W. P. Carey (WPC) 10-K 25 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Feb. 15, 2019	Jun. 30, 2018
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, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
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		166,078,281
Entity Public Float			$ 7.1
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments in real estate:
Land, buildings and improvements	$ 9,251,396	$ 5,457,265
Net investments in direct financing leases	1,306,215	721,607
In-place lease and other intangible assets	2,009,628	1,213,976
Above-market rent intangible assets	925,797	640,480
Investments in real estate	13,493,036	8,033,328
Accumulated depreciation and amortization	(1,564,182)	(1,329,613)
Net investments in real estate	11,928,854	6,703,715
Equity investments in the Managed Programs and real estate	329,248	341,457
Cash and cash equivalents	217,644	162,312
Due from affiliates	74,842	105,308
Other assets, net	711,507	274,650
Goodwill	920,944	643,960
Total assets	14,183,039	8,231,402
Debt:
Senior unsecured notes, net	3,554,470	2,474,661
Unsecured revolving credit facility	91,563	216,775
Unsecured term loans, net	0	388,354
Non-recourse mortgages, net	2,732,658	1,185,477
Debt, net	6,378,691	4,265,267
Accounts payable, accrued expenses and other liabilities	403,896	263,053
Below-market rent and other intangible liabilities, net	225,128	113,957
Deferred income taxes	173,115	67,009
Dividends payable	172,154	109,766
Total liabilities	7,352,984	4,819,052
Redeemable noncontrolling interest	0	965
Commitments and contingencies (Note 12)
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; 165,279,642 and 106,922,616 shares, respectively, issued and outstanding	165	107
Additional paid-in capital	8,187,335	4,433,573
Distributions in excess of accumulated earnings	(1,143,992)	(1,052,064)
Deferred compensation obligation	35,766	46,656
Accumulated other comprehensive loss	(254,996)	(236,011)
Total stockholders’ equity	6,824,278	3,192,261
Noncontrolling interests	5,777	219,124
Total equity	6,830,055	3,411,385
Total liabilities and equity	$ 14,183,039	$ 8,231,402

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
W. P. Carey stockholders’ equity:
Preferred stock, par 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, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	450,000,000	450,000,000
Common stock shares, outstanding (shares)	165,279,642	106,922,616

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment Management:
Total revenues	$ 885,732	$ 848,302	$ 941,533
Operating Expenses
Depreciation and amortization	291,440	253,334	276,510
General and administrative	68,337	70,891	82,352
Reimbursable tenant and affiliate costs	50,001	72,969	91,871
Merger and other expenses	41,426	605	5,377
Property expenses, excluding reimbursable tenant costs	22,773	17,330	26,804
Operating property expenses	20,150	23,426	22,627
Stock-based compensation expense	18,294	18,917	18,015
Subadvisor fees	9,240	13,600	14,141
Impairment charges	4,790	2,769	59,303
Restructuring and other compensation	0	9,363	11,925
Dealer manager fees and expenses	0	6,544	12,808
Total operating expenses	526,451	489,748	621,733
Other Income and Expenses
Interest expense	(178,375)	(165,775)	(183,409)
Gain on sale of real estate, net	118,605	33,878	71,318
Equity in earnings of equity method investments in the Managed Programs and real estate	61,514	64,750	64,719
Gain on change in control of interests	47,814	0	0
Other gains and (losses)	29,913	(3,613)	5,667
Total other income and expenses	79,471	(70,760)	(41,705)
Income before income taxes	438,752	287,794	278,095
Provision for income taxes	(14,411)	(2,711)	(3,288)
Net Income	424,341	285,083	274,807
Net income attributable to noncontrolling interests	(12,775)	(7,794)	(7,060)
Net Income Attributable to W. P. Carey	$ 411,566	$ 277,289	$ 267,747
Basic Earnings Per Share (usd per share)	$ 3.50	$ 2.56	$ 2.50
Diluted Earnings Per Share (usd per share)	$ 3.49	$ 2.56	$ 2.49
Weighted-Average Shares Outstanding
Basic (in shares)	117,494,969	107,824,738	106,743,012
Diluted (in shares)	117,706,445	108,035,971	107,073,203
Asset management revenue
Real Estate:
Gross contract revenue	$ 63,556	$ 70,125	$ 61,879
Investment Management:
Gross contract revenue	63,556	70,125	61,879
Reimbursable costs from affiliates
Real Estate:
Gross contract revenue	21,925	51,445	66,433
Investment Management:
Gross contract revenue	21,925	51,445	66,433
Structuring revenue
Real Estate:
Gross contract revenue	20,826	34,198	47,328
Investment Management:
Gross contract revenue	20,826	34,198	47,328
Other advisory revenue
Real Estate:
Gross contract revenue	300	896	2,435
Investment Management:
Gross contract revenue	300	896	2,435
Dealer manager fees
Real Estate:
Gross contract revenue	0	4,430	8,002
Investment Management:
Gross contract revenue	0	4,430	8,002
Real Estate
Real Estate:
Lease revenues	716,422	630,373	663,463
Reimbursable tenant costs	28,076	21,524	25,438
Lease termination income and other	6,555	4,749	35,696
Investment Management:
Total revenues	779,125	687,208	755,364
Operating Expenses
Depreciation and amortization	287,461	249,432	272,274
General and administrative	47,210	39,002	34,591
Reimbursable tenant and affiliate costs	28,076	21,524	25,438
Merger and other expenses	41,426	605	2,993
Property expenses, excluding reimbursable tenant costs	22,773	17,330	26,804
Operating property expenses	20,150	23,426	22,627
Stock-based compensation expense	10,450	6,960	5,224
Impairment charges	4,790	2,769	59,303
Restructuring and other compensation	0	0	4,413
Total operating expenses	462,336	361,048	453,667
Other Income and Expenses
Interest expense	(178,375)	(165,775)	(183,409)
Gain on sale of real estate, net	118,605	33,878	71,318
Equity in earnings of equity method investments in the Managed Programs and real estate	13,341	13,068	12,928
Gain on change in control of interests	18,792	0	0
Other gains and (losses)	30,015	(5,655)	3,665
Total other income and expenses	2,378	(124,484)	(95,498)
Income before income taxes	319,167	201,676	206,199
Provision for income taxes	844	(1,743)	3,418
Net Income	320,011	199,933	209,617
Net income attributable to noncontrolling interests	(12,775)	(7,794)	(7,060)
Net Income Attributable to W. P. Carey	307,236	192,139	202,557
Real Estate | Operating property revenues
Real Estate:
Gross contract revenue	28,072	30,562	30,767
Investment Management:
Gross contract revenue	28,072	30,562	30,767
Investment Management
Real Estate:
Gross contract revenue	106,607	161,094	186,169
Investment Management:
Gross contract revenue	106,607	161,094	186,169
Operating Expenses
Depreciation and amortization	3,979	3,902	4,236
General and administrative	21,127	31,889	47,761
Reimbursable tenant and affiliate costs	21,925	51,445	66,433
Merger and other expenses	0	0	2,384
Stock-based compensation expense	7,844	11,957	12,791
Subadvisor fees	9,240	13,600	14,141
Restructuring and other compensation	0	9,363	7,512
Dealer manager fees and expenses	0	6,544	12,808
Total operating expenses	64,115	128,700	168,066
Other Income and Expenses
Equity in earnings of equity method investments in the Managed Programs and real estate	48,173	51,682	51,791
Gain on change in control of interests	29,022	0	0
Other gains and (losses)	(102)	2,042	2,002
Total other income and expenses	77,093	53,724	53,793
Income before income taxes	119,585	86,118	71,896
Provision for income taxes	(15,255)	(968)	(6,706)
Net Income Attributable to W. P. Carey	104,330	85,150	65,190
Investment Management | Asset management revenue
Real Estate:
Gross contract revenue	63,556	70,125	61,971
Investment Management:
Gross contract revenue	63,556	70,125	61,971
Investment Management | Reimbursable costs from affiliates
Real Estate:
Gross contract revenue	21,925	51,445	66,433
Investment Management:
Gross contract revenue	21,925	51,445	66,433
Investment Management | Structuring revenue
Real Estate:
Gross contract revenue	20,826	34,198	47,328
Investment Management:
Gross contract revenue	20,826	34,198	47,328
Investment Management | Other advisory revenue
Real Estate:
Gross contract revenue	300	896	2,435
Investment Management:
Gross contract revenue	300	896	2,435
Investment Management | Dealer manager fees
Real Estate:
Gross contract revenue	0	4,430	8,002
Investment Management:
Gross contract revenue	$ 0	$ 4,430	$ 8,002

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Comprehensive Income
Net Income	$ 424,341	$ 285,083	$ 274,807
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	(31,843)	72,428	(92,434)
Realized and unrealized gain (loss) on derivative instruments	4,923	(37,778)	9,278
Change in unrealized gain (loss) on investments	154	(71)	(126)
Net current period other comprehensive income (loss)	(26,766)	34,579	(83,282)
Comprehensive Income	397,575	319,662	191,525
Amounts Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	(12,775)	(7,794)	(7,060)
Foreign currency translation adjustments	7,774	(16,120)	1,081
Realized and unrealized loss on derivative instruments	7	15	7
Comprehensive income attributable to noncontrolling interests	(4,994)	(23,899)	(5,972)
Comprehensive Income Attributable to W. P. Carey	$ 392,581	$ 295,763	$ 185,553

Consolidated Statement of Equit

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	CPA:17 – Global	CPA:17 – GlobalJointly owned investments	Total W. P. Carey Stockholders	Total W. P. Carey StockholdersCPA:17 – Global	Common Stock	Common StockCPA:17 – Global	Additional Paid-in Capital	Additional Paid-in CapitalPreviously Reported	Additional Paid-in CapitalCPA:17 – Global	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated EarningsPreviously Reported	Deferred Compensation Obligation	Accumulated Other Comprehensive Income (Loss)	Noncontrolling interest	Noncontrolling interestCPA:17 – Global	Noncontrolling interestCPA:17 – GlobalJointly owned investments
Balance - beginning 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 - beginning of period, shares at Dec. 31, 2015						104,448,777
W.P. Carey Stockholders
Shares issued during the period, value	83,766			83,766		$ 2		83,764
Shares issued during the period, 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
Shares issued upon delivery of vested restricted share awards, value	(14,599)			(14,599)				(14,599)
Shares issued upon delivery of vested restricted share 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						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 plans	6,711			6,711				6,711
Amortization of stock-based compensation expense	21,222			21,222				21,222
Contributions from noncontrolling interests	14,530														14,530
Distributions to noncontrolling interests	(17,030)														(17,030)
Redemption value adjustment	561			561				561
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 (loss) on derivative instruments	9,278			9,285										9,285	(7)
Change in unrealized gain on investments	(126)			(126)										(126)
Balance - end of period at Dec. 31, 2016	3,425,140			3,301,667		$ 106		4,399,961	$ 4,399,651		(894,137)	$ (893,827)	50,222	(254,485)	123,473
Balance - end of period, shares at Dec. 31, 2016						106,294,162
W.P. Carey Stockholders
Shares issued during the period, value	22,886			22,886		$ 1		22,885
Shares issued during the period, shares						345,253
Shares issued to a third party in connection with a legal settlement, value	772			772		$ 0		772
Shares issued to a third party in connection with a legal settlement, shares						11,077
Shares issued upon delivery of vested restricted share awards, value	(10,385)			(10,385)				(10,385)
Shares issued upon delivery of vested restricted share 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			0				3,790					(3,790)
Amortization of stock-based compensation expense	18,917			18,917				18,917
Acquisition of noncontrolling interest				(1,845)				(1,845)							1,845
Contributions from noncontrolling interests	90,550														90,550
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 (loss) on derivative instruments	(37,778)			(37,763)										(37,763)	(15)
Change in unrealized gain 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
W.P. Carey Stockholders
Shares issued to stockholders of CPA:17 – Global in connection with CPA:17 Merger, value		$ 3,554,578			$ 3,554,578		$ 54			$ 3,554,524
Shares issued to stockholders of CPA:17 – Global in connection with CPA:17 Merger, shares							53,849,087
Shares issued during the period, value	$ 287,437			287,437		$ 4		287,433
Shares issued during the period, shares						4,229,285
Shares issued upon delivery of vested restricted share awards, value	(13,644)			(13,644)		$ 0		(13,644)
Shares issued upon delivery of vested restricted share awards, shares						293,481
Shares issued upon exercise of stock options and purchases under employee share purchase plan, value	178			178		$ 0		178
Shares issued upon exercise of stock options and purchases under employee share purchase plan, shares						2,951
Delivery of deferred vested shares, net	0							10,890					(10,890)
Amortization of stock-based compensation expense	18,294			18,294				18,294
Contributions from noncontrolling interests	71	$ (309,591)	$ 5,039	(103,075)				(103,075)							71	$ (206,516)	$ 5,039
Distributions to noncontrolling interests	(16,935)														(16,935)
Redemption value adjustment	(335)			(335)				(335)
Distributions declared	(502,819)			(502,819)				675			(503,494)		0
Repurchase of shares in connection with CPA:17 Merger, value	(1,178)			(1,178)		$ 0		(1,178)
Repurchase of shares in connection with CPA:17 Merger, shares						(17,778)
Net income	424,341			411,566							411,566				12,775
Other comprehensive income (loss):
Foreign currency translation adjustments	(31,843)			(24,069)										(24,069)	(7,774)
Realized and unrealized gain (loss) on derivative instruments	4,923			4,930										4,930	(7)
Change in unrealized gain on investments	154			154										154
Balance - end of period at Dec. 31, 2018	$ 6,830,055			$ 6,824,278		$ 165		$ 8,187,335			$ (1,143,992)		$ 35,766	$ (254,996)	$ 5,777
Balance - end of period, shares at Dec. 31, 2018	165,279,642					165,279,642

Consolidated Statement of Equ_2

Consolidated Statement of Equity (Parentheticals) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Distributions declared per share (usd per share)	$ 1.03	$ 1.025	$ 1.02	$ 1.015	$ 1.01	$ 1.005	$ 1	$ 0.995	$ 4.09	$ 4.01	$ 3.9292

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows — Operating Activities
Net income	$ 424,341	$ 285,083	$ 274,807
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	298,166	261,415	279,693
Gain on sale of real estate	(118,605)	(33,878)	(71,318)
Distributions of earnings from equity method investments	62,015	66,259	64,650
Equity in earnings of equity method investments in the Managed Programs and real estate	(61,514)	(64,750)	(64,719)
Amortization of rent-related intangibles and deferred rental revenue	51,132	55,051	3,322
Investment Management revenue received in shares of Managed REITs and other	(49,110)	(69,658)	(31,786)
Gain on change in control of interests	(47,814)	0	0
Straight-line rent adjustments	(21,994)	(16,980)	(17,836)
Stock-based compensation expense	18,294	18,917	21,222
Realized and unrealized (gains) losses on foreign currency transactions, derivatives, and other	(17,644)	16,879	4,458
Deferred income taxes	(6,279)	(20,013)	(21,444)
Impairment charges	4,790	2,769	59,303
Allowance for credit losses	0	0	7,064
Changes in assets and liabilities:
Net changes in other operating assets and liabilities	(28,054)	9,390	27,637
Deferred structuring revenue received	9,456	16,705	20,695
Increase in deferred structuring revenue receivable	(8,014)	(6,530)	(8,951)
Net Cash Provided by Operating Activities	509,166	520,659	546,797
Cash Flows — Investing Activities
Purchases of real estate	(719,548)	(31,842)	(531,694)
Proceeds from sales of real estate	431,626	159,933	542,422
Cash and restricted cash acquired in connection with the CPA:17 Merger	113,634	0	0
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(107,684)	(78,367)	(64,441)
Proceeds from repayment of short-term loans to affiliates	37,000	277,894	37,053
Capital contributions to equity method investments	(18,173)	(1,291)	(147)
Return of capital from equity method investments	16,382	10,085	6,498
Funding of short-term loans to affiliates	(10,000)	(123,492)	(257,500)
Other investing activities, net	(7,681)	1,318	(847)
Cash paid to stockholders of CPA:17 – Global in the CPA:17 Merger	(1,688)	0	0
Deconsolidation of affiliate (Note 2)	0	0	(15,408)
Investment in assets of affiliate (Note 2)	0	0	(14,861)
Proceeds from limited partnership units issued by affiliate (Note 2)	0	0	14,184
Net Cash (Used in) Provided by Investing Activities	(266,132)	214,238	(284,741)
Cash Flows — Financing Activities
Repayments of Senior Unsecured Credit Facility	(2,108,629)	(1,680,198)	(954,006)
Proceeds from Senior Unsecured Credit Facility	1,403,254	1,302,463	1,154,157
Proceeds from issuance of Senior Unsecured Notes	1,183,828	530,456	348,887
Dividends paid	(440,431)	(431,182)	(416,655)
Proceeds from shares issued under “at-the-market” offering, net of selling costs	287,544	22,824	84,063
Prepayments of mortgage principal	(207,450)	(193,434)	(327,477)
Scheduled payments of mortgage principal	(100,433)	(344,440)	(170,979)
Distributions paid to noncontrolling interests	(18,216)	(20,643)	(17,030)
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options	(13,985)	(11,969)	(16,291)
Payment of financing costs	(8,059)	(12,675)	(3,619)
Other financing activities, net	(1,465)	(1,301)	2,646
Repurchase of shares in connection with CPA:17 Merger	(1,178)	0	0
Proceeds from mortgage financing	857	4,083	33,935
Contributions from noncontrolling interests	71	90,550	346
Net Cash Used in Financing Activities	(24,292)	(745,466)	(282,023)
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(4,355)	9,514	(7,336)
Net increase (decrease) in cash and cash equivalents and restricted cash	214,387	(1,055)	(27,303)
Cash and cash equivalents and restricted cash, beginning of year	209,676	210,731	238,034
Cash and cash equivalents and restricted cash, end of year	$ 424,063	$ 209,676	$ 210,731

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - CPA 17 Merger (Parentheticals) $ in Thousands	Oct. 31, 2018USD ($)
CPA:17 – Global
Total Consideration
Fair value of W. P. Carey shares of common stock issued	$ 3,554,578
Cash paid for fractional shares	1,688
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	157,594
Fair value of noncontrolling interests acquired	(308,891)
Estimate of consideration expected to be transferred	3,546,046
Assets Acquired at Fair Value
Land, buildings and improvements — operating leases	2,954,034
Land, buildings and improvements — operating properties	426,758
Net investments in direct financing leases	626,038
In-place lease and other intangible assets	793,463
Above-market rent intangible assets	298,180
Equity investments in real estate	189,756
Goodwill	280,306
Other assets, net (excluding restricted cash)	228,980
Liabilities Assumed at Fair Value
Non-recourse mortgages, net	1,849,177
Senior Credit Facility, net	180,331
Accounts payable, accrued expenses and other liabilities	141,750
Below-market rent and other intangible liabilities	112,721
Deferred income taxes	76,085
Amounts attributable to noncontrolling interests	5,039
Total identifiable net assets	3,432,412
Cash and restricted cash acquired	113,634
CPA:17 – Global | Jointly owned investments
Total Consideration
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	$ 141,077

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization W. P. Carey Inc. (“W. P. Carey”) is a REIT that, together with our consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in the United States and Northern and Western Europe. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property. Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.” We have elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on 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 also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. Through our taxable REIT subsidiaries (“TRSs”), we also earn revenue as the advisor to certain publicly owned, non-traded investment programs. We hold all of our real estate assets attributable to our Real Estate segment under the REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs. On October 31, 2018, one of the non-traded REITs that we advised, Corporate Property Associates 17 – Global Incorporated (“CPA:17 – Global”) merged with and into one of our wholly owned subsidiaries (the “CPA:17 Merger”) ( Note 3 ). As a result, at December 31, 2018 , we were the advisor to the following entities: • Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”), a publicly owned, non-traded REIT that primarily invests in commercial real estate properties; we refer to CPA:17 – Global (until the closing of the CPA:17 Merger on October 31, 2018) and CPA:18 – Global together as the “CPA REITs;” • Carey Watermark Investors Incorporated (“CWI 1”) and Carey Watermark Investors 2 Incorporated (“CWI 2”), two publicly owned, non-traded 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 4 ); and • Carey European Student Housing Fund I, L.P., (“CESH”), a limited partnership formed for the purpose of developing, owning, and operating student housing properties and similar investments in Europe ( Note 4 ); we refer to the Managed REITs (including CPA:17 – Global prior to the CPA:17 Merger) and CESH collectively as the “Managed Programs.” In June 2017, our board of directors (the “Board”) approved a plan to exit non-traded retail fundraising activities carried out by our wholly-owned broker-dealer subsidiary, Carey Financial LLC (“Carey Financial”), as of June 30, 2017. As a result, we no longer raise capital for new or existing funds, but expect to continue managing our existing Managed Programs through the end of their respective life cycles ( Note 4 ). In August 2017, we resigned as the advisor to Carey Credit Income Fund (known since October 23, 2017 as Guggenheim Credit Income Fund) (“CCIF”), and by extension, its feeder funds (the “CCIF Feeder Funds”), each of which is a business development company (“BDC”) ( Note 4 ). 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 (“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. We have retained our initial investment in shares of CCIF (now known as “GCIF”), which is included within Other assets, net in the consolidated financial statements ( Note 8 ). Reportable Segments Real Estate — Lease revenues and equity income ( Note 8 ) from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United States and Northern and Western Europe, which are leased to companies on a triple-net lease basis. At December 31, 2018 , our owned portfolio was comprised of our full or partial ownership interests in 1,163 properties, totaling approximately 131.0 million square feet (unaudited), substantially all of which were net leased to 304 tenants, with a weighted-average lease term of 10.2 years and an occupancy rate of 98.3% . In addition, at December 31, 2018 , our portfolio was comprised of full or majority ownership interests in 48 operating properties, including 46 self-storage properties and two hotels, totaling approximately 3.4 million square feet. See Note 3 for a description of the properties we acquired in the CPA:17 Merger and its impact on our portfolio. 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. In addition, we include equity income generated through our (i) ownership of shares and limited partnership units of the Managed Programs ( Note 8 ) and (ii) special general partner interests in the operating partnerships of the Managed REITs, through which we participate in their cash flows ( Note 4 ), in our Investment Management segment. At December 31, 2018 , CPA:18 – Global owned all or a portion of 58 properties (including certain properties in which we have an ownership interest), totaling approximately 10.0 million square feet (unaudited), substantially all of which were net leased to 94 tenants, with an occupancy rate of approximately 98.2% . CPA:18 – Global and the other Managed Programs also had interests in 129 operating properties, totaling approximately 15.6 million square feet (unaudited), in the aggregate.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	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 (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2017, all transaction costs incurred during the years ended December 31, 2018 and 2017 were capitalized since our acquisitions during the years were classified as asset acquisitions (excluding the CPA:17 Merger). 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 generally 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 certain business combinations, including the CPA:17 Merger, was attributed to the Real Estate segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles (“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, vacancies, 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. These analyses require 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. 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 (“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 ( Note 7 ). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. This assessment is used as a basis to determine whether it is necessary to calculate reporting unit fair values. If necessary, we calculate the estimated fair value of the Investment Management reporting unit by utilizing a discounted cash flow analysis methodology and available NAVs. We calculate the estimated fair value of the Real Estate reporting unit by applying an AFFO multiple based on comparable companies. Impairments, if any, will be the difference between the reporting unit’s fair value and carrying amount, not to exceed the carrying amount of goodwill. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. 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 (“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. In connection with the CPA:17 Merger, we acquired four consolidated VIEs and six unconsolidated VIEs, but also declassified seven entities as VIEs. Outside of the CPA:17 Merger, we acquired two VIEs through our property acquisition activity, and sold one VIE in 2018. At December 31, 2018 and 2017 , we considered 32 and 28 entities to be VIEs, respectively, of which we consolidated 24 and 21 , respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands): December 31, 2018 2017 Land, buildings and improvements $ 781,347 $ 916,001 Net investments in direct financing leases 305,493 40,133 In-place lease and other intangible assets 84,870 268,863 Above-market rent intangible assets 45,754 103,081 Accumulated depreciation and amortization (164,942 ) (251,979 ) Total assets 1,112,984 1,118,727 Non-recourse mortgages, net $ 157,955 $ 128,230 Total liabilities 227,461 201,186 At December 31, 2018 , our eight unconsolidated VIEs included our interests in six unconsolidated real estate investments, which we account for under the equity method of accounting, and two unconsolidated entities, which we account for at fair value. At December 31, 2017 , our seven unconsolidated VIEs included our interests in six unconsolidated real estate investments, which we accounted for under the equity method of accounting, and one unconsolidated entity, which we accounted for under the cost 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, 2018 and 2017 , the net carrying amount of our investments in these entities was $301.6 million and $152.7 million , respectively, and our maximum exposure to loss in these entities was limited to our investments. 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, 2018 , none of our equity investments had carrying values below zero. On April 20, 2016, we formed a limited partnership, CESH, for the purpose of developing, owning, and operating student housing properties and similar investments in Europe. CESH 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 from limited partnership units issued in the private placement (primarily to independent investors), we had included CESH’s financial results and balances in our consolidated financial statements. On August 31, 2016, we determined that CESH had sufficient equity to finance its operations and that we were no longer considered the primary beneficiary, and as a result we deconsolidated CESH 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 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 gains and (losses) 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 ( Note 4 ). Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. We currently present Operating property expenses on its own line item in the consolidated statements of income, which was previously included within Property expenses, excluding reimbursable tenant costs. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, we moved Gain on sale of real estate, net in the consolidated statements of income to be included within Other Income and Expenses. Restricted Cash — In connection with our adoption of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , as described below, we revised our consolidated statements of cash flows to include restricted cash when reconciling the beginning-of-period and end-of-period cash amounts shown on the statement of cash flows. As a result, we retrospectively revised prior periods presented to conform to the current period presentation. Restricted cash primarily consists of security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2018 2017 2016 Cash and cash equivalents $ 217,644 $ 162,312 $ 155,482 Restricted cash (a) 206,419 47,364 55,249 Total cash and cash equivalents and restricted cash $ 424,063 $ 209,676 $ 210,731 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of December 31, 2018 includes $145.7 million of proceeds from the sale of a portfolio of Australian properties in December 2018 ( Note 17 ). These funds were transferred from a restricted cash account to us in January 2019. 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 the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets and control of the properties is transferred. When these criteria are met, 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 investment in shares of a cold storage operator ( Note 9 ), our investment in shares of GCIF ( Note 8 ), and our loans 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 loans 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. 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 (“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 5 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 6 ). 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 a liquidity event and/or the termination of the advisory agreements for the Managed REITs. 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

Merger with CPA_17 _ Global (No

Merger with CPA:17 – Global (Notes)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Merger with CPA:17 – Global	Merger with CPA:17 – Global CPA:17 Merger On June 17, 2018, we and certain of our subsidiaries entered into a merger agreement with CPA:17 – Global, pursuant to which CPA:17 – Global would merge with and into one of our subsidiaries in exchange for shares of our common stock, subject to approvals of our stockholders and the stockholders of CPA:17 – Global. The CPA:17 Merger and related transactions were approved by both sets of stockholders on October 29, 2018 and completed on October 31, 2018. At the effective time of the CPA:17 Merger, each share of CPA:17 – Global common stock issued and outstanding immediately prior to the effective time of the CPA:17 Merger was canceled and the rights attaching to such share were converted automatically into the right to receive 0.160 shares of our common stock. Each share of CPA:17 – Global common stock owned by us or any of our subsidiaries immediately prior to the effective time of the CPA:17 Merger was automatically canceled and retired, and ceased to exist, for no consideration. In exchange for the 336,715,969 shares of CPA:17 – Global common stock that we and our affiliates did not previously own, we paid total merger consideration of approximately $3.6 billion , consisting of (i) the issuance of 53,849,087 shares of our common stock with a fair value of $3.6 billion , based on the closing price of our common stock on October 31, 2018 of $66.01 per share and (ii) cash of $1.7 million paid in lieu of issuing any fractional shares of our common stock. As a condition of the CPA:17 Merger, we waived certain back-end fees that we would have otherwise been entitled to receive from CPA:17 – Global upon its liquidation pursuant to the terms of our advisory agreement with CPA:17 – Global. Immediately prior to the closing of the CPA:17 Merger, CPA:17 – Global’s portfolio was comprised of full or partial ownership interests in 410 leased properties (including 137 properties in which we already owned a partial ownership interest), substantially all of which were triple-net leased with a weighted-average lease term of 11.0 years , an occupancy rate of 97.4% , and an estimated contractual minimum annualized base rent totaling $364.4 million , as well as 44 self-storage operating properties and one hotel operating property totaling 3.1 million square feet. The related property-level debt was comprised of non-recourse mortgage loans with an aggregate consolidated fair value of approximately $1.85 billion with a weighted-average annual interest rate of 4.3% as of October 31, 2018. We acquired equity interests in seven unconsolidated investments in the CPA:17 Merger, four of which were consolidated by CPA:18 – Global and three of which were jointly owned with a third party. These investments owned a total of 28 net-lease properties (which are included in the 410 leased properties described above) and seven self-storage properties (which are included in the 44 self-storage operating properties described above). The debt related to these equity investments was comprised of non-recourse mortgage loans with an aggregate fair value of approximately $467.1 million , of which our proportionate share was $208.2 million , with a weighted-average annual interest rate of 3.6% as of October 31, 2018. From the date of the CPA:17 Merger through December 31, 2018, lease revenues, operating property revenues, and net income from properties acquired were $52.8 million , $8.0 million , and $13.7 million , respectively. CPA:17 – Global had a senior credit facility (comprised of a term loan and unsecured revolving credit facility) with an outstanding balance of approximately $180.3 million on October 31, 2018, the date of the closing of the CPA:17 Merger. On that date, we repaid in full all amounts outstanding under CPA:17 – Global’s senior credit facility, using funds borrowed under our Unsecured Revolving Credit Facility. Purchase Price Allocation We accounted for the CPA:17 Merger as a business combination under the acquisition method of accounting. After consideration of all applicable factors pursuant to the business combination accounting rules, we were considered the “accounting acquirer” due to various factors, including the fact that our stockholders held the largest portion of the voting rights in us upon completion of the CPA:17 Merger. Costs related to the CPA:17 Merger have been expensed as incurred and classified within Merger and other expenses in the consolidated statements of income, totaling $41.8 million and $0.4 million for the years ended December 31, 2018 and 2017, respectively. The purchase price was allocated to the assets acquired and liabilities assumed, based upon their preliminary fair values at October 31, 2018. The following tables summarize the preliminary consideration and estimated fair values of the assets acquired and liabilities assumed in the acquisition, based on the current best estimate of management. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. Investments in land, buildings and improvements, net investments in direct financing leases, equity investments in real estate, non-recourse mortgages, and noncontrolling interests were based on preliminary valuation data and estimates. Accordingly, the fair value of these assets and liabilities and the impact to goodwill are subject to change. Preliminary Purchase Price Allocation (in thousands) Total Consideration Fair value of W. P. Carey shares of common stock issued $ 3,554,578 Cash paid for fractional shares 1,688 Merger Consideration 3,556,266 Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger 157,594 Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger 141,077 Fair value of noncontrolling interests acquired (308,891 ) $ 3,546,046 Preliminary Purchase Price Allocation (in thousands) Assets Land, buildings and improvements — operating leases $ 2,954,034 Land, buildings and improvements — operating properties 426,758 Net investments in direct financing leases 626,038 In-place lease and other intangible assets 793,463 Above-market rent intangible assets 298,180 Equity investments in real estate 189,756 Cash and cash equivalents and restricted cash 113,634 Other assets, net (excluding restricted cash) 228,980 Total assets 5,630,843 Liabilities Non-recourse mortgages, net 1,849,177 Senior Credit Facility, net 180,331 Accounts payable, accrued expenses and other liabilities 141,750 Below-market rent and other intangible liabilities 112,721 Deferred income taxes 76,085 Total liabilities 2,360,064 Total identifiable net assets 3,270,779 Noncontrolling interests (5,039 ) Goodwill 280,306 $ 3,546,046 Goodwill The $280.3 million of preliminary estimated goodwill recorded in the CPA:17 Merger was primarily due to the premium we paid over CPA:17 – Global’s estimated fair value. Management believes the premium is supported by several factors, including that: the CPA:17 Merger (i) improves our earnings quality, (ii) accelerates our strategy to further simplify our business, (iii) adds a high-quality diversified portfolio of net lease assets that is well-aligned with our existing portfolio, (iv) enhances our overall portfolio metrics, (v) significantly increases our size, scale, and market prominence, and (vi) enhances our overall credit profile. The fair value of the 53,849,087 shares of our common stock issued in the CPA:17 Merger as part of the consideration paid for CPA:17 – Global of $3.6 billion was derived from the closing market price of our common stock on the acquisition date. As required by GAAP, the fair value related to the assets acquired and liabilities assumed, as well as the shares exchanged, has been computed as of the date we gained control, which was the closing date of the CPA:17 Merger, in a manner consistent with the methodology described above. Goodwill is not deductible for income tax purposes. Equity Investments and Noncontrolling Interests During the fourth quarter of 2018, we recognized a gain on change in control of interests of approximately $29.0 million , which was the difference between the carrying value of approximately $128.7 million and the fair value of approximately $157.6 million of our previously held equity interest in 16,131,967 shares of CPA:17 – Global’s common stock. The CPA:17 Merger also resulted in our acquisition of the remaining interests in six investments in which we already had a joint interest and accounted for under the equity method. Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for the acquisitions of these interests utilizing the purchase method of accounting. Due to the change in control of the six jointly owned investments that occurred, we recorded a gain on change in control of interests of approximately $18.8 million during the year ended December 31, 2018, which was the difference between our carrying values and the fair values of our previously held equity interests on October 31, 2018 of approximately $122.3 million and approximately $141.1 million , respectively. Subsequent to the CPA:17 Merger, we consolidate these wholly owned investments. In connection with the CPA:17 Merger, we also acquired the remaining interests in six less-than-wholly-owned investments that we already consolidated and recorded an adjustment to additional paid-in-capital of approximately $102.7 million related to the difference between our carrying values and the fair values of our previously held noncontrolling interests on October 31, 2018 of approximately $206.2 million and approximately $308.9 million , respectively. The fair values of our previously held equity interests and our noncontrolling interests are based on the estimated fair market values of the underlying real estate and related mortgage debt, both of which were determined by management relying in part on a third party. Real estate valuation requires significant judgment. We determined the significant inputs to be Level 3 with ranges for our previously held equity interests and our noncontrolling interests as follows: • Market rents ranged from $1.65 per square foot to $54.00 per square foot; • Discount rates applied to the estimated net operating income of each property ranged from approximately 5.75% to 10.50% ; • Discount rates applied to the estimated residual value of each property ranged from approximately 3.89% to 10.25% ; • Residual capitalization rates applied to the properties ranged from approximately 5.75% to 9.50% ; • The fair market value of the property level debt was determined based upon available market data for comparable liabilities and by applying selected discount rates to the stream of future debt payments; and • Discount rates applied to the property level debt cash flows ranged from approximately 2.40% to 5.95% . Pro Forma Financial Information (Unaudited) The following unaudited consolidated pro forma financial information has been presented as if the CPA:17 Merger had occurred on January 1, 2017 for the years ended December 31, 2018 and 2017 . The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA:17 Merger on that date, nor does it purport to represent the results of operations for future periods. (in thousands) Years Ended December 31, 2018 2017 Pro forma total revenues $ 1,214,899 $ 1,264,567 Pro forma net income $ 403,229 $ 308,542 Pro forma net loss (income) attributable to noncontrolling interests 1,301 (429 ) Pro forma net income attributable to W. P. Carey (a) $ 404,530 $ 308,113 ___________ (a) The pro forma net income attributable to W. P. Carey through the year ended December 31, 2018 reflects the following income and expenses related to the CPA:17 Merger as if the CPA:17 Merger had taken place on January 1, 2017: (i) combined merger expenses of $58.9 million through December 31, 2018 and (ii) an aggregate gain on change in control of interests of $47.8 million .

