W. P. Carey Inc.
For the period ended Sep 30, 2025. Filed Oct 29, 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.
Sep 30, 2025 · Filed Oct 29, 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 2025-06-30; filed 2025-07-30.
0001025378-25-000130
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsSupplemental Financial MeasuresCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001025378-25-000144
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 192 previous paragraphs and 201 current paragraphs.
133 unchanged; 48 reworded; 17 added; 11 removed; 0 previous and 3 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 (17)
Current report
•We acquired 21 investments totaling $1.4 billion (Note 4, Note 5).
Current report
•We completed two construction projects totaling $46.9 million (Note 4).
Current report
•We sold 2,757,370 shares of common stock during the third quarter of 2025 through our ATM Forwards at a weighted-average gross price of $67.91 per share, for anticipated gross proceeds of approximately $187.3 million as of September 30, 2025 (Note 12). In October 2025, we sold 628,090 additional shares of common stock through our ATM Forwards at a weighted-average price of $68.66 per share for anticipated gross proceeds of approximately $43.1 million (Note 15). As of the date of this Report, all of these shares of common stock sold through our ATM Forwards remain unsettled.
Current report
Net income attributable to W. P. Carey increased for the three months ended September 30, 2025 as compared to the same period in 2024, primarily due to higher gain on sale of real estate, lower unrealized losses recognized on our investment in shares of Lineage (Note 8), and the accretive impact of net investment activity, partially offset by a gain on change in control of interests recognized in connection with the purchase of the remaining interest in a jointly owned investment during the prior-year period (Note 7).
Current report
Operating Property Revenues
Current report
Operating Property Expenses
Current report
For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, operating property expenses decreased by $2.7 million and $6.0 million, respectively, primarily due to the self-storage operating property dispositions and reclassifications to net leases during the reporting period, as described above and in Note 14.
Current report
Property Expenses, Excluding Reimbursable Tenant Costs
Current report
For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, property expenses, excluding reimbursable tenant costs, increased by $3.6 million and $2.9 million, respectively, primarily due to higher real estate taxes at certain properties and tenant vacancies (which resulted in property expenses no longer being reimbursable).
Current report
(a)Decrease is primarily due to rent collections from a tenant at the complex and the write-off of the related straight-line rent receivable balance (since we began recognizing lease revenue from the tenant on a cash basis).
Current report
Gain on Change in Control of Interests
Current report
On September 1, 2024, we acquired the remaining interest in an investment in which we already had a joint interest and accounted for under the equity method. Due to the change in control of this jointly owned investment, we recorded a gain on change in control of interests of $31.8 million reflecting the difference between our carrying value and the fair value of our previously held equity interest. Subsequent to this acquisition, we consolidated this wholly owned investment (Note 7).
Current report
For the nine months ended September 30, 2025 as compared to the same period in 2024, provision for income taxes increased by $9.3 million, primarily due to the impact of (i) international lease restructurings, (ii) strengthening foreign currencies, and (iii) international property acquisitions.
Current report
•available proceeds under our ATM Forwards of approximately $182.8 million (Note 12); and
Current report
(a)Amounts for the three and nine months ended September 30, 2024 represent a gain recognized on the remaining interest in an investment acquired during the third quarter of 2024, which we had previously accounted for under the equity method (Note 7).
Removed paragraphs (11)
Previous report
Significant Developments
Previous report
Issuance of Senior Unsecured Notes
Previous report
•We acquired ten investments totaling $800.6 million (Note 4, Note 5).
Previous report
•We completed one construction project at a cost of $4.8 million (Note 4).
Previous report
W. P. Carey 6/30/2025 10-Q – 35
Previous report
W. P. Carey 6/30/2025 10-Q – 36
Previous report
(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 report
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):
Previous report
Operating Property Revenues and Expenses
Previous 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.
Previous report
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.
Reworded paragraphs (48)
Previous wording
During the six months ended June 30, 2025, we completed the following (as further described in the consolidated financial statements):
Current wording
During the nine months ended September 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 $5.2 million for construction loans for projects in Las Vegas, Nevada, during the six months ended June 30, 2025 (Note 5, 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 $6.0 million for construction loans for projects in Las Vegas, Nevada, during the nine months ended September 30, 2025 (Note 5, Note 7).
Previous 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).
