million and $83.9 million, respectively, of sale-leasebacks classified as loans receivable (Note 5).
Current wording
(a)Amounts for the six months ended June 30, 2025 and 2024 include $3.2 million and $4.9 million, respectively, of funding for a construction loan accounted for as an equity investment (Note 7). Amount for the six months ended June 30, 2025 includes $5.0 million to acquire a 47.50% ownership interest in that equity investment (Note 7). Amount for the six months ended June 30, 2025 includes $2.0 million of funding for two construction loans accounted for as secured loans receivable (Note 5). Amounts for the six months ended June 30, 2025 and 2024 include $258.0 million and $83.9 million, respectively, of sale-leasebacks classified as loans receivable (Note 5).
Previous wording
(c)On March 28, 2025, we executed an agreement giving us the right to terminate the leases at (i) seven properties on September 15, 2025 with ABR totaling $4.8 million and (ii) five properties on September 15, 2026 with ABR totaling $3.3 million.
Current wording
(c)On March 28, 2025, we executed an agreement giving us the right to terminate the leases at (i) seven properties on September 15, 2025 with ABR totaling $5.2 million and (ii) five properties on September 15, 2026 with ABR totaling $3.5 million.
Previous wording
(d)Of the 23 properties leased to ABC Technologies Holdings Inc., nine are located in Canada, eight are located in the United States, and six are located in Mexico.
Current wording
(d)Of the 22 properties leased to TI Automotive, nine are located in Canada, seven are located in the United States, and six are located in Mexico.
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 Arkansas, Louisiana, Oklahoma, and Mississippi. Other properties within East include assets in Virginia, Maryland, Connecticut, West Virginia, New Hampshire, and Maine. Other properties within West include assets in Oregon, Colorado, Washington, Montana, Hawaii, Idaho, Wyoming, and New Mexico.
Current wording
(b)Other properties within Midwest include assets in Iowa, Minnesota, Kansas, Missouri, Nebraska, South Dakota, and North Dakota. Other properties within South include assets in Arkansas, Louisiana, Oklahoma, and Mississippi. Other properties within East include assets in Virginia, Maryland, Connecticut, West Virginia, New Hampshire, and Maine. Other properties within West include assets in Oregon, Colorado, Washington, Montana, Hawaii, Idaho, Wyoming, and New Mexico.
Previous wording
(c)$48.9 million (90%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.
Current wording
(c)$50.3 million (89%) of ABR from properties in Canada is denominated in U.S. dollars, with the balance denominated in Canadian dollars.
Previous wording
(e)Includes assets in Lithuania, Belgium, Hungary, Norway, Mauritius, Slovakia, Portugal, the Czech Republic, Austria, Sweden, Latvia, Japan, Finland, and Estonia.
Current wording
(e)Includes assets in Belgium, Hungary, Norway, Mauritius, Slovakia, Portugal, the Czech Republic, Austria, Sweden, Latvia, Japan, Finland, and Estonia.
Previous wording
(g)Includes ABR from tenants within the following property types: education facility, specialty, self-storage (net lease), laboratory, research and development, hotel (net lease), office, and land.
Current wording
(g)Includes ABR from tenants within the following property types: education facility, self-storage (net lease), specialty, laboratory, research and development, hotel (net lease), office, and land.
Previous wording
“Existing net-leased properties” are those that we acquired or placed into service prior to January 1, 2024 and that were not sold or held for sale during the periods presented. For the periods presented, there were 1,165 existing net-leased properties.
Current wording
“Existing net-leased properties” are those that we acquired or placed into service prior to January 1, 2024 and that were not sold or held for sale during the periods presented. For the periods presented, there were 1,135 existing net-leased properties.
Previous wording
For the three months ended March 31, 2025 as compared to the same period in 2024, lease revenues from existing net-leased properties increased due to the following items (in millions):
Current wording
For the three and six months ended June 30, 2025 as compared to the same periods in 2024, lease revenues from existing net-leased properties increased due to the following items (in millions):
Previous wording
(b)Includes (i) lease revenues of $2.6 million from 12 self-storage operating properties that were converted to net leases on September 1, 2024 and (ii) an increase in lease revenues of $0.8 million as a result of a lease restructuring for 27 existing net-leased self-storage properties that was executed on September 1, 2024.
Current wording
(a)Includes (i) lease revenues of $3.3 million and $6.0 million during the three and six months ended June 30, 2025, respectively, from 14 self-storage operating properties that were converted to net leases on September 1, 2024 or April 1, 2025 and (ii) an increase in lease revenues of $0.6 million and $1.3 million during the three and six months ended June 30, 2025, respectively, as a result of a lease restructuring for 27 existing net-leased self-storage properties that was executed on September 1, 2024.
