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 |