W. P. Carey (WPC) 10-K 23 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Feb. 16, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	W. P. Carey Inc.
Entity Central Index Key	1,025,378
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		106,930,816
Entity Public Float			$ 7

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments in real estate:
Land, buildings and improvements	$ 5,457,265	$ 5,285,837
Net investments in direct financing leases	721,607	684,059
In-place lease and other intangible assets	1,213,976	1,172,238
Above-market rent intangible assets	640,480	632,383
Assets held for sale	0	26,247
Investments in real estate	8,033,328	7,800,764
Accumulated depreciation and amortization	(1,329,613)	(1,018,864)
Net investments in real estate	6,703,715	6,781,900
Equity investments in the Managed Programs and real estate	341,457	298,893
Cash and cash equivalents	162,312	155,482
Due from affiliates	105,308	299,610
Other assets, net	274,650	282,149
Goodwill	643,960	635,920
Total assets	8,231,402	8,453,954
Debt:
Unsecured senior notes, net	2,474,661	1,807,200
Unsecured term loans, net	388,354	249,978
Unsecured revolving credit facility	216,775	676,715
Non-recourse mortgages, net	1,185,477	1,706,921
Debt, net	4,265,267	4,440,814
Accounts payable, accrued expenses and other liabilities	263,053	266,917
Below-market rent and other intangible liabilities, net	113,957	122,203
Deferred income taxes	67,009	90,825
Distributions payable	109,766	107,090
Total liabilities	4,819,052	5,027,849
Redeemable noncontrolling interest	965	965
Commitments and contingencies (Note 11)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	0	0
Common stock, $0.001 par value, 450,000,000 shares authorized; 106,922,616 and 106,294,162 shares, respectively, issued and outstanding	107	106
Additional paid-in capital	4,433,573	4,399,961
Distributions in excess of accumulated earnings	(1,052,064)	(894,137)
Deferred compensation obligation	46,656	50,222
Accumulated other comprehensive loss	(236,011)	(254,485)
Total stockholders’ equity	3,192,261	3,301,667
Noncontrolling interests	219,124	123,473
Total equity	3,411,385	3,425,140
Total liabilities and equity	$ 8,231,402	$ 8,453,954

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
W. P. Carey stockholders’ equity:
Preferred stock, par share value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred Stock, shares issued (shares)	0	0
Common stock, per share value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	450,000,000	450,000,000
Common stock shares, outstanding (shares)	106,922,616	106,294,162

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Owned Real Estate:
Lease revenues	$ 630,373	$ 663,463	$ 656,956
Operating property revenues	30,562	30,767	30,515
Reimbursable tenant costs	21,524	25,438	22,832
Lease termination income and other	4,749	35,696	25,145
Total real estate revenue	687,208	755,364	735,448
Investment Management:
Asset management revenue	70,125	61,971	49,984
Reimbursable costs from affiliates	51,445	66,433	55,837
Structuring revenue	34,198	47,328	92,117
Dealer manager fees	4,430	8,002	4,794
Other advisory revenue	896	2,435	203
Revenue from the Managed Programs	161,094	186,169	202,935
Total revenues	848,302	941,533	938,383
Operating Expenses
Depreciation and amortization	253,334	276,510	280,315
Reimbursable tenant and affiliate costs	72,969	91,871	78,669
General and administrative	70,891	82,352	103,172
Property expenses, excluding reimbursable tenant costs	40,756	49,431	52,199
Stock-based compensation expense	18,917	18,015	21,626
Subadvisor fees	13,600	14,141	11,303
Restructuring and other compensation	9,363	11,925	0
Dealer manager fees and expenses	6,544	12,808	11,403
Impairment charges	2,769	59,303	29,906
Other expenses	605	5,377	(7,764)
Total operating expenses	489,748	621,733	580,829
Other Income and Expenses
Interest expense	(165,775)	(183,409)	(194,326)
Equity in earnings of equity method investments in the Managed Programs and real estate	64,750	64,719	51,020
Other income and (expenses)	(3,613)	5,667	2,113
Total other income and expenses	(104,638)	(113,023)	(141,193)
Income before income taxes and gain on sale of real estate	253,916	206,777	216,361
Provision for income taxes	(2,711)	(3,288)	(37,621)
Income before gain on sale of real estate	251,205	203,489	178,740
Gain on sale of real estate, net of tax	33,878	71,318	6,487
Net Income	285,083	274,807	185,227
Net income attributable to noncontrolling interests	(7,794)	(7,060)	(12,969)
Net Income Attributable to W. P. Carey	$ 277,289	$ 267,747	$ 172,258
Basic Earnings Per Share (usd per share)	$ 2.56	$ 2.50	$ 1.62
Diluted Earnings Per Share (usd per share)	$ 2.56	$ 2.49	$ 1.61
Weighted-Average Shares Outstanding
Basic, (in shares)	107,824,738	106,743,012	105,675,692
Diluted (in shares)	108,035,971	107,073,203	106,507,652

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Comprehensive Income
Net Income	$ 285,083	$ 274,807	$ 185,227
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	72,428	(92,434)	(125,447)
Realized and unrealized (loss) gain on derivative instruments	(37,778)	9,278	24,053
Change in unrealized (loss) gain on investments	(71)	(126)	15
Net current period other comprehensive income (loss)	34,579	(83,282)	(101,379)
Comprehensive Income	319,662	191,525	83,848
Amounts Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	(7,794)	(7,060)	(12,969)
Foreign currency translation adjustments	(16,120)	1,081	4,647
Realized and unrealized loss on derivative instruments	15	7	0
Comprehensive income attributable to noncontrolling interests	(23,899)	(5,972)	(8,322)
Comprehensive Income Attributable to W. P. Carey	$ 295,763	$ 185,553	$ 75,526

Consolidated Statement of Equit

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Total W. P. Carey Stockholders	$0.001 Par Value Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Deferred Compensation Obligation	Accumulated Other Comprehensive Income (Loss)	Noncontrolling interest
Balance - beginning of period at Dec. 31, 2014	$ 3,890,735	$ 3,750,889	$ 104	$ 4,293,450	$ (497,730)	$ 30,624	$ (75,559)	$ 139,846
Balance - beginning of period, shares at Dec. 31, 2014			104,040,653
W.P. Carey Stockholders
Contributions from noncontrolling interests	730							730
Shares issued upon delivery of vested restricted stock awards, value	(15,493)	(15,493)		(15,493)
Shares issued upon delivery of vested restricted stock awards, shares			331,252
Shares issued upon exercise of stock options and purchases under employee share purchase plan, value	$ (2,735)	(2,735)	$ 0	(2,735)
Shares issued upon exercise of stock options and purchases under employee share purchase plan, shares	213,479		76,872
Delivery of deferred vested shares, net	$ 0	0		(20,740)		20,740
Windfall tax benefits - share incentive plan	12,522	12,522		12,522
Amortization of stock-based compensation expense	21,626	21,626		21,626
Redemption value adjustment	(8,873)	(8,873)		(8,873)
Distributions to noncontrolling interests	(14,713)							(14,713)
Distributions declared	(406,219)	(406,219)		2,285	(413,180)	4,676
Net income	185,227	172,258			172,258			12,969
Other comprehensive income (loss):
Foreign currency translation adjustments	(125,447)	(120,800)					(120,800)	(4,647)
Realized and unrealized gain on derivative instruments	24,053	24,053					24,053
Change in unrealized loss on investments	15	15					15
Balance - end of period at Dec. 31, 2015	3,561,428	3,427,243	$ 104	4,282,042	(738,652)	56,040	(172,291)	134,185
Balance - end of period, shares at Dec. 31, 2015			104,448,777
W.P. Carey Stockholders
Shares issued under “at-the-market” offering, net, value	83,766	83,766	$ 2	83,764
Shares issued under “at-the-market” offering, net, shares			1,249,836
Shares issued to a third party in connection with the redemption of a redeemable noncontrolling interest, value	13,418	13,418	$ 0	13,418
Shares issued to a third party in connection with the redemption of a redeemable noncontrolling interest, shares			217,011
Contributions from noncontrolling interests	14,530							14,530
Shares issued upon delivery of vested restricted stock awards, value	(14,599)	(14,599)		(14,599)
Shares issued upon delivery of vested restricted stock awards, shares			337,179
Shares issued upon exercise of stock options and purchases under employee share purchase plan, value	$ (1,210)	(1,210)	$ 0	(1,210)
Shares issued upon exercise of stock options and purchases under employee share purchase plan, shares	113,002		41,359
Delivery of deferred vested shares, net	$ 0	0		6,506		(6,506)
Deconsolidation of affiliate (Note 2)	(14,184)							(14,184)
Windfall tax benefits - share incentive plan	6,711	6,711		6,711
Amortization of stock-based compensation expense	21,222	21,222		21,222
Redemption value adjustment	561	561		561
Distributions to noncontrolling interests	(17,030)							(17,030)
Distributions declared	(420,998)	(420,998)		1,236	(422,922)	688
Net income	274,807	267,747			267,747			7,060
Other comprehensive income (loss):
Foreign currency translation adjustments	(92,434)	(91,353)					(91,353)	(1,081)
Realized and unrealized gain on derivative instruments	9,278	9,285					9,285	(7)
Change in unrealized loss on investments	(126)	(126)					(126)
Balance - end of period (Previously Reported) at Dec. 31, 2016				4,399,651	(893,827)
Balance - end of period at Dec. 31, 2016	$ 3,425,140	3,301,667	$ 106	4,399,961	(894,137)	50,222	(254,485)	123,473
Balance - end of period, shares at Dec. 31, 2016	106,294,162		106,294,162
W.P. Carey Stockholders
Shares issued under “at-the-market” offering, net, value	$ 22,886	22,886	$ 1	22,885
Shares issued under “at-the-market” offering, net, shares			345,253
Shares issued to a third party in connection with a legal settlement, shares			11,077
Shares issued to a third party in connection with a legal settlement, value	772	772	$ 0	772
Contributions from noncontrolling interests	90,550							90,550
Acquisition of noncontrolling interest		(1,845)		(1,845)				1,845
Shares issued upon delivery of vested restricted stock awards, value	(10,385)	(10,385)		(10,385)
Shares issued upon delivery of vested restricted stock awards, shares			229,121
Shares issued upon exercise of stock options and purchases under employee share purchase plan, value	(1,680)	(1,680)	$ 0	(1,680)
Shares issued upon exercise of stock options and purchases under employee share purchase plan, shares			43,003
Delivery of deferred vested shares, net	0			3,790		(3,790)
Amortization of stock-based compensation expense	18,917	18,917		18,917
Distributions to noncontrolling interests	(20,643)							(20,643)
Distributions declared	(433,834)	(433,834)		1,158	(435,216)	224
Net income	285,083	277,289			277,289			7,794
Other comprehensive income (loss):
Foreign currency translation adjustments	72,428	56,308					56,308	16,120
Realized and unrealized gain on derivative instruments	(37,778)	(37,763)					(37,763)	(15)
Change in unrealized loss on investments	(71)	(71)					(71)
Balance - end of period at Dec. 31, 2017	$ 3,411,385	$ 3,192,261	$ 107	$ 4,433,573	$ (1,052,064)	$ 46,656	$ (236,011)	$ 219,124
Balance - end of period, shares at Dec. 31, 2017	106,922,616		106,922,616

Consolidated Statement of Equi7

Consolidated Statement of Equity (Parentheticals) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Distributions declared per share (usd per share)	$ 1.01	$ 1.005	$ 1	$ 0.995	$ 0.99	$ 0.985	$ 0.98	$ 0.9742	$ 4.01	$ 3.9292	$ 3.8261

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows — Operating Activities
Net income	$ 285,083	$ 274,807	$ 185,227
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	261,415	279,693	287,835
Investment Management revenue received in shares of Managed REITs and other	(69,658)	(31,786)	(23,266)
Distributions of earnings from equity method investments	66,259	64,650	51,435
Equity in earnings of equity method investments in the Managed Programs and real estate	(64,750)	(64,719)	(51,020)
Amortization of rent-related intangibles and deferred rental revenue	55,051	3,322	29,414
Gain on sale of real estate	(33,878)	(71,318)	(6,487)
Deferred income taxes	(20,013)	(21,444)	1,476
Stock-based compensation expense	18,917	21,222	21,626
Straight-line rent	(16,980)	(17,836)	(13,343)
Realized and unrealized losses (gains) on foreign currency transactions, derivatives, and other	14,768	(1,314)	(1,978)
Impairment charges	2,769	59,303	29,906
Allowance for credit losses	0	7,064	8,748
Changes in assets and liabilities:
Deferred structuring revenue received	16,705	20,695	23,469
Increase in deferred structuring revenue receivable	(6,530)	(8,951)	(29,327)
Net changes in other operating assets and liabilities	6,912	27,385	(5,174)
Net Cash Provided by Operating Activities	516,070	540,773	508,541
Cash Flows — Investing Activities
Proceeds from repayment of short-term loans to affiliates	277,894	37,053	185,447
Proceeds from sales of real estate	159,933	542,422	35,557
Funding of short-term loans to affiliates	(123,492)	(257,500)	(185,447)
Funding for real estate construction and redevelopments	(63,802)	(56,557)	(28,040)
Purchases of real estate	(31,842)	(531,694)	(674,808)
Other capital expenditures on owned real estate	(14,565)	(7,884)	(4,415)
Change in investing restricted cash	11,665	15,188	26,610
Return of capital from equity method investments	10,085	6,498	8,200
Other investing activities, net	1,424	(493)	1,820
Capital contributions to equity method investments	(1,291)	(147)	(16,229)
Capital expenditures on corporate assets	(553)	(1,016)	(4,321)
Proceeds from repayments of notes receivable	446	409	10,441
Deconsolidation of affiliate (Note 2)	0	(15,408)	0
Investment in assets of affiliate (Note 2)	0	(14,861)	0
Proceeds from limited partnership units issued by affiliate (Note 2)	0	14,184	0
Net Cash Provided by (Used in) Investing Activities	225,902	(269,806)	(645,185)
Cash Flows — Financing Activities
Repayments of Senior Unsecured Credit Facility	(1,679,921)	(954,006)	(1,330,122)
Proceeds from Senior Unsecured Credit Facility	1,302,463	1,154,157	1,044,767
Proceeds from issuance of Unsecured Senior Notes	530,456	348,887	1,022,303
Distributions paid	(431,182)	(416,655)	(403,555)
Scheduled payments of mortgage principal	(344,440)	(161,104)	(90,328)
Prepayments of mortgage principal	(191,599)	(321,705)	(91,560)
Contributions from noncontrolling interests	90,550	346	730
Proceeds from shares issued under “at-the-market” offering, net of selling costs	22,824	84,063	0
Distributions paid to noncontrolling interests	(20,643)	(17,030)	(14,713)
Payment of financing costs	(12,675)	(3,619)	(10,878)
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options	(11,969)	(16,291)	(18,742)
Proceeds from mortgage financing	4,083	33,935	22,667
Change in financing restricted cash	(1,541)	2,734	(9,811)
Proceeds from exercise of stock options and employee purchases under the employee share purchase plan	244	482	515
Net Cash (Used in) Provided by Financing Activities	(743,350)	(265,806)	121,273
Change in Cash and Cash Equivalents During the Year
Effect of exchange rate changes on cash and cash equivalents	8,208	(6,906)	(26,085)
Net increase (decrease) in cash and cash equivalents	6,830	(1,745)	(41,456)
Cash and cash equivalents, beginning of year	155,482	157,227	198,683
Cash and cash equivalents, end of year	$ 162,312	$ 155,482	$ 157,227

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization W. P. Carey Inc., or W. P. Carey, together with its consolidated subsidiaries, is a REIT that provides long-term financing via sale-leaseback and build-to-suit transactions for companies worldwide and manages a global investment portfolio. We invest primarily in commercial properties domestically and internationally. 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, we reorganized as a REIT in September 2012 in connection with our merger with Corporate Property Associates 15 Incorporated. We refer to that merger as the CPA:15 Merger. On January 31, 2014, Corporate Property Associates 16 – Global Incorporated, or CPA:16 – Global, merged with and into us, which we refer to as the CPA:16 Merger. Our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.” We have elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code. As a REIT, we are not generally subject to United States federal income taxation other than from our taxable REIT subsidiaries, or TRSs, 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. We hold all of our real estate assets attributable to our Owned Real Estate segment under the REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs. Through our TRSs, we also earn revenue as the advisor to publicly owned, non-listed REITs, which are sponsored by us under the Corporate Property Associates, or CPA, brand name that invest in similar properties. At December 31, 2017 , we were the advisor to Corporate Property Associates 17 – Global Incorporated, or CPA:17 – Global, and Corporate Property Associates 18 – Global Incorporated, or CPA:18 – Global. We refer to CPA:17 – Global and CPA:18 – Global together as the CPA REITs. At December 31, 2017 , we were also the advisor to Carey Watermark Investors Incorporated, or CWI 1, and Carey Watermark Investors 2 Incorporated, or CWI 2, two publicly owned, non-listed REITs that invest in lodging and lodging-related properties. We refer to CWI 1 and CWI 2 together as the CWI REITs and, together with the CPA REITs, as the Managed REITs ( Note 3 ). At December 31, 2017 , we were also the advisor to Carey European Student Housing Fund I, L.P., or CESH I, a limited partnership formed for the purpose of developing, owning, and operating student housing properties and similar investments in Europe ( Note 3 ). We refer to the Managed REITs and CESH I collectively as the Managed Programs. On June 15, 2017, our board of directors, or the Board, approved a plan to exit non-traded retail fundraising activities carried out by our wholly-owned broker-dealer subsidiary, Carey Financial LLC, or Carey Financial, as of June 30, 2017. As a result, we will no longer be raising capital for new or existing funds that we manage, but we do expect to continue managing our existing Managed Programs through the end of their respective life cycles ( Note 3 ). In August 2017, we resigned as the advisor to Carey Credit Income Fund (known since October 23, 2017 as Guggenheim Credit Income Fund), or CCIF, and by extension, its feeder funds, or the CCIF Feeder Funds, each of which is a business development company, or BDC ( Note 3 ). We refer to CCIF and the CCIF Feeder Funds collectively as the Managed BDCs. The board of trustees of CCIF approved our resignation and appointed CCIF’s subadvisor Guggenheim Partners Investment Management, LLC, or Guggenheim, as the interim sole advisor to CCIF, effective as of September 11, 2017. The shareholders of CCIF approved Guggenheim’s appointment as sole advisor on a permanent basis on October 20, 2017. The Managed BDCs were included in the Managed Programs prior to our resignation as their advisor. Reportable Segments Owned Real Estate — Lease revenues and equity income ( Note 7 ) from our wholly- and co-owned real estate investments generate the vast majority of our earnings. We invest in commercial properties located primarily in North America and Europe, which are leased to companies, primarily on a triple-net lease basis. We also own two hotels, which are considered operating properties. At December 31, 2017 , our owned portfolio was comprised of our full or partial ownership interests in 887 properties, totaling approximately 84.9 million square feet (unaudited), substantially all of which were net leased to 210 tenants, with an occupancy rate of 99.8% . Investment Management — Through our TRSs, we structure and negotiate investments and debt placement transactions for the Managed Programs, for which we earn structuring revenue, and manage their portfolios of real estate investments, for which we earn asset management revenue. We also earned asset management revenue from CCIF based on the average of its gross assets at fair value through the effective date of our resignation as its advisor. We may earn disposition revenue when we negotiate and structure the sale of properties on behalf of the Managed REITs, and we may also 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 the Managed REITs’ stockholders. As a result of our Board’s decision to exit non-traded retail fundraising activities, described above, we have revised how we view and present a component of our two reportable segments. As such, beginning with the second quarter of 2017, 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 interests in the operating partnerships of the Managed REITs, through which we participate in their cash flows ( Note 3 ), in our Investment Management segment. Previously, these items were recognized within our Owned Real Estate segment. Our Board’s decision to exit non-traded retail fundraising activities will not affect the continuation of these current revenue streams. We also include our equity investments in the Managed Programs in our Investment Management segment. Both (i) earnings from our investment in CCIF and (ii) our investment in CCIF continue to be included in our Investment Management segment. Results of operations and assets by segment for prior periods have been reclassified to conform to the current period presentation. At December 31, 2017 , the CPA REITs collectively owned all or a portion of 462 properties (including certain properties in which we have an ownership interest), totaling approximately 54.0 million square feet (unaudited), substantially all of which were net leased to 206 tenants, with an occupancy rate of approximately 99.7% . The Managed Programs also had interests in 166 operating properties, totaling approximately 20.1 million square feet (unaudited), in the aggregate.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. However, following our adoption of Accounting Standards Update, or ASU, 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2017, as described below, all transaction costs incurred during the year ended December 31, 2017 were capitalized since our acquisitions during the year were classified as asset acquisitions. Most of our future acquisitions are likely to be classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates; and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements. We include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. Goodwill acquired in the CPA:15 Merger and the CPA:16 Merger was attributed to the Owned Real Estate segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases or direct financing leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then compare the asset’s fair value (less estimated cost to sell) to its carrying value, and if the fair value, less estimated cost to sell, is less than the property’s carrying value, we reduce the carrying value to the fair value, less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. Direct Financing Leases — We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates, where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. We also assess the carrying amount for recoverability and if, as a result of the decreased expected cash flows, we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investments in the Managed Programs and Real Estate — We evaluate our equity investments in the Managed Programs and real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For certain investments in the Managed REITs, we calculate the estimated fair value of our investment using the most recently published net asset value per share, or NAV, of each Managed REIT multiplied by the number of shares owned. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. We calculate the estimated fair value of the Investment Management segment by utilizing a discounted cash flow analysis methodology and available NAVs. We calculate the estimated fair value of the Owned Real Estate reporting unit by applying an AFFO multiple based on comparable companies. In connection with our Board’s decision to exit non-traded retail fundraising activities in June 2017 ( Note 1 ), we performed a test for impairment during the second quarter of 2017 on goodwill recorded in both segments, and no impairment was indicated. The goodwill recorded in both segments is generally evaluated for impairment during the fourth quarter of every year. In connection with the CPA:16 Merger and the CPA:15 Merger, we recorded goodwill in our Owned Real Estate reporting unit. In addition, in connection with the acquisition of certain international properties prior to our adoption of ASU 2017-01, we have recorded goodwill in our Owned Real Estate reporting unit related to deferred foreign income taxes. Prior to the CPA:15 Merger, there was no goodwill recorded in our Owned Real Estate reporting unit. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries and our tenancy-in-common interest as described below. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity, or VIE, and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At December 31, 2017 , we considered 28 entities VIEs, 21 of which we consolidated as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): December 31, 2017 2016 (a) Land, buildings and improvements $ 916,001 $ 886,148 Net investments in direct financing leases 40,133 60,294 In-place lease and other intangible assets 268,863 245,480 Above-market rent intangible assets 103,081 98,043 Accumulated depreciation and amortization (251,979 ) (184,710 ) Total assets 1,118,727 1,150,093 Non-recourse mortgages, net $ 128,230 $ 406,574 Total liabilities 201,186 548,659 __________ (a) In 2017, we reclassified certain line items in our consolidated balance sheets, as described below. As a result, prior period amounts for certain line items included within Net investments in real estate have been reclassified to conform to the current period presentation. At December 31, 2017 , our seven unconsolidated VIEs included our interests in six unconsolidated real estate investments, which we account for under the equity method of accounting, and one unconsolidated entity, which we account for under the cost method of accounting and is included within our Investment Management segment. At December 31, 2016 , our seven unconsolidated VIEs included our interests in six unconsolidated real estate investments and one unconsolidated entity among our interests in the Managed Programs, all of which we accounted for under the equity method of accounting. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities. As of December 31, 2017 and 2016 , the net carrying amount of our investments in these entities was $152.7 million and $152.9 million , respectively, and our maximum exposure to loss in these entities was limited to our investments. At December 31, 2017 , we had an investment in a tenancy-in-common interest in various underlying international properties. Consolidation of this investment is not required as such interest does not qualify as a VIE and does not meet the control requirement for consolidation. Accordingly, we account for this investment using the equity method of accounting. We use the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides us with significant influence on the operating and financial decisions of this investment. At times, the carrying value of our equity investments may fall below zero for certain investments. We intend to fund our share of the jointly owned investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments, nor do we have any legal obligation to fund operating deficits. At December 31, 2017 , none of our equity investments had carrying values below zero. On April 20, 2016, we formed a limited partnership, CESH I, for the purpose of developing, owning, and operating student housing properties and similar investments in Europe. CESH I commenced fundraising in July 2016 through a private placement with an initial offering of $100.0 million and a maximum offering of $150.0 million . Prior to August 30, 2016, which is the date that we had collected $14.2 million of net proceeds on behalf of CESH I from limited partnership units issued in the private placement (primarily to independent investors), we had included CESH I’s financial results and balances in our consolidated financial statements. On August 31, 2016, we determined that CESH I had sufficient equity to finance its operations and that we were no longer considered the primary beneficiary, and as a result we deconsolidated CESH I and began to account for our interest in it at fair value by electing the equity method fair value option available under GAAP. As of August 31, 2016, CESH I had assets totaling $30.3 million on our consolidated balance sheet, including $15.4 million in Cash and cash equivalents and $14.9 million in Other assets, net. In connection with the deconsolidation, we recorded offsetting amounts of $14.2 million for the year ended December 31, 2016 in Contributions from noncontrolling interests and Deconsolidation of affiliate in the consolidated statements of equity, and in Proceeds from limited partnership units issued by affiliate and Deconsolidation of affiliate in the consolidated statements of cash flows. We recognized a gain on deconsolidation of $1.9 million , which is included in Other income and (expenses) in the consolidated statements of income for the year ended December 31, 2016. The deconsolidation did not have a material impact on our financial position or results of operations. Following the deconsolidation, we continue to serve as the advisor to CESH I ( Note 3 ). Out-of-Period Adjustments During the second quarter of 2016, we identified and recorded out-of-period adjustments related to adjustments to prior period income tax returns. We concluded that these adjustments were not material to our consolidated financial statements for any of the current or prior periods presented. The net adjustment is reflected as a $3.0 million increase in our Provision for income taxes in the consolidated statements of income for the year ended December 31, 2016, with a net increase to Accounts payable, accrued expenses and other liabilities and Accumulated other comprehensive loss in the consolidated balance sheet as of December 31, 2016. Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. In 2017, we reclassified in-place lease intangible assets, net, below-market ground lease intangible assets, net (previously included in Other assets, net), and above-market rent intangible assets, net to be included within Net investments in real estate in our consolidated balance sheets. The accumulated amortization on these assets is now included in Accumulated depreciation and amortization in our consolidated balance sheets. We also retitled the line item Real estate to Land, buildings and improvements in our consolidated balance sheets. In addition, we included the line item Operating real estate, which had previously appeared in our consolidated balance sheets, within Land, buildings and improvements in our consolidated balance sheets. Prior period balances have been reclassified to conform to the current period presentation. As a result of our Board’s decision to exit non-traded retail fundraising activities as of June 30, 2017 ( Note 1 ), we have revised how we view and present a component of our two reportable segments. As such, effective since the second quarter of 2017, we include (i) equity in earnings of equity method investments in the Managed Programs and (ii) equity investments in the Managed Programs in our Investment Management segment. Results of operations and assets by segment for prior periods have been reclassified to conform to the current period presentation. In connection with our adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , as described below, we retrospectively reclassified Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options from Net cash provided by operating activities to Net cash (used in) provided by financing activities within our consolidated statements of cash flows. Land, Buildings and Improvements — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred. Gain/Loss on Sale — We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Internal-Use Software Development Costs — We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage, including the costs associated with software that allows for the conversion of our old data to our new system. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Capitalized costs are amortized on a straight-line basis over the software’s estimated useful life, which is three to seven years . Periodically, we reassess the useful life considering technology, obsolescence, and other factors. Other Assets and Liabilities — We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets, our cost method investment in CCIF, and our note receivable in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, and deferred revenue in Accounts payable, accrued expenses and other liabilities. Deferred charges are costs incurred in connection with obtaining or amending our credit facility that are amortized over the terms of the debt and included in Interest expense in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term, and rent recognized on a straight-line basis. Allowance for Doubtful Accounts — We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal payment, or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms, and the amount can be reasonably estimated. Revenue Recognition, Real Estate Leased to Others — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. For the years ended December 31, 2017 , 2016 , and 2015 , our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $59.3 million , $56.0 million , and $57.7 million , respectively. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and ar

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Advisory Agreements and Partnership Agreements with the Managed Programs We have advisory agreements with each of the Managed Programs, pursuant to which we earn fees and are entitled to receive reimbursement for certain fund management expenses. The advisory agreements also entitle us to fees for serving as the dealer manager for the offerings of the Managed Programs. However, as previously noted, we ceased all active non-traded retail fundraising activities as of June 30, 2017 and facilitated the orderly processing of sales for CWI 2 and CESH I until their offerings closed on July 31, 2017, at which point we no longer received dealer manager fees. In addition, we resigned as CCIF’s advisor in August 2017 and our advisory agreement with CCIF was terminated effective as of September 11, 2017, at which point we no longer earned any fees from CCIF. We currently expect to continue to manage all existing Managed Programs through the end of their respective life cycles ( Note 1 ). The advisory agreements with each of the Managed REITs have one -year terms and are currently scheduled to expire on December 31, 2018, and may be renewed for successive periods. The advisory agreement with CESH I, which commenced on June 3, 2016, will continue until terminated pursuant to its terms. We have partnership agreements with each of the Managed REITs, pursuant to which we are entitled to receive certain cash distributions. We also have a partnership agreement with CESH I, pursuant to which we received limited partnership units of CESH I equal to 2.5% of its gross offering proceeds in lieu of certain reimbursement prior to the closing of CESH I’s offering on July 31, 2017. The following tables present a summary of revenue earned and/or cash received from the Managed Programs for the periods indicated, included in the consolidated financial statements. Asset management revenue excludes amounts received from third parties (in thousands): Years Ended December 31, 2017 2016 2015 Asset management revenue $ 70,125 $ 61,879 $ 49,892 Reimbursable costs from affiliates 51,445 66,433 55,837 Distributions of Available Cash 47,862 45,121 38,406 Structuring revenue 34,198 47,328 92,117 Dealer manager fees 4,430 8,002 4,794 Interest income on deferred acquisition fees and loans to affiliates 2,103 740 1,639 Other advisory revenue 896 2,435 203 $ 211,059 $ 231,938 $ 242,888 Years Ended December 31, 2017 2016 2015 CPA:17 – Global $ 75,188 $ 74,852 $ 81,740 CPA:18 – Global 28,683 31,330 85,431 CWI 1 33,691 34,085 44,712 CWI 2 50,189 67,524 30,340 CCIF 12,787 11,164 665 CESH I 10,521 12,983 — $ 211,059 $ 231,938 $ 242,888 The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands): December 31, 2017 2016 Short-term loans to affiliates, including accrued interest $ 84,031 $ 237,613 Deferred acquisition fees receivable, including accrued interest 12,345 21,967 Reimbursable costs 4,315 4,427 Accounts receivable 4,089 5,005 Asset management fees receivable 356 2,449 Organization and offering costs 89 784 Current acquisition fees receivable 83 8,024 Distribution and shareholder servicing fees — 19,341 $ 105,308 $ 299,610 Asset Management Revenue Under the advisory agreements with the Managed Programs, we earn asset management revenue for managing their investment portfolios. The following table presents a summary of our asset management fee arrangements with the Managed Programs: Managed Program Rate Payable Description CPA:17 – Global 0.5% – 1.75% 2015 and 2016 50% in cash and 50% in shares of its common stock; 2017 in shares of its common stock Rate depends on the type of investment and is based on the average market or average equity value, as applicable CPA:18 – Global 0.5% – 1.5% In shares of its class A common stock Rate depends on the type of investment and is based on the average market or average equity value, as applicable CWI 1 0.5% 2015 and 2016 in cash; 2017 in shares of its common stock Rate is based on the average market value of the investment; we are required to pay 20% of the asset management revenue we receive to the subadvisor CWI 2 0.55% In shares of its class A common stock Rate is based on the average market value of the investment; we are required to pay 25% of the asset management revenue we receive to the subadvisor CCIF 1.75% – 2.00% In cash, prior to our resignation as the advisor to CCIF, effective September 11, 2017 ( Note 1 ) Based on the average of gross assets at fair value; we were required to pay 50% of the asset management revenue we received to the subadvisor CESH I 1.0% In cash Based on gross assets at fair value Structuring Revenue Under the terms of the advisory agreements with the Managed Programs, we earn revenue for structuring and negotiating investments and related financing. We did not earn any structuring revenue from the Managed BDCs. The following table presents a summary of our structuring fee arrangements with the Managed Programs: Managed Program Rate Payable Description CPA:17 – Global 1% – 1.75%, 4.5% In cash; for non net-lease investments, 1% – 1.75% upon completion; for net-lease investments, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments Based on the total aggregate cost of the net-lease investments made; also based on the total aggregate cost of the non net-lease investments or commitments made; total limited to 6% of the contract prices in aggregate CPA:18 – Global 4.5% In cash; for all investments, other than readily marketable real estate securities for which we will not receive any acquisition fees, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments Based on the total aggregate cost of the investments or commitments made; total limited to 6% of the contract prices in aggregate CWI REITs 1% – 2.5% In cash upon completion; loan refinancing transactions up to 1% of the principal amount; 2.5% of the total investment cost of the properties acquired, however, fees were paid 50% in cash and 50% in shares of CWI 1’s common stock and CWI 2’s Class A common stock for a jointly-owned investment structured on behalf of CWI 1 and CWI 2 in September 2017, with the approval of each CWI REIT’s board of directors Based on the total aggregate cost of the lodging investments or commitments made; we are required to pay 20% and 25% to the subadvisors of CWI 1 and CWI 2, respectively; total for each CWI REIT limited to 6% of the contract prices in aggregate CESH I 2.0% In cash upon acquisition Based on the total aggregate cost of investments or commitments made, including the acquisition, development, construction, or redevelopment of the investments Reimbursable Costs from Affiliates During their respective offering periods, the Managed Programs reimbursed us for certain costs that we incurred on their behalf, which consisted primarily of broker-dealer commissions, marketing costs, and an annual distribution and shareholder servicing fee, as applicable. As a result of our exit from non-traded retail fundraising activities in June 2017, we ceased raising funds on behalf of the Managed Programs in the third quarter of 2017 and no longer incur these costs. The Managed Programs will continue to reimburse us for certain personnel and overhead costs that we incur on their behalf. The following tables present summaries of such fee arrangements: Broker-Dealer Commissions Managed Program Rate Payable Description CPA:18 – Global Class A Shares $0.70 In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold; this offering closed in April 2015 CPA:18 – Global Class C Shares $0.14 In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold; this offering closed in April 2015 CWI 2 Class A Shares January 1, 2015 through March 31, 2017: $0.70 April 27, 2017 through July 31, 2017: $0.84 (a) In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold CWI 2 Class T Shares January 1, 2015 through March 31, 2017: $0.19 April 27, 2017 through July 31, 2017: $0.23 (a) In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold CCIF Feeder Funds Through September 10, 2017: 0% – 3% (b) In cash upon share settlement; 100% re-allowed to broker-dealers Based on the selling price of each share sold; the offering for Carey Credit Income Fund 2016 T (known as Guggenheim Credit Income Fund 2016 T since October 23, 2017), or CCIF 2016 T, closed on April 28, 2017 CESH I Up to 7.0% of gross offering proceeds (a) In cash upon limited partnership unit settlement; 100% re-allowed to broker-dealers Based on the selling price of each limited partnership unit sold __________ (a) After the end of active fundraising by Carey Financial on June 30, 2017, we facilitated the orderly processing of sales in the offerings of CWI 2 and CESH I through July 31, 2017, which then closed their respective offerings on that date. (b) In August 2017, we resigned as the advisor to CCIF, and our advisory agreement with CCIF was terminated, effective as of September 11, 2017. Dealer Manager Fees Managed Program Rate Payable Description CPA:18 – Global Class A Shares $0.30 Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in April 2015 CPA:18 – Global Class C Shares $0.21 Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in April 2015 CWI 2 Class A Shares January 1, 2015 through March 31, 2017: $0.30 April 27, 2017 through July 31, 2017: $0.36 (a) Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in July 2017 CWI 2 Class T Shares January 1, 2015 through March 31, 2017: $0.26 April 27, 2017 through July 31, 2017: $0.31 (a) Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in July 2017 CCIF Feeder Funds Through September 10, 2017: 2.50% – 3.0% (b) Based on the selling price of each share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers; CCIF 2016 T’s offering closed on April 28, 2017 CESH I Up to 3.0% of gross offering proceeds (a) Per limited partnership unit sold In cash upon limited partnership unit settlement; a portion may be re-allowed to broker-dealers; this offering closed in July 2017 __________ (a) In connection with the end of active fundraising by Carey Financial on June 30, 2017, we facilitated the orderly processing of sales in the offerings of CWI 2 and CESH I through July 31, 2017, which then closed their respective offerings on that date. (b) In August 2017, we resigned as the advisor to CCIF, and our advisory agreement with CCIF was terminated, effective as of September 11, 2017. Annual Distribution and Shareholder Servicing Fee Managed Program Rate Payable Description CPA:18 – Global Class C Shares (a) 1.0% Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers Based on the purchase price per share sold or, once it was reported, the NAV; cease paying when underwriting compensation from all sources equals 10% of gross offering proceeds CWI 2 Class T Shares (a) 1.0% Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers Based on the purchase price per share sold or, once it was reported, the NAV; cease paying on the earlier of six years or when underwriting compensation from all sources equals 10% of gross offering proceeds CCIF 2016 T (b) 0.9% Payable quarterly in arrears in cash; 100% is re-allowed to selected dealers Based on the weighted-average net price of shares sold in the public offering; cease paying on the earlier of when underwriting compensation from all sources equals, including this fee, 10% of gross offering proceeds or the date at which a liquidity event occurs __________ (a) In connection with our exit from non-traded retail fundraising activities as of June 30, 2017, beginning with the payment for the third quarter of 2017 (which was made during the fourth quarter of 2017), the distribution and shareholder servicing fee is now paid directly to selected dealers by the respective Managed REITs. As a result, our liability to the selected dealers and the corresponding receivable from the Managed REITs were removed during the third quarter of 2017. (b) In connection with our resignation as advisor to CCIF in August 2017, our dealer manager agreement was assigned to Guggenheim. As a result, our liability to the selected dealers and the corresponding receivable from CCIF was removed. Personnel and Overhead Costs Managed Program Payable Description CPA:17 – Global and CPA:18 – Global In cash Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to the CPA REITs based on the average of the trailing 12-month aggregate reported revenues of the Managed Programs and us, and are capped at 2.0%, 2.2%, and 2.4% of each CPA REIT’s pro rata lease revenues for 2017, 2016, and 2015, respectively; the cap is 1.0% for 2018; for the legal transactions group, costs are charged according to a fee schedule CWI 1 and CWI 2 In cash Actual expenses incurred, excluding those related to our senior management; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter CCIF and CCIF Feeder Funds In cash, prior to our resignation as the advisor to CCIF, effective September 11, 2017 ( Note 1 ) Actual expenses incurred, excluding those related to our investment management team and senior management team CESH I 2015 N/A; 2016 and 2017 in cash Actual expenses incurred Organization and Offering Costs Managed Program Payable Description CPA:18 – Global In cash; within 60 days after the end of the quarter in which the offering terminates Actual costs incurred from 1.5% through 4.0% of the gross offering proceeds, depending on the amount raised; this offering closed in April 2015 CWI 2 (a) In cash; within 60 days after the end of the quarter in which the offering terminates Actual costs incurred up to 1.5% of the gross offering proceeds; this offering closed in July 2017 CCIF and CCIF Feeder Funds (b) In cash; payable monthly, prior to our resignation as the advisor to CCIF, effective September 11, 2017 ( Note 1 ) Up to 1.5% of the gross offering proceeds; we were required to pay 50% of the organization and offering costs we received to the subadvisor CESH I (a) N/A In lieu of reimbursing us for organization and offering costs, CESH I paid us limited partnership units, as described below under Other Advisory Revenue; this offering closed in July 2017 __________ (a) In connection with the end of active fundraising by Carey Financial on June 30, 2017, we facilitated the orderly processing of sales in the offerings of CWI 2 and CESH I through July 31, 2017, which then closed their respective offerings on that date. (b) In August 2017, we resigned as the advisor to CCIF, and our advisory agreement with CCIF was terminated, effective as of September 11, 2017. Other Advisory Revenue Under the limited partnership agreement we have with CESH I, we paid all organization and offering costs on behalf of CESH I, but instead of being reimbursed for actual costs that we incurred, we received limited partnership units of CESH I equal to 2.5% of its gross offering proceeds. This revenue, which commenced in the third quarter of 2016 and ended in the third quarter of 2017, is included in Other advisory revenue in the consolidated statements of income and totaled $0.7 million and $2.4 million for the years ended December 31, 2017 and 2016, respectively. In connection with the end of active non-traded retail fundraising by Carey Financial on June 30, 2017, we facilitated the orderly processing of sales of CESH I through July 31, 2017, which closed its offering on that date. Distributions of Available Cash We are entitled to receive distributions of up to 10% of the Available Cash (as defined in the respective partnership agreements) from the operating partnerships of each of the Managed REITs, as described in their respective operating partnership agreements, payable quarterly in arrears. We are required to pay 20% and 25% of such distributions to the subadvisors of CWI 1 and CWI 2, respectively. Back-End Fees and Interests in the Managed Programs Under our advisory agreements with certain of the Managed Programs, we may also receive compensation in connection with providing liquidity events for their stockholders. For the Managed REITs, the timing and form of such liquidity events are at the discretion of each REIT’s board of directors, and in certain instances, we have waived these fees in connection with the liquidity events of prior programs that we managed. Therefore, there can be no assurance as to whether or when any of these back-end fees or interests will be realized. Such back-end fees or interests may include disposition fees, interests in disposition proceeds, and distributions related to ownership of shares or limited partnership units in the Managed Programs. Other Transactions with Affiliates Loans to Affiliates From time to time, our Board has approved the making of secured and unsecured loans from us to certain of the Managed Programs, at our sole discretion, with each loan at a rate equal to the rate at which we are able to borrow funds under our senior credit facility ( Note 10 ), generally for the purpose of facilitating acquisitions or for working capital purposes. The following table sets forth certain information regarding our loans to affiliates (dollars in thousands): Interest Rate at Maturity Date at December 31, 2017 Maximum Loan Amount Authorized at December 31, 2017 Principal Outstanding Balance at December 31, (a) Managed Program 2017 2016 CWI 1 (b) (c) LIBOR + 1.00% 6/30/2018; 12/31/2018 $ 100,000 $ 68,637 $ — CESH I (b) LIBOR + 1.00% 5/3/2018; 5/9/2018 35,000 14,461 — CWI 2 (d) N/A N/A 25,000 — 210,000 CPA:18 – Global N/A N/A 50,000 — 27,500 $ 83,098 $ 237,500 __________ (a) Amounts exclude accrued interest of $0.9 million and $0.1 million at December 31, 2017 and 2016 , respectively. (b) LIBOR means London Interbank Offered Rate. (c) We entered into a secured credit facility with CWI 1 in September 2017, comprised of a $75.0 million bridge loan to facilitate an acquisition and a $25.0 million revolving working capital facility. In January and February 2018, CWI 1 made net repayments totaling $27.0 million of the loans outstanding to us at December 31, 2017 ( Note 19 ). (d) We entered into a secured $25.0 million revolving working capital facility with CWI 2 in October 2017. Other At December 31, 2017 , we owned interests ranging from 3% to 90% in jointly owned investments in real estate, including a jointly controlled tenancy-in-common interest in several properties, with the remaining interests generally held by affiliates. In addition, we owned stock of each of the Managed REITs and CCIF and limited partnership units of CESH I. We consolidate certain of these investments and account for the remainder either (i) under the equity method of accounting, (ii) under the cost method of accounting, or (iii) at fair value by electing the equity method fair value option available under GAAP ( Note 7 ).

Land, Buildings and Improvement

Land, Buildings and Improvements and Assets Held for Sale	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Land, Buildings and Improvements and Assets Held for Sale	Land, Buildings and Improvements and Assets Held for Sale Land, Buildings and Improvements — Operating Leases Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands): December 31, 2017 2016 Land $ 1,125,539 $ 1,128,933 Buildings and improvements 4,208,907 4,053,334 Real estate under construction 39,772 21,859 Less: Accumulated depreciation (613,543 ) (472,294 ) $ 4,760,675 $ 4,731,832 During 2017 , the U.S. dollar weakened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro increased by 13.8% to $1.1993 from $1.0541 . As a result of this fluctuation in foreign exchange rates, the carrying value of our Land, buildings and improvements subject to operating leases increased by $177.9 million from December 31, 2016 to December 31, 2017 . Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $143.9 million , $142.7 million , and $137.3 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Accumulated depreciation of buildings and improvements subject to operating leases is included in Accumulated depreciation and amortization in the consolidated financial statements. In connection with changes in lease classifications due to extensions of the underlying leases, we reclassified six properties with an aggregate carrying value of $1.6 million from Net investments in direct financing leases to Land, buildings and improvements during 2017 ( Note 5 ). Acquisitions of Real Estate During 2017 — We entered into the following investments, which were deemed to be real estate asset acquisitions, at a total cost of $31.8 million , including land of $4.8 million , buildings of $18.5 million (including acquisition-related costs of $0.1 million in the aggregate, which were capitalized), and net lease intangibles of $8.5 million : • an investment of $6.0 million for an industrial facility in Chicago, Illinois on June 27, 2017. We also committed to fund an additional $3.6 million of building improvements at that facility by June 2018; and • an investment of $25.8 million for an office building in Roseville, Minnesota on November 14, 2017. The acquired net lease intangibles are comprised of in-place lease intangible assets totaling $8.6 million , which have a weighted-average expected life of 15.9 years, and a below-market rent intangible liability of $0.1 million , which has an expected life of 15 years . Acquisitions of Real Estate During 2016 — We entered into the following investments, which were deemed to be real estate asset acquisitions, at a total cost of $530.3 million , including land of $140.2 million , buildings of $259.8 million , and net lease intangibles of $130.3 million (including acquisition-related costs of $4.0 million in the aggregate, which were capitalized to land, building, and intangibles): • an investment of $167.7 million for three private school campuses in Coconut Creek, Florida on April 1, 2016 and in Windermere, Florida and Houston, Texas on May 31, 2016. We also committed to fund an additional $128.1 million of build-to-suit financing through 2020 in order to fund expansions of the existing facilities; • an investment of $218.2 million for 43 manufacturing facilities in various locations in the United States and six manufacturing facilities in various locations in Canada on April 5 and 14, 2016; on October 4, 2016, we acquired a manufacturing facility in San Antonio, Texas from the tenant for $3.8 million (which we consider to be part of the original investment) and simultaneously disposed of a manufacturing facility in Mascouche, Canada, which was acquired as part of the original investment, for the same amount; and • an investment of $140.7 million for 13 manufacturing facilities and one office facility in various locations in Canada, Mexico, and the United States on November 8, 2016 and December 1, 2016. In addition, we recorded an estimated deferred tax liability of $29.4 million , with a corresponding increase to the asset value, since we assumed the tax basis of the acquired entities as part of the acquisition of the shares of these entities. In addition, we entered into the following investments, which were deemed to be real estate asset acquisitions, at a total cost of $1.9 million : • an investment of $1.1 million for a parcel of land adjacent to a property owned by us in McCalla, Alabama on October 20, 2016. We also committed to fund $21.5 million of build-to-suit financing for the construction of an industrial facility on the land. Construction commenced during 2016 and was completed during 2017; and • an investment of $0.8 million for a parcel of land adjacent to a property owned by us in Rio Rancho, New Mexico on December 9, 2016. We will reimburse the tenant in the property for the costs of constructing a parking lot up to $0.7 million . Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. Acquisitions of Real Estate During 2015 — We entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, at a total cost of $561.6 million , including land of $89.5 million , buildings of $382.6 million , and net lease intangibles of $89.5 million : • an investment of $345.9 million for 73 auto dealership properties in various locations in the United Kingdom on January 28, 2015; • an investment of $42.4 million for a logistics facility in Rotterdam, the Netherlands on February 11, 2015; • an investment of $23.2 million for a retail facility in Bad Fischau, Austria on April 10, 2015; • an investment of $26.3 million for a logistics facility in Oskarshamn, Sweden on June 17, 2015; • an investment of $41.2 million for three truck and bus service facilities in Gersthofen and Senden, Germany on August 12, 2015 and Leopoldsdorf, Austria on August 24, 2015; • an investment of $51.7 million for six hotel properties in Iowa, Louisiana, Missouri, New Jersey, North Carolina, and Texas on October 15, 2015; and • an investment of $30.9 million for an office building in Irvine, California on December 22, 2015. In connection with these transactions, we also expensed acquisition-related costs totaling $11.1 million , which are included in Other expenses in the consolidated financial statements. We also entered into the following investments, which were deemed to be real estate asset acquisitions, at a total cost of $116.0 million , including land of $8.6 million , buildings of $68.1 million (including acquisition-related costs of $3.9 million , which were capitalized), and net lease intangibles of $39.4 million : • an investment of $53.5 million for an office building in Sunderland, United Kingdom on August 6, 2015; and • an investment of $62.5 million for ten auto dealership properties in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands on November 11, 2015. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. Real Estate Under Construction During 2017 , we capitalized real estate under construction totaling $69.4 million , including net accrual activity of $5.5 million , primarily related to construction projects on our properties. Construction projects include build-to-suit and expansion projects. As of December 31, 2017 , we had five construction projects in progress, and as of December 31, 2016 , we had three construction projects in progress. Aggregate unfunded commitments totaled approximately $147.9 million and $135.2 million as of December 31, 2017 and 2016 , respectively. During 2017 , we completed the following construction projects, at a total cost of $65.4 million , of which $35.5 million was capitalized during 2016: • an expansion project at an industrial facility in Windsor, Connecticut in March 2017 at a cost totaling $3.3 million ; • an expansion project at an educational facility in Coconut Creek, Florida in May 2017 at a cost totaling $18.2 million ; • an expansion project at two industrial facilities in Monarto, Australia in May 2017 at a cost totaling $15.9 million ; • a build-to-suit project for an industrial facility in McCalla, Alabama in June 2017 at a cost totaling $21.6 million ; and • an expansion project for a parking garage at an office building in Mönchengladbach, Germany in December 2017 at a cost totaling $6.4 million . During the year ended December 31, 2017 , we committed to an aggregate of $26.2 million of funding for two build-to-suit projects in Poland, of which approximately $5.8 million was funded during that year. We expect to complete one project in the second quarter of 2018 and the other project in the third quarter of 2018. In December 2015, we entered into a build-to-suit transaction for the redevelopment of a property in Doraville, Georgia. We demolished the property ( Note 8 ) and commenced construction of an industrial facility, which was completed in October 2016. The building was placed into service at a cost totaling $13.8 million . On December 4, 2013, we entered into a build-to-suit transaction for the construction of an office building in Mönchengladbach, Germany for a total projected cost of up to $65.0 million , including acquisition expenses, which was based on the exchange rate of the euro on that date. During the year ended December 31, 2015, we funded approximately $28.0 million . The building was placed in service in September 2015 at a cost totaling $53.2 million . Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. Dispositions of Real Estate During 2017 , we sold 14 properties and a parcel of vacant land, excluding the sale of one property that was classified as held for sale as of December 31, 2016, and transferred ownership of two properties to the related mortgage lender ( Note 16 ). As a result, the carrying value of our Land, buildings and improvements subject to operating leases decreased by $111.3 million from December 31, 2016 to December 31, 2017 . Future Dispositions of Real Estate As of December 31, 2017 , two tenants exercised options to repurchase the properties they are leasing from us in accordance with their lease agreements for an aggregate of $23.4 million (the amount for one repurchase is based on the exchange rate of the euro as of December 31, 2017 ), but there can be no assurance that such repurchases will be completed. At December 31, 2017 , these two properties had an aggregate asset carrying value of $17.5 million . Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2017 are as follows (in thousands): Years Ending December 31, Total 2018 $ 607,293 2019 603,717 2020 581,275 2021 555,601 2022 519,604 Thereafter 3,727,289 Total $ 6,594,779 Land, Buildings and Improvements — Operating Properties At both December 31, 2017 and 2016 , Land, buildings and improvements attributable to operating properties consisted of our investments in two hotels, which are summarized as follows (in thousands): December 31, 2017 2016 Land $ 6,041 $ 6,041 Buildings and improvements 77,006 75,670 Less: Accumulated depreciation (16,419 ) (12,143 ) $ 66,628 $ 69,568 Depreciation expense on our buildings and improvements attributable to operating properties was $4.3 million , $4.2 million , and $4.2 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Accumulated depreciation of buildings and improvements attributable to operating properties is included in Accumulated depreciation and amortization in the consolidated financial statements. Assets Held for Sale Below is a summary of our properties held for sale (in thousands): December 31, 2017 2016 Net investments in direct financing leases $ — $ 26,247 Assets held for sale $ — $ 26,247 At December 31, 2016 , we had one property classified as Assets held for sale with a carrying value of $26.2 million . In addition, there was a deferred tax liability of $2.5 million related to this property as of December 31, 2016 , which was included in Deferred income taxes in the consolidated balance sheets. This property was sold in January 2017 ( Note 16 ).