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2018
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. Upon completion of the CPA:17 Merger on October 31, 2018 ( Note 3 ), our advisory agreements with CPA:17 – Global were terminated, and we ceased earning revenue from CPA:17 – Global. 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 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 CPA:18 – Global and the CWI REITs have one -year terms that are currently scheduled to expire on December 31, 2019, and may be renewed for successive periods. The advisory agreement with CESH, which commenced on June 3, 2016, will continue until terminated pursuant to its terms. We have partnership agreements with each of CPA:18 – Global and the CWI REITs, pursuant to which we are entitled to receive certain cash distributions. We also have a partnership agreement with CESH, pursuant to which we received limited partnership units of CESH equal to 2.5% of its gross offering proceeds in lieu of reimbursement of certain organizational expenses prior to the closing of CESH’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, 2018 2017 2016 Asset management revenue (a) $ 63,556 $ 70,125 $ 61,879 Distributions of Available Cash 46,609 47,862 45,121 Reimbursable costs from affiliates (a) 21,925 51,445 66,433 Structuring revenue (a) 20,826 34,198 47,328 Interest income on deferred acquisition fees and loans to affiliates 2,055 2,103 740 Other advisory revenue (a) 300 896 2,435 Dealer manager fees (a) — 4,430 8,002 $ 155,271 $ 211,059 $ 231,938 Years Ended December 31, 2018 2017 2016 CPA:17 – Global $ 58,788 $ 75,188 $ 74,852 CPA:18 – Global 44,969 28,683 31,330 CWI 1 28,243 33,691 34,085 CWI 2 20,283 50,189 67,524 CCIF — 12,787 11,164 CESH 2,988 10,521 12,983 $ 155,271 $ 211,059 $ 231,938 __________ (a) Amounts represent revenues from contracts under ASC 606. The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands): December 31, 2018 2017 Short-term loans to affiliates, including accrued interest $ 58,824 $ 84,031 Deferred acquisition fees receivable, including accrued interest 8,697 12,345 Reimbursable costs 3,227 4,315 Current acquisition fees receivable 2,106 83 Accounts receivable 1,425 4,089 Asset management fees receivable 563 356 Organization and offering costs — 89 $ 74,842 $ 105,308 Performance Obligations and Significant Judgments The fees earned pursuant to our advisory agreements are considered variable consideration. For the agreements that include multiple performance obligations, including asset management and investment structuring services, revenue is allocated to each performance obligation based on estimates of the price that we would charge for each promised service if it were sold on a standalone basis. Judgment is applied in assessing whether there should be a constraint on the amount of fees recognized, such as amounts in excess of certain threshold limits with respect to the contract price or any potential clawback provisions included in certain of our arrangements. We exclude fees subject to such constraints to the extent it is probable that a significant reversal of those amounts will occur. 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% In shares of its common stock and/or cash, at the option of CPA:17 – Global; payable 50% in cash and 50% in shares of its common stock for 2016; payable in shares of its common stock for 2017 through May 31, 2018; payable in cash from June 1, 2018 to October 31, 2018 (the date of the completion of the CPA:17 Merger) Rate depended on the type of investment and was 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 and/or cash, at the option of CPA:18 – Global; payable in shares of its Class A common stock for 2018, 2017, and 2016 Rate depends on the type of investment and is based on the average market or average equity value, as applicable CWI 1 0.5% In shares of its common stock and/or cash, at our election; payable in shares of its common stock for 2018 and 2017; payable in cash for 2016 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 and/or cash, at our election; payable in shares of its Class A common stock for 2018, 2017, and 2016 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 1.0% In cash Based on gross assets at fair value The performance obligation for asset management services is satisfied over time as services are rendered. The time-based output method is used to measure progress over time, as this is representative of the transfer of the services. We are compensated for our services on a monthly or quarterly basis. However, these services represent a series of distinct daily services under ASU 2014-09. Accordingly, we satisfy the performance obligation and resolve the variability associated with our fees on a daily basis. We apply the practical expedient and, as a result, do not disclose variable consideration attributable to wholly or partially unsatisfied performance obligations as of the end of the reporting period. In providing asset management services, we are reimbursed for certain costs. Direct reimbursement of these costs does not represent a separate performance obligation. Payment for asset management services is typically due on the first business day following the month of the delivery of the service. 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; we no longer receive structuring revenue from CPA:17 – Global following the CPA:17 Merger 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 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 The performance obligation for investment structuring services is satisfied at a point in time upon the closing of an investment acquisition, when there is an enforceable right to payment, and control (as well as the risks and rewards) has been transferred. Determining when control transfers requires management to make judgments that affect the timing of revenue recognized. Payment is due either on the day of acquisition (current portion) or deferred, as described above (see Note 6 ). We do not believe the deferral of the fees represents a significant financing component. 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 selling commissions, dealer manager fees, organization and offering costs, marketing costs, and annual distribution and shareholder servicing fees, 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, a summary of which is presented in the table below: Managed Program Payable Description CPA:17 – Global and CPA:18 – Global In cash; reimbursements from CPA:17 – Global ceased following the CPA:17 Merger 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 1.0%, 2.0%, and 2.2% of each CPA REIT’s pro rata lease revenues for 2018, 2017, and 2016, respectively; 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 Actual expenses incurred, excluding those related to our investment management team and senior management team, prior to our resignation as the advisor to CCIF, effective September 11, 2017 ( Note 1 ) CESH In cash Actual expenses incurred 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, 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. After completion of the CPA:17 Merger on October 31, 2018 ( Note 3 ), we no longer receive distributions of Available Cash from CPA:17 – Global. 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. 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. As a condition of the CPA:17 Merger, we waived certain back-end fees that we would have otherwise been entitled to receive from CPA:17 – Global upon its liquidation pursuant to the terms of our advisory agreement and partnership agreement with CPA:17 – Global ( Note 3 ). Other Transactions with Affiliates Loans to Affiliates From time to time, our Board has approved the making of secured and unsecured loans or lines of credit 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 Unsecured Credit Facility ( Note 11 ), generally for the purpose of facilitating acquisitions or for working capital purposes. The following table sets forth certain information regarding our loans or lines of credit to affiliates (dollars in thousands): Interest Rate at Maturity Date at December 31, 2018 Maximum Loan Amount Authorized at December 31, 2018 Principal Outstanding Balance at December 31, (a) Managed Program 2018 2017 CWI 1 (b) (c) LIBOR + 1.00% 6/30/2019 $ 65,802 $ 41,637 $ 68,637 CESH (b) LIBOR + 1.00% 5/3/2019 35,000 14,461 14,461 CWI 2 N/A N/A 25,000 — — CPA:18 – Global N/A N/A 50,000 — — $ 56,098 $ 83,098 __________ (a) Amounts exclude accrued interest of $2.7 million and $0.9 million at December 31, 2018 and 2017 , respectively. (b) LIBOR means London Interbank Offered Rate. (c) Maximum loan amount authorized at December 31, 2017 to CWI 1 was $100.0 million . Repurchase of Shares Upon the closing of the CPA:17 Merger ( Note 3 ), the former independent directors of CPA:17 – Global received 17,778 shares of our common stock in the aggregate as merger consideration in exchange for their shares of CPA:17 – Global common stock. Since these former CPA:17 – Global directors are continuing as the independent directors of CPA:18 – Global, we repurchased these shares of our common stock in order to satisfy the independence requirements set forth in the organizational documents of CPA:18 – Global. In December 2018, we repurchased all 17,778 shares of our common stock from these directors at a price per share equal to the volume-weighted average trading price of a share of our common stock for the five consecutive trading days ending on the third trading day preceding the closing date of the CPA:17 Merger, for an aggregate of $1.2 million in cash. Other At December 31, 2018 , we owned interests in jointly owned investments in real estate, with the remaining interests held by affiliates or third parties. We consolidate two such investments and account for eight such investments under the equity method of accounting ( Note 8 ). In addition, we owned stock of each of the existing Managed REITs and limited partnership units of CESH at that date. We account for these investments under the equity method of accounting or at fair value ( Note 8 ).

Land, Buildings and Improvement

Land, Buildings and Improvements	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Land, Buildings and Improvements	Land, Buildings and Improvements 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, 2018 2017 Land $ 1,772,099 $ 1,125,539 Buildings and improvements 6,945,513 4,208,907 Real estate under construction 63,114 39,772 Less: Accumulated depreciation (724,550 ) (613,543 ) $ 8,056,176 $ 4,760,675 During 2018 , the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro decreased by 4.5% to $1.1450 from $1.1993 . As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements subject to operating leases decreased by $79.5 million from December 31, 2017 to December 31, 2018 . As discussed in Note 3 , we acquired 232 consolidated properties subject to existing operating leases in the CPA:17 Merger, which increased the carrying value of our Land, buildings and improvements subject to operating leases by $3.0 billion during the year ended December 31, 2018. In connection with changes in lease classifications due to extensions of the underlying leases, we reclassified four properties with an aggregate carrying value of $16.0 million from Net investments in direct financing leases to Land, buildings and improvements during 2018 ( Note 6 ). Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $162.6 million , $143.9 million , and $142.7 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Acquisitions of Real Estate During 2018 — We entered into the following investments, which were deemed to be real estate asset acquisitions, at a total cost of $806.9 million , including land of $126.4 million , buildings of $571.6 million (including capitalized acquisition-related costs of $17.3 million ), net lease intangibles of $113.7 million , and net other liabilities assumed of $4.8 million : • an investment of $6.1 million for a warehouse facility in Sellersburg, Indiana, on February 21, 2018; • an investment of $79.1 million for one warehouse facility in Waukesha, Wisconsin, and two retail facilities in Appleton and Madison, Wisconsin, on March 15, 2018; • an investment of $85.5 million for a manufacturing facility in Bessemer, Alabama, on June 5, 2018 (the property was acquired as part of a nonmonetary transaction in exchange for 23 manufacturing facilities in various locations in the United States and Canada leased to the same tenant; this swap was recorded based on the fair value of the property acquired and was a non-cash investing activity) ( Note 17 ); • an investment of $186.6 million for 14 logistics facilities and one office building in various locations in Denmark on June 28, 2018 (we also recorded an estimated deferred tax liability of $33.2 million , with a corresponding increase to the asset value, since we assumed the tax basis of the acquired portfolio); • an investment of $177.8 million for 36 retail facilities in various locations in the Netherlands on July 13, 2018; • an investment of $9.1 million for a manufacturing facility in Oostburg, Wisconsin, on July 17, 2018; • an investment of $22.9 million for an office/warehouse facility in Kampen, the Netherlands, on July 19, 2018; • an investment of $49.9 million for a logistics facility in Azambuja, Portugal, on September 28, 2018 (we also recorded an estimated deferred tax liability of $10.5 million , with a corresponding increase to the asset value, since we assumed the tax basis of the acquired property); • an investment of $29.8 million for a portfolio of four car dealership properties in the Netherlands on October 30, 2018; (we also funded $3.2 million for improvements at the properties); • an investment of $33.0 million for a portfolio of six industrial facilities in the Chicago, Illinois area on December 14, 2018; • an investment of $30.6 million for a warehouse facility in McHenry, Illinois, on December 14, 2018; • an investment of $41.4 million for a warehouse in Kilgore, Texas, on December 17, 2018 (we also committed to fund an additional $14.0 million for an expansion at the facility, which is expected to be completed in the second quarter of 2019); • an investment of $17.0 million for an industrial facility in San Luis Potosi, Mexico, on December 20, 2018; • an investment of $14.8 million for an industrial facility in Legnica, Poland, on December 21, 2018; and • an investment of $23.1 million for an industrial facility in Meru, France, on December 27, 2018. The acquired net lease intangibles are comprised of (i) in-place lease intangible assets totaling $108.3 million , which have a weighted-average expected life of 19.1 years , (ii) above-market rent intangible assets totaling $9.9 million , which have a weighted-average expected life of 18.8 years , (iii) indefinite-lived below-market ground lease intangible assets totaling $5.5 million , (iv) below-market ground lease intangible assets totaling $2.3 million , which have a weighted-average expected life of 36.1 years , and (v) below-market rent intangible liabilities totaling $12.2 million , which have a weighted-average expected life of 22.1 years . 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 capitalized acquisition-related costs of $0.1 million ), 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 approximately $3.6 million of building improvements at that facility, which were completed in June 2018, as described below; and • an investment of $25.8 million for an office building in Roseville, Minnesota, on November 14, 2017. 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 , 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 reimbursed the tenant in the property $0.6 million for the costs of constructing a parking lot, which was completed during 2017. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. Real Estate Under Construction During 2018 , we capitalized real estate under construction totaling $65.6 million . The number of construction projects in progress with balances included in real estate under construction was four and five as of December 31, 2018 and 2017 , respectively. Aggregate unfunded commitments totaled approximately $204.5 million and $147.9 million as of December 31, 2018 and 2017 , respectively. During 2018 , we completed the following construction projects, at a total cost of $102.5 million , of which $39.8 million was capitalized during 2017: • an expansion project at an education facility in Houston, Texas, in January 2018 at a cost totaling $21.1 million , including capitalized interest; • a build-to-suit project for an industrial facility in Zawiercie, Poland, in April 2018 at a cost totaling $11.4 million , including capitalized interest; • a renovation project at two industrial facilities in Albemarle and Old Fort, North Carolina, in April 2018 at a cost totaling $2.2 million (this investment is included within Net investments in direct financing leases in the consolidated balance sheets); • a renovation project at an industrial facility in Chicago, Illinois, in June 2018 at a cost totaling $3.5 million ; • an expansion project at an education facility in Windermere, Florida, in August 2018 at a cost totaling $15.1 million , including capitalized interest; • a renovation project at a retail facility in Kennesaw, Georgia, in August 2018 at a cost totaling $5.5 million ; • a build-to-suit project for an industrial facility in Radomsko, Poland, in August 2018 at a cost totaling $16.0 million , including capitalized interest; • an expansion project at an education facility in Coconut Creek, Florida, in November 2018 at a cost totaling $24.5 million , including capitalized interest; and • an expansion project at an industrial facility in Holmesville, Ohio, in December 2018 at a cost totaling $3.1 million (this investment is included within Net investments in direct financing leases in the consolidated balance sheets). During 2018, we committed to fund an aggregate of $19.6 million (based on the exchange rate of the euro at December 31, 2018 ) for an expansion project for an existing tenant at a warehouse facility in Rotterdam, the Netherlands. We currently expect to complete the project in the third quarter of 2019. During 2018, we committed to fund an aggregate of $75.0 million for a build-to-suit project at an industrial facility in San Antonio, Texas. We currently expect to complete the project in the second quarter of 2020. 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 . We completed a redevelopment project for an industrial facility in Doraville, Georgia, in October 2016 at a cost totaling $13.8 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 2018 , we sold 46 properties and completed a nonmonetary transaction, which included the disposition of 23 properties in exchange for the acquisition of one property (as described in Acquisitions of Real Estate above), all of which were classified as Land, buildings and improvements subject to operating leases. As a result, the carrying value of our Land, buildings and improvements subject to operating leases decreased by $255.6 million from December 31, 2017 to December 31, 2018 . Future Dispositions of Real Estate As of December 31, 2018 , two of our tenants had exercised their options to repurchase the properties they are leasing for an aggregate of $8.6 million (the amount for one repurchase is based on the exchange rate of the euro as of December 31, 2018 ), but there can be no assurance that such repurchases will be completed. At December 31, 2018 , these two properties had an aggregate asset carrying value of $6.6 million . In addition, as of December 31, 2018 , one of our tenants had exercised its option to repurchase the three properties it is leasing for a price to be determined at a future date, but there can be no assurance that such repurchase will be completed. At December 31, 2018 , these properties had an aggregate asset carrying value of $14.2 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, 2018 are as follows (in thousands): Years Ending December 31, Total 2019 $ 920,044 2020 915,411 2021 896,083 2022 861,688 2023 802,509 Thereafter 6,151,480 Total $ 10,547,215 Land, Buildings and Improvements — Operating Properties At December 31, 2018 , Land, buildings and improvements attributable to operating properties consisted of our investments in 37 consolidated self-storage properties and two consolidated hotels. In April 2018, we sold one hotel with a carrying value of $33.2 million ( Note 17 ). We acquired the 37 self-storage properties and one hotel with a fair value of $426.8 million in the CPA:17 Merger ( Note 3 ), which excludes seven self-storage properties acquired in the CPA:17 Merger accounted for under the equity method ( Note 8 ). At December 31, 2017 , Land, buildings and improvements attributable to operating properties consisted of our investments in two hotels. Below is a summary of our Land, buildings and improvements attributable to operating properties (in thousands): December 31, 2018 2017 Land $ 102,478 $ 6,041 Buildings and improvements 363,572 77,006 Real estate under construction 4,620 — Less: Accumulated depreciation (10,234 ) (16,419 ) $ 460,436 $ 66,628 Depreciation expense on our buildings and improvements attributable to operating properties was $4.2 million , $4.3 million , and $4.2 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively.

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 2018
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, loans 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, 2018 2017 Minimum lease payments receivable $ 1,160,977 $ 600,228 Unguaranteed residual value 966,826 676,321 2,127,803 1,276,549 Less: unearned income (821,588 ) (554,942 ) $ 1,306,215 $ 721,607 2018 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $74.2 million for the year ended December 31, 2018. As discussed in Note 3 , we acquired 40 consolidated properties subject to direct financing leases in the CPA:17 Merger, which increased the carrying value of our Net investments in direct financing leases by $626.0 million during the year ended December 31, 2018. During the year ended December 31, 2018 , the U.S. dollar strengthened against the euro, resulting in an $18.1 million decrease in the carrying value of Net investments in direct financing leases from December 31, 2017 to December 31, 2018 . During the year ended December 31, 2018, we sold two properties accounted for as direct financing leases that had an aggregate net carrying value of $7.7 million . During the year ended December 31, 2018, we reclassified four properties with a carrying value of $16.0 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 5 ). 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. 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 9 ). 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, 2018 are as follows (in thousands): Years Ending December 31, Total 2019 (a) $ 373,632 2020 98,198 2021 95,181 2022 85,801 2023 80,033 Thereafter 428,132 Total $ 1,160,977 __________ (a) Includes $250.0 million for a bargain purchase option. In January 2018, The New York Times Company, a tenant at one of our properties that was acquired in the CPA:17 Merger, exercised its bargain purchase option to repurchase the property for $250.0 million in the fourth quarter of 2019. There can be no assurance that such repurchase will be completed. At December 31, 2018 , this property had an aggregate asset carrying value of $264.6 million . Loans Receivable We acquired four loans receivable in the CPA:17 Merger on October 31, 2018 ( Note 3 ) related to a domestic investment, consisting of: • a loan to the developer of an observation wheel with a fair value of $24.4 million ; • a mezzanine loan to the developer of an entertainment complex with a fair value of $23.4 million ; and • two separate loans to two individuals associated with the investment, each with a fair value of $5.0 million . In addition, at December 31, 2018 and 2017 , we had a loan receivable representing the expected future payments under a sales type lease with a carrying value of $9.5 million and $10.0 million , respectively. Our loans receivable are included in Other assets, net in the consolidated financial statements, and had an aggregate carrying value of $67.3 million and $10.0 million at December 31, 2018 and 2017 , respectively. Earnings from our loans receivable are included in Lease termination income and other in the consolidated financial statements. Deferred Acquisition Fees Receivable As described in Note 4 , 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 . 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 invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. During the year ended December 31, 2016, we increased the allowance for credit losses on a single direct financing lease investment by $7.1 million , 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. This allowance was established in the fourth quarter of 2015. We sold this direct financing lease investment in August 2017. At both December 31, 2018 and 2017 , 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 material modifications of finance receivables during the year ended December 31, 2018 . 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 is updated quarterly. 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 2018 2017 2018 2017 1 – 3 36 24 $ 1,135,321 $ 608,101 4 10 8 227,591 123,477 5 1 — 10,580 — $ 1,373,492 $ 731,578

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2018
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 two years to 48 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. Net lease intangibles recorded in connection with property acquisitions during 2018 are described in Note 5 . In connection with the CPA:17 Merger ( Note 3 ), we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): Weighted-Average Life Amount Amortizable Intangible Assets In-place lease 11.2 $ 770,863 Above-market rent 12.2 298,180 Below-market ground lease 57.1 22,600 $ 1,091,643 Amortizable Intangible Liabilities Below-market rent 25.1 $ (109,894 ) Above-market ground lease 76.0 (2,827 ) $ (112,721 ) In connection with certain business combinations, including the CPA:17 Merger, we recorded goodwill as a result of consideration exceeding the fair values of the assets acquired and liabilities assumed ( Note 2 ). The goodwill was attributed to our Real Estate reporting unit as it relates to the real estate assets we acquired in such business combinations. The following table presents a reconciliation of our goodwill (in thousands): Real Estate Investment Management Total Balance at January 1, 2016 $ 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 9 ) (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 Acquisition of CPA:17 – Global ( Note 3 ) 280,306 — 280,306 Foreign currency translation adjustments (3,322 ) — (3,322 ) Balance at December 31, 2018 $ 857,337 $ 63,607 $ 920,944 __________ (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 the announcement of the then-proposed CPA:17 Merger in June 2018 ( Note 3 ), we performed a test for impairment during the second quarter of 2018 for goodwill recorded in both segments and found no impairment indicated ( Note 2 ). In addition, we performed our annual test for impairment on October 1, 2018 for goodwill recorded in both segments and found no impairment indicated. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2018 2017 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 $ 18,924 $ (10,672 ) $ 8,252 $ 18,649 $ (7,862 ) $ 10,787 Trade name 3,975 (1,196 ) 2,779 3,975 (401 ) 3,574 22,899 (11,868 ) 11,031 22,624 (8,263 ) 14,361 Lease Intangibles: In-place lease 1,960,437 (496,096 ) 1,464,341 1,194,055 (421,686 ) 772,369 Above-market rent 925,797 (330,935 ) 594,862 640,480 (276,110 ) 364,370 Below-market ground lease 42,889 (2,367 ) 40,522 18,936 (1,855 ) 17,081 2,929,123 (829,398 ) 2,099,725 1,853,471 (699,651 ) 1,153,820 Indefinite-Lived Goodwill and Intangible Assets Goodwill 920,944 — 920,944 643,960 — 643,960 Below-market ground lease 6,302 — 6,302 985 — 985 927,246 — 927,246 644,945 — 644,945 Total intangible assets $ 3,879,268 $ (841,266 ) $ 3,038,002 $ 2,521,040 $ (707,914 ) $ 1,813,126 Finite-Lived Intangible Liabilities Below-market rent $ (253,633 ) $ 57,514 $ (196,119 ) $ (135,704 ) $ 48,657 $ (87,047 ) Above-market ground lease (15,961 ) 3,663 (12,298 ) (13,245 ) 3,046 (10,199 ) (269,594 ) 61,177 (208,417 ) (148,949 ) 51,703 (97,246 ) Indefinite-Lived Intangible Liabilities Below-market purchase option (16,711 ) — (16,711 ) (16,711 ) — (16,711 ) Total intangible liabilities $ (286,305 ) $ 61,177 $ (225,128 ) $ (165,660 ) $ 51,703 $ (113,957 ) Net amortization of intangibles, including the effect of foreign currency translation, was $174.1 million , $157.8 million , and $163.8 million for the years ended December 31, 2018 , 2017 , and 2016 , 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, 2018 , 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 2019 $ 63,680 $ 196,279 $ 259,959 2020 55,994 167,700 223,694 2021 52,260 152,891 205,151 2022 46,238 139,693 185,931 2023 41,531 128,314 169,845 Thereafter 139,040 718,719 857,759 Total $ 398,743 $ 1,503,596 $ 1,902,339

Equity Investments in the Manag

Equity Investments in the Managed Programs and Real Estate	12 Months Ended
	Dec. 31, 2018
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 CPA:18 – Global and third parties, 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. We classify distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. 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, 2018 2017 2016 Distributions of Available Cash ( Note 4 ) $ 46,609 $ 47,862 $ 45,121 Proportionate share of equity in earnings of equity method investments in the Managed Programs 3,896 5,156 7,698 Amortization of basis differences on equity method investments in the Managed Programs (2,332 ) (1,336 ) (1,028 ) Total equity in earnings of equity method investments in the Managed Programs 48,173 51,682 51,791 Equity in earnings of equity method investments in real estate 15,585 15,452 16,503 Amortization of basis differences on equity method investments in real estate (2,244 ) (2,384 ) (3,575 ) Total equity in earnings of equity method investments in real estate 13,341 13,068 12,928 Equity in earnings of equity method investments in the Managed Programs and real estate $ 61,514 $ 64,750 $ 64,719 Managed Programs We own interests in the Managed Programs and account for these interests under the equity method because, as their advisor, we do not exert control over, but we do have the ability to exercise significant influence over, 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 2018 2017 2018 2017 CPA:17 – Global (a) 100.000 % 4.186 % $ — $ 125,676 CPA:17 – Global operating partnership (a) 100.000 % 0.009 % — — CPA:18 – Global (b) 3.446 % 2.540 % 39,600 28,433 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 (b) 3.062 % 2.119 % 38,600 26,810 CWI 1 operating partnership 0.015 % 0.015 % 186 186 CWI 2 (b) 2.807 % 1.786 % 25,200 16,495 CWI 2 operating partnership 0.015 % 0.015 % 300 300 CESH (c) 2.430 % 2.430 % 3,495 3,299 $ 107,590 $ 201,408 __________ (a) On October 31, 2018, we acquired all of the remaining interests in CPA:17 – Global and the CPA:17 – Global operating partnership in the CPA:17 Merger ( Note 3 ). (b) During 2018, 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 4 ). (c) Investment is accounted for at fair value. CPA:17 – Global — We received distributions from this investment during the years ended December 31, 2018 , 2017 , and 2016 of $10.1 million , $8.4 million , and $7.3 million , respectively. We received distributions from our investment in the CPA:17 – Global operating partnership during the years ended December 31, 2018 , 2017 , and 2016 of $26.3 million , $26.7 million , and $24.8 million , respectively ( Note 4 ). CPA:18 – Global — The c arrying value of our investment in CPA:18 – Global at December 31, 2018 includes asset management fees receivable, for which 111,370 shares of CPA:18 – Global class A common stock were issued during the first quarter of 2019 . We received distributions from this investment during the years ended December 31, 2018 , 2017 , and 2016 of $2.6 million , $1.7 million , and $0.9 million , respectively. We received distributions from our investment in the CPA:18 – Global operating partnership during the years ended December 31, 2018 , 2017 , and 2016 of $9.7 million , $8.7 million , and $7.6 million , respectively ( Note 4 ). CWI 1 — The carrying value of our investment in CWI 1 at December 31, 2018 includes asset management fees receivable, for which 112,315 shares of CWI 1 common stock were issued during the first quarter of 2019 . We received distributions from this investment during the years ended December 31, 2018 , 2017 , and 2016 of $2.0 million , $1.1 million , and $0.9 million , respectively. We received distributions from our investment in the CWI 1 operating partnership during the years ended December 31, 2018 , 2017 , and 2016 of $5.1 million , $7.5 million , and $9.4 million , respectively ( Note 4 ). CWI 2 — The carrying value of our investment in CWI 2 at December 31, 2018 includes asset management fees receivable, for which 78,214 shares of class A common stock of CWI 2 were issued during the first quarter of 2019 . We received distributions from this investment during the years ended December 31, 2018 , 2017 and 2016 of $1.1 million , $0.4 million , and $0.1 million , respectively. We received distributions from our investment in the CWI 2 operating partnership during the years ended December 31, 2018 , 2017 , and 2016 of $5.5 million , $5.1 million , and $3.3 million , respectively ( Note 4 ). CESH — Under the limited partnership agreement we have with CESH, we paid all organization and offering costs on behalf of CESH, and instead of being reimbursed by CESH for actual costs incurred, we received limited partnership units of CESH equal to 2.5% of its gross offering proceeds ( Note 4 ). 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 offering through July 31, 2017, which then closed its offering on that date ( Note 4 ). We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP. We record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of December 31, 2018 is based on the estimated fair value of our equity method investment in CESH as of September 30, 2018 . We did not receive distributions from this investment during the years ended December 31, 2018 , 2017 , or 2016 . CCIF — 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 shares of CCIF (known since October 23, 2017 as GCIF) from Equity investments in the Managed Programs and real estate to Other assets, net in our consolidated balance sheets and accounted for it under the cost method, since we no longer shared decision-making responsibilities with the third-party investment partner. Following our adoption of ASU 2016-01, effective January 1, 2018, ( Note 2 ), we account for our investment in shares of GCIF at fair value. Our investment in shares of GCIF had a carrying value of $23.6 million and $23.3 million at December 31, 2018 and 2017 , respectively, and is included in our Investment Management segment. W e received distributions from our investment in CCIF during the years ended December 31, 2017 and 2016 of $0.9 million and $0.7 million , respectively. Following our resignation as the advisor to CCIF in the third quarter of 2017, distributions of earnings from GCIF are recorded within Other gains and (losses) in the consolidated financial statements. At December 31, 2018 and 2017 , the aggregate unamortized basis differences on our equity investments in the Managed Programs were $35.2 million and $55.2 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, 2018 2017 Net investments in real estate $ 5,417,770 $ 9,378,520 Other assets 1,019,263 1,811,771 Total assets 6,437,033 11,190,291 Debt (3,320,428 ) (5,393,811 ) Accounts payable, accrued expenses and other liabilities (418,975 ) (839,847 ) Total liabilities (3,739,403 ) (6,233,658 ) Noncontrolling interests (146,556 ) (257,358 ) Stockholders’ equity $ 2,551,074 $ 4,699,275 Years Ended December 31, 2018 2017 2016 Revenues $ 1,562,185 $ 1,637,198 $ 1,465,803 Expenses (1,370,152 ) (1,456,842 ) (1,263,498 ) Income from continuing operations $ 192,033 $ 180,356 $ 202,305 Net income attributable to the Managed Programs (a) (b) $ 119,113 $ 127,130 $ 149,662 __________ (a) Includes impairment charges recognized by the Managed Programs totaling $34.4 million , $19.5 million , and $35.7 million during the years ended December 31, 2018 , 2017 , and 2016 , respectively. These impairment charges reduced our income earned from these investments by $1.6 million , $0.8 million , and $1.1 million during the years ended December 31, 2018 , 2017 , and 2016 , respectively. (b) Amounts included net gains on sale of real estate recorded by the Managed Programs totaling $114.5 million , $22.3 million , and $132.8 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. These net gains on sale of real estate increased our income earned from these investments by $3.9 million , $0.6 million , and $4.6 million during the years ended December 31, 2018 , 2017 , and 2016 , respectively. Interests in Other Unconsolidated Real Estate Investments We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with affiliates or third parties. 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 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): Ownership Interest at Carrying Value at December 31, Lessee Co-owner December 31, 2018 2018 2017 Same Store Equity Investment (a) Beach House JV, LLC Third Party N/A $ 15,105 $ 15,105 15,105 15,105 Equity Investments Consolidated After the CPA:17 Merger (b) The New York Times Company CPA:17 – Global 100% $ — $ 69,401 Frontier Spinning Mills, Inc. CPA:17 – Global 100% — 24,153 ALSO Actebis GmbH (c) CPA:17 – Global 100% — 12,009 Jumbo Logistiek Vastgoed B.V. (c) CPA:17 – Global 100% — 10,661 Wagon Automotive GmbH (c) (d) CPA:17 – Global 100% — 8,386 Wanbishi Archives Co. Ltd. (e) CPA:17 – Global 100% — 334 — 124,944 Equity Investments Acquired in the CPA:17 Merger Johnson Self Storage (f) Third Party 90% 73,475 — Kesko Senukai (c) Third Party 70% 52,432 — Bank Pekao S.A. (c) CPA:18 – Global 50% 29,086 — BPS Nevada, LLC (g) Third Party 15% 22,292 — State Farm Automobile Co. CPA:18 – Global 50% 18,927 — Apply Sørco AS (referred to as Apply) (h) CPA:18 – Global 49% 7,483 — Konzum d.d. (referred to as Agrokor) (c) CPA:18 – Global 20% 2,858 — 206,553 — $ 221,658 $ 140,049 __________ (a) Represents an equity investment we acquired prior to January 1, 2016. This investment is in the form of a preferred equity interest. (b) We acquired the remaining interests in these investments from CPA:17 – Global in the CPA:17 Merger, subsequent to which we now consolidate these wholly-owned investments ( Note 3 ). (c) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (d) In August 2018, this investment sold one of its two properties for $7.7 million , net of selling costs (our proportionate share was $2.6 million ), and recognized a net gain on the sale of $4.6 million (our proportionate share was $1.5 million ). (e) The carrying value of this investment was affected by fluctuations in the exchange rate of the Japanese yen. In January 2018, we contributed $0.7 million to this jointly owned investment in connection with the repayment of the non-recourse mortgage loan encumbering the investment. (f) On November 7, 2018, we entered into a joint venture investment to acquire a 90% interest in two self-storage properties for an aggregate amount of $19.9 million , with our portion of the investment totaling $17.9 million (one property is located in South Carolina and one property is located in North Carolina). This transaction was accounted for as an equity method investment as the minority shareholders have significant influence over this investment. All major decisions that significantly impact the economic performance of the entity require a unanimous decision vote from all of the shareholders; therefore, we have joint control over this investment. This acquisition was completed subsequent to the CPA:17 Merger, in which we acquired seven properties related to this investment. (g) This investment was reported using the hypothetical liquidation at book value model, which may have been different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement. (h) The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone. 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, 2018 2017 Net investments in real estate $ 769,643 $ 516,793 Other assets 31,227 16,465 Total assets 800,870 533,258 Debt (469,343 ) (176,660 ) Accounts payable, accrued expenses and other liabilities (28,648 ) (11,950 ) Total liabilities (497,991 ) (188,610 ) Stockholders’ equity $ 302,879 $ 344,648 Years Ended December 31, 2018 2017 2016 Revenues $ 60,742 $ 57,377 $ 56,791 Expenses (28,422 ) (22,231 ) (17,933 ) Income from continuing operations $ 32,320 $ 35,146 $ 38,858 Net income attributable to the jointly owned investments $ 32,320 $ 35,146 $ 38,858 We received aggregate distributions of $17.8 million , $16.0 million , and $16.1 million from our other unconsolidated real estate investments for the years ended December 31, 2018 , 2017 , and 2016 , respectively. At December 31, 2018 and 2017 , the aggregate unamortized basis differences on our unconsolidated real estate investments were $23.7 million and $15.1 million , respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2018
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. 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 and Liabilities — Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, 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 10 ). The valuation of our derivative instruments (excluding stock warrants) is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments 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. Equity Investment in CESH — We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP ( Note 8 ). The fair value of our equity investment in CESH approximated its carrying value as of December 31, 2018 and 2017 . Investment in Shares of a Cold Storage Operator — We account for our investment in shares of a cold storage operator, which we acquired in the CPA:17 Merger ( Note 3 ) and is included in Other assets, net in the consolidated financial statements, at fair value using valuation models that incorporated the following significant unobservable inputs: a 15x multiple of a comparable public company and a 20% EBITDA growth rate. We classified this investment as Level 3 because it is not traded in an active market, and its fair value was $116.3 million at December 31, 2018 , unchanged from its estimated fair value on the date of acquisition in the CPA:17 Merger. Investment in Shares of GCIF — We account for our investment in shares of GCIF, which is included in Other assets, net in the consolidated financial statements, at fair value ( Note 8 ). We classified this investment as Level 2 because we used a quoted price from an inactive market to determine its fair value. 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, 2018 or 2017 . Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our consolidated financial statements, except for gains and losses recognized on our equity investment in CESH, which are reported within Other comprehensive (loss) income . Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2018 December 31, 2017 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 3,554,470 $ 3,567,593 $ 2,474,661 $ 2,588,032 Non-recourse mortgages, net (a) (b) (d) 3 2,732,658 2,737,861 1,185,477 1,196,399 Loans receivable (d) 3 67,277 67,123 9,971 9,639 Commercial mortgage-backed securities 3 998 998 — — __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 11 ) includes unamortized deferred financing costs of $19.7 million and $14.7 million at December 31, 2018 and 2017 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.8 million and $1.0 million at December 31, 2018 and 2017 , respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $15.8 million and $9.9 million at December 31, 2018 and 2017 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $21.8 million and $1.7 million at December 31, 2018 and 2017 , respectively. (c) We determined the estimated fair value of the Senior Unsecured Notes using observed market prices in an open market with limited trading volume. (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, 2018 and 2017 . 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, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Fair Value Measurements Total Impairment Charges Fair Value Total Impairment Fair Value Total Impairment Impairment Charges Land, buildings and improvements and intangibles $ 7,797 $ 4,790 $ 2,914 $ 2,769 $ 155,839 $ 52,316 Net investments in direct financing leases — — — — 23,775 6,987 $ 4,790 $ 2,769 $ 59,303 Impairment charges, and their related triggering events and fair value measurements, recognized during 2018 , 2017 , and 2016 were as follows: Land, Buildings and Improvements and Intangibles 2018 — During the year ended December 31, 2018, we recognized impairment charges totaling $4.8 million on two properties in order to reduce the carrying values of the properties to their estimated fair values, which was $3.9 million in each case. We recognized an impairment charge of $3.8 million on one of those properties due to a tenant bankruptcy and the resulting vacancy, and the fair value measurement for the property was determined by estimating discounted cash flows using market rent assumptions. We recognized an impairment charge of $1.0 million on the other property due to a lease expiration and resulting vacancy, and the fair value measurement for the property approximated its estimated selling price. 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, which was sold in March 2018. 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. 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. We sold this property in January 2017.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2018
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 Senior Unsecured Notes ( Note 11 ). 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, and Japan 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 (loss) income 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 (loss) income 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, 2018 and 2017 , 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 (a) Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Foreign currency forward contracts Other assets, net $ 22,520 $ 12,737 $ — $ — Foreign currency collars Other assets, net 8,536 4,931 — — Interest rate swaps Other assets, net 1,435 523 — — Interest rate caps Other assets, net 56 20 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (3,387 ) (1,108 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,679 ) (6,805 ) Derivatives Not Designated as Hedging Instruments (a) Foreign currency forward contracts Other assets, net 7,144 — — — Stock warrants Other assets, net 5,500 3,685 — — Interest rate swap (b) Other assets, net — 19 — — Interest rate swaps (b) Accounts payable, accrued expenses and other liabilities — — (343 ) — Total derivatives $ 45,191 $ 21,915 $ (5,409 ) $ (7,913 ) __________ (a) In connection with the CPA:17 Merger on October 31, 2018, we acquired: (i) foreign currency forward contracts, which had an aggregate fair value of $14.9 million on the date of acquisition, (ii) interest rate swaps and caps, which had an aggregate fair value of $(0.3) million on the date of acquisition, (iii) foreign currency collars, which had an aggregate fair value of $(0.3) million on the date of acquisition, and (iv) stock warrants, which had a fair value of $1.9 million on the date of acquisition. (b) These interest rate swaps do not qualify for hedge accounting; however, they do 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 2018 2017 2016 Foreign currency collars $ 9,029 $ (19,220 ) $ 9,679 Foreign currency forward contracts (1,905 ) (19,120 ) (1,948 ) Interest rate swaps (1,560 ) 1,550 1,291 Interest rate caps (68 ) (29 ) 21 Derivatives in Net Investment Hedging Relationships (b) Foreign currency forward contracts (2,630 ) (5,652 ) (462 ) Total $ 2,866 $ (42,471 ) $ 8,581 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, 2018 2017 2016 Foreign currency forward contracts Other gains and (losses) $ 6,533 $ 6,845 $ 7,442 Foreign currency collars Other gains and (losses) 2,359 3,650 1,968 Interest rate swaps and cap Interest expense (400 ) (1,294 ) (2,106 ) Derivatives in Net Investment Hedging Relationships Foreign currency forward contracts (c) Gain on sale of real estate, net 7,609 — — Total $ 16,101 $ 9,201 $ 7,304 __________ (a) Excludes net losses of $0.6 million and $1.0 million and net gains of $0.2 million , recognized on unconsolidated jointly owned investments for the years ended December 31, 2018 , 2017 , and 2016 , respectively. (b) The effective portion of the changes in fair value of these contracts were reported in the foreign currency translation adjustment section of Other comprehensive (loss) income . (c) We reclassified net foreign currency transaction gains from net investment hedge foreign currency forward contracts related to our Australian investments from Accumulated other comprehensive loss to Gain on sale of real estate, net (as an increase to Gain on sale of real estate, net) in connection with the disposal of all of our Australian investments in December 2018 ( Note 14 , Note 17 ). Amounts reported in Other comprehensive (loss) income 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 (loss) income related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. As of December 31, 2018 , we estimate that an additional $1.3 million and $10.6 million will be reclassified as interest expense and other gains, 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, 2018 2017 2016 Foreign currency collars Other gains and (losses) $ 455 $ (754 ) $ 824 Foreign currency forward contracts Other gains and (losses) 356 (53 ) — Stock warrants Other gains and (losses) (99 ) (67 ) 134 Interest rate swaps Other gains and (losses) (20 ) 18 2,682 Derivatives in Cash Flow Hedging Relationships (a) Interest rate swaps Interest expense 286 693 657 Foreign currency forward contracts Other gains and (losses) 132 (75 ) 40 Foreign currency collars Other gains and (losses) 18 (32 ) (7 ) Total $ 1,128 $ (270 ) $ 4,330 __________ (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 have historically attempted to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners have obtained, and may in the future 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, 2018 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at (a) Designated as Cash Flow Hedging Instruments Interest rate swaps 3 65,132 EUR $ (1,034 ) Interest rate swaps 21 207,724 USD (918 ) Interest rate cap 1 75,000 USD 28 Interest rate caps 5 156,036 EUR 21 Interest rate cap 1 6,394 GBP 7 Not Designated as Hedging Instruments Interest rate swaps (b) 3 15,672 EUR (343 ) $ (2,239 ) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at December 31, 2018 , as applicable. (b) These interest rate swaps do not qualify for hedge accounting; however, they do 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 Danish krone, 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, 2018 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2018 Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 30 91,789 EUR $ 22,478 Foreign currency collars 41 43,250 GBP 5,434 Foreign currency collars 47 157,750 EUR 1,426 Foreign currency collars 3 2,000 NOK (1 ) Not Designated as Hedging Instruments Foreign currency forward contracts 6 74,204 AUD 6,726 Foreign currency forward contracts 6 1,455 EUR 332 Foreign currency forward contracts 5 3,635 NOK 76 Designated as Net Investment Hedging Instruments Foreign currency forward contract 1 2,468 NOK 52 Foreign currency collar 1 2,500 NOK (2 ) $ 36,521 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, 2018 . At December 31, 2018 , our total credit exposure and the maximum exposure to any single counterparty was $37.2 million and $23.8 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, 2018 , 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 $7.3 million and $8.1 million at December 31, 2018 and 2017 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2018 or 2017 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $7.6 million and $8.4 million , respectively. Net Investment Hedges We have completed four offerings of euro-denominated senior notes, each with a principal amount of €500.0 million , which we refer to as the 2.0% Senior Notes due 2023, 2.25% Senior Notes due 2024, 2.250% Senior Notes due 2026, and 2.125% Senior Notes due 2027 ( Note 11 ). In addition, at December 31, 2018 , the amounts borrowed in euro and Japanese yen outstanding under our Unsecured Revolving Credit Facility ( Note 11 ) were €60.5 million and ¥2.5 billion , respectively. These borrowings are designated as, and are effective as, economic hedges of our net investments in foreign entities. Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro and Japanese yen borrowings under our Unsecured Revolving Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $66.3 million , $(163.9) million , and $25.6 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. At December 31, 2018 , 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, 2018
Debt Disclosure [Abstract]
Debt	Debt Senior Unsecured Credit Facility On February 22, 2017, we entered into the Third Amended and Restated Credit Facility (the “Credit Agreement”), which provided for a $1.5 billion unsecured revolving credit facility (our “Unsecured Revolving Credit Facility”), a €236.3 million term loan (our “Term Loan”), and a $100.0 million delayed draw term loan (our “Delayed Draw Term Loan”), which we refer to collectively as the “Senior Unsecured Credit Facility”. The Delayed Draw Term Loan allowed for borrowings in U.S. dollars, euros, or British pounds sterling. We refer to our Term Loan and Delayed Draw Term Loan collectively as the “Unsecured Term Loans.” As of December 31, 2017, we had drawn down our Unsecured Term Loans in full. On March 7, 2018, we repaid and terminated our Unsecured Term Loans in full for €325.0 million (equivalent to $403.6 million ), using a portion of the proceeds from the issuance of the €500.0 million of 2.125% Senior Notes due 2027, as described below. In connection with the repayments, we recognized a non-cash loss on extinguishment of debt of $1.4 million , which was included in Other gains and (losses) in the consolidated financial statements. 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 Credit Agreement. The Unsecured Revolving Credit Facility is 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 , subject to the conditions provided in the Credit Agreement. In October 2018, we elected to make a one-time drawdown on our Unsecured Revolving Credit Facility denominated in Japanese yen. We completed this drawdown in connection with the CPA:17 Merger on October 31, 2018 ( Note 3 ), using the ¥2.5 billion (equivalent to $21.6 million ) of proceeds to repay in full all amounts outstanding under CPA:17 – Global’s senior credit facility that were denominated in Japanese yen. At December 31, 2018 , our Unsecured Revolving Credit Facility had available capacity of $1.4 billion . We incur an annual facility fee of 0.20% of the total commitment on our Unsecured Revolving Credit Facility. The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Interest Rate at December 31, 2018 (a) Maturity Date at December 31, 2018 Principal Outstanding Balance at December 31, Senior Unsecured Credit Facility 2018 2017 Unsecured Revolving Credit Facility: Unsecured Revolving Credit Facility — borrowing in euros (b) EURIBOR + 1.00% 2/22/2021 $ 69,273 $ 111,775 Unsecured Revolving Credit Facility — borrowing in Japanese yen JPY LIBOR + 1.00% 2/22/2021 22,290 — Unsecured Revolving Credit Facility — borrowing in U.S. dollars LIBOR + 1.00% 2/22/2021 — 105,000 91,563 216,775 Unsecured Term Loans (c) : Term Loan — borrowing in euros (d) N/A N/A — 283,425 Delayed Draw Term Loan — borrowing in euros N/A N/A — 106,348 — 389,773 $ 91,563 $ 606,548 __________ (a) The applicable interest rate at December 31, 2018 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2 . (b) EURIBOR means Euro Interbank Offered Rate. (c) On March 7, 2018, we repaid and terminated our Unsecured Term Loans in full, as described above. (d) Balance excludes unamortized discount of $1.2 million and unamortized deferred financing costs of $0.2 million at December 31, 2017. Senior Unsecured Notes As set forth in the table below, we have senior unsecured notes outstanding with an aggregate principal balance outstanding of $3.6 billion at December 31, 2018 (the “Senior Unsecured Notes”). On March 6, 2018 , we completed a public offering of €500.0 million of 2.125% Senior Notes due 2027, at a price of 99.324% of par value, issued by our wholly owned finance subsidiary, WPC Eurobond B.V., and fully and unconditionally guaranteed by us. These 2.125% Senior Notes due 2027 have a nine -year term and are scheduled to mature on April 15, 2027 . On October 9, 2018 , we completed a public offering of €500.0 million of 2.250% Senior Notes due 2026, at a price of 99.252% of par value, also issued by WPC Eurobond B.V., and fully and unconditionally guaranteed by us. These 2.250% Senior Notes due 2026 have a 7.5 -year term and are scheduled to mature on April 9, 2026 . Interest on the Senior Unsecured Notes is payable annually in arrears for our euro-denominated notes and semi-annually for U.S. dollar-denominated notes. The Senior Unsecured 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 Senior Unsecured Notes outstanding at December 31, 2018 (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, Senior Unsecured Notes, net (a) Issue Date 2018 2017 2.0% Senior Notes due 2023 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 $ 572.5 $ 599.7 4.6% Senior Notes due 2024 3/14/2014 $ 500.0 99.639 % $ 1.8 4.645 % 4.6 % 4/1/2024 500.0 500.0 2.25% Senior Notes due 2024 1/19/2017 € 500.0 99.448 % $ 2.9 2.332 % 2.25 % 7/19/2024 572.5 599.7 4.0% Senior Notes due 2025 1/26/2015 $ 450.0 99.372 % $ 2.8 4.077 % 4.0 % 2/1/2025 450.0 450.0 2.250% Senior Notes due 2026 10/9/2018 € 500.0 99.252 % $ 4.3 2.361 % 2.250 % 4/9/2026 572.5 — 4.25% Senior Notes due 2026 9/12/2016 $ 350.0 99.682 % $ 1.1 4.290 % 4.25 % 10/1/2026 350.0 350.0 2.125% Senior Notes due 2027 3/6/2018 € 500.0 99.324 % $ 4.2 2.208 % 2.125 % 4/15/2027 572.5 — $ 3,590.0 $ 2,499.4 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $19.7 million and $14.7 million , and unamortized discount totaling $15.8 million and $9.9 million at December 31, 2018 and 2017 , respectively. Proceeds from the issuances of each of these notes were used primarily to partially pay down the amounts then outstanding under the senior unsecured credit facility that we had in place at that time (including the Unsecured Term Loans in March 2018) and/or to repay certain non-recourse mortgage loans. In connection with the offering of the 2.125% Senior Notes due 2027 in March 2018 and 2.250% Senior Notes due 2026 in October 2018, we incurred financing costs totaling $8.1 million during the year ended December 31, 2018 , which are included in Senior Unsecured Notes, net in the consolidated financial statements and are being amortized to Interest expense over the term of the 2.125% Senior Notes due 2027 and 2.250% Senior Notes due 2026. Covenants The Credit Agreement and each of the Senior Unsecured Notes include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. The Credit Agreement 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, 2018 . 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 Unsecured Revolving 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, 2018 , our non-recourse mortgage notes payable bore interest at fixed annual rates ranging from 1.9% to 9.4% and variable contractual annual rates ranging from 1.3% to 8.5% , with maturity dates ranging from March 2019 to September 2031 . CPA:17 Merger In connection with the CPA:17 Merger on October 31, 2018 ( Note 3 ), we assumed property-level debt comprised of non-recourse mortgage loans with fair values totaling $1.85 billion and recorded an aggregate fair market value net discount of $20.4 million . The fair market value net discount will be amortized to interest expense over the remaining lives of the related loans. These non-recourse mortgage loans had a weighted-average annual interest rate of 4.3% on the merger date. Repayments During 2018 During the year ended December 31, 2018 , we prepaid non-recourse mortgage loans totaling $207.4 million , including $18.0 million encumbering properties that were disposed of during the year. Amounts are based on the exchange rate of the related foreign currency as of the date of prepayment, as applicable. In addition, during the year ended December 31, 2018 , we repaid non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $44.0 million . The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 3.9% . Repayments During 2017 In January 2017, we repaid two international non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $243.8 million , which encumbered an investment jointly owned with 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 non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $47.1 million . Interest Paid For the years ended December 31, 2018 , 2017 , and 2016 , interest paid was $157.3 million , $155.4 million , and $182.2 million , respectively. Foreign Currency Exchange Rate Impact During the year ended December 31, 2018 , the U.S. dollar strengthened against the euro, resulting in an aggregate decrease of $88.0 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2017 to December 31, 2018 . Scheduled Debt Principal Payments Scheduled debt principal payments during each of the next five calendar years following December 31, 2018 and thereafter through 2031 are as follows (in thousands): Years Ending December 31, Total (a) 2019 $ 157,143 2020 713,610 2021 694,483 2022 587,566 2023 943,892 Thereafter through 2031 3,340,197 Total principal payments 6,436,891 Unamortized discount, net (b) (37,609 ) Unamortized deferred financing costs (20,591 ) Total $ 6,378,691 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2018 . (b) Represents the unamortized discount, net, of $21.8 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, including the CPA:17 Merger ( Note 3 ), and the unamortized discount on the Senior Unsecured Notes of $15.8 million in aggregate.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2018 , 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, 2018
Restructuring and Related Activities [Abstract]
Restructuring and Other Compensation	Restructuring and Other Compensation Expenses Recorded During 2017 In June 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 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.