Previous wording
(c)Excludes fixed minimum rent increases, which are reflected as straight-line rent adjustments within lease revenues.
Current wording
(b)Excludes fixed minimum rent increases, which are reflected as straight-line rent adjustments within lease revenues.
Previous wording
(a)During the first quarter of 2024, we entered into a lease restructuring with our tenant Hellweg, which included (i) abated rent from January 1, 2024 to March 31, 2024 and (ii) a reduction in annual base rent.
Current wording
(c)During the first quarter of 2024, we entered into a lease restructuring with our tenant Hellweg, which included (i) abated rent from January 1, 2024 to March 31, 2024 and (ii) a reduction in annual base rent.
Previous wording
“Recently acquired net-leased properties” are those that we acquired or placed into service subsequent to December 31, 2023 and that were not sold or held for sale during the periods presented. Since January 1, 2024, we acquired 28 investments (comprised of 335 properties).
Current wording
“Recently acquired net-leased properties” are those that we acquired or placed into service subsequent to December 31, 2023 and that were not sold or held for sale during the periods presented. Since January 1, 2024, we acquired 33 investments (comprised of 352 properties).
Previous wording
•Nine net-leased properties disposed of during the three months ended March 31, 2025;
Current wording
•45 net-leased properties disposed of during the six months ended June 30, 2025; and
Previous wording
For the three months ended March 31, 2025 as compared to the same period in 2024, income from finance leases and loans receivable decreased due to the following items (in millions):
Current wording
For the three months ended June 30, 2025 as compared to the same period in 2024, income from finance leases and loans receivable increased due to the following items (in millions):
Previous wording
“Existing operating properties” are those that we acquired or placed into service prior to January 1, 2024 and that were not sold, held for sale, or reclassified to net-leased properties during the periods presented. For the periods presented, we recorded operating property revenues from 83 existing operating properties, comprised of 77 self-storage operating properties, four hotel operating properties, and two student housing operating properties.
Current wording
“Existing operating properties” are those that we acquired or placed into service prior to January 1, 2024 and that were not sold, held for sale, or reclassified to net-leased properties during the periods presented. For the periods presented, we recorded operating property revenues from 66 existing operating properties, comprised of 60 self-storage operating properties, four hotel operating properties, and two student housing operating properties.
Previous wording
“Operating properties sold or reclassified to net-leased properties” are comprised of (i) one hotel operating property sold during the second quarter of 2024 and (ii) three self-storage operating properties that were reclassified to net-leased properties during the third quarter of 2024.
Current wording
•one hotel operating property sold during the second quarter of 2024;
Previous wording
•three net-leased properties classified as held for sale at March 31, 2025 (Note 4), all of which were sold in April 2025 (Note 15); and
Current wording
•five self-storage operating properties classified as held for sale at June 30, 2025 (Note 4), all of which were sold in July 2025 (Note 15).
Previous wording
For the three months ended March 31, 2025 as compared to the same period in 2024, depreciation and amortization expense increased primarily due to the impact of property acquisition activity.
Current wording
For the three and six months ended June 30, 2025 as compared to the same periods in 2024, stock-based compensation expense increased primarily due to changes in estimated future PSU payouts.
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
Other gains and (losses) primarily consists of gains and losses on (i) the mark-to-market fair value of equity securities, (ii) extinguishment of debt, (iii) foreign currency exchange rate movements (except those foreign currency-denominated unsecured debt instruments that were designated as net investment hedges (Note 9)), and (iv) changes in the non-cash allowance for credit losses on loans receivable and finance leases. The timing and amount of such gains or losses cannot always be estimated and are subject to fluctuation.
Current wording
Other gains and (losses) primarily consists of gains and losses on (i) the mark-to-market fair value of equity securities, (ii) foreign currency exchange rate movements (except those foreign currency-denominated unsecured debt instruments that were designated as net investment hedges (Note 9)), (iii) changes in the non-cash allowance for credit losses on loans receivable and finance leases, and (iv) extinguishment of debt. The timing and amount of such gains or losses cannot always be estimated and are subject to fluctuation.
Previous 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 three months ended March 31, 2024.