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Finance Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in direct financing leases, note receivable, and deferred acquisition fees. Operating leases are not included in finance receivables as such amounts are not recognized as assets in the consolidated financial statements. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2017 2016 Minimum lease payments receivable $ 600,228 $ 619,014 Unguaranteed residual value 676,321 639,002 1,276,549 1,258,016 Less: unearned income (554,942 ) (573,957 ) $ 721,607 $ 684,059 2017 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $66.2 million for the year ended December 31, 2017. During the year ended December 31, 2017 , the U.S. dollar weakened against the euro, resulting in a $44.2 million increase in the carrying value of Net investments in direct financing leases from December 31, 2016 to December 31, 2017 . During the year ended December 31, 2017, we sold an international investment accounted for as a direct financing lease that had a net carrying value of $1.7 million . During the year ended December 31, 2017, we reclassified six properties with a carrying value of $1.6 million from Net investments in direct financing leases to Land, buildings and improvements in connection with changes in lease classifications due to extensions of the underlying leases ( Note 4 ). 2016 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $71.2 million for the year ended December 31, 2016. In addition, we recognized an impairment charge of $7.0 million on a property accounted for as Net investments in direct financing leases, which was sold in January 2017, based on the fair value of the property less costs to sell of $26.2 million ( Note 8 ). 2015 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $74.4 million for the year ended December 31, 2015. In addition, we recognized impairment charges totaling $3.3 million on five properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair values of the properties’ residual values ( Note 8 ). Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2017 are as follows (in thousands): Years Ending December 31, Total 2018 $ 70,488 2019 68,744 2020 68,125 2021 64,793 2022 55,201 Thereafter 272,877 Total $ 600,228 Notes Receivable Earnings from our notes receivable are included in Lease termination income and other in the consolidated financial statements. At December 31, 2017 and 2016 , we had a note receivable with an outstanding balance of $10.0 million and $10.4 million , respectively, representing the expected future payments under a sales type lease, which was included in Other assets, net in the consolidated financial statements. In February 2015, a B-note outstanding to us was repaid in full for $10.0 million . Deferred Acquisition Fees Receivable As described in Note 3 , we earn revenue in connection with structuring and negotiating investments and related mortgage financing for the CPA REITs. A portion of this revenue is due in equal annual installments over three years , provided the CPA REITs meet their respective performance criteria. Unpaid deferred installments, including accrued interest, from the CPA REITs were included in Due from affiliates in the consolidated financial statements. Credit Quality of Finance Receivables We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant default. As of December 31, 2016, we had an allowance for credit losses of $13.3 million on a single direct financing lease investment, including the impact of foreign currency translation. This allowance was established in the fourth quarter of 2015. During the years ended December 31, 2016 and 2015, we increased the allowance by $7.1 million and $8.7 million , respectively, which was recorded in Property expenses, excluding reimbursable tenant costs in the consolidated financial statements, due to a decline in the estimated amount of future payments we would receive from the tenant. We sold this direct financing lease investment in August 2017, as described above. At both December 31, 2017 and 2016 , none of the balances of our finance receivables were past due. Other than the lease extensions noted under Net Investment in Direct Financing Leases above, there were no modifications of finance receivables during the year ended December 31, 2017 . We evaluate the credit quality of our finance receivables utilizing an internal five -point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates a range of inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables was last updated in the fourth quarter of 2017. We believe the credit quality of our deferred acquisition fees receivable falls under category one , as the CPA REITs are expected to have the available cash to make such payments. A summary of our finance receivables by internal credit quality rating, excluding our deferred acquisition fees receivable, is as follows (dollars in thousands): Number of Tenants / Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2017 2016 2017 2016 1 – 3 24 27 $ 608,101 $ 621,955 4 8 5 123,477 70,811 5 — 1 — 1,644 $ 731,578 $ 694,410

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2017
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles We have recorded net lease, internal-use software development, and trade name intangibles that are being amortized over periods ranging from one year to 40 years . In addition, we have several ground lease intangibles that are being amortized over periods of up to 99 years . In-place lease and below-market ground lease (as lessee) intangibles, at cost are included in In-place lease and other intangible assets in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease, below-market ground lease (as lessee), and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development and trade name intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent, above-market ground lease (as lessee), and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements. In connection with both the CPA:16 Merger and the CPA:15 Merger, we recorded goodwill as a result of the merger consideration exceeding the fair values of the assets acquired and liabilities assumed ( Note 2 ). The goodwill was attributed to our Owned Real Estate reporting unit as it relates to the real estate assets we acquired in the CPA:16 Merger and CPA:15 Merger. The following table presents a reconciliation of our goodwill (in thousands): Owned Real Estate Investment Management Total Balance at January 1, 2015 $ 628,808 $ 63,607 $ 692,415 Foreign currency translation adjustments (10,548 ) — (10,548 ) Allocation of goodwill to the cost basis of properties sold or classified as held for sale (a) (1,762 ) — (1,762 ) Other business combinations 1,704 — 1,704 Balance at December 31, 2015 618,202 63,607 681,809 Allocation of goodwill to the cost basis of properties sold or classified as held for sale (a) (34,405 ) — (34,405 ) Impairment charges ( Note 8 ) (10,191 ) — (10,191 ) Foreign currency translation adjustments (1,293 ) — (1,293 ) Balance at December 31, 2016 572,313 63,607 635,920 Foreign currency translation adjustments 8,040 — 8,040 Balance at December 31, 2017 $ 580,353 $ 63,607 $ 643,960 __________ (a) Following our adoption of ASU 2017-01 on January 1, 2017, goodwill that was previously allocated to businesses that were sold or held for sale will no longer be allocated and written off upon sale if future sales are deemed to be sales of assets and not businesses ( Note 2 ). Current accounting guidance requires that we test for the recoverability of goodwill at the reporting unit level. The test for recoverability must be conducted at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. In connection with our Board’s decision to exit non-traded retail fundraising activities in June 2017 ( Note 1 ), we performed a test for impairment during the second quarter of 2017 on goodwill recorded in both segments, and no impairment was indicated. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2017 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Internal-use software development costs $ 18,649 $ (7,862 ) $ 10,787 $ 18,568 $ (5,068 ) $ 13,500 Trade name 3,975 (401 ) 3,574 3,975 — 3,975 22,624 (8,263 ) 14,361 22,543 (5,068 ) 17,475 Lease Intangibles: In-place lease 1,194,055 (421,686 ) 772,369 1,148,232 (322,119 ) 826,113 Above-market rent 640,480 (276,110 ) 364,370 632,383 (210,927 ) 421,456 Below-market ground lease 18,936 (1,855 ) 17,081 23,140 (1,381 ) 21,759 1,853,471 (699,651 ) 1,153,820 1,803,755 (534,427 ) 1,269,328 Indefinite-Lived Goodwill and Intangible Assets Goodwill 643,960 — 643,960 635,920 — 635,920 Below-market ground lease 985 — 985 866 — 866 644,945 — 644,945 636,786 — 636,786 Total intangible assets $ 2,521,040 $ (707,914 ) $ 1,813,126 $ 2,463,084 $ (539,495 ) $ 1,923,589 Finite-Lived Intangible Liabilities Below-market rent $ (135,704 ) $ 48,657 $ (87,047 ) $ (133,137 ) $ 38,231 $ (94,906 ) Above-market ground lease (13,245 ) 3,046 (10,199 ) (12,948 ) 2,362 (10,586 ) (148,949 ) 51,703 (97,246 ) (146,085 ) 40,593 (105,492 ) Indefinite-Lived Intangible Liabilities Below-market purchase option (16,711 ) — (16,711 ) (16,711 ) — (16,711 ) Total intangible liabilities $ (165,660 ) $ 51,703 $ (113,957 ) $ (162,796 ) $ 40,593 $ (122,203 ) During the year ended December 31, 2017 , the U.S. dollar weakened against the euro, resulting in increases of $57.3 million and $3.1 million in the carrying value of our net intangible assets and liabilities, respectively, from December 31, 2016 to December 31, 2017 . Net amortization of intangibles, including the effect of foreign currency translation, was $157.8 million , $163.8 million , and $180.8 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues; amortization of internal-use software development, trade name, and in-place lease intangibles is included in Depreciation and amortization; and amortization of above-market ground lease and below-market ground lease intangibles is included in Property expenses, excluding reimbursable tenant costs. Based on the intangible assets and liabilities recorded at December 31, 2017 , scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Decrease in Lease Revenues Increase to Amortization/ Property Expenses Total 2018 $ 47,687 $ 103,345 $ 151,032 2019 44,887 95,296 140,183 2020 36,979 87,395 124,374 2021 32,747 81,705 114,452 2022 25,455 69,590 95,045 Thereafter 89,568 356,281 445,849 Total $ 277,323 $ 793,612 $ 1,070,935

Equity Investments in the Manag

Equity Investments in the Managed Programs and Real Estate	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in the Managed Programs and Real Estate	Equity Investments in the Managed Programs and Real Estate We own interests in certain unconsolidated real estate investments with the Managed Programs and also own interests in the Managed Programs. We account for our interests in these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences) or at fair value by electing the equity method fair value option available under GAAP. The following table presents Equity in earnings of equity method investments in the Managed Programs and real estate, which represents our proportionate share of the income or losses of these investments, as well as certain adjustments related to amortization of basis differences related to purchase accounting adjustments (in thousands): Years Ended December 31, 2017 2016 2015 Distributions of Available Cash ( Note 3 ) $ 47,862 $ 45,121 $ 38,406 Proportionate share of equity in earnings (losses) of equity method investments in the Managed Programs 5,156 7,698 (454 ) Amortization of basis differences on equity method investments in the Managed Programs (1,336 ) (1,028 ) (806 ) Total equity in earnings of equity method investments in the Managed Programs 51,682 51,791 37,146 Equity in earnings of equity method investments in real estate 15,452 16,503 17,559 Amortization of basis differences on equity method investments in real estate (2,384 ) (3,575 ) (3,685 ) Total equity in earnings of equity method investments in real estate 13,068 12,928 13,874 Equity in earnings of equity method investments in the Managed Programs and real estate $ 64,750 $ 64,719 $ 51,020 Managed Programs We own interests in the Managed Programs and account for these interests under the equity method because, as their advisor and through our ownership of their common stock, we do not exert control over, but we do have the ability to exercise significant influence on, the Managed Programs. Operating results of the Managed Programs are included in the Investment Management segment. The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands): % of Outstanding Shares Owned at Carrying Amount of Investment at December 31, December 31, Fund 2017 2016 2017 2016 CPA:17 – Global (a) 4.186 % 3.456 % $ 125,676 $ 99,584 CPA:17 – Global operating partnership 0.009 % 0.009 % — — CPA:18 – Global (a) 2.540 % 1.616 % 28,433 17,955 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 (a) 2.119 % 1.109 % 26,810 11,449 CWI 1 operating partnership 0.015 % 0.015 % 186 — CWI 2 (a) 1.786 % 0.773 % 16,495 5,091 CWI 2 operating partnership 0.015 % 0.015 % 300 300 CCIF (b) — % 13.322 % — 23,528 CESH I (c) 2.430 % 2.431 % 3,299 2,701 $ 201,408 $ 160,817 __________ (a) During 2017, we received asset management revenue from the Managed REITs in shares of their common stock, which increased our ownership percentage in each of the Managed REITs ( Note 3 ). (b) In August 2017, we resigned as the advisor to CCIF, effective as of September 11, 2017 ( Note 1 ). As such, we reclassified our investment in CCIF from Equity investments in the Managed Programs and real estate to Other assets, net in our consolidated balance sheets and account for it under the cost method, since we no longer share decision-making responsibilities with the third-party investment partner. Our cost method investment in CCIF had a carrying value of $23.3 million at December 31, 2017 and is included in our Investment Management segment. (c) Investment is accounted for at fair value. CPA:17 – Global — The c arrying value of our investment in CPA:17 – Global at December 31, 2017 includes asset management fees receivable, for which 240,800 shares of CPA:17 – Global common stock were issued during the first quarter of 2018 . We received distributions from this investment during the years ended December 31, 2017 , 2016 , and 2015 of $8.4 million , $7.3 million , and $5.9 million , respectively. We received distributions from our investment in the CPA:17 – Global operating partnership during the years ended December 31, 2017 , 2016 , and 2015 of $26.7 million , $24.8 million , and $24.7 million , respectively ( Note 3 ). CPA:18 – Global — The c arrying value of our investment in CPA:18 – Global at December 31, 2017 includes asset management fees receivable, for which 116,255 shares of CPA:18 – Global class A common stock were issued during the first quarter of 2018 . We received distributions from this investment during the years ended December 31, 2017 , 2016 , and 2015 of $1.7 million , $0.9 million , and $0.2 million , respectively. We received distributions from our investment in the CPA:18 – Global operating partnership during the years ended December 31, 2017 , 2016 , and 2015 of $8.7 million , $7.6 million , and $6.3 million , respectively ( Note 3 ). CWI 1 — The carrying value of our investment in CWI 2 at December 31, 2017 includes asset management fees receivable, for which 114,456 shares of CWI 1 common stock were issued during the first quarter of 2018 . We received distributions from this investment during the years ended December 31, 2017 , 2016 , and 2015 of $1.1 million , $0.9 million , and $0.8 million , respectively. We received distributions from our investment in the CWI 1 operating partnership during the years ended December 31, 2017 , 2016 , and 2015 of $7.5 million , $9.4 million , and $7.1 million , respectively ( Note 3 ). CWI 2 — The carrying value of our investment in CWI 2 at December 31, 2017 includes asset management fees receivable, for which 77,990 shares of class A common stock of CWI 2 were issued during the first quarter of 2018 . We received distributions from this investment during the years ended December 31, 2017 and 2016 of $0.4 million and $0.1 million , respectively. We did not receive distributions from this investment during the year ended December 31, 2015. We received distributions from our investment in the CWI 2 operating partnership during the years ended December 31, 2017 , 2016 , and 2015 of $5.1 million , $3.3 million , and $0.3 million , respectively ( Note 3 ). CCIF — W e received distributions from our investment in CCIF during the years ended December 31, 2017 , 2016 , and 2015 of $0.9 million , $0.7 million , and $0.8 million , respectively. Following our resignation as the advisor to CCIF, effective September 11, 2017 ( Note 1 ), and the reclassification of our investment in CCIF from Equity investments in the Managed Programs and real estate to Other assets, net in our consolidated balance sheets (as described above), distributions of earnings from CCIF are recorded within Other income and (expenses) in the consolidated financial statements. CESH I — Under the limited partnership agreement we have with CESH I, we paid all organization and offering costs on behalf of CESH I, and instead of being reimbursed by CESH I for actual costs incurred, we received limited partnership units of CESH I equal to 2.5% of its gross offering proceeds ( Note 3 ). In connection with the end of active fundraising by Carey Financial on June 30, 2017, we facilitated the orderly processing of sales in the CESH I offering through July 31, 2017, which then closed its offering on that date ( Note 3 ). We have elected to account for our investment in CESH I at fair value by selecting the equity method fair value option available under GAAP. We record our investment in CESH I on a one quarter lag; therefore, the balance of our equity method investment in CESH I recorded as of December 31, 2017 is based on the estimated fair value of our equity method investment in CESH I as of September 30, 2017 . We did not receive distributions from this investment during the years ended December 31, 2017 or 2016 . At December 31, 2017 and 2016 , the aggregate unamortized basis differences on our equity investments in the Managed Programs were $42.5 million and $31.7 million , respectively. The following tables present estimated combined summarized financial information for the Managed Programs. Amounts provided are expected total amounts attributable to the Managed Programs and do not represent our proportionate share (in thousands): December 31, 2017 2016 Net investments in real estate $ 9,377,719 $ 9,122,072 Other assets 1,810,832 2,079,384 Total assets 11,188,551 11,201,456 Debt (5,393,811 ) (5,128,640 ) Accounts payable, accrued expenses and other liabilities (838,567 ) (940,341 ) Total liabilities (6,232,378 ) (6,068,981 ) Noncontrolling interests (261,598 ) (263,783 ) Stockholders’ equity $ 4,694,575 $ 4,868,692 Years Ended December 31, 2017 2016 2015 Revenues $ 1,637,198 $ 1,465,803 $ 1,157,432 Expenses (1,463,933 ) (1,263,498 ) (1,129,294 ) Income from continuing operations $ 173,265 $ 202,305 $ 28,138 Net income (loss) attributable to the Managed Programs (a) (b) $ 122,955 $ 149,662 $ (15,740 ) __________ (a) Includes impairment charges recognized by the Managed Programs totaling $37.5 million , $35.7 million , and $7.2 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively. These impairment charges reduced our income earned from these investments by $1.6 million , $1.1 million , and $0.1 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively. (b) Amounts included net gains on sale of real estate recorded by the Managed Programs totaling $19.3 million , $132.8 million , and $8.9 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. These net gains on sale of real estate increased our income earned from these investments by $0.5 million , $4.6 million , and $0.1 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively. Interests in Other Unconsolidated Real Estate Investments We own equity interests in single-tenant net-leased properties that are generally leased to companies through noncontrolling interests (i) in partnerships and limited liability companies that we do not control but over which we exercise significant influence or (ii) as tenants-in-common subject to common control. Generally, the underlying investments are jointly owned with affiliates. We account for these investments under the equity method of accounting. Investments in unconsolidated investments are required to be evaluated periodically for impairment. We periodically compare an investment’s carrying value to its estimated fair value and recognize an impairment charge to the extent that the carrying value exceeds fair value and such decline is determined to be other than temporary. Operating results of our unconsolidated real estate investments are included in the Owned Real Estate segment. The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Carrying Value at December 31, Lessee Co-owner Ownership Interest 2017 2016 The New York Times Company CPA:17 – Global 45% $ 69,401 $ 69,668 Frontier Spinning Mills, Inc. CPA:17 – Global 40% 24,153 24,138 Beach House JV, LLC (a) Third Party N/A 15,105 15,105 ALSO Actebis GmbH (b) CPA:17 – Global 30% 12,009 11,205 Jumbo Logistiek Vastgoed B.V. (b) (c) CPA:17 – Global 15% 10,661 8,739 Wagon Automotive GmbH (b) CPA:17 – Global 33% 8,386 8,887 Wanbishi Archives Co. Ltd. (d) CPA:17 – Global 3% 334 334 $ 140,049 $ 138,076 __________ (a) This investment is in the form of a preferred equity interest. (b) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (c) This investment represents a tenancy-in-common interest, whereby the property is encumbered by the debt for which we are jointly and severally liable. The co-obligor is CPA:17 – Global and the amount due under the arrangement was approximately $76.2 million at December 31, 2017 . Of this amount, $11.4 million represents the amount we are liable for and is included within the carrying value of the investment at December 31, 2017 . (d) The carrying value of this investment is affected by fluctuations in the exchange rate of the yen. The following tables present estimated combined summarized financial information of our equity investments, excluding the Managed Programs. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands): December 31, 2017 2016 Net investments in real estate $ 516,793 $ 503,186 Other assets 16,465 13,749 Total assets 533,258 516,935 Debt (176,660 ) (193,521 ) Accounts payable, accrued expenses and other liabilities (11,950 ) (10,354 ) Total liabilities (188,610 ) (203,875 ) Stockholders’ equity $ 344,648 $ 313,060 Years Ended December 31, 2017 2016 2015 Revenues $ 57,377 $ 56,791 $ 61,887 Expenses (22,231 ) (17,933 ) (21,124 ) Income from continuing operations $ 35,146 $ 38,858 $ 40,763 Net income attributable to the jointly owned investments $ 35,146 $ 38,858 $ 40,763 We received aggregate distributions of $16.0 million , $16.1 million , and $13.3 million from our other unconsolidated real estate investments for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Hellweg 2 Restructuring In 2007, Corporate Property Associates 14 Incorporated (which was one of the non-traded REITs that we managed at that time), or CPA:14, CPA:15, and CPA:16 – Global, acquired a 33% , 40% , and 27% interest, respectively, in an entity, or Purchaser, for purposes of acquiring a 25% interest in a property holding company, or PropCo, that owns 37 do-it-yourself stores located in Germany. This is referred to as the Hellweg Die Profi-Baumärkte GmbH & Co. KG, or Hellweg 2, transaction. The remaining 75% interest in PropCo was owned by a third party, or the Partner. In November 2010, CPA:14, CPA:15, and CPA:16 – Global obtained a 70% additional interest in PropCo from the Partner, resulting in Purchaser owning approximately 95% of PropCo. In 2011, CPA:17 – Global acquired CPA:14’s interests, and in 2012, through the CPA:15 Merger, we acquired CPA:15’s interests. We had previously accounted for our investment under the equity method of accounting. In January 2014 in connection with the CPA:16 Merger, we acquired CPA:16 – Global’s interests in the investment. Subsequent to the acquisition, we consolidate this investment. In October 2013, the Partner’s remaining 5% equity interest in PropCo was acquired by CPA:17 – Global, which resulted in PropCo recording a German real estate transfer tax of $22.1 million , of which our share was approximately $8.4 million and was reflected within Equity in earnings of equity method investments in the Managed Programs and real estate in our consolidated financial statements for the year ended December 31, 2013. In connection with the CPA:16 Merger, we acquired CPA:16 – Global’s controlling interest in the Hellweg 2 investment. During the fourth quarter of 2015, the German tax authority revoked its previous position on the application of a ruling in a Federal German tax court. Based on this change in position, the obligation to pay the German real estate transfer taxes recorded in connection with the Hellweg 2 restructuring, as well as those recorded in connection with the CPA:15 Merger, were no longer deemed probable of occurring. As a result, we reversed liabilities totaling $25.0 million , including $17.1 million recorded in connection with the Hellweg 2 restructuring and $7.9 million recorded in connection with the CPA:15 Merger, which is reflected in Other expenses in the consolidated financial statements for the year ended December 31, 2015. Wagon Automotive GmbH In the second quarter of 2015, we recognized equity income of approximately $2.1 million , representing our share of the bankruptcy proceeds received by this jointly owned investment. The proceeds were used to repay the mortgage loan encumbering the two properties owned by the jointly owned investment in the amount of $14.3 million , of which our share was $4.7 million , in the third quarter of 2015.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs along with their weighted-average ranges. Money Market Funds — Our money market funds, which are included in Cash and cash equivalents in the consolidated financial statements, are comprised of government securities and U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values. Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of foreign currency forward contracts, foreign currency collars, interest rate swaps, interest rate caps, and stock warrants ( Note 9 ). The foreign currency forward contracts, foreign currency collars, interest rate swaps, and interest rate caps were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The stock warrants were measured at fair value using valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market. Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of foreign currency collars and interest rate swaps ( Note 9 ). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. Equity Investment in CESH I — We have elected to account for our investment in CESH I at fair value by selecting the equity method fair value option available under GAAP ( Note 7 ). The fair value of our equity investment in CESH I approximated its carrying value as of December 31, 2017 and 2016 . We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the years ended December 31, 2017 or 2016 . Gains and losses (realized and unrealized) included in earnings are reported within Other income and (expenses) on our consolidated financial statements. Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2017 December 31, 2016 Level Carrying Value Fair Value Carrying Value Fair Value Unsecured Senior Notes, net (a) (b) (c) 2 $ 2,474,661 $ 2,588,032 $ 1,807,200 $ 1,828,829 Non-recourse mortgages, net (a) (b) (d) 3 1,185,477 1,196,399 1,706,921 1,711,364 Note receivable (d) 3 9,971 9,639 10,351 10,046 __________ (a) The carrying value of Unsecured Senior Notes, net ( Note 10 ) includes unamortized deferred financing costs of $14.7 million and $12.1 million at December 31, 2017 and 2016 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $1.0 million and $1.3 million at December 31, 2017 and 2016 , respectively. (b) The carrying value of Unsecured Senior Notes, net includes unamortized discount of $9.9 million and $7.8 million at December 31, 2017 and 2016 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $1.7 million and $0.2 million at December 31, 2017 and 2016 , respectively. (c) We determined the estimated fair value of the Unsecured Senior Notes using quoted market prices in an open market with limited trading volume, where available. In cases where there was no trading volume, we determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. (d) We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both December 31, 2017 and 2016 . Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. For investments in real estate held for use for which an impairment indicator is identified, we follow a two-step process to determine whether the investment is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the future undiscounted net cash flows that we expect the property’s asset group will generate over a ten-year holding period, including any estimated proceeds from the eventual sale of the property’s asset group. If this amount is less than the carrying value, the property’s asset group is considered to be not recoverable. We then measure the impairment charge as the excess of the carrying value of the property’s asset group over the estimated fair value of the property’s asset group, which is primarily determined using market information such as recent comparable sales, broker quotes, or third-party appraisals. If relevant market information is not available or is not deemed appropriate, we perform a future net cash flow analysis, discounted for inherent risk associated with each investment. We determined that the significant inputs used to value these investments fall within Level 3 for fair value reporting. As a result of our assessments, we calculated impairment charges based on market conditions and assumptions that existed at the time. The valuation of real estate is subject to significant judgment and actual results may differ materially if market conditions or the underlying assumptions change. The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Fair Value Measurements Total Impairment Charges Fair Value Total Impairment Fair Value Total Impairment Impairment Charges Land, buildings and improvements and intangibles $ 2,914 $ 2,769 $ 155,839 $ 52,316 $ 63,027 $ 26,597 Net investments in direct financing leases — — 23,775 6,987 65,132 3,309 $ 2,769 $ 59,303 $ 29,906 Impairment charges, and their related triggering events and fair value measurements, recognized during 2017 , 2016 , and 2015 were as follows: Land, Buildings and Improvements and Intangibles 2017 — During the year ended December 31, 2017, we recognized impairment charges totaling $2.8 million on two properties in order to reduce the carrying values of the properties to their estimated fair values. The tenant in one of the properties filed for bankruptcy and the fair value measurement for the property was based on the average sales price per square foot of comparable properties that were sold during 2017 by other entities. We recognized an impairment charge of $2.2 million on this property. The fair value measurement for the other property approximated its estimated selling price, and we recognized an impairment charge of $0.6 million on this property. 2016 — During the year ended December 31, 2016, we recognized impairment charges totaling $52.3 million , including an amount attributable to a noncontrolling interest of $1.2 million , on 18 properties, including a portfolio of 14 properties, in order to reduce the carrying values of the properties to their estimated fair values. The fair value measurements for substantially all of these properties approximated their estimated selling prices, less estimated costs to sell. We recognized impairment charges on the portfolio of 14 properties totaling $41.0 million , including $10.2 million allocated to goodwill. The portfolio of 14 properties was sold in October 2016. Of the other four properties, one was sold in December 2016, two were disposed of in January 2017, and one was sold in May 2017. 2015 — During the year ended December 31, 2015, we recognized impairment charges totaling $26.6 million , including an amount attributable to a noncontrolling interest of $1.0 million , on seven properties and a parcel of vacant land in order to reduce the carrying values of the properties to their estimated fair values. The fair value measurements for five of the properties and the parcel of vacant land approximated their estimated selling prices, and we recognized impairment charges totaling $10.9 million on these properties. We disposed of two of these properties during 2015, one of these properties in October 2016, and two of these properties and the parcel of vacant land during 2017. We reduced the estimated holding period for another property due to the expected expiration of its related lease within one year after December 31, 2015 and recognized an impairment charge of $8.7 million on the property. The fair value measurement related to the impairment charge was determined by estimating discounted cash flows using three significant unobservable inputs, which are the cash flow discount rate, the residual discount rate, and the residual capitalization rate equal to 9.25% , 9.75% , and 8.50% , respectively. We disposed of this property in January 2017. The building located on another property was demolished in connection with the redevelopment of the property, which commenced in December 2015 and was completed in October 2016 ( Note 4 ), and the fair value of the building was reduced to zero. We recognized an impairment charge of $6.9 million on this property. Net Investments in Direct Financing Leases 2016 — During the year ended December 31, 2016, we recognized an impairment charge of $7.0 million on one property accounted for as Net investments in direct financing leases in order to reduce the carrying value of the property to its estimated fair value. The fair value measurement for the property approximated its estimated selling price, less estimated costs to sell. The property was classified as held for sale as of December 31, 2016. We sold this property in January 2017. The fair value measurements related to the impairment charges recognized on our Net investments in direct financing leases during 2015 were determined by estimating market rents at the time the leases expire, taking into account the following factors related to the properties and their locations: (i) estimated rent growth in property location; (ii) the quality of the property relative to other properties nearby; and (iii) the number of vacant properties nearby. 2015 — During the year ended December 31, 2015, we recognized impairment charges totaling $3.3 million on five properties accounted for as Net investments in direct financing leases in connection with an other-than-temporary decline in the estimated fair values of the buildings’ residual values.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including our Senior Unsecured Credit Facility and Unsecured Senior Notes ( Note 10 ). Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other securities and the shares or limited partnership units we hold in the Managed Programs due to changes in interest rates or other market factors. We own investments in North America, Europe, Australia, and Asia and are subject to risks associated with fluctuating foreign currency exchange rates. Derivative Financial Instruments When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, and we may be granted common stock warrants by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include a counterparty to a hedging arrangement defaulting on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. For a derivative designated, and that qualified, as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings. All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2017 and 2016 , no cash collateral had been posted nor received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Foreign currency forward contracts Other assets, net $ 12,737 $ 37,040 $ — $ — Foreign currency collars Other assets, net 4,931 17,382 — — Interest rate swaps Other assets, net 523 190 — — Interest rate cap Other assets, net 20 45 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (6,805 ) — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,108 ) (2,996 ) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 3,685 3,752 — — Interest rate swap (a) Other assets, net 19 9 — — Total derivatives $ 21,915 $ 58,418 $ (7,913 ) $ (2,996 ) __________ (a) This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt. The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 Foreign currency collars $ (19,220 ) $ 9,679 $ 7,769 Foreign currency forward contracts (19,120 ) (1,948 ) 15,949 Interest rate swaps 1,550 1,291 (284 ) Interest rate caps (29 ) 21 64 Derivatives in Net Investment Hedging Relationships (b) Foreign currency forward contracts (5,652 ) (462 ) 5,819 Total $ (42,471 ) $ 8,581 $ 29,317 Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2017 2016 2015 Foreign currency forward contracts Other income and (expenses) $ 6,845 $ 7,442 $ 7,272 Foreign currency collars Other income and (expenses) 3,650 1,968 357 Interest rate swaps and caps Interest expense (1,294 ) (2,106 ) (2,291 ) Total $ 9,201 $ 7,304 $ 5,338 __________ (a) Excludes net losses of $1.0 million and net gains of $0.2 million and $0.6 million , recognized on unconsolidated jointly owned investments for the years ended December 31, 2017 , 2016 , and 2015 , respectively. (b) The effective portion of the changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss) . Amounts reported in Other comprehensive income (loss) related to interest rate swaps will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to Other income and (expenses) when the hedged foreign currency contracts are settled. As of December 31, 2017 , we estimate that an additional $0.4 million and $6.6 million will be reclassified as interest expense and other income, respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2017 2016 2015 Foreign currency collars Other income and (expenses) $ (754 ) $ 824 $ 514 Stock warrants Other income and (expenses) (67 ) 134 (134 ) Foreign currency forward contracts Other income and (expenses) (53 ) — (296 ) Interest rate swaps Other income and (expenses) 18 2,682 4,164 Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 693 657 649 Foreign currency forward contracts Other income and (expenses) (75 ) 40 45 Foreign currency collars Other income and (expenses) (32 ) (7 ) 23 Total $ (270 ) $ 4,330 $ 4,965 __________ (a) Relates to the ineffective portion of the hedging relationship. See below for information on our purposes for entering into derivative instruments. Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain variable-rate, non-recourse mortgage loans and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2017 are summarized as follows (currency in thousands): Number of Instruments Notional Amount Fair Value at (a) Interest Rate Derivatives Designated as Cash Flow Hedging Instruments Interest rate swaps 11 104,014 USD $ (523 ) Interest rate swap 1 5,785 EUR (62 ) Interest rate cap 1 30,400 EUR 20 Not Designated as Cash Flow Hedging Instruments Interest rate swap (b) 1 2,854 USD 19 $ (546 ) __________ (a) Fair value amounts are based on the exchange rate of the euro at December 31, 2017 , as applicable. (b) This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt. Foreign Currency Forward Contracts and Collars We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling, the Australian dollar, and certain other currencies. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency forward contracts and collars. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. By entering into forward contracts and holding them to maturity, we are locked into a future currency exchange rate for the term of the contract. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency forward contracts and foreign currency collars have maturities of 77 months or less. The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2017 , which were designated as cash flow hedges (currency in thousands): Number of Instruments Notional Fair Value at December 31, 2017 Foreign Currency Derivatives Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 22 69,531 EUR $ 10,158 Foreign currency collars 28 97,150 EUR (5,902 ) Foreign currency collars 28 42,000 GBP 4,028 Foreign currency forward contracts 4 2,140 GBP 461 Foreign currency forward contracts 8 10,231 AUD 346 Designated as Net Investment Hedging Instruments Foreign currency forward contracts 3 74,463 AUD 1,772 $ 10,863 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2017 . At December 31, 2017 , our total credit exposure and the maximum exposure to any single counterparty was $15.6 million and $11.5 million , respectively. Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 2017 , we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $8.1 million and $3.3 million at December 31, 2017 and 2016 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2017 or 2016 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $8.4 million and $3.3 million , respectively. Net Investment Hedges At December 31, 2017 , the €236.3 million borrowed in euro outstanding under our Amended Term Loan was designated as a net investment hedge ( Note 10 ). Additionally, we have had two issuances of euro-denominated senior notes, each with a principal amount of €500.0 million , which we refer to as the 2.0% Senior Notes and 2.25% Senior Notes ( Note 10 ). These borrowings are designated as, and are effective as, economic hedges of our net investments in foreign entities. Variability in the exchange rates of the foreign currencies with respect to the U.S. dollar impacts our financial results as the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of changes in the foreign currencies to U.S. dollar exchange rates being recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings in euro under our Amended Term Loan, 2.0% Senior Notes, and 2.25% Senior Notes related to changes in the spot rates will be reported in the same manner as a translation adjustment, which is recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. At December 31, 2017 , we also had foreign currency forward contracts that were designated as net investment hedges, as discussed in “Derivative Financial Instruments” above.

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Senior Unsecured Credit Facility As of December 31, 2016, we had a senior credit facility that provided for a $1.5 billion unsecured revolving credit facility, or our Unsecured Revolving Credit Facility, and a $250.0 million term loan facility, or our Prior Term Loan, which we refer to collectively as the Senior Unsecured Credit Facility. At December 31, 2016, the Senior Unsecured Credit Facility also permitted (i) up to $750.0 million under our Unsecured Revolving Credit Facility to be borrowed in certain currencies other than the U.S. dollar, (ii) swing line loans up to $50.0 million under our Unsecured Revolving Credit Facility, and (iii) the issuance of letters of credit under our Unsecured Revolving Credit Facility in an aggregate amount not to exceed $50.0 million . On January 26, 2017, we exercised our option to extend our Prior Term Loan by an additional year to January 31, 2018. On February 22, 2017, we amended and restated our Senior Unsecured Credit Facility to increase its capacity to approximately $1.85 billion , which is comprised of a $1.5 billion Unsecured Revolving Credit Facility, a €236.3 million term loan, or our Amended Term Loan, and a $100.0 million delayed draw term loan, or our Delayed Draw Term Loan. The Delayed Draw Term Loan allows for borrowings in U.S. dollars, euros, or British pounds sterling. We refer to our Prior Term Loan, Amended Term Loan, and Delayed Draw Term Loan collectively as the Unsecured Term Loans. On February 22, 2017, we drew down our Amended Term Loan in full by borrowing €236.3 million (equivalent to $250.0 million ) to repay and terminate our $250.0 million Prior Term Loan. On June 8, 2017, we drew down our Delayed Draw Term Loan in full by borrowing €88.7 million (equivalent to $100.0 million ) to partially pay down the amounts then outstanding under our Unsecured Revolving Credit Facility. The maturity date of the Unsecured Revolving Credit Facility is February 22, 2021. We have two options to extend the maturity date of the Unsecured Revolving Credit Facility by six months, subject to the conditions provided in the Third Amended and Restated Credit Facility dated February 22, 2017, as amended, or the Credit Agreement. The maturity date of both the Amended Term Loan and Delayed Draw Term Loan is February 22, 2022. The Senior Unsecured Credit Facility is being used for working capital needs, for acquisitions, and for other general corporate purposes. The Credit Agreement also permits (i) a sub-limit for up to $1.0 billion under the Unsecured Revolving Credit Facility to be borrowed in certain currencies other than U.S. dollars, (ii) a sub-limit for swing line loans of up to $75.0 million under the Unsecured Revolving Credit Facility, and (iii) a sub-limit for the issuance of letters of credit under the Unsecured Revolving Credit Facility in an aggregate amount not to exceed $50.0 million . The aggregate principal amount (of revolving and term loans) available under the Credit Agreement may be increased up to an amount not to exceed the U.S. dollar equivalent of $2.35 billion , and may be allocated as an increase to the Unsecured Revolving Credit Facility, the Amended Term Loan, or the Delayed Draw Term Loan, or if the Amended Term Loan has been terminated, an add-on term loan, in each case subject to the conditions to increase provided in the Credit Agreement. In connection with the amendment and restatement of our Senior Unsecured Credit Facility, we capitalized deferred financing costs totaling $8.5 million , which is being amortized to Interest expense over the remaining terms of the Unsecured Revolving Credit Facility and Amended Term Loan. At December 31, 2017 , our Unsecured Revolving Credit Facility had unused capacity of $1.3 billion , excluding amounts reserved for outstanding letters of credit. As of December 31, 2017 , our lenders had issued letters of credit totaling $0.1 million on our behalf in connection with certain contractual obligations, which reduce amounts that may be drawn under our Unsecured Revolving Credit Facility by the same amount. We also incur a facility fee of 0.20% of the total commitment on our Unsecured Revolving Credit Facility and a fee of 0.20% on the unused commitments under our Delayed Draw Term Loan prior to the draw or termination of such commitments. The following table presents a summary of our Senior Unsecured Credit Facility (dollars in millions): Interest Rate at December 31, 2017 (a) Principal Outstanding Balance at December 31, Senior Unsecured Credit Facility Maturity Date 2017 2016 Unsecured Term Loans: Amended Term Loan — borrowing in euros (b) (c) EURIBOR + 1.10% 2/22/2022 $ 283.4 $ — Delayed Draw Term Loan — borrowing in euros (b) (c) EURIBOR + 1.10% 2/22/2022 106.3 — Prior Term Loan — borrowing in (d) N/A N/A — 250.0 389.7 250.0 Unsecured Revolving Credit Facility: Unsecured Revolving Credit Facility — borrowing in euros (c) EURIBOR + 1.00% 2/22/2021 $ 111.8 $ 286.7 Unsecured Revolving Credit Facility — borrowing in U.S. dollars LIBOR + 1.00% 2/22/2021 105.0 390.0 216.8 676.7 $ 606.5 $ 926.7 __________ (a) The applicable interest rate at December 31, 2017 was based on the credit rating for our Unsecured Senior Notes of BBB/Baa2 . (b) Balance excludes unamortized discount of $1.2 million and unamortized deferred financing costs of $0.2 million at December 31, 2017 . (c) EURIBOR means Euro Interbank Offered Rate. (d) Balance excludes unamortized deferred financing costs of less than $0.1 million at December 31, 2016. Unsecured Senior Notes As set forth in the table below, we have unsecured senior notes outstanding with an aggregate principal balance outstanding of $2.5 billion at December 31, 2017 . We refer to these notes collectively as the Unsecured Senior Notes. On January 19, 2017 , we completed a public offering of €500.0 million of 2.25% Senior Notes, at a price of 99.448% of par value, which were issued by our wholly owned subsidiary, WPC Eurobond B.V., and fully guaranteed by us. These 2.25% Senior Notes have a 7.5 -year term and are scheduled to mature on July 19, 2024 . Interest on the Unsecured Senior Notes is payable annually in arrears for our euro-denominated notes and semi-annually for U.S. dollar-denominated notes. The Unsecured Senior Notes can be redeemed at par within three months of their respective maturities, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the applicable government bond yield plus 30 to 35 basis points. The following table presents a summary of our Unsecured Senior Notes outstanding at December 31, 2017 (currency in millions): Principal Amount Price of Par Value Original Issue Discount Effective Interest Rate Coupon Rate Maturity Date Principal Outstanding Balance at December 31, Unsecured Senior Notes, net (a) Issue Date 2017 2016 2.0% Senior Notes 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 $ 599.7 $ 527.1 4.6% Senior Notes 3/14/2014 $ 500.0 99.639 % $ 1.8 4.645 % 4.6 % 4/1/2024 500.0 500.0 2.25% Senior Notes 1/19/2017 € 500.0 99.448 % $ 2.9 2.332 % 2.25 % 7/19/2024 599.7 — 4.0% Senior Notes 1/26/2015 $ 450.0 99.372 % $ 2.8 4.077 % 4.0 % 2/1/2025 450.0 450.0 4.25% Senior Notes 9/12/2016 $ 350.0 99.682 % $ 1.1 4.290 % 4.25 % 10/1/2026 350.0 350.0 $ 2,499.4 $ 1,827.1 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $14.7 million and $12.1 million , and unamortized discount totaling $9.9 million and $7.8 million at December 31, 2017 and 2016 , respectively. Proceeds from the issuances of each of these notes were used primarily to partially pay down the amounts then outstanding under the unsecured revolving credit facility that we had in place at that time. In connection with the offering of the 2.25% Senior Notes in January 2017, we incurred financing costs totaling $4.0 million during the year ended December 31, 2017 , which are included in Unsecured Senior Notes, net in the consolidated financial statements and are being amortized to Interest expense over the term of the 2.25% Senior Notes. Covenants The Senior Unsecured Credit Facility, as amended, and each of the Unsecured Senior Notes include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. The Senior Unsecured Credit Facility also contains various customary affirmative and negative covenants applicable to us and our subsidiaries, subject to materiality and other qualifications, baskets, and exceptions as outlined in the Credit Agreement. We were in compliance with all of these covenants at December 31, 2017 . We may make unlimited Restricted Payments (as defined in the Credit Agreement), as long as no non-payment default or financial covenant default has occurred before, or would on a pro forma basis occur as a result of, the Restricted Payment. In addition, we may make Restricted Payments in an amount required to (i) maintain our REIT status and (ii) as a result of that status, not pay federal or state income or excise tax, as long as the loans under the Credit Agreement have not been accelerated and no bankruptcy or event of default has occurred. Obligations under the Senior Unsecured Credit Facility may be declared immediately due and payable upon the occurrence of certain events of default as defined in the Credit Agreement, including failure to pay any principal when due and payable, failure to pay interest within five business days after becoming due, failure to comply with any covenant, representation or condition of any loan document, any change of control, cross-defaults, and certain other events as set forth in the Credit Agreement, with grace periods in some cases. Non-Recourse Mortgages Non-recourse mortgages consist of mortgage notes payable, which are collateralized by the assignment of real estate properties. For a list of our encumbered properties, please see Schedule III — Real Estate and Accumulated Depreciation . At December 31, 2017 , our mortgage notes payable bore interest at fixed annual rates ranging from 2.0% to 7.8% and variable contractual annual rates ranging from 0.9% to 6.9% , with maturity dates ranging from March 2018 to June 2027 . In January 2017, we repaid two international non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $243.8 million encumbering a German investment, comprised of certain properties leased to Hellweg 2, which is jointly owned with our affiliate, CPA:17 – Global. In connection with this repayment, CPA:17 – Global contributed $90.3 million , which was accounted for as a contribution from a noncontrolling interest. Amounts are based on the exchange rate of the euro as of the date of repayment. The weighted-average interest rate for these mortgage loans on the date of repayment was 5.4% . During the year ended December 31, 2017 , we repaid additional loans at maturity with an aggregate principal balance of approximately $47.1 million . During the year ended December 31, 2017 , we prepaid non-recourse mortgage loans totaling $191.6 million , including $47.5 million encumbering properties that were disposed of during the year ended December 31, 2017 . Amounts are based on the exchange rate of the related foreign currency as of the date of repayment, as applicable. The weighted-average interest rate for these mortgage loans on their respective dates of prepayment was 5.7% . In connection with these payments, we recognized a loss on extinguishment of debt of $0.9 million during the year ended December 31, 2017 , which was included in Other income and (expenses) in the consolidated financial statements. See Note 19 , Subsequent Events. Interest Paid For the years ended December 31, 2017 , 2016 , and 2015 , interest paid was $155.4 million , $182.2 million , and $174.5 million , respectively. Foreign Currency Exchange Rate Impact During the year ended December 31, 2017 , the U.S. dollar weakened against the euro, resulting in an aggregate increase of $235.8 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Unsecured Senior Notes, net from December 31, 2016 to December 31, 2017 . Scheduled Debt Principal Payments Scheduled debt principal payments during each of the next five calendar years following December 31, 2017 and thereafter through 2027 are as follows (in thousands): Years Ending December 31, Total (a) 2018 $ 246,357 2019 99,503 2020 222,367 2021 377,141 2022 630,618 Thereafter through 2027 2,718,030 Total principal payments 4,294,016 Unamortized deferred financing costs (15,920 ) Unamortized discount, net (b) (12,829 ) Total $ 4,265,267 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2017 . (b) Represents the unamortized discount on the Unsecured Senior Notes of $9.9 million in aggregate, unamortized discount of $1.7 million in aggregate primarily resulting from the assumption of property-level debt in connection with both the CPA:15 Merger and CPA:16 Merger, and unamortized discount on the Unsecured Term Loans of $1.2 million .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2017 , we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.