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Equity	Equity Common Stock Dividends paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents dividends per share, declared and paid during the years ended December 31, 2018 , 2017 , and 2016 , reported for federal tax purposes and serves as a designation of capital gain dividends, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e) (dollars per share): Dividends Paid During the Years Ended December 31, 2018 2017 2016 Ordinary income $ 3.5122 $ 3.2537 $ 3.3075 Capital gains 0.5578 0.2181 — Return of capital — 0.5182 0.5963 Total dividends paid $ 4.0700 $ 3.9900 $ 3.9038 During the fourth quarter of 2018 , we declared a quarterly dividend of $1.03 per share, which was paid on January 15, 2019 to stockholders of record on December 31, 2018 . 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 dividends 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 dividend equivalents or dividends, 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, 2018 2017 2016 Net income attributable to W. P. Carey $ 411,566 $ 277,289 $ 267,747 Net income attributable to nonvested participating RSUs and RSAs (340 ) (784 ) (886 ) Net income – basic and diluted $ 411,226 $ 276,505 $ 266,861 Weighted-average shares outstanding – basic 117,494,969 107,824,738 106,743,012 Effect of dilutive securities 211,476 211,233 330,191 Weighted-average shares outstanding – diluted 117,706,445 108,035,971 107,073,203 For the years ended December 31, 2018 , 2017 , and 2016 , 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” (“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, 2018 , we issued 4,229,285 shares of our common stock under the current ATM program at a weighted-average price of $69.03 per share for net proceeds of $287.5 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, 2018 , $84.7 million remained available for issuance under our current ATM program. See Note 20 , Subsequent Events for issuances under our ATM program subsequent to December 31, 2018 and through the date of this Report. 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 accounted for the noncontrolling interest in our subsidiary, W. P. Carey International, LLC (“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. However, the third party did not formally transfer his interests in WPCI to us pursuant to the put agreement at that time because of a dispute regarding any amounts that might still be owed to him. In September 2018, we negotiated a settlement of that dispute, and as a result, we recorded an adjustment of $0.3 million to Additional paid-in capital in our consolidated statement of equity for the year ended December 31, 2018 to reflect the redemption value of the third party’s interest. As part of the settlement, the third party acknowledged that all of his interests in WPCI have been transferred to us and all disputes between the parties were resolved. We have no further obligation related to this redeemable noncontrolling interest as of December 31, 2018. 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, 2016 $ 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: Other gains and (losses) (9,410 ) — — (9,410 ) Interest expense 2,106 — — 2,106 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 ( Note 17 ) — 3,388 — 3,388 Other gains and (losses) (10,495 ) — — (10,495 ) Interest expense 1,294 — — 1,294 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 ) Other comprehensive loss before reclassifications 13,415 (52,069 ) 154 (38,500 ) Amounts reclassified from accumulated other comprehensive loss to: Gain on sale of real estate, net ( Note 10 , Note 17 ) — 20,226 — 20,226 Other gains and (losses) (8,892 ) — — (8,892 ) Interest expense 400 — — 400 Total (8,492 ) 20,226 — 11,734 Net current period other comprehensive loss 4,923 (31,843 ) 154 (26,766 ) Net current period other comprehensive loss attributable to noncontrolling interests 7 7,774 — 7,781 Balance at December 31, 2018 $ 14,102 $ (269,091 ) $ (7 ) $ (254,996 ) See Note 10 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented.

Stock-Based Compensation and Ot

Stock-Based Compensation and Other Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based and Other Compensation	Stock-Based and Other Compensation Stock-Based Compensation At December 31, 2018 , we maintained several stock-based compensation plans as described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $18.3 million , $18.9 million , and $21.2 million for the years ended December 31, 2018 , 2017 , and 2016 , 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, 2018 , 2017 , and 2016 were included in Stock-based compensation expense in the consolidated financial statements. Approximately $4.2 million of the stock-based compensation expense recorded during the year ended December 31, 2018 was attributable to the modification of RSUs and PSUs in connection with the retirement of our former chief executive officer in February 2018. The tax benefit recognized by us related to these awards totaled $6.6 million , $4.6 million , and $6.7 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. The tax benefits for the years ended December 31, 2018 , 2017 , and 2016 were reflected as a deferred tax benefit within Provision for income taxes in the consolidated financial statements. 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, 2018 , 3,481,206 shares remained available for issuance under the 2017 Share Incentive Plan, assuming that the target level of performance is achieved for all outstanding PSU awards and not including any dividend equivalents to be paid on those PSUs, which are reinvested in shares of our common stock after the end of the relevant three-year performance cycle but only to the extent that the PSUs vest. During the years ended December 31, 2018 , 2017 , and 2016 , we awarded RSUs totaling 123,485 , 181,307 , and 262,824 , respectively, and PSUs totaling 75,864 , 107,934 , and 200,005 , respectively, to key employees under the 2017 Share Incentive Plan and the predecessor employee plan, 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 . Employee Share Purchase Plan We sponsor an employee share purchase plan (“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, 2018 , 2017 , and 2016 was less than $0.1 million . Restricted and Conditional Awards Nonvested RSAs, RSUs, and PSUs at December 31, 2018 and changes during the years ended December 31, 2018 , 2017 , and 2016 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Nonvested at January 1, 2016 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 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 324,339 61.43 281,299 74.57 Granted (c) 137,519 64.50 75,864 75.81 Vested (a) (181,777 ) 62.25 (66,632 ) 76.96 Forfeited (3,079 ) 61.71 (3,098 ) 76.49 Adjustment (b) — — 43,783 74.17 Nonvested at December 31, 2018 (d) 277,002 $ 62.41 331,216 $ 78.82 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2018 , 2017 , and 2016 was $16.4 million , $21.4 million , and $27.8 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, 2018 and 2017 , we had an obligation to issue 867,871 and 1,140,632 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $35.8 million and $46.7 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, 2018 , we used a risk-free interest rate of 2.2% , an expected volatility rate of 17.2% , and assumed a dividend yield of zero . (d) At December 31, 2018 , total unrecognized compensation expense related to these awards was approximately $17.7 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 are 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 year ended December 31, 2016 were as follows: Year Ended December 31, 2016 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Outstanding — beginning of year 258,787 $ 31.10 Exercised (113,002 ) 28.34 Canceled / Expired (752 ) 28.42 Outstanding — end of year 145,033 $ 33.27 0.30 Exercisable — end of year 145,033 $ 33.27 Options granted under the 1997 Share Incentive Plan, a predecessor employee 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 and 2016 was $4.4 million and $3.7 million , respectively. At December 31, 2017 , all of our options had either been fully exercised or expired, and all related compensation expense has been previously recognized. Cash received from stock option exercises and purchases under the ESPP during the years ended December 31, 2018 , 2017 , and 2016 was $0.2 million , $0.2 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 2018, 2017, and 2016, 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 $27,500 for 2018, $27,000 for 2017, and $26,500 for 2016. For the years ended December 31, 2018 , 2017 , and 2016 , amounts expensed for contributions to the trust were $2.6 million , $3.3 million , and $3.9 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 year ended December 31, 2016, we had employment contracts with certain senior executives. These contracts also provided for severance payments in the event of termination under certain conditions ( Note 13 ). During the years ended December 31, 2018 and 2017, we did not have any such contracts in place. During the years ended December 31, 2018 , 2017 , and 2016 , we recognized severance costs totaling $0.9 million , less than $0.1 million , and $0.5 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 13 ).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Federal Current $ (829 ) $ (687 ) $ 6,412 Deferred 3,275 (9,520 ) (1,608 ) 2,446 (10,207 ) 4,804 State and Local Current 4,820 1,954 7,014 Deferred 3,042 572 (2,026 ) 7,862 2,526 4,988 Foreign Current 16,791 21,457 10,727 Deferred (12,688 ) (11,065 ) (17,231 ) 4,103 10,392 (6,504 ) Total Provision $ 14,411 $ 2,711 $ 3,288 A reconciliation of effective income tax for the periods presented is as follows (in thousands): Years Ended December 31, 2018 2017 2016 Pre-tax income (loss) attributable to taxable subsidiaries (a) $ 98,245 $ 49,909 $ (15,374 ) Federal provision (benefit) at statutory tax rate (b) $ 20,632 $ 17,468 $ (5,380 ) Rate differential (14,165 ) (13,134 ) 892 State and local taxes, net of federal benefit 7,590 1,115 2,749 Change in valuation allowance 6,735 11,805 6,477 Revocation of TRS Status (6,285 ) — — Non-deductible expense 4,996 3,010 3,111 Windfall tax benefit (c) (3,754 ) (4,618 ) — Non-taxable income (736 ) (8,073 ) (5,399 ) Revaluation of deferred taxes due to Tax Cuts and Jobs Act (d) — (7,826 ) — Other (602 ) 2,964 838 Total provision $ 14,411 $ 2,711 $ 3,288 __________ (a) Pre-tax income attributable to taxable subsidiaries for 2018 includes taxable income associated with the accelerated vesting of shares previously issued by CPA:17 – Global to us for asset management services performed, in connection with the CPA:17 Merger. Pre-tax income attributable to taxable subsidiaries for 2017 excludes the impact of foreign currency exchange rates on an intercompany transaction related to the euro-denominated 2.25% Senior Notes due 2024 issued in 2017 ( Note 11 ) 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 9 ). (b) The applicable statutory tax rate is 21% , 35% , and 35% for the years ended December 31, 2018 , 2017 , and 2016 , respectively. (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 ). (d) 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. Deferred Income Taxes Deferred income taxes at December 31, 2018 and 2017 consist of the following (in thousands): At December 31, 2018 2017 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 44,445 $ 61,632 Basis differences — foreign investments — 31,472 Unearned and deferred compensation 16,255 21,192 Other 640 3,029 Total deferred tax assets 61,340 117,325 Valuation allowance (54,499 ) (39,155 ) Net deferred tax assets 6,841 78,170 Deferred Tax Liabilities Basis differences — foreign investments (123,426 ) (104,390 ) Basis differences — equity investees (46,899 ) (23,950 ) Deferred revenue (1,778 ) (3,784 ) Total deferred tax liabilities (172,103 ) (132,124 ) Net Deferred Tax Liability $ (165,262 ) $ (53,954 ) 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. Certain net operating losses and interest carryforwards were subject to limitations as a result of the CPA:17 Merger, and thus could not be applied to reduce future income tax liabilities. 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 2024 and our foreign net operating losses will begin to expire in 2019 . As of December 31, 2018 and 2017 , 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 $7.9 million and $13.1 million at December 31, 2018 and 2017 , respectively, which are included in Other assets, net in the consolidated balance sheets, and other deferred tax liability balances of $173.1 million and $67.0 million at December 31, 2018 and 2017 , 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, 2018 2017 Beginning balance $ 5,202 $ 5,586 Increase due to CPA:17 Merger 2,273 — Decrease due to lapse in statute of limitations (2,186 ) (1,853 ) Addition based on tax positions related to the current year 514 639 Addition based on tax positions related to prior years 442 660 Foreign currency translation adjustments (140 ) 170 Ending balance $ 6,105 $ 5,202 At December 31, 2018 and 2017 , 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, 2018 and 2017 , we had approximately $1.4 million and $1.2 million , respectively, of accrued interest related to uncertain tax positions. Income Taxes Paid Income taxes paid were $23.2 million , $16.7 million , and $19.3 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. 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 2013 through 2017 or any ongoing audits remain open to adjustment in the major tax jurisdictions.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions 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 Real Estate segment. 2018 — During the year ended December 31, 2018, we sold 49 properties for total proceeds of $431.6 million , net of selling costs, and recognized a net gain on these sales totaling $112.3 million (inclusive of income taxes totaling $21.8 million recognized upon sale). Disposition activity included the sale of one of our hotel operating properties in April 2018 ( Note 5 ). In connection with the sale of 28 properties in Australia in December 2018, and in accordance with ASC 830-30-40, Foreign Currency Matters , we reclassified an aggregate of $20.2 million of net foreign currency translation losses, including net gains of $7.6 million from net investment hedge forward currency contracts ( Note 10 ), from Accumulated other comprehensive loss to Gain on sale of real estate, net (as a reduction to Gain on sale of real estate, net), since the sale represented a disposal of all of our Australian investments ( Note 14 ). In addition, in June 2018, we completed a nonmonetary transaction, in which we disposed of 23 properties in exchange for the acquisition of one property leased to the same tenant. This swap was recorded based on the fair value of the property acquired of $85.5 million , which resulted in a net gain of $6.3 million , and was a non-cash investing activity ( Note 5 ). 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 totaling $33.9 million (inclusive of income taxes totaling $5.2 million recognized upon sale). 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 (as a reduction to Gain on sale of real estate, net), since the sales represented disposals of all of our Malaysian and Thai investments ( Note 14 ). 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 $28.1 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 totaling $42.6 million (inclusive of income taxes totaling $3.4 million recognized upon sale), 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 9 ). 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 Real Estate segment based on the relative fair value at the time of the sale ( Note 7 ). In the fourth quarter of 2015, we executed a lease amendment with a tenant in a domestic office building, as a result of which we recognized lease termination income of $32.2 million during the year ended December 31, 2016 within Lease termination income and other in the consolidated financial statements. 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 .

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We evaluate our results from operations by our two major business segments: Real Estate and Investment Management ( Note 1 ). The following tables present a summary of comparative results and assets for these business segments (in thousands): Real Estate Years Ended December 31, 2018 2017 2016 Revenues Lease revenues $ 716,422 $ 630,373 $ 663,463 Reimbursable tenant costs 28,076 21,524 25,438 Operating property revenues (a) 28,072 30,562 30,767 Lease termination income and other 6,555 4,749 35,696 779,125 687,208 755,364 Operating Expenses Depreciation and amortization 287,461 249,432 272,274 General and administrative 47,210 39,002 34,591 Merger and other expenses 41,426 605 2,993 Reimbursable tenant costs 28,076 21,524 25,438 Property expenses, excluding reimbursable tenant costs 22,773 17,330 26,804 Operating property expenses 20,150 23,426 22,627 Stock-based compensation expense 10,450 6,960 5,224 Impairment charges 4,790 2,769 59,303 Restructuring and other compensation — — 4,413 462,336 361,048 453,667 Other Income and Expenses Interest expense (178,375 ) (165,775 ) (183,409 ) Gain on sale of real estate, net 118,605 33,878 71,318 Gain on change in control of interests 18,792 — — Equity in earnings of equity method investments in real estate 13,341 13,068 12,928 Other gains and (losses) 30,015 (5,655 ) 3,665 2,378 (124,484 ) (95,498 ) Income before income taxes 319,167 201,676 206,199 Benefit from (provision for) income taxes 844 (1,743 ) 3,418 Net Income from Real Estate 320,011 199,933 209,617 Net income attributable to noncontrolling interests (12,775 ) (7,794 ) (7,060 ) Net Income from Real Estate Attributable to W. P. Carey $ 307,236 $ 192,139 $ 202,557 __________ (a) Operating property revenues from our hotels include (i) $4.8 million , $16.0 million , and $15.5 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, generated from a hotel in Memphis, Tennessee, which was sold in April 2018 ( Note 17 ), (ii) $15.2 million , $14.6 million , and $15.2 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, generated from a hotel in Bloomington, Minnesota, and (iii) $1.7 million for the year ended December 31, 2018 , generated from a hotel in Miami, Florida, which was acquired in the CPA:17 Merger ( Note 3 ). Investment Management Years Ended December 31, 2018 2017 2016 Revenues Asset management revenue $ 63,556 $ 70,125 $ 61,971 Reimbursable costs from affiliates 21,925 51,445 66,433 Structuring revenue 20,826 34,198 47,328 Other advisory revenue 300 896 2,435 Dealer manager fees — 4,430 8,002 106,607 161,094 186,169 Operating Expenses Reimbursable costs from affiliates 21,925 51,445 66,433 General and administrative 21,127 31,889 47,761 Subadvisor fees 9,240 13,600 14,141 Stock-based compensation expense 7,844 11,957 12,791 Depreciation and amortization 3,979 3,902 4,236 Restructuring and other compensation — 9,363 7,512 Dealer manager fees and expenses — 6,544 12,808 Merger and other expenses — — 2,384 64,115 128,700 168,066 Other Income and Expenses Equity in earnings of equity method investments in the Managed Programs 48,173 51,682 51,791 Gain on change in control of interests 29,022 — — Other gains and (losses) (102 ) 2,042 2,002 77,093 53,724 53,793 Income before income taxes 119,585 86,118 71,896 Provision for income taxes (15,255 ) (968 ) (6,706 ) Net Income from Investment Management Attributable to W. P. Carey $ 104,330 $ 85,150 $ 65,190 Total Company Years Ended December 31, 2018 2017 2016 Revenues $ 885,732 $ 848,302 $ 941,533 Operating expenses 526,451 489,748 621,733 Other income and expenses 79,471 (70,760 ) (41,705 ) Provision for income taxes (14,411 ) (2,711 ) (3,288 ) Net income attributable to noncontrolling interests (12,775 ) (7,794 ) (7,060 ) Net income attributable to W. P. Carey $ 411,566 $ 277,289 $ 267,747 Total Assets at December 31, 2018 2017 Real Estate $ 13,941,963 $ 7,885,751 Investment Management 241,076 345,651 Total Company $ 14,183,039 $ 8,231,402 Our portfolio is comprised of domestic and international investments. At December 31, 2018 , our international investments within our Real Estate segment were comprised of investments in Germany, Spain, the United Kingdom, Poland, the Netherlands, Finland, France, Denmark, Norway, Hungary, Italy, Austria, Sweden, Croatia, Belgium, Lithuania, Portugal, Slovakia, the Czech Republic, Canada, Mexico, and Japan. We sold all of our investments in Australia during 2018 ( Note 17 ). We sold all of our investments in Malaysia and Thailand during 2017 ( Note 17 ). Other than Germany, no international country or tenant individually comprised more than 10% of our total lease revenues for the years ended December 31, 2018 , 2017 , or 2016 , or more than 10% of our total long-lived assets at December 31, 2018 or 2017 . Results of operations and assets within our Investment Management segment are entirely domestic. The following tables present the geographic information for our Real Estate segment (in thousands): Years Ended December 31, 2018 2017 2016 Domestic Revenues $ 499,342 $ 451,310 $ 490,134 Operating expenses (337,262 ) (255,796 ) (274,013 ) Interest expense (142,006 ) (141,842 ) (149,615 ) Gain on sale of real estate, net 18,907 14,580 56,492 Other income and (expenses), excluding interest expense and gain on sale of real estate, net 95,324 (82,212 ) 9,887 (Provision for) benefit from income taxes (7,517 ) 5,526 (4,808 ) Net income attributable to noncontrolling interests (8,661 ) (8,808 ) (7,591 ) Net income (loss) attributable to W. P. Carey $ 118,127 $ (17,242 ) $ 120,486 Germany Revenues $ 69,341 $ 60,907 $ 68,372 Operating expenses (20,240 ) (20,276 ) (28,473 ) Interest expense (1,334 ) (1,859 ) (15,681 ) Gain on sale of real estate, net 60,895 5,867 — Other income and (expenses), excluding interest expense and gain on sale of real estate, net 4,350 112 649 Provision for income taxes (31 ) (7,213 ) (4,083 ) Net (income) loss attributable to noncontrolling interests (3,342 ) 1,966 252 Net income attributable to W. P. Carey $ 109,639 $ 39,504 $ 21,036 Other International Revenues $ 210,442 $ 174,991 $ 196,858 Operating expenses (104,834 ) (84,976 ) (151,181 ) Interest expense (35,035 ) (22,074 ) (18,113 ) Gain on sale of real estate, net 38,803 13,431 14,826 Other income and (expenses), excluding interest expense and gain on sale of real estate, net (37,526 ) 89,513 6,057 Benefit from (provision for) income taxes 8,392 (56 ) 12,309 Net (income) loss attributable to noncontrolling interests (772 ) (952 ) 279 Net income attributable to W. P. Carey $ 79,470 $ 169,877 $ 61,035 Total Revenues $ 779,125 $ 687,208 $ 755,364 Operating expenses (462,336 ) (361,048 ) (453,667 ) Interest expense (178,375 ) (165,775 ) (183,409 ) Gain on sale of real estate, net 118,605 33,878 71,318 Other income and (expenses), excluding interest expense and gain on sale of real estate, net 62,148 7,413 16,593 Benefit from (provision for) income taxes 844 (1,743 ) 3,418 Net income attributable to noncontrolling interests (12,775 ) (7,794 ) (7,060 ) Net income attributable to W. P. Carey $ 307,236 $ 192,139 $ 202,557 December 31, 2018 2017 Domestic Long-lived assets (a) $ 7,579,018 $ 4,123,856 Equity investments in real estate 129,799 108,659 Total assets 9,014,891 5,040,296 Germany Long-lived assets (a) $ 674,642 $ 708,316 Equity investments in real estate — 20,395 Total assets 705,650 747,877 Other International Long-lived assets (a) $ 3,675,194 $ 1,871,543 Equity investments in real estate 91,859 10,995 Total assets 4,221,422 2,097,578 Total Long-lived assets (a) $ 11,928,854 $ 6,703,715 Equity investments in real estate 221,658 140,049 Total assets 13,941,963 7,885,751 __________ (a) Consists of Net investments in real estate.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
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, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues (a) $ 201,810 $ 201,143 $ 209,384 $ 273,395 Expenses (a) 120,966 109,202 110,937 185,346 Net income (a) (b) (c) 68,066 79,424 81,573 195,278 Net income attributable to noncontrolling interests (a) (2,792 ) (3,743 ) (4,225 ) (2,015 ) Net income attributable to W. P. Carey (a) (b) (c) 65,274 75,681 77,348 193,263 Earnings per share attributable to W. P. Carey: Basic (d) $ 0.60 $ 0.70 $ 0.71 $ 1.33 Diluted (d) $ 0.60 $ 0.70 $ 0.71 $ 1.33 Dividends declared per share $ 1.015 $ 1.020 $ 1.025 $ 1.030 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 (e) 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 (e) 57,484 64,318 80,278 75,209 Earnings per share attributable to W. P. Carey: Basic (d) $ 0.53 $ 0.60 $ 0.74 $ 0.69 Diluted (d) $ 0.53 $ 0.59 $ 0.74 $ 0.69 Dividends declared per share $ 0.995 $ 1.000 $ 1.005 $ 1.010 __________ (a) Amount for the three months ended December 31, 2018 includes the impact of the CPA:17 Merger ( Note 3 ). (b) Amount for the three months ended December 31, 2018 includes a gain on change in control of interests of $47.8 million recognized in connection with the CPA:17 Merger ( Note 3 ). (c) Amount for the three months ended June 30, 2018 includes an aggregate gain on sale of real estate of $11.9 million recognized on the disposition of 25 properties. Amount for the three months ended December 31, 2018 includes an aggregate gain on sale of real estate of $99.6 million recognized on the disposition of 39 properties. (d) 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. For the year ended December 31, 2018, total quarterly basic and diluted earnings per share were $0.16 and $0.15 lower, respectively, than the corresponding earnings per share as computed on an annual basis, as a result of the change in the shares outstanding for each of the periods, primarily due to the issuance of shares in the CPA:17 Merger ( Note 3 ) and under our ATM program ( Note 14 ). (e) 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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Issuances Under our ATM Program Since December 31, 2018 and through the date of this Report, we issued 772,858 shares of our common stock under our ATM program at a weighted-average price of $74.50 per share for net proceeds of approximately $56.7 million . As of the date of this Report, $27.1 million remained available for issuance under our ATM program.

