W. P. CAREY INC. Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial statements and the reasons for changes in certain key components of our financial statements from period to period. This item also provides our perspective on our financial position and liquidity, as well as certain other factors that may affect our future results. The discussion also breaks down the financial results of our business by segment to provide a better understanding of how these segments and their results affect our financial condition and results of operations. Our Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the 2020 Annual Report and subsequent reports filed under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Refer to Item 1 of the 2020 Annual Report for a description of our business.
Significant Developments COVID-19
We continue to actively engage in discussions with our tenants regarding the
impact of the COVID-19 pandemic on their business operations, liquidity, and
financial position. Through the date of this Report, we received from tenants
approximately 99% of contractual base rent that was due during the second
quarter of 2021 (based on contractual minimum annualized base rent ("ABR") as of
Financial Highlights
During the six months ended
Real Estate
Investments
•We acquired 14 investments totaling
Dispositions
•As part of our active capital recycling program, we disposed of 12 properties
for total proceeds, net of selling costs, of
W. P. Carey 6/30/2021 10-Q - 42 --------------------------------------------------------------------------------
Financing and Capital Markets Transactions
•OnFebruary 25, 2021 , we completed an underwritten public offering of$425.0 million of 2.250% Senior Notes due 2033, at a price of 98.722% of par value. These 2.250% Senior Notes due 2033 have a 12.1-year term and are scheduled to mature onApril 1, 2033 . We used the net proceeds from this offering to prepay a total of$426.9 million of non-recourse mortgage loans (including prepayment penalties totaling$31.8 million ) ( Note 10 ). •OnMarch 8, 2021 , we completed an underwritten public offering of €525.0 million of 0.950% Senior Notes due 2030, at a price of 99.335% of par value, issued by our wholly owned finance subsidiary,WPC Eurobond B.V ., and fully and unconditionally guaranteed by us. These 0.950% Senior Notes due 2030 have a 9.2-year term and are scheduled to mature onJune 1, 2030 . We used the net proceeds from this offering to redeem the €500.0 million of 2.0% Senior Notes due 2023, for which we paid a "make-whole" amount of$26.2 million (based on the exchange rate of the euro as of the date of redemption) ( Note 10 ). •We issued 4,225,624 shares of our common stock under our ATM Program at a weighted-average price of$72.50 per share, for net proceeds of$302.5 million ( Note 12 ). •We settled the remaining portion of our 2020 Equity Forwards by delivering 2,510,709 shares of common stock to a forward purchaser for net proceeds of$160.0 million . As ofJune 30, 2021 , no shares remained outstanding under our 2020 Equity Forwards. •OnJune 7, 2021 , we offered 6,037,500 shares of common stock through our 2021 Equity Forwards, for gross proceeds of approximately$454.6 million . OnJune 23, 2021 , we settled a portion of our 2021 Equity Forwards by delivering 2,012,500 shares of common stock to a forward purchaser for net proceeds of$149.9 million . As ofJune 30, 2021 , 4,025,000 shares remained outstanding under our 2021 Equity Forwards ( Note 12 ).
Investment Management
Assets Under Management
•As of
Dividends to Stockholders
We declared cash dividends totaling
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