Restructuring and Other Compens

Restructuring and Other Compensation	12 Months Ended
	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring and Other Compensation	Restructuring and Other Compensation Expenses Recorded During 2017 On June 15, 2017, our Board approved a plan to exit non-traded retail fundraising activities carried out by our wholly-owned broker-dealer subsidiary, Carey Financial, as of June 30, 2017 ( Note 1 ). As a result, we incurred non-recurring charges to exit our fundraising activities, consisting primarily of severance costs. During the year ended December 31, 2017, we recorded $8.2 million of severance and benefits and $1.2 million of other related costs, which are all included in Restructuring and other compensation in the consolidated financial statements. Expenses Recorded During 2016 In connection with the resignation of our then-chief executive officer, Trevor P. Bond, we and Mr. Bond entered into a letter agreement, dated February 10, 2016. Under the terms of the agreement, subject to certain conditions, Mr. Bond is entitled to receive the severance benefits provided for in his employment agreement and, subject to satisfaction of applicable performance conditions and proration, vesting of his outstanding unvested PSUs in accordance with their terms. In addition, the portion of his previously granted RSUs that were scheduled to vest on February 15, 2016, which would have been forfeited upon separation pursuant to their terms, were allowed to vest on that date. In connection with the separation agreement, we recorded $5.1 million of severance-related expenses during the year ended December 31, 2016, which are included in Restructuring and other compensation in the consolidated financial statements. In February 2016, we entered into an agreement with Catherine D. Rice, our former chief financial officer, in connection with the termination of her employment, which provides for the continued vesting of her outstanding RSUs and PSUs pursuant to their terms as though her employment had continued through their respective vesting dates. In connection with the modification of these award terms, we recorded incremental stock-based compensation expense of $2.4 million during the year ended December 31, 2016, which is included in Restructuring and other compensation in the consolidated financial statements. In March 2016, as part of a cost savings initiative, we undertook a reduction in force, or RIF, and realigned and consolidated certain positions within the company, resulting in employee headcount reductions. As a result of these reductions in headcount and the separations described above, during the year ended December 31, 2016, we recorded $8.2 million of severance and benefits, $3.2 million of stock-based compensation, and $0.5 million of other related costs, which are all included in Restructuring and other compensation in the consolidated financial statements. As of December 31, 2017 , the accrued liability for these severance obligations recorded during 2016 and 2017 was $1.9 million , which is included within Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.

Equity

Equity	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Equity	Equity Common Stock Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents distributions per share, declared and paid during the years ended December 31, 2017 , 2016 , and 2015 , reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e) (dollars per share): Distributions Paid During the Years Ended December 31, 2017 2016 2015 Ordinary income $ 3.2537 $ 3.3075 $ 3.5497 Return of capital 0.5182 0.5963 0.2618 Capital gains 0.2181 — — Total distributions paid $ 3.9900 $ 3.9038 $ 3.8115 During the fourth quarter of 2017 , we declared a quarterly distribution of $1.01 per share, which was paid on January 16, 2018 to stockholders of record on December 29, 2017, in the amount of $109.8 million . In October 2017, we issued 11,077 shares of our common stock to a third party, which had a value of $0.8 million as of the date of issuance, in connection with a one-time legal settlement. Earnings Per Share U nder current authoritative guidance for determining earnings per share, all nonvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of our nonvested RSUs and RSAs contain rights to receive non-forfeitable distribution equivalents or distributions, respectively, and therefore we apply the two-class method of computing earnings per share. The calculation of earnings per share below excludes the income attributable to the nonvested participating RSUs and RSAs from the numerator and such nonvested shares in the denominator. The following table summarizes basic and diluted earnings (in thousands, except share amounts) : Years Ended December 31, 2017 2016 2015 Net income attributable to W. P. Carey $ 277,289 $ 267,747 $ 172,258 Net income attributable to nonvested participating RSUs and RSAs (784 ) (886 ) (579 ) Net income – basic and diluted $ 276,505 $ 266,861 $ 171,679 Weighted-average shares outstanding – basic 107,824,738 106,743,012 105,675,692 Effect of dilutive securities 211,233 330,191 831,960 Weighted-average shares outstanding – diluted 108,035,971 107,073,203 106,507,652 For the years ended December 31, 2017 , 2016 , and 2015 , there were no potentially dilutive securities excluded from the computation of diluted earnings per share. At-The-Market Equity Offering Program On March 1, 2017, we filed a prospectus supplement with the SEC pursuant to which we may offer and sell shares of our common stock from time to time, up to an aggregate gross sales price of $400.0 million , through a continuous “at-the-market,” or ATM, offering program with a consortium of banks acting as sales agents. On that date, we also terminated a prior ATM program that was established on June 3, 2015, under which we could also offer and sell shares of our common stock, up to an aggregate gross sales price of $400.0 million . During the year ended December 31, 2017 , we issued 345,253 shares of our common stock under the current ATM program at a weighted-average price of $67.78 per share for net proceeds of $22.8 million . During the year ended December 31, 2016 , we issued 1,249,836 shares of our common stock under the prior ATM program at a weighted-average price of $68.52 per share for net proceeds of $84.1 million . As of December 31, 2017 , $376.6 million remained available for issuance under our current ATM program. Noncontrolling Interests Acquisition of Noncontrolling Interest On May 24, 2017, we acquired the remaining 25% interest in an international jointly owned investment (which we already consolidated) from the noncontrolling interest holders for €2 , bringing our ownership interest to 100% . No gain or loss was recognized on the transaction. We recorded an adjustment of approximately $1.8 million to Additional paid-in capital in our consolidated statement of equity for the year ended December 31, 2017 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment. The property owned by the investment was sold on May 26, 2017 and we recognized a gain on sale of less than $0.1 million . Redeemable Noncontrolling Interest We account for the noncontrolling interest in our subsidiary, W. P. Carey International, LLC, or WPCI, held by a third party as a redeemable noncontrolling interest, because, pursuant to a put option held by the third party, we had an obligation to redeem the interest at fair value, subject to certain conditions. This obligation was required to be settled in shares of our common stock. On October 1, 2013, we received a notice from the holder of the noncontrolling interest in WPCI regarding the exercise of the put option, pursuant to which we were required to purchase the third party’s 7.7% interest in WPCI. Pursuant to the terms of the related put agreement, the value of that interest was determined based on a third-party valuation as of October 31, 2013, which is the end of the month that the put option was exercised. In March 2016, we issued 217,011 shares of our common stock to the holder of the redeemable noncontrolling interest, which had a value of $13.4 million at the date of issuance, pursuant to a formula set forth in the put agreement. Through the date of this Report, the third party has not formally transferred his interests in WPCI to us pursuant to the put agreement because of a dispute regarding any amounts that may still be owed to him. The following table presents a reconciliation of redeemable noncontrolling interest (in thousands): Years Ended December 31, 2017 2016 2015 Beginning balance $ 965 $ 14,944 $ 6,071 Distributions — (13,418 ) — Redemption value adjustment — (561 ) 8,873 Ending balance $ 965 $ 965 $ 14,944 Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Balance at January 1, 2015 $ 13,597 $ (89,177 ) $ 21 $ (75,559 ) Other comprehensive loss before reclassifications 29,391 (125,447 ) 15 (96,041 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 2,291 — — 2,291 Other income and (expenses) (7,629 ) — — (7,629 ) Total (5,338 ) — — (5,338 ) Net current period other comprehensive loss 24,053 (125,447 ) 15 (101,379 ) Net current period other comprehensive loss attributable to noncontrolling interests — 4,647 — 4,647 Balance at December 31, 2015 37,650 (209,977 ) 36 (172,291 ) Other comprehensive loss before reclassifications 16,582 (92,434 ) (126 ) (75,978 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 2,106 — — 2,106 Other income and (expenses) (9,410 ) — — (9,410 ) Total (7,304 ) — — (7,304 ) Net current period other comprehensive loss 9,278 (92,434 ) (126 ) (83,282 ) Net current period other comprehensive loss attributable to noncontrolling interests 7 1,081 — 1,088 Balance at December 31, 2016 46,935 (301,330 ) (90 ) (254,485 ) Other comprehensive income before reclassifications (28,577 ) 69,040 (71 ) 40,392 Amounts reclassified from accumulated other comprehensive loss to: Gain on sale of real estate, net of tax ( Note 16 ) — 3,388 — 3,388 Interest expense 1,294 — — 1,294 Other income and (expenses) (10,495 ) — — (10,495 ) Total (9,201 ) 3,388 — (5,813 ) Net current period other comprehensive income (37,778 ) 72,428 (71 ) 34,579 Net current period other comprehensive gain attributable to noncontrolling interests 15 (16,120 ) — (16,105 ) Balance at December 31, 2017 $ 9,172 $ (245,022 ) $ (161 ) $ (236,011 )

Stock-Based Compensation and Ot

Stock-Based Compensation and Other Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation and Other Compensation	Stock-Based and Other Compensation Stock-Based Compensation At December 31, 2017 , we maintained several stock-based compensation plans as described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $18.9 million , $21.2 million , and $21.6 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively, of which $3.2 million was included in Restructuring and other compensation in the consolidated financial statements for the year ended December 31, 2016. The remaining amounts for the years ended December 31, 2017 , 2016 , and 2015 were included in Stock-based compensation expense in the consolidated financial statements. The tax benefit recognized by us related to these awards totaled $4.6 million , $6.7 million , and $12.5 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The tax benefit for the year ended December 31, 2017 was reflected as a deferred tax benefit within Provision for income taxes in the consolidated financial statements, while the tax benefit for the years ended December 31, 2016 and 2015 was recorded in Additional paid-in capital in the consolidated financial statements ( Note 2 ). 2017 Share Incentive Plan In June 2017, our shareholders approved the 2017 Share Incentive Plan, which replaced our predecessor plans for employees, the 2009 Share Incentive Plan, and for non-employee directors, the 2009 Non-Employee Directors’ Incentive Plan. No further awards will be granted under those predecessor plans, which are more fully described in the 2016 Annual Report. The 2017 Share Incentive Plan authorizes the issuance of up to 4,000,000 shares of our common stock, reduced by the number of shares ( 279,728 ) that were subject to awards granted under the 2009 Share Incentive Plan and the 2009 Non-Employee Directors’ Incentive Plan after December 31, 2016 and before the effective date of the 2017 Share Incentive Plan, which was June 15, 2017. The 2017 Share Incentive Plan provides for the grant of various stock- and cash-based awards, including (i) share options, (ii) RSUs, (iii) PSUs, (iv) RSAs, and (v) dividend equivalent rights. At December 31, 2017 , there were 3,697,717 shares available for issuance under the 2017 Share Incentive Plan. During the years ended December 31, 2017 , 2016 , and 2015 , we awarded RSUs totaling 181,307 , 262,824 , and 173,741 , respectively, and PSUs totaling 107,934 , 200,005 , and 75,277 , respectively, to key employees under the 2017 Share Incentive Plan and the predecessor plans, in the aggregate. PSUs are reflected at 100% of target but may settle at up to three times the target amount shown or less, including 0% , depending on the achievement of pre-set performance metrics over a three -year performance period. RSUs generally vest one-third annually over three years . During the years ended December 31, 2017 , 2016 , and 2015 , we issued RSAs totaling 10,386 , 13,860 , and 16,152 , respectively, with a total value of $0.7 million , $1.0 million , and $1.0 million , respectively, to our directors. These director RSAs are scheduled to vest one year from the date of grant. We also issued 2,656 RSAs with a total value of $0.2 million to employees during the year ended December 31, 2017, all of which vested immediately. Employee Share Purchase Plan We sponsor an employee share purchase plan, or ESPP, pursuant to which eligible employees may contribute up to 10% of compensation, subject to certain limits, to purchase our common stock semi-annually at a price equal to 90% of the fair market value at certain plan defined dates. Compensation expense under this plan for each of the years ended December 31, 2017 , 2016 , and 2015 was less than $0.1 million . Restricted and Conditional Awards Nonvested RSAs, RSUs, and PSUs at December 31, 2017 and changes during the years ended December 31, 2017 , 2016 , and 2015 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Nonvested at January 1, 2015 442,502 $ 53.03 877,641 $ 32.06 Granted 189,893 69.92 75,277 83.68 Vested (a) (264,628 ) 49.69 (792,465 ) 56.77 Forfeited (10,996 ) 66.46 — — Adjustment (b) — — 179,905 49.70 Nonvested at December 31, 2015 356,771 64.09 340,358 52.26 Granted 277,836 58.27 200,005 73.18 Vested (a) (217,617 ) 61.32 (180,723 ) 80.21 Forfeited (60,125 ) 61.81 (51,657 ) 75.49 Adjustment (b) — — 2,035 72.22 Nonvested at December 31, 2016 356,865 61.63 310,018 73.80 Granted (c) 194,349 62.22 107,934 75.39 Vested (a) (185,259 ) 62.72 (132,412 ) 74.21 Forfeited (41,616 ) 61.08 (45,258 ) 76.91 Adjustment (b) — — 41,017 63.18 Nonvested at December 31, 2017 (d) 324,339 $ 61.43 281,299 $ 74.57 __________ (a) The total fair value of shares vested during the years ended December 31, 2017 , 2016 , and 2015 was $21.4 million , $27.8 million , and $58.1 million , respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2017 and 2016 , we had an obligation to issue 1,140,632 and 1,217,274 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $46.7 million and $50.2 million , respectively. (b) Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three -year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest. (c) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three -year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the year ended December 31, 2017 , we used a risk-free interest rate of 1.5% , an expected volatility rate of 17.1% , and assumed a dividend yield of zero . (d) At December 31, 2017 , total unrecognized compensation expense related to these awards was approximately $18.1 million , with an aggregate weighted-average remaining term of 1.7 years. At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest based upon the extent to which we have met and expect to meet the performance goals and where appropriate, revise our estimate and associated expense. We do not adjust the associated expense for revision on PSUs expected to vest based on market performance. Upon vesting, the RSUs and PSUs may be converted into shares of our common stock. Both the RSUs and PSUs carry dividend equivalent rights. Dividend equivalent rights on RSUs issued under the predecessor employee plan are paid in cash on a quarterly basis, whereas dividend equivalent rights on RSUs issued under the 2017 Share Incentive Plan are accrued and paid in cash only when the underlying shares vest, which is generally on an annual basis; dividend equivalents on PSUs accrue during the performance period and may be converted into additional shares of common stock at the conclusion of the performance period to the extent the PSUs vest. Dividend equivalent rights are accounted for as a reduction to retained earnings to the extent that the awards are expected to vest. For awards that are not expected to vest or do not ultimately vest, dividend equivalent rights are accounted for as additional compensation expense. Stock Options At December 31, 2016, we had 145,033 stock options outstanding, all of which were exercised during the year ended December 31, 2017 (prior to the expiration of their terms on that date), at a weighted-average exercise price of $33.27 . Option activity and changes for the years ended December 31, 2016 and 2015 were as follows: Years Ended December 31, 2016 2015 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Outstanding — beginning of year 258,787 $ 31.10 475,765 $ 29.95 Exercised (113,002 ) 28.34 (213,479 ) 28.57 Canceled / Expired (752 ) 28.42 (3,499 ) 28.71 Outstanding — end of year 145,033 $ 33.27 0.30 258,787 $ 31.10 1.06 Exercisable — end of year 145,033 $ 33.27 236,112 $ 30.99 Options granted under the 1997 Incentive Plan generally had a ten -year term and vested in four equal annual installments. We have not issued option awards since 2007. The total intrinsic value of options exercised during the years ended December 31, 2017 , 2016 , and 2015 was $4.4 million , $3.7 million , and $7.4 million , respectively. The tax benefit recognized by us related to these awards totaled $2.0 million during the year ended December 31, 2017 . At December 31, 2017 , all of our options had either been fully exercised or expired, and all related compensation expense has been previously recognized. We have issued authorized but unissued common stock to satisfy exercises of options. Cash received from stock option exercises and purchases under the ESPP during the years ended December 31, 2017 , 2016 , and 2015 was $0.2 million , $0.5 million , and $0.5 million , respectively. Other Compensation Profit-Sharing Plan We sponsor a qualified profit-sharing plan and trust that generally permits all employees, as defined by the plan, to make pre-tax contributions into the plan. We are under no obligation to contribute to the plan and the amount of any contribution is determined by and at the discretion of our Board. In December 2017, 2016, and 2015, our Board determined that the contribution to the plan for each of those respective years would be 10% of an eligible participant’s compensation, up to the legal maximum allowable in each of those years of $27,000 for 2017, and $26,500 for 2016 and 2015. For the years ended December 31, 2017 , 2016 , and 2015 , amounts expensed for contributions to the trust were $3.3 million , $3.9 million , and $4.1 million , respectively, which were included in General and administrative expenses in the consolidated financial statements. The profit-sharing plan is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation. Other During the years ended December 31, 2016 and 2015, we had employment contracts with certain senior executives. During the year ended December 31, 2017, we did not have any such contracts in place. These contracts also provided for severance payments in the event of termination under certain conditions ( Note 12 ). During the years ended December 31, 2017 , 2016 , and 2015 , we recognized severance costs totaling less than $0.1 million , $0.5 million , and $0.8 million , respectively, related to several former employees who did not have employment contracts. Such costs are included in General and administrative expenses in the accompanying consolidated financial statements, and exclude severance-related costs that are included in Restructuring and other compensation in the consolidated financial statements ( Note 12 ).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Provision The components of our provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2017 2016 2015 Federal Current $ (687 ) $ 6,412 $ 10,551 Deferred (9,520 ) (1,608 ) 1,901 (10,207 ) 4,804 12,452 State and Local Current 1,954 7,014 9,075 Deferred 572 (2,026 ) 1,158 2,526 4,988 10,233 Foreign Current 21,457 10,727 16,656 Deferred (11,065 ) (17,231 ) (1,720 ) 10,392 (6,504 ) 14,936 Total Provision $ 2,711 $ 3,288 $ 37,621 A reconciliation of effective income tax for the periods presented is as follows (in thousands): Years Ended December 31, 2017 2016 2015 Pre-tax income (loss) attributable to taxable subsidiaries (a) $ 49,909 $ (15,374 ) $ 72,343 Federal provision (benefit) at statutory tax rate (35%) $ 17,468 $ (5,380 ) $ 25,244 Rate differential (13,134 ) 892 (10,589 ) Change in valuation allowance 11,805 6,477 9,074 Non-taxable income (8,073 ) (5,399 ) (5,475 ) Revaluation of deferred taxes due to Tax Cuts and Jobs Act (b) (7,826 ) — — Windfall tax benefit (c) (4,618 ) — — Non-deductible expense 3,010 3,111 6,982 State and local taxes, net of federal benefit 1,115 2,749 6,151 Other 2,964 838 6,234 Total provision $ 2,711 $ 3,288 $ 37,621 __________ (a) Pre-tax income attributable to taxable subsidiaries for 2017 excludes the impact of foreign exchange rates on an intercompany transaction related to the euro-denominated 2.25% Senior Notes issued in 2017 ( Note 10 ) since it had no tax impact and eliminates in consolidation. Pre-tax loss attributable to taxable subsidiaries for 2016 was primarily driven by the impairment charges we recognized on international properties during the year ( Note 8 ). (b) The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, lowered the U.S. corporate income tax rate from 35% to 21%. The dollar amount shown in the table reflects the net impact of the Tax Cuts and Jobs Act on our domestic TRSs. (c) Following the adoption of ASU 2016-09 during the first quarter of 2017, windfall tax benefits are reflected as a reduction to provision for income taxes. Under the former accounting guidance, windfall tax benefits were recognized within Additional paid-in capital in our consolidated statements of equity ( Note 2 ). Deferred Income Taxes Deferred income taxes at December 31, 2017 and 2016 consist of the following (in thousands): At December 31, 2017 2016 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 61,632 $ 31,381 Basis differences — foreign investments 31,472 28,324 Unearned and deferred compensation 21,192 33,100 Other 3,029 5,560 Total deferred tax assets 117,325 98,365 Valuation allowance (39,155 ) (27,350 ) Net deferred tax assets 78,170 71,015 Deferred Tax Liabilities Basis differences — foreign investments (a) (104,390 ) (123,269 ) Basis differences — equity investees (23,950 ) (17,282 ) Deferred revenue (3,784 ) (7,318 ) Total deferred tax liabilities (132,124 ) (147,869 ) Net Deferred Tax Liability $ (53,954 ) $ (76,854 ) __________ (a) Includes $17.3 million and $29.2 million as of December 31, 2017 and 2016 , respectively, related to a portfolio of properties with locations in Canada, Mexico, and the United States leased to ABC Group Inc. Our deferred tax assets and liabilities are primarily the result of temporary differences related to the following: • Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, we assume the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets; • Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets, as well as unearned and deferred compensation; • Basis differences in equity investments represents fees earned in shares recognized under GAAP into income and deferred for U.S. taxes based upon a share vesting schedule; and • Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions, that may be realized in future periods if the respective subsidiary generates sufficient taxable income. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction. If not utilized, our existing federal and state and local net operating losses will begin to expire in 2035 and our foreign net operating losses will begin to expire in 2018 . As of December 31, 2017 and 2016 , we recorded a valuation allowance related to these net operating loss carryforwards and basis differences in U.S. and foreign jurisdictions. The net deferred tax liability in the table above is comprised of deferred tax asset balances, net of certain deferred tax liabilities and valuation allowances, of $13.1 million and $14.0 million at December 31, 2017 and 2016 , respectively, which are included in Other assets, net in the consolidated balance sheets, and other deferred tax liability balances of $67.0 million and $90.8 million at December 31, 2017 and 2016 , respectively, which are included in Deferred income taxes in the consolidated balance sheets. Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2017 2016 Beginning balance $ 5,586 $ 4,304 Decrease due to lapse in statute of limitations (1,853 ) (97 ) Addition based on tax positions related to prior years 660 1,264 Addition based on tax positions related to the current year 639 137 Foreign currency translation adjustments 170 (22 ) Ending balance $ 5,202 $ 5,586 At December 31, 2017 and 2016 , we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2017 and 2016 , we had approximately $1.2 million and $1.1 million , respectively, of accrued interest related to uncertain tax positions. Income Taxes Paid Income taxes paid were $16.7 million , $19.3 million , and $49.2 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Owned Real Estate Operations Effective February 15, 2012, we elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our 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 believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business primarily in North America and Europe, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state, local, and foreign jurisdictions. Investment Management Operations We conduct our investment management services in our Investment Management segment through TRSs. Our use of TRSs enables us to engage in certain businesses while complying with the REIT qualification requirements and also allows us to retain income generated by these businesses for reinvestment without the requirement to distribute those earnings. Certain of our inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation. Periodically, shares in the Managed REITs that are payable to our TRSs in consideration of services rendered are distributed from TRSs to us. Tax authorities in the relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2012 through 2016 or any ongoing audits remain open to adjustment in the major tax jurisdictions.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions From time to time, we may decide to sell a property. We have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may make a decision to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. All property dispositions are recorded within our Owned Real Estate segment. 2017 — During the year ended December 31, 2017, we sold 16 properties and a parcel of vacant land for total proceeds of $159.9 million , net of selling costs, and recognized a net gain on these sales of $33.9 million . In connection with the sale of a property in Malaysia in August 2017 and the sale of two properties in Thailand in December 2017, and in accordance with ASC 830-30-40, Foreign Currency Matters , we reclassified an aggregate of $3.4 million of net foreign currency translation losses from Accumulated other comprehensive loss to Gain on sale of real estate, net of tax (as a reduction to Gain on sale of real estate, net of tax), since the sales represented disposals of all of our Malaysian and Thai investments ( Note 13 ). One of the properties sold during the year ended December 31, 2017 was held for sale at December 31, 2016 ( Note 4 ). We recognized an impairment charge of $7.0 million during the year ended December 31, 2016 to reduce the carrying value of this property to its estimated selling price ( Note 8 ). In addition, in January 2017, we transferred ownership of two international properties and the related non-recourse mortgage loan, which had an aggregate asset carrying value of $31.3 million and an outstanding balance of $28.1 million (net of $3.8 million of cash held in escrow that was retained by the mortgage lender), respectively, on the dates of transfer, to the mortgage lender, resulting in a net loss of less than $0.1 million . 2016 — During the year ended December 31, 2016, we sold 30 properties and a parcel of vacant land for total proceeds of $542.4 million , net of selling costs, and recognized a net gain on these sales of $42.6 million , including amounts attributable to noncontrolling interests of $0.9 million . During the year ended December 31, 2016, we recognized impairment charges totaling $41.0 million on a portfolio of 14 of these properties ( Note 8 ). In addition, in April 2016, we transferred ownership of a vacant international property and the related non-recourse mortgage loan, which had a carrying value of $39.8 million and an outstanding balance of $60.9 million , respectively, on the date of transfer, to the mortgage lender, resulting in a net gain of $16.4 million . Also, in July 2016, a vacant domestic property with an asset carrying value of $13.7 million , which was encumbered by a $24.3 million mortgage loan (net of $2.6 million of cash held in escrow that was retained by the mortgage lender), was foreclosed upon by the mortgage lender, resulting in a net gain of $11.6 million . In October 2016, we transferred ownership of an international property and the related non-recourse mortgage loan to the mortgage lender. At the date of the transfer, the property had an asset carrying value of $3.2 million and the related non-recourse mortgage loan had an outstanding balance of $4.5 million , resulting in a net gain of $0.6 million . In connection with those sales that constituted businesses, during the year ended December 31, 2016 we allocated goodwill totaling $34.4 million to the cost basis of the properties for our Owned Real Estate segment based on the relative fair value at the time of the sale ( Note 6 ). In the fourth quarter of 2015, we executed a lease amendment with a tenant in a domestic office building. The amendment extended the lease term an additional 15 years to January 31, 2037 and provided a one-time rent payment of $25.0 million , which was paid to us on December 18, 2015. The lease amendment also provided an option to terminate the lease effective February 29, 2016, with additional lease termination fees of $22.2 million to be paid to us on or five days before February 29, 2016 upon exercise of the option. The tenant exercised the option on January 1, 2016. The aggregate of the additional rent payment of $25.0 million and the lease termination fees of $22.2 million were amortized to lease termination income from the lease amendment date on December 4, 2015 through the end of the non-cancelable lease term on February 29, 2016, resulting in $15.0 million recognized during the year ended December 31, 2015 and $32.2 million recognized during the year ended December 31, 2016 within Lease termination income and other in the consolidated financial statements. In connection with the lease amendment, we defeased the mortgage loan encumbering the property with a principal balance of $36.5 million and recognized a loss on extinguishment of debt of $5.3 million , which was included in Other income and (expenses) in the consolidated financial statements for the year ended December 31, 2015. In addition, during the fourth quarter of 2015, we entered into an agreement to sell the property to a third party and the buyer placed a deposit of $12.7 million for the purchase of the property that was held in escrow. In February 2016, we sold the property for proceeds of $44.4 million , net of selling costs, and recognized a loss on the sale of $10.7 million . 2015 — During the year ended December 31, 2015, we sold 13 properties for total proceeds of $35.7 million , net of selling costs, and we recognized a net gain on these sales of $5.9 million . We recognized impairment charges on these properties totaling $6.0 million , of which $2.7 million and $3.3 million were recognized during 2015 and 2014, respectively, and a gain on extinguishment of debt of $2.1 million in 2015. In addition, during July 2015, a vacant domestic property was foreclosed upon and sold for $1.4 million . We recognized a gain on sale of $0.6 million in connection with that disposition. In connection with those sales that constituted businesses, during the year ended December 31, 2015 we allocated goodwill totaling $1.7 million to the cost basis of the properties for our Owned Real Estate segment, based on the relative fair value at the time of the sale ( Note 6 ).

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We evaluate our results from operations by our two major business segments: Owned Real Estate and Investment Management ( Note 1 ). As a result of our Board’s decision to exit non-traded retail fundraising activities as of June 30, 2017 ( Note 1 ), we have revised how we view and present a component of our two reportable segments. As such, beginning with the second quarter of 2017, we include (i) equity in earnings of equity method investments in the Managed Programs and (ii) our equity investments in the Managed Programs in our Investment Management segment. Both (i) earnings from our investment in CCIF and (ii) our investment in CCIF continue to be included in our Investment Management segment. Results of operations and assets by segment for prior periods have been reclassified to conform to the current period presentation. The following tables present a summary of comparative results and assets for these business segments (in thousands): Owned Real Estate Years Ended December 31, 2017 2016 2015 Revenues Lease revenues $ 630,373 $ 663,463 $ 656,956 Operating property revenues 30,562 30,767 30,515 Reimbursable tenant costs 21,524 25,438 22,832 Lease termination income and other 4,749 35,696 25,145 687,208 755,364 735,448 Operating Expenses Depreciation and amortization 249,432 272,274 276,236 Property expenses, excluding reimbursable tenant costs 40,756 49,431 52,199 General and administrative 39,002 34,591 47,676 Reimbursable tenant costs 21,524 25,438 22,832 Stock-based compensation expense 6,960 5,224 7,873 Impairment charges 2,769 59,303 29,906 Other expenses 605 2,993 (9,908 ) Restructuring and other compensation — 4,413 — 361,048 453,667 426,814 Other Income and Expenses Interest expense (165,775 ) (183,409 ) (194,326 ) Equity in earnings of equity method investments in real estate 13,068 12,928 13,874 Other income and (expenses) (5,655 ) 3,665 1,952 (158,362 ) (166,816 ) (178,500 ) Income before income taxes and gain on sale of real estate 167,798 134,881 130,134 (Provision for) benefit from income taxes (1,743 ) 3,418 (17,948 ) Income before gain on sale of real estate 166,055 138,299 112,186 Gain on sale of real estate, net of tax 33,878 71,318 6,487 Net Income from Owned Real Estate 199,933 209,617 118,673 Net income attributable to noncontrolling interests (7,794 ) (7,060 ) (10,961 ) Net Income from Owned Real Estate Attributable to W. P. Carey $ 192,139 $ 202,557 $ 107,712 Investment Management Years Ended December 31, 2017 2016 2015 Revenues Asset management revenue $ 70,125 $ 61,971 $ 49,984 Reimbursable costs from affiliates 51,445 66,433 55,837 Structuring revenue 34,198 47,328 92,117 Dealer manager fees 4,430 8,002 4,794 Other advisory revenue 896 2,435 203 161,094 186,169 202,935 Operating Expenses Reimbursable costs from affiliates 51,445 66,433 55,837 General and administrative 31,889 47,761 55,496 Subadvisor fees 13,600 14,141 11,303 Stock-based compensation expense 11,957 12,791 13,753 Restructuring and other compensation 9,363 7,512 — Dealer manager fees and expenses 6,544 12,808 11,403 Depreciation and amortization 3,902 4,236 4,079 Other expenses — 2,384 2,144 128,700 168,066 154,015 Other Income and Expenses Equity in earnings of equity method investments in the Managed Programs 51,682 51,791 37,146 Other income and (expenses) 2,042 2,002 161 53,724 53,793 37,307 Income before income taxes 86,118 71,896 86,227 Provision for income taxes (968 ) (6,706 ) (19,673 ) Net Income from Investment Management 85,150 65,190 66,554 Net income attributable to noncontrolling interests — — (2,008 ) Net Income from Investment Management Attributable to W. P. Carey $ 85,150 $ 65,190 $ 64,546 Total Company Years Ended December 31, 2017 2016 2015 Revenues $ 848,302 $ 941,533 $ 938,383 Operating expenses 489,748 621,733 580,829 Other income and (expenses) (104,638 ) (113,023 ) (141,193 ) Provision for income taxes (2,711 ) (3,288 ) (37,621 ) Gain on sale of real estate, net of tax 33,878 71,318 6,487 Net income attributable to noncontrolling interests (7,794 ) (7,060 ) (12,969 ) Net income attributable to W. P. Carey $ 277,289 $ 267,747 $ 172,258 Total Assets at December 31, 2017 2016 Owned Real Estate $ 7,885,751 $ 8,104,974 Investment Management 345,651 348,980 Total Company $ 8,231,402 $ 8,453,954 Our portfolio is comprised of domestic and international investments. At December 31, 2017 , our international investments within our Owned Real Estate segment were comprised of investments in Germany, the United Kingdom, Spain, Finland, Poland, the Netherlands, France, Norway, Austria, Hungary, Sweden, Belgium, Australia, Japan, Canada, and Mexico. We sold all of our investments in Malaysia and Thailand during 2017 ( Note 16 ). Other than Germany, no country or tenant individually comprised more than 10% of our total lease revenues for the years ended December 31, 2017 , 2016 , or 2015 . There are no investments in foreign jurisdictions within our Investment Management segment. The following tables present the geographic information for our Owned Real Estate segment (in thousands): Years Ended December 31, 2017 2016 2015 Domestic Revenues $ 451,310 $ 490,134 $ 468,703 Operating expenses (255,796 ) (274,013 ) (296,265 ) Interest expense (141,842 ) (149,615 ) (153,219 ) Other income and expenses, excluding interest expense (82,212 ) 9,887 11,793 Benefit from (provision for) income taxes 5,526 (4,808 ) (6,219 ) Gain on sale of real estate, net of tax 14,580 56,492 2,941 Net income attributable to noncontrolling interests (8,808 ) (7,591 ) (5,358 ) Net (loss) income attributable to W. P. Carey $ (17,242 ) $ 120,486 $ 22,376 Germany Revenues $ 60,907 $ 68,372 $ 65,777 Operating (expenses) benefits (a) (20,276 ) (28,473 ) 818 Interest expense (1,859 ) (15,681 ) (15,432 ) Other income and expenses, excluding interest expense 112 649 4,175 Provision for income taxes (7,213 ) (4,083 ) (4,357 ) Gain on sale of real estate, net of tax 5,867 — 21 Net loss (income) attributable to noncontrolling interests 1,966 252 (5,537 ) Net income attributable to W. P. Carey $ 39,504 $ 21,036 $ 45,465 Other International Revenues $ 174,991 $ 196,858 $ 200,968 Operating expenses (84,976 ) (151,181 ) (131,367 ) Interest expense (22,074 ) (18,113 ) (25,675 ) Other income and expenses, excluding interest expense 89,513 6,057 (142 ) (Provision for) benefit from income taxes (56 ) 12,309 (7,372 ) Gain on sale of real estate, net of tax 13,431 14,826 3,525 Net (income) loss attributable to noncontrolling interests (952 ) 279 (66 ) Net income attributable to W. P. Carey $ 169,877 $ 61,035 $ 39,871 Total Revenues $ 687,208 $ 755,364 $ 735,448 Operating expenses (361,048 ) (453,667 ) (426,814 ) Interest expense (165,775 ) (183,409 ) (194,326 ) Other income and expenses, excluding interest expense 7,413 16,593 15,826 (Provision for) benefit from income taxes (1,743 ) 3,418 (17,948 ) Gain on sale of real estate, net of tax 33,878 71,318 6,487 Net income attributable to noncontrolling interests (7,794 ) (7,060 ) (10,961 ) Net income attributable to W. P. Carey $ 192,139 $ 202,557 $ 107,712 December 31, 2017 2016 Domestic Long-lived assets (b) $ 4,123,856 $ 4,263,469 Equity investments in real estate 108,659 108,911 Total assets 5,040,296 5,379,761 Germany Long-lived assets (b) $ 708,316 $ 675,616 Equity investments in real estate 20,395 20,092 Total assets 747,877 718,397 Other International Long-lived assets (b) $ 1,871,543 $ 1,842,815 Equity investments in real estate 10,995 9,073 Total assets 2,097,578 2,006,816 Total Long-lived assets (b) $ 6,703,715 $ 6,781,900 Equity investments in real estate 140,049 138,076 Total assets 7,885,751 8,104,974 __________ (a) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes ( Note 7 ). (b) Consists of Net investments in real estate. In 2017, we reclassified certain line items in our consolidated balance sheets. As a result, Net investments in real estate as of December 31, 2016 has been revised to conform to the current period presentation.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) (dollars in thousands, except per share amounts) Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 219,059 $ 221,528 $ 210,754 $ 196,961 Expenses 134,882 127,991 115,164 111,711 Net income (a) 59,825 67,131 83,654 74,473 Net (income) loss attributable to noncontrolling interests (2,341 ) (2,813 ) (3,376 ) 736 Net income attributable to W. P. Carey (a) 57,484 64,318 80,278 75,209 Earnings per share attributable to W. P. Carey: Basic (b) $ 0.53 $ 0.60 $ 0.74 $ 0.69 Diluted (b) $ 0.53 $ 0.59 $ 0.74 $ 0.69 Distributions declared per share $ 0.9950 $ 1.0000 $ 1.0050 $ 1.0100 Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues (c) $ 270,240 $ 217,266 $ 225,247 $ 228,780 Expenses 180,000 160,697 136,472 144,564 Net income (c) (d) 60,864 53,171 112,302 48,470 Net income attributable to noncontrolling interests (3,425 ) (1,510 ) (1,359 ) (766 ) Net income attributable to W. P. Carey (c) (d) 57,439 51,661 110,943 47,704 Earnings per share attributable to W. P. Carey: Basic (b) $ 0.54 $ 0.48 $ 1.03 $ 0.44 Diluted (b) $ 0.54 $ 0.48 $ 1.03 $ 0.44 Distributions declared per share $ 0.9742 $ 0.9800 $ 0.9850 $ 0.9900 __________ (a) Amount for the three months ended September 30, 2017 includes an aggregate gain on sale of real estate of $19.3 million recognized on the disposition of five properties. Amount for the three months ended December 31, 2017 includes an aggregate gain on sale of real estate of $11.1 million recognized on the disposition of five properties. (b) The sum of the quarterly basic and diluted earnings per share amounts may not agree to the full year basic and diluted earnings per share amounts because the calculations of basic and diluted weighted-average shares outstanding for each quarter and the full year are performed independently. (c) Amount for the three months ended March 31, 2016 includes lease termination income of $32.2 million recognized in connection with a domestic property that was sold during that period ( Note 16 ). (d) Amount for the three months ended September 30, 2016 includes an aggregate gain on sale of real estate of $49.1 million recognized on the disposition of four properties.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Future Disposition of Equity Investment in Real Estate In January 2018, a tenant (The New York Times Company) exercised its option to repurchase the property it is leasing from a jointly owned investment with our affiliate, CPA:17 – Global, in which we have a 45% equity interest and which is consolidated by CPA:17 – Global, for $250.0 million . The repurchase is expected to be completed in December 2019, but there can be no assurance that such repurchase will be completed. Mortgage Loan Repayment In February 2018, we repaid a non-recourse mortgage loan with a principal balance of $24.9 million and an interest rate of 6.7% . Issuance of Stock-Based Compensation Awards During the first quarter of 2018 and through the date of this Report, in connection with our 2017 Share Incentive Plan ( Note 14 ), we issued 123,485 RSUs and 75,864 PSUs to key employees, which will have a dilutive impact on our future earnings per share calculations. Repayments of Loans to Affiliate In January and February 2018, CWI 1 made net repayments totaling $27.0 million of the loans outstanding to us at December 31, 2017, of which $20.0 million reduced the amount outstanding under the bridge loan and net repayments of $7.0 million reduced the amount outstanding under the revolving working capital facility ( Note 3 ).

Schedule II - Valuation And Qua

Schedule II - Valuation And Qualifying Accounts	12 Months Ended
	Dec. 31, 2017
Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	W. P. CAREY INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2017 , 2016 , and 2015 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2017 Valuation reserve for deferred tax assets $ 27,350 $ 18,031 $ (6,226 ) $ 39,155 Year Ended December 31, 2016 Valuation reserve for deferred tax assets $ 29,746 $ 8,810 $ (11,206 ) $ 27,350 Year Ended December 31, 2015 Valuation reserve for deferred tax assets $ 20,672 $ 10,001 $ (927 ) $ 29,746