Schedule II - Valuation And Qua

Schedule II - Valuation And Qualifying Accounts	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-09, 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, 2018 , 2017 , and 2016 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2018 Valuation reserve for deferred tax assets $ 39,155 $ 30,557 $ (15,213 ) $ 54,499 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

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 2018 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to (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 $ 13,298 1979; 1987 Jan. 1998 40 yrs. Industrial facilities in Thurmont, MD and Farmington, NY — 729 5,903 — — 729 5,903 6,632 1,845 1964; 1983 Jan. 1998 15 yrs. Warehouse facilities in Anchorage, AK and Commerce, CA — 4,905 11,898 — 12 4,905 11,910 16,815 5,208 1948; 1975 Jan. 1998 40 yrs. Industrial facility in Toledo, OH — 224 2,408 — — 224 2,408 2,632 1,605 1966 Jan. 1998 40 yrs. Industrial facility in Goshen, IN — 239 940 — — 239 940 1,179 415 1973 Jan. 1998 40 yrs. Office facility in Raleigh, NC — 1,638 2,844 187 (2,554 ) 828 1,287 2,115 853 1983 Jan. 1998 20 yrs. Office facility in King of Prussia, PA — 1,219 6,283 1,295 — 1,219 7,578 8,797 3,839 1968 Jan. 1998 40 yrs. Industrial facility in Pinconning, MI — 32 1,692 — — 32 1,692 1,724 888 1948 Jan. 1998 40 yrs. Industrial facilities in San Fernando, CA 6,231 2,052 5,322 — (1,889 ) 1,494 3,991 5,485 2,110 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 14,447 9,025 15,042 24,067 4,397 Various Jan. 1998 15 yrs. Industrial facility in Glendora, CA — 1,135 — — 1,942 1,152 1,925 3,077 — 1950 Jan. 1998 10 yrs. Warehouse facility in Doraville, GA — 3,288 9,864 16,708 (11,409 ) 3,288 15,163 18,451 780 2016 Jan. 1998 40 yrs. Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX 44,135 3,490 72,497 — (15,609 ) 288 60,090 60,378 15,914 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 7,136 5,035 18,957 7,460 541 5,035 26,958 31,993 13,674 1989 Jan. 1998 40 yrs. Office facility in Bridgeton, MO — 842 4,762 2,523 71 842 7,356 8,198 3,500 1972 Jan. 1998 40 yrs. Retail facility in Drayton Plains, MI — 1,039 4,788 236 (2,297 ) 494 3,272 3,766 1,184 1972 Jan. 1998 35 yrs. Warehouse facility in Memphis, TN — 1,882 3,973 294 (3,892 ) 328 1,929 2,257 1,158 1969 Jan. 1998 15 yrs. Industrial facility in Romulus, MI — 454 6,411 — — 454 6,411 6,865 — 1970 Jan. 1998 10 yrs. Retail facility in Bellevue, WA — 4,125 11,812 393 (123 ) 4,371 11,836 16,207 6,046 1994 Apr. 1998 40 yrs. Office facility in Rio Rancho, NM — 1,190 9,353 5,866 — 2,287 14,122 16,409 5,867 1999 Jul. 1998 40 yrs. Office facility in Moorestown, NJ — 351 5,981 1,619 1 351 7,601 7,952 4,055 1964 Feb. 1999 40 yrs. Industrial facilities in Lenexa, KS and Winston-Salem, NC — 1,860 12,539 3,075 (1,135 ) 1,725 14,614 16,339 5,924 1968; 1980 Sep. 2002 40 yrs. Office facilities in Playa Vista and Venice, CA 21,505 2,032 10,152 52,817 1 5,889 59,113 65,002 13,525 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 1,713 1995 Sep. 2004 40 yrs. Industrial facility in Scottsdale, AZ — 586 46 — — 586 46 632 17 1988 Sep. 2004 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (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 1,177 421 1985 Sep. 2004 40 yrs. Warehouse facilities in Apopka, FL — 362 10,855 1,195 (155 ) 337 11,920 12,257 3,836 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 2,191 1995 Dec. 2006 29 yrs. Retail facility in Wroclaw, Poland — 3,600 10,306 — (3,551 ) 2,863 7,492 10,355 2,054 2007 Dec. 2007 40 yrs. Office facility in Fort Worth, TX 30,023 4,600 37,580 103 — 4,600 37,683 42,283 8,386 2003 Feb. 2010 40 yrs. Warehouse facility in Mallorca, Spain — 11,109 12,636 — (984 ) 10,629 12,132 22,761 2,600 2008 Jun. 2010 40 yrs. Retail facilities in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA — 5,646 12,367 — (71 ) 5,575 12,367 17,942 2,062 2005; 2007 Sep. 2012 40 yrs. Net-lease 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 130,957 32,680 198,999 — — 32,680 198,999 231,679 34,269 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 3,359 1968; 1975; 1995 Sep. 2012; Jan. 2014 30 yrs. Land in Irvine, CA 1,621 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 1,506 1997 Sep. 2012 30 yrs. Office facility in Clinton, NJ 19,838 2,866 34,834 — — 2,866 34,834 37,700 7,271 1987 Sep. 2012 30 yrs. Office facilities in St. Petersburg, FL — 3,280 24,627 226 — 3,280 24,853 28,133 5,141 1996; 1999 Sep. 2012 30 yrs. Movie theater in Baton Rouge, LA — 4,168 5,724 3,200 — 4,168 8,924 13,092 1,485 2003 Sep. 2012 30 yrs. Industrial and office facility in San Diego, CA — 7,804 16,729 2,623 — 7,804 19,352 27,156 4,402 2002 Sep. 2012 30 yrs. Industrial facility in Richmond, CA — 895 1,953 — — 895 1,953 2,848 408 1999 Sep. 2012 30 yrs. Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX 52,950 16,386 84,668 — — 16,386 84,668 101,054 17,527 Various Sep. 2012 30 yrs. Industrial facilities in Rocky Mount, NC and Lewisville, TX — 2,163 17,715 384 (3,429 ) 1,296 15,537 16,833 3,355 1948; 1969; 1989 Sep. 2012 30 yrs. Industrial facilities in Chattanooga, TN — 558 5,923 — — 558 5,923 6,481 1,223 1974; 1989 Sep. 2012 30 yrs. Industrial facility in Mooresville, NC 3,345 756 9,775 — — 756 9,775 10,531 2,012 1997 Sep. 2012 30 yrs. Industrial facility in McCalla, AL — 960 14,472 29,028 — 2,076 42,384 44,460 6,008 2004 Sep. 2012 31 yrs. Office facility in Lower Makefield Township, PA — 1,726 12,781 4,378 — 1,726 17,159 18,885 2,722 2002 Sep. 2012 30 yrs. Industrial facility in Fort Smith, AZ — 1,063 6,159 — — 1,063 6,159 7,222 1,254 1982 Sep. 2012 30 yrs. Retail facilities in Greenwood, IN and Buffalo, NY 7,116 — 19,990 — — — 19,990 19,990 4,027 2000; 2003 Sep. 2012 30 - 31 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (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 Industrial facilities in Bowling Green, KY and Jackson, TN — 1,492 8,182 — — 1,492 8,182 9,674 1,662 1989; 1995 Sep. 2012 31 yrs. Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA 26,212 14,006 33,683 — (3,878 ) 11,179 32,632 43,811 6,382 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 6,909 6,559 19,078 — — 6,559 19,078 25,637 3,843 Various Sep. 2012 31 yrs. Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY 8,985 6,080 23,424 — — 6,080 23,424 29,504 4,681 1990; 1994; 2000 Sep. 2012 31 yrs. Fitness facilities in Englewood, CO; Memphis TN; and Bedford, TX 4,040 4,877 4,258 5,215 4,756 4,877 14,229 19,106 2,907 1990; 1995; 2001 Sep. 2012 31 yrs. Office facility in Mons, Belgium 6,351 1,505 6,026 653 (929 ) 1,339 5,916 7,255 1,129 1982 Sep. 2012 32 yrs. Warehouse facilities in Oceanside, CA and Concordville, PA 2,670 3,333 8,270 — — 3,333 8,270 11,603 1,657 1989; 1996 Sep. 2012 31 yrs. Net-lease self-storage facilities located throughout the United States — 74,551 319,186 — (50 ) 74,501 319,186 393,687 63,281 Various Sep. 2012 31 yrs. Warehouse facility in La Vista, NE 19,645 4,196 23,148 — — 4,196 23,148 27,344 4,325 2005 Sep. 2012 33 yrs. Office facility in Pleasanton, CA 7,624 3,675 7,468 — — 3,675 7,468 11,143 1,477 2000 Sep. 2012 31 yrs. Office facility in San Marcos, TX — 440 688 — — 440 688 1,128 136 2000 Sep. 2012 31 yrs. Office facility in Chicago, IL 12,756 2,169 19,010 71 — 2,169 19,081 21,250 3,729 1910 Sep. 2012 31 yrs. Industrial facilities in Hollywood and Orlando, FL — 3,639 1,269 — — 3,639 1,269 4,908 249 1996 Sep. 2012 31 yrs. Warehouse facility in Golden, CO — 808 4,304 77 — 808 4,381 5,189 944 1998 Sep. 2012 30 yrs. Industrial facility in Texarkana, TX — 1,755 4,493 — (2,783 ) 216 3,249 3,465 637 1997 Sep. 2012 31 yrs. Industrial facility in Eugene, OR 4,137 2,286 3,783 — — 2,286 3,783 6,069 742 1980 Sep. 2012 31 yrs. Industrial facility in South Jordan, UT 11,268 2,183 11,340 1,642 — 2,183 12,982 15,165 2,346 1995 Sep. 2012 31 yrs. Warehouse facility in Ennis, TX — 478 4,087 145 — 478 4,232 4,710 947 1989 Sep. 2012 31 yrs. Retail facility in Braintree, MA — 2,409 — 6,184 (1,403 ) 1,006 6,184 7,190 1,002 1994 Sep. 2012 30 yrs. Office facility in Paris, France 51,185 23,387 43,450 — (7,328 ) 20,823 38,686 59,509 7,396 1975 Sep. 2012 32 yrs. Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland — 26,564 72,866 — (10,902 ) 23,651 64,877 88,528 17,040 Various Sep. 2012 23 - 34 yrs. Industrial facility in Laupheim, Germany — 2,072 8,339 — (1,142 ) 1,845 7,424 9,269 2,327 1960 Sep. 2012 20 yrs. Industrial facilities in Danbury, CT and Bedford, MA 6,732 3,519 16,329 — — 3,519 16,329 19,848 3,418 1965; 1980 Sep. 2012 29 yrs. Industrial facility in Brownwood, TX — 722 6,268 — — 722 6,268 6,990 1 1964 Sep. 2012 15 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (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 — (3,433 ) 8,941 16,370 25,311 2,738 1998; 1999 Apr. 2013 35 yrs. Industrial and office facility in Tampere, Finland — 2,309 37,153 — (4,802 ) 2,003 32,657 34,660 5,824 2012 Jun. 2013 40 yrs. Office facility in Quincy, MA — 2,316 21,537 127 — 2,316 21,664 23,980 3,248 1989 Jun. 2013 40 yrs. Office facility in Salford, United Kingdom — — 30,012 — (5,455 ) — 24,557 24,557 3,363 1997 Sep. 2013 40 yrs. Office facility in Lone Tree, CO — 4,761 28,864 2,853 — 4,761 31,717 36,478 4,720 2001 Nov. 2013 40 yrs. Office facility in Mönchengladbach, Germany 33,737 2,154 6,917 50,626 (614 ) 2,199 56,884 59,083 4,454 2015 Dec. 2013 40 yrs. Fitness facility in Houston, TX — 2,430 2,270 — — 2,430 2,270 4,700 498 1995 Jan. 2014 23 yrs. Fitness facility in St. Charles, MO — 1,966 1,368 1,352 — 1,966 2,720 4,686 455 1987 Jan. 2014 27 yrs. Fitness facility in Salt Lake City, UT 2,584 856 2,804 — — 856 2,804 3,660 533 1999 Jan. 2014 26 yrs. Land in Scottsdale, AZ 9,696 22,300 — — — 22,300 — 22,300 — N/A Jan. 2014 N/A Industrial facility in Aurora, CO 2,730 737 2,609 — — 737 2,609 3,346 406 1985 Jan. 2014 32 yrs. Warehouse facility in Burlington, NJ — 3,989 6,213 377 — 3,989 6,590 10,579 1,263 1999 Jan. 2014 26 yrs. Industrial facility in Albuquerque, NM — 2,467 3,476 606 — 2,467 4,082 6,549 746 1993 Jan. 2014 27 yrs. Industrial facility in North Salt Lake, UT — 10,601 17,626 — (16,936 ) 4,388 6,903 11,291 1,297 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 2,718 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 22,800 4,005 44,192 — — 4,005 44,192 48,197 9,112 1911; 1967; 1982 Jan. 2014 24 yrs. Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN — 8,451 25,457 — 298 8,451 25,755 34,206 4,408 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 2,752 1973 Jan. 2014 25 yrs. Office facility in Houston, TX 3,146 6,578 424 560 — 6,578 984 7,562 267 1978 Jan. 2014 27 yrs. Land in Doncaster, United Kingdom — 4,257 4,248 — (8,123 ) 382 — 382 — N/A Jan. 2014 N/A Warehouse facility in Norwich, CT 9,028 3,885 21,342 — 2 3,885 21,344 25,229 3,713 1960 Jan. 2014 28 yrs. Warehouse facility in Norwich, CT — 1,437 9,669 — — 1,437 9,669 11,106 1,682 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 1,835 1986; 1992 Jan. 2014 23 yrs. Retail facilities in York, PA 3,052 3,776 10,092 — (2,016 ) 2,668 9,184 11,852 1,569 1992; 2005 Jan. 2014 26 - 34 yrs. Industrial facility in Pittsburgh, PA — 1,151 10,938 — — 1,151 10,938 12,089 2,172 1991 Jan. 2014 25 yrs. Warehouse facilities in Atlanta, GA and Elkwood, VA — 5,356 4,121 — (2,104 ) 4,284 3,089 7,373 545 1975 Jan. 2014 28 yrs. Warehouse facility in Harrisburg, NC — 1,753 5,840 — (111 ) 1,642 5,840 7,482 1,100 2000 Jan. 2014 26 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (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 Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO 3,970 4,306 7,235 — 3 4,306 7,238 11,544 1,176 1978; 1987 Jan. 2014 30 yrs. Industrial facility in Cynthiana, KY 1,917 1,274 3,505 525 (107 ) 1,274 3,923 5,197 658 1967 Jan. 2014 31 yrs. Industrial facility in Columbia, SC — 2,843 11,886 — — 2,843 11,886 14,729 2,586 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 3,771 2007 Jan. 2014 33 yrs. Office facility in Greenville, SC 7,715 562 7,916 — 43 562 7,959 8,521 1,560 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 4,526 1996 Jan. 2014 23 yrs. Industrial facility in Allen, TX and office facility in Sunnyvale, CA 8,047 9,297 24,086 — (42 ) 9,255 24,086 33,341 3,829 1981; 1997 Jan. 2014 31 yrs. Industrial facilities in Hampton, NH 7,060 8,990 7,362 — — 8,990 7,362 16,352 1,193 1976 Jan. 2014 30 yrs. Industrial facilities located throughout France — 36,306 5,212 — (6,595 ) 30,540 4,383 34,923 941 Various Jan. 2014 23 yrs. Retail facility in Fairfax, VA — 3,402 16,353 — — 3,402 16,353 19,755 3,052 1998 Jan. 2014 26 yrs. Retail facility in Lombard, IL — 5,087 8,578 — — 5,087 8,578 13,665 1,601 1999 Jan. 2014 26 yrs. Warehouse facility in Plainfield, IN 18,722 1,578 29,415 — — 1,578 29,415 30,993 4,766 1997 Jan. 2014 30 yrs. Retail facility in Kennesaw, GA 2,863 2,849 6,180 5,530 — 2,849 11,710 14,559 1,577 1999 Jan. 2014 26 yrs. Retail facility in Leawood, KS 8,110 1,487 13,417 — — 1,487 13,417 14,904 2,504 1997 Jan. 2014 26 yrs. Office facility in Tolland, CT 7,547 1,817 5,709 — 11 1,817 5,720 7,537 1,025 1968 Jan. 2014 28 yrs. Warehouse facilities in Lincolnton, NC and Mauldin, SC 9,241 1,962 9,247 — — 1,962 9,247 11,209 1,618 1988; 1996 Jan. 2014 28 yrs. Retail facilities located throughout Germany — 81,109 153,927 7,393 (111,080 ) 40,044 91,305 131,349 14,612 Various Jan. 2014 Various Office facility in Southfield, MI — 1,726 4,856 89 — 1,726 4,945 6,671 783 1985 Jan. 2014 31 yrs. Office facility in The Woodlands, TX 18,068 3,204 24,997 — — 3,204 24,997 28,201 3,900 1997 Jan. 2014 32 yrs. Warehouse facilities in Valdosta, GA and Johnson City, TN 7,076 1,080 14,998 — — 1,080 14,998 16,078 2,773 1978; 1998 Jan. 2014 27 yrs. Industrial facility in Amherst, NY 7,357 674 7,971 — — 674 7,971 8,645 1,748 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 2,651 1954; 1997 Jan. 2014 28 yrs. Warehouse facilities in Kottka, Finland — — 8,546 — (1,357 ) — 7,189 7,189 1,618 1999; 2001 Jan. 2014 21 - 23 yrs. Office facility in Bloomington, MN — 2,942 7,155 — — 2,942 7,155 10,097 1,241 1988 Jan. 2014 28 yrs. Warehouse facility in Gorinchem, Netherlands 3,397 1,143 5,648 — (1,079 ) 962 4,750 5,712 824 1995 Jan. 2014 28 yrs. Retail facility in Cresskill, NJ — 2,366 5,482 — 19 2,366 5,501 7,867 868 1975 Jan. 2014 31 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (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 Livingston, NJ 4,915 2,932 2,001 — 14 2,932 2,015 4,947 365 1966 Jan. 2014 27 yrs. Retail facility in Maplewood, NJ — 845 647 — 4 845 651 1,496 118 1954 Jan. 2014 27 yrs. Retail facility in Montclair, NJ — 1,905 1,403 — 6 1,905 1,409 3,314 255 1950 Jan. 2014 27 yrs. Retail facility in Morristown, NJ — 3,258 8,352 — 26 3,258 8,378 11,636 1,516 1973 Jan. 2014 27 yrs. Retail facility in Summit, NJ — 1,228 1,465 — 8 1,228 1,473 2,701 266 1950 Jan. 2014 27 yrs. Industrial and office facilities in Dransfeld and Wolfach, Germany — 2,789 8,750 — (3,188 ) 2,210 6,141 8,351 1,240 1898; 1978 Jan. 2014 24 yrs. Industrial facilities in Georgetown, TX and Woodland, WA — 965 4,113 — — 965 4,113 5,078 599 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 1,386 Various Jan. 2014 28 yrs. Industrial facility in Salisbury, NC 5,556 1,499 8,185 — — 1,499 8,185 9,684 1,449 2000 Jan. 2014 28 yrs. Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI 3,473 2,831 10,565 — — 2,831 10,565 13,396 1,910 1970; 1991; 1995 Jan. 2014 26 - 27 yrs. Industrial facility in Cambridge, Canada — 1,849 7,371 — (1,657 ) 1,517 6,046 7,563 951 2001 Jan. 2014 31 yrs. Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN 9,216 2,962 17,832 — — 2,962 17,832 20,794 2,805 Various Jan. 2014 31 yrs. Industrial facility in Ramos Arizpe, Mexico — 1,059 2,886 — — 1,059 2,886 3,945 453 2000 Jan. 2014 31 yrs. Industrial facilities in Salt Lake City, UT — 2,783 3,773 — — 2,783 3,773 6,556 593 1983; 2002 Jan. 2014 31 - 33 yrs. Net-lease student housing facility in Blairsville, PA 9,728 1,631 23,163 — — 1,631 23,163 24,794 4,385 2005 Jan. 2014 33 yrs. Industrial facility in Nashville, TN — 1,078 5,619 302 — 1,078 5,921 6,999 1,315 1962 Jan. 2014 21 yrs. Warehouse facilities in Atlanta, Doraville, and Rockmart, GA — 6,488 77,192 — — 6,488 77,192 83,680 13,298 1959; 1962; 1991 Jan. 2014 23 - 33 yrs. Warehouse facilities in Flora, MS and Muskogee, OK 3,190 554 4,353 — — 554 4,353 4,907 653 1992; 2002 Jan. 2014 33 yrs. Industrial facility in Richmond, MO 3,792 2,211 8,505 331 — 2,211 8,836 11,047 1,515 1996 Jan. 2014 28 yrs. Industrial facility in Tuusula, Finland — 6,173 10,321 — (2,620 ) 5,193 8,681 13,874 1,673 1975 Jan. 2014 26 yrs. Office facility in Turku, Finland — 5,343 34,106 — (6,266 ) 4,494 28,689 33,183 5,065 1981 Jan. 2014 28 yrs. Industrial facility in Turku, Finland — 1,105 10,243 — (1,787 ) 930 8,631 9,561 1,530 1981 Jan. 2014 28 yrs. Industrial facility in Baraboo, WI — 917 10,663 — — 917 10,663 11,580 4,005 1988 Jan. 2014 13 yrs. Warehouse facility in Phoenix, AZ 17,417 6,747 21,352 — — 6,747 21,352 28,099 3,781 1996 Jan. 2014 28 yrs. Land in Calgary, Canada — 3,721 — — (669 ) 3,052 — 3,052 — N/A Jan. 2014 N/A Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX 1,776 955 4,779 — — 955 4,779 5,734 757 1950; 1986; 1996 Jan. 2014 31 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (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 Buffalo Grove, IL 5,574 1,492 12,233 — — 1,492 12,233 13,725 1,944 1996 Jan. 2014 31 yrs. Warehouse facility in Spanish Fork, UT 6,362 991 7,901 — — 991 7,901 8,892 1,189 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 14,432 953 Various Jan. 2014 28 yrs. Office facility in Carlsbad, CA — 3,230 5,492 — — 3,230 5,492 8,722 1,144 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 7,230 463 2000 Jan. 2014 27 yrs. Movie theater in Hickory Creek, TX — 1,693 3,342 — — 1,693 3,342 5,035 614 2000 Jan. 2014 27 yrs. Industrial facility in Nurieux-Volognat, France — 121 5,328 — (764 ) 101 4,584 4,685 697 2000 Jan. 2014 32 yrs. Warehouse facility in Suwanee, GA — 2,330 8,406 — — 2,330 8,406 10,736 1,221 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 1,800 1954; 1975; 1984 Jan. 2014 24 yrs. Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI 7,695 1,403 11,098 — — 1,403 11,098 12,501 3,356 1996 Jan. 2014 16 yrs. Industrial facility in Mesa, AZ 4,085 2,888 4,282 — — 2,888 4,282 7,170 772 1991 Jan. 2014 27 yrs. Industrial facility in North Amityville, NY 6,867 3,486 11,413 — — 3,486 11,413 14,899 2,157 1981 Jan. 2014 26 yrs. Warehouse facilities in Greenville, SC — 567 10,217 — 15 567 10,232 10,799 2,442 1960 Jan. 2014 21 yrs. Industrial facility in Fort Collins, CO — 821 7,236 — — 821 7,236 8,057 1,083 1993 Jan. 2014 33 yrs. Land in Elk Grove Village, IL 1,515 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 1,125 1990 Jan. 2014 33 yrs. Office facility in Houston, TX — 522 7,448 227 — 522 7,675 8,197 1,429 1999 Jan. 2014 27 yrs. Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX 5,161 4,049 13,021 — 133 4,049 13,154 17,203 3,463 Various Jan. 2014 12 - 22 yrs. Education facility in Sacramento, CA 26,029 — 13,715 — — — 13,715 13,715 2,017 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 1,495 1969; 1974; 1984 Jan. 2014 27 yrs. Office facility in Tinton Falls, NJ — 1,958 7,993 13 — 1,958 8,006 9,964 1,287 2001 Jan. 2014 31 yrs. Industrial facility in Woodland, WA — 707 1,562 — — 707 1,562 2,269 218 2009 Jan. 2014 35 yrs. Warehouse facilities in Gyál and Herceghalom, Hungary 34,075 14,601 21,915 — (5,801 ) 12,281 18,434 30,715 4,437 2002; 2004 Jan. 2014 21 yrs. Industrial facility in Windsor, CT — 453 637 3,422 (83 ) 453 3,976 4,429 261 1999 Jan. 2014 33 yrs. Industrial facility in Aurora, CO 2,573 574 3,999 — — 574 3,999 4,573 501 2012 Jan. 2014 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (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 Office facility in Chandler, AZ — 5,318 27,551 19 — 5,318 27,570 32,888 3,805 2000 Mar. 2014 40 yrs. Warehouse facility in University Park, IL — 7,962 32,756 221 — 7,962 32,977 40,939 4,366 2008 May 2014 40 yrs. Office facility in Stavanger, Norway — 10,296 91,744 — (29,093 ) 7,431 65,516 72,947 7,315 1975 Aug. 2014 40 yrs. Office facility in Westborough, MA — 3,409 37,914 — — 3,409 37,914 41,323 4,634 1992 Aug. 2014 40 yrs. Office facility in Andover, MA — 3,980 45,120 — — 3,980 45,120 49,100 5,084 2013 Oct. 2014 40 yrs. Office facility in Newport, United Kingdom — — 22,587 — (4,607 ) — 17,980 17,980 1,926 2014 Oct. 2014 40 yrs. Industrial facility in Lewisburg, OH — 1,627 13,721 — — 1,627 13,721 15,348 1,603 2014 Nov. 2014 40 yrs. Industrial facility in Opole, Poland — 2,151 21,438 — (1,867 ) 1,981 19,741 21,722 2,344 2014 Dec. 2014 38 yrs. Office facilities located throughout Spain — 51,778 257,624 10 (19,375 ) 51,468 238,569 290,037 25,004 Various Dec. 2014 Various Retail facilities located throughout the United Kingdom — 66,319 230,113 277 (56,537 ) 53,533 186,639 240,172 24,373 Various Jan. 2015 20 - 40 yrs. Warehouse facility in Rotterdam, Netherlands — — 33,935 — 301 — 34,236 34,236 3,567 2014 Feb. 2015 40 yrs. Retail facility in Bad Fischau, Austria — 2,855 18,829 — 1,357 3,034 20,007 23,041 2,435 1998 Apr. 2015 40 yrs. Industrial facility in Oskarshamn, Sweden — 3,090 18,262 — (1,655 ) 2,850 16,847 19,697 1,640 2015 Jun. 2015 40 yrs. Office facility in Sunderland, United Kingdom — 2,912 30,140 — (5,903 ) 2,392 24,757 27,149 2,445 2007 Aug. 2015 40 yrs. Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria — 9,449 15,838 — 721 9,718 16,290 26,008 1,931 2008; 2010 Aug. 2015 40 yrs. Net-lease 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 4,661 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 2,899 6,074 40,732 46,806 3,964 Various Nov. 2015 30 - 40 yrs. Office facility in Irvine, CA — 7,626 16,137 — — 7,626 16,137 23,763 1,282 1977 Dec. 2015 40 yrs. Education facility in Windermere, FL — 5,090 34,721 15,333 — 5,090 50,054 55,144 4,670 1998 Apr. 2016 38 yrs. Industrial facilities located throughout the United States — 66,845 87,575 65,400 (56,517 ) 49,680 113,623 163,303 11,512 Various Apr. 2016 Various Industrial facilities in North Dumfries and Ottawa, Canada — 17,155 10,665 — (18,654 ) 5,685 3,481 9,166 866 1967; 1974 Apr. 2016 28 yrs. Education facilities in Coconut Creek, FL and Houston, TX — 15,550 83,862 63,830 — 15,550 147,692 163,242 8,765 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 1,050 1969; 1987; 2000 Nov. 2016 35 - 36 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (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 in Brampton, Toronto, and Vaughan, Canada — 28,759 13,998 — — 28,759 13,998 42,757 1,015 Various Nov. 2016 28 - 35 yrs. Industrial facilities in Queretaro and San Juan del Rio, Mexico — 5,152 12,614 — — 5,152 12,614 17,766 732 Various Dec. 2016 28 - 40 yrs. Industrial facility in Chicago, IL — 2,222 2,655 3,511 — 2,222 6,166 8,388 313 1985 Jun. 2017 30 yrs. Industrial facility in Zawiercie, Poland — 395 102 10,378 (200 ) 523 10,152 10,675 181 2018 Aug. 2017 40 yrs. Office facility in Roseville, MN — 2,560 16,025 — — 2,560 16,025 18,585 497 2001 Nov. 2017 40 yrs. Industrial facility in Radomsko, Poland — 1,718 59 14,453 (329 ) 1,689 14,212 15,901 117 2018 Nov. 2017 40 yrs. Warehouse facility in Sellersburg, IN — 1,016 3,838 — — 1,016 3,838 4,854 112 2000 Feb. 2018 36 yrs. Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI — 5,512 61,230 — — 5,465 61,277 66,742 1,508 1995; 2004 Mar. 2018 36 - 40 yrs. Office and warehouse facilities located through Denmark — 20,304 185,481 — (2,813 ) 20,027 182,945 202,972 2,952 Various Jun. 2018 25 - 41 yrs. Retail facilities located through the Netherlands — 38,475 117,127 — (2,579 ) 37,837 115,186 153,023 1,923 Various Jul. 2018 26 - 30 yrs. Industrial facility in Oostburg, WI — 786 6,589 — — 786 6,589 7,375 136 2002 Jul. 2018 35 yrs. Warehouse facility in Kampen, Netherlands — 3,251 12,858 — (192 ) 3,212 12,705 15,917 230 1976 Jul. 2018 26 yrs. Warehouse facility in Azambuja, Portugal — 13,527 35,631 — (536 ) 13,379 35,243 48,622 347 1994 Sep. 2018 28 yrs. Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands — 2,582 18,731 3,219 149 2,598 22,083 24,681 139 Various Oct. 2018 27 - 37 yrs. Office and warehouse facilities in Bad Wünnenberg and Soest, Germany — 2,916 39,687 — 213 2,930 39,886 42,816 179 1982; 1986 Oct. 2018 40 yrs. Industrial facility in Norfolk, NE 1,274 802 3,686 — — 802 3,686 4,488 21 1975 Oct. 2018 40 yrs. Education facility in Chicago, IL 12,123 7,720 17,266 — — 7,720 17,266 24,986 77 1912 Oct. 2018 40 yrs. Fitness facilities in Phoenix, AZ and Columbia, MD — 18,286 33,030 — — 18,286 33,030 51,316 147 2006 Oct. 2018 40 yrs. Retail facility in Gorzow, Poland — 1,736 8,298 — 50 1,745 8,339 10,084 40 2008 Oct. 2018 40 yrs. Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX 27,194 6,460 49,462 — — 6,460 49,462 55,922 238 Various Oct. 2018 40 yrs. Warehouse facility in Dillon, SC 16,524 3,424 43,114 — — 3,424 43,114 46,538 207 2001 Oct. 2018 40 yrs. Office facility in Birmingham, United Kingdom 16,417 7,383 7,687 — (141 ) 7,314 7,615 14,929 29 2009 Oct. 2018 40 yrs. Retail facilities located throughout Spain — 17,626 44,501 — 311 17,714 44,724 62,438 202 Various Oct. 2018 40 yrs. Warehouse facility in Gadki, Poland — 1,376 6,137 — 38 1,383 6,168 7,551 28 2011 Oct. 2018 40 yrs. Office facility in The Woodlands, TX 33,566 1,697 52,289 — — 1,697 52,289 53,986 224 2009 Oct. 2018 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (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 Office facility in Hoffman Estates, IL 25,859 5,550 14,214 — — 5,550 14,214 19,764 63 2009 Oct. 2018 40 yrs. Warehouse facility in Zagreb, Croatia — 15,789 33,287 — 246 15,868 33,454 49,322 222 2001 Oct. 2018 26 yrs. Industrial facilities in Middleburg Heights and Union Township, OH 5,489 1,295 13,384 — — 1,295 13,384 14,679 59 1990; 1997 Oct. 2018 40 yrs. Retail facility in Las Vegas, NV 39,343 — 79,720 — — — 79,720 79,720 334 2012 Oct. 2018 40 yrs. Industrial facilities located in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC 10,687 20,517 14,135 — — 20,517 14,135 34,652 66 Various Oct. 2018 40 yrs. Warehouse facility in Bowling Green, KY 24,081 2,652 51,915 — — 2,652 51,915 54,567 256 2011 Oct. 2018 40 yrs. Warehouse facilities in Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton United Kingdom 3,130 6,791 2,315 — (85 ) 6,728 2,293 9,021 6 Various Oct. 2018 40 yrs. Industrial facility in Evansville, IN 14,733 180 22,095 — — 180 22,095 22,275 95 2009 Oct. 2018 40 yrs. Office facilities in Tampa, FL 31,940 3,889 49,843 — — 3,889 49,843 53,732 218 1

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	W. P. CAREY INC. SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2018 (dollars in thousands) Interest Rate Final Maturity Date Fair Value Carrying Amount Description Financing agreement — observation wheel 6.5 % Mar. 2019 $ 24,350 $ 24,350 Financing agreement — project developer 6.5 % Mar. 2019 5,000 5,000 Financing agreement — project developer 6.5 % Mar. 2019 5,000 5,000 Financing agreement — mezzanine loan 9.0 % Apr. 2019 23,387 23,387 $ 57,737 $ 57,737 Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2018 2017 2016 Beginning balance $ — $ — $ — Acquisitions through CPA:17 Merger 57,737 — — Ending balance $ 57,737 $ — $ —