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, 2025 as compared to the same period in 2024, interest expense increased by $0.2 million, primarily due to higher outstanding balances and interest rates on our Senior Unsecured Notes, partially offset by (i) lower interest rates on our Unsecured Term Loans, (ii) the reduction of our mortgage debt outstanding by prepaying or repaying at or close to maturity a total of $284.8 million of non-recourse mortgage loans with a weighted-average interest rate of 4.4% since January 1, 2024 (Note 10), and (iii) lower outstanding balances on our Unsecured Revolving Credit Facility.
Current wording
For the three and six months ended June 30, 2025 as compared to the same periods in 2024, interest expense increased by $6.5 million and $6.6 million, respectively, primarily due to higher outstanding balances and interest rates on our Senior Unsecured Notes and Unsecured Revolving Credit Facility, partially offset by lower interest rates on our Unsecured Term Loans and the reduction of our mortgage debt outstanding by prepaying or repaying at or close to maturity a total of $389.0 million of non-recourse mortgage loans with a weighted-average interest rate of 4.4% since January 1, 2024 (Note 10).
Previous wording
(b)On September 1, 2024, we acquired the remaining 10% controlling interest in the Johnson Self Storage jointly owned investment, bringing our ownership interest to 100%. Following this acquisition, we no longer recognize equity income from this consolidated investment.
Current wording
(c)On September 1, 2024, we acquired the remaining 10% controlling interest in the Johnson Self Storage jointly owned investment, bringing our ownership interest to 100%. Following this acquisition, we no longer recognize equity income from this consolidated investment.
Previous wording
(a)Decrease for the three months ended March 31, 2025 as compared to the same period in 2024 is due to lower cash deposit balances as a result of investment activity and debt repayments.
Current wording
(a)Decreases for the three and six months ended June 30, 2025 as compared to the same periods in 2024 are due to lower cash deposit balances as a result of investment activity and debt repayments.
Previous wording
For the three months ended March 31, 2025 as compared to the same period in 2024, provision for income taxes increased by $3.0 million, primarily due to higher current taxes and a deferred tax benefit recognized during the prior year period, both as a result of an international lease restructuring.
Current wording
For the three and six months ended June 30, 2025 as compared to the same periods in 2024, provision for income taxes increased by $6.9 million and $9.8 million, respectively, primarily due to higher deferred tax benefits recognized during the prior year periods as a result of international lease restructurings and higher current tax expense recognized during the current year periods related to certain lease-related settlements.
Previous wording
Operating Activities— Net cash provided by operating activities decreased by $762.3 million during the three months ended March 31, 2025 as compared to the same period in 2024, primarily due to $807.5 million of proceeds received from the sales of net investments in sales-types leases during the prior year period (Note 5), partially offset by an increase in cash flow generated from net investment activity, scheduled rent increases at existing properties, and leasing activity.
Current wording
Operating Activities— Net cash provided by operating activities decreased by $579.4 million during the six months ended June 30, 2025 as compared to the same period in 2024, primarily due to significantly lower proceeds received from the sales of net investments in sales-type leases (Note 5), partially offset by an increase in cash flow generated from net investment activity, scheduled rent increases at existing properties, and leasing activity.
Previous wording
(a)Aggregate debt balance includes unamortized discount, net, totaling $41.4 million and $39.3 million as of March 31, 2025 and December 31, 2024, respectively, and unamortized deferred financing costs totaling $30.3 million and $30.9 million as of March 31, 2025 and December 31, 2024, respectively.
Current wording
(a)Aggregate debt balance includes unamortized discount, net, totaling $40.5 million and $39.3 million as of June 30, 2025 and December 31, 2024, respectively, and unamortized deferred financing costs totaling $29.8 million and $30.9 million as of June 30, 2025 and December 31, 2024, respectively.
Previous wording
(b)Includes non-recourse mortgages subject to variable-to-fixed interest rate swaps totaling $44.4 million and $43.5 million as of March 31, 2025 and December 31, 2024, respectively.
Current wording
(b)Includes non-recourse mortgages subject to variable-to-fixed interest rate swaps totaling $46.8 million and $43.5 million as of June 30, 2025 and December 31, 2024, respectively.
Showing the first 40 of 49 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
For the six months ended June 30, 2025 as compared to the same period in 2024, income from finance leases and loans receivable decreased due to the following items (in millions):
Current report — wording carried from elsewhere
“Operating properties sold, held for sale, or reclassified to net-leased properties” include:
Current report — wording carried from elsewhere
•three self-storage operating properties that were reclassified to net-leased properties during the third quarter of 2024;
Current report — wording carried from elsewhere
•two self-storage operating properties that were reclassified to net-leased properties during the second quarter of 2025;