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III- Real Estate and Accumulated Depreciation	W. P. CAREY INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Land, Buildings and Improvements Subject to Operating Leases Industrial facilities in Erlanger, KY $ — $ 1,526 $ 21,427 $ 2,966 $ 141 $ 1,526 $ 24,534 $ 26,060 $ 12,683 1979; 1987 Jan. 1998 40 yrs. Industrial facilities in Thurmont, MD and Farmington, NY — 729 5,903 — — 729 5,903 6,632 1,451 1964; 1983 Jan. 1998 15 yrs. Retail facility in Montgomery, AL — 855 6,762 277 (7,017 ) 142 735 877 492 1987 Jan. 1998 40 yrs. Warehouse facilities in Anchorage, AK and Commerce, CA — 4,905 11,898 — 12 4,905 11,910 16,815 4,613 1948; 1975 Jan. 1998 40 yrs. Industrial facility in Toledo, OH — 224 2,408 — — 224 2,408 2,632 1,505 1966 Jan. 1998 40 yrs. Industrial facility in Goshen, IN — 239 940 — — 239 940 1,179 368 1973 Jan. 1998 40 yrs. Office facility in Raleigh, NC — 1,638 2,844 187 (2,554 ) 828 1,287 2,115 795 1983 Jan. 1998 20 yrs. Office facility in King of Prussia, PA — 1,219 6,283 1,295 — 1,219 7,578 8,797 3,642 1968 Jan. 1998 40 yrs. Industrial facility in Pinconning, MI — 32 1,692 — — 32 1,692 1,724 846 1948 Jan. 1998 40 yrs. Industrial facilities in San Fernando, CA 6,351 2,052 5,322 — (1,889 ) 1,494 3,991 5,485 2,012 1962; 1979 Jan. 1998 40 yrs. Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas — 9,382 — 238 14,229 9,025 14,824 23,849 3,053 Various Jan. 1998 15 yrs. Land in Glendora, CA — 1,135 — — 17 1,152 — 1,152 — N/A Jan. 1998 N/A Warehouse facility in Doraville, GA — 3,288 9,864 15,629 (11,410 ) 3,288 14,083 17,371 408 2016 Jan. 1998 40 yrs. Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX 45,726 3,490 72,497 — (15,609 ) 288 60,090 60,378 13,896 1989; 1999 Jan. 1998 40 yrs. Land in Irving and Houston, TX — 9,795 — — — 9,795 — 9,795 — N/A Jan. 1998 N/A Industrial facility in Chandler, AZ 8,097 5,035 18,957 7,435 541 5,035 26,933 31,968 12,888 1989 Jan. 1998 40 yrs. Office facility in Bridgeton, MO — 842 4,762 2,523 71 842 7,356 8,198 3,217 1972 Jan. 1998 40 yrs. Retail facility in Drayton Plains, MI — 1,039 4,788 236 (2,296 ) 494 3,273 3,767 1,094 1972 Jan. 1998 35 yrs. Warehouse facility in Memphis, TN — 1,882 3,973 294 (3,892 ) 328 1,929 2,257 1,050 1969 Jan. 1998 15 yrs. Retail facility in Bellevue, WA — 4,125 11,812 393 (123 ) 4,371 11,836 16,207 5,771 1994 Apr. 1998 40 yrs. Office facility in Rio Rancho, NM — 1,190 9,353 5,866 — 2,287 14,122 16,409 5,342 1999 Jul. 1998 40 yrs. Office facility in Moorestown, NJ — 351 5,981 1,619 1 351 7,601 7,952 3,847 1964 Feb. 1999 40 yrs. Industrial facilities in Lenexa, KS and Winston-Salem, NC — 1,860 12,539 2,875 (1,135 ) 1,725 14,414 16,139 5,324 1968; 1980 Sep. 2002 40 yrs. Office facilities in Playa Vista and Venice, CA 43,978 2,032 10,152 52,817 1 5,889 59,113 65,002 11,746 1991; 1999 Sep. 2004; Sep. 2012 40 yrs. Warehouse facility in Greenfield, IN — 2,807 10,335 223 (8,383 ) 967 4,015 4,982 1,570 1995 Sep. 2004 40 yrs. Industrial facility in Scottsdale, AZ — 586 46 — — 586 46 632 15 1988 Sep. 2004 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Retail facility in Hot Springs, AR — 850 2,939 2 (2,614 ) — 1,177 1,177 392 1985 Sep. 2004 40 yrs. Warehouse facilities in Apopka, FL — 362 10,855 920 (155 ) 337 11,645 11,982 3,580 1969 Sep. 2004 40 yrs. Land in San Leandro, CA — 1,532 — — — 1,532 — 1,532 — N/A Dec. 2006 N/A Fitness facility in Austin, TX — 1,725 5,168 — — 1,725 5,168 6,893 2,010 1995 Dec. 2006 29 yrs. Retail facility in Wroclaw, Poland 6,931 3,600 10,306 — (3,060 ) 2,999 7,847 10,846 1,960 2007 Dec. 2007 40 yrs. Office facility in Fort Worth, TX 30,552 4,600 37,580 101 — 4,600 37,681 42,281 7,438 2003 Feb. 2010 40 yrs. Warehouse facility in Mallorca, Spain — 11,109 12,636 — 95 11,133 12,707 23,840 2,406 2008 Jun. 2010 40 yrs. Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA — 5,646 12,367 — — 5,646 12,367 18,013 1,737 2005; 2007 Sep. 2012 40 yrs. Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA 133,185 32,680 198,999 — — 32,680 198,999 231,679 28,786 1989; 1990 Sep. 2012 34 - 37 yrs. Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH — 4,403 20,298 — (3,870 ) 2,589 18,242 20,831 2,721 1968; 1975; 1995 Sep. 2012; Jan. 2014 30 yrs. Land in Irvine, CA 1,617 4,173 — — — 4,173 — 4,173 — N/A Sep. 2012 N/A Industrial facility in Alpharetta, GA — 2,198 6,349 1,247 — 2,198 7,596 9,794 1,213 1997 Sep. 2012 30 yrs. Office facility in Clinton, NJ 20,916 2,866 34,834 — — 2,866 34,834 37,700 6,107 1987 Sep. 2012 30 yrs. Office facilities in St. Petersburg, FL — 3,280 24,627 — — 3,280 24,627 27,907 4,302 1996; 1999 Sep. 2012 30 yrs. Movie theater in Baton Rouge, LA — 4,168 5,724 3,200 — 4,168 8,924 13,092 1,080 2003 Sep. 2012 30 yrs. Industrial and office facility in San Diego, CA — 7,804 16,729 1,725 — 7,804 18,454 26,258 3,585 2002 Sep. 2012 30 yrs. Industrial facility in Richmond, CA — 895 1,953 — — 895 1,953 2,848 342 1999 Sep. 2012 30 yrs. Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX 54,863 16,386 84,668 — — 16,386 84,668 101,054 14,723 Various Sep. 2012 30 yrs. Industrial facilities in Orlando, FL; Rocky Mount, NC; and Lewisville, TX — 2,163 17,715 384 — 2,163 18,099 20,262 3,110 Various Sep. 2012 30 yrs. Industrial facilities in Chattanooga, TN — 558 5,923 — — 558 5,923 6,481 1,027 1974; 1989 Sep. 2012 30 yrs. Industrial facility in Mooresville, NC 3,959 756 9,775 — — 756 9,775 10,531 1,690 1997 Sep. 2012 30 yrs. Industrial facility in McCalla, AL — 960 14,472 29,028 — 2,076 42,384 44,460 4,584 2004 Sep. 2012 31 yrs. Office facility in Lower Makefield Township, PA — 1,726 12,781 144 — 1,726 12,925 14,651 2,205 2002 Sep. 2012 30 yrs. Industrial facility in Fort Smith, AZ — 1,063 6,159 — — 1,063 6,159 7,222 1,054 1982 Sep. 2012 30 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Initial Cost to Company Description Encumbrances Land Buildings Land Buildings Total Retail facilities in Greenwood, IN and Buffalo, NY 7,659 — 19,990 — — — 19,990 19,990 3,383 2000; 2003 Sep. 2012 30 - 31 yrs. Industrial facilities in Bowling Green, KY and Jackson, TN 5,593 1,492 8,182 — — 1,492 8,182 9,674 1,396 1989; 1995 Sep. 2012 31 yrs. Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA 28,469 14,006 33,683 — (3,878 ) 11,179 32,632 43,811 5,361 2004 Sep. 2012 31 - 32 yrs. Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA 8,053 6,559 19,078 — — 6,559 19,078 25,637 3,228 Various Sep. 2012 31 yrs. Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY 10,168 6,080 23,424 — — 6,080 23,424 29,504 3,932 1990; 1994; 2000 Sep. 2012 31 yrs. Fitness facilities in Englewood, CO; Memphis TN; and Bedford, TX 4,695 4,877 4,258 5,215 4,756 4,877 14,229 19,106 2,184 1990; 1995; 2001 Sep. 2012 31 yrs. Office facility in Mons, Belgium 7,373 1,505 6,026 653 (584 ) 1,404 6,196 7,600 988 1982 Sep. 2012 32 yrs. Warehouse facilities in Oceanside, CA and Concordville, PA 3,022 3,333 8,270 — — 3,333 8,270 11,603 1,392 1989; 1996 Sep. 2012 31 yrs. Self-storage facilities located throughout the United States — 74,551 319,186 — (50 ) 74,501 319,186 393,687 53,153 Various Sep. 2012 31 yrs. Warehouse facility in La Vista, NE 20,178 4,196 23,148 — — 4,196 23,148 27,344 3,633 2005 Sep. 2012 33 yrs. Office facility in Pleasanton, CA 8,633 3,675 7,468 — — 3,675 7,468 11,143 1,240 2000 Sep. 2012 31 yrs. Office facility in San Marcos, TX — 440 688 — — 440 688 1,128 114 2000 Sep. 2012 31 yrs. Office facility in Chicago, IL 13,266 2,169 19,010 — — 2,169 19,010 21,179 3,132 1910 Sep. 2012 31 yrs. Industrial facilities in Hollywood and Orlando, FL — 3,639 1,269 — — 3,639 1,269 4,908 209 1996 Sep. 2012 31 yrs. Warehouse facility in Golden, CO — 808 4,304 77 — 808 4,381 5,189 793 1998 Sep. 2012 30 yrs. Industrial facility in Texarkana, TX — 1,755 4,493 — (2,783 ) 216 3,249 3,465 535 1997 Sep. 2012 31 yrs. Industrial facility in Eugene, OR 4,252 2,286 3,783 — — 2,286 3,783 6,069 623 1980 Sep. 2012 31 yrs. Industrial facility in South Jordan, UT 11,613 2,183 11,340 1,642 — 2,183 12,982 15,165 1,909 1995 Sep. 2012 31 yrs. Warehouse facility in Ennis, TX — 478 4,087 145 — 478 4,232 4,710 819 1989 Sep. 2012 31 yrs. Retail facility in Braintree, MA 2,835 2,409 — 6,184 (1,403 ) 1,006 6,184 7,190 795 1994 Sep. 2012 30 yrs. Office facility in Paris, France 57,518 23,387 43,450 — (4,507 ) 21,810 40,520 62,330 6,507 1975 Sep. 2012 32 yrs. Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland 119,146 26,564 72,866 — (6,703 ) 24,773 67,954 92,727 14,991 Various Sep. 2012 23 - 34 yrs. Industrial facility in Laupheim, Germany — 2,072 8,339 — (702 ) 1,933 7,776 9,709 2,047 1960 Sep. 2012 20 yrs. Industrial facilities in Danbury, CT and Bedford, MA 7,942 3,519 16,329 — — 3,519 16,329 19,848 2,871 1965; 1980 Sep. 2012 29 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Initial Cost to Company Description Encumbrances Land Buildings Land Buildings Total Warehouse facilities in Venlo, Netherlands — 10,154 18,590 — (2,233 ) 9,365 17,146 26,511 2,362 1998; 1999 Apr. 2013 35 yrs. Industrial and office facility in Tampere, Finland — 2,309 37,153 — (3,158 ) 2,098 34,206 36,304 5,008 2012 Jun. 2013 40 yrs. Office facility in Quincy, MA — 2,316 21,537 127 — 2,316 21,664 23,980 2,654 1989 Jun. 2013 40 yrs. Office facility in Salford, United Kingdom — — 30,012 — (4,078 ) — 25,934 25,934 2,886 1997 Sep. 2013 40 yrs. Office facility in Lone Tree, CO — 4,761 28,864 2,837 — 4,761 31,701 36,462 3,716 2001 Nov. 2013 40 yrs. Office facility in Mönchengladbach, Germany 35,353 2,154 6,917 50,626 3,494 2,303 60,888 63,191 3,175 2015 Dec. 2013 40 yrs. Fitness facility in Houston, TX 2,992 2,430 2,270 — — 2,430 2,270 4,700 396 1995 Jan. 2014 23 yrs. Fitness facility in St. Charles, MO — 1,966 1,368 1,352 — 1,966 2,720 4,686 286 1987 Jan. 2014 27 yrs. Fitness facility in Salt Lake City, UT 2,703 856 2,804 — — 856 2,804 3,660 425 1999 Jan. 2014 26 yrs. Land in Scottsdale, AZ 10,014 22,300 — — — 22,300 — 22,300 — N/A Jan. 2014 N/A Industrial facility in Aurora, CO 2,843 737 2,609 — — 737 2,609 3,346 323 1985 Jan. 2014 32 yrs. Warehouse facility in Burlington, NJ — 3,989 6,213 377 — 3,989 6,590 10,579 998 1999 Jan. 2014 26 yrs. Industrial facility in Albuquerque, NM — 2,467 3,476 606 — 2,467 4,082 6,549 588 1993 Jan. 2014 27 yrs. Industrial facility in North Salt Lake, UT — 10,601 17,626 — (16,936 ) 4,388 6,903 11,291 1,033 1981 Jan. 2014 26 yrs. Industrial facilities in Lexington, NC and Murrysville, PA — 2,185 12,058 — 2,713 1,608 15,348 16,956 2,165 1940; 1995 Jan. 2014 28 yrs. Land in Welcome, NC — 980 11,230 — (11,724 ) 486 — 486 — N/A Jan. 2014 N/A Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD 24,149 4,005 44,192 — — 4,005 44,192 48,197 7,259 1911; 1967; 1982 Jan. 2014 24 yrs. Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN 18,267 8,451 25,457 — 298 8,451 25,755 34,206 3,511 1978; 1979; 1986 Jan. 2014 17 - 34 yrs. Retail facility in Torrance, CA — 8,412 12,241 1,213 (77 ) 8,335 13,454 21,789 2,162 1973 Jan. 2014 25 yrs. Office facility in Houston, TX 3,274 6,578 424 560 — 6,578 984 7,562 174 1978 Jan. 2014 27 yrs. Land in Doncaster, United Kingdom — 4,257 4,248 — (8,102 ) 403 — 403 — N/A Jan. 2014 N/A Warehouse facility in Norwich, CT 9,888 3,885 21,342 — 2 3,885 21,344 25,229 2,958 1960 Jan. 2014 28 yrs. Warehouse facility in Norwich, CT — 1,437 9,669 — — 1,437 9,669 11,106 1,340 2005 Jan. 2014 28 yrs. Retail facility in Johnstown, PA and warehouse facility in Whitehall, PA — 7,435 9,093 — (2,297 ) 7,140 7,091 14,231 1,545 1986; 1992 Jan. 2014 23 yrs. Retail facilities in York, PA 8,325 3,776 10,092 — — 3,776 10,092 13,868 1,274 1992; 2005 Jan. 2014 26 - 34 yrs. Industrial facility in Pittsburgh, PA — 1,151 10,938 — — 1,151 10,938 12,089 1,730 1991 Jan. 2014 25 yrs. Warehouse facilities in Atlanta, GA and Elkwood, VA — 5,356 4,121 — (2,104 ) 4,284 3,089 7,373 434 1975 Jan. 2014 28 yrs. Warehouse facility in Harrisburg, NC — 1,753 5,840 — (111 ) 1,642 5,840 7,482 877 2000 Jan. 2014 26 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Education facility in Nashville, TN 5,067 1,098 7,043 3,345 — 1,098 10,388 11,486 1,272 1988 Jan. 2014 31 yrs. Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO 4,494 4,306 7,235 — 3 4,306 7,238 11,544 937 1978; 1987 Jan. 2014 30 yrs. Industrial facility in Cynthiana, KY 2,145 1,274 3,505 480 (107 ) 1,274 3,878 5,152 510 1967 Jan. 2014 31 yrs. Industrial facility in Columbia, SC — 2,843 11,886 — — 2,843 11,886 14,729 2,060 1962 Jan. 2014 23 yrs. Land in Midlothian, VA — 2,824 — — — 2,824 — 2,824 — N/A Jan. 2014 N/A Net-lease student housing facility in Laramie, WY — 1,966 18,896 — — 1,966 18,896 20,862 3,235 2007 Jan. 2014 33 yrs. Office facility in Greenville, SC 8,094 562 7,916 — 43 562 7,959 8,521 1,242 1972 Jan. 2014 25 yrs. Warehouse facilities in Mendota, IL; Toppenish, WA; and Plover, WI — 1,444 21,208 — (623 ) 1,382 20,647 22,029 3,606 1996 Jan. 2014 23 yrs. Industrial facility in Allen, TX and office facility in Sunnyvale, CA 9,173 9,297 24,086 — (42 ) 9,255 24,086 33,341 3,050 1981; 1997 Jan. 2014 31 yrs. Industrial facilities in Hampton, NH 7,984 8,990 7,362 — — 8,990 7,362 16,352 950 1976 Jan. 2014 30 yrs. Industrial facilities located throughout France — 36,306 5,212 — (4,938 ) 31,988 4,592 36,580 785 Various Jan. 2014 23 yrs. Retail facility in Fairfax, VA 4,764 3,402 16,353 — — 3,402 16,353 19,755 2,431 1998 Jan. 2014 26 yrs. Retail facility in Lombard, IL 4,764 5,087 8,578 — — 5,087 8,578 13,665 1,275 1999 Jan. 2014 26 yrs. Warehouse facility in Plainfield, IN 19,356 1,578 29,415 — — 1,578 29,415 30,993 3,797 1997 Jan. 2014 30 yrs. Retail facility in Kennesaw, GA 3,304 2,849 6,180 — — 2,849 6,180 9,029 919 1999 Jan. 2014 26 yrs. Retail facility in Leawood, KS 8,453 1,487 13,417 — — 1,487 13,417 14,904 1,995 1997 Jan. 2014 26 yrs. Office facility in Tolland, CT 7,775 1,817 5,709 — 11 1,817 5,720 7,537 817 1968 Jan. 2014 28 yrs. Warehouse facilities in Lincolnton, NC and Mauldin, SC 9,506 1,962 9,247 — — 1,962 9,247 11,209 1,289 1988; 1996 Jan. 2014 28 yrs. Retail facilities located throughout Germany — 81,109 153,927 1,526 (27,924 ) 71,461 137,177 208,638 18,722 Various Jan. 2014 Various Office facility in Southfield, MI — 1,726 4,856 89 — 1,726 4,945 6,671 622 1985 Jan. 2014 31 yrs. Office facility in The Woodlands, TX 19,003 3,204 24,997 — — 3,204 24,997 28,201 3,107 1997 Jan. 2014 32 yrs. Warehouse facilities in Valdosta, GA and Johnson City, TN 7,559 1,080 14,998 — — 1,080 14,998 16,078 2,209 1978; 1998 Jan. 2014 27 yrs. Industrial facility in Amherst, NY 7,669 674 7,971 — — 674 7,971 8,645 1,392 1984 Jan. 2014 23 yrs. Industrial and warehouse facilities in Westfield, MA — 1,922 9,755 7,435 9 1,922 17,199 19,121 1,851 1954; 1997 Jan. 2014 28 yrs. Warehouse facilities in Kottka, Finland — — 8,546 — (1,017 ) — 7,529 7,529 1,350 1999; 2001 Jan. 2014 21 - 23 yrs. Office facility in Bloomington, MN — 2,942 7,155 — — 2,942 7,155 10,097 989 1988 Jan. 2014 28 yrs. Warehouse facility in Gorinchem, Netherlands 3,773 1,143 5,648 — (808 ) 1,007 4,976 5,983 688 1995 Jan. 2014 28 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Retail facility in Cresskill, NJ — 2,366 5,482 — 19 2,366 5,501 7,867 691 1975 Jan. 2014 31 yrs. Retail facility in Livingston, NJ 5,055 2,932 2,001 — 14 2,932 2,015 4,947 290 1966 Jan. 2014 27 yrs. Retail facility in Maplewood, NJ — 845 647 — 4 845 651 1,496 94 1954 Jan. 2014 27 yrs. Retail facility in Montclair, NJ — 1,905 1,403 — 6 1,905 1,409 3,314 203 1950 Jan. 2014 27 yrs. Retail facility in Morristown, NJ — 3,258 8,352 — 26 3,258 8,378 11,636 1,207 1973 Jan. 2014 27 yrs. Retail facility in Summit, NJ — 1,228 1,465 — 8 1,228 1,473 2,701 212 1950 Jan. 2014 27 yrs. Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany — 2,789 8,750 — (1,328 ) 2,457 7,754 10,211 1,247 1898; 1956; 1978 Jan. 2014 24 yrs. Industrial facilities in Georgetown, TX and Woodland, WA — 965 4,113 — — 965 4,113 5,078 477 1998; 2001 Jan. 2014 33 - 35 yrs. Education facilities in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX — 5,365 7,845 — 5 5,365 7,850 13,215 1,104 Various Jan. 2014 28 yrs. Industrial facility in Ylämylly, Finland 7,096 1,669 6,034 — (917 ) 1,470 5,316 6,786 611 1999 Jan. 2014 34 yrs. Industrial facility in Salisbury, NC 5,851 1,499 8,185 — — 1,499 8,185 9,684 1,155 2000 Jan. 2014 28 yrs. Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI 3,575 2,831 10,565 — — 2,831 10,565 13,396 1,522 1970; 1991; 1995 Jan. 2014 26 - 27 yrs. Industrial facility in Cambridge, Canada — 1,849 7,371 — (1,001 ) 1,648 6,571 8,219 823 2001 Jan. 2014 31 yrs. Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN 10,291 2,962 17,832 — — 2,962 17,832 20,794 2,234 Various Jan. 2014 31 yrs. Industrial facility in Ramos Arizpe, Mexico — 1,059 2,886 — — 1,059 2,886 3,945 361 2000 Jan. 2014 31 yrs. Industrial facilities in Salt Lake City, UT — 2,783 3,773 — — 2,783 3,773 6,556 472 1983; 2002 Jan. 2014 31 - 33 yrs. Net-lease student housing facility in Blairsville, PA 10,582 1,631 23,163 — — 1,631 23,163 24,794 3,718 2005 Jan. 2014 33 yrs. Industrial facility in Nashville, TN — 1,078 5,619 302 — 1,078 5,921 6,999 1,039 1962 Jan. 2014 21 yrs. Office facility in Lafayette, LA — 1,048 1,507 — (587 ) 785 1,183 1,968 218 1995 Jan. 2014 27 yrs. Warehouse facilities in Atlanta, Doraville, and Rockmart, GA — 6,488 77,192 — — 6,488 77,192 83,680 10,593 1959; 1962; 1991 Jan. 2014 23 - 33 yrs. Warehouse facilities in Flora, MS and Muskogee, OK 3,269 554 4,353 — — 554 4,353 4,907 520 1992; 2002 Jan. 2014 33 yrs. Industrial facility in Richmond, MO 4,162 2,211 8,505 — — 2,211 8,505 10,716 1,207 1996 Jan. 2014 28 yrs. Warehouse facility in Dallas, TX 5,643 468 8,042 — — 468 8,042 8,510 1,335 1997 Jan. 2014 24 yrs. Industrial facility in Tuusula, Finland — 6,173 10,321 — (1,962 ) 5,439 9,093 14,532 1,396 1975 Jan. 2014 26 yrs. Office facility in Turku, Finland — 5,343 34,106 — (4,693 ) 4,707 30,049 34,756 4,227 1981 Jan. 2014 28 yrs. Industrial facility in Turku, Finland — 1,105 10,243 — (1,334 ) 973 9,041 10,014 1,277 1981 Jan. 2014 28 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Industrial facility in Baraboo, WI — 917 10,663 — — 917 10,663 11,580 3,190 1988 Jan. 2014 13 yrs. Warehouse facility in Phoenix, AZ 17,966 6,747 21,352 — — 6,747 21,352 28,099 3,012 1996 Jan. 2014 28 yrs. Land in Calgary, Canada — 3,721 — — (404 ) 3,317 — 3,317 — N/A Jan. 2014 N/A Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX 1,997 955 4,779 — — 955 4,779 5,734 603 1950; 1986; 1996 Jan. 2014 31 yrs. Industrial facility in Buffalo Grove, IL 6,188 1,492 12,233 — — 1,492 12,233 13,725 1,549 1996 Jan. 2014 31 yrs. Warehouse facility in Spanish Fork, UT 6,611 991 7,901 — — 991 7,901 8,892 947 2001 Jan. 2014 33 yrs. Industrial facilities in West Jordan, UT and Tacoma, WA; office facility in Eugene, OR; and warehouse facility in Perris, CA — 8,989 5,435 — 8 8,989 5,443 14,432 759 Various Jan. 2014 28 yrs. Office facility in Carlsbad, CA — 3,230 5,492 — — 3,230 5,492 8,722 912 1999 Jan. 2014 24 yrs. Land in Pensacola, FL — 1,746 — — — 1,746 — 1,746 — N/A Jan. 2014 N/A Movie theater in Port St. Lucie, FL — 4,654 2,576 — — 4,654 2,576 7,230 369 2000 Jan. 2014 27 yrs. Movie theater in Hickory Creek, TX — 1,693 3,342 — — 1,693 3,342 5,035 489 2000 Jan. 2014 27 yrs. Industrial facility in Nurieux-Volognat, France — 121 5,328 — (541 ) 106 4,802 4,908 581 2000 Jan. 2014 32 yrs. Warehouse facility in Suwanee, GA — 2,330 8,406 — — 2,330 8,406 10,736 973 1995 Jan. 2014 34 yrs. Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS — 1,878 8,579 — — 1,878 8,579 10,457 1,434 1954; 1975; 1984 Jan. 2014 24 yrs. Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI 8,032 1,403 11,098 — — 1,403 11,098 12,501 2,673 1996 Jan. 2014 16 yrs. Industrial facility in Mesa, AZ 4,307 2,888 4,282 — — 2,888 4,282 7,170 615 1991 Jan. 2014 27 yrs. Industrial facility in North Amityville, NY 7,157 3,486 11,413 — — 3,486 11,413 14,899 1,718 1981 Jan. 2014 26 yrs. Warehouse facilities in Greenville, SC — 567 10,217 — 15 567 10,232 10,799 1,945 1960 Jan. 2014 21 yrs. Industrial facility in Fort Collins, CO — 821 7,236 — — 821 7,236 8,057 863 1993 Jan. 2014 33 yrs. Land in Elk Grove Village, IL 1,585 4,037 — — — 4,037 — 4,037 — N/A Jan. 2014 N/A Office facility in Washington, MI — 4,085 7,496 — — 4,085 7,496 11,581 896 1990 Jan. 2014 33 yrs. Office facility in Houston, TX — 522 7,448 227 — 522 7,675 8,197 1,134 1999 Jan. 2014 27 yrs. Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX 5,678 4,049 13,021 — 133 4,049 13,154 17,203 2,758 Various Jan. 2014 12 - 22 yrs. Education facility in Sacramento, CA 26,433 — 13,715 — — — 13,715 13,715 1,607 2005 Jan. 2014 34 yrs. Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX — 5,138 8,387 — 43 5,138 8,430 13,568 1,191 1969; 1974; 1984 Jan. 2014 27 yrs. Office facility in Tinton Falls, NJ — 1,958 7,993 13 — 1,958 8,006 9,964 1,025 2001 Jan. 2014 31 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Industrial facility in Woodland, WA — 707 1,562 — — 707 1,562 2,269 173 2009 Jan. 2014 35 yrs. Warehouse facilities in Gyál and Herceghalom, Hungary 36,115 14,601 21,915 — (4,343 ) 12,864 19,309 32,173 3,702 2002; 2004 Jan. 2014 21 yrs. Industrial facility in Windsor, CT — 453 637 3,422 (83 ) 453 3,976 4,429 158 1999 Jan. 2014 33 yrs. Industrial facility in Aurora, CO 2,660 574 3,999 — — 574 3,999 4,573 399 2012 Jan. 2014 40 yrs. Office facility in Chandler, AZ — 5,318 27,551 — — 5,318 27,551 32,869 3,003 2000 Mar. 2014 40 yrs. Warehouse facility in University Park, IL — 7,962 32,756 221 — 7,962 32,977 40,939 3,426 2008 May 2014 40 yrs. Office facility in Stavanger, Norway — 10,296 91,744 — (24,794 ) 7,869 69,377 77,246 5,993 1975 Aug. 2014 40 yrs. Office facility in Westborough, MA — 3,409 37,914 — — 3,409 37,914 41,323 3,562 1992 Aug. 2014 40 yrs. Office facility in Andover, MA — 3,980 45,120 — — 3,980 45,120 49,100 3,884 2013 Oct. 2014 40 yrs. Office facility in Newport, United Kingdom — — 22,587 — (3,600 ) — 18,987 18,987 1,555 2014 Oct. 2014 40 yrs. Industrial facilities located throughout Australia — 30,455 94,724 15,086 (12,430 ) 27,025 100,810 127,835 18,164 Various Oct. 2014 Various Industrial facility in Lewisburg, OH — 1,627 13,721 — — 1,627 13,721 15,348 1,218 2014 Nov. 2014 40 yrs. Industrial facility in Opole, Poland — 2,151 21,438 — (837 ) 2,075 20,677 22,752 1,850 2014 Dec. 2014 38 yrs. Office facilities located throughout Spain — 51,778 257,624 10 (5,620 ) 53,909 249,883 303,792 19,723 Various Dec. 2014 Various Retail facilities located throughout the United Kingdom — 66,319 230,113 — (43,068 ) 56,266 197,098 253,364 19,184 Various Jan. 2015 20 - 40 yrs. Warehouse facility in Rotterdam, Netherlands — — 33,935 — 1,924 — 35,859 35,859 2,775 2014 Feb. 2015 40 yrs. Retail facility in Bad Fischau, Austria — 2,855 18,829 — 2,450 3,178 20,956 24,134 1,867 1998 Apr. 2015 40 yrs. Industrial facility in Oskarshamn, Sweden — 3,090 18,262 — 139 3,109 18,382 21,491 1,284 2015 Jun. 2015 40 yrs. Office facility in Sunderland, United Kingdom — 2,912 30,140 — (4,383 ) 2,525 26,144 28,669 1,824 2007 Aug. 2015 40 yrs. Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria — 9,449 15,838 — 1,955 10,179 17,063 27,242 1,423 2008; 2010 Aug. 2015 40 yrs. Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX — — 49,190 — — — 49,190 49,190 3,210 1988; 1989; 1990 Oct. 2015 38 - 40 yrs. Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands — 5,698 38,130 79 5,118 6,362 42,663 49,025 2,830 Various Nov. 2015 30 - 40 yrs. Office facility in Irvine, CA — 7,626 16,137 — — 7,626 16,137 23,763 858 1977 Dec. 2015 40 yrs. Education facility in Windermere, FL — 5,090 34,721 — — 5,090 34,721 39,811 2,876 1998 Apr. 2016 38 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Industrial facilities located throughout the United States — 66,845 87,575 — — 66,845 87,575 154,420 11,573 Various Apr. 2016 Various Industrial facilities in North Dumfries, Ottawa, Saint-Eustache, Uxbridge, and Whitchurch-Stouffville, Canada — 17,155 10,665 — (1,916 ) 15,340 10,564 25,904 1,772 Various Apr. 2016 Various Education facilities in Coconut Creek, FL and Houston, TX — 15,550 83,862 18,136 — 15,550 101,998 117,548 4,903 1979; 1984 May 2016 37 - 40 yrs. Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN — 3,585 17,254 — — 3,585 17,254 20,839 561 1969; 1987; 2000 Nov. 2016 35 - 36 yrs. Industrial facilities in Brampton, Toronto, and Vaughan, Canada — 28,759 13,998 — — 28,759 13,998 42,757 542 Various Nov. 2016 28 - 35 yrs. Industrial facilities in Queretaro and San Juan del Rio, Mexico — 5,152 12,614 — — 5,152 12,614 17,766 381 Various Dec. 2016 28 - 40 yrs. Industrial facility in Chicago, IL — 2,222 2,655 — — 2,222 2,655 4,877 61 1985 Jun. 2017 30 yrs. Office facility in Roseville, MN — 2,560 16,025 — — 2,560 16,025 18,585 39 2001 Nov. 2017 40 yrs. $ 1,107,534 $ 1,188,337 $ 4,138,933 $ 253,609 $ (246,433 ) $ 1,125,539 $ 4,208,907 $ 5,334,446 $ 613,543 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period Total Date of Construction Date Acquired Description Encumbrances Land Buildings Direct Financing Method Retail facilities in Baton Rouge, Louisiana; and Kannapolis and Morgantown, North Carolina $ — $ — $ 16,416 $ — $ (15,514 ) $ 902 1984; 1985; 1986 Jan. 1998 Industrial facilities in Glendora, CA and Romulus, MI — 454 13,251 9 (4,388 ) 9,326 1950; 1970 Jan. 1998 Industrial facilities in Irving and Houston, TX — — 27,599 — (4,004 ) 23,595 1978 Jan. 1998 Retail facility in Freehold, NJ 7,823 — 17,067 — (186 ) 16,881 2004 Sep. 2012 Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX 3,402 2,089 14,211 — (596 ) 15,704 1969; 1996; 2000 Sep. 2012 Retail facilities in Arnstadt, Borken, Bünde, Dorsten, Duisburg, Freiberg, Gütersloh, Leimbach-Kaiserro, Monheim, Oberhausen, Osnabrück, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, and Wuppertal Germany — 28,734 145,854 — (12,329 ) 162,259 Various Sep. 2012 Warehouse facility in Brierley Hill, United Kingdom — 2,147 12,357 — (1,457 ) 13,047 1996 Sep. 2012 Industrial and warehouse facility in Mesquite, TX 5,959 2,851 15,899 — (1,746 ) 17,004 1972 Sep. 2012 Industrial facility in Rochester, MN 3,188 881 17,039 — (1,834 ) 16,086 1997 Sep. 2012 Office facility in Irvine, CA 6,133 — 17,027 — (1,203 ) 15,824 1981 Sep. 2012 Industrial facility in Brownwood, TX — 722 6,268 — (1 ) 6,989 1964 Sep. 2012 Office facility in Scottsdale, AZ 19,258 — 43,570 — (686 ) 42,884 1977 Jan. 2014 Retail facilities in El Paso and Fabens, TX — 4,777 17,823 — (28 ) 22,572 Various Jan. 2014 Industrial facility in Dallas, TX — 3,190 10,010 — 187 13,387 1968 Jan. 2014 Industrial facility in Eagan, MN 6,748 — 11,548 — (208 ) 11,340 1975 Jan. 2014 Industrial facilities in Albemarle and Old Fort, NC; Holmesville, OH; and Springfield, TN — 6,542 20,668 — (1,553 ) 25,657 Various Jan. 2014 Movie theater in Midlothian, VA — — 16,546 — 125 16,671 2000 Jan. 2014 Industrial facilities located throughout France — — 27,270 — (2,471 ) 24,799 Various Jan. 2014 Retail facility in Gronau, Germany — 281 4,401 — (556 ) 4,126 1989 Jan. 2014 Industrial and office facility in Marktheidenfeld, Germany — 1,629 22,396 — (4,104 ) 19,921 2002 Jan. 2014 Industrial and warehouse facility in Newbridge, United Kingdom 10,498 6,851 22,868 — (6,275 ) 23,444 1998 Jan. 2014 Education facility in Mooresville, NC 2,935 1,795 15,955 — 1 17,751 2002 Jan. 2014 Industrial facility in Mount Carmel, IL — 135 3,265 — (69 ) 3,331 1896 Jan. 2014 Retail facility in Vantaa, Finland — 5,291 15,522 — (2,475 ) 18,338 2004 Jan. 2014 Retail facility in Linköping, Sweden — 1,484 9,402 — (2,271 ) 8,615 2004 Jan. 2014 Industrial facility in Calgary, Canada — — 7,076 — (764 ) 6,312 1965 Jan. 2014 Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV 8,910 5,780 40,860 — (226 ) 46,414 Various Jan. 2014 Movie theater in Pensacola, FL — — 13,034 — (545 ) 12,489 2001 Jan. 2014 Industrial facility in Monheim, Germany — 2,939 7,379 — (1,438 ) 8,880 1992 Jan. 2014 Industrial facility in Göppingen, Germany — 10,717 60,120 — (10,074 ) 60,763 1930 Jan. 2014 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. However, following our adoption of Accounting Standards Update, or ASU, 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2017, as described below, all transaction costs incurred during the year ended December 31, 2017 were capitalized since our acquisitions during the year were classified as asset acquisitions. Most of our future acquisitions are likely to be classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates; and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements. We include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. Goodwill acquired in the CPA:15 Merger and the CPA:16 Merger was attributed to the Owned Real Estate segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid.
Impairment	Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases or direct financing leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then compare the asset’s fair value (less estimated cost to sell) to its carrying value, and if the fair value, less estimated cost to sell, is less than the property’s carrying value, we reduce the carrying value to the fair value, less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. Direct Financing Leases — We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates, where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. We also assess the carrying amount for recoverability and if, as a result of the decreased expected cash flows, we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investments in the Managed Programs and Real Estate — We evaluate our equity investments in the Managed Programs and real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For certain investments in the Managed REITs, we calculate the estimated fair value of our investment using the most recently published net asset value per share, or NAV, of each Managed REIT multiplied by the number of shares owned. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values.
Goodwill	Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. We calculate the estimated fair value of the Investment Management segment by utilizing a discounted cash flow analysis methodology and available NAVs. We calculate the estimated fair value of the Owned Real Estate reporting unit by applying an AFFO multiple based on comparable companies. In connection with our Board’s decision to exit non-traded retail fundraising activities in June 2017 ( Note 1 ), we performed a test for impairment during the second quarter of 2017 on goodwill recorded in both segments, and no impairment was indicated. The goodwill recorded in both segments is generally evaluated for impairment during the fourth quarter of every year. In connection with the CPA:16 Merger and the CPA:15 Merger, we recorded goodwill in our Owned Real Estate reporting unit. In addition, in connection with the acquisition of certain international properties prior to our adoption of ASU 2017-01, we have recorded goodwill in our Owned Real Estate reporting unit related to deferred foreign income taxes. Prior to the CPA:15 Merger, there was no goodwill recorded in our Owned Real Estate reporting unit.
Basis of Consolidation	Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries and our tenancy-in-common interest as described below. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity, or VIE, and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At December 31, 2017 , we considered 28 entities VIEs, 21 of which we consolidated as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): December 31, 2017 2016 (a) Land, buildings and improvements $ 916,001 $ 886,148 Net investments in direct financing leases 40,133 60,294 In-place lease and other intangible assets 268,863 245,480 Above-market rent intangible assets 103,081 98,043 Accumulated depreciation and amortization (251,979 ) (184,710 ) Total assets 1,118,727 1,150,093 Non-recourse mortgages, net $ 128,230 $ 406,574 Total liabilities 201,186 548,659 __________ (a) In 2017, we reclassified certain line items in our consolidated balance sheets, as described below. As a result, prior period amounts for certain line items included within Net investments in real estate have been reclassified to conform to the current period presentation. At December 31, 2017 , our seven unconsolidated VIEs included our interests in six unconsolidated real estate investments, which we account for under the equity method of accounting, and one unconsolidated entity, which we account for under the cost method of accounting and is included within our Investment Management segment. At December 31, 2016 , our seven unconsolidated VIEs included our interests in six unconsolidated real estate investments and one unconsolidated entity among our interests in the Managed Programs, all of which we accounted for under the equity method of accounting. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities. As of December 31, 2017 and 2016 , the net carrying amount of our investments in these entities was $152.7 million and $152.9 million , respectively, and our maximum exposure to loss in these entities was limited to our investments. At December 31, 2017 , we had an investment in a tenancy-in-common interest in various underlying international properties. Consolidation of this investment is not required as such interest does not qualify as a VIE and does not meet the control requirement for consolidation. Accordingly, we account for this investment using the equity method of accounting. We use the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides us with significant influence on the operating and financial decisions of this investment. At times, the carrying value of our equity investments may fall below zero for certain investments. We intend to fund our share of the jointly owned investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments, nor do we have any legal obligation to fund operating deficits. At December 31, 2017 , none of our equity investments had carrying values below zero.
Reclassification	Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation.
Land, Building and Improvements	Land, Buildings and Improvements — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred.
Gain/Loss on Sale	Gain/Loss on Sale — We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property.
Cash and Cash Equivalents	Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Internal-Use Software Development Cost	Internal-Use Software Development Costs — We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage, including the costs associated with software that allows for the conversion of our old data to our new system. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Capitalized costs are amortized on a straight-line basis over the software’s estimated useful life, which is three to seven years . Periodically, we reassess the useful life considering technology, obsolescence, and other factors.
Other Assets and Liabilities	Other Assets and Liabilities — We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets, our cost method investment in CCIF, and our note receivable in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, and deferred revenue in Accounts payable, accrued expenses and other liabilities. Deferred charges are costs incurred in connection with obtaining or amending our credit facility that are amortized over the terms of the debt and included in Interest expense in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term, and rent recognized on a straight-line basis.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts — We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal payment, or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms, and the amount can be reasonably estimated.
Revenue Recognition	Revenue Recognition, Real Estate Leased to Others — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. For the years ended December 31, 2017 , 2016 , and 2015 , our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $59.3 million , $56.0 million , and $57.7 million , respectively. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. Revenue Recognition, Investment Management Operations — We earn structuring revenue and asset management revenue in connection with providing services to the Managed Programs. We earn structuring revenue for services we provide in connection with the analysis, negotiation, and structuring of transactions, including acquisitions and dispositions and the placement of mortgage financing obtained by the Managed Programs. We earn asset management revenue from property management, leasing, and advisory services performed. In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties. We may also earn termination revenue in connection with the termination of the advisory agreements for the Managed REITs. We recognize all revenue as earned. We earn structuring revenue upon the consummation of a transaction and asset management revenue when services are performed. We recognize revenue subject to subordination only when the performance criteria of the Managed REIT is achieved and contractual limitations are not exceeded. We may earn termination revenue if a liquidity event is consummated by any of the Managed REITs. During their respective offering periods, the Managed Programs reimbursed us for certain costs in connection with those offerings that we incurred on their behalf, which consisted primarily of broker-dealer commissions, marketing costs, and an annual distribution and shareholder servicing fee, as applicable. As a result of our exit from non-traded retail fundraising activities on June 2017, we ceased raising funds on behalf of the Managed Programs in the third quarter of 2017 and no longer incur these costs. However, the Managed Programs will continue to reimburse us for certain personnel and overhead costs that we incur on their behalf. We record reimbursement income as the expenses are incurred, subject to limitations on a Managed Program’s ability to incur offering costs or limitations imposed by the advisory agreements.
Asset Retirement Obligations	Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred or at the point of acquisition of an asset with an assumed asset retirement obligation, and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.
Depreciation	Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years ) and furniture, fixtures, and equipment (generally up to seven years ). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life.
Stock-based Compensation	Stock-Based Compensation — We have granted stock options, restricted share awards, or RSAs, restricted share units, or RSUs, and performance share units, or PSUs, to certain employees and independent directors. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. We recognize these compensation costs for only those shares expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. We include stock-based compensation within Additional paid-in capital in the consolidated statements of equity and Stock-based compensation expense in the consolidated statements of income.
Foreign Currency	Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, Canada, and Australia, and the primary functional currencies for those investments are the euro, the British pound sterling, the Canadian dollar, and the Australian dollar. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income (within Gain on sale of real estate, net of tax in the consolidated statements of income) when we have substantially exited from all investments in the related currency. A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of short-term subordinated intercompany debt with scheduled principal payments, are included in the determination of net income (within Other income and (expenses) in the statements of income). Intercompany foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities involved in the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity.
Derivative Instruments	Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive income (loss) into earnings when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis.
General and Administrative Expenses	General and Administrative Expenses — Beginning with the third quarter of 2017, personnel and rent expenses included within general and administrative expenses that are recorded by our Owned Real Estate and Investment Managements segments are allocated based on time incurred by our personnel for those segments. Following our exit from non-traded retail fundraising activities, as of June 30, 2017 ( Note 1 ), we believe that this allocation methodology is appropriate.
Income Taxes	Income Taxes — We conduct business in various states and municipalities primarily within North America and Europe, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. We derive most of our REIT income from our real estate operations under our Owned Real Estate segment. Our domestic real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state and local taxes, as applicable. We conduct our Investment Management operations primarily through TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). These operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes as described in Note 15 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).
Earnings Per Share	Earnings Per Share — Basic earnings per share is calculated by dividing net income available to common stockholders, as adjusted for unallocated earnings attributable to the nonvested RSUs and RSAs by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflects potentially dilutive securities (RSAs, RSUs, PSUs, and options) using the treasury stock method, except when the effect would be anti-dilutive.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Recent Accounting Requirements	Recent Accounting Pronouncements Pronouncements Adopted as of December 31, 2017 In March 2016, the Financial Accounting Standards Board, or FASB, issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 amends Accounting Standards Codification, or ASC, Topic 718, Compensation-Stock Based Compensation to simplify various aspects of how share-based payments are accounted for and presented in the financial statements including (i) reflecting income tax effects of share-based payments through the income statement, (ii) allowing statutory tax withholding requirements at the employees’ maximum individual tax rate without requiring awards to be classified as liabilities, and (iii) permitting an entity to make an accounting policy election for the impact of forfeitures on the recognition of expense. ASU 2016-09 is effective for public business entities for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period, with early adoption permitted. We adopted ASU 2016-09 as of January 1, 2017 and elected to account for forfeitures as they occur, rather than to account for them based on an estimate of expected forfeitures. This election was adopted using a modified retrospective transition method, with a cumulative effect adjustment to retained earnings. The related financial statement impact of this adjustment is not material. Depending on several factors, such as the market price of our common stock, employee stock option exercise behavior, and corporate income tax rates, the excess tax benefits associated with the exercise of stock options and the vesting and delivery of RSAs, RSUs, and PSUs, could generate a significant income tax benefit in a particular interim period, potentially creating volatility in Net income attributable to W. P. Carey and basic and diluted earnings per share between interim periods. Under the former accounting guidance, windfall tax benefits related to stock-based compensation were recognized within Additional paid-in capital in our consolidated financial statements. Under ASU 2016-09, these amounts are reflected as a reduction to Provision for income taxes. For reference, windfall tax benefits related to stock-based compensation recorded in Additional paid-in capital for the years ended December 31, 2016 and 2015 were $6.7 million and $12.5 million , respectively. Windfall tax benefits related to stock-based compensation recorded as a deferred tax benefit for the year ended December 31, 2017 was $4.6 million . In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control. ASU 2016-17 changes how a reporting entity that is a decision maker should consider indirect interests in a VIE held through an entity under common control. If a decision maker must evaluate whether it is the primary beneficiary of a VIE, it will only need to consider its proportionate indirect interest in the VIE held through a common control party. ASU 2016-17 amends ASU 2015-02, which we adopted on January 1, 2016, and which currently directs the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. ASU 2016-17 is effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We adopted ASU 2016-17 as of January 1, 2017 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 intends to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business: inputs, processes, and outputs. While an integrated set of assets and activities, collectively referred to as a “set,” that is a business usually has outputs, outputs are not required to be present. ASU 2017-01 provides a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. ASU 2017-01 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We elected to early adopt ASU 2017-01 on January 1, 2017 on a prospective basis. While our acquisitions have historically been classified as either business combinations or asset acquisitions, certain acquisitions that were classified as business combinations by us likely would have been considered asset acquisitions under the new standard. As a result, all transaction costs incurred during the year ended December 31, 2017 were capitalized since our acquisitions during the year were classified as asset acquisitions. Most of our future acquisitions are likely to be classified as asset acquisitions under this new standard. In addition, goodwill that was previously allocated to businesses that were sold or held for sale will no longer be allocated and written off upon sale if future sales were deemed to be sales of assets and not businesses. In January 2017, the FASB issued ASU 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 removes step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for public business entities in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years in which a goodwill impairment test is performed, with early adoption permitted. We adopted ASU 2017-04 as of April 1, 2017 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements. Pronouncements to be Adopted after December 31, 2017 In May 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, which constitute a majority of our revenues, but will primarily apply to revenues generated from our operating properties and our Investment Management business. We adopted this guidance for our interim and annual periods beginning January 1, 2018 using the modified retrospective method. We performed a comprehensive evaluation of the impact of the new standard across our revenue streams, and determined that the timing of revenue recognition and its classification in our consolidated financial statements will remain substantially unchanged. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new standard also replaces existing sale-leaseback guidance with a new model applicable to both lessees and lessors. In addition, it also requires lessors to record gross revenues and expenses associated with activities that do not transfer services to the lessee (such as real estate taxes and insurance). Additionally, the new standard requires extensive quantitative and qualitative disclosures. Early application will be permitted for all entities. The new standard must be adopted using a modified retrospective transition of the new guidance and provides for certain practical expedients. Transition will require application of the new model at the beginning of the earliest comparative period presented. We will adopt this guidance for our interim and annual periods beginning January 1, 2019. The ASU is expected to impact our consolidated financial statements as we have certain operating office and land lease arrangements for which we are the lessee. We are evaluating the impact of the new standard and have not yet determined if it will have a material impact on our business or our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 introduces a new model for estimating credit losses based on current expected credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 will be effective for public business entities in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early application of the guidance permitted. We are in the process of evaluating the impact of adopting ASU 2016-13 on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 intends to reduce diversity in practice for certain cash flow classifications, including, but not limited to (i) debt prepayment or debt extinguishment costs, (ii) contingent consideration payments made after a business combination, (iii) proceeds from the settlement of insurance claims, and (iv) distributions received from equity method investees. ASU 2016-15 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early application of the guidance permitted. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-15 is not expected to have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . ASU 2016-18 intends to reduce diversity in practice for the classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-18 is not expected to have a material impact on our consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) . ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments define the term “in substance nonfinancial asset,” in part, as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) that are promised to the counterparty in the contract is concentrated in nonfinancial assets. If substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20. This amendment also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent company may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. ASU 2017-05 is effective for periods beginning after December 15, 2017, with early application permitted for fiscal years beginning after December 15, 2016. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2017-05 is not expected to have a significant impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting . ASU 2017-09 clarifies when to account for a change to the terms and conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, vesting conditions, or classification of the award (as equity or liability) changes as a result of the change in terms or conditions. ASU 2017-09 will be effective in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2017-09 is not expected to have a significant impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess hedge effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU 2017-12 will be effective in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2017-12 on our consolidated financial statements, and expect to adopt the standard for the fiscal year beginning January 1, 2019.
Goodwill and Intangible Assets, Intangible Assets	Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues; amortization of internal-use software development, trade name, and in-place lease intangibles is included in Depreciation and amortization; and amortization of above-market ground lease and below-market ground lease intangibles is included in Property expenses, excluding reimbursable tenant costs. We have recorded net lease, internal-use software development, and trade name intangibles that are being amortized over periods ranging from one year to 40 years . In addition, we have several ground lease intangibles that are being amortized over periods of up to 99 years . In-place lease and below-market ground lease (as lessee) intangibles, at cost are included in In-place lease and other intangible assets in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease, below-market ground lease (as lessee), and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development and trade name intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent, above-market ground lease (as lessee), and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements.
Fair Value Measurement	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.
Redeemable Interest	We account for the noncontrolling interest in our subsidiary, W. P. Carey International, LLC, or WPCI, held by a third party as a redeemable noncontrolling interest, because, pursuant to a put option held by the third party, we had an obligation to redeem the interest at fair value, subject to certain conditions. This obligation was required to be settled in shares of our common stock.

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): December 31, 2017 2016 (a) Land, buildings and improvements $ 916,001 $ 886,148 Net investments in direct financing leases 40,133 60,294 In-place lease and other intangible assets 268,863 245,480 Above-market rent intangible assets 103,081 98,043 Accumulated depreciation and amortization (251,979 ) (184,710 ) Total assets 1,118,727 1,150,093 Non-recourse mortgages, net $ 128,230 $ 406,574 Total liabilities 201,186 548,659 __________ (a) In 2017, we reclassified certain line items in our consolidated balance sheets, as described below. As a result, prior period amounts for certain line items included within Net investments in real estate have been reclassified to conform to the current period presentation.

Agreements and Transactions w32

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule Of Related Party Transactions	The following tables present a summary of revenue earned and/or cash received from the Managed Programs for the periods indicated, included in the consolidated financial statements. Asset management revenue excludes amounts received from third parties (in thousands): Years Ended December 31, 2017 2016 2015 Asset management revenue $ 70,125 $ 61,879 $ 49,892 Reimbursable costs from affiliates 51,445 66,433 55,837 Distributions of Available Cash 47,862 45,121 38,406 Structuring revenue 34,198 47,328 92,117 Dealer manager fees 4,430 8,002 4,794 Interest income on deferred acquisition fees and loans to affiliates 2,103 740 1,639 Other advisory revenue 896 2,435 203 $ 211,059 $ 231,938 $ 242,888 Years Ended December 31, 2017 2016 2015 CPA:17 – Global $ 75,188 $ 74,852 $ 81,740 CPA:18 – Global 28,683 31,330 85,431 CWI 1 33,691 34,085 44,712 CWI 2 50,189 67,524 30,340 CCIF 12,787 11,164 665 CESH I 10,521 12,983 — $ 211,059 $ 231,938 $ 242,888 The following table sets forth certain information regarding our loans to affiliates (dollars in thousands): Interest Rate at Maturity Date at December 31, 2017 Maximum Loan Amount Authorized at December 31, 2017 Principal Outstanding Balance at December 31, (a) Managed Program 2017 2016 CWI 1 (b) (c) LIBOR + 1.00% 6/30/2018; 12/31/2018 $ 100,000 $ 68,637 $ — CESH I (b) LIBOR + 1.00% 5/3/2018; 5/9/2018 35,000 14,461 — CWI 2 (d) N/A N/A 25,000 — 210,000 CPA:18 – Global N/A N/A 50,000 — 27,500 $ 83,098 $ 237,500 __________ (a) Amounts exclude accrued interest of $0.9 million and $0.1 million at December 31, 2017 and 2016 , respectively. (b) LIBOR means London Interbank Offered Rate. (c) We entered into a secured credit facility with CWI 1 in September 2017, comprised of a $75.0 million bridge loan to facilitate an acquisition and a $25.0 million revolving working capital facility. In January and February 2018, CWI 1 made net repayments totaling $27.0 million of the loans outstanding to us at December 31, 2017 ( Note 19 ). (d) We entered into a secured $25.0 million revolving working capital facility with CWI 2 in October 2017.
Schedule of Balances Due to and From Related Party	The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands): December 31, 2017 2016 Short-term loans to affiliates, including accrued interest $ 84,031 $ 237,613 Deferred acquisition fees receivable, including accrued interest 12,345 21,967 Reimbursable costs 4,315 4,427 Accounts receivable 4,089 5,005 Asset management fees receivable 356 2,449 Organization and offering costs 89 784 Current acquisition fees receivable 83 8,024 Distribution and shareholder servicing fees — 19,341 $ 105,308 $ 299,610
Schedule of Related Party Fees	Asset Management Revenue Under the advisory agreements with the Managed Programs, we earn asset management revenue for managing their investment portfolios. The following table presents a summary of our asset management fee arrangements with the Managed Programs: Managed Program Rate Payable Description CPA:17 – Global 0.5% – 1.75% 2015 and 2016 50% in cash and 50% in shares of its common stock; 2017 in shares of its common stock Rate depends on the type of investment and is based on the average market or average equity value, as applicable CPA:18 – Global 0.5% – 1.5% In shares of its class A common stock Rate depends on the type of investment and is based on the average market or average equity value, as applicable CWI 1 0.5% 2015 and 2016 in cash; 2017 in shares of its common stock Rate is based on the average market value of the investment; we are required to pay 20% of the asset management revenue we receive to the subadvisor CWI 2 0.55% In shares of its class A common stock Rate is based on the average market value of the investment; we are required to pay 25% of the asset management revenue we receive to the subadvisor CCIF 1.75% – 2.00% In cash, prior to our resignation as the advisor to CCIF, effective September 11, 2017 ( Note 1 ) Based on the average of gross assets at fair value; we were required to pay 50% of the asset management revenue we received to the subadvisor CESH I 1.0% In cash Based on gross assets at fair value Structuring Revenue Under the terms of the advisory agreements with the Managed Programs, we earn revenue for structuring and negotiating investments and related financing. We did not earn any structuring revenue from the Managed BDCs. The following table presents a summary of our structuring fee arrangements with the Managed Programs: Managed Program Rate Payable Description CPA:17 – Global 1% – 1.75%, 4.5% In cash; for non net-lease investments, 1% – 1.75% upon completion; for net-lease investments, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments Based on the total aggregate cost of the net-lease investments made; also based on the total aggregate cost of the non net-lease investments or commitments made; total limited to 6% of the contract prices in aggregate CPA:18 – Global 4.5% In cash; for all investments, other than readily marketable real estate securities for which we will not receive any acquisition fees, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments Based on the total aggregate cost of the investments or commitments made; total limited to 6% of the contract prices in aggregate CWI REITs 1% – 2.5% In cash upon completion; loan refinancing transactions up to 1% of the principal amount; 2.5% of the total investment cost of the properties acquired, however, fees were paid 50% in cash and 50% in shares of CWI 1’s common stock and CWI 2’s Class A common stock for a jointly-owned investment structured on behalf of CWI 1 and CWI 2 in September 2017, with the approval of each CWI REIT’s board of directors Based on the total aggregate cost of the lodging investments or commitments made; we are required to pay 20% and 25% to the subadvisors of CWI 1 and CWI 2, respectively; total for each CWI REIT limited to 6% of the contract prices in aggregate CESH I 2.0% In cash upon acquisition Based on the total aggregate cost of investments or commitments made, including the acquisition, development, construction, or redevelopment of the investments Reimbursable Costs from Affiliates During their respective offering periods, the Managed Programs reimbursed us for certain costs that we incurred on their behalf, which consisted primarily of broker-dealer commissions, marketing costs, and an annual distribution and shareholder servicing fee, as applicable. As a result of our exit from non-traded retail fundraising activities in June 2017, we ceased raising funds on behalf of the Managed Programs in the third quarter of 2017 and no longer incur these costs. The Managed Programs will continue to reimburse us for certain personnel and overhead costs that we incur on their behalf. The following tables present summaries of such fee arrangements: Broker-Dealer Commissions Managed Program Rate Payable Description CPA:18 – Global Class A Shares $0.70 In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold; this offering closed in April 2015 CPA:18 – Global Class C Shares $0.14 In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold; this offering closed in April 2015 CWI 2 Class A Shares January 1, 2015 through March 31, 2017: $0.70 April 27, 2017 through July 31, 2017: $0.84 (a) In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold CWI 2 Class T Shares January 1, 2015 through March 31, 2017: $0.19 April 27, 2017 through July 31, 2017: $0.23 (a) In cash upon share settlement; 100% re-allowed to broker-dealers Per share sold CCIF Feeder Funds Through September 10, 2017: 0% – 3% (b) In cash upon share settlement; 100% re-allowed to broker-dealers Based on the selling price of each share sold; the offering for Carey Credit Income Fund 2016 T (known as Guggenheim Credit Income Fund 2016 T since October 23, 2017), or CCIF 2016 T, closed on April 28, 2017 CESH I Up to 7.0% of gross offering proceeds (a) In cash upon limited partnership unit settlement; 100% re-allowed to broker-dealers Based on the selling price of each limited partnership unit sold __________ (a) After the end of active fundraising by Carey Financial on June 30, 2017, we facilitated the orderly processing of sales in the offerings of CWI 2 and CESH I through July 31, 2017, which then closed their respective offerings on that date. (b) In August 2017, we resigned as the advisor to CCIF, and our advisory agreement with CCIF was terminated, effective as of September 11, 2017. Dealer Manager Fees Managed Program Rate Payable Description CPA:18 – Global Class A Shares $0.30 Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in April 2015 CPA:18 – Global Class C Shares $0.21 Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in April 2015 CWI 2 Class A Shares January 1, 2015 through March 31, 2017: $0.30 April 27, 2017 through July 31, 2017: $0.36 (a) Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in July 2017 CWI 2 Class T Shares January 1, 2015 through March 31, 2017: $0.26 April 27, 2017 through July 31, 2017: $0.31 (a) Per share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers; this offering closed in July 2017 CCIF Feeder Funds Through September 10, 2017: 2.50% – 3.0% (b) Based on the selling price of each share sold In cash upon share settlement; a portion may be re-allowed to broker-dealers; CCIF 2016 T’s offering closed on April 28, 2017 CESH I Up to 3.0% of gross offering proceeds (a) Per limited partnership unit sold In cash upon limited partnership unit settlement; a portion may be re-allowed to broker-dealers; this offering closed in July 2017 __________ (a) In connection with the end of active fundraising by Carey Financial on June 30, 2017, we facilitated the orderly processing of sales in the offerings of CWI 2 and CESH I through July 31, 2017, which then closed their respective offerings on that date. (b) In August 2017, we resigned as the advisor to CCIF, and our advisory agreement with CCIF was terminated, effective as of September 11, 2017. Annual Distribution and Shareholder Servicing Fee Managed Program Rate Payable Description CPA:18 – Global Class C Shares (a) 1.0% Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers Based on the purchase price per share sold or, once it was reported, the NAV; cease paying when underwriting compensation from all sources equals 10% of gross offering proceeds CWI 2 Class T Shares (a) 1.0% Accrued daily and payable quarterly in arrears in cash; a portion may be re-allowed to selected dealers Based on the purchase price per share sold or, once it was reported, the NAV; cease paying on the earlier of six years or when underwriting compensation from all sources equals 10% of gross offering proceeds CCIF 2016 T (b) 0.9% Payable quarterly in arrears in cash; 100% is re-allowed to selected dealers Based on the weighted-average net price of shares sold in the public offering; cease paying on the earlier of when underwriting compensation from all sources equals, including this fee, 10% of gross offering proceeds or the date at which a liquidity event occurs __________ (a) In connection with our exit from non-traded retail fundraising activities as of June 30, 2017, beginning with the payment for the third quarter of 2017 (which was made during the fourth quarter of 2017), the distribution and shareholder servicing fee is now paid directly to selected dealers by the respective Managed REITs. As a result, our liability to the selected dealers and the corresponding receivable from the Managed REITs were removed during the third quarter of 2017. (b) In connection with our resignation as advisor to CCIF in August 2017, our dealer manager agreement was assigned to Guggenheim. As a result, our liability to the selected dealers and the corresponding receivable from CCIF was removed. Personnel and Overhead Costs Managed Program Payable Description CPA:17 – Global and CPA:18 – Global In cash Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to the CPA REITs based on the average of the trailing 12-month aggregate reported revenues of the Managed Programs and us, and are capped at 2.0%, 2.2%, and 2.4% of each CPA REIT’s pro rata lease revenues for 2017, 2016, and 2015, respectively; the cap is 1.0% for 2018; for the legal transactions group, costs are charged according to a fee schedule CWI 1 and CWI 2 In cash Actual expenses incurred, excluding those related to our senior management; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter CCIF and CCIF Feeder Funds In cash, prior to our resignation as the advisor to CCIF, effective September 11, 2017 ( Note 1 ) Actual expenses incurred, excluding those related to our investment management team and senior management team CESH I 2015 N/A; 2016 and 2017 in cash Actual expenses incurred Organization and Offering Costs Managed Program Payable Description CPA:18 – Global In cash; within 60 days after the end of the quarter in which the offering terminates Actual costs incurred from 1.5% through 4.0% of the gross offering proceeds, depending on the amount raised; this offering closed in April 2015 CWI 2 (a) In cash; within 60 days after the end of the quarter in which the offering terminates Actual costs incurred up to 1.5% of the gross offering proceeds; this offering closed in July 2017 CCIF and CCIF Feeder Funds (b) In cash; payable monthly, prior to our resignation as the advisor to CCIF, effective September 11, 2017 ( Note 1 ) Up to 1.5% of the gross offering proceeds; we were required to pay 50% of the organization and offering costs we received to the subadvisor CESH I (a) N/A In lieu of reimbursing us for organization and offering costs, CESH I paid us limited partnership units, as described below under Other Advisory Revenue; this offering closed in July 2017 __________ (a) In connection with the end of active fundraising by Carey Financial on June 30, 2017, we facilitated the orderly processing of sales in the offerings of CWI 2 and CESH I through July 31, 2017, which then closed their respective offerings on that date. (b) In August 2017, we resigned as the advisor to CCIF, and our advisory agreement with CCIF was terminated, effective as of September 11, 2017.