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
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 (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2017, all transaction costs incurred during the years ended December 31, 2018 and 2017 were capitalized since our acquisitions during the years were classified as asset acquisitions (excluding the CPA:17 Merger). 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 generally 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 certain business combinations, including the CPA:17 Merger, was attributed to the Real Estate segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles (“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, vacancies, 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. These analyses require 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. 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 (“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 ( Note 7 ). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. This assessment is used as a basis to determine whether it is necessary to calculate reporting unit fair values. If necessary, we calculate the estimated fair value of the Investment Management reporting unit by utilizing a discounted cash flow analysis methodology and available NAVs. We calculate the estimated fair value of the Real Estate reporting unit by applying an AFFO multiple based on comparable companies. Impairments, if any, will be the difference between the reporting unit’s fair value and carrying amount, not to exceed the carrying amount of goodwill.
Basis of Consolidation	Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. 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 (“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. In connection with the CPA:17 Merger, we acquired four consolidated VIEs and six unconsolidated VIEs, but also declassified seven entities as VIEs. Outside of the CPA:17 Merger, we acquired two VIEs through our property acquisition activity, and sold one VIE in 2018. At December 31, 2018 and 2017 , we considered 32 and 28 entities to be VIEs, respectively, of which we consolidated 24 and 21 , respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands): December 31, 2018 2017 Land, buildings and improvements $ 781,347 $ 916,001 Net investments in direct financing leases 305,493 40,133 In-place lease and other intangible assets 84,870 268,863 Above-market rent intangible assets 45,754 103,081 Accumulated depreciation and amortization (164,942 ) (251,979 ) Total assets 1,112,984 1,118,727 Non-recourse mortgages, net $ 157,955 $ 128,230 Total liabilities 227,461 201,186 At December 31, 2018 , our eight unconsolidated VIEs included our interests in six unconsolidated real estate investments, which we account for under the equity method of accounting, and two unconsolidated entities, which we account for at fair value. At December 31, 2017 , our seven unconsolidated VIEs included our interests in six unconsolidated real estate investments, which we accounted for under the equity method of accounting, and one unconsolidated entity, which we accounted for under the cost 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, 2018 and 2017 , the net carrying amount of our investments in these entities was $301.6 million and $152.7 million , respectively, and our maximum exposure to loss in these entities was limited to our investments. 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, 2018 , 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. We currently present Operating property expenses on its own line item in the consolidated statements of income, which was previously included within Property expenses, excluding reimbursable tenant costs. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, we moved Gain on sale of real estate, net in the consolidated statements of income to be included within Other Income and Expenses
Restricted Cash	Restricted Cash — In connection with our adoption of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , as described below, we revised our consolidated statements of cash flows to include restricted cash when reconciling the beginning-of-period and end-of-period cash amounts shown on the statement of cash flows. As a result, we retrospectively revised prior periods presented to conform to the current period presentation. Restricted cash primarily consists of security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes.
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 the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets and control of the properties is transferred. When these criteria are met, 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 investment in shares of a cold storage operator ( Note 9 ), our investment in shares of GCIF ( Note 8 ), and our loans 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 loans 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. 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 (“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 5 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 6 ). 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 a liquidity event and/or the termination of the advisory agreements for the Managed REITs. 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. 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 (“RSAs”), restricted share units (“RSUs”), and performance share units (“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 Translation and Transaction Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, Canada, and Japan, and the primary functional currencies for those investments are the euro, the British pound sterling, the Danish krone, the Canadian dollar, and the Japanese yen. 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, in the consolidated statements of income) when we have substantially exited from all investments in the related currency ( Note 10 , Note 14 , Note 17 ). 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 gains and (losses) 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 (loss) income 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 (loss) income 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 (loss) income 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 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 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. 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 16 ). 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, 2018 In May 2014, the Financial Accounting Standards Board (“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 transition method applied to any contracts not completed as of that date. There were no changes to the prior period presentations of revenue. Results of operations for reporting periods beginning January 1, 2018 are presented under Topic 606. The adoption of Topic 606 did not have a material impact on our consolidated financial statements. Revenue is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Revenue from contracts under Accounting Standards Codification (“ASC”) 606 in our Real Estate segment primarily represented operating property revenues from hotels of $21.7 million , $30.6 million , and $30.7 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Operating property revenues from hotels are primarily comprised of revenues from food and beverage services during those periods. We sold one of our hotels in April 2018 ( Note 17 ), and acquired one hotel in the CPA:17 Merger ( Note 3 ); as a result, we own two hotel operating properties as of December 31, 2018 . We identified a single performance obligation for each distinct service. Performance obligations are typically satisfied at a point in time, at the time of sale, or at the rendering of the service. Fees are generally determined to be fixed. Payment is typically due immediately following the delivery of the service. Revenue from contracts under ASC 606 from our Investment Management segment is discussed in Note 4 . In January 2016, the FASB issued ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 requires all equity investments (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value, with changes in the fair value recognized through net income. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-01 did not have a material impact 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. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. As a result, we reclassified debt extinguishment costs from net cash provided by operating activities to net cash used in financing activities on the consolidated statement of cash flows for the years ended December 31, 2017 and 2016. The adoption of ASU 2016-15 did not 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 the 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. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. See Restricted Cash above for additional information. In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . ASU 2017-05 clarifies that the scope and application of ASC 610-20 includes the sale or transfer of nonfinancial assets and financial assets that meet the definition of nonfinancial assets to non-customers in substance, as well as partial sales. Nonfinancial assets within the scope of this Subtopic include the sale of land, buildings, and intangible assets. The Subtopic defines 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. It 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. Additionally, the Subtopic provides guidance on the recognition of gains and losses on the sale or transfer of these nonfinancial and in substance nonfinancial assets when control is transferred. We adopted this guidance for our interim and annual periods beginning January 1, 2018 and applied the modified retrospective transition method (applicable to any contracts not completed as of that date). The adoption of ASU 2017-05 did not have a material 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. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2017-09 did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 removes, modifies, and adds certain fair value disclosure requirements. We adopted this guidance for our interim period beginning July 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) . ASU 2018-15 aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. We adopted this guidance for our interim period beginning October 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. Pronouncements to be Adopted after December 31, 2018 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 modifies the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract: the lessee and the lessor. ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for 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 new standard remains equivalent to existing guidance, but has been updated to align with certain changes to the lessee model and the new revenue recognition standard. ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. In addition, a practical expedient was recently issued by the FASB that allows lessors to combine non-lease components with related lease components if certain conditions are met. The ASU eliminates specialized guidance for real estate sale and leaseback transactions and will now apply to both lessees and lessors. To qualify as a sale and leaseback transaction, certain criteria will have to be met, including qualifying as a sale (applying ASU 2014-09) and the transfer of control of the asset by the seller-lessee. Additionally, a real estate sale and leaseback arrangement that includes a seller-lessee repurchase option will result in a failed sale. As the buyer-lessor, where control is not transferred, the transaction will have to be accounted for as a financial asset instead of the purchase of a real estate asset. We do not anticipate having a significant amount of failed sales for sale and leaseback transactions as a result of the new sale and leaseback guidance. We will adopt this guidance for our interim and annual periods beginning January 1, 2019 and expect to use the second transition method. We will also elect the practical expedient and apply it consistently to all leased real estate. ASU 2016-02 will require extensive quantitative and qualitative disclosures. Under ASU 2016-02, lessors will only capitalize incremental direct leasing costs. Historically, we have not capitalized internal legal and leasing costs incurred, and thus do not expect to be impacted by the change. We expect to recognize a right-of-use asset and a corresponding lease liability for certain operating office and land lease arrangements for which we are the lessee. The right-of-use asset and corresponding lease liability are expected to be less than 1.0% of total assets and less than 1.5% of total liabilities, respectively. Additionally, for lease arrangements that include common area maintenance services (subject to certain criteria being met), real estate taxes, and insurance where we are the lessor, we expect to present these amounts within lease revenues in our consolidated statements of income. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 introduces a new model for estimating 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. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. 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 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 will adopt the standard for the fiscal year beginning January 1, 2019. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 intends to expand the scope of Topic 718 to include share-based payment transactions in exchange for goods and services from nonemployees which will align the accounting for such payments to nonemployees with the existing requirements for share-based payments granted to employees with certain exceptions. These share-based payments will now be measured at the grant-date fair value of the equity instrument issued. We will adopt this guidance for our interim and annual periods beginning January 1, 2019. The adoption of this standard is not expected to have a material impact on our consolidated financial statements.
Goodwill and Intangible Assets, Intangible Assets	We have recorded net lease, internal-use software development, and trade name intangibles that are being amortized over periods ranging from two years to 48 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. 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.
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 accounted for the noncontrolling interest in our subsidiary, W. P. Carey International, LLC (“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 Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
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 our consolidated balance sheets (in thousands): December 31, 2018 2017 Land, buildings and improvements $ 781,347 $ 916,001 Net investments in direct financing leases 305,493 40,133 In-place lease and other intangible assets 84,870 268,863 Above-market rent intangible assets 45,754 103,081 Accumulated depreciation and amortization (164,942 ) (251,979 ) Total assets 1,112,984 1,118,727 Non-recourse mortgages, net $ 157,955 $ 128,230 Total liabilities 227,461 201,186
Schedule of Restricted Cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2018 2017 2016 Cash and cash equivalents $ 217,644 $ 162,312 $ 155,482 Restricted cash (a) 206,419 47,364 55,249 Total cash and cash equivalents and restricted cash $ 424,063 $ 209,676 $ 210,731 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of December 31, 2018 includes $145.7 million of proceeds from the sale of a portfolio of Australian properties in December 2018 ( Note 17 ). These funds were transferred from a restricted cash account to us in January 2019.
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2018 2017 2016 Cash and cash equivalents $ 217,644 $ 162,312 $ 155,482 Restricted cash (a) 206,419 47,364 55,249 Total cash and cash equivalents and restricted cash $ 424,063 $ 209,676 $ 210,731 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of December 31, 2018 includes $145.7 million of proceeds from the sale of a portfolio of Australian properties in December 2018 ( Note 17 ). These funds were transferred from a restricted cash account to us in January 2019.

Merger with CPA_17 _ Global (Ta

Merger with CPA:17 – Global (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions	Preliminary Purchase Price Allocation (in thousands) Total Consideration Fair value of W. P. Carey shares of common stock issued $ 3,554,578 Cash paid for fractional shares 1,688 Merger Consideration 3,556,266 Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger 157,594 Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger 141,077 Fair value of noncontrolling interests acquired (308,891 ) $ 3,546,046 Preliminary Purchase Price Allocation (in thousands) Assets Land, buildings and improvements — operating leases $ 2,954,034 Land, buildings and improvements — operating properties 426,758 Net investments in direct financing leases 626,038 In-place lease and other intangible assets 793,463 Above-market rent intangible assets 298,180 Equity investments in real estate 189,756 Cash and cash equivalents and restricted cash 113,634 Other assets, net (excluding restricted cash) 228,980 Total assets 5,630,843 Liabilities Non-recourse mortgages, net 1,849,177 Senior Credit Facility, net 180,331 Accounts payable, accrued expenses and other liabilities 141,750 Below-market rent and other intangible liabilities 112,721 Deferred income taxes 76,085 Total liabilities 2,360,064 Total identifiable net assets 3,270,779 Noncontrolling interests (5,039 ) Goodwill 280,306 $ 3,546,046
Pro Forma Financial Information (Unaudited)	(in thousands) Years Ended December 31, 2018 2017 Pro forma total revenues $ 1,214,899 $ 1,264,567 Pro forma net income $ 403,229 $ 308,542 Pro forma net loss (income) attributable to noncontrolling interests 1,301 (429 ) Pro forma net income attributable to W. P. Carey (a) $ 404,530 $ 308,113 ___________ (a) The pro forma net income attributable to W. P. Carey through the year ended December 31, 2018 reflects the following income and expenses related to the CPA:17 Merger as if the CPA:17 Merger had taken place on January 1, 2017: (i) combined merger expenses of $58.9 million through December 31, 2018 and (ii) an aggregate gain on change in control of interests of $47.8 million .

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table sets forth certain information regarding our loans or lines of credit to affiliates (dollars in thousands): Interest Rate at Maturity Date at December 31, 2018 Maximum Loan Amount Authorized at December 31, 2018 Principal Outstanding Balance at December 31, (a) Managed Program 2018 2017 CWI 1 (b) (c) LIBOR + 1.00% 6/30/2019 $ 65,802 $ 41,637 $ 68,637 CESH (b) LIBOR + 1.00% 5/3/2019 35,000 14,461 14,461 CWI 2 N/A N/A 25,000 — — CPA:18 – Global N/A N/A 50,000 — — $ 56,098 $ 83,098 __________ (a) Amounts exclude accrued interest of $2.7 million and $0.9 million at December 31, 2018 and 2017 , respectively. (b) LIBOR means London Interbank Offered Rate. (c) Maximum loan amount authorized at December 31, 2017 to CWI 1 was $100.0 million . 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, 2018 2017 2016 Asset management revenue (a) $ 63,556 $ 70,125 $ 61,879 Distributions of Available Cash 46,609 47,862 45,121 Reimbursable costs from affiliates (a) 21,925 51,445 66,433 Structuring revenue (a) 20,826 34,198 47,328 Interest income on deferred acquisition fees and loans to affiliates 2,055 2,103 740 Other advisory revenue (a) 300 896 2,435 Dealer manager fees (a) — 4,430 8,002 $ 155,271 $ 211,059 $ 231,938 Years Ended December 31, 2018 2017 2016 CPA:17 – Global $ 58,788 $ 75,188 $ 74,852 CPA:18 – Global 44,969 28,683 31,330 CWI 1 28,243 33,691 34,085 CWI 2 20,283 50,189 67,524 CCIF — 12,787 11,164 CESH 2,988 10,521 12,983 $ 155,271 $ 211,059 $ 231,938 __________ (a) Amounts represent revenues from contracts under ASC 606.
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, 2018 2017 Short-term loans to affiliates, including accrued interest $ 58,824 $ 84,031 Deferred acquisition fees receivable, including accrued interest 8,697 12,345 Reimbursable costs 3,227 4,315 Current acquisition fees receivable 2,106 83 Accounts receivable 1,425 4,089 Asset management fees receivable 563 356 Organization and offering costs — 89 $ 74,842 $ 105,308
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% In shares of its common stock and/or cash, at the option of CPA:17 – Global; payable 50% in cash and 50% in shares of its common stock for 2016; payable in shares of its common stock for 2017 through May 31, 2018; payable in cash from June 1, 2018 to October 31, 2018 (the date of the completion of the CPA:17 Merger) Rate depended on the type of investment and was 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 and/or cash, at the option of CPA:18 – Global; payable in shares of its Class A common stock for 2018, 2017, and 2016 Rate depends on the type of investment and is based on the average market or average equity value, as applicable CWI 1 0.5% In shares of its common stock and/or cash, at our election; payable in shares of its common stock for 2018 and 2017; payable in cash for 2016 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 and/or cash, at our election; payable in shares of its Class A common stock for 2018, 2017, and 2016 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 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; we no longer receive structuring revenue from CPA:17 – Global following the CPA:17 Merger 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 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 The performance obligation for investment structuring services is satisfied at a point in time upon the closing of an investment acquisition, when there is an enforceable right to payment, and control (as well as the risks and rewards) has been transferred. Determining when control transfers requires management to make judgments that affect the timing of revenue recognized. Payment is due either on the day of acquisition (current portion) or deferred, as described above (see Note 6 ). We do not believe the deferral of the fees represents a significant financing component. 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 selling commissions, dealer manager fees, organization and offering costs, marketing costs, and annual distribution and shareholder servicing fees, 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, a summary of which is presented in the table below: Managed Program Payable Description CPA:17 – Global and CPA:18 – Global In cash; reimbursements from CPA:17 – Global ceased following the CPA:17 Merger 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 1.0%, 2.0%, and 2.2% of each CPA REIT’s pro rata lease revenues for 2018, 2017, and 2016, respectively; 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 Actual expenses incurred, excluding those related to our investment management team and senior management team, prior to our resignation as the advisor to CCIF, effective September 11, 2017 ( Note 1 ) CESH In cash Actual expenses incurred

Land, Buildings and Improveme_2

Land, Buildings and Improvements (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Net Investments in Real Estate Properties	At December 31, 2018 , Land, buildings and improvements attributable to operating properties consisted of our investments in 37 consolidated self-storage properties and two consolidated hotels. In April 2018, we sold one hotel with a carrying value of $33.2 million ( Note 17 ). We acquired the 37 self-storage properties and one hotel with a fair value of $426.8 million in the CPA:17 Merger ( Note 3 ), which excludes seven self-storage properties acquired in the CPA:17 Merger accounted for under the equity method ( Note 8 ). At December 31, 2017 , Land, buildings and improvements attributable to operating properties consisted of our investments in two hotels. Below is a summary of our Land, buildings and improvements attributable to operating properties (in thousands): December 31, 2018 2017 Land $ 102,478 $ 6,041 Buildings and improvements 363,572 77,006 Real estate under construction 4,620 — Less: Accumulated depreciation (10,234 ) (16,419 ) $ 460,436 $ 66,628 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, 2018 2017 Land $ 1,772,099 $ 1,125,539 Buildings and improvements 6,945,513 4,208,907 Real estate under construction 63,114 39,772 Less: Accumulated depreciation (724,550 ) (613,543 ) $ 8,056,176 $ 4,760,675
Schedule of Future Minimum Rents, Exclusive of Renewals, Expenses Paid by Tenants, Percentage of Sales Rents, and Future CPI-based Adjustments	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, 2018 are as follows (in thousands): Years Ending December 31, Total 2019 $ 920,044 2020 915,411 2021 896,083 2022 861,688 2023 802,509 Thereafter 6,151,480 Total $ 10,547,215

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Capital Leases Net Investment In Direct Financing Leases	Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2018 2017 Minimum lease payments receivable $ 1,160,977 $ 600,228 Unguaranteed residual value 966,826 676,321 2,127,803 1,276,549 Less: unearned income (821,588 ) (554,942 ) $ 1,306,215 $ 721,607
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, 2018 are as follows (in thousands): Years Ending December 31, Total 2019 (a) $ 373,632 2020 98,198 2021 95,181 2022 85,801 2023 80,033 Thereafter 428,132 Total $ 1,160,977 __________ (a) Includes $250.0 million for a bargain purchase option. In January 2018, The New York Times Company, a tenant at one of our properties that was acquired in the CPA:17 Merger, exercised its bargain purchase option to repurchase the property for $250.0 million in the fourth quarter of 2019. There can be no assurance that such repurchase will be completed. At December 31, 2018 , this property had an aggregate asset carrying value of $264.6 million .
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 2018 2017 2018 2017 1 – 3 36 24 $ 1,135,321 $ 608,101 4 10 8 227,591 123,477 5 1 — 10,580 — $ 1,373,492 $ 731,578

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Amortizable Asset and Liabilities Acquired	Net lease intangibles recorded in connection with property acquisitions during 2018 are described in Note 5 . In connection with the CPA:17 Merger ( Note 3 ), we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): Weighted-Average Life Amount Amortizable Intangible Assets In-place lease 11.2 $ 770,863 Above-market rent 12.2 298,180 Below-market ground lease 57.1 22,600 $ 1,091,643 Amortizable Intangible Liabilities Below-market rent 25.1 $ (109,894 ) Above-market ground lease 76.0 (2,827 ) $ (112,721 )
Schedule Of Goodwill	The following table presents a reconciliation of our goodwill (in thousands): Real Estate Investment Management Total Balance at January 1, 2016 $ 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 9 ) (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 Acquisition of CPA:17 – Global ( Note 3 ) 280,306 — 280,306 Foreign currency translation adjustments (3,322 ) — (3,322 ) Balance at December 31, 2018 $ 857,337 $ 63,607 $ 920,944 __________ (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, 2018 2017 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 $ 18,924 $ (10,672 ) $ 8,252 $ 18,649 $ (7,862 ) $ 10,787 Trade name 3,975 (1,196 ) 2,779 3,975 (401 ) 3,574 22,899 (11,868 ) 11,031 22,624 (8,263 ) 14,361 Lease Intangibles: In-place lease 1,960,437 (496,096 ) 1,464,341 1,194,055 (421,686 ) 772,369 Above-market rent 925,797 (330,935 ) 594,862 640,480 (276,110 ) 364,370 Below-market ground lease 42,889 (2,367 ) 40,522 18,936 (1,855 ) 17,081 2,929,123 (829,398 ) 2,099,725 1,853,471 (699,651 ) 1,153,820 Indefinite-Lived Goodwill and Intangible Assets Goodwill 920,944 — 920,944 643,960 — 643,960 Below-market ground lease 6,302 — 6,302 985 — 985 927,246 — 927,246 644,945 — 644,945 Total intangible assets $ 3,879,268 $ (841,266 ) $ 3,038,002 $ 2,521,040 $ (707,914 ) $ 1,813,126 Finite-Lived Intangible Liabilities Below-market rent $ (253,633 ) $ 57,514 $ (196,119 ) $ (135,704 ) $ 48,657 $ (87,047 ) Above-market ground lease (15,961 ) 3,663 (12,298 ) (13,245 ) 3,046 (10,199 ) (269,594 ) 61,177 (208,417 ) (148,949 ) 51,703 (97,246 ) Indefinite-Lived Intangible Liabilities Below-market purchase option (16,711 ) — (16,711 ) (16,711 ) — (16,711 ) Total intangible liabilities $ (286,305 ) $ 61,177 $ (225,128 ) $ (165,660 ) $ 51,703 $ (113,957 )
Schedule Of Finite Lived Intangible Assets Future Amortization Expense	Based on the intangible assets and liabilities recorded at December 31, 2018 , 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 2019 $ 63,680 $ 196,279 $ 259,959 2020 55,994 167,700 223,694 2021 52,260 152,891 205,151 2022 46,238 139,693 185,931 2023 41,531 128,314 169,845 Thereafter 139,040 718,719 857,759 Total $ 398,743 $ 1,503,596 $ 1,902,339

Equity Investments in the Man_2

Equity Investments in the Managed Programs and Real Estate (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	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, 2018 2017 Net investments in real estate $ 769,643 $ 516,793 Other assets 31,227 16,465 Total assets 800,870 533,258 Debt (469,343 ) (176,660 ) Accounts payable, accrued expenses and other liabilities (28,648 ) (11,950 ) Total liabilities (497,991 ) (188,610 ) Stockholders’ equity $ 302,879 $ 344,648 Years Ended December 31, 2018 2017 2016 Revenues $ 60,742 $ 57,377 $ 56,791 Expenses (28,422 ) (22,231 ) (17,933 ) Income from continuing operations $ 32,320 $ 35,146 $ 38,858 Net income attributable to the jointly owned investments $ 32,320 $ 35,146 $ 38,858 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, 2018 2017 2016 Distributions of Available Cash ( Note 4 ) $ 46,609 $ 47,862 $ 45,121 Proportionate share of equity in earnings of equity method investments in the Managed Programs 3,896 5,156 7,698 Amortization of basis differences on equity method investments in the Managed Programs (2,332 ) (1,336 ) (1,028 ) Total equity in earnings of equity method investments in the Managed Programs 48,173 51,682 51,791 Equity in earnings of equity method investments in real estate 15,585 15,452 16,503 Amortization of basis differences on equity method investments in real estate (2,244 ) (2,384 ) (3,575 ) Total equity in earnings of equity method investments in real estate 13,341 13,068 12,928 Equity in earnings of equity method investments in the Managed Programs and real estate $ 61,514 $ 64,750 $ 64,719 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): Ownership Interest at Carrying Value at December 31, Lessee Co-owner December 31, 2018 2018 2017 Same Store Equity Investment (a) Beach House JV, LLC Third Party N/A $ 15,105 $ 15,105 15,105 15,105 Equity Investments Consolidated After the CPA:17 Merger (b) The New York Times Company CPA:17 – Global 100% $ — $ 69,401 Frontier Spinning Mills, Inc. CPA:17 – Global 100% — 24,153 ALSO Actebis GmbH (c) CPA:17 – Global 100% — 12,009 Jumbo Logistiek Vastgoed B.V. (c) CPA:17 – Global 100% — 10,661 Wagon Automotive GmbH (c) (d) CPA:17 – Global 100% — 8,386 Wanbishi Archives Co. Ltd. (e) CPA:17 – Global 100% — 334 — 124,944 Equity Investments Acquired in the CPA:17 Merger Johnson Self Storage (f) Third Party 90% 73,475 — Kesko Senukai (c) Third Party 70% 52,432 — Bank Pekao S.A. (c) CPA:18 – Global 50% 29,086 — BPS Nevada, LLC (g) Third Party 15% 22,292 — State Farm Automobile Co. CPA:18 – Global 50% 18,927 — Apply Sørco AS (referred to as Apply) (h) CPA:18 – Global 49% 7,483 — Konzum d.d. (referred to as Agrokor) (c) CPA:18 – Global 20% 2,858 — 206,553 — $ 221,658 $ 140,049 __________ (a) Represents an equity investment we acquired prior to January 1, 2016. This investment is in the form of a preferred equity interest. (b) We acquired the remaining interests in these investments from CPA:17 – Global in the CPA:17 Merger, subsequent to which we now consolidate these wholly-owned investments ( Note 3 ). (c) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (d) In August 2018, this investment sold one of its two properties for $7.7 million , net of selling costs (our proportionate share was $2.6 million ), and recognized a net gain on the sale of $4.6 million (our proportionate share was $1.5 million ). (e) The carrying value of this investment was affected by fluctuations in the exchange rate of the Japanese yen. In January 2018, we contributed $0.7 million to this jointly owned investment in connection with the repayment of the non-recourse mortgage loan encumbering the investment. (f) On November 7, 2018, we entered into a joint venture investment to acquire a 90% interest in two self-storage properties for an aggregate amount of $19.9 million , with our portion of the investment totaling $17.9 million (one property is located in South Carolina and one property is located in North Carolina). This transaction was accounted for as an equity method investment as the minority shareholders have significant influence over this investment. All major decisions that significantly impact the economic performance of the entity require a unanimous decision vote from all of the shareholders; therefore, we have joint control over this investment. This acquisition was completed subsequent to the CPA:17 Merger, in which we acquired seven properties related to this investment. (g) This investment was reported using the hypothetical liquidation at book value model, which may have been different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement. (h) The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone. 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, 2018 2017 Net investments in real estate $ 5,417,770 $ 9,378,520 Other assets 1,019,263 1,811,771 Total assets 6,437,033 11,190,291 Debt (3,320,428 ) (5,393,811 ) Accounts payable, accrued expenses and other liabilities (418,975 ) (839,847 ) Total liabilities (3,739,403 ) (6,233,658 ) Noncontrolling interests (146,556 ) (257,358 ) Stockholders’ equity $ 2,551,074 $ 4,699,275 Years Ended December 31, 2018 2017 2016 Revenues $ 1,562,185 $ 1,637,198 $ 1,465,803 Expenses (1,370,152 ) (1,456,842 ) (1,263,498 ) Income from continuing operations $ 192,033 $ 180,356 $ 202,305 Net income attributable to the Managed Programs (a) (b) $ 119,113 $ 127,130 $ 149,662 __________ (a) Includes impairment charges recognized by the Managed Programs totaling $34.4 million , $19.5 million , and $35.7 million during the years ended December 31, 2018 , 2017 , and 2016 , respectively. These impairment charges reduced our income earned from these investments by $1.6 million , $0.8 million , and $1.1 million during the years ended December 31, 2018 , 2017 , and 2016 , respectively. (b) Amounts included net gains on sale of real estate recorded by the Managed Programs totaling $114.5 million , $22.3 million , and $132.8 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. These net gains on sale of real estate increased our income earned from these investments by $3.9 million , $0.6 million , and $4.6 million during the years ended December 31, 2018 , 2017 , and 2016 , respectively 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 2018 2017 2018 2017 CPA:17 – Global (a) 100.000 % 4.186 % $ — $ 125,676 CPA:17 – Global operating partnership (a) 100.000 % 0.009 % — — CPA:18 – Global (b) 3.446 % 2.540 % 39,600 28,433 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 (b) 3.062 % 2.119 % 38,600 26,810 CWI 1 operating partnership 0.015 % 0.015 % 186 186 CWI 2 (b) 2.807 % 1.786 % 25,200 16,495 CWI 2 operating partnership 0.015 % 0.015 % 300 300 CESH (c) 2.430 % 2.430 % 3,495 3,299 $ 107,590 $ 201,408 __________ (a) On October 31, 2018, we acquired all of the remaining interests in CPA:17 – Global and the CPA:17 – Global operating partnership in the CPA:17 Merger ( Note 3 ). (b) During 2018, 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 4 ). (c) Investment is accounted for at fair value.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 December 31, 2017 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 3,554,470 $ 3,567,593 $ 2,474,661 $ 2,588,032 Non-recourse mortgages, net (a) (b) (d) 3 2,732,658 2,737,861 1,185,477 1,196,399 Loans receivable (d) 3 67,277 67,123 9,971 9,639 Commercial mortgage-backed securities 3 998 998 — — __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 11 ) includes unamortized deferred financing costs of $19.7 million and $14.7 million at December 31, 2018 and 2017 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.8 million and $1.0 million at December 31, 2018 and 2017 , respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $15.8 million and $9.9 million at December 31, 2018 and 2017 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $21.8 million and $1.7 million at December 31, 2018 and 2017 , respectively. (c) We determined the estimated fair value of the Senior Unsecured Notes using observed market prices in an open market with limited trading volume. (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, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Fair Value Measurements Total Impairment Charges Fair Value Total Impairment Fair Value Total Impairment Impairment Charges Land, buildings and improvements and intangibles $ 7,797 $ 4,790 $ 2,914 $ 2,769 $ 155,839 $ 52,316 Net investments in direct financing leases — — — — 23,775 6,987 $ 4,790 $ 2,769 $ 59,303

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
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 (a) Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Foreign currency forward contracts Other assets, net $ 22,520 $ 12,737 $ — $ — Foreign currency collars Other assets, net 8,536 4,931 — — Interest rate swaps Other assets, net 1,435 523 — — Interest rate caps Other assets, net 56 20 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (3,387 ) (1,108 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,679 ) (6,805 ) Derivatives Not Designated as Hedging Instruments (a) Foreign currency forward contracts Other assets, net 7,144 — — — Stock warrants Other assets, net 5,500 3,685 — — Interest rate swap (b) Other assets, net — 19 — — Interest rate swaps (b) Accounts payable, accrued expenses and other liabilities — — (343 ) — Total derivatives $ 45,191 $ 21,915 $ (5,409 ) $ (7,913 ) __________ (a) In connection with the CPA:17 Merger on October 31, 2018, we acquired: (i) foreign currency forward contracts, which had an aggregate fair value of $14.9 million on the date of acquisition, (ii) interest rate swaps and caps, which had an aggregate fair value of $(0.3) million on the date of acquisition, (iii) foreign currency collars, which had an aggregate fair value of $(0.3) million on the date of acquisition, and (iv) stock warrants, which had a fair value of $1.9 million on the date of acquisition. (b) These interest rate swaps do not qualify for hedge accounting; however, they do 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 2018 2017 2016 Foreign currency collars $ 9,029 $ (19,220 ) $ 9,679 Foreign currency forward contracts (1,905 ) (19,120 ) (1,948 ) Interest rate swaps (1,560 ) 1,550 1,291 Interest rate caps (68 ) (29 ) 21 Derivatives in Net Investment Hedging Relationships (b) Foreign currency forward contracts (2,630 ) (5,652 ) (462 ) Total $ 2,866 $ (42,471 ) $ 8,581 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, 2018 2017 2016 Foreign currency forward contracts Other gains and (losses) $ 6,533 $ 6,845 $ 7,442 Foreign currency collars Other gains and (losses) 2,359 3,650 1,968 Interest rate swaps and cap Interest expense (400 ) (1,294 ) (2,106 ) Derivatives in Net Investment Hedging Relationships Foreign currency forward contracts (c) Gain on sale of real estate, net 7,609 — — Total $ 16,101 $ 9,201 $ 7,304 __________ (a) Excludes net losses of $0.6 million and $1.0 million and net gains of $0.2 million , recognized on unconsolidated jointly owned investments for the years ended December 31, 2018 , 2017 , and 2016 , respectively. (b) The effective portion of the changes in fair value of these contracts were reported in the foreign currency translation adjustment section of Other comprehensive (loss) income . (c) We reclassified net foreign currency transaction gains from net investment hedge foreign currency forward contracts related to our Australian investments from Accumulated other comprehensive loss to Gain on sale of real estate, net (as an increase to Gain on sale of real estate, net) in connection with the disposal of all of our Australian investments in December 2018 ( Note 14 , Note 17 ).
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, 2018 2017 2016 Foreign currency collars Other gains and (losses) $ 455 $ (754 ) $ 824 Foreign currency forward contracts Other gains and (losses) 356 (53 ) — Stock warrants Other gains and (losses) (99 ) (67 ) 134 Interest rate swaps Other gains and (losses) (20 ) 18 2,682 Derivatives in Cash Flow Hedging Relationships (a) Interest rate swaps Interest expense 286 693 657 Foreign currency forward contracts Other gains and (losses) 132 (75 ) 40 Foreign currency collars Other gains and (losses) 18 (32 ) (7 ) Total $ 1,128 $ (270 ) $ 4,330 __________ (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, 2018 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2018 Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 30 91,789 EUR $ 22,478 Foreign currency collars 41 43,250 GBP 5,434 Foreign currency collars 47 157,750 EUR 1,426 Foreign currency collars 3 2,000 NOK (1 ) Not Designated as Hedging Instruments Foreign currency forward contracts 6 74,204 AUD 6,726 Foreign currency forward contracts 6 1,455 EUR 332 Foreign currency forward contracts 5 3,635 NOK 76 Designated as Net Investment Hedging Instruments Foreign currency forward contract 1 2,468 NOK 52 Foreign currency collar 1 2,500 NOK (2 ) $ 36,521 The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2018 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at (a) Designated as Cash Flow Hedging Instruments Interest rate swaps 3 65,132 EUR $ (1,034 ) Interest rate swaps 21 207,724 USD (918 ) Interest rate cap 1 75,000 USD 28 Interest rate caps 5 156,036 EUR 21 Interest rate cap 1 6,394 GBP 7 Not Designated as Hedging Instruments Interest rate swaps (b) 3 15,672 EUR (343 ) $ (2,239 ) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at December 31, 2018 , as applicable. (b) These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Interest Rate at December 31, 2018 (a) Maturity Date at December 31, 2018 Principal Outstanding Balance at December 31, Senior Unsecured Credit Facility 2018 2017 Unsecured Revolving Credit Facility: Unsecured Revolving Credit Facility — borrowing in euros (b) EURIBOR + 1.00% 2/22/2021 $ 69,273 $ 111,775 Unsecured Revolving Credit Facility — borrowing in Japanese yen JPY LIBOR + 1.00% 2/22/2021 22,290 — Unsecured Revolving Credit Facility — borrowing in U.S. dollars LIBOR + 1.00% 2/22/2021 — 105,000 91,563 216,775 Unsecured Term Loans (c) : Term Loan — borrowing in euros (d) N/A N/A — 283,425 Delayed Draw Term Loan — borrowing in euros N/A N/A — 106,348 — 389,773 $ 91,563 $ 606,548 __________ (a) The applicable interest rate at December 31, 2018 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2 . (b) EURIBOR means Euro Interbank Offered Rate. (c) On March 7, 2018, we repaid and terminated our Unsecured Term Loans in full, as described above. (d) Balance excludes unamortized discount of $1.2 million and unamortized deferred financing costs of $0.2 million at December 31, 2017.
Schedule of Debt	The following table presents a summary of our Senior Unsecured Notes outstanding at December 31, 2018 (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, Senior Unsecured Notes, net (a) Issue Date 2018 2017 2.0% Senior Notes due 2023 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 $ 572.5 $ 599.7 4.6% Senior Notes due 2024 3/14/2014 $ 500.0 99.639 % $ 1.8 4.645 % 4.6 % 4/1/2024 500.0 500.0 2.25% Senior Notes due 2024 1/19/2017 € 500.0 99.448 % $ 2.9 2.332 % 2.25 % 7/19/2024 572.5 599.7 4.0% Senior Notes due 2025 1/26/2015 $ 450.0 99.372 % $ 2.8 4.077 % 4.0 % 2/1/2025 450.0 450.0 2.250% Senior Notes due 2026 10/9/2018 € 500.0 99.252 % $ 4.3 2.361 % 2.250 % 4/9/2026 572.5 — 4.25% Senior Notes due 2026 9/12/2016 $ 350.0 99.682 % $ 1.1 4.290 % 4.25 % 10/1/2026 350.0 350.0 2.125% Senior Notes due 2027 3/6/2018 € 500.0 99.324 % $ 4.2 2.208 % 2.125 % 4/15/2027 572.5 — $ 3,590.0 $ 2,499.4 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $19.7 million and $14.7 million , and unamortized discount totaling $15.8 million and $9.9 million at December 31, 2018 and 2017 , respectively.
Scheduled Debt Principal Payments	Scheduled debt principal payments during each of the next five calendar years following December 31, 2018 and thereafter through 2031 are as follows (in thousands): Years Ending December 31, Total (a) 2019 $ 157,143 2020 713,610 2021 694,483 2022 587,566 2023 943,892 Thereafter through 2031 3,340,197 Total principal payments 6,436,891 Unamortized discount, net (b) (37,609 ) Unamortized deferred financing costs (20,591 ) Total $ 6,378,691 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2018 . (b) Represents the unamortized discount, net, of $21.8 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, including the CPA:17 Merger ( Note 3 ), and the unamortized discount on the Senior Unsecured Notes of $15.8 million in aggregate.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule Of Distributions Paid Per Share For Tax	The following table presents dividends per share, declared and paid during the years ended December 31, 2018 , 2017 , and 2016 , reported for federal tax purposes and serves as a designation of capital gain dividends, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e) (dollars per share): Dividends Paid During the Years Ended December 31, 2018 2017 2016 Ordinary income $ 3.5122 $ 3.2537 $ 3.3075 Capital gains 0.5578 0.2181 — Return of capital — 0.5182 0.5963 Total dividends paid $ 4.0700 $ 3.9900 $ 3.9038
Earnings Per Share Reconciliation	The following table summarizes basic and diluted earnings (in thousands, except share amounts) : Years Ended December 31, 2018 2017 2016 Net income attributable to W. P. Carey $ 411,566 $ 277,289 $ 267,747 Net income attributable to nonvested participating RSUs and RSAs (340 ) (784 ) (886 ) Net income – basic and diluted $ 411,226 $ 276,505 $ 266,861 Weighted-average shares outstanding – basic 117,494,969 107,824,738 106,743,012 Effect of dilutive securities 211,476 211,233 330,191 Weighted-average shares outstanding – diluted 117,706,445 108,035,971 107,073,203
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, 2016 $ 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: Other gains and (losses) (9,410 ) — — (9,410 ) Interest expense 2,106 — — 2,106 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 ( Note 17 ) — 3,388 — 3,388 Other gains and (losses) (10,495 ) — — (10,495 ) Interest expense 1,294 — — 1,294 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 ) Other comprehensive loss before reclassifications 13,415 (52,069 ) 154 (38,500 ) Amounts reclassified from accumulated other comprehensive loss to: Gain on sale of real estate, net ( Note 10 , Note 17 ) — 20,226 — 20,226 Other gains and (losses) (8,892 ) — — (8,892 ) Interest expense 400 — — 400 Total (8,492 ) 20,226 — 11,734 Net current period other comprehensive loss 4,923 (31,843 ) 154 (26,766 ) Net current period other comprehensive loss attributable to noncontrolling interests 7 7,774 — 7,781 Balance at December 31, 2018 $ 14,102 $ (269,091 ) $ (7 ) $ (254,996 ) See Note 10 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented.

