Business and Organization W. P. Carey Inc. (W. P. Carey) is a REIT that, together with our consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in the United States and Northern and Western Europe on a long-term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property. Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol WPC. We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. Through our taxable REIT subsidiaries (TRSs), we also earn revenue as the advisor to certain non-traded investment programs. We hold all of our real estate assets attributable to our Real Estate segment under the REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs. On April 13, 2020, two of the non-traded REITs that we advised, Carey Watermark Investors Incorporated (CWI 1) and Carey Watermark Investors 2 Incorporated (CWI 2) (together, the CWI REITs), merged in an all-stock transaction, with CWI 2 as the surviving entity (the CWI 1 and CWI 2 Merger). Following the close of the CWI 1 and CWI 2 Merger, our advisory agreements with CWI 1 and CWI 2 were terminated, CWI 2 was renamed Watermark Lodging Trust, Inc. (WLT), and we began to provide certain services to WLT pursuant to a transition services agreement. As a result, at June 30, 2020 , we were the advisor to the following entities ( Note 3 ):  Corporate Property Associates 18  Global Incorporated (CPA:18  Global), a publicly owned, non-traded REIT that primarily invests in commercial real estate properties; we refer to CPA:18  Global together with the CWI REITs as the Managed REITs (as used throughout this Report, the term Managed REITs does not include CWI 1 and CWI 2 after April 13, 2020); and  Carey European Student Housing Fund I, L.P. (CESH), a limited partnership formed for the purpose of developing, owning, and operating student housing properties and similar investments in Europe; we refer to the Managed REITs and CESH collectively as the Managed Programs. We no longer raise capital for new or existing funds, but currently expect to continue managing CPA:18  Global and CESH through the end of their respective life cycles ( Note 3 ). Reportable Segments Real Estate  Lease revenues from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United States and Northern and Western Europe, which are leased to companies on a triple-net lease basis. At June 30, 2020 , our owned portfolio was comprised of our full or partial ownership interests in 1,216 properties, totaling approximately 142 million square feet, substantially all of which were net leased to 352 tenants, with a weighted-average lease term of 10.7 years and an occupancy rate of 98.9% . In addition, at June 30, 2020 , our portfolio was comprised of full or partial ownership interests in 20 operating properties, including 19 self-storage properties and one hotel, totaling approximately 1.4 million square feet. Investment Management  Through our TRSs, we manage portfolios of real estate investments for the Managed Programs, for which we earn asset management revenue. We may earn incentive revenue and receive other compensation through our advisory agreements with certain of the Managed Programs, including in connection with providing liquidity events for CPA:18  Globals stockholders. In addition, we include equity income generated through our (i) ownership of shares and limited partnership units of the Managed Programs ( Note 7 ) and (ii) special general partner interest in the operating partnership of CPA:18  Global, through which we participate in its cash flows ( Note 3 ), in our Investment Management segment. At June 30, 2020 , the Managed Programs owned all or a portion of 50 net-leased properties (including certain properties in which we also have an ownership interest), totaling approximately 10.0 million square feet, substantially all of which were leased to 65 tenants, with an occupancy rate of approximately 99.3% . The Managed Programs also had interests in 71 operating properties (totaling approximately 5.7 million square feet in the aggregate) and 16 active build-to-suit projects at the same date.