Land, Buildings and Improveme33

Land, Buildings and Improvements and Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Net Investments in Real Estate Properties	At both December 31, 2017 and 2016 , Land, buildings and improvements attributable to operating properties consisted of our investments in two hotels, which are summarized as follows (in thousands): December 31, 2017 2016 Land $ 6,041 $ 6,041 Buildings and improvements 77,006 75,670 Less: Accumulated depreciation (16,419 ) (12,143 ) $ 66,628 $ 69,568 Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands): December 31, 2017 2016 Land $ 1,125,539 $ 1,128,933 Buildings and improvements 4,208,907 4,053,334 Real estate under construction 39,772 21,859 Less: Accumulated depreciation (613,543 ) (472,294 ) $ 4,760,675 $ 4,731,832
Schedule of Future Minimum Rents	Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2017 are as follows (in thousands): Years Ending December 31, Total 2018 $ 607,293 2019 603,717 2020 581,275 2021 555,601 2022 519,604 Thereafter 3,727,289 Total $ 6,594,779
Disclosure of Long Lived Assets Held-for-sale	Below is a summary of our properties held for sale (in thousands): December 31, 2017 2016 Net investments in direct financing leases $ — $ 26,247 Assets held for sale $ — $ 26,247

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Capital Leases Net Investment In Direct Financing Leases	Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2017 2016 Minimum lease payments receivable $ 600,228 $ 619,014 Unguaranteed residual value 676,321 639,002 1,276,549 1,258,016 Less: unearned income (554,942 ) (573,957 ) $ 721,607 $ 684,059
Scheduled Future Minimum Rents	Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2017 are as follows (in thousands): Years Ending December 31, Total 2018 $ 70,488 2019 68,744 2020 68,125 2021 64,793 2022 55,201 Thereafter 272,877 Total $ 600,228
Finance Receivables Credit Quality Indicators	A summary of our finance receivables by internal credit quality rating, excluding our deferred acquisition fees receivable, is as follows (dollars in thousands): Number of Tenants / Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2017 2016 2017 2016 1 – 3 24 27 $ 608,101 $ 621,955 4 8 5 123,477 70,811 5 — 1 — 1,644 $ 731,578 $ 694,410

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Schedule Of Goodwill	The following table presents a reconciliation of our goodwill (in thousands): Owned Real Estate Investment Management Total Balance at January 1, 2015 $ 628,808 $ 63,607 $ 692,415 Foreign currency translation adjustments (10,548 ) — (10,548 ) Allocation of goodwill to the cost basis of properties sold or classified as held for sale (a) (1,762 ) — (1,762 ) Other business combinations 1,704 — 1,704 Balance at December 31, 2015 618,202 63,607 681,809 Allocation of goodwill to the cost basis of properties sold or classified as held for sale (a) (34,405 ) — (34,405 ) Impairment charges ( Note 8 ) (10,191 ) — (10,191 ) Foreign currency translation adjustments (1,293 ) — (1,293 ) Balance at December 31, 2016 572,313 63,607 635,920 Foreign currency translation adjustments 8,040 — 8,040 Balance at December 31, 2017 $ 580,353 $ 63,607 $ 643,960 __________ (a) Following our adoption of ASU 2017-01 on January 1, 2017, goodwill that was previously allocated to businesses that were sold or held for sale will no longer be allocated and written off upon sale if future sales are deemed to be sales of assets and not businesses ( Note 2 ).
Schedule Of Intangible Assets And Goodwill	Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2017 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Internal-use software development costs $ 18,649 $ (7,862 ) $ 10,787 $ 18,568 $ (5,068 ) $ 13,500 Trade name 3,975 (401 ) 3,574 3,975 — 3,975 22,624 (8,263 ) 14,361 22,543 (5,068 ) 17,475 Lease Intangibles: In-place lease 1,194,055 (421,686 ) 772,369 1,148,232 (322,119 ) 826,113 Above-market rent 640,480 (276,110 ) 364,370 632,383 (210,927 ) 421,456 Below-market ground lease 18,936 (1,855 ) 17,081 23,140 (1,381 ) 21,759 1,853,471 (699,651 ) 1,153,820 1,803,755 (534,427 ) 1,269,328 Indefinite-Lived Goodwill and Intangible Assets Goodwill 643,960 — 643,960 635,920 — 635,920 Below-market ground lease 985 — 985 866 — 866 644,945 — 644,945 636,786 — 636,786 Total intangible assets $ 2,521,040 $ (707,914 ) $ 1,813,126 $ 2,463,084 $ (539,495 ) $ 1,923,589 Finite-Lived Intangible Liabilities Below-market rent $ (135,704 ) $ 48,657 $ (87,047 ) $ (133,137 ) $ 38,231 $ (94,906 ) Above-market ground lease (13,245 ) 3,046 (10,199 ) (12,948 ) 2,362 (10,586 ) (148,949 ) 51,703 (97,246 ) (146,085 ) 40,593 (105,492 ) Indefinite-Lived Intangible Liabilities Below-market purchase option (16,711 ) — (16,711 ) (16,711 ) — (16,711 ) Total intangible liabilities $ (165,660 ) $ 51,703 $ (113,957 ) $ (162,796 ) $ 40,593 $ (122,203 )
Schedule Of Finite Lived Intangible Assets Future Amortization Expense	Based on the intangible assets and liabilities recorded at December 31, 2017 , scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Decrease in Lease Revenues Increase to Amortization/ Property Expenses Total 2018 $ 47,687 $ 103,345 $ 151,032 2019 44,887 95,296 140,183 2020 36,979 87,395 124,374 2021 32,747 81,705 114,452 2022 25,455 69,590 95,045 Thereafter 89,568 356,281 445,849 Total $ 277,323 $ 793,612 $ 1,070,935

Equity Investments in the Man36

Equity Investments in the Managed Programs and Real Estate (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The following tables present estimated combined summarized financial information for the Managed Programs. Amounts provided are expected total amounts attributable to the Managed Programs and do not represent our proportionate share (in thousands): December 31, 2017 2016 Net investments in real estate $ 9,377,719 $ 9,122,072 Other assets 1,810,832 2,079,384 Total assets 11,188,551 11,201,456 Debt (5,393,811 ) (5,128,640 ) Accounts payable, accrued expenses and other liabilities (838,567 ) (940,341 ) Total liabilities (6,232,378 ) (6,068,981 ) Noncontrolling interests (261,598 ) (263,783 ) Stockholders’ equity $ 4,694,575 $ 4,868,692 Years Ended December 31, 2017 2016 2015 Revenues $ 1,637,198 $ 1,465,803 $ 1,157,432 Expenses (1,463,933 ) (1,263,498 ) (1,129,294 ) Income from continuing operations $ 173,265 $ 202,305 $ 28,138 Net income (loss) attributable to the Managed Programs (a) (b) $ 122,955 $ 149,662 $ (15,740 ) __________ (a) Includes impairment charges recognized by the Managed Programs totaling $37.5 million , $35.7 million , and $7.2 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively. These impairment charges reduced our income earned from these investments by $1.6 million , $1.1 million , and $0.1 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively. (b) Amounts included net gains on sale of real estate recorded by the Managed Programs totaling $19.3 million , $132.8 million , and $8.9 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. These net gains on sale of real estate increased our income earned from these investments by $0.5 million , $4.6 million , and $0.1 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Carrying Value at December 31, Lessee Co-owner Ownership Interest 2017 2016 The New York Times Company CPA:17 – Global 45% $ 69,401 $ 69,668 Frontier Spinning Mills, Inc. CPA:17 – Global 40% 24,153 24,138 Beach House JV, LLC (a) Third Party N/A 15,105 15,105 ALSO Actebis GmbH (b) CPA:17 – Global 30% 12,009 11,205 Jumbo Logistiek Vastgoed B.V. (b) (c) CPA:17 – Global 15% 10,661 8,739 Wagon Automotive GmbH (b) CPA:17 – Global 33% 8,386 8,887 Wanbishi Archives Co. Ltd. (d) CPA:17 – Global 3% 334 334 $ 140,049 $ 138,076 __________ (a) This investment is in the form of a preferred equity interest. (b) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (c) This investment represents a tenancy-in-common interest, whereby the property is encumbered by the debt for which we are jointly and severally liable. The co-obligor is CPA:17 – Global and the amount due under the arrangement was approximately $76.2 million at December 31, 2017 . Of this amount, $11.4 million represents the amount we are liable for and is included within the carrying value of the investment at December 31, 2017 . (d) The carrying value of this investment is affected by fluctuations in the exchange rate of the yen. The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands): % of Outstanding Shares Owned at Carrying Amount of Investment at December 31, December 31, Fund 2017 2016 2017 2016 CPA:17 – Global (a) 4.186 % 3.456 % $ 125,676 $ 99,584 CPA:17 – Global operating partnership 0.009 % 0.009 % — — CPA:18 – Global (a) 2.540 % 1.616 % 28,433 17,955 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 (a) 2.119 % 1.109 % 26,810 11,449 CWI 1 operating partnership 0.015 % 0.015 % 186 — CWI 2 (a) 1.786 % 0.773 % 16,495 5,091 CWI 2 operating partnership 0.015 % 0.015 % 300 300 CCIF (b) — % 13.322 % — 23,528 CESH I (c) 2.430 % 2.431 % 3,299 2,701 $ 201,408 $ 160,817 __________ (a) During 2017, we received asset management revenue from the Managed REITs in shares of their common stock, which increased our ownership percentage in each of the Managed REITs ( Note 3 ). (b) In August 2017, we resigned as the advisor to CCIF, effective as of September 11, 2017 ( Note 1 ). As such, we reclassified our investment in CCIF from Equity investments in the Managed Programs and real estate to Other assets, net in our consolidated balance sheets and account for it under the cost method, since we no longer share decision-making responsibilities with the third-party investment partner. Our cost method investment in CCIF had a carrying value of $23.3 million at December 31, 2017 and is included in our Investment Management segment. (c) Investment is accounted for at fair value. The following table presents Equity in earnings of equity method investments in the Managed Programs and real estate, which represents our proportionate share of the income or losses of these investments, as well as certain adjustments related to amortization of basis differences related to purchase accounting adjustments (in thousands): Years Ended December 31, 2017 2016 2015 Distributions of Available Cash ( Note 3 ) $ 47,862 $ 45,121 $ 38,406 Proportionate share of equity in earnings (losses) of equity method investments in the Managed Programs 5,156 7,698 (454 ) Amortization of basis differences on equity method investments in the Managed Programs (1,336 ) (1,028 ) (806 ) Total equity in earnings of equity method investments in the Managed Programs 51,682 51,791 37,146 Equity in earnings of equity method investments in real estate 15,452 16,503 17,559 Amortization of basis differences on equity method investments in real estate (2,384 ) (3,575 ) (3,685 ) Total equity in earnings of equity method investments in real estate 13,068 12,928 13,874 Equity in earnings of equity method investments in the Managed Programs and real estate $ 64,750 $ 64,719 $ 51,020 The following tables present estimated combined summarized financial information of our equity investments, excluding the Managed Programs. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands): December 31, 2017 2016 Net investments in real estate $ 516,793 $ 503,186 Other assets 16,465 13,749 Total assets 533,258 516,935 Debt (176,660 ) (193,521 ) Accounts payable, accrued expenses and other liabilities (11,950 ) (10,354 ) Total liabilities (188,610 ) (203,875 ) Stockholders’ equity $ 344,648 $ 313,060 Years Ended December 31, 2017 2016 2015 Revenues $ 57,377 $ 56,791 $ 61,887 Expenses (22,231 ) (17,933 ) (21,124 ) Income from continuing operations $ 35,146 $ 38,858 $ 40,763 Net income attributable to the jointly owned investments $ 35,146 $ 38,858 $ 40,763

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Schedule Of Other Financial Instruments In Carrying Values And Fair Values	Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2017 December 31, 2016 Level Carrying Value Fair Value Carrying Value Fair Value Unsecured Senior Notes, net (a) (b) (c) 2 $ 2,474,661 $ 2,588,032 $ 1,807,200 $ 1,828,829 Non-recourse mortgages, net (a) (b) (d) 3 1,185,477 1,196,399 1,706,921 1,711,364 Note receivable (d) 3 9,971 9,639 10,351 10,046 __________ (a) The carrying value of Unsecured Senior Notes, net ( Note 10 ) includes unamortized deferred financing costs of $14.7 million and $12.1 million at December 31, 2017 and 2016 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $1.0 million and $1.3 million at December 31, 2017 and 2016 , respectively. (b) The carrying value of Unsecured Senior Notes, net includes unamortized discount of $9.9 million and $7.8 million at December 31, 2017 and 2016 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $1.7 million and $0.2 million at December 31, 2017 and 2016 , respectively. (c) We determined the estimated fair value of the Unsecured Senior Notes using quoted market prices in an open market with limited trading volume, where available. In cases where there was no trading volume, we determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. (d) We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.
Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis	The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Fair Value Measurements Total Impairment Charges Fair Value Total Impairment Fair Value Total Impairment Impairment Charges Land, buildings and improvements and intangibles $ 2,914 $ 2,769 $ 155,839 $ 52,316 $ 63,027 $ 26,597 Net investments in direct financing leases — — 23,775 6,987 65,132 3,309 $ 2,769 $ 59,303 $ 29,906

Risk Management and Use of De38

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Foreign currency forward contracts Other assets, net $ 12,737 $ 37,040 $ — $ — Foreign currency collars Other assets, net 4,931 17,382 — — Interest rate swaps Other assets, net 523 190 — — Interest rate cap Other assets, net 20 45 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (6,805 ) — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,108 ) (2,996 ) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 3,685 3,752 — — Interest rate swap (a) Other assets, net 19 9 — — Total derivatives $ 21,915 $ 58,418 $ (7,913 ) $ (2,996 ) __________ (a) This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 Foreign currency collars $ (19,220 ) $ 9,679 $ 7,769 Foreign currency forward contracts (19,120 ) (1,948 ) 15,949 Interest rate swaps 1,550 1,291 (284 ) Interest rate caps (29 ) 21 64 Derivatives in Net Investment Hedging Relationships (b) Foreign currency forward contracts (5,652 ) (462 ) 5,819 Total $ (42,471 ) $ 8,581 $ 29,317 Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2017 2016 2015 Foreign currency forward contracts Other income and (expenses) $ 6,845 $ 7,442 $ 7,272 Foreign currency collars Other income and (expenses) 3,650 1,968 357 Interest rate swaps and caps Interest expense (1,294 ) (2,106 ) (2,291 ) Total $ 9,201 $ 7,304 $ 5,338 __________ (a) Excludes net losses of $1.0 million and net gains of $0.2 million and $0.6 million , recognized on unconsolidated jointly owned investments for the years ended December 31, 2017 , 2016 , and 2015 , respectively. (b) The effective portion of the changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss) .
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2017 2016 2015 Foreign currency collars Other income and (expenses) $ (754 ) $ 824 $ 514 Stock warrants Other income and (expenses) (67 ) 134 (134 ) Foreign currency forward contracts Other income and (expenses) (53 ) — (296 ) Interest rate swaps Other income and (expenses) 18 2,682 4,164 Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 693 657 649 Foreign currency forward contracts Other income and (expenses) (75 ) 40 45 Foreign currency collars Other income and (expenses) (32 ) (7 ) 23 Total $ (270 ) $ 4,330 $ 4,965 __________ (a) Relates to the ineffective portion of the hedging relationship.
Schedule of Derivative Instruments	The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2017 , which were designated as cash flow hedges (currency in thousands): Number of Instruments Notional Fair Value at December 31, 2017 Foreign Currency Derivatives Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 22 69,531 EUR $ 10,158 Foreign currency collars 28 97,150 EUR (5,902 ) Foreign currency collars 28 42,000 GBP 4,028 Foreign currency forward contracts 4 2,140 GBP 461 Foreign currency forward contracts 8 10,231 AUD 346 Designated as Net Investment Hedging Instruments Foreign currency forward contracts 3 74,463 AUD 1,772 $ 10,863 The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2017 are summarized as follows (currency in thousands): Number of Instruments Notional Amount Fair Value at (a) Interest Rate Derivatives Designated as Cash Flow Hedging Instruments Interest rate swaps 11 104,014 USD $ (523 ) Interest rate swap 1 5,785 EUR (62 ) Interest rate cap 1 30,400 EUR 20 Not Designated as Cash Flow Hedging Instruments Interest rate swap (b) 1 2,854 USD 19 $ (546 ) __________ (a) Fair value amounts are based on the exchange rate of the euro at December 31, 2017 , as applicable. (b) This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The following table presents a summary of our Senior Unsecured Credit Facility (dollars in millions): Interest Rate at December 31, 2017 (a) Principal Outstanding Balance at December 31, Senior Unsecured Credit Facility Maturity Date 2017 2016 Unsecured Term Loans: Amended Term Loan — borrowing in euros (b) (c) EURIBOR + 1.10% 2/22/2022 $ 283.4 $ — Delayed Draw Term Loan — borrowing in euros (b) (c) EURIBOR + 1.10% 2/22/2022 106.3 — Prior Term Loan — borrowing in (d) N/A N/A — 250.0 389.7 250.0 Unsecured Revolving Credit Facility: Unsecured Revolving Credit Facility — borrowing in euros (c) EURIBOR + 1.00% 2/22/2021 $ 111.8 $ 286.7 Unsecured Revolving Credit Facility — borrowing in U.S. dollars LIBOR + 1.00% 2/22/2021 105.0 390.0 216.8 676.7 $ 606.5 $ 926.7 __________ (a) The applicable interest rate at December 31, 2017 was based on the credit rating for our Unsecured Senior Notes of BBB/Baa2 . (b) Balance excludes unamortized discount of $1.2 million and unamortized deferred financing costs of $0.2 million at December 31, 2017 . (c) EURIBOR means Euro Interbank Offered Rate. (d) Balance excludes unamortized deferred financing costs of less than $0.1 million at December 31, 2016.
Schedule of Debt	The following table presents a summary of our Unsecured Senior Notes outstanding at December 31, 2017 (currency in millions): Principal Amount Price of Par Value Original Issue Discount Effective Interest Rate Coupon Rate Maturity Date Principal Outstanding Balance at December 31, Unsecured Senior Notes, net (a) Issue Date 2017 2016 2.0% Senior Notes 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 $ 599.7 $ 527.1 4.6% Senior Notes 3/14/2014 $ 500.0 99.639 % $ 1.8 4.645 % 4.6 % 4/1/2024 500.0 500.0 2.25% Senior Notes 1/19/2017 € 500.0 99.448 % $ 2.9 2.332 % 2.25 % 7/19/2024 599.7 — 4.0% Senior Notes 1/26/2015 $ 450.0 99.372 % $ 2.8 4.077 % 4.0 % 2/1/2025 450.0 450.0 4.25% Senior Notes 9/12/2016 $ 350.0 99.682 % $ 1.1 4.290 % 4.25 % 10/1/2026 350.0 350.0 $ 2,499.4 $ 1,827.1 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $14.7 million and $12.1 million , and unamortized discount totaling $9.9 million and $7.8 million at December 31, 2017 and 2016 , respectively.
Scheduled Debt Principal Payments	Scheduled debt principal payments during each of the next five calendar years following December 31, 2017 and thereafter through 2027 are as follows (in thousands): Years Ending December 31, Total (a) 2018 $ 246,357 2019 99,503 2020 222,367 2021 377,141 2022 630,618 Thereafter through 2027 2,718,030 Total principal payments 4,294,016 Unamortized deferred financing costs (15,920 ) Unamortized discount, net (b) (12,829 ) Total $ 4,265,267 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2017 . (b) Represents the unamortized discount on the Unsecured Senior Notes of $9.9 million in aggregate, unamortized discount of $1.7 million in aggregate primarily resulting from the assumption of property-level debt in connection with both the CPA:15 Merger and CPA:16 Merger, and unamortized discount on the Unsecured Term Loans of $1.2 million .

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule Of Distributions Paid Per Share For Tax	The following table presents distributions per share, declared and paid during the years ended December 31, 2017 , 2016 , and 2015 , reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e) (dollars per share): Distributions Paid During the Years Ended December 31, 2017 2016 2015 Ordinary income $ 3.2537 $ 3.3075 $ 3.5497 Return of capital 0.5182 0.5963 0.2618 Capital gains 0.2181 — — Total distributions paid $ 3.9900 $ 3.9038 $ 3.8115
Earnings Per Share Reconciliation	The following table summarizes basic and diluted earnings (in thousands, except share amounts) : Years Ended December 31, 2017 2016 2015 Net income attributable to W. P. Carey $ 277,289 $ 267,747 $ 172,258 Net income attributable to nonvested participating RSUs and RSAs (784 ) (886 ) (579 ) Net income – basic and diluted $ 276,505 $ 266,861 $ 171,679 Weighted-average shares outstanding – basic 107,824,738 106,743,012 105,675,692 Effect of dilutive securities 211,233 330,191 831,960 Weighted-average shares outstanding – diluted 108,035,971 107,073,203 106,507,652
Redeemable Noncontrolling Interest	The following table presents a reconciliation of redeemable noncontrolling interest (in thousands): Years Ended December 31, 2017 2016 2015 Beginning balance $ 965 $ 14,944 $ 6,071 Distributions — (13,418 ) — Redemption value adjustment — (561 ) 8,873 Ending balance $ 965 $ 965 $ 14,944
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Balance at January 1, 2015 $ 13,597 $ (89,177 ) $ 21 $ (75,559 ) Other comprehensive loss before reclassifications 29,391 (125,447 ) 15 (96,041 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 2,291 — — 2,291 Other income and (expenses) (7,629 ) — — (7,629 ) Total (5,338 ) — — (5,338 ) Net current period other comprehensive loss 24,053 (125,447 ) 15 (101,379 ) Net current period other comprehensive loss attributable to noncontrolling interests — 4,647 — 4,647 Balance at December 31, 2015 37,650 (209,977 ) 36 (172,291 ) Other comprehensive loss before reclassifications 16,582 (92,434 ) (126 ) (75,978 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 2,106 — — 2,106 Other income and (expenses) (9,410 ) — — (9,410 ) Total (7,304 ) — — (7,304 ) Net current period other comprehensive loss 9,278 (92,434 ) (126 ) (83,282 ) Net current period other comprehensive loss attributable to noncontrolling interests 7 1,081 — 1,088 Balance at December 31, 2016 46,935 (301,330 ) (90 ) (254,485 ) Other comprehensive income before reclassifications (28,577 ) 69,040 (71 ) 40,392 Amounts reclassified from accumulated other comprehensive loss to: Gain on sale of real estate, net of tax ( Note 16 ) — 3,388 — 3,388 Interest expense 1,294 — — 1,294 Other income and (expenses) (10,495 ) — — (10,495 ) Total (9,201 ) 3,388 — (5,813 ) Net current period other comprehensive income (37,778 ) 72,428 (71 ) 34,579 Net current period other comprehensive gain attributable to noncontrolling interests 15 (16,120 ) — (16,105 ) Balance at December 31, 2017 $ 9,172 $ (245,022 ) $ (161 ) $ (236,011 )

Stock-Based Compensation and 41

Stock-Based Compensation and Other Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted and Conditional Award Activity	Nonvested RSAs, RSUs, and PSUs at December 31, 2017 and changes during the years ended December 31, 2017 , 2016 , and 2015 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Nonvested at January 1, 2015 442,502 $ 53.03 877,641 $ 32.06 Granted 189,893 69.92 75,277 83.68 Vested (a) (264,628 ) 49.69 (792,465 ) 56.77 Forfeited (10,996 ) 66.46 — — Adjustment (b) — — 179,905 49.70 Nonvested at December 31, 2015 356,771 64.09 340,358 52.26 Granted 277,836 58.27 200,005 73.18 Vested (a) (217,617 ) 61.32 (180,723 ) 80.21 Forfeited (60,125 ) 61.81 (51,657 ) 75.49 Adjustment (b) — — 2,035 72.22 Nonvested at December 31, 2016 356,865 61.63 310,018 73.80 Granted (c) 194,349 62.22 107,934 75.39 Vested (a) (185,259 ) 62.72 (132,412 ) 74.21 Forfeited (41,616 ) 61.08 (45,258 ) 76.91 Adjustment (b) — — 41,017 63.18 Nonvested at December 31, 2017 (d) 324,339 $ 61.43 281,299 $ 74.57 __________ (a) The total fair value of shares vested during the years ended December 31, 2017 , 2016 , and 2015 was $21.4 million , $27.8 million , and $58.1 million , respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2017 and 2016 , we had an obligation to issue 1,140,632 and 1,217,274 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $46.7 million and $50.2 million , respectively. (b) Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three -year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest. (c) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three -year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the year ended December 31, 2017 , we used a risk-free interest rate of 1.5% , an expected volatility rate of 17.1% , and assumed a dividend yield of zero . (d) At December 31, 2017 , total unrecognized compensation expense related to these awards was approximately $18.1 million , with an aggregate weighted-average remaining term of 1.7 years.
Schedule of Share Based Compensation Stock Option Activity	Option activity and changes for the years ended December 31, 2016 and 2015 were as follows: Years Ended December 31, 2016 2015 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Outstanding — beginning of year 258,787 $ 31.10 475,765 $ 29.95 Exercised (113,002 ) 28.34 (213,479 ) 28.57 Canceled / Expired (752 ) 28.42 (3,499 ) 28.71 Outstanding — end of year 145,033 $ 33.27 0.30 258,787 $ 31.10 1.06 Exercisable — end of year 145,033 $ 33.27 236,112 $ 30.99

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2017 2016 2015 Federal Current $ (687 ) $ 6,412 $ 10,551 Deferred (9,520 ) (1,608 ) 1,901 (10,207 ) 4,804 12,452 State and Local Current 1,954 7,014 9,075 Deferred 572 (2,026 ) 1,158 2,526 4,988 10,233 Foreign Current 21,457 10,727 16,656 Deferred (11,065 ) (17,231 ) (1,720 ) 10,392 (6,504 ) 14,936 Total Provision $ 2,711 $ 3,288 $ 37,621
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of effective income tax for the periods presented is as follows (in thousands): Years Ended December 31, 2017 2016 2015 Pre-tax income (loss) attributable to taxable subsidiaries (a) $ 49,909 $ (15,374 ) $ 72,343 Federal provision (benefit) at statutory tax rate (35%) $ 17,468 $ (5,380 ) $ 25,244 Rate differential (13,134 ) 892 (10,589 ) Change in valuation allowance 11,805 6,477 9,074 Non-taxable income (8,073 ) (5,399 ) (5,475 ) Revaluation of deferred taxes due to Tax Cuts and Jobs Act (b) (7,826 ) — — Windfall tax benefit (c) (4,618 ) — — Non-deductible expense 3,010 3,111 6,982 State and local taxes, net of federal benefit 1,115 2,749 6,151 Other 2,964 838 6,234 Total provision $ 2,711 $ 3,288 $ 37,621 __________ (a) Pre-tax income attributable to taxable subsidiaries for 2017 excludes the impact of foreign exchange rates on an intercompany transaction related to the euro-denominated 2.25% Senior Notes issued in 2017 ( Note 10 ) since it had no tax impact and eliminates in consolidation. Pre-tax loss attributable to taxable subsidiaries for 2016 was primarily driven by the impairment charges we recognized on international properties during the year ( Note 8 ). (b) The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, lowered the U.S. corporate income tax rate from 35% to 21%. The dollar amount shown in the table reflects the net impact of the Tax Cuts and Jobs Act on our domestic TRSs. (c) Following the adoption of ASU 2016-09 during the first quarter of 2017, windfall tax benefits are reflected as a reduction to provision for income taxes. Under the former accounting guidance, windfall tax benefits were recognized within Additional paid-in capital in our consolidated statements of equity ( Note 2 ).
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes at December 31, 2017 and 2016 consist of the following (in thousands): At December 31, 2017 2016 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 61,632 $ 31,381 Basis differences — foreign investments 31,472 28,324 Unearned and deferred compensation 21,192 33,100 Other 3,029 5,560 Total deferred tax assets 117,325 98,365 Valuation allowance (39,155 ) (27,350 ) Net deferred tax assets 78,170 71,015 Deferred Tax Liabilities Basis differences — foreign investments (a) (104,390 ) (123,269 ) Basis differences — equity investees (23,950 ) (17,282 ) Deferred revenue (3,784 ) (7,318 ) Total deferred tax liabilities (132,124 ) (147,869 ) Net Deferred Tax Liability $ (53,954 ) $ (76,854 ) __________ (a) Includes $17.3 million and $29.2 million as of December 31, 2017 and 2016 , respectively, related to a portfolio of properties with locations in Canada, Mexico, and the United States leased to ABC Group Inc.
Unrecognized Tax Benefits	The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2017 2016 Beginning balance $ 5,586 $ 4,304 Decrease due to lapse in statute of limitations (1,853 ) (97 ) Addition based on tax positions related to prior years 660 1,264 Addition based on tax positions related to the current year 639 137 Foreign currency translation adjustments 170 (22 ) Ending balance $ 5,202 $ 5,586

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	There are no investments in foreign jurisdictions within our Investment Management segment. The following tables present the geographic information for our Owned Real Estate segment (in thousands): Years Ended December 31, 2017 2016 2015 Domestic Revenues $ 451,310 $ 490,134 $ 468,703 Operating expenses (255,796 ) (274,013 ) (296,265 ) Interest expense (141,842 ) (149,615 ) (153,219 ) Other income and expenses, excluding interest expense (82,212 ) 9,887 11,793 Benefit from (provision for) income taxes 5,526 (4,808 ) (6,219 ) Gain on sale of real estate, net of tax 14,580 56,492 2,941 Net income attributable to noncontrolling interests (8,808 ) (7,591 ) (5,358 ) Net (loss) income attributable to W. P. Carey $ (17,242 ) $ 120,486 $ 22,376 Germany Revenues $ 60,907 $ 68,372 $ 65,777 Operating (expenses) benefits (a) (20,276 ) (28,473 ) 818 Interest expense (1,859 ) (15,681 ) (15,432 ) Other income and expenses, excluding interest expense 112 649 4,175 Provision for income taxes (7,213 ) (4,083 ) (4,357 ) Gain on sale of real estate, net of tax 5,867 — 21 Net loss (income) attributable to noncontrolling interests 1,966 252 (5,537 ) Net income attributable to W. P. Carey $ 39,504 $ 21,036 $ 45,465 Other International Revenues $ 174,991 $ 196,858 $ 200,968 Operating expenses (84,976 ) (151,181 ) (131,367 ) Interest expense (22,074 ) (18,113 ) (25,675 ) Other income and expenses, excluding interest expense 89,513 6,057 (142 ) (Provision for) benefit from income taxes (56 ) 12,309 (7,372 ) Gain on sale of real estate, net of tax 13,431 14,826 3,525 Net (income) loss attributable to noncontrolling interests (952 ) 279 (66 ) Net income attributable to W. P. Carey $ 169,877 $ 61,035 $ 39,871 Total Revenues $ 687,208 $ 755,364 $ 735,448 Operating expenses (361,048 ) (453,667 ) (426,814 ) Interest expense (165,775 ) (183,409 ) (194,326 ) Other income and expenses, excluding interest expense 7,413 16,593 15,826 (Provision for) benefit from income taxes (1,743 ) 3,418 (17,948 ) Gain on sale of real estate, net of tax 33,878 71,318 6,487 Net income attributable to noncontrolling interests (7,794 ) (7,060 ) (10,961 ) Net income attributable to W. P. Carey $ 192,139 $ 202,557 $ 107,712 The following tables present a summary of comparative results and assets for these business segments (in thousands): Owned Real Estate Years Ended December 31, 2017 2016 2015 Revenues Lease revenues $ 630,373 $ 663,463 $ 656,956 Operating property revenues 30,562 30,767 30,515 Reimbursable tenant costs 21,524 25,438 22,832 Lease termination income and other 4,749 35,696 25,145 687,208 755,364 735,448 Operating Expenses Depreciation and amortization 249,432 272,274 276,236 Property expenses, excluding reimbursable tenant costs 40,756 49,431 52,199 General and administrative 39,002 34,591 47,676 Reimbursable tenant costs 21,524 25,438 22,832 Stock-based compensation expense 6,960 5,224 7,873 Impairment charges 2,769 59,303 29,906 Other expenses 605 2,993 (9,908 ) Restructuring and other compensation — 4,413 — 361,048 453,667 426,814 Other Income and Expenses Interest expense (165,775 ) (183,409 ) (194,326 ) Equity in earnings of equity method investments in real estate 13,068 12,928 13,874 Other income and (expenses) (5,655 ) 3,665 1,952 (158,362 ) (166,816 ) (178,500 ) Income before income taxes and gain on sale of real estate 167,798 134,881 130,134 (Provision for) benefit from income taxes (1,743 ) 3,418 (17,948 ) Income before gain on sale of real estate 166,055 138,299 112,186 Gain on sale of real estate, net of tax 33,878 71,318 6,487 Net Income from Owned Real Estate 199,933 209,617 118,673 Net income attributable to noncontrolling interests (7,794 ) (7,060 ) (10,961 ) Net Income from Owned Real Estate Attributable to W. P. Carey $ 192,139 $ 202,557 $ 107,712 Investment Management Years Ended December 31, 2017 2016 2015 Revenues Asset management revenue $ 70,125 $ 61,971 $ 49,984 Reimbursable costs from affiliates 51,445 66,433 55,837 Structuring revenue 34,198 47,328 92,117 Dealer manager fees 4,430 8,002 4,794 Other advisory revenue 896 2,435 203 161,094 186,169 202,935 Operating Expenses Reimbursable costs from affiliates 51,445 66,433 55,837 General and administrative 31,889 47,761 55,496 Subadvisor fees 13,600 14,141 11,303 Stock-based compensation expense 11,957 12,791 13,753 Restructuring and other compensation 9,363 7,512 — Dealer manager fees and expenses 6,544 12,808 11,403 Depreciation and amortization 3,902 4,236 4,079 Other expenses — 2,384 2,144 128,700 168,066 154,015 Other Income and Expenses Equity in earnings of equity method investments in the Managed Programs 51,682 51,791 37,146 Other income and (expenses) 2,042 2,002 161 53,724 53,793 37,307 Income before income taxes 86,118 71,896 86,227 Provision for income taxes (968 ) (6,706 ) (19,673 ) Net Income from Investment Management 85,150 65,190 66,554 Net income attributable to noncontrolling interests — — (2,008 ) Net Income from Investment Management Attributable to W. P. Carey $ 85,150 $ 65,190 $ 64,546 Total Company Years Ended December 31, 2017 2016 2015 Revenues $ 848,302 $ 941,533 $ 938,383 Operating expenses 489,748 621,733 580,829 Other income and (expenses) (104,638 ) (113,023 ) (141,193 ) Provision for income taxes (2,711 ) (3,288 ) (37,621 ) Gain on sale of real estate, net of tax 33,878 71,318 6,487 Net income attributable to noncontrolling interests (7,794 ) (7,060 ) (12,969 ) Net income attributable to W. P. Carey $ 277,289 $ 267,747 $ 172,258
Reconciliation Of Assets From Segment To Consolidated	December 31, 2017 2016 Domestic Long-lived assets (b) $ 4,123,856 $ 4,263,469 Equity investments in real estate 108,659 108,911 Total assets 5,040,296 5,379,761 Germany Long-lived assets (b) $ 708,316 $ 675,616 Equity investments in real estate 20,395 20,092 Total assets 747,877 718,397 Other International Long-lived assets (b) $ 1,871,543 $ 1,842,815 Equity investments in real estate 10,995 9,073 Total assets 2,097,578 2,006,816 Total Long-lived assets (b) $ 6,703,715 $ 6,781,900 Equity investments in real estate 140,049 138,076 Total assets 7,885,751 8,104,974 __________ (a) Amount for the year ended December 31, 2015 includes a reversal of $25.0 million of liabilities for German real estate transfer taxes ( Note 7 ). (b) Consists of Net investments in real estate. In 2017, we reclassified certain line items in our consolidated balance sheets. As a result, Net investments in real estate as of December 31, 2016 has been revised to conform to the current period presentation. Total Assets at December 31, 2017 2016 Owned Real Estate $ 7,885,751 $ 8,104,974 Investment Management 345,651 348,980 Total Company $ 8,231,402 $ 8,453,954

Selected Quarterly Financial 44

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(dollars in thousands, except per share amounts) Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 219,059 $ 221,528 $ 210,754 $ 196,961 Expenses 134,882 127,991 115,164 111,711 Net income (a) 59,825 67,131 83,654 74,473 Net (income) loss attributable to noncontrolling interests (2,341 ) (2,813 ) (3,376 ) 736 Net income attributable to W. P. Carey (a) 57,484 64,318 80,278 75,209 Earnings per share attributable to W. P. Carey: Basic (b) $ 0.53 $ 0.60 $ 0.74 $ 0.69 Diluted (b) $ 0.53 $ 0.59 $ 0.74 $ 0.69 Distributions declared per share $ 0.9950 $ 1.0000 $ 1.0050 $ 1.0100 Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues (c) $ 270,240 $ 217,266 $ 225,247 $ 228,780 Expenses 180,000 160,697 136,472 144,564 Net income (c) (d) 60,864 53,171 112,302 48,470 Net income attributable to noncontrolling interests (3,425 ) (1,510 ) (1,359 ) (766 ) Net income attributable to W. P. Carey (c) (d) 57,439 51,661 110,943 47,704 Earnings per share attributable to W. P. Carey: Basic (b) $ 0.54 $ 0.48 $ 1.03 $ 0.44 Diluted (b) $ 0.54 $ 0.48 $ 1.03 $ 0.44 Distributions declared per share $ 0.9742 $ 0.9800 $ 0.9850 $ 0.9900 __________ (a) Amount for the three months ended September 30, 2017 includes an aggregate gain on sale of real estate of $19.3 million recognized on the disposition of five properties. Amount for the three months ended December 31, 2017 includes an aggregate gain on sale of real estate of $11.1 million recognized on the disposition of five properties. (b) The sum of the quarterly basic and diluted earnings per share amounts may not agree to the full year basic and diluted earnings per share amounts because the calculations of basic and diluted weighted-average shares outstanding for each quarter and the full year are performed independently. (c) Amount for the three months ended March 31, 2016 includes lease termination income of $32.2 million recognized in connection with a domestic property that was sold during that period ( Note 16 ). (d) Amount for the three months ended September 30, 2016 includes an aggregate gain on sale of real estate of $49.1 million recognized on the disposition of four properties.