Stock-Based and Other Compensat

Stock-Based and Other Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted and Conditional Award Activity	Nonvested RSAs, RSUs, and PSUs at December 31, 2018 and changes during the years ended December 31, 2018 , 2017 , and 2016 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Nonvested at January 1, 2016 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 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 324,339 61.43 281,299 74.57 Granted (c) 137,519 64.50 75,864 75.81 Vested (a) (181,777 ) 62.25 (66,632 ) 76.96 Forfeited (3,079 ) 61.71 (3,098 ) 76.49 Adjustment (b) — — 43,783 74.17 Nonvested at December 31, 2018 (d) 277,002 $ 62.41 331,216 $ 78.82 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2018 , 2017 , and 2016 was $16.4 million , $21.4 million , and $27.8 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, 2018 and 2017 , we had an obligation to issue 867,871 and 1,140,632 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $35.8 million and $46.7 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, 2018 , we used a risk-free interest rate of 2.2% , an expected volatility rate of 17.2% , and assumed a dividend yield of zero . (d) At December 31, 2018 , total unrecognized compensation expense related to these awards was approximately $17.7 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 year ended December 31, 2016 were as follows: Year Ended December 31, 2016 Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Outstanding — beginning of year 258,787 $ 31.10 Exercised (113,002 ) 28.34 Canceled / Expired (752 ) 28.42 Outstanding — end of year 145,033 $ 33.27 0.30 Exercisable — end of year 145,033 $ 33.27

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Federal Current $ (829 ) $ (687 ) $ 6,412 Deferred 3,275 (9,520 ) (1,608 ) 2,446 (10,207 ) 4,804 State and Local Current 4,820 1,954 7,014 Deferred 3,042 572 (2,026 ) 7,862 2,526 4,988 Foreign Current 16,791 21,457 10,727 Deferred (12,688 ) (11,065 ) (17,231 ) 4,103 10,392 (6,504 ) Total Provision $ 14,411 $ 2,711 $ 3,288
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, 2018 2017 2016 Pre-tax income (loss) attributable to taxable subsidiaries (a) $ 98,245 $ 49,909 $ (15,374 ) Federal provision (benefit) at statutory tax rate (b) $ 20,632 $ 17,468 $ (5,380 ) Rate differential (14,165 ) (13,134 ) 892 State and local taxes, net of federal benefit 7,590 1,115 2,749 Change in valuation allowance 6,735 11,805 6,477 Revocation of TRS Status (6,285 ) — — Non-deductible expense 4,996 3,010 3,111 Windfall tax benefit (c) (3,754 ) (4,618 ) — Non-taxable income (736 ) (8,073 ) (5,399 ) Revaluation of deferred taxes due to Tax Cuts and Jobs Act (d) — (7,826 ) — Other (602 ) 2,964 838 Total provision $ 14,411 $ 2,711 $ 3,288 __________ (a) Pre-tax income attributable to taxable subsidiaries for 2018 includes taxable income associated with the accelerated vesting of shares previously issued by CPA:17 – Global to us for asset management services performed, in connection with the CPA:17 Merger. Pre-tax income attributable to taxable subsidiaries for 2017 excludes the impact of foreign currency exchange rates on an intercompany transaction related to the euro-denominated 2.25% Senior Notes due 2024 issued in 2017 ( Note 11 ) 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 9 ). (b) The applicable statutory tax rate is 21% , 35% , and 35% for the years ended December 31, 2018 , 2017 , and 2016 , respectively. (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 ). (d) 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.
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes at December 31, 2018 and 2017 consist of the following (in thousands): At December 31, 2018 2017 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 44,445 $ 61,632 Basis differences — foreign investments — 31,472 Unearned and deferred compensation 16,255 21,192 Other 640 3,029 Total deferred tax assets 61,340 117,325 Valuation allowance (54,499 ) (39,155 ) Net deferred tax assets 6,841 78,170 Deferred Tax Liabilities Basis differences — foreign investments (123,426 ) (104,390 ) Basis differences — equity investees (46,899 ) (23,950 ) Deferred revenue (1,778 ) (3,784 ) Total deferred tax liabilities (172,103 ) (132,124 ) Net Deferred Tax Liability $ (165,262 ) $ (53,954 )
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, 2018 2017 Beginning balance $ 5,202 $ 5,586 Increase due to CPA:17 Merger 2,273 — Decrease due to lapse in statute of limitations (2,186 ) (1,853 ) Addition based on tax positions related to the current year 514 639 Addition based on tax positions related to prior years 442 660 Foreign currency translation adjustments (140 ) 170 Ending balance $ 6,105 $ 5,202

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following tables present a summary of comparative results and assets for these business segments (in thousands): Real Estate Years Ended December 31, 2018 2017 2016 Revenues Lease revenues $ 716,422 $ 630,373 $ 663,463 Reimbursable tenant costs 28,076 21,524 25,438 Operating property revenues (a) 28,072 30,562 30,767 Lease termination income and other 6,555 4,749 35,696 779,125 687,208 755,364 Operating Expenses Depreciation and amortization 287,461 249,432 272,274 General and administrative 47,210 39,002 34,591 Merger and other expenses 41,426 605 2,993 Reimbursable tenant costs 28,076 21,524 25,438 Property expenses, excluding reimbursable tenant costs 22,773 17,330 26,804 Operating property expenses 20,150 23,426 22,627 Stock-based compensation expense 10,450 6,960 5,224 Impairment charges 4,790 2,769 59,303 Restructuring and other compensation — — 4,413 462,336 361,048 453,667 Other Income and Expenses Interest expense (178,375 ) (165,775 ) (183,409 ) Gain on sale of real estate, net 118,605 33,878 71,318 Gain on change in control of interests 18,792 — — Equity in earnings of equity method investments in real estate 13,341 13,068 12,928 Other gains and (losses) 30,015 (5,655 ) 3,665 2,378 (124,484 ) (95,498 ) Income before income taxes 319,167 201,676 206,199 Benefit from (provision for) income taxes 844 (1,743 ) 3,418 Net Income from Real Estate 320,011 199,933 209,617 Net income attributable to noncontrolling interests (12,775 ) (7,794 ) (7,060 ) Net Income from Real Estate Attributable to W. P. Carey $ 307,236 $ 192,139 $ 202,557 __________ (a) Operating property revenues from our hotels include (i) $4.8 million , $16.0 million , and $15.5 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, generated from a hotel in Memphis, Tennessee, which was sold in April 2018 ( Note 17 ), (ii) $15.2 million , $14.6 million , and $15.2 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, generated from a hotel in Bloomington, Minnesota, and (iii) $1.7 million for the year ended December 31, 2018 , generated from a hotel in Miami, Florida, which was acquired in the CPA:17 Merger ( Note 3 ). Investment Management Years Ended December 31, 2018 2017 2016 Revenues Asset management revenue $ 63,556 $ 70,125 $ 61,971 Reimbursable costs from affiliates 21,925 51,445 66,433 Structuring revenue 20,826 34,198 47,328 Other advisory revenue 300 896 2,435 Dealer manager fees — 4,430 8,002 106,607 161,094 186,169 Operating Expenses Reimbursable costs from affiliates 21,925 51,445 66,433 General and administrative 21,127 31,889 47,761 Subadvisor fees 9,240 13,600 14,141 Stock-based compensation expense 7,844 11,957 12,791 Depreciation and amortization 3,979 3,902 4,236 Restructuring and other compensation — 9,363 7,512 Dealer manager fees and expenses — 6,544 12,808 Merger and other expenses — — 2,384 64,115 128,700 168,066 Other Income and Expenses Equity in earnings of equity method investments in the Managed Programs 48,173 51,682 51,791 Gain on change in control of interests 29,022 — — Other gains and (losses) (102 ) 2,042 2,002 77,093 53,724 53,793 Income before income taxes 119,585 86,118 71,896 Provision for income taxes (15,255 ) (968 ) (6,706 ) Net Income from Investment Management Attributable to W. P. Carey $ 104,330 $ 85,150 $ 65,190 Total Company Years Ended December 31, 2018 2017 2016 Revenues $ 885,732 $ 848,302 $ 941,533 Operating expenses 526,451 489,748 621,733 Other income and expenses 79,471 (70,760 ) (41,705 ) Provision for income taxes (14,411 ) (2,711 ) (3,288 ) Net income attributable to noncontrolling interests (12,775 ) (7,794 ) (7,060 ) Net income attributable to W. P. Carey $ 411,566 $ 277,289 $ 267,747 Results of operations and assets within our Investment Management segment are entirely domestic. The following tables present the geographic information for our Real Estate segment (in thousands): Years Ended December 31, 2018 2017 2016 Domestic Revenues $ 499,342 $ 451,310 $ 490,134 Operating expenses (337,262 ) (255,796 ) (274,013 ) Interest expense (142,006 ) (141,842 ) (149,615 ) Gain on sale of real estate, net 18,907 14,580 56,492 Other income and (expenses), excluding interest expense and gain on sale of real estate, net 95,324 (82,212 ) 9,887 (Provision for) benefit from income taxes (7,517 ) 5,526 (4,808 ) Net income attributable to noncontrolling interests (8,661 ) (8,808 ) (7,591 ) Net income (loss) attributable to W. P. Carey $ 118,127 $ (17,242 ) $ 120,486 Germany Revenues $ 69,341 $ 60,907 $ 68,372 Operating expenses (20,240 ) (20,276 ) (28,473 ) Interest expense (1,334 ) (1,859 ) (15,681 ) Gain on sale of real estate, net 60,895 5,867 — Other income and (expenses), excluding interest expense and gain on sale of real estate, net 4,350 112 649 Provision for income taxes (31 ) (7,213 ) (4,083 ) Net (income) loss attributable to noncontrolling interests (3,342 ) 1,966 252 Net income attributable to W. P. Carey $ 109,639 $ 39,504 $ 21,036 Other International Revenues $ 210,442 $ 174,991 $ 196,858 Operating expenses (104,834 ) (84,976 ) (151,181 ) Interest expense (35,035 ) (22,074 ) (18,113 ) Gain on sale of real estate, net 38,803 13,431 14,826 Other income and (expenses), excluding interest expense and gain on sale of real estate, net (37,526 ) 89,513 6,057 Benefit from (provision for) income taxes 8,392 (56 ) 12,309 Net (income) loss attributable to noncontrolling interests (772 ) (952 ) 279 Net income attributable to W. P. Carey $ 79,470 $ 169,877 $ 61,035 Total Revenues $ 779,125 $ 687,208 $ 755,364 Operating expenses (462,336 ) (361,048 ) (453,667 ) Interest expense (178,375 ) (165,775 ) (183,409 ) Gain on sale of real estate, net 118,605 33,878 71,318 Other income and (expenses), excluding interest expense and gain on sale of real estate, net 62,148 7,413 16,593 Benefit from (provision for) income taxes 844 (1,743 ) 3,418 Net income attributable to noncontrolling interests (12,775 ) (7,794 ) (7,060 ) Net income attributable to W. P. Carey $ 307,236 $ 192,139 $ 202,557
Reconciliation Of Assets From Segment To Consolidated	December 31, 2018 2017 Domestic Long-lived assets (a) $ 7,579,018 $ 4,123,856 Equity investments in real estate 129,799 108,659 Total assets 9,014,891 5,040,296 Germany Long-lived assets (a) $ 674,642 $ 708,316 Equity investments in real estate — 20,395 Total assets 705,650 747,877 Other International Long-lived assets (a) $ 3,675,194 $ 1,871,543 Equity investments in real estate 91,859 10,995 Total assets 4,221,422 2,097,578 Total Long-lived assets (a) $ 11,928,854 $ 6,703,715 Equity investments in real estate 221,658 140,049 Total assets 13,941,963 7,885,751 __________ (a) Consists of Net investments in real estate. Total Assets at December 31, 2018 2017 Real Estate $ 13,941,963 $ 7,885,751 Investment Management 241,076 345,651 Total Company $ 14,183,039 $ 8,231,402

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(dollars in thousands, except per share amounts) Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues (a) $ 201,810 $ 201,143 $ 209,384 $ 273,395 Expenses (a) 120,966 109,202 110,937 185,346 Net income (a) (b) (c) 68,066 79,424 81,573 195,278 Net income attributable to noncontrolling interests (a) (2,792 ) (3,743 ) (4,225 ) (2,015 ) Net income attributable to W. P. Carey (a) (b) (c) 65,274 75,681 77,348 193,263 Earnings per share attributable to W. P. Carey: Basic (d) $ 0.60 $ 0.70 $ 0.71 $ 1.33 Diluted (d) $ 0.60 $ 0.70 $ 0.71 $ 1.33 Dividends declared per share $ 1.015 $ 1.020 $ 1.025 $ 1.030 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 (e) 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 (e) 57,484 64,318 80,278 75,209 Earnings per share attributable to W. P. Carey: Basic (d) $ 0.53 $ 0.60 $ 0.74 $ 0.69 Diluted (d) $ 0.53 $ 0.59 $ 0.74 $ 0.69 Dividends declared per share $ 0.995 $ 1.000 $ 1.005 $ 1.010 __________ (a) Amount for the three months ended December 31, 2018 includes the impact of the CPA:17 Merger ( Note 3 ). (b) Amount for the three months ended December 31, 2018 includes a gain on change in control of interests of $47.8 million recognized in connection with the CPA:17 Merger ( Note 3 ). (c) Amount for the three months ended June 30, 2018 includes an aggregate gain on sale of real estate of $11.9 million recognized on the disposition of 25 properties. Amount for the three months ended December 31, 2018 includes an aggregate gain on sale of real estate of $99.6 million recognized on the disposition of 39 properties. (d) 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. For the year ended December 31, 2018, total quarterly basic and diluted earnings per share were $0.16 and $0.15 lower, respectively, than the corresponding earnings per share as computed on an annual basis, as a result of the change in the shares outstanding for each of the periods, primarily due to the issuance of shares in the CPA:17 Merger ( Note 3 ) and under our ATM program ( Note 14 ). (e) 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.

Business and Organization - Nar

Business and Organization - Narratives (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2018ft²propertytenant
Real Estate
Real Estate Properties
Number of real estate properties	1,163
Square footage of real estate properties (sqft) | ft²	131
Number of tenants | tenant	304
Operating lease term (in years)	10 years 2 months 12 days
Occupancy rate (percent)	98.30%
Real Estate | Operating Properties
Real Estate Properties
Number of real estate properties	48
Square footage of real estate properties (sqft) | ft²	3.4
Real Estate | Self Storage
Real Estate Properties
Number of real estate properties	46
Real Estate | Hotel
Real Estate Properties
Number of real estate properties	2
Investment Management | Affiliated Entity | CPA:18 – Global
Real Estate Properties
Number of real estate properties	58
Square footage of real estate properties (sqft) | ft²	10
Number of tenants | tenant	94
Occupancy rate (percent)	98.20%
Investment Management | Affiliated Entity | Managed Programs
Real Estate Properties
Number of real estate properties	129
Square footage of real estate properties (sqft) | ft²	15.6

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narratives (Details)	2 Months Ended	12 Months Ended
	Aug. 30, 2016USD ($)	Dec. 31, 2018USD ($)viesegmentproperty	Dec. 31, 2017USD ($)vie	Dec. 31, 2016USD ($)	Jan. 01, 2019	Oct. 31, 2018USD ($)vieproperty	Aug. 31, 2016USD ($)	Jul. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Basis of Consolidation
Goodwill		$ 920,944,000	$ 643,960,000	$ 635,920,000					$ 681,809,000
Variable interest entities, count | vie		32	28
Variable interest entities consolidated, count | vie		24	21
Variable interest entities unconsolidated, count | vie		8	7
Variable interest entities declassified, count | vie		7
Variable interest entities acquired, count | vie		2
Variable interest entities sold, count | vie		1
Variable interest entity, maximum exposure to loss		$ 301,600,000	$ 152,700,000
Assets		14,183,039,000	8,231,402,000
Cash and cash equivalents		217,644,000	162,312,000	155,482,000
Other assets		711,507,000	274,650,000
Restricted cash		$ 206,419,000	47,364,000	55,249,000
Subsequent Event | Forecasted
Basis of Consolidation
Right of use use assets, percentage of total assets (percent)					1.00%
Operating lease liability percentage of total liabilities (percent)					1.50%
Operating real estate | Hotel
Basis of Consolidation
Number of real estate properties | property		2
Operating real estate | Food and beverage
Basis of Consolidation
Gross contract revenue		$ 21,700,000	30,600,000	30,700,000
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
Other assets
Basis of Consolidation
Restricted cash		$ 145,700,000
CESH
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 | Maximum
Basis of Consolidation
Initial aggregate offering amount								$ 150,000,000
CPA:17 – Global
Basis of Consolidation
Goodwill						$ 280,306,000
Variable interest entities consolidated, count | vie						4
Variable interest entities unconsolidated, count | vie						6
CPA:17 – Global | Operating real estate | Hotel
Basis of Consolidation
Number of real estate properties | property		1
CPA:17 – Global | Real Estate
Basis of Consolidation
Number of real estate properties | property						28
Real Estate
Basis of Consolidation
Number of reportable segments | segment		1
Goodwill		$ 857,337,000	$ 580,353,000	$ 572,313,000					$ 618,202,000
Variable interest entities unconsolidated, count | vie		6	6
Assets		$ 13,941,963,000	$ 7,885,751,000
Number of real estate properties | property		1,163
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count | vie		2	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Land, buildings and improvements	$ 9,251,396	$ 5,457,265
Net investments in direct financing leases	1,306,215	721,607
In-place lease and other intangible assets	2,009,628	1,213,976
Above-market rent intangible assets	925,797	640,480
Accumulated depreciation and amortization	(1,564,182)	(1,329,613)
Total assets	14,183,039	8,231,402
Liabilities
Non-recourse mortgages, net	2,732,658	1,185,477
Total liabilities	7,352,984	4,819,052
Variable Interest Entity
Assets
Land, buildings and improvements	781,347	916,001
Net investments in direct financing leases	305,493	40,133
In-place lease and other intangible assets	84,870	268,863
Above-market rent intangible assets	45,754	103,081
Accumulated depreciation and amortization	(164,942)	(251,979)
Total assets	1,112,984	1,118,727
Liabilities
Non-recourse mortgages, net	157,955	128,230
Total liabilities	$ 227,461	$ 201,186

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 217,644	$ 162,312	$ 155,482
Restricted cash	206,419	47,364	55,249
Total cash and cash equivalents and restricted cash	$ 424,063	$ 209,676	$ 210,731	$ 238,034

Merger with CPA_17 _ Global - N

Merger with CPA:17 – Global - Narratives (Details) $ / shares in Units, $ in Thousands, ft² in Millions	Oct. 31, 2018USD ($)ft²propertyinvestment$ / shares$ / ft²shares	Dec. 31, 2018USD ($)ft²propertyinvestmentshares	Dec. 31, 2018USD ($)ft²propertyinvestmentshares	Dec. 31, 2018USD ($)ft²propertyinvestmentshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Oct. 30, 2018investmentshares	Dec. 31, 2015USD ($)
Business Acquisition
Common stock shares, outstanding (shares) | shares		165,279,642	165,279,642	165,279,642	106,922,616
Non-recourse mortgages, net		$ 2,732,658	$ 2,732,658	$ 2,732,658	$ 1,185,477
Jointly owned investments, consolidated | investment		2	2	2
Debt outstanding		$ 91,563	$ 91,563	$ 91,563	606,548
Goodwill		$ 920,944	920,944	920,944	643,960	$ 635,920		$ 681,809
Gain on change in control of interests			$ 47,800	47,814	0	0
Adjustments to additional paid in capital in relation to the acquisition of less thna wholly owned investments				71	90,550	14,530
Jointly Owned Investments | Minimum
Business Acquisition
Market Rents | $ / ft²	1.65
Jointly Owned Investments | Maximum
Business Acquisition
Market Rents | $ / ft²	54
Level 3 | Jointly Owned Investments | Minimum | Discount rate
Business Acquisition
Real estate measurement input (percent)	0.0575
Estimated residual value (percent)	0.0389
Property level debt (percent)	0.0240
Level 3 | Jointly Owned Investments | Minimum | Residual capitalization rate
Business Acquisition
Real estate measurement input (percent)	0.0575
Level 3 | Jointly Owned Investments | Maximum | Discount rate
Business Acquisition
Real estate measurement input (percent)	0.1050
Estimated residual value (percent)	0.1025
Property level debt (percent)	0.0595
Level 3 | Jointly Owned Investments | Maximum | Residual capitalization rate
Business Acquisition
Real estate measurement input (percent)	0.0950
Additional Paid-in Capital
Business Acquisition
Adjustments to additional paid in capital in relation to the acquisition of less thna wholly owned investments				$ (103,075)
Real Estate
Business Acquisition
Number of real estate properties | property		1,163	1,163	1,163
Operating lease term (in years)		10 years 2 months 12 days	10 years 2 months 12 days	10 years 2 months 12 days
Occupancy rate (percent)				98.30%
Square footage of real estate properties (sqft) | ft²		131	131	131
Goodwill		$ 857,337	$ 857,337	$ 857,337	580,353	572,313		$ 618,202
Gain on change in control of interests				$ 18,792	0	$ 0
CPA:17 – Global | Affiliated Entity
Business Acquisition
Jointly owned investments, count | investment							6
Real Estate
Business Acquisition
Non-recourse mortgages, net	$ 208,200
Debt instrument weighted average interest rate (percent)	3.60%
Real Estate | Affiliated Entity | CPA:17 – Global
Business Acquisition
Number of real estate properties | property	137
Operating Properties | Real Estate
Business Acquisition
Number of real estate properties | property		48	48	48
Square footage of real estate properties (sqft) | ft²		3.4	3.4	3.4
Self Storage | Real Estate
Business Acquisition
Number of real estate properties | property		46	46	46
Hotel | Real Estate
Business Acquisition
Number of real estate properties | property		2	2	2
CPA:17 – Global
Business Acquisition
Common stock shares, outstanding (shares) | shares							336,715,969
Number of real estate properties | property	410
Operating lease term (in years)	11 years
Occupancy rate (percent)	97.40%
Contractual minimum annualized base rent	$ 364,400
Non-recourse mortgages, net	$ 1,850,000
Debt instrument weighted average interest rate (percent)	4.30%
CPA:17 – Global | Credit Facility
Business Acquisition
Debt outstanding	$ 180,300
CPA:17 – Global | Operating Properties
Business Acquisition
Square footage of real estate properties (sqft) | ft²	3.1
CPA:17 – Global | Self Storage
Business Acquisition
Number of real estate properties | property	44
CPA:17 – Global | Hotel
Business Acquisition
Number of real estate properties | property	1
CPA:17 – Global
Business Acquisition
Fair value of W. P. Carey shares of common stock issued	$ 3,554,578
Shares issued as compensation in acquisition (shares) | shares	53,849,087
Fair value of shares issued	$ 3,600,000
Share price (usd per share) | $ / shares	$ 66.01
Cash paid for fractional shares	$ 1,688
Debt instrument weighted average interest rate (percent)	4.30%
Number of investments, unconsolidated | investment	7
Actual revenue from acquiree		$ 52,800
Actual net loss from acquiree		$ 13,700
Merger related costs				$ 41,800	$ 400
Goodwill	$ 280,306
Gain on change in control of interests			$ 29,000	47,800
Equity interest in CPA:17 – Global prior to the CPA:17 Merger	$ 157,594
Less than wholly-owned investments acquired, count | investment	6
Adjustments to additional paid in capital in relation to the acquisition of less thna wholly owned investments				(309,591)
Value of noncontrolling interests acquired	$ 308,891
Merger expenses				58,900
CPA:17 – Global | Additional Paid-in Capital
Business Acquisition
Adjustments to additional paid in capital in relation to the acquisition of less thna wholly owned investments	(102,700)
CPA:17 – Global | Jointly owned investments
Business Acquisition
Gain on change in control of interests				18,800
Equity interest in CPA:17 – Global prior to the CPA:17 Merger	141,077
Adjustments to additional paid in capital in relation to the acquisition of less thna wholly owned investments				$ 5,039
CPA:17 – Global | Carrying Value
Business Acquisition
Equity interest in CPA:17 – Global prior to the CPA:17 Merger	128,700
Value of noncontrolling interests acquired	206,200
CPA:17 – Global | Carrying Value | Jointly owned investments
Business Acquisition
Equity interest in CPA:17 – Global prior to the CPA:17 Merger	$ 122,300
CPA:17 – Global | Real Estate
Business Acquisition
Number of real estate properties | property	28
Non-recourse mortgages, net	$ 467,100
CPA:17 – Global | Real Estate | Third Party
Business Acquisition
Jointly owned investments, consolidated | investment	3
CPA:17 – Global | Real Estate | Affiliated Entity | CPA:18 – Global
Business Acquisition
Jointly owned investments, consolidated | investment	4
CPA:17 – Global | Operating Properties | Real Estate
Business Acquisition
Number of real estate properties | property		232	232	232
Actual revenue from acquiree		$ 8,000
CPA:17 – Global | Self Storage | Real Estate
Business Acquisition
Number of real estate properties | property	7
CPA:17 – Global | Common Stock
Business Acquisition
Share conversion rate (usd per share) | $ / shares	$ 0.160
Shares of acquiree held prior to merger | shares	16,131,967

Merger with CPA_17 _ Global - M

Merger with CPA:17 – Global - Merger Consideration (Details) - CPA:17 – Global $ in Thousands	Oct. 31, 2018USD ($)
Total Consideration
Fair value of W. P. Carey shares of common stock issued	$ 3,554,578
Cash paid for fractional shares	1,688
Merger Consideration	3,556,266
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	157,594
Fair value of noncontrolling interests acquired	(308,891)
Estimate of consideration expected to be transferred	3,546,046
Jointly owned investments
Total Consideration
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	$ 141,077

Merger with CPA_17 _ Global -_2

Merger with CPA:17 – Global - Net Assets Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Oct. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Liabilities
Goodwill	$ 920,944		$ 643,960	$ 635,920	$ 681,809
CPA:17 – Global
Assets
Land, buildings and improvements — operating leases	$ 3,000,000	$ 2,954,034
Land, buildings and improvements — operating properties		426,758
Net investments in direct financing leases		626,038
In-place lease and other intangible assets		793,463
Above-market rent intangible assets		298,180
Equity investments in real estate		189,756
Cash and cash equivalents and restricted cash		113,634
Other assets, net (excluding restricted cash)		228,980
Total assets		5,630,843
Liabilities
Non-recourse mortgages, net		1,849,177
Senior Credit Facility, net		180,331
Accounts payable, accrued expenses and other liabilities		141,750
Below-market rent and other intangible liabilities		112,721
Deferred income taxes		76,085
Total liabilities		2,360,064
Total identifiable net assets		3,270,779
Noncontrolling interests		(5,039)
Goodwill		280,306
Estimate of consideration expected to be transferred		$ 3,546,046

Merger with CPA_17 _ Global - P

Merger with CPA:17 – Global - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition, Pro Forma Information
Pro forma total revenues	$ 1,214,899	$ 1,264,567
Pro forma net income	403,229	308,542
Pro forma net loss (income) attributable to noncontrolling interests	1,301	(429)
Pro forma net income attributable to W. P. Carey	$ 404,530	$ 308,113

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	Oct. 31, 2018USD ($)shares	Dec. 31, 2018USD ($)investmentshares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor		10.00%
Other Transactions with Affiliates
Accrued interest		$ 2,700,000	$ 900,000
Line of credit, maximum borrowing amount		$ 2,350,000,000
Jointly owned investments, consolidated | investment		2
CPA:17 – Global
Other Transactions with Affiliates
Shares issued to stockholders of CPA:17 – Global in connection with CPA:17 Merger, value		$ 3,554,578,000
Common Stock | CPA:17 – Global
Other Transactions with Affiliates
Shares issued to stockholders of CPA:17 – Global in connection with CPA:17 Merger, shares | shares		53,849,087
Shares issued to stockholders of CPA:17 – Global in connection with CPA:17 Merger, value		$ 54,000
Common Stock | CPA:17 – Global | Directors
Other Transactions with Affiliates
Shares issued to stockholders of CPA:17 – Global in connection with CPA:17 Merger, shares | shares	17,778
Shares issued to stockholders of CPA:17 – Global in connection with CPA:17 Merger, value	$ 1,200,000
Maximum
Other Transactions with Affiliates
Jointly owned investment, accounted for under the equity method investments | investment		8
Other advisory revenue
Distributions Of Available Cash and Deferred Revenue Earned
Gross contract revenue		$ 300,000	896,000	$ 2,435,000
Affiliated Entity | CWI 1
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor		20.00%
Affiliated Entity | CWI 2
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor		25.00%
Affiliated Entity | CESH
Other Transactions with Affiliates
Line of credit, maximum borrowing amount		$ 35,000,000
Affiliated Entity | CWI 1
Other Transactions with Affiliates
Line of credit, maximum borrowing amount		65,802,000	$ 100,000,000
Affiliated Entity | CWI 2
Other Transactions with Affiliates
Line of credit, maximum borrowing amount		$ 25,000,000
CESH | Affiliated Entity | Gross proceeds
Distributions Of Available Cash and Deferred Revenue Earned
Advisory fee percentage		2.50%
Managed Reits
Distributions Of Available Cash and Deferred Revenue Earned
Advisory Agreement, term		1 year

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction
Distributions of Available Cash	$ 46,609	$ 47,862	$ 45,121
Interest income on deferred acquisition fees and loans to affiliates	2,055	2,103	740
Total deferred revenue earned	155,271	211,059	231,938
Asset management revenue
Related Party Transaction
Gross contract revenue	63,556	70,125	61,879
Reimbursable costs from affiliates
Related Party Transaction
Gross contract revenue	21,925	51,445	66,433
Structuring revenue
Related Party Transaction
Gross contract revenue	20,826	34,198	47,328
Dealer manager fees
Related Party Transaction
Gross contract revenue	0	4,430	8,002
Other advisory revenue
Related Party Transaction
Gross contract revenue	$ 300	$ 896	$ 2,435

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction
Revenue from related parties	$ 155,271	$ 211,059	$ 231,938
Affiliated Entity
Related Party Transaction
Revenue from related parties	155,271	211,059	231,938
Affiliated Entity | CPA:17 – Global
Related Party Transaction
Revenue from related parties	58,788	75,188	74,852
Affiliated Entity | CPA:18 – Global
Related Party Transaction
Revenue from related parties	44,969	28,683	31,330
Affiliated Entity | CWI 1
Related Party Transaction
Revenue from related parties	28,243	33,691	34,085
Affiliated Entity | CWI 2
Related Party Transaction
Revenue from related parties	20,283	50,189	67,524
Affiliated Entity | CCIF
Related Party Transaction
Revenue from related parties	0	12,787	11,164
Affiliated Entity | CESH
Related Party Transaction
Revenue from related parties	$ 2,988	$ 10,521	$ 12,983

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Due from affiliates
Short-term loans to affiliates, including accrued interest	$ 58,824	$ 84,031
Deferred acquisition fees receivable, including accrued interest	8,697	12,345
Reimbursable costs	3,227	4,315
Current acquisition fees receivable	2,106	83
Accounts receivable	1,425	4,089
Asset management fees receivable	563	356
Organization and offering costs	0	89
Due from affiliates	$ 74,842	$ 105,308

Agreements and Transactions w_7

Agreements and Transactions with Related Parties - Asset Management and Structuring Revenue (Details)	10 Months Ended	12 Months Ended
	Oct. 31, 2018	Dec. 31, 2018
Structuring revenue
Percentage of Available cash distribution to advisor		10.00%
CPA:17 – Global | Affiliated Entity
Related Party Transaction
Asset management fees receivable in cash, percentage	50.00%
Asset management fees receivable in shares, percentage	50.00%
CPA:17 – Global | Affiliated Entity | Minimum | Average equity value
Related Party Transaction
Percentage of asset management fees earned, percentage	0.50%
Structuring revenue
Percentage of structuring fees earned	1.00%
CPA:17 – Global | Affiliated Entity | Maximum | Contract sales price of investment
Structuring revenue
Percentage of structuring fees earned	6.00%
CPA:17 – Global | Affiliated Entity | Maximum | Average equity value
Related Party Transaction
Percentage of asset management fees earned, percentage	1.75%
Structuring revenue
Percentage of structuring fees earned	1.75%
CPA:17 – Global | Affiliated Entity | Long-term net lease
Structuring revenue
Percentage of structuring fees earned	4.50%
CPA:17 – Global | Affiliated Entity | Upon Completion | Long-term net lease
Structuring revenue
Percentage of structuring fees earned	2.50%
CPA:17 – Global | Affiliated Entity | Deferred | Long-term net lease
Structuring revenue
Percentage of structuring fees earned	2.00%
CPA:18 – Global | Affiliated Entity | Maximum | Contract sales price of investment
Structuring revenue
Percentage of structuring fees earned		6.00%
CPA:18 – Global | Affiliated Entity | Long-term net lease
Structuring revenue
Percentage of structuring fees earned		4.50%
CPA:18 – Global | Affiliated Entity | Upon Completion | Long-term net lease
Structuring revenue
Percentage of structuring fees earned		2.50%
CPA:18 – Global | Affiliated Entity | Deferred | Long-term net lease
Structuring revenue
Percentage of structuring fees earned		2.00%
CPA:18 – Global | Affiliated Entity | Class A | Minimum | Average equity value
Related Party Transaction
Percentage of asset management fees earned, percentage		0.50%
CPA:18 – Global | Affiliated Entity | Class A | Maximum | Average equity value
Related Party Transaction
Percentage of asset management fees earned, percentage		1.50%
CWI 1 | Affiliated Entity | Market value of equity investment
Related Party Transaction
Percentage of fees earned paid to subadvisor, percentage		20.00%
CWI 1 | Affiliated Entity | Lodging related investments [Member]
Related Party Transaction
Percentage of asset management fees earned, percentage		0.50%
CWI 2 | Affiliated Entity | Market value of equity investment
Related Party Transaction
Percentage of fees earned paid to subadvisor, percentage		25.00%
CWI 2 | Affiliated Entity | Lodging related investments [Member]
Related Party Transaction
Percentage of asset management fees earned, percentage		0.55%
CCIF | Affiliated Entity | Average gross assets
Related Party Transaction
Percentage of fees earned paid to subadvisor, percentage		50.00%
CCIF | Affiliated Entity | Minimum | Average gross assets
Related Party Transaction
Percentage of asset management fees earned, percentage		1.75%
CCIF | Affiliated Entity | Maximum | Average gross assets
Related Party Transaction
Percentage of asset management fees earned, percentage		2.00%
CWI REITs | Affiliated Entity
Structuring revenue
Loan refinancing fee, percentage		1.00%
CWI REITs | Affiliated Entity | Contract sales price of investment
Structuring revenue
Percentage of structuring fees paid in cash		50.00%
Percentage of structuring fees paid in shares		50.00%
CWI REITs | Affiliated Entity | Minimum | Lodging related investments [Member]
Structuring revenue
Percentage of structuring fees earned		1.00%
CWI REITs | Affiliated Entity | Maximum | Contract sales price of investment
Structuring revenue
Percentage of structuring fees earned		6.00%
CWI REITs | Affiliated Entity | Maximum | Lodging related investments [Member]
Structuring revenue
Percentage of structuring fees earned		2.50%
CESH | Affiliated Entity | Contract sales price of investment
Structuring revenue
Percentage of structuring fees earned		2.00%
CESH | Affiliated Entity | Gross asset fair value
Related Party Transaction
Percentage of asset management fees earned, percentage		1.00%

Agreements and Transactions w_8

Agreements and Transactions with Related Parties - Personnel, Overhead Costs, Organization and Offering (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction
Percentage of Available cash distribution to advisor	10.00%
Affiliated Entity | CPA REITs | Maximum
Reimbursed Costs
Personnel and overhead reimbursement, percentage	1.00%	2.00%	2.20%	2.40%

Agreements and Transactions w_9

Agreements and Transactions with Related Parties - Loans Outstanding to Related Party (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction
Line of credit, maximum borrowing amount	$ 2,350,000,000
Loans receivable from related party	56,098,000	$ 83,098,000
Affiliated Entity | CWI 1
Related Party Transaction
Line of credit, maximum borrowing amount	65,802,000	100,000,000
Loans receivable from related party	$ 41,637,000	68,637,000
Affiliated Entity | CWI 1 | LIBOR
Related Party Transaction
Debt instrument, basis spread on variable rate	1.00%
Affiliated Entity | CESH
Related Party Transaction
Line of credit, maximum borrowing amount	$ 35,000,000
Loans receivable from related party	$ 14,461,000	14,461,000
Affiliated Entity | CESH | LIBOR
Related Party Transaction
Debt instrument, basis spread on variable rate	1.00%
Affiliated Entity | CWI 2
Related Party Transaction
Line of credit, maximum borrowing amount	$ 25,000,000
Loans receivable from related party	0	0
Affiliated Entity | CPA:18 – Global
Related Party Transaction
Line of credit, maximum borrowing amount	50,000,000
Loans receivable from related party	$ 0	$ 0

Land, Buildings and Improveme_3

Land, Buildings and Improvements - Narratives (Details) $ in Thousands

Dec. 27, 2018USD ($)

Dec. 21, 2018USD ($)

Dec. 20, 2018USD ($)

Dec. 17, 2018USD ($)

Dec. 14, 2018USD ($)property

Oct. 31, 2018USD ($)property

Oct. 30, 2018USD ($)property

Sep. 28, 2018USD ($)

Jul. 19, 2018USD ($)

Jul. 17, 2018USD ($)

Jul. 13, 2018USD ($)property

Jun. 28, 2018USD ($)property

Jun. 05, 2018USD ($)property

Mar. 15, 2018USD ($)property

Feb. 21, 2018USD ($)

Nov. 14, 2017USD ($)

Jun. 27, 2017USD ($)

Dec. 09, 2016USD ($)

Dec. 01, 2016USD ($)property

Oct. 20, 2016USD ($)

Oct. 04, 2016USD ($)

Apr. 14, 2016USD ($)property

Dec. 31, 2018USD ($)propertytenant$ / €

Nov. 30, 2018USD ($)

Aug. 31, 2018USD ($)

Jun. 30, 2018USD ($)

Apr. 30, 2018USD ($)property

Jan. 31, 2018USD ($)

Dec. 31, 2017USD ($)property$ / €

Jun. 30, 2017USD ($)

May 31, 2017USD ($)property

Mar. 31, 2017USD ($)

Oct. 31, 2016USD ($)

Dec. 09, 2016USD ($)

May 31, 2016USD ($)property

Dec. 31, 2018USD ($)propertytenant$ / €

Jun. 30, 2018property

Dec. 31, 2017USD ($)property$ / €

Sep. 30, 2017property

Dec. 31, 2018USD ($)propertytenant$ / €

Dec. 31, 2017USD ($)property$ / €

Dec. 31, 2016USD ($)property

Investments in real estate

Increase in value of balance sheet item due to foreign currency translation

$ (31,843)

$ 72,428

$ (92,434)