Current wording
•We committed to fund five new construction projects totaling $168.0 million (on a consolidated basis). We currently expect to complete these projects in 2026 and 2027 (Note 4, Note 5).
Previous 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).
Current wording
•We disposed of 84 properties for total proceeds, net of selling costs, of $970.3 million, including (i) 32 self-storage operating properties for total proceeds, net of selling costs, of $451.2 million, and (ii) one student housing operating property for proceeds, net of selling costs, of $77.8 million (Note 14).
Previous wording
•We repaid non-recourse mortgage debt outstanding totaling $173.9 million with a weighted-average interest rate of 4.3% (Note 10).
Current wording
•We repaid non-recourse mortgage debt outstanding totaling $215.8 million with a weighted-average interest rate of 4.4% (Note 10).
Previous wording
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 wording
•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).
Previous wording
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 wording
We declared cash dividends totaling $2.700 per share during the nine months ended September 30, 2025, comprised of three quarterly dividends per share of $0.910, $0.900, and $0.890 (Note 12).
Previous 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.
Current wording
(a)Amounts for the nine months ended September 30, 2025 and 2024 include $200.2 million and $807.0 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 and six months ended June 30, 2025 as compared to the same periods in 2024, primarily due to net investment activity and rent escalations.
Current wording
Total revenues increased for the three and nine months ended September 30, 2025 as compared to the same periods in 2024, primarily due to net investment activity and rent escalations, partially offset by lower operating property revenues as a result of self-storage operating property dispositions (Note 14).
Previous 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.
Current wording
Net income attributable to W. P. Carey decreased for the nine months ended September 30, 2025 as compared to the same period in 2024, primarily due to higher losses from remeasurement of foreign debt, higher unrealized losses recognized on our investment in shares of Lineage (Note 8), and a gain on change in control of interests recognized in connection with the purchase of the remaining interest in a jointly owned investment during the prior-year period, partially offset by higher gain on sale of real estate and the accretive impact of net investment activity.
Previous 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.
Current wording
AFFO increased for the three and nine months ended September 30, 2025 as compared to the same periods in 2024, primarily due to the accretive impact of net investment activity and rent escalations.
Previous wording
Our portfolio is comprised of operationally-critical, commercial real estate assets net leased to tenants located primarily in the United States and Northern and Western Europe. We invest in high-quality single tenant industrial, warehouse, and retail properties subject to long-term net leases with built-in rent escalators. Portfolio information is provided on a pro rata basis, unless otherwise noted below, to better illustrate the economic impact of our various net-leased jointly owned investments. See Terms and Definitions below for a description of pro rata amounts.
Current wording
Our portfolio is comprised of operationally-critical, commercial real estate assets net leased to tenants located primarily in the United States and Europe. We invest in high-quality single tenant industrial, warehouse, and retail properties subject to long-term net leases with built-in rent escalators. Portfolio information is provided on a pro rata basis, unless otherwise noted below, to better illustrate the economic impact of our various net-leased jointly owned investments. See Terms and Definitions below for a description of pro rata amounts.
Previous 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).
Current wording
(a)Amounts for the nine months ended September 30, 2025 and 2024 include $3.2 million and $8.8 million, respectively, of funding for a construction loan accounted for as an equity investment (Note 7). Amount for the nine months ended September 30, 2025 includes $5.0 million to acquire a 47.50% ownership interest in that equity investment (Note 7). Amount for the nine months ended September 30, 2025 includes $2.8 million of funding for two construction loans accounted for as secured loans receivable (Note 5). Amounts for the nine months ended September 30, 2025 and 2024 include $361.4 million and $83.9 million, respectively, of sale-leasebacks classified as loans receivable (Note 5).
Previous 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.
Current wording
(c)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 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.
Current wording
(b)Other properties within South include assets in Arkansas, Louisiana, Oklahoma, and Mississippi. Other properties within Midwest include assets in Iowa, Minnesota, Kansas, Missouri, Nebraska, South Dakota, and North Dakota. Other properties within East include assets in Virginia, Maryland, Connecticut, West Virginia, New Hampshire, and Maine. Other properties within West include assets in Utah, Oregon, Colorado, Washington, Montana, Hawaii, Idaho, Wyoming, and New Mexico.
Previous 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.