Business and Organization - Nar

Business and Organization - Narratives (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2017ft²segmentpropertytenant
Real Estate Properties
Number of business segments | segment	2
Hotel
Real Estate Properties
Number of real estate properties	2
Real Estate Ownership
Real Estate Properties
Number of real estate properties	887
Square footage of real estate properties | ft²	84.9
Number of tenants | tenant	210
Occupancy rate	99.80%
Real Estate Ownership | Hotel
Real Estate Properties
Number of real estate properties	2
Investment Management | CPA REITs
Real Estate Properties
Number of real estate properties	462
Square footage of real estate properties | ft²	54
Number of tenants | tenant	206
Occupancy rate	99.70%
Investment Management | Managed Programs
Real Estate Properties
Number of real estate properties	166
Square footage of real estate properties | ft²	20.1

Summary of Significant Accoun46

Summary of Significant Accounting Policies - Narratives (Details)	2 Months Ended	12 Months Ended
	Aug. 30, 2016USD ($)	Dec. 31, 2017USD ($)viesegment	Dec. 31, 2016USD ($)vie	Dec. 31, 2015USD ($)	Aug. 31, 2016USD ($)	Jul. 31, 2016USD ($)	Dec. 31, 2014USD ($)
Basis of Consolidation
Goodwill		$ 643,960,000	$ 635,920,000	$ 681,809,000			$ 692,415,000
Variable interest entities, count | vie		28
Variable interest entities consolidated, count | vie		21
Variable interest entities unconsolidated, count | vie		7	7
Variable interest entity, maximum exposure to loss		$ 152,700,000	$ 152,900,000
Assets		8,231,402,000	8,453,954,000
Cash and cash equivalents		162,312,000	155,482,000	157,227,000			198,683,000
Other assets		$ 274,650,000	282,149,000
Number of business segments | segment		2
Real estate tax expense		$ 59,300,000	56,000,000	57,700,000
Windfall tax benefits - share incentive plan			6,711,000	12,522,000
Employee service share-based compensation, tax benefit from compensation expense		$ 4,600,000	6,700,000	12,500,000
Internal-use software development costs | Minimum
Basis of Consolidation
Property, plant and equipment, useful life		3 years
Internal-use software development costs | Maximum
Basis of Consolidation
Property, plant and equipment, useful life		7 years
Building and building improvements | Maximum
Basis of Consolidation
Property, plant and equipment, useful life		40 years
Furniture and fixtures | Maximum
Basis of Consolidation
Property, plant and equipment, useful life		7 years
Income Tax Expense
Basis of Consolidation
Prior period adjustment			(3,000,000)
CESH I
Basis of Consolidation
Initial aggregate offering amount						$ 100,000,000
Proceeds from issuance of common limited partners units	$ 14,200,000		14,200,000
Assets					$ 30,300,000
Cash and cash equivalents					15,400,000
Other assets					$ 14,900,000
Deconsolidation gain amount			1,900,000
CESH I | Maximum
Basis of Consolidation
Initial aggregate offering amount						$ 150,000,000
Real Estate Ownership
Basis of Consolidation
Number of reportable segments | segment		1
Goodwill		$ 580,353,000	$ 572,313,000	$ 618,202,000			$ 628,808,000
Variable interest entities unconsolidated, count | vie		6	6
Assets		$ 7,885,751,000	$ 8,104,974,000
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count | vie		1	1

Summary of Significant Accoun47

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Land, buildings and improvements	$ 5,457,265	$ 5,285,837
Net investments in direct financing leases	721,607	684,059
In-place lease and other intangible assets	1,213,976	1,172,238
Above-market rent intangible assets	640,480	632,383
Accumulated depreciation and amortization	(1,329,613)	(1,018,864)
Total assets	8,231,402	8,453,954
Liabilities
Non-recourse mortgages, net	1,185,477	1,706,921
Total liabilities	4,819,052	5,027,849
Variable Interest Entity
Assets
Land, buildings and improvements	916,001	886,148
Net investments in direct financing leases	40,133	60,294
In-place lease and other intangible assets	268,863	245,480
Above-market rent intangible assets	103,081	98,043
Accumulated depreciation and amortization	(251,979)	(184,710)
Total assets	1,118,727	1,150,093
Liabilities
Non-recourse mortgages, net	128,230	406,574
Total liabilities	$ 201,186	$ 548,659

Agreements and Transactions w48

Agreements and Transactions with Related Parties - Narratives (Details) - USD ($)	2 Months Ended	12 Months Ended
	Feb. 23, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2017
Distributions Of Available Cash and Deferred Revenue Earned
Revenue from the managed programs		$ 161,094,000	$ 186,169,000	$ 202,935,000
Other Transactions with Affiliates
Accrued interest		900,000	100,000
Line of credit, maximum borrowing amount		2,350,000,000
Proceeds from repayment of short-term loans to affiliates		277,894,000	37,053,000	$ 185,447,000
Loans receivable from related party		$ 83,098,000	237,500,000
CWI 1 | Subsequent Event
Other Transactions with Affiliates
Proceeds from repayment of short-term loans to affiliates	$ 27,000,000
Minimum
Other Transactions with Affiliates
Ownership interest in joint ventures		3.00%
Maximum
Other Transactions with Affiliates
Ownership interest in joint ventures		90.00%
Bridge Loan | CWI 1 | Subsequent Event
Other Transactions with Affiliates
Proceeds from repayment of short-term loans to affiliates	20,000,000
Working Capital Facility | CWI 1 | Subsequent Event
Other Transactions with Affiliates
Proceeds from repayment of short-term loans to affiliates	$ 7,000,000
Managed Reits
Distributions Of Available Cash and Deferred Revenue Earned
Advisory Agreement, term		1 year
Percentage of available cash distribution to advisor		10.00%
CWI 1
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor		20.00%
Other Transactions with Affiliates
Line of credit, maximum borrowing amount		$ 100,000,000
Loans receivable from related party		$ 68,637,000	0
CWI 1 | Bridge Loan
Other Transactions with Affiliates
Line of credit, maximum borrowing amount					$ 75,000,000
CWI 1 | Working Capital Facility
Other Transactions with Affiliates
Line of credit, maximum borrowing amount					$ 25,000,000
CWI 2
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor		25.00%
Other Transactions with Affiliates
Line of credit, maximum borrowing amount		$ 25,000,000
Loans receivable from related party		0	210,000,000
CESH I
Distributions Of Available Cash and Deferred Revenue Earned
Revenue from the managed programs		$ 700,000	$ 2,400,000
CESH I | Gross proceeds
Distributions Of Available Cash and Deferred Revenue Earned
Advisory fee percentage		2.50%

Agreements and Transactions w49

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue from related parties:
Asset management revenue	$ 70,125	$ 61,879	$ 49,892
Reimbursable costs from affiliates	51,445	66,433	55,837
Distributions of Available Cash	47,862	45,121	38,406
Structuring revenue	34,198	47,328	92,117
Dealer manager fees	4,430	8,002	4,794
Interest income on deferred acquisition fees and loans to affiliates	2,103	740	1,639
Other advisory revenue	896	2,435	203
Total deferred revenue earned	$ 211,059	$ 231,938	$ 242,888

Agreements and Transactions w50

Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction
Revenue from related parties	$ 211,059	$ 231,938	$ 242,888
CPA:17 – Global
Related Party Transaction
Revenue from related parties	75,188	74,852	81,740
CPA:18 – Global
Related Party Transaction
Revenue from related parties	28,683	31,330	85,431
CWI 1
Related Party Transaction
Revenue from related parties	33,691	34,085	44,712
CWI 2
Related Party Transaction
Revenue from related parties	50,189	67,524	30,340
CCIF
Related Party Transaction
Revenue from related parties	12,787	11,164	665
CESH I
Related Party Transaction
Revenue from related parties	$ 10,521	$ 12,983	$ 0

Agreements and Transactions w51

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Due from affiliates
Short-term loans to affiliates, including accrued interest	$ 84,031	$ 237,613
Deferred acquisition fees receivable, including accrued interest	12,345	21,967
Reimbursable costs	4,315	4,427
Accounts receivable	4,089	5,005
Asset management fees receivable	356	2,449
Organization and offering costs	89	784
Current acquisition fees receivable	83	8,024
Distribution and shareholder servicing fees	0	19,341
Due from affiliates	$ 105,308	$ 299,610

Agreements and Transactions w52

Agreements and Transactions with Related Parties - Asset Management and Structuring Revenue (Details)	12 Months Ended
	Dec. 31, 2017
CPA:17 – Global
Revenue from related parties
Asset management fees receivable in cash	50.00%
Asset management fees receivable in shares	50.00%
CWI REITs
Structuring revenue
Loan refinancing fee (percentage)	1.00%
Contract sales price of investment | CWI REITs
Structuring revenue
Percentage of structuring fees paid in cash	50.00%
Percentage of structuring fees paid in shares	50.00%
Contract sales price of investment | CESH I
Structuring revenue
Percentage of structuring fees earned	2.00%
Average gross assets | CCIF
Revenue from related parties
Percentage of fees earned paid to subadvisor	50.00%
Market value of equity investment | CWI 1
Revenue from related parties
Percentage of fees earned paid to subadvisor	20.00%
Market value of equity investment | CWI 2
Revenue from related parties
Percentage of fees earned paid to subadvisor	25.00%
Minimum | Lodging related investments [Member] | CWI REITs
Structuring revenue
Percentage of structuring fees earned	1.00%
Minimum | Average equity value | CPA:17 – Global
Revenue from related parties
Percentage of asset management fees earned	0.50%
Structuring revenue
Percentage of structuring fees earned	1.00%
Minimum | Average gross assets | CCIF
Revenue from related parties
Percentage of asset management fees earned	1.75%
Maximum | Contract sales price of investment | CPA:17 – Global
Structuring revenue
Percentage of structuring fees earned	6.00%
Maximum | Contract sales price of investment | CPA:18 – Global
Structuring revenue
Percentage of structuring fees earned	6.00%
Maximum | Contract sales price of investment | CWI REITs
Structuring revenue
Percentage of structuring fees earned	6.00%
Maximum | Lodging related investments [Member] | CWI REITs
Structuring revenue
Percentage of structuring fees earned	2.50%
Maximum | Average equity value | CPA:17 – Global
Revenue from related parties
Percentage of asset management fees earned	1.75%
Structuring revenue
Percentage of structuring fees earned	1.75%
Maximum | Average gross assets | CCIF
Revenue from related parties
Percentage of asset management fees earned	2.00%
Long-term net lease | CPA:17 – Global
Structuring revenue
Percentage of structuring fees earned	4.50%
Long-term net lease | CPA:18 – Global
Structuring revenue
Percentage of structuring fees earned	4.50%
Long-term net lease | CPA REITs
Structuring revenue
Installment period for deferred acquisition fee receivable	three interest-bearing annual installments
Lodging related investments [Member] | CWI 1
Revenue from related parties
Percentage of asset management fees earned	0.50%
Lodging related investments [Member] | CWI 2
Revenue from related parties
Percentage of asset management fees earned	0.55%
Gross asset fair value | CESH I
Revenue from related parties
Percentage of asset management fees earned	1.00%
Upon Completion | Long-term net lease | CPA:17 – Global
Structuring revenue
Percentage of structuring fees earned	2.50%
Upon Completion | Long-term net lease | CPA:18 – Global
Structuring revenue
Percentage of structuring fees earned	2.50%
Deferred | Long-term net lease | CPA:17 – Global
Structuring revenue
Percentage of structuring fees earned	2.00%
Deferred | Long-term net lease | CPA:18 – Global
Structuring revenue
Percentage of structuring fees earned	2.00%
Class A | Minimum | Average equity value | CPA:18 – Global
Revenue from related parties
Percentage of asset management fees earned	0.50%
Class A | Maximum | Average equity value | CPA:18 – Global
Revenue from related parties
Percentage of asset management fees earned	1.50%

Agreements and Transactions w53

Agreements and Transactions with Related Parties - Selling Commissions, Dealer Manager Fees and Shareholder Servicing Fees (Details) - $ / shares	Dec. 31, 2017	Jul. 31, 2017	Mar. 31, 2017
CCIF | Minimum
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold, percentage	0.00%
Dealer manager fee per share fee, percentage	2.50%
CCIF | Maximum
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold, percentage	3.00%
Dealer manager fee per share fee, percentage	3.00%
Class A | CPA:18 – Global
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold	$ 0.7
Dealer manager fee per share sold	0.3
Class A | CWI 2
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold		$ 0.84	$ 0.70
Dealer manager fee per share sold	0.30	0.36	0.30
Class C | CPA:18 – Global
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold	0.14
Dealer manager fee per share sold	$ 0.21
Shareholder servicing, percentage	1.00%
Underwriting compensation limit, percentage	10.00%
Class T | CWI 2
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold		0.23	0.19
Dealer manager fee per share sold		$ 0.31	$ 0.26
Shareholder servicing, percentage	1.00%
Underwriting compensation limit, percentage	10.00%
Class T | Carey Credit Income Fund 2016
Reimbursed costs from affiliates and wholesaling revenue
Shareholder servicing, percentage	0.90%
Underwriting compensation limit, percentage	10.00%
Gross proceeds | CESH I | Maximum
Reimbursed costs from affiliates and wholesaling revenue
Selling commission per share sold, percentage	7.00%
Dealer manager fee per share fee, percentage	3.00%

Agreements and Transactions w54

Agreements and Transactions with Related Parties - Personnel, Overhead Costs, Organization and Offering (Details)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reimbursed Costs
Required distribution of organization and offering cost received by subadvisor		50.00%
CPA REITs
Reimbursed Costs
Personnel and overhead reimbursement, percentage		2.00%	2.20%	2.40%
CPA REITs | Forecast
Reimbursed Costs
Personnel and overhead reimbursement, percentage	1.00%
CPA:18 – Global | Minimum
Reimbursed Costs
Aggregate gross proceeds from offering threshold percentage		1.50%
CPA:18 – Global | Maximum
Reimbursed Costs
Aggregate gross proceeds from offering threshold percentage		4.00%
CWI 2 | Maximum
Reimbursed Costs
Aggregate gross proceeds from offering threshold percentage		1.50%
CCIF
Reimbursed Costs
Maximum percent of offering proceeds		1.50%

Agreements and Transactions w55

Agreements and Transactions with Related Parties - Loans Outstanding to Related Party (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Line of credit, maximum borrowing amount	$ 2,350,000,000
Loans receivable from related party	83,098,000	$ 237,500,000
CWI 1
Related Party Transaction [Line Items]
Line of credit, maximum borrowing amount	100,000,000
Loans receivable from related party	$ 68,637,000	0
CWI 1 | LIBOR
Related Party Transaction [Line Items]
Debt instrument, basis spread on variable rate	1.00%
CESH I
Related Party Transaction [Line Items]
Line of credit, maximum borrowing amount	$ 35,000,000
Loans receivable from related party	$ 14,461,000	0
CESH I | LIBOR
Related Party Transaction [Line Items]
Debt instrument, basis spread on variable rate	1.00%
CWI 2
Related Party Transaction [Line Items]
Line of credit, maximum borrowing amount	$ 25,000,000
Loans receivable from related party	0	210,000,000
CPA:18 – Global
Related Party Transaction [Line Items]
Line of credit, maximum borrowing amount	50,000,000
Loans receivable from related party	$ 0	$ 27,500,000

Land, Buildings and Improveme56

Land, Buildings and Improvements and Assets Held for Sale - Narratives (Details) $ in Thousands	Nov. 14, 2017USD ($)	Jun. 27, 2017USD ($)	Dec. 09, 2016USD ($)	Dec. 01, 2016USD ($)property	Oct. 20, 2016USD ($)	Oct. 04, 2016USD ($)	Apr. 14, 2016USD ($)property	Dec. 22, 2015USD ($)	Nov. 11, 2015USD ($)property	Oct. 15, 2015USD ($)property	Aug. 24, 2015USD ($)property	Aug. 06, 2015USD ($)	Jun. 17, 2015USD ($)	Apr. 10, 2015USD ($)	Feb. 11, 2015USD ($)	Jan. 28, 2015USD ($)property	Dec. 31, 2017USD ($)propertytenant$ / €	Jun. 30, 2017USD ($)	May 31, 2017USD ($)property	Mar. 31, 2017USD ($)	Sep. 30, 2015USD ($)	Dec. 09, 2016USD ($)	May 31, 2016USD ($)property	Jun. 30, 2018property	Dec. 31, 2017USD ($)propertytenant$ / €	Sep. 30, 2017property	Sep. 30, 2016property	Dec. 31, 2017USD ($)propertytenant$ / €	Dec. 31, 2016USD ($)property$ / €	Dec. 31, 2015USD ($)	Dec. 04, 2013USD ($)
Investments in real estate
Increase in value of balance sheet item due to foreign currency translation																												$ 72,428	$ (92,434)	$ (125,447)
Depreciation																												143,900	142,700	137,300
Net investments in direct financing leases																	$ 721,607								$ 721,607			721,607	684,059
Land, buildings and improvements																	5,457,265								5,457,265			5,457,265	$ 5,285,837
Funds capitalized for construction in progress																												$ 69,400
Construction projects in progress | property																												5	3
Accrued noncash investing activities																												$ 5,500
Unfunded commitment																	147,900								$ 147,900			147,900	$ 135,200
Assets placed into service																					$ 53,200							65,400	35,500
Investment in real estate under construction																												63,802	56,557	28,040
Properties sold | property																									5	5	4
Assets held for sale																	0								$ 0			0	26,247
Assets held for sale, discontinued operations																	0								0			$ 0	26,247
Asset held for sale, deferred tax liabilities																													$ 2,500
Discontinued Operations, Held-for-sale
Investments in real estate
Number of real estate properties | property																													1
Properties sold | property																												14
Number of net lease properties sold | property																													1
Number of properties transferred | property																												2	2
Net investments in direct financing leases
Investments in real estate
Increase in value of balance sheet item due to foreign currency translation																												$ 44,200
Assets held for sale, discontinued operations																	0								$ 0			0	$ 26,247
Property in Doraville, Georgia
Investments in real estate
Construction and development costs																													$ 13,800
Below-market rent
Investments in real estate
Acquired finite-lived intangible liability, acquisition																												$ 100
Acquired finite lived intangible liabilities weighted average useful life																												15 years
In-place lease
Investments in real estate
Acquired finite-lived intangible asset, acquisition																												$ 8,600
Weighted average useful life of intangible assets																												15 years 10 months 24 days
Windsor Connecticut
Investments in real estate
Assets placed into service																				$ 3,300
Property in Coconut Creek Florida
Investments in real estate
Assets placed into service																			$ 18,200
Monarto Australia
Investments in real estate
Number of real estate properties | property																			2
Assets placed into service																			$ 15,900
McCalla Alabama
Investments in real estate
Assets placed into service																		$ 21,600
Mönchengladbach, Germany
Investments in real estate
Assets placed into service																	$ 6,400
BTS commitment																															$ 65,000
Build to Suit in Poland
Investments in real estate
Number of real estate properties | property																	2								2			2
BTS commitment																	$ 26,200								$ 26,200			$ 26,200
Investment in real estate under construction																												$ 5,800
Adjustment
Investments in real estate
Number of real estate properties | property																	6								6			6
Net investments in direct financing leases																	$ (1,600)								$ (1,600)			$ (1,600)
Land, buildings and improvements																	$ 1,600								$ 1,600			$ 1,600
Forecast | Build to Suit in Poland
Investments in real estate
Number of completed BTS projects | property																								1
Euro
Investments in real estate
(Decrease) increase in exchange rate																	13.80%								13.80%			13.80%
Foreign currency exchange rate | $ / €																	1.1993								1.1993			1.1993	1.0541
Land building and improvements
Investments in real estate
Increase in value of balance sheet item due to foreign currency translation																												$ 177,900
Investment purchase price																						$ 1,900						31,800	$ 530,300	116,000
Land acquired																	$ 4,800								$ 4,800			4,800	140,200	8,600
Buildings acquired																	18,500								18,500			18,500	259,800	68,100
Intangible assets acquired																	$ 8,500								$ 8,500			8,500	130,300	39,400
Acquisition costs, capitalized																												100	4,000	3,900
Other real estate, period increase (decrease)																												$ (111,300)
Number of purchase options exercised | tenant																	2								2			2
Purchase option exercise price, value																												$ 23,400
Assets held for sale																	$ 17,500								$ 17,500			$ 17,500
Land building and improvements | Industrial Facility in Chicago, Illinois
Investments in real estate
Investment purchase price		$ 6,000
Other commitments		$ 3,600
Land building and improvements | Office Building in Roseville, Minnesota
Investments in real estate
Investment purchase price	$ 25,800
Land building and improvements | Private Campus in Various Locations
Investments in real estate
Number of real estate properties | property																							3
Investment purchase price																							$ 167,700
Other commitments																							$ 128,100
Land building and improvements | Manufacturing Facility
Investments in real estate
Investment purchase price							$ 218,200
Land building and improvements | Manufacturing Facility | Domestic
Investments in real estate
Number of real estate properties | property							43
Land building and improvements | Manufacturing Facility | Canada
Investments in real estate
Number of real estate properties | property							6
Land building and improvements | Manufacturing facility in San Antonio, Texas
Investments in real estate
Investment purchase price						$ 3,800
Land building and improvements | Manufacturing facilities in various locations in Canada, Mexico, and the United States Member
Investments in real estate
Investment purchase price				$ 140,700
Deferred tax liability				$ 29,400
Land building and improvements | Manufacturing facilities in various locations in Canada, Mexico, and the United States Member | Manufacturing Facility
Investments in real estate
Number of real estate properties | property				13
Land building and improvements | Manufacturing facilities in various locations in Canada, Mexico, and the United States Member | Office Facility
Investments in real estate
Number of real estate properties | property				1
Land building and improvements | Land in McCalla, Alabama
Investments in real estate
Investment purchase price					$ 1,100
Other commitments					$ 21,500
Land building and improvements | Land in Rio Rancho, New Mexico
Investments in real estate
Investment purchase price			$ 800
Maximum tenant reimbursement cost			$ 700																			$ 700
Land building and improvements | Office building in Sunderland, United Kingdom
Investments in real estate
Investment purchase price												$ 53,500
Land building and improvements | Auto Dealerships in Amsterdam, Eindhoven, Houten,Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands
Investments in real estate
Number of real estate properties | property									10
Investment purchase price									$ 62,500
Business combination
Investments in real estate
Investment purchase price																														561,600
Land acquired																														89,500
Buildings acquired																														382,600
Intangible assets acquired																														89,500
Acquisition costs, expensed																														11,100
Business combination | Various auto dealerships in the United Kingdom
Investments in real estate
Number of real estate properties | property																73
Investment purchase price																$ 345,900
Business combination | Logistic facilty in Rotterdam, the Netherlands
Investments in real estate
Investment purchase price															$ 42,400
Business combination | Retail facility in Bad Fischau, Austria
Investments in real estate
Investment purchase price														$ 23,200
Business combination | Logistic facility in Oskarshamn, Sweden
Investments in real estate
Investment purchase price													$ 26,300
Business combination | Various maintenance facilities in Europe
Investments in real estate
Number of real estate properties | property											3
Investment purchase price											$ 41,200
Business combination | Hotels in Iowa, Louisiana, Missouri, New Jersey, North Carolina, and Texas
Investments in real estate
Number of real estate properties | property										6
Investment purchase price										$ 51,700
Business combination | Office Building in Irvine, California
Investments in real estate
Investment purchase price								$ 30,900
Hotel
Investments in real estate
Number of real estate properties | property																	2								2			2
Operating real estate
Investments in real estate
Depreciation																												$ 4,300	$ 4,200	$ 4,200

Land, Buildings and Improveme57

Land, Buildings and Improvements and Assets Held for Sale - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate Investment Property At Cost
Real estate under construction	$ 39,800
Less: Accumulated depreciation	(1,329,613)	$ (1,018,864)
Investments in real estate	8,033,328	7,800,764
Land building and improvements
Real Estate Investment Property At Cost
Land	1,125,539	1,128,933
Buildings and improvements	4,208,907	4,053,334
Real estate under construction	39,772	21,859
Less: Accumulated depreciation	(613,543)	(472,294)
Investments in real estate	4,760,675	4,731,832
Operating real estate
Real Estate Investment Property At Cost
Land	6,041	6,041
Buildings and improvements	77,006	75,670
Less: Accumulated depreciation	(16,419)	(12,143)
Investments in real estate	$ 66,628	$ 69,568

Land, Buildings and Improveme58

Land, Buildings and Improvements and Assets Held for Sale - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2017USD ($)
Scheduled Future Minimum Rents
2,018	$ 607,293
2,019	603,717
2,020	581,275
2,021	555,601
2,022	519,604
Thereafter	3,727,289
Total	$ 6,594,779

Land, Buildings and Improveme59

Land, Buildings and Improvements and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Long Lived Assets Held-for-sale
Assets held for sale	$ 0	$ 26,247
Net investments in direct financing leases
Long Lived Assets Held-for-sale
Assets held for sale	$ 0	$ 26,247

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2015USD ($)	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property
Finance Receivables
Interest income from direct financing lease		$ 66,200	$ 71,200	$ 74,400
Increase in value of balance sheet item due to foreign currency translation		72,428	(92,434)	(125,447)
Decrease in direct financing lease		1,700
Net investments in direct financing leases		721,607	684,059
Land, buildings and improvements		5,457,265	5,285,837
Financing receivable reclassified to held for sale			26,200
Notes receivable, net		10,000	10,400
Proceeds from repayments of notes receivable		$ 446	409	10,441
Financing receivable credit quality additional information		We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant default.
Allowance for doubtful accounts receivable			13,300
Change in the allowance for receivables			7,100	8,700
Financing receivable credit quality range of dates ratings updated		The credit quality evaluation of our finance receivables was last updated in the fourth quarter of 2017.
CPA REITs
Finance Receivables
Deferred acquisition fee payment period		3 years
B Note
Finance Receivables
Proceeds from repayments of notes receivable	$ 10,000
Fair Value, Measurements, Nonrecurring | Level 3
Finance Receivables
Impairment charges on properties		$ 2,769	$ 59,303	$ 29,906
Net investments in direct financing leases | Fair Value, Measurements, Nonrecurring | Level 3
Finance Receivables
Number of real estate properties | property			1	5
Impairment charges on properties		$ 0	$ 6,987	$ 3,309
Adjustment
Finance Receivables
Number of real estate properties | property		6
Net investments in direct financing leases		$ (1,600)
Land, buildings and improvements		1,600
Net investments in direct financing leases
Finance Receivables
Increase in value of balance sheet item due to foreign currency translation		$ 44,200
Impairment charges on properties			$ 7,000

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Net Investments in Direct Financing Leases
Minimum lease payments receivable	$ 600,228	$ 619,014
Unguaranteed residual value	676,321	639,002
Gross minimum lease payments receivable	1,276,549	1,258,016
Less: unearned income	(554,942)	(573,957)
Net investments in direct financing leases	$ 721,607	$ 684,059

Finance Receivables - Scheduled

Finance Receivables - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2017USD ($)
Schedule Future Minimum Rents
2,018	$ 70,488
2,019	68,744
2,020	68,125
2,021	64,793
2,022	55,201
Thereafter	272,877
Total	$ 600,228

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2017USD ($)tenant	Dec. 31, 2016USD ($)tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 731,578	$ 694,410
Internally Assigned Grade1 thru 3
Credit Quality Of Finance Receivables
Number of tenants | tenant	24	27
Net investments in direct financing leases	$ 608,101	$ 621,955
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants | tenant	8	5
Net investments in direct financing leases	$ 123,477	$ 70,811
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants | tenant	0	1
Net investments in direct financing leases	$ 0	$ 1,644

Goodwill and Other Intangible64

Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets, Net
Increase in value of balance sheet item due to foreign currency translation	$ 72,428	$ (92,434)	$ (125,447)
Amortization of intangible assets	157,800	$ 163,800	$ 180,800
Intangible assets
Finite-Lived Intangible Assets, Net
Increase in value of balance sheet item due to foreign currency translation	57,300
Intangible liabilities
Finite-Lived Intangible Assets, Net
Increase in value of balance sheet item due to foreign currency translation	$ 3,100
Maximum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life	40 years
Maximum | Below-market ground lease
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life	99 years
Minimum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life	1 year

Goodwill and Other Intangible65

Goodwill and Other Intangibles - Goodwill Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill
Balance - beginning of period	$ 635,920	$ 681,809	$ 692,415
Foreign currency translation adjustments and other	8,040	(1,293)	(10,548)
Allocation of goodwill to the cost basis of properties sold or classified as held for sale		(34,405)	(1,762)
Other business combinations			1,704
Impairment charges (Note 8)		(10,191)
Balance - end of period	643,960	635,920	681,809
Owned Real Estate
Goodwill
Balance - beginning of period	572,313	618,202	628,808
Foreign currency translation adjustments and other	8,040	(1,293)	(10,548)
Allocation of goodwill to the cost basis of properties sold or classified as held for sale		(34,405)	(1,762)
Other business combinations			1,704
Impairment charges (Note 8)		(10,191)
Balance - end of period	580,353	572,313	618,202
Investment Management
Goodwill
Balance - beginning of period	63,607	63,607	63,607
Balance - end of period	$ 63,607	$ 63,607	$ 63,607

Goodwill and Other Intangible66

Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets
Less: accumulated amortization	$ (707,914)	$ (539,495)
Indefinite-Lived Goodwill and Intangible Assets
Indefinite-lived intangible assets	644,945	636,786
Total intangible assets, gross	2,521,040	2,463,084
Total intangible assets, net	1,813,126	1,923,589
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(148,949)	(146,085)
Less: accumulated amortization	51,703	40,593
Net amortizable intangible liabilities	(97,246)	(105,492)
Indefinite-Lived Intangible Liabilities
Total intangible liabilities, gross	(165,660)	(162,796)
Total intangible liabilities, net	(113,957)	(122,203)
Below-market purchase options
Indefinite-Lived Intangible Liabilities
Indefinite-lived intangible liabilities	(16,711)	(16,711)
Below-market rent
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(135,704)	(133,137)
Less: accumulated amortization	48,657	38,231
Net amortizable intangible liabilities	(87,047)	(94,906)
Above-market ground lease
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(13,245)	(12,948)
Less: accumulated amortization	3,046	2,362
Net amortizable intangible liabilities	(10,199)	(10,586)
Goodwill
Indefinite-Lived Goodwill and Intangible Assets
Indefinite-lived intangible assets	643,960	635,920
Below-market ground lease
Indefinite-Lived Goodwill and Intangible Assets
Indefinite-lived intangible assets	985	866
Contracts including internal software development costs
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	22,624	22,543
Less: accumulated amortization	(8,263)	(5,068)
Amortizable intangible assets	14,361	17,475
Internal-use software development costs
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	18,649	18,568
Less: accumulated amortization	(7,862)	(5,068)
Amortizable intangible assets	10,787	13,500
Trade name
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	3,975	3,975
Less: accumulated amortization	(401)	0
Amortizable intangible assets	3,574	3,975
Lease intangibles
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	1,853,471	1,803,755
Less: accumulated amortization	(699,651)	(534,427)
Amortizable intangible assets	1,153,820	1,269,328
In-place lease and tenant relationship
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	1,194,055	1,148,232
Less: accumulated amortization	(421,686)	(322,119)
Amortizable intangible assets	772,369	826,113
Above-market rent
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	640,480	632,383
Less: accumulated amortization	(276,110)	(210,927)
Amortizable intangible assets	364,370	421,456
Below-market ground lease
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	18,936	23,140
Less: accumulated amortization	(1,855)	(1,381)
Amortizable intangible assets	$ 17,081	$ 21,759

Goodwill and Other Intangible67

Goodwill and Other Intangibles - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2017USD ($)
Net
2,018	$ 151,032
2,019	140,183
2,020	124,374
2,021	114,452
2,022	95,045
Thereafter	445,849
Total	1,070,935
Net Decrease in Lease Revenues
Net
2,018	47,687
2,019	44,887
2,020	36,979
2,021	32,747
2,022	25,455
Thereafter	89,568
Total	277,323
Increase to Amortization/ Property Expenses
Net
2,018	103,345
2,019	95,296
2,020	87,395
2,021	81,705
2,022	69,590
Thereafter	356,281
Total	$ 793,612

Equity Investments in the Man68

Equity Investments in the Managed Programs and Real Estate - Narratives (Details)	1 Months Ended		3 Months Ended		12 Months Ended
	Oct. 31, 2013USD ($)	Nov. 30, 2010	Sep. 30, 2015USD ($)property	Jun. 30, 2015USD ($)	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2007property
Investments in REITs
Distributions of earnings from equity method investments					$ 66,259,000	$ 64,650,000	$ 51,435,000
Equity in earnings of equity method investments in the Managed Programs and real estate					64,750,000	64,719,000	51,020,000
Gain or loss on sale of investment properties					33,878,000	71,318,000	6,487,000
Real estate tax expense, adjustment					(59,300,000)	(56,000,000)	(57,700,000)
Payment of mortgage loan					344,440,000	161,104,000	90,328,000
Germany | Adjustments
Investments in REITs
Real estate tax expense, adjustment							25,000,000
Hellweg 2
Investments in REITs
Equity in earnings of equity method investments in the Managed Programs and real estate	$ (8,400,000)
Hellweg 2 | CPA: 16 - Global | Germany | Adjustments
Investments in REITs
Real estate tax expense, adjustment							17,100,000
Hellweg 2 | CPA:15 | Germany | Adjustments
Investments in REITs
Real estate tax expense, adjustment							7,900,000
Hellweg 2 | Propco
Investments in REITs
Equity method investment, ownership percentage	5.00%							75.00%
Number of real estate properties | property								37
Real estate tax expense, adjustment	$ (22,100,000)
Owned Real Estate | Unconsolidated Properties
Investments in REITs
Distributions of earnings from equity method investments					$ 16,000,000	16,100,000	13,300,000
CPA:17 – Global
Investments in REITs
Asset management fees receivable, shares | shares					240,800
Distributions of earnings from equity method investments					$ 8,400,000	$ 7,300,000	5,900,000
Equity method investment, ownership percentage					4.186%	3.456%
CPA:17 – Global | Owned Real Estate | C1000 Logestiek Vastgoed B.V.
Investments in REITs
Mortgage debt tenants in common					$ 76,200,000
Pro rata share mortgage debt on tenancy in common					$ 11,400,000
Equity method investment, ownership percentage					15.00%
CPA:17 – Global | Owned Real Estate | Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH
Investments in REITs
Equity in earnings of equity method investments in the Managed Programs and real estate				$ 2,100,000
Equity method investment, ownership percentage					33.00%
Number of real estate properties | property			2
Contributions to equity method investments			$ 4,700,000
Payment of mortgage loan			$ 14,300,000
CPA:17 - Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments					$ 26,700,000	$ 24,800,000	24,700,000
Equity method investment, ownership percentage					0.009%	0.009%
CPA:18 – Global
Investments in REITs
Distributions of earnings from equity method investments					$ 1,700,000	$ 900,000	200,000
Equity method investment, ownership percentage					2.54%	1.616%
CPA:18 – Global | Class A
Investments in REITs
Asset management fees receivable, shares | shares					116,255
CPA:18 - Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments					$ 8,700,000	$ 7,600,000	6,300,000
Equity method investment, ownership percentage					0.034%	0.034%
CWI 1
Investments in REITs
Asset management fees receivable, shares | shares					114,456
Distributions of earnings from equity method investments					$ 1,100,000	$ 900,000	800,000
Equity method investment, ownership percentage					2.119%	1.109%
CWI operating partnership
Investments in REITs
Distributions of earnings from equity method investments					$ 7,500,000	$ 9,400,000	7,100,000
Equity method investment, ownership percentage					0.015%	0.015%
CWI 2
Investments in REITs
Distributions of earnings from equity method investments					$ 400,000	$ 100,000
Equity method investment, ownership percentage					1.786%	0.773%
CWI 2 | Class A
Investments in REITs
Asset management fees receivable, shares | shares					77,990
CWI 2 operating partnership
Investments in REITs
Distributions of earnings from equity method investments					$ 5,100,000	$ 3,300,000	300,000
Equity method investment, ownership percentage					0.015%	0.015%
CCIF
Investments in REITs
Distributions of earnings from equity method investments					$ 900,000	$ 700,000	800,000
Equity method investment, ownership percentage					0.00%	13.322%
CESH I
Investments in REITs
Distributions of earnings from equity method investments					$ 0	$ 0
Equity method investment, ownership percentage					2.43%	2.431%
CESH I | Gross proceeds
Investments in REITs
Advisory fee percentage					2.50%
Managed Programs
Investments in REITs
Aggregate unamortized basis difference on equity investments					$ 42,500,000	$ 31,700,000
Other-than-temporary impairment charges					37,500,000	35,700,000	7,200,000
Gain or loss on sale of investment properties					19,300,000	132,800,000	8,900,000
Managed Programs | Impairment
Investments in REITs
Equity in earnings of equity method investments in the Managed Programs and real estate					(1,600,000)	(1,100,000)	(100,000)
Managed Programs | Gain on sale of real estate
Investments in REITs
Equity in earnings of equity method investments in the Managed Programs and real estate					500,000	$ 4,600,000	$ 100,000
CPA:14 | Hellweg 2
Investments in REITs
Equity method investment, ownership percentage								33.00%
CPA:15 | Hellweg 2
Investments in REITs
Equity method investment, ownership percentage								40.00%
CPA: 16 - Global | Hellweg 2
Investments in REITs
Equity method investment, ownership percentage								27.00%
CPA 14, 15, and 16 | Hellweg 2
Investments in REITs
Equity method investment, ownership percentage		95.00%						25.00%
Increase in ownership interest in equity method investment		70.00%
Other assets | CCIF
Investments in REITs
Cost of equity method investment					$ 23,300,000

Equity Investments in the Man69

Equity Investments in the Managed Programs and Real Estate - Summary of Earnings from Equity Method Investments in the Managed Programs and Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule Of Equity Method Investments
Distributions of Available Cash (Note 3)	$ 64,750	$ 64,719	$ 51,020
Income from equity method investments	64,750	64,719	51,020
Managed Programs
Schedule Of Equity Method Investments
Distributions of Available Cash (Note 3)	47,862	45,121	38,406
Income from equity method investments	5,156	7,698	(454)
Amortization of basis differences on equity method investments in the Managed Programs	(1,336)	(1,028)	(806)
Total equity in earnings of equity method investments in the Managed Programs	51,682	51,791	37,146
Jointly Owned Investments
Schedule Of Equity Method Investments
Income from equity method investments	15,452	16,503	17,559
Amortization of basis differences on equity method investments in the Managed Programs	(2,384)	(3,575)	(3,685)
Equity investments in real estate
Schedule Of Equity Method Investments
Income from equity method investments	$ 13,068	$ 12,928	$ 13,874

Equity Investments in the Man70

Equity Investments in the Managed Programs and Real Estate - Summary of Investments in Managed Programs (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments in Programs
Equity investments in real estate	$ 341,457	$ 298,893
CPA:17 – Global
Investments in Programs
Equity method investment, ownership percentage	4.186%	3.456%
Equity investments in real estate	$ 125,676	$ 99,584
CPA:17 - Global operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.009%	0.009%
Equity investments in real estate	$ 0	$ 0
CPA:18 – Global
Investments in Programs
Equity method investment, ownership percentage	2.54%	1.616%
Equity investments in real estate	$ 28,433	$ 17,955
CPA:18 - Global operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.034%	0.034%
Equity investments in real estate	$ 209	$ 209
CWI 1
Investments in Programs
Equity method investment, ownership percentage	2.119%	1.109%
Equity investments in real estate	$ 26,810	$ 11,449
CWI operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.015%	0.015%
Equity investments in real estate	$ 186	$ 0
CWI 2
Investments in Programs
Equity method investment, ownership percentage	1.786%	0.773%
Equity investments in real estate	$ 16,495	$ 5,091
CWI 2 operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.015%	0.015%
Equity investments in real estate	$ 300	$ 300
CCIF
Investments in Programs
Equity method investment, ownership percentage	0.00%	13.322%
Equity investments in real estate	$ 0	$ 23,528
CESH I
Investments in Programs
Equity method investment, ownership percentage	2.43%	2.431%
Equity investments in real estate	$ 3,299	$ 2,701
Managed Programs
Investments in Programs
Equity investments in real estate	$ 201,408	$ 160,817

Equity Investments in the Man71

Equity Investments in the Managed Programs and Real Estate - Summarized Balance Sheet for Equity Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Combined Equity Investments
Equity Method Investment Summarized Financial Information
Net investments in real estate	$ 516,793	$ 503,186
Other assets	16,465	13,749
Total assets	533,258	516,935
Debt	(176,660)	(193,521)
Accounts payable, accrued expenses and other liabilities	(11,950)	(10,354)
Total liabilities	(188,610)	(203,875)
Stockholders’ equity	344,648	313,060
Managed Programs
Equity Method Investment Summarized Financial Information
Net investments in real estate	9,377,719	9,122,072
Other assets	1,810,832	2,079,384
Total assets	11,188,551	11,201,456
Debt	(5,393,811)	(5,128,640)
Accounts payable, accrued expenses and other liabilities	(838,567)	(940,341)
Total liabilities	(6,232,378)	(6,068,981)
Noncontrolling interests	(261,598)	(263,783)
Stockholders’ equity	$ 4,694,575	$ 4,868,692

Equity Investments in the Man72

Equity Investments in the Managed Programs and Real Estate - Summarized Income Statement for Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule Of Equity Method Investments
Distributions of Available Cash (Note 3)	$ 64,750	$ 64,719	$ 51,020
Combined Equity Investments
Equity Method Investment Summarized Financial Information Income Statement
Revenues	57,377	56,791	61,887
Expenses	(22,231)	(17,933)	(21,124)
Income from continuing operations	35,146	38,858	40,763
Net income (loss) attributable to equity investments	35,146	38,858	40,763
Managed Programs
Equity Method Investment Summarized Financial Information Income Statement
Revenues	1,637,198	1,465,803	1,157,432
Expenses	(1,463,933)	(1,263,498)	(1,129,294)
Income from continuing operations	173,265	202,305	28,138
Net income (loss) attributable to equity investments	$ 122,955	$ 149,662	$ (15,740)

Equity Investments in the Man73

Equity Investments in the Managed Programs and Real Estate - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments in Programs
Equity investments in real estate	$ 341,457	$ 298,893
CPA:17 – Global
Investments in Programs
Equity method investment, ownership percentage	4.186%	3.456%
Equity investments in real estate	$ 125,676	$ 99,584
Owned Real Estate
Investments in Programs
Equity investments in real estate	140,049	138,076
Owned Real Estate | Beach House JV, LLC | Third Party
Investments in Programs
Equity investments in real estate	$ 15,105	15,105
Owned Real Estate | CPA:17 – Global | The New York Times Company
Investments in Programs
Equity method investment, ownership percentage	45.00%
Equity investments in real estate	$ 69,401	69,668
Owned Real Estate | CPA:17 – Global | Frontier Spinning Mills, Inc.
Investments in Programs
Equity method investment, ownership percentage	40.00%
Equity investments in real estate	$ 24,153	24,138
Owned Real Estate | CPA:17 – Global | Actebis Peacock GmbH
Investments in Programs
Equity method investment, ownership percentage	30.00%
Equity investments in real estate	$ 12,009	11,205
Owned Real Estate | CPA:17 – Global | C1000 Logestiek Vastgoed B.V.
Investments in Programs
Equity method investment, ownership percentage	15.00%
Equity investments in real estate	$ 10,661	8,739
Owned Real Estate | CPA:17 – Global | Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH
Investments in Programs
Equity method investment, ownership percentage	33.00%
Equity investments in real estate	$ 8,386	8,887
Owned Real Estate | CPA:17 – Global | Wanbishi Archives Co. Ltd.
Investments in Programs
Equity method investment, ownership percentage	3.00%
Equity investments in real estate	$ 334	$ 334

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	1 Months Ended				3 Months Ended			12 Months Ended
	May 31, 2017property	Jan. 31, 2017property	Dec. 31, 2016USD ($)property	Oct. 31, 2016USD ($)property	Dec. 31, 2017USD ($)property	Sep. 30, 2017property	Sep. 30, 2016property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property
Fair value inputs
Unamortized discount					$ 12,829			$ 12,829
Goodwill, impairment loss									$ 10,191
Number of properties disposed | property					5	5	4
Fair Value, Measurements, Nonrecurring | Level 3
Fair value inputs
Impairment charges on properties								2,769	59,303	$ 29,906
Fair Value, Measurements, Nonrecurring | Level 3 | Land, buildings and improvements and intangibles
Fair value inputs
Impairment charges on properties								$ 2,769	$ 52,316	$ 26,597
Number of real estate properties | property			18		2			2	18	7
Fair Value, Measurements, Nonrecurring | Level 3 | Land, buildings and improvements and intangibles | Impaired Properties
Fair value inputs
Impairment charges on properties								$ 600		$ 10,900
Number of properties disposed | property				1				2		2
Number of real estate properties | property										5
Fair Value, Measurements, Nonrecurring | Level 3 | Land, buildings and improvements and intangibles | Industrial facilities in Erlanger, KY
Fair value inputs
Impairment charges on properties										$ 8,700
Fair Value, Measurements, Nonrecurring | Level 3 | Land, buildings and improvements and intangibles | Industrial facilities in Erlanger, KY | Cash flows
Fair value inputs
Discount rate										9.25%
Fair Value, Measurements, Nonrecurring | Level 3 | Land, buildings and improvements and intangibles | Industrial facilities in Erlanger, KY | Residual discount rate
Fair value inputs
Discount rate										9.75%
Fair Value, Measurements, Nonrecurring | Level 3 | Land, buildings and improvements and intangibles | Industrial facilities in Erlanger, KY | Residual capitalization rates
Fair value inputs
Discount rate										8.50%
Fair Value, Measurements, Nonrecurring | Level 3 | Land, buildings and improvements and intangibles | Building
Fair value inputs
Impairment charges on properties				$ 6,900				$ 2,200
Fair Value, Measurements, Nonrecurring | Level 3 | Land, buildings and improvements and intangibles | Noncontrolling interest
Fair value inputs
Impairment charges on properties									$ 1,200	$ 1,000
Fair Value, Measurements, Nonrecurring | Level 3 | Net investments in direct financing leases
Fair value inputs
Impairment charges on properties								0	$ 6,987	$ 3,309
Number of real estate properties | property			1						1	5
Impaired Portfolio | Fair Value, Measurements, Nonrecurring | Level 3
Fair value inputs
Impairment charges on properties									$ 41,000
Impaired Portfolio | Fair Value, Measurements, Nonrecurring | Level 3 | Land, buildings and improvements and intangibles
Fair value inputs
Impairment charges on properties									41,000
Goodwill, impairment loss									$ 10,200
Number of properties disposed | property	1	2	1						4
Number of real estate properties | property			14						14
Senior Unsecured Notes
Fair value inputs
Unamortized discount			$ 7,800		$ 9,900			9,900	$ 7,800
Carrying Value | Non-Recourse Debt | Level 3
Fair value inputs
Debt instrument, unamortized discount and debt issuance costs, net			1,300		1,000			1,000	1,300
Unamortized discount			200		1,700			1,700	200
Carrying Value | Senior Unsecured Notes | Level 2
Fair value inputs
Debt instrument, unamortized discount and debt issuance costs, net			12,100		14,700			14,700	12,100
Unamortized discount			$ 7,800		$ 9,900			$ 9,900	$ 7,800

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Carrying Value | Level 3
Liabilities:
Non-recourse debt	$ 1,185,477	$ 1,706,921
Carrying Value | Level 3 | Notes Receivable
Assets:
Receivable, fair value	9,971	10,351
Carrying Value | Level 2 | Senior Unsecured Notes
Liabilities:
Non-recourse debt	2,474,661	1,807,200
Fair Value | Level 3
Liabilities:
Non-recourse debt	1,196,399	1,711,364
Fair Value | Level 3 | Notes Receivable
Assets:
Receivable, fair value	9,639	10,046
Fair Value | Level 2 | Senior Unsecured Notes
Liabilities:
Non-recourse debt	$ 2,588,032	$ 1,828,829

Fair Value Measurements - Impai

Fair Value Measurements - Impairment of Assets Measured on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Impairment Disclosure
Impairment charges on properties	$ 2,769	$ 59,303	$ 29,906
Land, buildings and improvements and intangibles
Impairment Disclosure
Total fair value measurements	2,914	155,839	63,027
Impairment charges on properties	2,769	52,316	26,597
Net investments in direct financing leases
Impairment Disclosure
Total fair value measurements	0	23,775	65,132
Impairment charges on properties	$ 0	$ 6,987	$ 3,309

Risk Management and Use of De77

Risk Management and Use of Derivative Financial Instruments - Narratives (Details)	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017EUR (€)
Derivatives, Fair Value [Line Items]
Cash collateral	$ 0	$ 0
Footnote Details
Net (losses) gains recognized in other comprehensive income	$ (42,471,000)	8,581,000	$ 29,317,000
Summary of Derivative Instruments
Derivative, remaining maturity	77 months
Total credit exposure on derivatives	$ 15,600,000
Derivatives, net liability position	8,100,000	3,300,000
Aggregate termination value for immediate settlement	8,400,000	3,300,000
Unsecured revolving credit facility	216,775,000	676,715,000
Senior Unsecured Notes
Summary of Derivative Instruments
Principal Amount	$ 2,500,000,000
Senior Unsecured Notes | 2.0% Senior Notes
Summary of Derivative Instruments
Principal Amount | €				€ 500,000,000
Debt instrument stated interest rate	2.00%
Senior Unsecured Notes | 2.25 Euro Senior Notes
Summary of Derivative Instruments
Principal Amount | €				500,000,000
Debt instrument stated interest rate	2.25%
Individual Counterparty
Summary of Derivative Instruments
Total credit exposure on derivatives	$ 11,500,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	(400,000)
Other Income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	6,600,000
Derivatives in Net Investment Hedging Relationships | Revolving Credit Facility | Euro
Summary of Derivative Instruments
Unsecured revolving credit facility | €				€ 236,300,000
Equity method investments | Cash Flow Hedging
Footnote Details
Net (losses) gains recognized in other comprehensive income	$ (1,000,000)	$ 200,000	$ 600,000

Risk Management and Use of De78

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value
Asset Derivatives Fair Value at	$ 21,915	$ 58,418
Liability Derivatives Fair Value at	(7,913)	(2,996)
Designated as Hedging Instrument | Foreign currency forward contracts | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	12,737	37,040
Designated as Hedging Instrument | Foreign currency collars | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	4,931	17,382
Designated as Hedging Instrument | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability Derivatives Fair Value at	(6,805)	0
Designated as Hedging Instrument | Interest rate swap | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	523	190
Designated as Hedging Instrument | Interest rate swap | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability Derivatives Fair Value at	(1,108)	(2,996)
Designated as Hedging Instrument | Interest rate cap | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	20	45
Not Designated as Hedging Instrument | Interest rate swap | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	19	9
Not Designated as Hedging Instrument | Stock warrants | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	$ 3,685	$ 3,752

Risk Management and Use of De79

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	$ (42,471)	$ 8,581	$ 29,317
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	(19,220)	9,679	7,769
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	(19,120)	(1,948)	15,949
Derivatives in Cash Flow Hedging Relationships | Interest rate swap
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	1,550	1,291	(284)
Derivatives in Cash Flow Hedging Relationships | Interest rate caps
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	(29)	21	64
Derivatives in Net Investment Hedging Relationships | Foreign currency forward contracts
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	$ (5,652)	$ (462)	$ 5,819

Risk Management and Use of De80

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (Effective Portion)	$ 9,201	$ 7,304	$ 5,338
Foreign currency forward contracts | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (Effective Portion)	6,845	7,442	7,272
Interest rate swaps and caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (Effective Portion)	(1,294)	(2,106)	(2,291)
Foreign currency collars | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (Effective Portion)	$ 3,650	$ 1,968	$ 357

Risk Management and Use of De81

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ (270)	$ 4,330	$ 4,965
Not Designated as Hedging Instrument | Foreign currency collars | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(754)	824	514
Not Designated as Hedging Instrument | Stock warrants | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(67)	134	(134)
Not Designated as Hedging Instrument | Foreign currency forward contracts | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(53)	0	(296)
Not Designated as Hedging Instrument | Interest rate swap | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	18	2,682	4,164
Cash Flow Hedging | Foreign currency collars | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(32)	(7)	23
Cash Flow Hedging | Foreign currency forward contracts | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(75)	40	45
Cash Flow Hedging | Interest rate swap | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 693	$ 657	$ 649

Risk Management and Use of De82

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) € in Thousands, $ in Thousands	Dec. 31, 2017USD ($)instrument	Dec. 31, 2017EUR (€)instrument
Derivative Disclosure
Fair value	$ (546)
Not Designated as Hedging Instrument | Interest rate swap | USD
Derivative Disclosure
Derivative number of instruments | instrument	1	1
Notional Amount	$ 2,854
Fair value	$ 19
Cash Flow Hedging | Interest rate swap | USD
Derivative Disclosure
Derivative number of instruments | instrument	11	11
Notional Amount	$ 104,014
Fair value	$ (523)
Cash Flow Hedging | Interest rate swap | Euro
Derivative Disclosure
Derivative number of instruments | instrument	1	1
Notional Amount | €		€ 5,785
Fair value	$ (62)
Cash Flow Hedging | Interest rate cap | Euro
Derivative Disclosure
Derivative number of instruments | instrument	1	1
Notional Amount | €		€ 30,400
Fair value	$ 20

Risk Management and Use of De83

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, £ in Thousands, AUD in Thousands, $ in Thousands	Dec. 31, 2017USD ($)instrument	Dec. 31, 2017GBP (£)instrument	Dec. 31, 2017AUDinstrument	Dec. 31, 2017EUR (€)instrument
Derivative Disclosure
Fair value, foreign currency derivatives	$ 10,863
Cash Flow Hedging | Forward contracts | Euro
Derivative Disclosure
Derivative number of instruments | instrument	22	22	22	22
Notional Amount | €				€ 69,531
Fair value, foreign currency derivatives	$ 10,158
Cash Flow Hedging | Forward contracts | GBP
Derivative Disclosure
Derivative number of instruments | instrument	4	4	4	4
Notional Amount | £		£ 2,140
Fair value, foreign currency derivatives	$ 461
Cash Flow Hedging | Forward contracts | AUD
Derivative Disclosure
Derivative number of instruments | instrument	8	8	8	8
Notional Amount | AUD			AUD 10,231
Fair value, foreign currency derivatives	$ 346
Cash Flow Hedging | Foreign currency collars | Euro
Derivative Disclosure
Derivative number of instruments | instrument	28	28	28	28
Notional Amount | €				€ 97,150
Fair value, foreign currency derivatives	$ (5,902)
Cash Flow Hedging | Foreign currency collars | GBP
Derivative Disclosure
Derivative number of instruments | instrument	28	28	28	28
Notional Amount | £		£ 42,000
Fair value, foreign currency derivatives	$ 4,028
Derivatives in Net Investment Hedging Relationships | Forward contracts | AUD
Derivative Disclosure
Derivative number of instruments | instrument	3	3	3	3
Notional Amount | AUD			AUD 74,463
Fair value, foreign currency derivatives	$ 1,772