Net investments in direct financing leases

$ 1,306,215

$ 721,607

$ 1,306,215

$ 721,607

1,306,215

721,607

Land, buildings and improvements

9,251,396

5,457,265

9,251,396

5,457,265

9,251,396

5,457,265

Depreciation

162,600

143,900

142,700

Purchases of real estate

719,548

31,842

531,694

Funds capitalized for construction in progress

$ 65,600

$ 39,800

Construction projects in progress | property

4

5

Unfunded commitment

$ 204,500

147,900

$ 204,500

$ 147,900

$ 204,500

$ 147,900

Assets placed into service

$ 102,500

$ 65,400

$ 35,500

Number of properties sold | property

39

25

5

5

Discontinued Operations, Disposed of by Sale

Investments in real estate

Number of properties sold | property

49

16

30

Land, buildings and improvements and intangibles | Discontinued Operations, Disposed of by Sale

Investments in real estate

Number of properties sold | property

1

46

Other real estate, period increase (decrease)

$ (255,600)

Below-market rent

Investments in real estate

Purchases of real estate

$ 12,200

Acquired finite lived intangible liabilities weighted average useful life

22 years 1 month 6 days

Below-market ground lease

Investments in real estate

Purchases of real estate

$ 5,500

In-place lease

Investments in real estate

Purchases of real estate

$ 108,300

Weighted average useful life of intangible assets

19 years 1 month 6 days

Above-market rent

Investments in real estate

Purchases of real estate

$ 9,900

Weighted average useful life of intangible assets

18 years 9 months 18 days

Below-market ground lease

Investments in real estate

Purchases of real estate

$ 2,300

Weighted average useful life of intangible assets

36 years 1 month 6 days

Industrial Facility in Chicago, Illinois

Investments in real estate

Assets placed into service

$ 3,500

Education Facility in Houston, TX

Investments in real estate

Assets placed into service

$ 21,100

Industrial Facility in Zawiercie, Poland

Investments in real estate

Assets placed into service

$ 11,400

Industrial Facilities in Albemarle and Old Fort, North Carolina

Investments in real estate

Number of real estate properties | property

2

Assets placed into service

$ 2,200

Education Facility in Windermere, Florida

Investments in real estate

Assets placed into service

$ 15,100

Retail Facility in Kennesaw, Georgia

Investments in real estate

Assets placed into service

5,500

Industrial Facility in Radomsko, Poland

Investments in real estate

Assets placed into service

$ 16,000

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

$ 24,500

$ 18,200

Industrial Facility in Homesville, OH

Investments in real estate

Construction projects in progress

3,100

Warehouse facility in Rotterdam, Netherlands

Investments in real estate

Other commitments

$ 19,600

$ 19,600

$ 19,600

Industrial facility in San Antonio, TX

Investments in real estate

Other commitments

$ 75,000

$ 75,000

$ 75,000

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

Property in Doraville, Georgia

Investments in real estate

Assets placed into service

$ 13,800

Adjustments

Investments in real estate

Number of real estate properties | property

4

4

4

Net investments in direct financing leases

$ (16,000)

$ (16,000)

$ (16,000)

Land, buildings and improvements

$ 16,000

$ 16,000

$ 16,000

Real Estate

Investments in real estate

Number of real estate properties | property

1,163

1,163

1,163

Number of tenants | tenant

304

304

304

CPA:17 – Global

Investments in real estate

Additional land, building and improvements subject to operating lease from acquisition

$ 2,954,034

$ 3,000,000

$ 3,000,000

$ 3,000,000

CPA:17 – Global | Real Estate

Investments in real estate

Number of real estate properties | property

28

CPA:17 – Global | Below-market rent

Investments in real estate

Weighted average useful life of intangible assets

25 years 1 month 6 days

CPA:17 – Global | In-place lease

Investments in real estate

Weighted average useful life of intangible assets

11 years 2 months 12 days

CPA:17 – Global | Above-market rent

Investments in real estate

Weighted average useful life of intangible assets

12 years 2 months 12 days

CPA:17 – Global | Below-market ground lease

Investments in real estate

Weighted average useful life of intangible assets

57 years 1 month 6 days

Land building and improvements

Investments in real estate

Increase in value of balance sheet item due to foreign currency translation

(79,500)

Purchases of real estate

$ 1,900

806,900

$ 31,800

$ 530,300

Acquisition costs, capitalized

$ 17,300

100

4,000

Number of properties disposed of | property

23

Number of tenants | tenant

2

2

2

Purchase option exercise price, value

$ 8,600

$ 8,600

$ 8,600

Assets held for sale

$ 6,600

$ 6,600

$ 6,600

Land building and improvements | Discontinued Operations, Held-for-sale

Investments in real estate

Number of real estate properties | property

3

3

3

Number of tenants | tenant

1

1

1

Assets held for sale

$ 14,200

$ 14,200

$ 14,200

Land building and improvements | Land

Investments in real estate

Purchases of real estate

126,400

4,800

140,200

Land building and improvements | Building

Investments in real estate

Purchases of real estate

571,600

18,500

259,800

Land building and improvements | Net Lease Intangible

Investments in real estate

Purchases of real estate

113,700

$ 8,500

130,300

Land building and improvements | Other liabilities

Investments in real estate

Purchases of real estate

$ 4,800

Land building and improvements | Warehouse Sellersburg, Indiana

Investments in real estate

Purchases of real estate

$ 6,100

Land building and improvements | Retail Facilities in Appleton & Madison, Waukesha Wisconsin

Investments in real estate

Purchases of real estate

$ 79,100

Land building and improvements | Retail Facilities in Appleton & Madison, Waukesha Wisconsin | Warehouse

Investments in real estate

Number of real estate properties | property

1

Land building and improvements | Retail Facilities in Appleton & Madison, Waukesha Wisconsin | Retail Site

Investments in real estate

Number of real estate properties | property

2

Land building and improvements | Manufacturing Facility in Bessemer, Alabama

Investments in real estate

Purchases of real estate

$ 85,500

Land building and improvements | Various Facilities in Denmark

Investments in real estate

Purchases of real estate

$ 186,600

Deferred tax liability assumed in real estate acquisitions

$ 33,200

Land building and improvements | Various Facilities in Denmark | Logistics Facility

Investments in real estate

Number of real estate properties | property

14

Land building and improvements | Various Facilities in Denmark | Office Building

Investments in real estate

Number of real estate properties | property

1

Land building and improvements | Various Retail Facilities in the Netherlands

Investments in real estate

Number of real estate properties | property

36

Purchases of real estate

$ 177,800

Land building and improvements | Manufacturing Facility in Oostburg, Wisconsin

Investments in real estate

Purchases of real estate

$ 9,100

Land building and improvements | Office/Warehouse facility in Kampen the Netherlands

Investments in real estate

Purchases of real estate

$ 22,900

Land building and improvements | Logistics Facility in Azambuja, Portugal

Investments in real estate

Purchases of real estate

$ 49,900

Deferred tax liability assumed in real estate acquisitions

$ 10,500

Land building and improvements | Car Dealerships in the Netherlands

Investments in real estate

Number of real estate properties | property

4

Purchases of real estate

$ 29,800

Payments for property improvements

$ 3,200

Land building and improvements | Industrial Facility in Chicago, Illinois

Investments in real estate

Number of real estate properties | property

6

Purchases of real estate

$ 33,000

$ 6,000

Other commitments

$ 3,600

Land building and improvements | Office Building in Roseville, Minnesota

Investments in real estate

Purchases of real estate

$ 25,800

Land building and improvements | Warehouse facilities in McHenry, IL

Investments in real estate

Purchases of real estate

$ 30,600

Land building and improvements | Warehouse facility in Kilgore, TX

Investments in real estate

Purchases of real estate

$ 41,400

Other commitments

$ 14,000

Land building and improvements | Industrial facility in San Luis Potosi, Mexico

Investments in real estate

Purchases of real estate

$ 17,000

Land building and improvements | Industrial facility in Legnica, Poland

Investments in real estate

Purchases of real estate

$ 14,800

Land building and improvements | Industrial facility in Meru, France

Investments in real estate

Purchases of real estate

$ 23,100

Land building and improvements | Private Campus in Various Locations

Investments in real estate

Number of real estate properties | property

3

Purchases of real estate

$ 167,700

Other commitments

$ 128,100

Land building and improvements | Various Manufacturing Facilities in The United State and Canada

Investments in real estate

Purchases of real estate

$ 218,200

Land building and improvements | Various Manufacturing Facilities in The United State and Canada | Domestic

Investments in real estate

Number of real estate properties | property

43

Land building and improvements | Various Manufacturing Facilities in The United State and Canada | 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

Purchases of real estate

$ 3,800

Land building and improvements | Manufacturing facilities in various locations in Canada, Mexico, and the United States

Investments in real estate

Purchases of real estate

$ 140,700

Deferred tax liability

$ (29,400)

Land building and improvements | Manufacturing facilities in various locations in Canada, Mexico, and the United States | 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 | 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

Purchases of real estate

$ 1,100

Other commitments

$ 21,500

Land building and improvements | Land in Rio Rancho, New Mexico

Investments in real estate

Purchases of real estate

$ 800

Maximum tenant reimbursement cost

$ 600

$ 600

Operating Properties | Real Estate

Investments in real estate

Number of real estate properties | property

48

48

48

Operating Properties | CPA:17 – Global | Real Estate

Investments in real estate

Number of real estate properties | property

232

232

232

Hotel | Land, buildings and improvements and intangibles | Discontinued Operations, Disposed of by Sale

Investments in real estate

Number of real estate properties | property

1

2

2

2

Hotel | Real Estate

Investments in real estate

Number of real estate properties | property

2

2

2

Operating real estate

Investments in real estate

Depreciation

$ 4,200

$ 4,300

$ 4,200

Decrease in property

$ 33,200

Other real estate, period increase (decrease)

$ 426,800

Operating real estate | Self Storage

Investments in real estate

Number of real estate properties | property

37

37

37

Operating real estate | Hotel

Investments in real estate

Number of real estate properties | property

2

2

2

Operating real estate | CPA:17 – Global | Self Storage

Investments in real estate

Number of real estate properties | property

37

Operating real estate | CPA:17 – Global | Hotel

Investments in real estate

Number of real estate properties | property

1

1

1

Self Storage | Real Estate

Investments in real estate

Number of real estate properties | property

46

46

46

Self Storage | CPA:17 – Global | Real Estate

Investments in real estate

Number of real estate properties | property

7

Euro

Investments in real estate

(Decrease) increase in exchange rate

(4.50%)

Foreign currency exchange rate | $ / €

1.1450

1.1993

1.1450

1.1993

1.1450

1.1993

Land, Buildings and Improveme_4

Land, Buildings and Improvements - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (1,564,182)	$ (1,329,613)
Investments in real estate	13,493,036	8,033,328
Land building and improvements
Real Estate Investment Property At Cost
Land	1,772,099	1,125,539
Buildings and improvements	6,945,513	4,208,907
Real estate under construction	63,114	39,772
Less: Accumulated depreciation	(724,550)	(613,543)
Investments in real estate	8,056,176	4,760,675
Operating real estate
Real Estate Investment Property At Cost
Land	102,478	6,041
Buildings and improvements	363,572	77,006
Real estate under construction	4,620	0
Less: Accumulated depreciation	(10,234)	(16,419)
Investments in real estate	$ 460,436	$ 66,628

Land, Buildings and Improveme_5

Land, Buildings and Improvements - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2018USD ($)
Scheduled Future Minimum Rents
2,019	$ 920,044
2,020	915,411
2,021	896,083
2,022	861,688
2,023	802,509
Thereafter	6,151,480
Total	$ 10,547,215

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2018USD ($)property	Jun. 30, 2018property	Dec. 31, 2017USD ($)property	Sep. 30, 2017property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Oct. 31, 2018USD ($)
Finance Receivables
Interest income from direct financing lease					$ 74,200	$ 66,200	$ 71,200
Increase in value of balance sheet item due to foreign currency translation					(31,843)	72,428	(92,434)
Number of properties sold | property	39	25	5	5
Decrease in direct financing lease					7,700
Net investments in direct financing leases	$ 1,306,215		$ 721,607		1,306,215	721,607
Land, buildings and improvements	9,251,396		5,457,265		9,251,396	5,457,265
Impairment charges on properties					4,790	2,769	59,303
Financing receivable reclassified to held for sale							26,200
Payments due in 2019	373,632				373,632
Investments in real estate	13,493,036		8,033,328		13,493,036	8,033,328
Loams receivable, sales type lease	9,500		10,000		9,500	10,000
Notes receivable, net	67,300		$ 10,000		$ 67,300	$ 10,000
Financing receivable credit quality additional information					We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default.
Change in the allowance for receivables							7,100
Financing receivable credit quality range of dates ratings updated					The credit quality evaluation of our finance receivables is updated quarterly.
CPA REITs
Finance Receivables
Deferred acquisition fee payment period					3 years
The New York Times Company
Finance Receivables
Payments due in 2019	250,000				$ 250,000
Investments in real estate	$ 264,600				$ 264,600
Adjustments
Finance Receivables
Number of real estate properties | property	4				4
Net investments in direct financing leases	$ (16,000)				$ (16,000)
Land, buildings and improvements	$ 16,000				16,000
Net investments in direct financing leases
Finance Receivables
Increase in value of balance sheet item due to foreign currency translation					$ (18,100)
Number of properties sold | property					2
Impairment charges on properties							$ 7,000
CPA:17 – Global
Finance Receivables
Increase in net investment in direct financing lease from merger								$ 626,038
CPA:17 – Global | Observation Wheel
Finance Receivables
Net investments in direct financing leases								24,400
CPA:17 – Global | Entertainment Complex
Finance Receivables
Net investments in direct financing leases								23,400
CPA:17 – Global | Third Party Investor
Finance Receivables
Net investments in direct financing leases								$ 5,000
CPA:17 – Global | Net investments in direct financing leases
Finance Receivables
Number of real estate properties | property	40				40

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Net Investments in Direct Financing Leases
Minimum lease payments receivable	$ 1,160,977	$ 600,228
Unguaranteed residual value	966,826	676,321
Gross minimum lease payments receivable	2,127,803	1,276,549
Less: unearned income	(821,588)	(554,942)
Net investments in direct financing leases	$ 1,306,215	$ 721,607

Finance Receivables - Scheduled

Finance Receivables - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2018USD ($)
Schedule Future Minimum Rents
2,019	$ 373,632
2,020	98,198
2,021	95,181
2,022	85,801
2,023	80,033
Thereafter	428,132
Total	$ 1,160,977

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2018USD ($)tenant	Dec. 31, 2017USD ($)tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 1,373,492	$ 731,578
Internally Assigned Grade1 thru 3
Credit Quality Of Finance Receivables
Number of tenants | tenant	36	24
Net investments in direct financing leases	$ 1,135,321	$ 608,101
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants | tenant	10	8
Net investments in direct financing leases	$ 227,591	$ 123,477
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants | tenant	1	0
Net investments in direct financing leases	$ 10,580	$ 0

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets, Net
Amortization of intangible assets	$ 174.1	$ 157.8	$ 163.8
Below-market ground lease
Finite-Lived Intangible Assets, Net
Weighted average useful life of intangible assets	36 years 1 month 6 days
Minimum
Finite-Lived Intangible Assets, Net
Weighted average useful life of intangible assets	2 years
Maximum
Finite-Lived Intangible Assets, Net
Weighted average useful life of intangible assets	48 years
Maximum | Below-market ground lease
Finite-Lived Intangible Assets, Net
Weighted average useful life of intangible assets	99 years

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Goodwill Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill
Balance - beginning of period	$ 643,960	$ 635,920	$ 681,809
Allocation of goodwill to the cost basis of properties sold or classified as held for sale			(34,405)
Impairment charges (Note 9)			(10,191)
Acquisition of CPA:17 – Global (Note 3)	280,306
Foreign currency translation adjustments and other	(3,322)	8,040	(1,293)
Balance - end of period	920,944	643,960	635,920
Real Estate
Goodwill
Balance - beginning of period	580,353	572,313	618,202
Allocation of goodwill to the cost basis of properties sold or classified as held for sale			(34,405)
Impairment charges (Note 9)			(10,191)
Acquisition of CPA:17 – Global (Note 3)	280,306
Foreign currency translation adjustments and other	(3,322)	8,040	(1,293)
Balance - end of period	857,337	580,353	572,313
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 Intangible_4

Goodwill and Other Intangibles - Amortizable Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Oct. 31, 2018	Dec. 31, 2018
In-place lease
Finite-Lived Intangible Assets
Weighted average useful life of intangible assets		19 years 1 month 6 days
Above-market rent
Finite-Lived Intangible Assets
Weighted average useful life of intangible assets		18 years 9 months 18 days
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets
Weighted average useful life of intangible assets		36 years 1 month 6 days
CPA:17 – Global
Finite-Lived Intangible Assets
Amortizable Intangible Assets	$ 1,091,643
Amortizable Intangible Liabilities	$ (112,721)
CPA:17 – Global | Below-market rent
Finite-Lived Intangible Assets
Weighted average useful life of intangible assets	25 years 1 month 6 days
Amortizable Intangible Liabilities	$ (109,894)
CPA:17 – Global | Above-market ground lease
Finite-Lived Intangible Assets
Weighted average useful life of intangible assets	76 years
Amortizable Intangible Liabilities	$ (2,827)
CPA:17 – Global | In-place lease
Finite-Lived Intangible Assets
Weighted average useful life of intangible assets	11 years 2 months 12 days
Amortizable Intangible Assets	$ 770,863
CPA:17 – Global | Above-market rent
Finite-Lived Intangible Assets
Weighted average useful life of intangible assets	12 years 2 months 12 days
Amortizable Intangible Assets	$ 298,180
CPA:17 – Global | Below Market Ground Lease [Member]
Finite-Lived Intangible Assets
Weighted average useful life of intangible assets	57 years 1 month 6 days
Amortizable Intangible Assets	$ 22,600

Goodwill and Other Intangible_5

Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets
Less: accumulated amortization	$ (841,266)	$ (707,914)
Indefinite-Lived Goodwill and Intangible Assets
Indefinite-lived intangible assets	927,246	644,945
Total intangible assets, gross	3,879,268	2,521,040
Total intangible assets, net	3,038,002	1,813,126
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(269,594)	(148,949)
Less: accumulated amortization	61,177	51,703
Net amortizable intangible liabilities	(208,417)	(97,246)
Indefinite-Lived Intangible Liabilities
Total intangible liabilities, gross	(286,305)	(165,660)
Total intangible liabilities, net	(225,128)	(113,957)
Below-market purchase option
Indefinite-Lived Intangible Liabilities
Indefinite-lived intangible liabilities	(16,711)	(16,711)
Below-market rent
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(253,633)	(135,704)
Less: accumulated amortization	57,514	48,657
Net amortizable intangible liabilities	(196,119)	(87,047)
Above-market ground lease
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(15,961)	(13,245)
Less: accumulated amortization	3,663	3,046
Net amortizable intangible liabilities	(12,298)	(10,199)
Goodwill
Indefinite-Lived Goodwill and Intangible Assets
Indefinite-lived intangible assets	920,944	643,960
Below-market ground lease
Indefinite-Lived Goodwill and Intangible Assets
Indefinite-lived intangible assets	6,302	985
Contracts including internal software development costs
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	22,899	22,624
Less: accumulated amortization	(11,868)	(8,263)
Amortizable intangible assets	11,031	14,361
Internal-use software development costs
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	18,924	18,649
Less: accumulated amortization	(10,672)	(7,862)
Amortizable intangible assets	8,252	10,787
Trade name
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	3,975	3,975
Less: accumulated amortization	(1,196)	(401)
Amortizable intangible assets	2,779	3,574
Lease intangibles
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	2,929,123	1,853,471
Less: accumulated amortization	(829,398)	(699,651)
Amortizable intangible assets	2,099,725	1,153,820
In-place lease and tenant relationship
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	1,960,437	1,194,055
Less: accumulated amortization	(496,096)	(421,686)
Amortizable intangible assets	1,464,341	772,369
Above-market rent
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	925,797	640,480
Less: accumulated amortization	(330,935)	(276,110)
Amortizable intangible assets	594,862	364,370
Below-market ground lease
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	42,889	18,936
Less: accumulated amortization	(2,367)	(1,855)
Amortizable intangible assets	$ 40,522	$ 17,081

Goodwill and Other Intangible_6

Goodwill and Other Intangibles - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2018USD ($)
Net
2,019	$ 259,959
2,020	223,694
2,021	205,151
2,022	185,931
2,023	169,845
Thereafter	857,759
Total	1,902,339
Net Decrease in Lease Revenues
Net
2,019	63,680
2,020	55,994
2,021	52,260
2,022	46,238
2,023	41,531
Thereafter	139,040
Total	398,743
Increase to Amortization/ Property Expenses
Net
2,019	196,279
2,020	167,700
2,021	152,891
2,022	139,693
2,023	128,314
Thereafter	718,719
Total	$ 1,503,596

Equity Investments in the Man_3

Equity Investments in the Managed Programs and Real Estate - Narratives (Details) $ in Thousands	Nov. 07, 2018USD ($)property	Aug. 31, 2018USD ($)property	Jan. 31, 2018USD ($)	Dec. 31, 2018USD ($)propertyshares	Jun. 30, 2018property	Dec. 31, 2017USD ($)property	Sep. 30, 2017property	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Oct. 31, 2018propertyinvestment
Investments in REITs
Distributions of earnings from equity method investments								$ 62,015	$ 66,259	$ 64,650
Equity investments in the Managed Programs and real estate				$ 329,248		$ 341,457		329,248	341,457
Equity in earnings of equity method investments in the Managed Programs and real estate								61,514	64,750	64,719
Gain or loss on sale of investment properties								118,605	33,878	71,318
Number of properties sold | property				39	25	5	5
Proceeds from sales of real estate								431,626	159,933	542,422
Purchases of real estate								719,548	31,842	531,694
CPA:17 – Global
Investments in REITs
Number of investments, unconsolidated | investment											7
Real Estate
Investments in REITs
Equity investments in the Managed Programs and real estate				$ 221,658		$ 140,049		221,658	140,049
Real Estate | CPA:17 – Global
Investments in REITs
Number of real estate properties | property											28
Real Estate | Unconsolidated Properties
Investments in REITs
Distributions of earnings from equity method investments								17,800	16,000	16,100
Aggregate unamortized basis difference on equity investments				23,700		15,100		23,700	15,100
Real Estate | Waldaschaff Automotive GmbH
Investments in REITs
Gain or loss on sale of investment properties		$ 4,600
Number of properties sold | property		1
Number of real estate properties | property		2
Proceeds from sales of real estate		$ 7,700
Real Estate | Alan Jathoo JV (Multi) LLC
Investments in REITs
Number of real estate properties | property	2
Purchases of real estate	$ 19,900
Managed Programs
Investments in REITs
Equity in earnings of equity method investments in the Managed Programs and real estate								3,896	5,156	7,698
Waldaschaff Automotive GmbH | Real Estate
Investments in REITs
Equity investments in the Managed Programs and real estate				$ 0		8,386		$ 0	8,386
Gain or loss on sale of investment properties		1,500
Proceeds from sales of real estate		$ 2,600
Contributions to equity method investments			$ 700
Equity method investment, ownership percentage				100.00%				100.00%
Alan Jathoo JV (Multi) LLC | Real Estate
Investments in REITs
Equity method investment, ownership percentage	90.00%
Purchases of real estate	$ 17,900
Johnson Self Storage | Real Estate | Third Party
Investments in REITs
Equity investments in the Managed Programs and real estate				$ 73,475		0		$ 73,475	0
Equity method investment, ownership percentage				90.00%				90.00%
Affiliated Entity | CPA:17 – Global
Investments in REITs
Distributions of earnings from equity method investments								$ 10,100	8,400	7,300
Equity investments in the Managed Programs and real estate				$ 0		$ 125,676		$ 0	$ 125,676
Equity method investment, ownership percentage				100.00%		4.186%		100.00%	4.186%
Affiliated Entity | CPA:17 - Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments								$ 26,300	$ 26,700	24,800
Equity investments in the Managed Programs and real estate				$ 0		$ 0		$ 0	$ 0
Equity method investment, ownership percentage				100.00%		0.009%		100.00%	0.009%
Affiliated Entity | CPA:18 – Global
Investments in REITs
Distributions of earnings from equity method investments								$ 2,600	$ 1,700	900
Equity investments in the Managed Programs and real estate				$ 39,600		$ 28,433		$ 39,600	$ 28,433
Equity method investment, ownership percentage				3.446%		2.54%		3.446%	2.54%
Affiliated Entity | CPA:18 – Global | Class A
Investments in REITs
Asset management fees receivable, shares | shares				111,370				111,370
Affiliated Entity | CPA:18 - Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments								$ 9,700	$ 8,700	7,600
Equity investments in the Managed Programs and real estate				$ 209		$ 209		$ 209	$ 209
Equity method investment, ownership percentage				0.034%		0.034%		0.034%	0.034%
Affiliated Entity | CWI 1
Investments in REITs
Asset management fees receivable, shares | shares				112,315				112,315
Distributions of earnings from equity method investments								$ 2,000	$ 1,100	900
Equity investments in the Managed Programs and real estate				$ 38,600		$ 26,810		$ 38,600	$ 26,810
Equity method investment, ownership percentage				3.062%		2.119%		3.062%	2.119%
Affiliated Entity | CWI operating partnership
Investments in REITs
Distributions of earnings from equity method investments								$ 5,100	$ 7,500	9,400
Equity investments in the Managed Programs and real estate				$ 186		$ 186		$ 186	$ 186
Equity method investment, ownership percentage				0.015%		0.015%		0.015%	0.015%
Affiliated Entity | CWI 2
Investments in REITs
Distributions of earnings from equity method investments								$ 1,100	$ 400	100
Equity investments in the Managed Programs and real estate				$ 25,200		$ 16,495		$ 25,200	$ 16,495
Equity method investment, ownership percentage				2.807%		1.786%		2.807%	1.786%
Affiliated Entity | CWI 2 | Class A
Investments in REITs
Asset management fees receivable, shares | shares				78,214				78,214
Affiliated Entity | CWI 2 operating partnership
Investments in REITs
Distributions of earnings from equity method investments								$ 5,500	$ 5,100	3,300
Equity investments in the Managed Programs and real estate				$ 300		$ 300		$ 300	$ 300
Equity method investment, ownership percentage				0.015%		0.015%		0.015%	0.015%
Affiliated Entity | CESH
Investments in REITs
Distributions of earnings from equity method investments								$ 0	$ 0
Equity investments in the Managed Programs and real estate				$ 3,495		$ 3,299		$ 3,495	$ 3,299
Equity method investment, ownership percentage				2.43%		2.43%		2.43%	2.43%
Affiliated Entity | CESH | Gross proceeds
Investments in REITs
Advisory fee percentage								2.50%
Affiliated Entity | CCIF
Investments in REITs
Distributions of earnings from equity method investments									$ 900	700
Affiliated Entity | CCIF | Other assets
Investments in REITs
Equity investments in the Managed Programs and real estate				$ 23,600		$ 23,300		$ 23,600	23,300
Affiliated Entity | Managed Programs
Investments in REITs
Equity investments in the Managed Programs and real estate				107,590		201,408		107,590	201,408
Aggregate unamortized basis difference on equity investments				$ 35,200		$ 55,200		35,200	55,200
Other-than-temporary impairment charges								34,400	19,500	35,700
Gain or loss on sale of investment properties								114,500	22,300	132,800
Affiliated Entity | Managed Programs | Impairment
Investments in REITs
Equity in earnings of equity method investments in the Managed Programs and real estate								(1,600)	(800)	(1,100)
Affiliated Entity | 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								$ 3,900	$ 600	$ 4,600

Equity Investments in the Man_4

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule Of Equity Method Investments
Distributions of Available Cash (Note 4)	$ 61,514	$ 64,750	$ 64,719
Income from equity method investments	61,514	64,750	64,719
Managed Programs
Schedule Of Equity Method Investments
Distributions of Available Cash (Note 4)	46,609	47,862	45,121
Income from equity method investments	3,896	5,156	7,698
Amortization of basis differences on equity method investments in the Managed Programs	(2,332)	(1,336)	(1,028)
Total equity in earnings of equity method investments in the Managed Programs	48,173	51,682	51,791
Jointly Owned Investments
Schedule Of Equity Method Investments
Income from equity method investments	15,585	15,452	16,503
Amortization of basis differences on equity method investments in the Managed Programs	(2,244)	(2,384)	(3,575)
Equity investments in real estate
Schedule Of Equity Method Investments
Income from equity method investments	$ 13,341	$ 13,068	$ 12,928

Equity Investments in the Man_5

Equity Investments in the Managed Programs and Real Estate - Summary of Investments in Managed Programs (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments in Programs
Equity investments in real estate	$ 329,248	$ 341,457
Affiliated Entity | Managed Programs
Investments in Programs
Equity investments in real estate	$ 107,590	$ 201,408
Affiliated Entity | CPA:17 – Global
Investments in Programs
Equity method investment, ownership percentage	100.00%	4.186%
Equity investments in real estate	$ 0	$ 125,676
Affiliated Entity | CPA:17 - Global operating partnership
Investments in Programs
Equity method investment, ownership percentage	100.00%	0.009%
Equity investments in real estate	$ 0	$ 0
Affiliated Entity | CPA:18 – Global
Investments in Programs
Equity method investment, ownership percentage	3.446%	2.54%
Equity investments in real estate	$ 39,600	$ 28,433
Affiliated Entity | CPA:18 - Global operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.034%	0.034%
Equity investments in real estate	$ 209	$ 209
Affiliated Entity | CWI 1
Investments in Programs
Equity method investment, ownership percentage	3.062%	2.119%
Equity investments in real estate	$ 38,600	$ 26,810
Affiliated Entity | CWI operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.015%	0.015%
Equity investments in real estate	$ 186	$ 186
Affiliated Entity | CWI 2
Investments in Programs
Equity method investment, ownership percentage	2.807%	1.786%
Equity investments in real estate	$ 25,200	$ 16,495
Affiliated Entity | CWI 2 operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.015%	0.015%
Equity investments in real estate	$ 300	$ 300
Affiliated Entity | CESH
Investments in Programs
Equity method investment, ownership percentage	2.43%	2.43%
Equity investments in real estate	$ 3,495	$ 3,299

Equity Investments in the Man_6

Equity Investments in the Managed Programs and Real Estate - Summarized Balance Sheet for Equity Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Combined Equity Investments
Equity Method Investment Summarized Financial Information
Net investments in real estate	$ 769,643	$ 516,793
Other assets	31,227	16,465
Total assets	800,870	533,258
Debt	(469,343)	(176,660)
Accounts payable, accrued expenses and other liabilities	(28,648)	(11,950)
Total liabilities	(497,991)	(188,610)
Stockholders’ equity	302,879	344,648
Managed Programs | Affiliated Entity
Equity Method Investment Summarized Financial Information
Net investments in real estate	5,417,770	9,378,520
Other assets	1,019,263	1,811,771
Total assets	6,437,033	11,190,291
Debt	(3,320,428)	(5,393,811)
Accounts payable, accrued expenses and other liabilities	(418,975)	(839,847)
Total liabilities	(3,739,403)	(6,233,658)
Noncontrolling interests	(146,556)	(257,358)
Stockholders’ equity	$ 2,551,074	$ 4,699,275

Equity Investments in the Man_7

Equity Investments in the Managed Programs and Real Estate - Summarized Income Statement for Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Combined Equity Investments
Equity Method Investment Summarized Financial Information Income Statement
Revenues	$ 60,742	$ 57,377	$ 56,791
Expenses	(28,422)	(22,231)	(17,933)
Income from continuing operations	32,320	35,146	38,858
Net income (loss) attributable to equity investments	32,320	35,146	38,858
Managed Programs | Affiliated Entity
Equity Method Investment Summarized Financial Information Income Statement
Revenues	1,562,185	1,637,198	1,465,803
Expenses	(1,370,152)	(1,456,842)	(1,263,498)
Income from continuing operations	192,033	180,356	202,305
Net income (loss) attributable to equity investments	$ 119,113	$ 127,130	$ 149,662

Equity Investments in the Man_8

Equity Investments in the Managed Programs and Real Estate - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments in Programs
Equity investments in real estate	$ 329,248	$ 341,457
Real Estate
Investments in Programs
Equity investments in real estate	221,658	140,049
Real Estate | Equity Investments Consolidated After the CPA:17 Merger
Investments in Programs
Equity investments in real estate	$ 0	124,944
Real Estate | The New York Times Company
Investments in Programs
Equity method investment, ownership percentage	100.00%
Equity investments in real estate	$ 0	69,401
Real Estate | Frontier Spinning Mills, Inc.
Investments in Programs
Equity method investment, ownership percentage	100.00%
Equity investments in real estate	$ 0	24,153
Real Estate | ALSO Actebis Peacock GmbH
Investments in Programs
Equity method investment, ownership percentage	100.00%
Equity investments in real estate	$ 0	12,009
Real Estate | Jumbo Logestiek Vastgoed B.V.
Investments in Programs
Equity method investment, ownership percentage	100.00%
Equity investments in real estate	$ 0	10,661
Real Estate | Waldaschaff Automotive GmbH
Investments in Programs
Equity method investment, ownership percentage	100.00%
Equity investments in real estate	$ 0	8,386
Real Estate | Wanbishi Archives Co. Ltd.
Investments in Programs
Equity method investment, ownership percentage	100.00%
Equity investments in real estate	$ 0	334
Real Estate | Equity Investments Acquired in the CPA:17 Merger
Investments in Programs
Equity investments in real estate	206,553	0
Real Estate | Third Party | Beach House JV, LLC
Investments in Programs
Equity investments in real estate	$ 15,105	15,105
Real Estate | Third Party | Johnson Self Storage
Investments in Programs
Equity method investment, ownership percentage	90.00%
Equity investments in real estate	$ 73,475	0
Real Estate | Third Party | Kesko Senukai
Investments in Programs
Equity method investment, ownership percentage	70.00%
Equity investments in real estate	$ 52,432	0
Real Estate | Third Party | BPS Nevada, LLC
Investments in Programs
Equity method investment, ownership percentage	15.00%
Equity investments in real estate	$ 22,292	0
Real Estate | CPA:18 – Global | Affiliated Entity | Bank Pekao S.A
Investments in Programs
Equity method investment, ownership percentage	50.00%
Equity investments in real estate	$ 29,086	0
Real Estate | CPA:18 – Global | Affiliated Entity | State Farm Automobile Co.
Investments in Programs
Equity method investment, ownership percentage	50.00%
Equity investments in real estate	$ 18,927	0
Real Estate | CPA:18 – Global | Affiliated Entity | Apply Sørco AS (referred to as Apply)
Investments in Programs
Equity method investment, ownership percentage	49.00%
Equity investments in real estate	$ 7,483	0
Real Estate | CPA:18 – Global | Affiliated Entity | Konzum d.d. (referred to as Agrokor)
Investments in Programs
Equity method investment, ownership percentage	20.00%
Equity investments in real estate	$ 2,858	$ 0

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, 2018USD ($)property	Jun. 30, 2018property	Dec. 31, 2017USD ($)property	Sep. 30, 2017property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property
Fair Value Measurement Inputs and Valuation Techniques
Unamortized discount					$ 37,609				$ 37,609
Impairment charges on properties									4,790	$ 2,769	$ 59,303
Goodwill, impairment loss											10,191
Number of properties disposed | property					39	25	5	5
Bankrupt tenants property
Fair Value Measurement Inputs and Valuation Techniques
Total fair value measurements					$ 3,900				3,900
Impairment charges on properties									3,800
Vacant properties
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges on properties									1,000
Level 2 | Carrying Value | Senior Unsecured Notes
Fair Value Measurement Inputs and Valuation Techniques
Debt instrument, unamortized discount and debt issuance costs, net					19,700		$ 14,700		19,700	14,700
Unamortized discount					$ 15,800		$ 9,900		15,800	9,900
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total Impairment Charges									4,790	2,769	59,303
Level 3 | Fair Value, Measurements, Nonrecurring | Land, buildings and improvements and intangibles
Fair Value Measurement Inputs and Valuation Techniques
Total Impairment Charges									$ 4,790	$ 2,769	$ 52,316
Number of real estate properties | property			18		2		2		2	2	18
Total fair value measurements			$ 155,839		$ 7,797		$ 2,914		$ 7,797	$ 2,914	$ 155,839
Level 3 | Fair Value, Measurements, Nonrecurring | Land, buildings and improvements and intangibles | Building
Fair Value Measurement Inputs and Valuation Techniques
Total Impairment Charges										2,200
Level 3 | Fair Value, Measurements, Nonrecurring | Land, buildings and improvements and intangibles | Impaired properties
Fair Value Measurement Inputs and Valuation Techniques
Total Impairment Charges										600
Level 3 | Fair Value, Measurements, Nonrecurring | Land, buildings and improvements and intangibles | Noncontrolling interest
Fair Value Measurement Inputs and Valuation Techniques
Total Impairment Charges											1,200
Level 3 | Fair Value, Measurements, Nonrecurring | Net investments in direct financing leases
Fair Value Measurement Inputs and Valuation Techniques
Total Impairment Charges									0	0	$ 6,987
Number of real estate properties | property			1								1
Total fair value measurements			$ 23,775		0		0		0	0	$ 23,775
Level 3 | Impaired Portfolio | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges on properties											$ 41,000
Level 3 | Impaired Portfolio | Fair Value, Measurements, Nonrecurring | Land, buildings and improvements and intangibles
Fair Value Measurement Inputs and Valuation Techniques
Total Impairment Charges				$ 41,000
Number of real estate properties | property				14
Goodwill, impairment loss				$ 10,200
Number of properties disposed | property	1	2	1								4
Level 3 | Carrying Value | Non-Recourse Debt
Fair Value Measurement Inputs and Valuation Techniques
Unamortized discount					21,800		1,700		21,800	1,700
Level 3 | Carrying Value | Secured Debt
Fair Value Measurement Inputs and Valuation Techniques
Debt instrument, unamortized discount and debt issuance costs, net					800		$ 1,000		800	$ 1,000
Investment in a Cold Storage Operator | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Fair value of investment					$ 116,300				$ 116,300