Current wording
(c)$50.4 million (85%) 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 Belgium, Hungary, Norway, Mauritius, Slovakia, Portugal, the Czech Republic, Austria, Sweden, Latvia, Japan, Finland, and Estonia.
Current wording
(e)Includes assets in Slovakia, Belgium, the Czech Republic, Norway, Mauritius, Portugal, Austria, Latvia, Sweden, Finland, Japan, Estonia, and Hungary.
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 1,135 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 1,131 existing net-leased properties.
Previous 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):
Current wording
For the three and nine months ended September 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)Excludes fixed minimum rent increases, which are reflected as straight-line rent adjustments within lease revenues.
Current wording
(a)Excludes fixed minimum rent increases, which are reflected as straight-line rent adjustments within lease revenues.
Previous 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.
Current wording
(b)Includes (i) higher lease revenues of $2.7 million and $8.7 million for the three and nine months ended September 30, 2025 as compared to the same periods in 2024, respectively, from 16 self-storage operating properties that were converted to net leases on September 1, 2024, April 1, 2025, July 1, 2025, or August 1, 2025, and (ii) higher lease revenues of $0.2 million and $1.5 million during the three and nine months ended September 30, 2025 as compared to the same periods in 2024, 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)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. In addition, these amounts reflect a decrease in lease revenues of $0.6 million related to lease terminations during the third quarter of 2025 at certain properties leased to Hellweg.
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 33 investments (comprised of 352 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 43 investments (comprised of 412 properties).
Previous wording
•45 net-leased properties disposed of during the six months ended June 30, 2025; and
Current wording
•51 net-leased properties disposed of during the nine months ended September 30, 2025;
Previous 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).
Current wording
•three net-leased properties classified as held for sale at September 30, 2025, two of which were sold in October 2025 (Note 15); and
Previous 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):
Current wording
For the three and nine months ended September 30, 2025 as compared to the same periods 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 66 existing operating properties, comprised of 60 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 46 existing operating properties, comprised of 41 self-storage operating properties, four hotel operating properties, and one student housing operating property.
Previous wording
•ten self-storage operating properties sold during the second quarter of 2025; and
Current wording
•ten self-storage operating properties sold during the second quarter of 2025;
Previous wording
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 wording
For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, depreciation and amortization expense increased by $9.9 million and $3.8 million, respectively, primarily due to the impact of net investment activity, partially offset by accelerated amortization of intangible assets in connection with certain lease restructurings during the nine months ended September 30, 2024.
Previous 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.
Current wording
For the three months ended September 30, 2025 as compared to the same period in 2024, stock-based compensation expense decreased by $2.3 million primarily due to changes in estimated future PSU payouts.
Previous 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.
Current wording
For the nine months ended September 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 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).
Current wording
For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, interest expense increased by $2.7 million and $9.3 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 $430.9 million of non-recourse mortgage loans with a weighted-average interest rate of 4.4% since January 1, 2024 (Note 10).
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 six months ended June 30, 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 nine months ended September 30, 2024.
Previous 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.
Current wording
(a)Decreases for the three and nine months ended September 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
(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.
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 (Note 7).
Previous 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.
Current wording
Operating Activities— Net cash provided by operating activities decreased by $559.1 million during the nine months ended September 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 $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.
Current wording
(a)Aggregate debt balance includes unamortized discount, net, totaling $41.7 million and $39.3 million as of September 30, 2025 and December 31, 2024, respectively, and unamortized deferred financing costs totaling $31.7 million and $30.9 million as of September 30, 2025 and December 31, 2024, respectively.
Previous 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.
Current wording
(b)Includes non-recourse mortgages subject to variable-to-fixed interest rate swaps totaling $46.4 million and $43.5 million as of September 30, 2025 and December 31, 2024, respectively.
Previous wording
•cash and cash equivalents totaling $244.8 million. Of this amount, $211.1 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 $249.0 million. Of this amount, $196.2 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 $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 wording
•funds totaling $64.1 million that are held by an intermediary and have been designated for future tax-deferred like-kind exchanges under 1031 Exchange transactions (Note 2);
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
•two self-storage operating properties that were reclassified to net-leased properties during the third quarter of 2025;
Current report — wording carried from elsewhere
•22 self-storage operating properties sold during the third quarter of 2025; and
Current report — wording carried from elsewhere
•one student housing operating property sold during the third quarter of 2025.