Debt - Narratives (Details)

Debt - Narratives (Details)	Feb. 22, 2017USD ($)option	Jan. 19, 2017	Jan. 31, 2017USD ($)loan	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017EUR (€)	Jun. 08, 2017USD ($)	Jun. 08, 2017EUR (€)	Feb. 22, 2017EUR (€)option
Revolving Line Of Credit
Line of credit, maximum borrowing amount				$ 2,350,000,000
Unsecured revolving credit facility				216,775,000	$ 676,715,000
Debt financing cost				15,920,000
Senior Unsecured Notes
Unamortized discount (premium)				12,829,000
Payment of financing costs				$ 12,675,000	3,619,000	$ 10,878,000
Non Recourse Debt
Debt instrument maturity date, range start				Mar. 1, 2018
Debt instrument maturity date, range end				Jun. 1, 2027
Prepayments of mortgage principal				$ 191,599,000	321,705,000	91,560,000
Scheduled payments of mortgage principal				344,440,000	161,104,000	90,328,000
Interest paid				155,400,000	182,200,000	174,500,000
Increase in value of balance sheet item due to foreign currency translation				72,428,000	(92,434,000)	$ (125,447,000)
Merged Entities
Senior Unsecured Notes
Unamortized discount (premium)				$ 1,700,000
Fixed interest rate | Minimum
Non Recourse Debt
Real estate mortgage interest rate				2.00%
Fixed interest rate | Maximum
Non Recourse Debt
Real estate mortgage interest rate				7.80%
Variable interest rate | Minimum
Non Recourse Debt
Real estate mortgage interest rate				0.90%
Variable interest rate | Maximum
Non Recourse Debt
Real estate mortgage interest rate				6.90%
Revolving Credit Facility
Revolving Line Of Credit
Line of credit, maximum borrowing amount	$ 1,850,000,000				1,500,000,000
Line of credit, amount available in foreign currency				$ 1,000,000,000	750,000,000
Amount available for swing line loan				75,000,000	50,000,000
Amount available for letters of credit				50,000,000	50,000,000
Number of extension options | option	2									2
Option extension period	6 months
Line of credit facility, available				1,300,000,000
Letters of credit outstanding, amount				$ 100,000
Debt Instrument borrowing capacity fee (percentage)				0.20%
Revolving Credit Facility | Standard & Poor's, BBB Rating
Revolving Line Of Credit
Debt instrument, credit rating				BBB
Revolving Credit Facility | Moody's, Baa2 Rating
Revolving Line Of Credit
Debt instrument, credit rating				Baa2
Revolving Credit Facility | Other assets
Revolving Line Of Credit
Debt financing cost				$ 8,500,000
Amended Revolver
Revolving Line Of Credit
Line of credit, maximum borrowing amount	$ 1,500,000,000
Term Loan Facility
Revolving Line Of Credit
Line of credit, maximum borrowing amount					250,000,000					€ 236,300,000
Unsecured revolving credit facility	250,000,000									€ 236,300,000
Debt financing cost				$ 200,000	100,000
Debt Instrument borrowing capacity fee (percentage)				0.20%
Senior Unsecured Notes
Unamortized discount (premium)				$ 1,200,000
Delayed Draw Term Loan Facility
Revolving Line Of Credit
Line of credit, maximum borrowing amount	$ 100,000,000
Unsecured revolving credit facility								$ 100,000,000	€ 88,700,000
Senior Unsecured Notes
Maturity Date				Feb. 22, 2022
Senior Unsecured Notes
Revolving Line Of Credit
Debt financing cost				$ 14,700,000	12,100,000
Senior Unsecured Notes
Principal Amount				2,500,000,000
Unamortized discount (premium)				9,900,000	$ 7,800,000
Payment of financing costs				$ 4,000,000
Senior Unsecured Notes | Minimum
Senior Unsecured Notes
Debt instrument, basis spread on variable rate				3.00%
Senior Unsecured Notes | Maximum
Senior Unsecured Notes
Debt instrument, basis spread on variable rate				3.50%
Senior Unsecured Notes | 4.25% Senior Notes
Senior Unsecured Notes
Principal Amount				$ 350,000,000
Issue Date				Sep. 12, 2016
Debt instrument stated interest rate				4.25%			4.25%
Price of Par Value				99.682%			99.682%
Maturity Date				Oct. 1, 2026
Coupon Rate				4.25%
Senior Unsecured Notes | 2.25 Euro Senior Notes
Senior Unsecured Notes
Principal Amount | €							€ 500,000,000
Issue Date				Jan. 19, 2017
Debt instrument stated interest rate				2.25%			2.25%
Debt instrument, term		7 years 6 months		7 years 6 months
Price of Par Value				99.448%			99.448%
Maturity Date				Jul. 19, 2024
Coupon Rate				2.25%
Secured Debt | International Properties
Non Recourse Debt
Loans repaid, count | loan			2
Scheduled payments of mortgage principal			$ 243,800,000
Secured Debt | International Properties | Noncontrolling interest
Non Recourse Debt
Scheduled payments of mortgage principal			$ 90,300,000	$ 47,100,000
Debt instrument weighted average interest rate			5.40%
Non-Recourse Debt
Non Recourse Debt
Prepayments of mortgage principal				191,600,000
Scheduled payments of mortgage principal				$ 47,500,000
Debt instrument weighted average interest rate				5.70%			5.70%
Loss on the extinguishment of debt				$ 900,000
Increase in value of balance sheet item due to foreign currency translation				$ 235,800,000

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Capital Lease Obligations
Debt and Capital Lease Obligations	$ 606,500	$ 926,700
Debt financing cost (less than $0.1 million in 2016)	15,920
Senior Unsecured Credit Facility
Capital Lease Obligations
Debt and Capital Lease Obligations	$ 216,800	676,700
Senior Unsecured Credit Facility | Euro
Capital Lease Obligations
Maturity Date	Feb. 22, 2021
Debt and Capital Lease Obligations	$ 111,800	286,700
Senior Unsecured Credit Facility | Euro | EURIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.00%
Senior Unsecured Credit Facility | USD
Capital Lease Obligations
Maturity Date	Feb. 22, 2021
Debt and Capital Lease Obligations	$ 105,000	390,000
Senior Unsecured Credit Facility | USD | LIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.00%
Delayed Draw Term Loan Facility
Capital Lease Obligations
Maturity Date	Feb. 22, 2022
Debt and Capital Lease Obligations	$ 106,300	0
Delayed Draw Term Loan Facility | EURIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.10%
Term Loan Facility
Capital Lease Obligations
Debt and Capital Lease Obligations	$ 389,700	250,000
Discount	1,200
Debt financing cost (less than $0.1 million in 2016)	$ 200	100
Term Loan Facility | Euro
Capital Lease Obligations
Maturity Date	Feb. 22, 2022
Debt and Capital Lease Obligations	$ 283,400	0
Term Loan Facility | Euro | EURIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.10%
Term Loan Facility | USD
Capital Lease Obligations
Debt and Capital Lease Obligations	$ 0	$ 250,000

Debt - Summary of Senior Unse86

Debt - Summary of Senior Unsecured Notes (Details)	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017EUR (€)	Dec. 31, 2016USD ($)
Senior Unsecured Notes
Carrying Value	$ 2,474,661,000		$ 1,807,200,000
Senior Unsecured Notes
Senior Unsecured Notes
Principal Amount	2,500,000,000
Carrying Value	$ 2,499,400,000		1,827,100,000
Senior Unsecured Notes | 2.0% Senior Notes
Senior Unsecured Notes
Debt instrument stated interest rate	2.00%	2.00%
Issue Date	Jan. 21, 2015
Principal Amount | €		€ 500,000,000
Price of Par Value	99.22%	99.22%
Original Issue Discount	$ 4,600,000
Effective Interest Rate	2.107%	2.107%
Coupon Rate	2.00%
Maturity Date	Jan. 20, 2023
Carrying Value	$ 599,700,000		527,100,000
Senior Unsecured Notes | 4.6% Senior Notes
Senior Unsecured Notes
Debt instrument stated interest rate	4.60%	4.60%
Issue Date	Mar. 14, 2014
Principal Amount	$ 500,000,000
Price of Par Value	99.639%	99.639%
Original Issue Discount	$ 1,800,000
Effective Interest Rate	4.645%	4.645%
Coupon Rate	4.60%
Maturity Date	Apr. 1, 2024
Carrying Value	$ 500,000,000		500,000,000
Senior Unsecured Notes | 2.25 Euro Senior Notes
Senior Unsecured Notes
Debt instrument stated interest rate	2.25%	2.25%
Issue Date	Jan. 19, 2017
Principal Amount | €		€ 500,000,000
Price of Par Value	99.448%	99.448%
Original Issue Discount	$ 2,900,000
Effective Interest Rate	2.332%	2.332%
Coupon Rate	2.25%
Maturity Date	Jul. 19, 2024
Carrying Value	$ 599,700,000		0
Senior Unsecured Notes | 4.0% Senior Notes
Senior Unsecured Notes
Debt instrument stated interest rate	4.00%	4.00%
Issue Date	Jan. 26, 2015
Principal Amount	$ 450,000,000
Price of Par Value	99.372%	99.372%
Original Issue Discount	$ 2,800,000
Effective Interest Rate	4.077%	4.077%
Coupon Rate	4.00%
Maturity Date	Feb. 1, 2025
Carrying Value	$ 450,000,000		450,000,000
Senior Unsecured Notes | 4.25% Senior Notes
Senior Unsecured Notes
Debt instrument stated interest rate	4.25%	4.25%
Issue Date	Sep. 12, 2016
Principal Amount	$ 350,000,000
Price of Par Value	99.682%	99.682%
Original Issue Discount	$ 1,100,000
Effective Interest Rate	4.29%	4.29%
Coupon Rate	4.25%
Maturity Date	Oct. 1, 2026
Carrying Value	$ 350,000,000		$ 350,000,000

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2017USD ($)
Long-term Debt, by Maturity
2,018	$ 246,357
2,019	99,503
2,020	222,367
2,021	377,141
2,022	630,618
Thereafter through 2027	2,718,030
Total principal payments	4,294,016
Deferred financing costs	(15,920)
Unamortized discount, net	(12,829)
Total scheduled debt principal payments	$ 4,265,267

Restructuring and Other Compe88

Restructuring and Other Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Severance and benefits expense	$ 8.2
Severance costs	0.1	$ 0.5	$ 0.8
Other restructuring costs	1.2
Accrued severance liability	$ 1.9
Employee Severance
Restructuring Cost and Reserve [Line Items]
Severance costs		8.2
Other restructuring costs		0.5
Stock Compensation Plan | Employee Severance
Restructuring Cost and Reserve [Line Items]
Severance costs		3.2
Chief Executive Officer
Restructuring Cost and Reserve [Line Items]
Severance costs		5.1
Chief Financial Officer | RSU and PSU | Employee Severance
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 2.4

Equity - Narratives (Details)

Equity - Narratives (Details)	May 26, 2017USD ($)	May 24, 2017USD ($)	May 24, 2017EUR (€)	Oct. 31, 2017USD ($)shares	Mar. 31, 2016shares	Dec. 31, 2017USD ($)$ / shares	Sep. 30, 2017USD ($)$ / shares	Jun. 30, 2017$ / shares	Mar. 31, 2017$ / shares	Dec. 31, 2016USD ($)$ / shares	Sep. 30, 2016USD ($)$ / shares	Jun. 30, 2016$ / shares	Mar. 31, 2016$ / shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / shares	Mar. 01, 2017USD ($)	Jun. 03, 2015USD ($)	Oct. 01, 2013
Share-based Compensation Arrangement by Share-based Payment Award
Distributions declared per share (usd per share) | $ / shares						$ 1.01	$ 1.005	$ 1	$ 0.995	$ 0.99	$ 0.985	$ 0.98	$ 0.9742	$ 4.01	$ 3.9292	$ 3.8261
Distributions payable						$ 109,766,000				$ 107,090,000				$ 109,766,000	$ 107,090,000
Shares issued, shares | shares				11,077
Proceeds from the issuance of common stock				$ 800,000										22,886,000	83,766,000
Gain on sale of real estate, net of tax						11,100,000	$ 19,300,000				$ 49,100,000
Redeemable Noncontrolling Interest
Distributions to noncontrolling interests														$ (20,643,000)	$ (17,030,000)	$ (14,713,000)
Officers | WPCI
Redeemable Noncontrolling Interest
Minority interest ownership interest																			7.70%
International Properties
Share-based Compensation Arrangement by Share-based Payment Award
Increase in ownership percentage		25.00%	25.00%
Adjustment to additional paid in capital | €			€ 2
Cumulative ownership percentage		100.00%	100.00%
Gain on acquisition		$ 0
Gain on sale of real estate, net of tax	$ 100,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued, shares | shares														345,253	1,249,836
Proceeds from the issuance of common stock														$ 1,000	$ 2,000
Redeemable Noncontrolling Interest
Shares issued to a third party in connection with the redemption of a redeemable noncontrolling interest, shares | shares					217,011										217,011
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from the issuance of common stock														22,885,000	$ 83,764,000
Acquisition of noncontrolling interest														(1,845,000)
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest
Distributions to noncontrolling interests														0	$ (13,418,000)	$ 0
ATM
Share-based Compensation Arrangement by Share-based Payment Award
Common stock maximum offering, value						$ 376,600,000								$ 376,600,000			$ 400,000,000	$ 400,000,000
ATM | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued, shares | shares														345,253	1,249,836
Proceeds from the issuance of common stock														$ 22,800,000	$ 84,100,000
Weighted average share price (usd per dollar) | $ / shares														$ 67.78	$ 68.52

Equity - Distributions(Details)

Equity - Distributions(Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Dividends Payable
Total distributions paid (usd per share)	$ 3.9900	$ 3.9038	$ 3.8115
Ordinary income
Dividends Payable
Total distributions paid (usd per share)	3.2537	3.3075	3.5497
Return of capital
Dividends Payable
Total distributions paid (usd per share)	0.5182	0.5963	0.2618
Capital gains
Dividends Payable
Total distributions paid (usd per share)	$ 0.2181	$ 0	$ 0

Equity - Basic and Diluted Earn

Equity - Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Net Income Attributable to W. P. Carey	$ 75,209	$ 80,278	$ 64,318	$ 57,484	$ 47,704	$ 110,943	$ 51,661	$ 57,439	$ 277,289	$ 267,747	$ 172,258
Net income attributable to nonvested participating RSUs and RSAs									(784)	(886)	(579)
Net income – basic and diluted									$ 276,505	$ 266,861	$ 171,679
Weighted-average shares outstanding – basic (shares)									107,824,738	106,743,012	105,675,692
Effect of dilutive securities (shares)									211,233	330,191	831,960
Weighted-average shares outstanding – diluted (shares)									108,035,971	107,073,203	106,507,652
Anti-dilutive shares									0	0	0

Equity - Rollforward of Redeema

Equity - Rollforward of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Redeemable Noncontrolling Interest, Equity, Carrying Amount
Balance - beginning of period	$ 965
Distributions	(20,643)	$ (17,030)	$ (14,713)
Redemption value adjustment		561	(8,873)
Balance - end of period	965	965
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest, Equity, Carrying Amount
Balance - beginning of period	965	14,944	6,071
Distributions	0	(13,418)	0
Redemption value adjustment	0	(561)	8,873
Balance - end of period	$ 965	$ 965	$ 14,944

Equity - Reclassifications Out

Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss)
Balance - beginning of period				$ 3,425,140	$ 3,561,428	$ 3,890,735
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Gain on sale of real estate, net of tax	$ 11,100	$ 19,300	$ 49,100
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense				165,775	183,409	194,326
Net current period other comprehensive income (loss)				34,579	(83,282)	(101,379)
Balance - end of period	3,411,385			3,411,385	3,425,140	3,561,428
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications				40,392	(75,978)	(96,041)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)				(5,813)	(7,304)	(5,338)
Net current period other comprehensive income (loss)				34,579	(83,282)	(101,379)
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to:
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Gain on sale of real estate, net of tax				3,388
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense				1,294	2,106	2,291
Other income and (expenses)				(10,495)	(9,410)	(7,629)
Gains and (Losses) on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications				(28,577)	16,582	29,391
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)				(9,201)	(7,304)	(5,338)
Net current period other comprehensive income (loss)				(37,778)	9,278	24,053
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to:
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Gain on sale of real estate, net of tax				0
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense				1,294	2,106	2,291
Other income and (expenses)				(10,495)	(9,410)	(7,629)
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications				69,040	(92,434)	(125,447)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)				3,388	0	0
Net current period other comprehensive income (loss)				72,428	(92,434)	(125,447)
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to:
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Gain on sale of real estate, net of tax				3,388
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense				0	0	0
Other income and (expenses)				0	0	0
Gains and (Losses) on Investments
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications				(71)	(126)	15
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)				0	0	0
Net current period other comprehensive income (loss)				(71)	(126)	15
Gains and (Losses) on Investments | Amounts reclassified from accumulated other comprehensive loss to:
Reconciliation Of Accumulated Comprehensive Income [Abstract]
Gain on sale of real estate, net of tax				0
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense				0	0	0
Other income and (expenses)				0	0	0
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Balance - beginning of period				(254,485)	(172,291)	(75,559)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(236,011)			(236,011)	(254,485)	(172,291)
Gains and (Losses) on Derivative Instruments
Accumulated Other Comprehensive Income (Loss)
Balance - beginning of period				46,935	37,650	13,597
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	9,172			9,172	46,935	37,650
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss)
Balance - beginning of period				(301,330)	(209,977)	(89,177)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(245,022)			(245,022)	(301,330)	(209,977)
Gains and (Losses) on Investments
Accumulated Other Comprehensive Income (Loss)
Balance - beginning of period				(90)	36	21
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	$ (161)			(161)	(90)	36
Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest				(16,105)	1,088	4,647
Gains and (Losses) on Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest				15	7	0
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest				(16,120)	1,081	4,647
Gains and (Losses) on Investments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest				$ 0	$ 0	$ 0

Stock-Based Compensation and 94

Stock-Based Compensation and Other Compensation - Narratives (Details)	12 Months Ended
	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense (Less than $0.1 million)	$ 18,917,000	$ 21,222,000	$ 21,626,000
Severance costs	100,000	500,000	800,000
Employee service share-based compensation, tax benefit from compensation expense	4,600,000	6,700,000	12,500,000
Options vested during the period, aggregate intrinsic value	21,400,000	27,800,000	58,100,000
Deferred compensation obligation	46,656,000	50,222,000
Tax benefit recognized from stock awards	$ 2,000,000
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award
Maximum percentage of annual contribution allowed by employees	10.00%
Maximum annual contribution per employee, amount	$ 27,000	26,500	26,500
Profit sharing expense	$ 3,300,000	$ 3,900,000	$ 4,100,000
RSUs Awarded
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted in period | shares	194,349	277,836	189,893
Vesting period	3 years
PSUs Awarded
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted in period | shares	107,934	200,005	75,277
Vesting period	3 years
PSUs Awarded | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	0	0	0
PSUs Awarded | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	3	3	3
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense (Less than $0.1 million)	$ 100,000	$ 100,000	$ 100,000
Share-based compensation arrangement by share-based payment award, maximum employee contribution rate	10.00%
Share based compensation, effective share purchase price for participant	90.00%	90.00%
Proceeds from stock plans	$ 200,000	$ 500,000	$ 500,000
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock options required to be issued (shares) | shares	1,140,632	1,217,274
Deferred compensation obligation	$ 46,700,000	$ 50,200,000
Fair value assumptions expected dividend rate	0.00%
Unrecognized stock based compensation expense	$ 18,100,000
Weighted-average remaining term	1 year 8 months 22 days
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate	1.50%
Fair value assumptions expected volatility rate	17.10%
2017 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized for grant | shares	4,000,000
Shares available for grant | shares	3,697,717
Stock based incentive plan shares issued, shares | shares	2,656
Stock based incentive plan shares issued, value	$ 200,000
2017 Share Incentive Plan | Directors
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	1 year
Stock based incentive plan shares issued, shares | shares	10,386	13,860	16,152
Stock based incentive plan shares issued, value	$ 700,000	$ 1,000,000	$ 1,000,000
2017 Share Incentive Plan | RSUs Awarded
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted in period | shares	181,307	262,824	173,741
2017 Share Incentive Plan | PSUs Awarded
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted in period | shares	107,934	200,005	75,277
Target percentage	100.00%
Service period	3 years
Vesting period	3 years
2017 Share Incentive Plan | PSUs Awarded | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Target percentage	0.00%
2017 Share Incentive Plan | PSUs Awarded | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Target settlement multiple	3
2017 Share Incentive Plan | PSUs Awarded | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.00%
2017 Share Incentive Plan | PSUs Awarded | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.00%
2017 Share Incentive Plan | PSUs Awarded | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.00%
1997 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	4 years
Weighted average remaining term on stock option	10 years
Options exercised during the period, aggregate intrinsic value	$ 4,400,000	$ 3,700,000	$ 7,400,000
Employee Severance
Share-based Compensation Arrangement by Share-based Payment Award
Severance costs		8,200,000
Employee Severance | Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award
Severance costs		$ 3,200,000
Employee Severance | 2017 Share Incentive Plan | Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized for grant | shares	279,728

Stock-Based Compensation and 95

Stock-Based Compensation and Other Compensation - Rollforward of Nonvested RSAs, RSUs, and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock And RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested, beginning balance - shares	356,865	356,771	442,502
Granted - shares	194,349	277,836	189,893
Vested - shares	(185,259)	(217,617)	(264,628)
Forfeited - shares	(41,616)	(60,125)	(10,996)
Adjustments - shares	0	0	0
Nonvested, ending balance - shares	324,339	356,865	356,771
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 61.63	$ 64.09	$ 53.03
Granted, weighted average grant date fair value (in dollars per share)	62.22	58.27	69.92
Vested, weighted average grant date fair value (in dollars per share)	62.72	61.32	49.69
Forfeited, weighted average grant date fair value (in dollars per share)	61.08	61.81	66.46
Adjustments, weighted average grant date fair value (in dollars per share)	0	0	0
Nonvested, weighted average grant date fair value (in dollars per share)	$ 61.43	$ 61.63	$ 64.09
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested, beginning balance - shares	310,018	340,358	877,641
Granted - shares	107,934	200,005	75,277
Vested - shares	(132,412)	(180,723)	(792,465)
Forfeited - shares	(45,258)	(51,657)	0
Adjustments - shares	41,017	2,035	179,905
Nonvested, ending balance - shares	281,299	310,018	340,358
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 73.80	$ 52.26	$ 32.06
Granted, weighted average grant date fair value (in dollars per share)	75.39	73.18	83.68
Vested, weighted average grant date fair value (in dollars per share)	74.21	80.21	56.77
Forfeited, weighted average grant date fair value (in dollars per share)	76.91	75.49	0
Adjustments, weighted average grant date fair value (in dollars per share)	63.18	72.22	49.70
Nonvested, weighted average grant date fair value (in dollars per share)	$ 74.57	$ 73.80	$ 52.26

Stock-Based Compensation and 96

Stock-Based Compensation and Other Compensation - Options Rollforward (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding
Outstanding - beginning of year - shares	258,787	475,765
Exercised - shares	(113,002)	(213,479)
Canceled/Expired - shares	(752)	(3,499)
Outstanding - end of year - shares	145,033	258,787
Exercisable - end of year - shares	145,033	236,112
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Outstanding - beginning of year - weighted average exercise price (in dollars per share)	$ 31.10	$ 29.95
Exercised - weighted average exercise price (in dollars per share)	28.34	28.57
Canceled/Expired - weighted average exercise price (in dollars per share)	28.42	28.71
Outstanding - end of year - weighted average exercise price (in dollars per share)	33.27	31.10
Exercisable - end of year - weighted average exercise price (in dollars per share)	$ 33.27	$ 30.99
Outstanding - end of year - weighted average contractual term (in Years)	3 months 18 days	1 year 21 days

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Contingency
Basis differences — foreign investments	$ 104,390	$ 123,269
Deferred income taxes	67,009	90,825
Accrued interest related to uncertain tax positions	1,200	1,100
Income taxes paid	$ 16,700	19,300	$ 49,200
Maximum
Income Tax Contingency
Open tax years by major jurisdictions	2,012
Minimum
Income Tax Contingency
Open tax years by major jurisdictions	2,016
Federal
Income Tax Contingency
Operating loss carryforwards, initial expiration date	Dec. 31, 2035
Foreign
Income Tax Contingency
Operating loss carryforwards, initial expiration date	Dec. 31, 2018
Other assets
Income Tax Contingency
Deferred income taxes	$ 13,100	14,000
Senior Unsecured Notes | 2.25 Euro Senior Notes
Income Tax Contingency
Debt instrument stated interest rate	2.25%
Properties Leased to ABC Group
Income Tax Contingency
Basis differences — foreign investments	$ 17,300	$ 29,200

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax(Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Federal
Current	$ (687)	$ 6,412	$ 10,551
Deferred	(9,520)	(1,608)	1,901
Federal income taxes	(10,207)	4,804	12,452
State and Local
Current	1,954	7,014	9,075
Deferred	572	(2,026)	1,158
State and local taxes	2,526	4,988	10,233
Foreign
Current	21,457	10,727	16,656
Deferred	(11,065)	(17,231)	(1,720)
Foreign income taxes	10,392	(6,504)	14,936
Total provision	$ 2,711	$ 3,288	$ 37,621

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Amount
Pre-tax income attributable to taxable subsidiaries	$ 49,909	$ (15,374)	$ 72,343
Federal provision (benefit) at statutory tax rate (35%)	17,468	(5,380)	25,244
Rate differential	(13,134)	892	(10,589)
Change in valuation allowance	11,805	6,477	9,074
Non-taxable income	(8,073)	(5,399)	(5,475)
Revaluation of deferred taxes due to Tax Cuts and Jobs Act	(7,826)	0	0
Windfall tax benefit	(4,618)	0	0
Non-deductible expense	3,010	3,111	6,982
State and local taxes, net of federal benefit	1,115	2,749	6,151
Other	2,964	838	6,234
Total provision	$ 2,711	$ 3,288	$ 37,621

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred Tax Assets
Net operating loss and other tax credit carryforwards	$ 61,632	$ 31,381
Basis differences — foreign investments	31,472	28,324
Unearned and deferred compensation	21,192	33,100
Other	3,029	5,560
Total deferred tax assets	117,325	98,365
Valuation allowance	(39,155)	(27,350)
Net deferred tax assets	78,170	71,015
Deferred Tax Liabilities
Basis differences — foreign investments (a)	(104,390)	(123,269)
Basis differences — equity investees	(23,950)	(17,282)
Deferred revenue	(3,784)	(7,318)
Total deferred tax liabilities	(132,124)	(147,869)
Net Deferred Tax Liability	$ (53,954)	$ (76,854)

Income Taxes - Rollforward of

Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Unrecognized Tax Benefits
Beginning balance	$ 5,586	$ 4,304
Decrease due to lapse in statute of limitations	(1,853)	(97)
Addition based on tax positions related to prior years	660	1,264
Addition based on tax positions related to the current year	639	137
Foreign currency translation adjustments	(170)
Foreign currency translation adjustments		(22)
Ending balance	$ 5,202	$ 5,586

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	Dec. 04, 2015USD ($)	Dec. 31, 2017USD ($)property	Jan. 31, 2017USD ($)	Oct. 31, 2016USD ($)	Jul. 31, 2016USD ($)	Apr. 30, 2016USD ($)	Feb. 28, 2016USD ($)	Jul. 31, 2015USD ($)	Dec. 31, 2017USD ($)property	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)property	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)
Discontinued Operation Additional Disclosures
Properties sold | property									5	5	4
Gain on sale of real estate, net of tax									$ 11,100	$ 19,300	$ 49,100
Gain on sale of real estate, net of tax														$ 33,878	$ 71,318	$ 6,487
Disposal group, non current asset			$ 31,300
Disposal group, non current liability			(28,100)
Disposal group, restricted cash			3,800
Loss on sale of real estate			$ 100
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale															34,405	1,762
Lease termination income												$ 32,200
Non-recourse debt		$ 1,185,477							$ 1,185,477					1,185,477	1,706,921
Owned Real Estate
Discontinued Operation Additional Disclosures
Gain on sale of real estate, net of tax														33,878	71,318	6,487
Gain on sale of real estate, net of tax														$ 33,878	71,318	6,487
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale															34,405	1,762
Number of real estate properties | property		887							887					887
Continuing Operations
Discontinued Operation Additional Disclosures
Lease term extension period													15 years
Proceeds from rental properties	$ 25,000
Capitalized termination income	$ 22,200
Lease termination income																15,000
Extinguishment of debt, amount																36,500
Loss on the extinguishment of debt																(5,300)
Deposits received for real estate													$ 12,700
Continuing Operations | Discontinued Operations, Held-for-sale
Discontinued Operation Additional Disclosures
Gain on sale of real estate, net of tax								$ 600
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale																1,700
Loss on the extinguishment of debt																$ 2,100
Proceeds from sale of foreclosed assets								$ 1,400
Continuing Operations | Discontinued Operations, Held-for-sale | Retail Facility
Discontinued Operation Additional Disclosures
Properties sold | property																13
Proceeds from the sale of properties																$ 35,700
Gain on sale of real estate, net of tax																5,900
Scheduled impairment expense																6,000
Impairment recognized on asset to be disposed																2,700	$ 3,300
Level 3 | Fair Value, Measurements, Nonrecurring
Discontinued Operation Additional Disclosures
Impairment charges on properties														$ 2,769	59,303	$ 29,906
Impaired Portfolio | Level 3 | Fair Value, Measurements, Nonrecurring
Discontinued Operation Additional Disclosures
Impairment charges on properties															$ 41,000
Impaired properties | property															14
Adjustments
Discontinued Operation Additional Disclosures
Other comprehensive income foreign currency translation reclassification adjustment		$ (3,400)
Gain on sale of real estate, net of tax		$ 3,400
Discontinued Operations, Disposed of by Sale
Discontinued Operation Additional Disclosures
Properties sold | property														16	30
Proceeds from the sale of properties														$ 159,900	$ 542,400
Gain on sale of real estate, net of tax														$ 33,900	42,600
Impairment charges on properties															7,000
Discontinued Operations, Disposed of by Sale | Owned Real Estate
Discontinued Operation Additional Disclosures
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale															34,400
Discontinued Operations, Disposed of by Sale | International Properties
Discontinued Operation Additional Disclosures
Gain on sale of real estate, net of tax						$ 16,400
Real estate, at cost						39,800
Mortgage loans on real estate						$ 60,900
Discontinued Operations, Disposed of by Sale | Domestic Properties
Discontinued Operation Additional Disclosures
Gain on sale of real estate, net of tax					$ 11,600
Real estate, at cost					13,700
Mortgage loans on real estate					24,300
Escrow deposit					$ 2,600
Discontinued Operations, Disposed of by Sale | Noncontrolling interest
Discontinued Operation Additional Disclosures
Gain on sale of real estate, net of tax															$ 900
Discontinued Operations, Disposed of by Sale | Property in Malaysia
Discontinued Operation Additional Disclosures
Properties sold | property														2
Discontinued Operations, Held-for-sale
Discontinued Operation Additional Disclosures
Properties sold | property														14
Proceeds from the sale of properties							$ 44,400
Gain on sale of real estate, net of tax				$ 600			$ (10,700)
Number of net lease properties sold | property															1
Number of properties transferred | property														2	2
Real estate, at cost				3,200
Mortgage loans on real estate				$ 4,500
Number of real estate properties | property															1

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of business segments | segment	2
Segment Reporting Information Profit Loss
Real estate tax expense, adjustment	$ 59.3	$ 56	$ 57.7
Germany | Adjustments
Segment Reporting Information Profit Loss
Real estate tax expense, adjustment			$ (25)

Segment Reporting - Income From

Segment Reporting - Income From Owned Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Owned Real Estate:
Lease revenues									$ 630,373	$ 663,463	$ 656,956
Operating property revenues									30,562	30,767	30,515
Reimbursable tenant costs									21,524	25,438	22,832
Lease termination income and other									4,749	35,696	25,145
Total revenues	$ 196,961	$ 210,754	$ 221,528	$ 219,059	$ 228,780	$ 225,247	$ 217,266	$ 270,240	848,302	941,533	938,383
Operating Expenses
Depreciation and amortization									253,334	276,510	280,315
Property expenses, excluding reimbursable tenant costs									40,756	49,431	52,199
General and administrative									70,891	82,352	103,172
Reimbursable tenant costs									72,969	91,871	78,669
Stock-based compensation expense									18,917	18,015	21,626
Impairment charges									2,769	59,303	29,906
Other expenses									605	5,377	(7,764)
Restructuring and other compensation									9,363	11,925	0
Total operating expenses	111,711	115,164	127,991	134,882	144,564	136,472	160,697	180,000	489,748	621,733	580,829
Other Income and Expenses
Interest expense									(165,775)	(183,409)	(194,326)
Equity in earnings of equity method investments in the Managed Programs and real estate									64,750	64,719	51,020
Other income and (expenses)									(3,613)	5,667	2,113
Total other income and expenses									(104,638)	(113,023)	(141,193)
Income before income taxes and gain on sale of real estate									253,916	206,777	216,361
Provision for income taxes									(2,711)	(3,288)	(37,621)
Income before gain on sale of real estate									251,205	203,489	178,740
Gain on sale of real estate, net of tax									33,878	71,318	6,487
Net Income	74,473	83,654	67,131	59,825	48,470	112,302	53,171	60,864	285,083	274,807	185,227
Net income attributable to noncontrolling interests	736	(3,376)	(2,813)	(2,341)	(766)	(1,359)	(1,510)	(3,425)	(7,794)	(7,060)	(12,969)
Net Income Attributable to W. P. Carey	$ 75,209	$ 80,278	$ 64,318	$ 57,484	$ 47,704	$ 110,943	$ 51,661	$ 57,439	277,289	267,747	172,258
Real Estate Ownership
Owned Real Estate:
Lease revenues									630,373	663,463	656,956
Operating property revenues									30,562	30,767	30,515
Reimbursable tenant costs									21,524	25,438	22,832
Lease termination income and other									4,749	35,696	25,145
Total revenues									687,208	755,364	735,448
Operating Expenses
Depreciation and amortization									249,432	272,274	276,236
Property expenses, excluding reimbursable tenant costs									40,756	49,431	52,199
General and administrative									39,002	34,591	47,676
Reimbursable tenant costs									21,524	25,438	22,832
Stock-based compensation expense									6,960	5,224	7,873
Impairment charges									2,769	59,303	29,906
Other expenses									605	2,993	(9,908)
Restructuring and other compensation									0	4,413	0
Total operating expenses									361,048	453,667	426,814
Other Income and Expenses
Interest expense									(165,775)	(183,409)	(194,326)
Equity in earnings of equity method investments in the Managed Programs and real estate									13,068	12,928	13,874
Other income and (expenses)									(5,655)	3,665	1,952
Total other income and expenses									(158,362)	(166,816)	(178,500)
Income before income taxes and gain on sale of real estate									167,798	134,881	130,134
Provision for income taxes									(1,743)	3,418	(17,948)
Income before gain on sale of real estate									166,055	138,299	112,186
Gain on sale of real estate, net of tax									33,878	71,318	6,487
Net Income									199,933	209,617	118,673
Net income attributable to noncontrolling interests									(7,794)	(7,060)	(10,961)
Net Income Attributable to W. P. Carey									$ 192,139	$ 202,557	$ 107,712

Segment Reporting - Income F105

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investment Management:
Asset management revenue									$ 70,125	$ 61,971	$ 49,984
Reimbursable costs from affiliates									51,445	66,433	55,837
Structuring revenue									34,198	47,328	92,117
Dealer manager fees									4,430	8,002	4,794
Other advisory revenue									896	2,435	203
Total revenues	$ 196,961	$ 210,754	$ 221,528	$ 219,059	$ 228,780	$ 225,247	$ 217,266	$ 270,240	848,302	941,533	938,383
Operating Expenses
Reimbursable tenant costs									72,969	91,871	78,669
General and administrative									70,891	82,352	103,172
Subadvisor fees									13,600	14,141	11,303
Stock-based compensation expense									18,917	18,015	21,626
Restructuring and other compensation									9,363	11,925	0
Dealer manager fees and expenses									6,544	12,808	11,403
Depreciation and amortization									253,334	276,510	280,315
Other expenses									605	5,377	(7,764)
Total operating expenses	111,711	115,164	127,991	134,882	144,564	136,472	160,697	180,000	489,748	621,733	580,829
Other Income and Expenses
Income from equity method investments									64,750	64,719	51,020
Other income and (expenses)									(3,613)	5,667	2,113
Total other income and expenses									(104,638)	(113,023)	(141,193)
Income before income taxes and gain on sale of real estate									253,916	206,777	216,361
Provision for income taxes									(2,711)	(3,288)	(37,621)
Net Income	74,473	83,654	67,131	59,825	48,470	112,302	53,171	60,864	285,083	274,807	185,227
Net income attributable to noncontrolling interests	736	(3,376)	(2,813)	(2,341)	(766)	(1,359)	(1,510)	(3,425)	(7,794)	(7,060)	(12,969)
Net Income Attributable to W. P. Carey	$ 75,209	$ 80,278	$ 64,318	$ 57,484	$ 47,704	$ 110,943	$ 51,661	$ 57,439	277,289	267,747	172,258
Investment Management
Investment Management:
Asset management revenue									70,125	61,971	49,984
Reimbursable costs from affiliates									51,445	66,433	55,837
Structuring revenue									34,198	47,328	92,117
Dealer manager fees									4,430	8,002	4,794
Other advisory revenue									896	2,435	203
Total revenues									161,094	186,169	202,935
Operating Expenses
Reimbursable tenant costs									51,445	66,433	55,837
General and administrative									31,889	47,761	55,496
Subadvisor fees									13,600	14,141	11,303
Stock-based compensation expense									11,957	12,791	13,753
Restructuring and other compensation									9,363	7,512	0
Dealer manager fees and expenses									6,544	12,808	11,403
Depreciation and amortization									3,902	4,236	4,079
Other expenses									0	2,384	2,144
Total operating expenses									128,700	168,066	154,015
Other Income and Expenses
Income from equity method investments									51,682	51,791	37,146
Other income and (expenses)									2,042	2,002	161
Total other income and expenses									53,724	53,793	37,307
Income before income taxes and gain on sale of real estate									86,118	71,896	86,227
Provision for income taxes									(968)	(6,706)	(19,673)
Net Income									85,150	65,190	66,554
Net income attributable to noncontrolling interests									0	0	(2,008)
Net Income Attributable to W. P. Carey									$ 85,150	$ 65,190	$ 64,546

Segment Reporting - Total Compa

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting [Abstract]
Revenues	$ 196,961	$ 210,754	$ 221,528	$ 219,059	$ 228,780	$ 225,247	$ 217,266	$ 270,240	$ 848,302	$ 941,533	$ 938,383
Operating expenses	111,711	115,164	127,991	134,882	144,564	136,472	160,697	180,000	489,748	621,733	580,829
Other income and (expenses)									(104,638)	(113,023)	(141,193)
Provision for income taxes									(2,711)	(3,288)	(37,621)
Gain on sale of real estate, net of tax									33,878	71,318	6,487
Net income attributable to noncontrolling interests	736	(3,376)	(2,813)	(2,341)	(766)	(1,359)	(1,510)	(3,425)	(7,794)	(7,060)	(12,969)
Net Income Attributable to W. P. Carey	$ 75,209	$ 80,278	$ 64,318	$ 57,484	$ 47,704	$ 110,943	$ 51,661	$ 57,439	$ 277,289	$ 267,747	$ 172,258

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Equity investments in real estate	$ 341,457	$ 298,893
Total assets	8,231,402	8,453,954
Real Estate Ownership
Assets
Long-lived assets	6,703,715	6,781,900
Equity investments in real estate	140,049	138,076
Total assets	7,885,751	8,104,974
Real Estate Ownership | Domestic
Assets
Long-lived assets	4,123,856	4,263,469
Equity investments in real estate	108,659	108,911
Total assets	5,040,296	5,379,761
Real Estate Ownership | Germany
Assets
Long-lived assets	708,316	675,616
Equity investments in real estate	20,395	20,092
Total assets	747,877	718,397
Real Estate Ownership | Other International
Assets
Long-lived assets	1,871,543	1,842,815
Equity investments in real estate	10,995	9,073
Total assets	2,097,578	2,006,816
Investment Management
Assets
Total assets	$ 345,651	$ 348,980

Segment Reporting - Income by G

Segment Reporting - Income by Geography (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information Profit Loss
Revenues	$ 196,961	$ 210,754	$ 221,528	$ 219,059	$ 228,780	$ 225,247	$ 217,266	$ 270,240	$ 848,302	$ 941,533	$ 938,383
Operating expenses	(111,711)	(115,164)	(127,991)	(134,882)	(144,564)	(136,472)	(160,697)	(180,000)	(489,748)	(621,733)	(580,829)
Interest expense									(165,775)	(183,409)	(194,326)
Provision for income taxes									(2,711)	(3,288)	(37,621)
Gain (loss) on sale of real estate, net of tax	11,100	19,300				49,100
Net income attributable to noncontrolling interests	$ 736	$ (3,376)	$ (2,813)	$ (2,341)	$ (766)	$ (1,359)	$ (1,510)	$ (3,425)	(7,794)	(7,060)	(12,969)
Real Estate Ownership
Segment Reporting Information Profit Loss
Revenues									687,208	755,364	735,448
Operating expenses									(361,048)	(453,667)	(426,814)
Interest expense									(165,775)	(183,409)	(194,326)
Other income and expenses, excluding interest expense									7,413	16,593	15,826
Provision for income taxes									(1,743)	3,418	(17,948)
Gain (loss) on sale of real estate, net of tax									33,878	71,318	6,487
Net income attributable to noncontrolling interests									(7,794)	(7,060)	(10,961)
Income from continuing operations attributable to W. P. Carey									192,139	202,557	107,712
Real Estate Ownership | Domestic
Segment Reporting Information Profit Loss
Revenues									451,310	490,134	468,703
Operating expenses									(255,796)	(274,013)	(296,265)
Interest expense									(141,842)	(149,615)	(153,219)
Other income and expenses, excluding interest expense									(82,212)	9,887	11,793
Provision for income taxes									5,526	(4,808)	(6,219)
Gain (loss) on sale of real estate, net of tax									14,580	56,492	2,941
Net income attributable to noncontrolling interests									(8,808)	(7,591)	(5,358)
Income from continuing operations attributable to W. P. Carey									(17,242)	120,486	22,376
Real Estate Ownership | Germany
Segment Reporting Information Profit Loss
Revenues									60,907	68,372	65,777
Operating expenses									(20,276)	(28,473)	818
Interest expense									(1,859)	(15,681)	(15,432)
Other income and expenses, excluding interest expense									112	649	4,175
Provision for income taxes									(7,213)	(4,083)	(4,357)
Gain (loss) on sale of real estate, net of tax									5,867	0	21
Net income attributable to noncontrolling interests									1,966	252	(5,537)
Income from continuing operations attributable to W. P. Carey									39,504	21,036	45,465
Real Estate Ownership | Other International
Segment Reporting Information Profit Loss
Revenues									174,991	196,858	200,968
Operating expenses									(84,976)	(151,181)	(131,367)
Interest expense									(22,074)	(18,113)	(25,675)
Other income and expenses, excluding interest expense									89,513	6,057	(142)
Provision for income taxes									(56)	12,309	(7,372)
Gain (loss) on sale of real estate, net of tax									13,431	14,826	3,525
Net income attributable to noncontrolling interests									(952)	279	(66)
Income from continuing operations attributable to W. P. Carey									$ 169,877	$ 61,035	$ 39,871

Selected Quarterly Financial109

Selected Quarterly Financial Data (Unaudited) - Narratives (Details) $ in Millions	3 Months Ended
	Dec. 31, 2017USD ($)property	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)property	Mar. 31, 2016USD ($)
Quarterly Financial Information Disclosure [Abstract]
Gain on sale of real estate, net of tax	$ 11.1	$ 19.3	$ 49.1
Properties sold | property	5	5	4
Lease termination income				$ 32.2

Selected Quarterly Financial110

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Data
Revenues	$ 196,961	$ 210,754	$ 221,528	$ 219,059	$ 228,780	$ 225,247	$ 217,266	$ 270,240	$ 848,302	$ 941,533	$ 938,383
Expenses	111,711	115,164	127,991	134,882	144,564	136,472	160,697	180,000	489,748	621,733	580,829
Net income	74,473	83,654	67,131	59,825	48,470	112,302	53,171	60,864	285,083	274,807	185,227
Net income attributable to noncontrolling interests	736	(3,376)	(2,813)	(2,341)	(766)	(1,359)	(1,510)	(3,425)	(7,794)	(7,060)	(12,969)
Net Income Attributable to W. P. Carey	$ 75,209	$ 80,278	$ 64,318	$ 57,484	$ 47,704	$ 110,943	$ 51,661	$ 57,439	$ 277,289	$ 267,747	$ 172,258
Earnings per share attributable to W. P. Carey:
Basic (usd per share)	$ 0.69	$ 0.74	$ 0.60	$ 0.53	$ 0.44	$ 1.03	$ 0.48	$ 0.54
Diluted (usd per share)	0.69	0.74	0.59	0.53	0.44	1.03	0.48	0.54
Distributions declared per share (usd per share)	$ 1.01	$ 1.005	$ 1	$ 0.995	$ 0.99	$ 0.985	$ 0.98	$ 0.9742	$ 4.01	$ 3.9292	$ 3.8261

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended		2 Months Ended	3 Months Ended	12 Months Ended
	Feb. 23, 2018	Jan. 31, 2018	Feb. 23, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Events
Payment of mortgage loan					$ 344,440	$ 161,104	$ 90,328
Proceeds from repayment of short-term loans to affiliates					$ 277,894	$ 37,053	$ 185,447
Forecast | The New York Times Company | CPA:17 – Global
Subsequent Events
Projected proceeds from the sales of equity method investments		$ 250,000
Subsequent Event
Subsequent Events
Payment of mortgage loan	$ 24,900
Debt instrument stated interest rate	6.70%		6.70%
Subsequent Event | CWI 1
Subsequent Events
Proceeds from repayment of short-term loans to affiliates			$ 27,000
Subsequent Event | Bridge Loan | CWI 1
Subsequent Events
Proceeds from repayment of short-term loans to affiliates			20,000
Subsequent Event | Working Capital Facility | CWI 1
Subsequent Events
Proceeds from repayment of short-term loans to affiliates			$ 7,000
Subsequent Event | Long Term Incentive Plan | RSUs Awarded
Subsequent Events
Stock issued (share)				123,485
Subsequent Event | Long Term Incentive Plan | PSUs Awarded
Subsequent Events
Stock issued (share)				75,864
Subsequent Event | The New York Times Company | CPA:17 – Global
Subsequent Events
Equity method investment, ownership percentage		45.00%

Schedule II - Valuation And 112

Schedule II - Valuation And Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 27,350	$ 29,746	$ 20,672
Other Additions	18,031	8,810	10,001
Deductions	(6,226)	(11,206)	(927)
Balance at End of Year	$ 39,155	$ 27,350	$ 29,746

Schedule III - Real Estate a113

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation
Accumulated amortization (finite lived intangible assets)	$ 707,914	$ 539,495
Finite-lived intangible liabilities, gross	148,949	146,085
Accumulated amortization (intangible liabilities)	51,703	40,593
Real estate under construction	39,800
Federal income taxes	7,100,000
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite-lived intangible liabilities, gross	165,700
Accumulated amortization (intangible liabilities)	51,700
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite lived intangible assets, gross	1,853,471	1,803,755
Accumulated amortization (finite lived intangible assets)	$ 699,651	$ 534,427

Schedule III - Real Estate a114

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Land, Buildings and Improvements Subject to Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,107,534
Initial Cost to Company
Land	1,188,337
Buildings	4,138,933
Cost Capitalized Subsequent to Acquisition	253,609
Increase (Decrease) in Net Investments	(246,433)
Gross Amount at which Carried at Close of Period
Land	1,125,539
Buildings	4,208,907
Total	5,334,446	$ 5,182,267	$ 5,308,211	$ 4,976,685
Accumulated Depreciation	613,543	472,294	372,735	253,627
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Erlanger, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,526
Buildings	21,427
Cost Capitalized Subsequent to Acquisition	2,966
Increase (Decrease) in Net Investments	141
Gross Amount at which Carried at Close of Period
Land	1,526
Buildings	24,534
Total	26,060
Accumulated Depreciation	$ 12,683
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Thurmont, MD and Farmington, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	729
Buildings	5,903
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	729
Buildings	5,903
Total	6,632
Accumulated Depreciation	$ 1,451
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Montgomery, AL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	855
Buildings	6,762
Cost Capitalized Subsequent to Acquisition	277
Increase (Decrease) in Net Investments	(7,017)
Gross Amount at which Carried at Close of Period
Land	142
Buildings	735
Total	877
Accumulated Depreciation	$ 492
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Anchorage, AK and Commerce, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,905
Buildings	11,898
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	12
Gross Amount at which Carried at Close of Period
Land	4,905
Buildings	11,910
Total	16,815
Accumulated Depreciation	$ 4,613
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Toledo, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	224
Buildings	2,408
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	224
Buildings	2,408
Total	2,632
Accumulated Depreciation	$ 1,505
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Goshen, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	239
Buildings	940
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	239
Buildings	940
Total	1,179
Accumulated Depreciation	$ 368
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Raleigh, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,638
Buildings	2,844
Cost Capitalized Subsequent to Acquisition	187
Increase (Decrease) in Net Investments	(2,554)
Gross Amount at which Carried at Close of Period
Land	828
Buildings	1,287
Total	2,115
Accumulated Depreciation	$ 795
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in King of Prussia, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,219
Buildings	6,283
Cost Capitalized Subsequent to Acquisition	1,295
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,219
Buildings	7,578
Total	8,797
Accumulated Depreciation	$ 3,642
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Pinconning, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	32
Buildings	1,692
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	32
Buildings	1,692
Total	1,724
Accumulated Depreciation	$ 846
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in San Fernando, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,351
Initial Cost to Company
Land	2,052
Buildings	5,322
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,889)
Gross Amount at which Carried at Close of Period
Land	1,494
Buildings	3,991
Total	5,485
Accumulated Depreciation	$ 2,012
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,382
Buildings	0
Cost Capitalized Subsequent to Acquisition	238
Increase (Decrease) in Net Investments	14,229
Gross Amount at which Carried at Close of Period
Land	9,025
Buildings	14,824
Total	23,849
Accumulated Depreciation	$ 3,053
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Glendora, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,135
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	17
Gross Amount at which Carried at Close of Period
Land	1,152
Buildings	0
Total	1,152
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Doraville, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,288
Buildings	9,864
Cost Capitalized Subsequent to Acquisition	15,629
Increase (Decrease) in Net Investments	(11,410)
Gross Amount at which Carried at Close of Period
Land	3,288
Buildings	14,083
Total	17,371
Accumulated Depreciation	$ 408
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 45,726
Initial Cost to Company
Land	3,490
Buildings	72,497
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(15,609)
Gross Amount at which Carried at Close of Period
Land	288
Buildings	60,090
Total	60,378
Accumulated Depreciation	$ 13,896
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Irving and Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,795
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,795
Buildings	0
Total	9,795
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chandler, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	8,097
Initial Cost to Company
Land	5,035
Buildings	18,957
Cost Capitalized Subsequent to Acquisition	7,435
Increase (Decrease) in Net Investments	541
Gross Amount at which Carried at Close of Period
Land	5,035
Buildings	26,933
Total	31,968
Accumulated Depreciation	$ 12,888
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Bridgeton, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	842
Buildings	4,762
Cost Capitalized Subsequent to Acquisition	2,523
Increase (Decrease) in Net Investments	71
Gross Amount at which Carried at Close of Period
Land	842
Buildings	7,356
Total	8,198
Accumulated Depreciation	$ 3,217
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Drayton Plains, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,039
Buildings	4,788
Cost Capitalized Subsequent to Acquisition	236
Increase (Decrease) in Net Investments	(2,296)
Gross Amount at which Carried at Close of Period
Land	494
Buildings	3,273
Total	3,767
Accumulated Depreciation	$ 1,094
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Memphis, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,882
Buildings	3,973
Cost Capitalized Subsequent to Acquisition	294
Increase (Decrease) in Net Investments	(3,892)
Gross Amount at which Carried at Close of Period
Land	328
Buildings	1,929
Total	2,257
Accumulated Depreciation	$ 1,050
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Bellevue, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,125
Buildings	11,812
Cost Capitalized Subsequent to Acquisition	393
Increase (Decrease) in Net Investments	(123)
Gross Amount at which Carried at Close of Period
Land	4,371
Buildings	11,836
Total	16,207
Accumulated Depreciation	$ 5,771
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Rio Rancho, NM
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,190
Buildings	9,353
Cost Capitalized Subsequent to Acquisition	5,866
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,287
Buildings	14,122
Total	16,409
Accumulated Depreciation	$ 5,342
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Moorestown, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	351
Buildings	5,981
Cost Capitalized Subsequent to Acquisition	1,619
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	351
Buildings	7,601
Total	7,952
Accumulated Depreciation	$ 3,847
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Lenexa, KS and Winston-Salem, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,860
Buildings	12,539
Cost Capitalized Subsequent to Acquisition	2,875
Increase (Decrease) in Net Investments	(1,135)
Gross Amount at which Carried at Close of Period
Land	1,725
Buildings	14,414
Total	16,139
Accumulated Depreciation	$ 5,324
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in Playa Vista and Venice, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 43,978
Initial Cost to Company
Land	2,032
Buildings	10,152
Cost Capitalized Subsequent to Acquisition	52,817
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	5,889
Buildings	59,113
Total	65,002
Accumulated Depreciation	$ 11,746
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Greenfield, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,807
Buildings	10,335
Cost Capitalized Subsequent to Acquisition	223
Increase (Decrease) in Net Investments	(8,383)
Gross Amount at which Carried at Close of Period
Land	967
Buildings	4,015
Total	4,982
Accumulated Depreciation	$ 1,570
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Scottsdale, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	586
Buildings	46
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	586
Buildings	46
Total	632
Accumulated Depreciation	$ 15
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Hot Springs, AR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	850
Buildings	2,939
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	(2,614)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	1,177
Total	1,177
Accumulated Depreciation	$ 392
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Apopka, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	362
Buildings	10,855
Cost Capitalized Subsequent to Acquisition	920
Increase (Decrease) in Net Investments	(155)
Gross Amount at which Carried at Close of Period
Land	337
Buildings	11,645
Total	11,982
Accumulated Depreciation	$ 3,580
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in San Leandro, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,532
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,532
Buildings	0
Total	1,532
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Fitness facility in Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,725
Buildings	5,168
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,725
Buildings	5,168
Total	6,893
Accumulated Depreciation	$ 2,010
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Wroclaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,931
Initial Cost to Company
Land	3,600
Buildings	10,306
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,060)
Gross Amount at which Carried at Close of Period
Land	2,999
Buildings	7,847
Total	10,846
Accumulated Depreciation	$ 1,960
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 30,552
Initial Cost to Company
Land	4,600
Buildings	37,580
Cost Capitalized Subsequent to Acquisition	101
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,600
Buildings	37,681
Total	42,281
Accumulated Depreciation	$ 7,438
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Mallorca, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	11,109
Buildings	12,636
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	95
Gross Amount at which Carried at Close of Period
Land	11,133
Buildings	12,707
Total	23,840
Accumulated Depreciation	$ 2,406
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,646
Buildings	12,367
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,646
Buildings	12,367
Total	18,013
Accumulated Depreciation	$ 1,737
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 133,185
Initial Cost to Company
Land	32,680
Buildings	198,999
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	32,680
Buildings	198,999
Total	231,679
Accumulated Depreciation	$ 28,786
Land, Buildings and Improvements Subject to Operating Leases | Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,403
Buildings	20,298
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,870)
Gross Amount at which Carried at Close of Period
Land	2,589
Buildings	18,242
Total	20,831
Accumulated Depreciation	$ 2,721
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Irvine, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,617
Initial Cost to Company
Land	4,173
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,173
Buildings	0
Total	4,173
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Alpharetta, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,198
Buildings	6,349
Cost Capitalized Subsequent to Acquisition	1,247
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,198
Buildings	7,596
Total	9,794
Accumulated Depreciation	$ 1,213
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Clinton, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 20,916
Initial Cost to Company
Land	2,866
Buildings	34,834
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,866
Buildings	34,834
Total	37,700
Accumulated Depreciation	$ 6,107
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in St. Petersburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,280
Buildings	24,627
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,280
Buildings	24,627
Total	27,907
Accumulated Depreciation	$ 4,302
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Baton Rouge, LA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,168
Buildings	5,724
Cost Capitalized Subsequent to Acquisition	3,200
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,168
Buildings	8,924
Total	13,092
Accumulated Depreciation	$ 1,080
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facility in San Diego, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,804
Buildings	16,729
Cost Capitalized Subsequent to Acquisition	1,725
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,804
Buildings	18,454
Total	26,258
Accumulated Depreciation	$ 3,585
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Richmond, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	895
Buildings	1,953
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	895
Buildings	1,953
Total	2,848
Accumulated Depreciation	$ 342
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 54,863
Initial Cost to Company
Land	16,386
Buildings	84,668
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	16,386
Buildings	84,668
Total	101,054
Accumulated Depreciation	$ 14,723
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Orlando, FL; Rocky Mount, NC; and Lewisville, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,163
Buildings	17,715
Cost Capitalized Subsequent to Acquisition	384
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,163
Buildings	18,099
Total	20,262
Accumulated Depreciation	$ 3,110
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chattanooga, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	558
Buildings	5,923
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	558
Buildings	5,923
Total	6,481
Accumulated Depreciation	$ 1,027
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Mooresville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,959
Initial Cost to Company
Land	756
Buildings	9,775
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	756
Buildings	9,775
Total	10,531
Accumulated Depreciation	$ 1,690
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in McCalla, AL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	960
Buildings	14,472
Cost Capitalized Subsequent to Acquisition	29,028
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,076
Buildings	42,384
Total	44,460
Accumulated Depreciation	$ 4,584
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Lower Makefield Township, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,726
Buildings	12,781
Cost Capitalized Subsequent to Acquisition	144
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,726
Buildings	12,925
Total	14,651
Accumulated Depreciation	$ 2,205
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Fort Smith, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,063
Buildings	6,159
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,063
Buildings	6,159
Total	7,222
Accumulated Depreciation	$ 1,054
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Greenwood, IN and Buffalo, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,659
Initial Cost to Company
Land	0
Buildings	19,990
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	19,990
Total	19,990
Accumulated Depreciation	$ 3,383
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Greenwood, IN and Buffalo, NY | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Greenwood, IN and Buffalo, NY | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Bowling Green, KY and Jackson, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,593
Initial Cost to Company
Land	1,492
Buildings	8,182
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,492
Buildings	8,182
Total	9,674
Accumulated Depreciation	$ 1,396
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Bowling Green, KY and Jackson, TN | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 28,469
Initial Cost to Company
Land	14,006
Buildings	33,683
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,878)
Gross Amount at which Carried at Close of Period
Land	11,179
Buildings	32,632
Total	43,811
Accumulated Depreciation	$ 5,361
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,053
Initial Cost to Company
Land	6,559
Buildings	19,078
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,559
Buildings	19,078
Total	25,637
Accumulated Depreciation	$ 3,228
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,168
Initial Cost to Company
Land	6,080
Buildings	23,424
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,080
Buildings	23,424
Total	29,504
Accumulated Depreciation	$ 3,932
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facilities in Englewood, CO; Memphis TN; and Bedford, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,695
Initial Cost to Company
Land	4,877
Buildings	4,258
Cost Capitalized Subsequent to Acquisition	5,215
Increase (Decrease) in Net Investments	4,756
Gross Amount at which Carried at Close of Period
Land	4,877
Buildings	14,229
Total	19,106
Accumulated Depreciation	$ 2,184
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Mons, Belgium
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,373
Initial Cost to Company
Land	1,505
Buildings	6,026
Cost Capitalized Subsequent to Acquisition	653
Increase (Decrease) in Net Investments	(584)
Gross Amount at which Carried at Close of Period
Land	1,404
Buildings	6,196
Total	7,600
Accumulated Depreciation	$ 988
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Oceanside, CA and Concordville, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,022
Initial Cost to Company
Land	3,333
Buildings	8,270
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,333
Buildings	8,270
Total	11,603
Accumulated Depreciation	$ 1,392
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Self-storage facilities located throughout the United States
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	74,551
Buildings	319,186
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(50)
Gross Amount at which Carried at Close of Period
Land	74,501
Buildings	319,186
Total	393,687
Accumulated Depreciation	$ 53,153
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in La Vista, NE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 20,178
Initial Cost to Company
Land	4,196
Buildings	23,148
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,196
Buildings	23,148
Total	27,344
Accumulated Depreciation	$ 3,633
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Pleasanton, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,633
Initial Cost to Company
Land	3,675
Buildings	7,468
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,675
Buildings	7,468
Total	11,143
Accumulated Depreciation	$ 1,240
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in San Marcos, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	440
Buildings	688
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	440
Buildings	688
Total	1,128
Accumulated Depreciation	$ 114
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,266
Initial Cost to Company
Land	2,169
Buildings	19,010
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,169
Buildings	19,010
Total	21,179
Accumulated Depreciation	$ 3,132
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Hollywood and Orlando, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,639
Buildings	1,269
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,639
Buildings	1,269
Total	4,908
Accumulated Depreciation	$ 209
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Golden, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	808
Buildings	4,304
Cost Capitalized Subsequent to Acquisition	77
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	808
Buildings	4,381
Total	5,189
Accumulated Depreciation	$ 793
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Texarkana, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,755
Buildings	4,493
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,783)
Gross Amount at which Carried at Close of Period
Land	216
Buildings	3,249
Total	3,465
Accumulated Depreciation	$ 535
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Eugene, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,252
Initial Cost to Company
Land	2,286
Buildings	3,783
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,286
Buildings	3,783
Total	6,069
Accumulated Depreciation	$ 623
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in South Jordan, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 11,613
Initial Cost to Company
Land	2,183
Buildings	11,340
Cost Capitalized Subsequent to Acquisition	1,642
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,183
Buildings	12,982
Total	15,165
Accumulated Depreciation	$ 1,909
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Ennis, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	478
Buildings	4,087
Cost Capitalized Subsequent to Acquisition	145
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	478
Buildings	4,232
Total	4,710
Accumulated Depreciation	$ 819
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Braintree, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,835
Initial Cost to Company
Land	2,409
Buildings	0
Cost Capitalized Subsequent to Acquisition	6,184
Increase (Decrease) in Net Investments	(1,403)
Gross Amount at which Carried at Close of Period
Land	1,006
Buildings	6,184
Total	7,190
Accumulated Depreciation	$ 795
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Paris, France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 57,518
Initial Cost to Company
Land	23,387
Buildings	43,450
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,507)
Gross Amount at which Carried at Close of Period
Land	21,810
Buildings	40,520
Total	62,330
Accumulated Depreciation	$ 6,507
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 119,146
Initial Cost to Company
Land	26,564
Buildings	72,866
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,703)
Gross Amount at which Carried at Close of Period
Land	24,773
Buildings	67,954
Total	92,727
Accumulated Depreciation	$ 14,991
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Laupheim, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,072
Buildings	8,339
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(702)
Gross Amount at which Carried at Close of Period
Land	1,933
Buildings	7,776
Total	9,709
Accumulated Depreciation	$ 2,047
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Danbury, CT and Bedford, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,942
Initial Cost to Company
Land	3,519
Buildings	16,329
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,519
Buildings	16,329
Total	19,848
Accumulated Depreciation	$ 2,871
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Venlo, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,154
Buildings	18,590
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,233)
Gross Amount at which Carried at Close of Period
Land	9,365
Buildings	17,146
Total	26,511
Accumulated Depreciation	$ 2,362
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facility in Tampere, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,309
Buildings	37,153
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,158)
Gross Amount at which Carried at Close of Period
Land	2,098
Buildings	34,206
Total	36,304
Accumulated Depreciation	$ 5,008
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Quincy, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,316
Buildings	21,537
Cost Capitalized Subsequent to Acquisition	127
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,316
Buildings	21,664
Total	23,980
Accumulated Depreciation	$ 2,654
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Salford, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	30,012
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,078)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	25,934
Total	25,934
Accumulated Depreciation	$ 2,886
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Lone Tree, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,761
Buildings	28,864
Cost Capitalized Subsequent to Acquisition	2,837
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,761
Buildings	31,701
Total	36,462
Accumulated Depreciation	$ 3,716
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Mönchengladbach, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 35,353
Initial Cost to Company
Land	2,154
Buildings	6,917
Cost Capitalized Subsequent to Acquisition	50,626
Increase (Decrease) in Net Investments	3,494
Gross Amount at which Carried at Close of Period
Land	2,303
Buildings	60,888
Total	63,191
Accumulated Depreciation	$ 3,175
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,992
Initial Cost to Company
Land	2,430
Buildings	2,270
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,430
Buildings	2,270
Total	4,700
Accumulated Depreciation	$ 396
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facility in St. Charles, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,966
Buildings	1,368
Cost Capitalized Subsequent to Acquisition	1,352
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,966
Buildings	2,720
Total	4,686
Accumulated Depreciation	$ 286
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facility in Salt Lake City, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,703
Initial Cost to Company
Land	856
Buildings	2,804
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	856
Buildings	2,804
Total	3,660
Accumulated Depreciation	$ 425
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Scottsdale, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,014
Initial Cost to Company
Land	22,300
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,300
Buildings	0
Total	22,300
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Aurora, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,843
Initial Cost to Company
Land	737
Buildings	2,609
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	737
Buildings	2,609
Total	3,346
Accumulated Depreciation	$ 323
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Burlington, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,989
Buildings	6,213
Cost Capitalized Subsequent to Acquisition	377
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,989
Buildings	6,590
Total	10,579
Accumulated Depreciation	$ 998
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Albuquerque, NM
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,467
Buildings	3,476
Cost Capitalized Subsequent to Acquisition	606
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,467
Buildings	4,082
Total	6,549
Accumulated Depreciation	$ 588
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in North Salt Lake, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,601
Buildings	17,626
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(16,936)
Gross Amount at which Carried at Close of Period
Land	4,388
Buildings	6,903
Total	11,291
Accumulated Depreciation	$ 1,033
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Lexington, NC and Murrysville, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,185
Buildings	12,058
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,713
Gross Amount at which Carried at Close of Period
Land	1,608
Buildings	15,348
Total	16,956
Accumulated Depreciation	$ 2,165
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Lexington, NC and Murrysville, PA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Welcome, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	980
Buildings	11,230
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(11,724)
Gross Amount at which Carried at Close of Period
Land	486
Buildings	0
Total	486
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	24,149
Initial Cost to Company
Land	4,005
Buildings	44,192
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,005
Buildings	44,192
Total	48,197
Accumulated Depreciation	$ 7,259
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,267
Initial Cost to Company
Land	8,451
Buildings	25,457
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	298
Gross Amount at which Carried at Close of Period
Land	8,451
Buildings	25,755
Total	34,206
Accumulated Depreciation	$ 3,511
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	17 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Torrance, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,412
Buildings	12,241
Cost Capitalized Subsequent to Acquisition	1,213
Increase (Decrease) in Net Investments	(77)
Gross Amount at which Carried at Close of Period
Land	8,335
Buildings	13,454
Total	21,789
Accumulated Depreciation	$ 2,162
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,274
Initial Cost to Company
Land	6,578
Buildings	424
Cost Capitalized Subsequent to Acquisition	560
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,578
Buildings	984
Total	7,562
Accumulated Depreciation	$ 174
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Doncaster, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,257
Buildings	4,248
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(8,102)
Gross Amount at which Carried at Close of Period
Land	403
Buildings	0
Total	403
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Norwich, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	9,888
Initial Cost to Company
Land	3,885
Buildings	21,342
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	3,885
Buildings	21,344
Total	25,229
Accumulated Depreciation	$ 2,958
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Norwich, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,437
Buildings	9,669
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,437
Buildings	9,669
Total	11,106
Accumulated Depreciation	$ 1,340
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Johnstown, PA and warehouse facility in Whitehall, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,435
Buildings	9,093
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,297)
Gross Amount at which Carried at Close of Period
Land	7,140
Buildings	7,091
Total	14,231
Accumulated Depreciation	$ 1,545
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in York, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,325
Initial Cost to Company
Land	3,776
Buildings	10,092
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,776
Buildings	10,092
Total	13,868
Accumulated Depreciation	$ 1,274
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in York, PA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in York, PA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Pittsburgh, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,151
Buildings	10,938
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,151
Buildings	10,938
Total	12,089
Accumulated Depreciation	$ 1,730
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, GA and Elkwood, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,356
Buildings	4,121
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,104)
Gross Amount at which Carried at Close of Period
Land	4,284
Buildings	3,089
Total	7,373
Accumulated Depreciation	$ 434
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Harrisburg, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,753
Buildings	5,840
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(111)
Gross Amount at which Carried at Close of Period
Land	1,642
Buildings	5,840
Total	7,482
Accumulated Depreciation	$ 877
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Nashville, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,067
Initial Cost to Company
Land	1,098
Buildings	7,043
Cost Capitalized Subsequent to Acquisition	3,345
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,098
Buildings	10,388
Total	11,486
Accumulated Depreciation	$ 1,272
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,494
Initial Cost to Company
Land	4,306
Buildings	7,235
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Land	4,306
Buildings	7,238
Total	11,544
Accumulated Depreciation	$ 937
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Cynthiana, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,145
Initial Cost to Company
Land	1,274
Buildings	3,505
Cost Capitalized Subsequent to Acquisition	480
Increase (Decrease) in Net Investments	(107)
Gross Amount at which Carried at Close of Period
Land	1,274
Buildings	3,878
Total	5,152
Accumulated Depreciation	$ 510
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,843
Buildings	11,886
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,843
Buildings	11,886
Total	14,729
Accumulated Depreciation	$ 2,060
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Midlothian, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,824
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,824
Buildings	0
Total	2,824
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Net-lease student housing facility in Laramie, WY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,966
Buildings	18,896
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,966
Buildings	18,896
Total	20,862
Accumulated Depreciation	$ 3,235
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Greenville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,094
Initial Cost to Company
Land	562
Buildings	7,916
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	43
Gross Amount at which Carried at Close of Period
Land	562
Buildings	7,959
Total	8,521
Accumulated Depreciation	$ 1,242
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Mendota, IL; Toppenish, WA; and Plover, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,444
Buildings	21,208
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(623)
Gross Amount at which Carried at Close of Period
Land	1,382
Buildings	20,647
Total	22,029
Accumulated Depreciation	$ 3,606
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Allen, TX and office facility in Sunnyvale, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,173
Initial Cost to Company
Land	9,297
Buildings	24,086
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(42)
Gross Amount at which Carried at Close of Period
Land	9,255
Buildings	24,086
Total	33,341
Accumulated Depreciation	$ 3,050
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Hampton, NH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,984
Initial Cost to Company
Land	8,990
Buildings	7,362
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,990
Buildings	7,362
Total	16,352
Accumulated Depreciation	$ 950
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities located throughout France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	36,306
Buildings	5,212
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,938)
Gross Amount at which Carried at Close of Period
Land	31,988
Buildings	4,592
Total	36,580
Accumulated Depreciation	$ 785
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Fairfax, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,764
Initial Cost to Company
Land	3,402
Buildings	16,353
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,402
Buildings	16,353
Total	19,755
Accumulated Depreciation	$ 2,431
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Lombard, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,764
Initial Cost to Company
Land	5,087
Buildings	8,578
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,087
Buildings	8,578
Total	13,665
Accumulated Depreciation	$ 1,275
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Plainfield, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 19,356
Initial Cost to Company
Land	1,578
Buildings	29,415
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,578
Buildings	29,415
Total	30,993
Accumulated Depreciation	$ 3,797
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Kennesaw, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,304
Initial Cost to Company
Land	2,849
Buildings	6,180
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,849
Buildings	6,180
Total	9,029
Accumulated Depreciation	$ 919
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Leawood, KS
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,453
Initial Cost to Company
Land	1,487
Buildings	13,417
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,487
Buildings	13,417
Total	14,904
Accumulated Depreciation	$ 1,995
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tolland, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,775
Initial Cost to Company
Land	1,817
Buildings	5,709
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	11
Gross Amount at which Carried at Close of Period
Land	1,817
Buildings	5,720
Total	7,537
Accumulated Depreciation	$ 817
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Lincolnton, NC and Mauldin, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,506
Initial Cost to Company
Land	1,962
Buildings	9,247
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,962
Buildings	9,247
Total	11,209
Accumulated Depreciation	$ 1,289
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	81,109
Buildings	153,927
Cost Capitalized Subsequent to Acquisition	1,526
Increase (Decrease) in Net Investments	(27,924)
Gross Amount at which Carried at Close of Period
Land	71,461
Buildings	137,177
Total	208,638
Accumulated Depreciation	18,722
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,726
Buildings	4,856
Cost Capitalized Subsequent to Acquisition	89
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,726
Buildings	4,945
Total	6,671
Accumulated Depreciation	$ 622
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in The Woodlands, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 19,003
Initial Cost to Company
Land	3,204
Buildings	24,997
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,204
Buildings	24,997
Total	28,201
Accumulated Depreciation	$ 3,107
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Valdosta, GA and Johnson City, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,559
Initial Cost to Company
Land	1,080
Buildings	14,998
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,080
Buildings	14,998
Total	16,078
Accumulated Depreciation	$ 2,209
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Amherst, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,669
Initial Cost to Company
Land	674
Buildings	7,971
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	674
Buildings	7,971
Total	8,645
Accumulated Depreciation	$ 1,392
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and warehouse facilities in Westfield, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,922
Buildings	9,755
Cost Capitalized Subsequent to Acquisition	7,435
Increase (Decrease) in Net Investments	9
Gross Amount at which Carried at Close of Period
Land	1,922
Buildings	17,199
Total	19,121
Accumulated Depreciation	$ 1,851
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Kottka, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	8,546
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,017)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	7,529
Total	7,529
Accumulated Depreciation	$ 1,350
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Kottka, Finland | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Kottka, Finland | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Bloomington, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,942
Buildings	7,155
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,942
Buildings	7,155
Total	10,097
Accumulated Depreciation	$ 989
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Gorinchem, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,773
Initial Cost to Company
Land	1,143
Buildings	5,648
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(808)
Gross Amount at which Carried at Close of Period
Land	1,007
Buildings	4,976
Total	5,983
Accumulated Depreciation	$ 688
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Cresskill, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,366
Buildings	5,482
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	19
Gross Amount at which Carried at Close of Period
Land	2,366
Buildings	5,501
Total	7,867
Accumulated Depreciation	$ 691
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Livingston, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,055
Initial Cost to Company
Land	2,932
Buildings	2,001
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	14
Gross Amount at which Carried at Close of Period
Land	2,932
Buildings	2,015
Total	4,947
Accumulated Depreciation	$ 290
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Maplewood, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	845
Buildings	647
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	845
Buildings	651
Total	1,496
Accumulated Depreciation	$ 94
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Montclair, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,905
Buildings	1,403
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	6
Gross Amount at which Carried at Close of Period
Land	1,905
Buildings	1,409
Total	3,314
Accumulated Depreciation	$ 203
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Morristown, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,258
Buildings	8,352
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	26
Gross Amount at which Carried at Close of Period
Land	3,258
Buildings	8,378
Total	11,636
Accumulated Depreciation	$ 1,207
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Summit, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,228
Buildings	1,465
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	8
Gross Amount at which Carried at Close of Period
Land	1,228
Buildings	1,473
Total	2,701
Accumulated Depreciation	$ 212
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facilities in Bunde, Dransfeld, and Wolfach, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,789
Buildings	8,750
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,328)
Gross Amount at which Carried at Close of Period
Land	2,457
Buildings	7,754
Total	10,211
Accumulated Depreciation	$ 1,247
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Georgetown, TX and Woodland, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	965
Buildings	4,113
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	965
Buildings	4,113
Total	5,078
Accumulated Depreciation	$ 477
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Georgetown, TX and Woodland, WA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Georgetown, TX and Woodland, WA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,365
Buildings	7,845
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	5,365
Buildings	7,850
Total	13,215
Accumulated Depreciation	$ 1,104
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Ylämylly, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,096
Initial Cost to Company
Land	1,669
Buildings	6,034
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(917)
Gross Amount at which Carried at Close of Period
Land	1,470
Buildings	5,316
Total	6,786
Accumulated Depreciation	$ 611
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Salisbury, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,851
Initial Cost to Company
Land	1,499
Buildings	8,185
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,499
Buildings	8,185
Total	9,684
Accumulated Depreciation	$ 1,155
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,575
Initial Cost to Company
Land	2,831
Buildings	10,565
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,831
Buildings	10,565
Total	13,396
Accumulated Depreciation	$ 1,522
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Cambridge, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,849
Buildings	7,371
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,001)
Gross Amount at which Carried at Close of Period
Land	1,648
Buildings	6,571
Total	8,219
Accumulated Depreciation	$ 823
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,291
Initial Cost to Company
Land	2,962
Buildings	17,832
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,962
Buildings	17,832
Total	20,794
Accumulated Depreciation	$ 2,234
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Ramos Arizpe, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,059
Buildings	2,886
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,059
Buildings	2,886
Total	3,945
Accumulated Depreciation	$ 361
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Salt Lake City, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,783
Buildings	3,773
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,783
Buildings	3,773
Total	6,556
Accumulated Depreciation	$ 472
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Salt Lake City, UT | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Salt Lake City, UT | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease student housing facility in Blairsville, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,582
Initial Cost to Company
Land	1,631
Buildings	23,163
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,631
Buildings	23,163
Total	24,794
Accumulated Depreciation	$ 3,718
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Nashville, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,078
Buildings	5,619
Cost Capitalized Subsequent to Acquisition	302
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,078
Buildings	5,921
Total	6,999
Accumulated Depreciation	$ 1,039
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Lafayette, LA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,048
Buildings	1,507
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(587)
Gross Amount at which Carried at Close of Period
Land	785
Buildings	1,183
Total	1,968
Accumulated Depreciation	$ 218
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, Doraville, and Rockmart, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,488
Buildings	77,192
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,488
Buildings	77,192
Total	83,680
Accumulated Depreciation	$ 10,593
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Flora, MS and Muskogee, OK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,269
Initial Cost to Company
Land	554
Buildings	4,353
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	554
Buildings	4,353
Total	4,907
Accumulated Depreciation	$ 520
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Richmond, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,162
Initial Cost to Company
Land	2,211
Buildings	8,505
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,211
Buildings	8,505
Total	10,716
Accumulated Depreciation	$ 1,207
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,643
Initial Cost to Company
Land	468
Buildings	8,042
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	468
Buildings	8,042
Total	8,510
Accumulated Depreciation	$ 1,335
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Tuusula, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,173
Buildings	10,321
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,962)
Gross Amount at which Carried at Close of Period
Land	5,439
Buildings	9,093
Total	14,532
Accumulated Depreciation	$ 1,396
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Turku, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,343
Buildings	34,106
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,693)
Gross Amount at which Carried at Close of Period
Land	4,707
Buildings	30,049
Total	34,756
Accumulated Depreciation	$ 4,227
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Turku, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,105
Buildings	10,243
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,334)
Gross Amount at which Carried at Close of Period
Land	973
Buildings	9,041
Total	10,014
Accumulated Depreciation	$ 1,277
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Baraboo, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	917
Buildings	10,663
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	917
Buildings	10,663
Total	11,580
Accumulated Depreciation	$ 3,190
Life on which Depreciation in Latest Statement of Income is Computed	13 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Phoenix, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,966
Initial Cost to Company
Land	6,747
Buildings	21,352
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,747
Buildings	21,352
Total	28,099
Accumulated Depreciation	$ 3,012
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Calgary, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,721
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(404)
Gross Amount at which Carried at Close of Period
Land	3,317
Buildings	0
Total	3,317
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,997
Initial Cost to Company
Land	955
Buildings	4,779
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	955
Buildings	4,779
Total	5,734
Accumulated Depreciation	$ 603
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Buffalo Grove, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,188
Initial Cost to Company
Land	1,492
Buildings	12,233
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,492
Buildings	12,233
Total	13,725
Accumulated Depreciation	$ 1,549
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Spanish Fork, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,611
Initial Cost to Company
Land	991
Buildings	7,901
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	991
Buildings	7,901
Total	8,892
Accumulated Depreciation	$ 947
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in West Jordan, UT and Tacoma, WA; office facility in Eugene, OR; and warehouse facility in Perris, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,989
Buildings	5,435
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	8
Gross Amount at which Carried at Close of Period
Land	8,989
Buildings	5,443
Total	14,432
Accumulated Depreciation	$ 759
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Carlsbad, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,230
Buildings	5,492
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,230
Buildings	5,492
Total	8,722
Accumulated Depreciation	$ 912
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Pensacola, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,746
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,746
Buildings	0
Total	1,746
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Port St. Lucie, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,654
Buildings	2,576
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,654
Buildings	2,576
Total	7,230
Accumulated Depreciation	$ 369
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Hickory Creek, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,693
Buildings	3,342
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,693
Buildings	3,342
Total	5,035
Accumulated Depreciation	$ 489
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Nurieux-Volognat, France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	121
Buildings	5,328
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(541)
Gross Amount at which Carried at Close of Period
Land	106
Buildings	4,802
Total	4,908
Accumulated Depreciation	$ 581
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Suwanee, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,330
Buildings	8,406
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,330
Buildings	8,406
Total	10,736
Accumulated Depreciation	$ 973
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,878
Buildings	8,579
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,878
Buildings	8,579
Total	10,457
Accumulated Depreciation	$ 1,434
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,032
Initial Cost to Company
Land	1,403
Buildings	11,098
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,403
Buildings	11,098
Total	12,501
Accumulated Depreciation	$ 2,673
Life on which Depreciation in Latest Statement of Income is Computed	16 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Mesa, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,307
Initial Cost to Company
Land	2,888
Buildings	4,282
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,888
Buildings	4,282
Total	7,170
Accumulated Depreciation	$ 615
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in North Amityville, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,157
Initial Cost to Company
Land	3,486
Buildings	11,413
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,486
Buildings	11,413
Total	14,899
Accumulated Depreciation	$ 1,718
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Greenville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	567
Buildings	10,217
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	15
Gross Amount at which Carried at Close of Period
Land	567
Buildings	10,232
Total	10,799
Accumulated Depreciation	$ 1,945
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Fort Collins, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	821
Buildings	7,236
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	821
Buildings	7,236
Total	8,057
Accumulated Depreciation	$ 863
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Elk Grove Village, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,585
Initial Cost to Company
Land	4,037
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,037
Buildings	0
Total	4,037
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Washington, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,085
Buildings	7,496
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,085
Buildings	7,496
Total	11,581
Accumulated Depreciation	$ 896
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	522
Buildings	7,448
Cost Capitalized Subsequent to Acquisition	227
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	522
Buildings	7,675
Total	8,197
Accumulated Depreciation	$ 1,134
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,678
Initial Cost to Company
Land	4,049
Buildings	13,021
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	133
Gross Amount at which Carried at Close of Period
Land	4,049
Buildings	13,154
Total	17,203
Accumulated Depreciation	$ 2,758
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	22 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Sacramento, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 26,433
Initial Cost to Company
Land	0
Buildings	13,715
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	13,715
Total	13,715
Accumulated Depreciation	$ 1,607
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,138
Buildings	8,387
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	43
Gross Amount at which Carried at Close of Period
Land	5,138
Buildings	8,430
Total	13,568
Accumulated Depreciation	$ 1,191
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tinton Falls, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,958
Buildings	7,993
Cost Capitalized Subsequent to Acquisition	13
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,958
Buildings	8,006
Total	9,964
Accumulated Depreciation	$ 1,025
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Woodland, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	707
Buildings	1,562
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	707
Buildings	1,562
Total	2,269
Accumulated Depreciation	$ 173
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Gyál and Herceghalom, Hungary
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 36,115
Initial Cost to Company
Land	14,601
Buildings	21,915
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,343)
Gross Amount at which Carried at Close of Period
Land	12,864
Buildings	19,309
Total	32,173
Accumulated Depreciation	$ 3,702
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Windsor, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	453
Buildings	637
Cost Capitalized Subsequent to Acquisition	3,422
Increase (Decrease) in Net Investments	(83)
Gross Amount at which Carried at Close of Period
Land	453
Buildings	3,976
Total	4,429
Accumulated Depreciation	$ 158
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Aurora, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,660
Initial Cost to Company
Land	574
Buildings	3,999
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	574
Buildings	3,999
Total	4,573
Accumulated Depreciation	$ 399
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Chandler, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,318
Buildings	27,551
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,318
Buildings	27,551
Total	32,869
Accumulated Depreciation	$ 3,003
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in University Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,962
Buildings	32,756
Cost Capitalized Subsequent to Acquisition	221
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,962
Buildings	32,977
Total	40,939
Accumulated Depreciation	$ 3,426
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Stavanger, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,296
Buildings	91,744
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(24,794)
Gross Amount at which Carried at Close of Period
Land	7,869
Buildings	69,377
Total	77,246
Accumulated Depreciation	$ 5,993
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Westborough, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,409
Buildings	37,914
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,409
Buildings	37,914
Total	41,323
Accumulated Depreciation	$ 3,562
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Andover, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,980
Buildings	45,120
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,980
Buildings	45,120
Total	49,100
Accumulated Depreciation	$ 3,884
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Newport, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	22,587
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,600)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	18,987
Total	18,987
Accumulated Depreciation	$ 1,555
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities located throughout Australia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	30,455
Buildings	94,724
Cost Capitalized Subsequent to Acquisition	15,086
Increase (Decrease) in Net Investments	(12,430)
Gross Amount at which Carried at Close of Period
Land	27,025
Buildings	100,810
Total	127,835
Accumulated Depreciation	18,164
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Lewisburg, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,627
Buildings	13,721
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,627
Buildings	13,721
Total	15,348
Accumulated Depreciation	$ 1,218
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Opole, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,151
Buildings	21,438
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(837)
Gross Amount at which Carried at Close of Period
Land	2,075
Buildings	20,677
Total	22,752
Accumulated Depreciation	$ 1,850
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities located throughout Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	51,778
Buildings	257,624
Cost Capitalized Subsequent to Acquisition	10
Increase (Decrease) in Net Investments	(5,620)
Gross Amount at which Carried at Close of Period
Land	53,909
Buildings	249,883
Total	303,792
Accumulated Depreciation	19,723
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	66,319
Buildings	230,113
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(43,068)
Gross Amount at which Carried at Close of Period
Land	56,266
Buildings	197,098
Total	253,364
Accumulated Depreciation	$ 19,184
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	33,935
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,924
Gross Amount at which Carried at Close of Period
Land	0
Buildings	35,859
Total	35,859
Accumulated Depreciation	$ 2,775
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Bad Fischau, Austria
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,855
Buildings	18,829
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,450
Gross Amount at which Carried at Close of Period
Land	3,178
Buildings	20,956
Total	24,134
Accumulated Depreciation	$ 1,867
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Oskarshamn, Sweden
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,090
Buildings	18,262
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	139
Gross Amount at which Carried at Close of Period
Land	3,109
Buildings	18,382
Total	21,491
Accumulated Depreciation	$ 1,284
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Sunderland, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,912
Buildings	30,140
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,383)
Gross Amount at which Carried at Close of Period
Land	2,525
Buildings	26,144
Total	28,669
Accumulated Depreciation	$ 1,824
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,449
Buildings	15,838
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,955
Gross Amount at which Carried at Close of Period
Land	10,179
Buildings	17,063
Total	27,242
Accumulated Depreciation	$ 1,423
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	49,190
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	49,190
Total	49,190
Accumulated Depreciation	$ 3,210
Land, Buildings and Improvements Subject to Operating Leases | Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Land, Buildings and Improvements Subject to Operating Leases | Hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,698
Buildings	38,130
Cost Capitalized Subsequent to Acquisition	79
Increase (Decrease) in Net Investments	5,118
Gross Amount at which Carried at Close of Period
Land	6,362
Buildings	42,663
Total	49,025
Accumulated Depreciation	$ 2,830
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Irvine, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,626
Buildings	16,137
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,626
Buildings	16,137
Total	23,763
Accumulated Depreciation	$ 858
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Windermere, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,090
Buildings	34,721
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,090
Buildings	34,721
Total	39,811
Accumulated Depreciation	$ 2,876
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities located throughout the United States
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	66,845
Buildings	87,575
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	66,845
Buildings	87,575
Total	154,420
Accumulated Depreciation	11,573
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in North Dumfries, Ottawa, Saint-Eustache, Uxbridge, and Whitchurch-Stouffville, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	17,155
Buildings	10,665
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,916)
Gross Amount at which Carried at Close of Period
Land	15,340
Buildings	10,564
Total	25,904
Accumulated Depreciation	1,772
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Coconut Creek, FL and Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	15,550
Buildings	83,862
Cost Capitalized Subsequent to Acquisition	18,136
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	15,550
Buildings	101,998
Total	117,548
Accumulated Depreciation	$ 4,903
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Coconut Creek, FL and Houston, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Coconut Creek, FL and Houston, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,585
Buildings	17,254
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,585
Buildings	17,254
Total	20,839
Accumulated Depreciation	$ 561
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Brampton, Toronto, and Vaughan, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	28,759
Buildings	13,998
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	28,759
Buildings	13,998
Total	42,757
Accumulated Depreciation	$ 542
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Brampton, Toronto, and Vaughan, Canada | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Brampton, Toronto, and Vaughan, Canada | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Queretaro and San Juan del Rio, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,152
Buildings	12,614
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,152
Buildings	12,614
Total	17,766
Accumulated Depreciation	$ 381
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Queretaro and San Juan del Rio, Mexico | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Queretaro and San Juan del Rio, Mexico | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,222
Buildings	2,655
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,222
Buildings	2,655
Total	4,877
Accumulated Depreciation	$ 61
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Roseville, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,560
Buildings	16,025
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,560
Buildings	16,025
Total	18,585
Accumulated Depreciation	$ 39
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 77,943
Initial Cost to Company
Land	92,358
Buildings	710,444
Cost Capitalized Subsequent to Acquisition	9
Increase (Decrease) in Net Investments	(81,204)
Gross Amount at which Carried at Close of Period
Total	721,607
Direct Financing Method | Retail facilities in Baton Rouge, Louisiana; and Kannapolis and Morgantown, North Carolina
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	16,416
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(15,514)
Gross Amount at which Carried at Close of Period
Total	902
Direct Financing Method | Industrial facilities in Glendora, CA and Romulus, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	454
Buildings	13,251
Cost Capitalized Subsequent to Acquisition	9
Increase (Decrease) in Net Investments	(4,388)
Gross Amount at which Carried at Close of Period
Total	9,326
Direct Financing Method | Industrial facilities in Irving and Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	27,599
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,004)
Gross Amount at which Carried at Close of Period
Total	23,595
Direct Financing Method | Retail facility in Freehold, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	7,823
Initial Cost to Company
Land	0
Buildings	17,067
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(186)
Gross Amount at which Carried at Close of Period
Total	16,881
Direct Financing Method | Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,402
Initial Cost to Company
Land	2,089
Buildings	14,211
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(596)
Gross Amount at which Carried at Close of Period
Total	15,704
Direct Financing Method | Retail facilities in Arnstadt, Borken, Bünde, Dorsten, Duisburg, Freiberg, Gütersloh, Leimbach-Kaiserro, Monheim, Oberhausen, Osnabrück, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, and Wuppertal Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	28,734
Buildings	145,854
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(12,329)
Gross Amount at which Carried at Close of Period
Total	162,259
Direct Financing Method | Warehouse facility in Brierley Hill, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,147
Buildings	12,357
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,457)
Gross Amount at which Carried at Close of Period
Total	13,047
Direct Financing Method | Industrial and warehouse facility in Mesquite, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,959
Initial Cost to Company
Land	2,851
Buildings	15,899
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,746)
Gross Amount at which Carried at Close of Period
Total	17,004
Direct Financing Method | Industrial facility in Rochester, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,188
Initial Cost to Company
Land	881
Buildings	17,039
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,834)
Gross Amount at which Carried at Close of Period
Total	16,086
Direct Financing Method | Office facility in Irvine, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	6,133
Initial Cost to Company
Land	0
Buildings	17,027
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,203)
Gross Amount at which Carried at Close of Period
Total	15,824
Direct Financing Method | Industrial facility in Brownwood, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	722
Buildings	6,268
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1)
Gross Amount at which Carried at Close of Period
Total	6,989
Direct Financing Method | Office facility in Scottsdale, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	19,258
Initial Cost to Company
Land	0
Buildings	43,570
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(686)
Gross Amount at which Carried at Close of Period
Total	42,884
Direct Financing Method | Retail facilities in El Paso and Fabens, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,777
Buildings	17,823
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(28)
Gross Amount at which Carried at Close of Period
Total	22,572
Direct Financing Method | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,190
Buildings	10,010
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	187
Gross Amount at which Carried at Close of Period
Total	13,387
Direct Financing Method | Industrial facility in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	6,748
Initial Cost to Company
Land	0
Buildings	11,548
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(208)
Gross Amount at which Carried at Close of Period
Total	11,340
Direct Financing Method | Industrial facilities in Albemarle and Old Fort, NC; Holmesville, OH; and Springfield, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	6,542
Buildings	20,668
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,553)
Gross Amount at which Carried at Close of Period
Total	25,657
Direct Financing Method | Movie theater in Midlothian, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	16,546
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	125
Gross Amount at which Carried at Close of Period
Total	16,671
Direct Financing Method | Industrial facilities located throughout France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	27,270
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,471)
Gross Amount at which Carried at Close of Period
Total	24,799
Direct Financing Method | Retail facility in Gronau, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	281
Buildings	4,401
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(556)
Gross Amount at which Carried at Close of Period
Total	4,126
Direct Financing Method | Industrial and office facility in Marktheidenfeld, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,629
Buildings	22,396
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,104)
Gross Amount at which Carried at Close of Period
Total	19,921
Direct Financing Method | Industrial and warehouse facility in Newbridge, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	10,498
Initial Cost to Company
Land	6,851
Buildings	22,868
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,275)
Gross Amount at which Carried at Close of Period
Total	23,444
Direct Financing Method | Education facility in Mooresville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,935
Initial Cost to Company
Land	1,795
Buildings	15,955
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Total	17,751
Direct Financing Method | Industrial facility in Mount Carmel, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	135
Buildings	3,265
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(69)
Gross Amount at which Carried at Close of Period
Total	3,331
Direct Financing Method | Retail facility in Vantaa, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,291
Buildings	15,522
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,475)
Gross Amount at which Carried at Close of Period
Total	18,338
Direct Financing Method | Retail facility in Linköping, Sweden
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,484
Buildings	9,402
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,271)
Gross Amount at which Carried at Close of Period
Total	8,615
Direct Financing Method | Industrial facility in Calgary, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	7,076
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(764)
Gross Amount at which Carried at Close of Period
Total	6,312
Direct Financing Method | Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	8,910
Initial Cost to Company
Land	5,780
Buildings	40,860
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(226)
Gross Amount at which Carried at Close of Period
Total	46,414
Direct Financing Method | Movie theater in Pensacola, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	13,034
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(545)
Gross Amount at which Carried at Close of Period
Total	12,489
Direct Financing Method | Industrial facility in Monheim, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,939
Buildings	7,379
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,438)
Gross Amount at which Carried at Close of Period
Total	8,880
Direct Financing Method | Industrial facility in Göppingen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	10,717
Buildings	60,120
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(10,074)
Gross Amount at which Carried at Close of Period
Total	60,763
Direct Financing Method | Warehouse facility in Elk Grove Village, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,089
Initial Cost to Company
Land	0
Buildings	7,863
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Total	7,864
Direct Financing Method | Industrial facility in Sankt Ingbert, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,786
Buildings	26,902
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,150)
Gross Amount at which Carried at Close of Period
Total	25,538
Direct Financing Method | Industrial facility in McKees Hill, Australia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	283
Buildings	2,978
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(367)
Gross Amount at which Carried at Close of Period
Total	2,894
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,930
Buildings	65,720
Cost Capitalized Subsequent to Acquisition	4,128
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,041
Buildings	67,705
Total	83,047	81,711	82,749	84,885
Accumulated Depreciation	16,419	$ 12,143	$ 8,794	$ 4,866
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	7,269
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	9,301
Operating Real Estate | Bloomington, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,810
Buildings	29,126
Cost Capitalized Subsequent to Acquisition	2,903
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,874
Buildings	30,326
Total	39,461
Accumulated Depreciation	6,641
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	3,622
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 5,261
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Memphis, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,120
Buildings	36,594
Cost Capitalized Subsequent to Acquisition	1,225
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,167
Buildings	37,379
Total	43,586
Accumulated Depreciation	9,778
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	3,647
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 4,040
Life on which Depreciation in Latest Statement of Income is Computed	22 years

Schedule III - Real Estate a115

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Land, Buildings and Improvements Subject to Operating Leases
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 5,182,267	$ 5,308,211	$ 4,976,685
Foreign currency translation adjustment	192,580	(94,738)	(181,064)
Dispositions	(131,549)	(446,144)	(19,597)
Reclassification from real estate under construction	51,198	28,989	55,362
Additions	23,462	404,161	548,521
Improvements	17,778	16,169	24,014
Impairment charges	(2,901)	(41,660)	(25,773)
Reclassification from direct financing lease	1,611	9,740	0
Write-off of fully depreciated assets	0	(2,461)	(6,443)
Reclassification to assets held for sale	0	0	(63,494)
Ending balance	5,334,446	5,182,267	5,308,211
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	472,294	372,735	253,627
Depreciation expense	144,183	142,432	137,144
Dispositions	(17,770)	(35,172)	(1,566)
Foreign currency translation adjustment	14,836	(5,240)	(6,159)
Write-off of fully depreciated assets	0	(2,461)	(6,443)
Reclassification to assets held for sale	0	0	(3,868)
Ending balance	613,543	472,294	372,735
Operating Real Estate
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	81,711	82,749	84,885
Dispositions	0	(3,188)	(2,663)
Reclassification from real estate under construction	0	608	0
Improvements	1,336	1,542	527
Ending balance	83,047	81,711	82,749
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	12,143	8,794	4,866
Depreciation expense	4,276	4,235	4,275
Dispositions	0	(886)	(347)
Ending balance	$ 16,419	$ 12,143	$ 8,794