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Carrying Value | Level 2 | Senior Unsecured Notes
Liabilities:
Non-recourse debt	$ 3,554,470	$ 2,474,661
Carrying Value | Level 3
Liabilities:
Non-recourse debt	2,732,658	1,185,477
Carrying Value | Level 3 | Notes Receivable
Assets:
Loans, fair value	67,277	9,971
Commercial mortgage-backed securities	998	0
Fair Value | Level 2 | Senior Unsecured Notes
Liabilities:
Non-recourse debt	3,567,593	2,588,032
Fair Value | Level 3
Liabilities:
Non-recourse debt	2,737,861	1,196,399
Fair Value | Level 3 | Notes Receivable
Assets:
Loans, fair value	67,123	9,639
Commercial mortgage-backed securities	$ 998	$ 0

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Impairment Disclosure
Total Impairment Charges	$ 4,790	$ 2,769	$ 59,303
Land, buildings and improvements and intangibles
Impairment Disclosure
Fair Value Measurements	7,797	2,914	155,839
Total Impairment Charges	4,790	2,769	52,316
Net investments in direct financing leases
Impairment Disclosure
Fair Value Measurements	0	0	23,775
Total Impairment Charges	$ 0	$ 0	$ 6,987

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) ¥ in Billions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018JPY (¥)	Dec. 31, 2018EUR (€)	Oct. 09, 2018	Mar. 06, 2018
Derivatives, Fair Value [Line Items]
Cash collateral	$ 0	$ 0
Footnote Details
Net (losses) gains recognized in other comprehensive income	$ 2,866,000	(42,471,000)	$ 8,581,000
Summary of Derivative Instruments
Derivative, remaining maturity	77 months
Maximum exposure on derivatives	$ 37,200,000
Derivatives, net liability position	7,300,000	8,100,000
Aggregate termination value for immediate settlement	7,600,000	8,400,000
Debt and Capital Lease Obligations	91,563,000	606,548,000
Other comprehensive income foreign currency gain (loss)	66,300,000	(163,900,000)	25,600,000
Senior Unsecured Credit Facility
Summary of Derivative Instruments
Debt and Capital Lease Obligations	91,563,000	216,775,000
Senior Unsecured Credit Facility | Euro
Summary of Derivative Instruments
Debt and Capital Lease Obligations	69,273,000	111,775,000			€ 60,500,000
Senior Unsecured Credit Facility | Yen
Summary of Derivative Instruments
Debt and Capital Lease Obligations	22,290,000	0		¥ 2.5
Individual Counterparty
Summary of Derivative Instruments
Maximum exposure on derivatives	23,800,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	(1,300,000)
Other Income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	10,600,000
Equity method investments | Cash Flow Hedging
Footnote Details
Net (losses) gains recognized in other comprehensive income	(600,000)	$ (1,000,000)	$ 200,000
Senior Unsecured Notes
Summary of Derivative Instruments
Principal Amount	$ 3,600,000,000
Senior Unsecured Notes | 2.0% Senior Notes due 2023
Summary of Derivative Instruments
Principal Amount | €					€ 500,000,000
Debt instrument stated interest rate (percentage)	2.00%			2.00%	2.00%
Senior Unsecured Notes | 2.25% Euro Senior Notes due 2024
Summary of Derivative Instruments
Principal Amount | €					€ 500,000,000
Debt instrument stated interest rate (percentage)	2.25%			2.25%	2.25%
Senior Unsecured Notes | 2.250% Senior Notes due 2026
Summary of Derivative Instruments
Principal Amount | €					€ 500,000,000
Debt instrument stated interest rate (percentage)	2.25%			2.25%	2.25%	2.25%
Senior Unsecured Notes | 2.125% Senior Notes due 2027
Summary of Derivative Instruments
Principal Amount | €					€ 500,000,000
Debt instrument stated interest rate (percentage)	2.125%			2.125%	2.125%		2.125%

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Oct. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value
Asset Derivatives Fair Value at	$ 45,191		$ 21,915
Liability Derivatives Fair Value at	(5,409)		(7,913)
Designated as Hedging Instrument | Foreign currency forward contracts | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	22,520		12,737
Designated as Hedging Instrument | Foreign currency forward contracts | Other assets | CPA:17 – Global
Derivatives, Fair Value
Asset Derivatives Fair Value at		$ 14,900
Designated as Hedging Instrument | Foreign currency collars | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	8,536		4,931
Designated as Hedging Instrument | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability Derivatives Fair Value at	(1,679)		(6,805)
Designated as Hedging Instrument | Foreign currency collars | Accounts payable, accrued expenses and other liabilities | CPA:17 – Global
Derivatives, Fair Value
Liability Derivatives Fair Value at		(300)
Designated as Hedging Instrument | Interest rate swaps | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	1,435		523
Designated as Hedging Instrument | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability Derivatives Fair Value at	(3,387)		(1,108)
Designated as Hedging Instrument | Interest rate caps | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	56		20
Designated as Hedging Instrument | Interest rate swaps and caps | Accounts payable, accrued expenses and other liabilities | CPA:17 – Global
Derivatives, Fair Value
Liability Derivatives Fair Value at		(300)
Not Designated as Hedging Instrument | Foreign currency forward contracts | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	7,144		0
Not Designated as Hedging Instrument | Interest rate swaps | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	0		19
Not Designated as Hedging Instrument | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability Derivatives Fair Value at	(343)
Not Designated as Hedging Instrument | Stock warrants | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	$ 5,500		$ 3,685
Not Designated as Hedging Instrument | Stock warrants | Other assets | CPA:17 – Global
Derivatives, Fair Value
Asset Derivatives Fair Value at		$ 1,900

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	$ 2,866	$ (42,471)	$ 8,581
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	9,029	(19,220)	9,679
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	(1,905)	(19,120)	(1,948)
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	(1,560)	1,550	1,291
Derivatives in Cash Flow Hedging Relationships | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	(68)	(29)	21
Derivatives in Net Investment Hedging Relationships | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	$ (2,630)	$ (5,652)	$ (462)

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivatives in Cash Flow Hedging Relationships
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)		$ 16,101	$ 9,201	$ 7,304
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts | Other gains and (losses)
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)		6,533	6,845	7,442
Derivatives in Cash Flow Hedging Relationships | 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)		(400)	(1,294)	(2,106)
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | Other gains and (losses)
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)		2,359	3,650	1,968
Derivatives in Net Investment Hedging Relationships | Foreign currency forward contracts | Gain on sale of real estate, net
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)	$ (7,600)	$ 7,609	$ 0	$ 0

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 1,128	$ (270)	$ 4,330
Not Designated as Hedging Instrument | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	455	(754)	824
Not Designated as Hedging Instrument | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	356	(53)	0
Not Designated as Hedging Instrument | Stock warrants | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(99)	(67)	134
Not Designated as Hedging Instrument | Interest rate swaps | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(20)	18	2,682
Cash Flow Hedging | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	18	(32)	(7)
Cash Flow Hedging | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	132	(75)	40
Cash Flow Hedging | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 286	$ 693	$ 657

Risk Management and Use of De_8

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) € in Thousands, £ in Thousands, $ in Thousands	Dec. 31, 2018USD ($)instrument	Dec. 31, 2018EUR (€)instrument	Dec. 31, 2018GBP (£)instrument
Derivative Disclosure
Fair value	$ (2,239)
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | USD
Derivative Disclosure
Derivative number of instruments | instrument	21	21	21
Notional Amount	$ 207,724
Fair value	$ (918)
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Euro
Derivative Disclosure
Derivative number of instruments | instrument	3	3	3
Notional Amount | €		€ 65,132
Fair value	$ (1,034)
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate caps | USD
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1
Notional Amount	$ 75,000
Fair value	$ 28
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate caps | Euro
Derivative Disclosure
Derivative number of instruments | instrument	5	5	5
Notional Amount | €		€ 156,036
Fair value	$ 21
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate caps | GBP
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1
Notional Amount | £			£ 6,394
Fair value	$ 7
Not Designated as Hedging Instrument | Interest rate swaps | Euro
Derivative Disclosure
Derivative number of instruments | instrument	3	3	3
Notional Amount | €		€ 15,672
Fair value	$ (343)

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, £ in Thousands, kr in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2018USD ($)instrument	Dec. 31, 2018NOK (kr)instrument	Dec. 31, 2018EUR (€)instrument	Dec. 31, 2018GBP (£)instrument	Dec. 31, 2018AUD ($)instrument
Derivative Disclosure
Fair value, foreign currency derivatives	$ 36,521
Designated as Hedging Instrument | Cash Flow Hedging | Forward contracts | Euro
Derivative Disclosure
Derivative number of instruments | instrument	30	30	30	30	30
Notional Amount | €			€ 91,789
Fair value, foreign currency derivatives	$ 22,478
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency collars | Euro
Derivative Disclosure
Derivative number of instruments | instrument	47	47	47	47	47
Notional Amount | €			€ 157,750
Fair value, foreign currency derivatives	$ 1,426
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency collars | GBP
Derivative Disclosure
Derivative number of instruments | instrument	41	41	41	41	41
Notional Amount | £				£ 43,250
Fair value, foreign currency derivatives	$ 5,434
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency collars | NOK
Derivative Disclosure
Derivative number of instruments | instrument	3	3	3	3	3
Notional Amount | kr		kr 2,000
Fair value, foreign currency derivatives	$ (1)
Designated as Hedging Instrument | Derivatives in Net Investment Hedging Relationships | Forward contracts | NOK
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1	1	1
Notional Amount | kr		kr 2,468
Fair value, foreign currency derivatives	$ 52
Designated as Hedging Instrument | Derivatives in Net Investment Hedging Relationships | Foreign currency collars | NOK
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1	1	1
Notional Amount | kr		kr 2,500
Fair value, foreign currency derivatives	$ (2)
Not Designated as Hedging Instrument | Cash Flow Hedging | Forward contracts | Euro
Derivative Disclosure
Derivative number of instruments | instrument	6	6	6	6	6
Notional Amount | €			€ 1,455
Fair value, foreign currency derivatives	$ 332
Not Designated as Hedging Instrument | Cash Flow Hedging | Forward contracts | NOK
Derivative Disclosure
Derivative number of instruments | instrument	5	5	5	5	5
Notional Amount | kr		kr 3,635
Fair value, foreign currency derivatives	$ 76
Not Designated as Hedging Instrument | Cash Flow Hedging | Forward contracts | AUD
Derivative Disclosure
Derivative number of instruments | instrument	6	6	6	6	6
Notional Amount					$ 74,204
Fair value, foreign currency derivatives	$ 6,726

Debt - Narratives (Details)

Debt - Narratives (Details) ¥ in Billions

Oct. 31, 2018USD ($)

Oct. 31, 2018JPY (¥)

Mar. 07, 2018USD ($)

Mar. 07, 2018EUR (€)

Feb. 22, 2017USD ($)option

Jan. 31, 2017USD ($)loan

Sep. 30, 2018

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2018EUR (€)

Oct. 09, 2018

Mar. 06, 2018

Feb. 22, 2017EUR (€)option

Revolving Line Of Credit

Line of credit, maximum borrowing amount

$ 2,350,000,000

Repayments of unsecured loan

2,108,629,000

$ 1,680,198,000

$ 954,006,000

Debt financing cost

20,591,000

Senior Unsecured Notes

Unamortized discount (premium)

$ 37,609,000

Non Recourse Debt

Debt instrument maturity date, range start

Mar. 1, 2019

Debt instrument maturity date, range end

Sep. 1, 2031

Prepayments of mortgage principal

$ 207,450,000

193,434,000

327,477,000

Scheduled payments of mortgage principal

100,433,000

344,440,000

170,979,000

Interest paid

157,300,000

155,400,000

182,200,000

Increase in value of balance sheet item due to foreign currency translation

(31,843,000)

72,428,000

$ (92,434,000)

CPA:17 – Global

Non Recourse Debt

Non-recourse mortgages, net

$ 1,849,177,000

Unamortized discount

$ 20,400,000

Debt instrument weighted average interest rate (percent)

4.30%

Merged Entities

Senior Unsecured Notes

Unamortized discount (premium)

$ 21,800,000

Minimum | Fixed interest rate

Non Recourse Debt

Real estate mortgage interest rate

1.90%

Minimum | Variable interest rate

Non Recourse Debt

Real estate mortgage interest rate

1.30%

Maximum | Fixed interest rate

Non Recourse Debt

Real estate mortgage interest rate

9.40%

Maximum | Variable interest rate

Non Recourse Debt

Real estate mortgage interest rate

8.50%

Senior Unsecured Notes

Revolving Line Of Credit

Debt financing cost

$ 19,700,000

14,700,000

Senior Unsecured Notes

Principal Amount

3,600,000,000

Unamortized discount (premium)

$ 15,800,000

9,900,000

Senior Unsecured Notes | Government Bond Yield | Minimum

Senior Unsecured Notes

Debt instrument, basis spread on variable rate

3.00%

Senior Unsecured Notes | Government Bond Yield | Maximum

Senior Unsecured Notes

Debt instrument, basis spread on variable rate

3.50%

Senior Unsecured Notes | 2.125% Senior Notes due 2027

Revolving Line Of Credit

Debt instrument stated interest rate (percentage)

2.125%

2.125%

2.125%

Senior Unsecured Notes

Principal Amount | €

€ 500,000,000

Issue Date

Mar. 6, 2018

Price of Par Value

99.324%

99.324%

Maturity Date

Apr. 15, 2027

Debt instrument, term

9 years

Non Recourse Debt

Unamortized discount

$ 4,200,000

Senior Unsecured Notes | 2.250% Senior Notes due 2026

Revolving Line Of Credit

Debt instrument stated interest rate (percentage)

2.25%

2.25%

2.25%

Senior Unsecured Notes

Principal Amount | €

€ 500,000,000

Issue Date

Oct. 9, 2018

Price of Par Value

99.252%

99.252%

Maturity Date

Apr. 9, 2026

Debt instrument, term

7 years 6 months

Non Recourse Debt

Unamortized discount

$ 4,300,000

Senior Unsecured Notes | 2.125% Senior Notes due 2027 and 2.250% Senior Notes due 2026

Revolving Line Of Credit

Debt financing cost

$ 8,100,000

Non-Recourse Debt

Non Recourse Debt

Debt instrument weighted average interest rate (percent)

3.90%

3.90%

Prepayments of mortgage principal

$ 207,400,000

Scheduled payments of mortgage principal

44,000,000

Increase in value of balance sheet item due to foreign currency translation

(88,000,000)

Non-Recourse Debt | Disposal by means other than sales

Non Recourse Debt

Prepayments of mortgage principal

18,000,000

Secured Debt | International Properties

Non Recourse Debt

Scheduled payments of mortgage principal

$ 243,800,000

Loans repaid, count | loan

2

Secured Debt | International Properties | Noncontrolling interest

Non Recourse Debt

Debt instrument weighted average interest rate (percent)

5.40%

Scheduled payments of mortgage principal

$ 90,300,000

47,100,000

Revolving Credit Facility

Revolving Line Of Credit

Line of credit, maximum borrowing amount

$ 1,500,000,000

Number of extension options | option

2

2

Option extension period

6 months

Line of credit, amount available in foreign currency

1,000,000,000

Amount available for swing line loan

75,000,000

Amount available for letters of credit

50,000,000

Line of credit facility, available

$ 1,400,000,000

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

Term Loan Facility

Revolving Line Of Credit

Line of credit, maximum borrowing amount | €

€ 236,300,000

Repayments of unsecured loan | €

€ 325,000,000

Debt financing cost

200,000

Non Recourse Debt

Unamortized discount

$ 1,200,000

Delayed Draw Term Loan Facility

Revolving Line Of Credit

Line of credit, maximum borrowing amount

$ 100,000,000

Repayments of unsecured loan

$ 403,600,000

Non-cash loss on extinguishment of debt

$ 1,400,000

Senior Unsecured Notes

Maturity Date

Feb. 22, 2022

Senior Unsecured Credit Facility | Yen

Revolving Line Of Credit

Proceeds from line of credit

$ 21,600,000

¥ 2.5

Senior Unsecured Notes

Maturity Date

Feb. 22, 2021

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Credit Facility (Details) $ in Thousands, € in Millions, ¥ in Billions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2018JPY (¥)	Dec. 31, 2018EUR (€)	Dec. 31, 2017USD ($)
Capital Lease Obligations
Debt and Capital Lease Obligations	$ 91,563			$ 606,548
Unamortized deferred financing costs	20,591
Senior Unsecured Credit Facility
Capital Lease Obligations
Debt and Capital Lease Obligations	$ 91,563			216,775
Senior Unsecured Credit Facility | Euro
Capital Lease Obligations
Maturity Date	Feb. 22, 2021
Debt and Capital Lease Obligations	$ 69,273		€ 60.5	111,775
Senior Unsecured Credit Facility | Euro | EURIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.00%
Senior Unsecured Credit Facility | Yen
Capital Lease Obligations
Maturity Date	Feb. 22, 2021
Debt and Capital Lease Obligations	$ 22,290	¥ 2.5		0
Senior Unsecured Credit Facility | Yen | JPY LIBOR
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	$ 0			105,000
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	$ 0			106,348
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	$ 0			389,773
Unamortized discount				1,200
Unamortized deferred financing costs				200
Term Loan Facility | Euro
Capital Lease Obligations
Maturity Date	Feb. 22, 2022
Debt and Capital Lease Obligations	$ 0			$ 283,425
Term Loan Facility | Euro | EURIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.10%

Debt - Summary of Senior Unse_2

Debt - Summary of Senior Unsecured Notes (Details)	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)	Oct. 09, 2018	Mar. 06, 2018	Dec. 31, 2017USD ($)
Senior Unsecured Notes
Principal Outstanding	$ 3,554,470,000				$ 2,474,661,000
Senior Unsecured Notes
Senior Unsecured Notes
Principal Amount	3,600,000,000
Principal Outstanding	$ 3,590,000,000				2,499,400,000
Senior Unsecured Notes | 2.0% Senior Notes due 2023
Senior Unsecured Notes
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%	2.00%
Maturity Date	Jan. 20, 2023
Principal Outstanding	$ 572,500,000				599,700,000
Senior Unsecured Notes | 4.6% Senior Notes due 2024
Senior Unsecured Notes
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%	4.60%
Maturity Date	Apr. 1, 2024
Principal Outstanding	$ 500,000,000				500,000,000
Senior Unsecured Notes | 2.25% Senior Notes due 2024
Senior Unsecured Notes
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%	2.25%
Maturity Date	Jul. 19, 2024
Principal Outstanding	$ 572,500,000				599,700,000
Senior Unsecured Notes | 4.0% Senior Notes due 2025
Senior Unsecured Notes
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%	4.00%
Maturity Date	Feb. 1, 2025
Principal Outstanding	$ 450,000,000				450,000,000
Senior Unsecured Notes | 2.250% Senior Notes due 2026
Senior Unsecured Notes
Issue Date	Oct. 9, 2018
Principal Amount | €		€ 500,000,000
Price of Par Value	99.252%	99.252%
Original Issue Discount	$ 4,300,000
Effective Interest Rate	2.361%	2.361%
Coupon Rate	2.25%	2.25%	2.25%
Maturity Date	Apr. 9, 2026
Principal Outstanding	$ 572,500,000				0
Senior Unsecured Notes | 4.25% Senior Notes due 2026
Senior Unsecured Notes
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%	4.25%
Maturity Date	Oct. 1, 2026
Principal Outstanding	$ 350,000,000				350,000,000
Senior Unsecured Notes | 2.125% Senior Notes due 2027
Senior Unsecured Notes
Issue Date	Mar. 6, 2018
Principal Amount | €		€ 500,000,000
Price of Par Value	99.324%	99.324%
Original Issue Discount	$ 4,200,000
Effective Interest Rate	2.208%	2.208%
Coupon Rate	2.125%	2.125%		2.125%
Maturity Date	Apr. 15, 2027
Principal Outstanding	$ 572,500,000				$ 0

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Long-term Debt, by Maturity
2,019	$ 157,143
2,020	713,610
2,021	694,483
2,022	587,566
2,023	943,892
Thereafter through 2031	3,340,197
Total principal payments	6,436,891
Unamortized discount, net	(37,609)
Deferred financing costs	(20,591)
Total scheduled debt principal payments	$ 6,378,691

Restructuring and Other Compe_2

Restructuring and Other Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restructuring Cost and Reserve [Line Items]
Severance and benefits expense		$ 8.2
Other restructuring costs		1.2
Severance costs	$ 0.9	$ 0.1	$ 0.5
Employee Severance
Restructuring Cost and Reserve [Line Items]
Other restructuring costs			0.5
Severance costs			8.2
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 (€)	Mar. 01, 2017USD ($)	Oct. 31, 2017USD ($)shares	Mar. 31, 2016shares	Dec. 31, 2018USD ($)$ / shares	Sep. 30, 2018$ / shares	Jun. 30, 2018USD ($)$ / shares	Mar. 31, 2018$ / shares	Dec. 31, 2017USD ($)$ / shares	Sep. 30, 2017USD ($)$ / shares	Jun. 30, 2017$ / shares	Mar. 31, 2017$ / shares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Oct. 01, 2013
Share-based Compensation Arrangement by Share-based Payment Award
Distributions declared per share (usd per share) | $ / shares							$ 1.03	$ 1.025	$ 1.02	$ 1.015	$ 1.01	$ 1.005	$ 1	$ 0.995	$ 4.09	$ 4.01	$ 3.9292
Shares issued, shares | shares					11,077
Proceeds from the issuance of common stock					$ 800,000										$ 287,437,000	$ 22,886,000	$ 83,766,000
Gain on sale of real estate, net of tax							$ 99,600,000		$ 11,900,000		$ 11,100,000	$ 19,300,000
Redeemable Noncontrolling Interest
Distributions to noncontrolling interests															(16,935,000)	$ (20,643,000)	(17,030,000)
Redemption value adjustment															$ (335,000)		$ 561,000
Subsidiary | WPCI | Officers
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															4,229,285	345,253	1,249,836
Proceeds from the issuance of common stock															$ 4,000	$ 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															287,433,000	22,885,000	$ 83,764,000
Acquisition of noncontrolling interest																$ (1,845,000)
Redeemable Noncontrolling Interest
Redemption value adjustment															(335,000)		561,000
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest
Distributions to noncontrolling interests																	$ (13,400,000)
ATM
Share-based Compensation Arrangement by Share-based Payment Award
Common stock maximum offering, value				$ 400,000,000			$ 84,700,000								$ 84,700,000
Common stock terminated shares, value				$ 400,000,000
ATM | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued, shares | shares															4,229,285	345,253	1,249,836
Proceeds from the issuance of common stock															$ 287,500,000	$ 22,800,000	$ 84,100,000
Weighted average share price, usd per share | $ / shares															$ 69.03	$ 67.78	$ 68.52

Equity - Distributions (Details

Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dividends Payable
Total distributions paid (usd per share)	$ 4.0700	$ 3.9900	$ 3.9038
Ordinary income
Dividends Payable
Total distributions paid (usd per share)	3.5122	3.2537	3.3075
Capital gains
Dividends Payable
Total distributions paid (usd per share)	0.5578	0.2181	0
Return of capital
Dividends Payable
Total distributions paid (usd per share)	$ 0	$ 0.5182	$ 0.5963

Equity - Basic and Diluted Earn

Equity - Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Net Income Attributable to W. P. Carey	$ 193,263	$ 77,348	$ 75,681	$ 65,274	$ 75,209	$ 80,278	$ 64,318	$ 57,484	$ 411,566	$ 277,289	$ 267,747
Net income attributable to nonvested participating RSUs and RSAs									(340)	(784)	(886)
Net income – basic and diluted									$ 411,226	$ 276,505	$ 266,861
Weighted-average shares outstanding – basic (shares)									117,494,969	107,824,738	106,743,012
Effect of dilutive securities (shares)									211,476	211,233	330,191
Weighted-average shares outstanding – diluted (shares)									117,706,445	108,035,971	107,073,203
Anti-dilutive shares									0	0	0

Equity - Reclassifications Out

Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance - beginning of period			$ 3,411,385	$ 3,425,140	$ 3,561,428
Amounts reclassified from accumulated other comprehensive income (loss) to:
Gain on sale of real estate, net (Note 10, Note 17)			(118,605)	(33,878)	(71,318)
Other gains and (losses)			(29,913)	3,613	(5,667)
Interest expense			178,375	165,775	183,409
Net current period other comprehensive income (loss)			(26,766)	34,579	(83,282)
Balance - end of period	$ 6,830,055	$ 3,411,385	6,830,055	3,411,385	3,425,140
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			(38,500)	40,392	(75,978)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)			11,734	(5,813)	(7,304)
Net current period other comprehensive income (loss)			(26,766)	34,579	(83,282)
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Gain on sale of real estate, net (Note 10, Note 17)			20,226	3,388
Other gains and (losses)			(8,892)	(10,495)	(9,410)
Interest expense			400	1,294	2,106
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			13,415	(28,577)	16,582
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)			(8,492)	(9,201)	(7,304)
Net current period other comprehensive income (loss)			4,923	(37,778)	9,278
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Gain on sale of real estate, net (Note 10, Note 17)			0	0
Other gains and (losses)			(8,892)	(10,495)	(9,410)
Interest expense			400	1,294	2,106
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			(52,069)	69,040	(92,434)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)			20,226	3,388	0
Net current period other comprehensive income (loss)			(31,843)	72,428	(92,434)
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Gain on sale of real estate, net (Note 10, Note 17)	(20,200)	(3,400)	20,226	3,388
Other gains and (losses)			0	0	0
Interest expense			0	0	0
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			154	(71)	(126)
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)			154	(71)	(126)
Gains and (Losses) on Investments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Gain on sale of real estate, net (Note 10, Note 17)			0	0
Other gains and (losses)			0	0	0
Interest expense			0	0	0
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance - beginning of period			(236,011)	(254,485)	(172,291)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(254,996)	(236,011)	(254,996)	(236,011)	(254,485)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance - beginning of period			9,172	46,935	37,650
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	14,102	9,172	14,102	9,172	46,935
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance - beginning of period			(245,022)	(301,330)	(209,977)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(269,091)	(245,022)	(269,091)	(245,022)	(301,330)
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance - beginning of period			(161)	(90)	36
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	$ (7)	$ (161)	(7)	(161)	(90)
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			7,781	(16,105)	1,088
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			7	15	7
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			7,774	(16,120)	1,081
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 and Other Compens_2

Stock-Based and Other Compensation - Narratives (Details)	12 Months Ended
	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 18,294,000	$ 18,917,000	$ 21,222,000
Severance costs	900,000	100,000	500,000
Employee service share-based compensation, tax benefit from compensation expense	6,600,000	4,600,000	6,700,000
Options vested during the period, aggregate intrinsic value	16,400,000	21,400,000	27,800,000
Deferred compensation obligation	$ 35,766,000	46,656,000
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	$ 27,500	27,000	26,500
Profit sharing expense	2,600,000	$ 3,300,000	$ 3,900,000
RSU, and PSU
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 4,200,000
RSUs Awarded
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted in period | shares	137,519	194,349	277,836
Vesting period	3 years
PSUs Awarded
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted in period | shares	75,864	107,934	200,005
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	$ 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	$ 200,000	$ 500,000
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock options required to be issued (shares) | shares	867,871	1,140,632
Deferred compensation obligation	$ 35,800,000	$ 46,700,000
Fair value assumptions expected dividend rate	0.00%
Unrecognized stock based compensation expense	$ 17,700,000
Weighted-average remaining term	1 year 8 months 27 days
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate	2.20%
Fair value assumptions expected volatility rate	17.20%
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	3,481,206
2017 Share Incentive Plan | RSUs Awarded
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted in period | shares	123,485	181,307	262,824
2017 Share Incentive Plan | PSUs Awarded
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted in period | shares	75,864	107,934	200,005
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	33.33%
2017 Share Incentive Plan | PSUs Awarded | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.33%
2017 Share Incentive Plan | PSUs Awarded | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.33%
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
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 and Other Compens_3

Stock-Based and Other Compensation - Rollforward of Nonvested RSAs, RSUs, and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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	324,339	356,865	356,771
Granted - shares	137,519	194,349	277,836
Vested - shares	(181,777)	(185,259)	(217,617)
Forfeited - shares	(3,079)	(41,616)	(60,125)
Adjustments - shares	0	0	0
Nonvested, ending balance - shares	277,002	324,339	356,865
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)	$ 61.43	$ 61.63	$ 64.09
Granted, weighted average grant date fair value (in dollars per share)	64.50	62.22	58.27
Vested, weighted average grant date fair value (in dollars per share)	62.25	62.72	61.32
Forfeited, weighted average grant date fair value (in dollars per share)	61.71	61.08	61.81
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)	$ 62.41	$ 61.43	$ 61.63
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	281,299	310,018	340,358
Granted - shares	75,864	107,934	200,005
Vested - shares	(66,632)	(132,412)	(180,723)
Forfeited - shares	(3,098)	(45,258)	(51,657)
Adjustments - shares	43,783	41,017	2,035
Nonvested, ending balance - shares	331,216	281,299	310,018
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)	$ 74.57	$ 73.80	$ 52.26
Granted, weighted average grant date fair value (in dollars per share)	75.81	75.39	73.18
Vested, weighted average grant date fair value (in dollars per share)	76.96	74.21	80.21
Forfeited, weighted average grant date fair value (in dollars per share)	76.49	76.91	75.49
Adjustments, weighted average grant date fair value (in dollars per share)	74.17	63.18	72.22
Nonvested, weighted average grant date fair value (in dollars per share)	$ 78.82	$ 74.57	$ 73.80

Stock-Based and Other Compens_4

Stock-Based and Other Compensation - Options Rollforward (Details)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding
Outstanding - beginning of year - shares | shares	258,787
Exercised - shares | shares	(113,002)
Canceled/Expired - shares | shares	(752)
Outstanding - end of year - shares | shares	145,033
Exercisable - end of year - shares | shares	145,033
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) | $ / shares	$ 31.10
Exercised - weighted average exercise price (in dollars per share) | $ / shares	28.34
Canceled/Expired - weighted average exercise price (in dollars per share) | $ / shares	28.42
Outstanding - end of year - weighted average exercise price (in dollars per share) | $ / shares	33.27
Exercisable - end of year - weighted average exercise price (in dollars per share) | $ / shares	$ 33.27
Outstanding - end of year - weighted average contractual term	3 months 18 days

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Contingency
Basis differences — foreign investments	$ 123,426	$ 104,390
Deferred income taxes	173,115	67,009
Accrued interest related to uncertain tax positions	1,400	1,200
Income taxes paid	$ 23,200	16,700	$ 19,300
Minimum
Income Tax Contingency
Open tax years by major jurisdictions	2,017
Maximum
Income Tax Contingency
Open tax years by major jurisdictions	2,013
Other assets
Income Tax Contingency
Deferred income taxes	$ 7,900	$ 13,100
Federal
Income Tax Contingency
Operating loss carryforwards, initial expiration date	Dec. 31, 2024
Foreign
Income Tax Contingency
Operating loss carryforwards, initial expiration date	Dec. 31, 2019
Senior Unsecured Notes | 2.25% Euro Senior Notes due 2024
Income Tax Contingency
Debt instrument stated interest rate (percentage)	2.25%

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Federal
Current	$ (829)	$ (687)	$ 6,412
Deferred	3,275	(9,520)	(1,608)
Federal income taxes	2,446	(10,207)	4,804
State and Local
Current	4,820	1,954	7,014
Deferred	3,042	572	(2,026)
State and local taxes	7,862	2,526	4,988
Foreign
Current	16,791	21,457	10,727
Deferred	(12,688)	(11,065)	(17,231)
Foreign income taxes	4,103	10,392	(6,504)
Total provision	$ 14,411	$ 2,711	$ 3,288

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Amount
Pre-tax income attributable to taxable subsidiaries	$ 98,245	$ 49,909	$ (15,374)
Federal provision (benefit) at statutory tax rate	20,632	17,468	(5,380)
Rate differential	(14,165)	(13,134)	892
State and local taxes, net of federal benefit	7,590	1,115	2,749
Change in valuation allowance	6,735	11,805	6,477
Revocation of TRS Status	(6,285)	0	0
Non-deductible expense	4,996	3,010	3,111
Windfall tax benefit	(3,754)	(4,618)	0
Non-taxable income	(736)	(8,073)	(5,399)
Revaluation of deferred taxes due to Tax Cuts and Jobs Act	0	(7,826)	0
Other	(602)	2,964	838
Total provision	$ 14,411	$ 2,711	$ 3,288

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Assets
Net operating loss and other tax credit carryforwards	$ 44,445	$ 61,632
Basis differences — foreign investments	0	31,472
Unearned and deferred compensation	16,255	21,192
Other	640	3,029
Total deferred tax assets	61,340	117,325
Valuation allowance	(54,499)	(39,155)
Net deferred tax assets	6,841	78,170
Deferred Tax Liabilities
Basis differences — foreign investments	(123,426)	(104,390)
Basis differences — equity investees	(46,899)	(23,950)
Deferred revenue	(1,778)	(3,784)
Total deferred tax liabilities	(172,103)	(132,124)
Net Deferred Tax Liability	$ (165,262)	$ (53,954)

Income Taxes - Rollforward of

Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits
Beginning balance	$ 5,202	$ 5,586
Increase due to CPA:17 Merger	2,273	0
Decrease due to lapse in statute of limitations	(2,186)	(1,853)
Addition based on tax positions related to the current year	514	639
Addition based on tax positions related to prior years	442	660
Foreign currency translation adjustments	(140)
Foreign currency translation adjustments		170
Ending balance	$ 6,105	$ 5,202

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	Jun. 05, 2018USD ($)property	Dec. 31, 2018USD ($)property	Apr. 30, 2018property	Dec. 31, 2017USD ($)property	Jan. 31, 2017USD ($)property	Oct. 31, 2016USD ($)	Jul. 31, 2016USD ($)	Apr. 30, 2016USD ($)	Feb. 28, 2016USD ($)	Dec. 09, 2016USD ($)	Dec. 31, 2018USD ($)property	Jun. 30, 2018USD ($)property	Dec. 31, 2017USD ($)property	Sep. 30, 2017USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)
Discontinued Operation Additional Disclosures
Number of properties sold | property											39	25	5	5
Gain (loss) on sale of real estate, net of tax											$ 99,600	$ 11,900	$ 11,100	$ 19,300
Gain on sale of real estate, net															$ 118,605	$ 33,878	$ 71,318
Purchases of real estate															719,548	31,842	531,694
Disposal group, non current asset					$ 28,100
Disposal group, non current liability					28,100
Disposal group, restricted cash					3,800
Loss on sale of real estate					$ 100
Impairment charges on properties															4,790	2,769	59,303
Mortgage loans on real estate		$ 57,737		$ 0							$ 57,737		$ 0		$ 57,737	0	0	$ 0
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale																	34,405
Lease termination income																	32,200
Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties | property		1,163									1,163				1,163
Gain on sale of real estate, net															$ 118,605	33,878	71,318
Impairment charges on properties															$ 4,790	2,769	59,303
Allocation of goodwill to the cost basis of properties sold or classified as held-for-sale																	34,405
Impaired Portfolio | Level 3 | Fair Value, Measurements, Nonrecurring
Discontinued Operation Additional Disclosures
Impairment charges on properties																	$ 41,000
Impaired properties | property																	14
International Properties
Discontinued Operation Additional Disclosures
Number of real estate properties | property					2
Hotel | Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties | property		2									2				2
Land building and improvements
Discontinued Operation Additional Disclosures
Gain (loss) on sale of real estate, net of tax	$ 6,300
Number of properties disposed of | property	23
Purchases of real estate										$ 1,900					$ 806,900	$ 31,800	$ 530,300
Land building and improvements | Manufacturing Facility in Bessemer, Alabama
Discontinued Operation Additional Disclosures
Purchases of real estate	$ 85,500
Discontinued Operations, Disposed of by Sale
Discontinued Operation Additional Disclosures
Number of properties sold | property															49	16	30
Proceeds from the sale of properties									$ 44,400						$ 431,600	$ 159,900	$ 542,400
Gain (loss) on sale of real estate, net of tax									$ (10,700)						112,300	33,900	42,600
Gain on sales of real estate, applicable tax (benefit)															$ 21,800	$ (5,200)	3,400
Discontinued Operations, Disposed of by Sale | 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 (loss) 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 (loss) 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 (loss) on sale of real estate, net of tax																	900
Discontinued Operations, Disposed of by Sale | Properties in Australia
Discontinued Operation Additional Disclosures
Number of properties sold | property		28
Discontinued Operations, Disposed of by Sale | Property in Malaysia
Discontinued Operation Additional Disclosures
Number of properties sold | property																2
Discontinued Operations, Disposed of by Sale | Land, buildings and improvements and intangibles
Discontinued Operation Additional Disclosures
Number of properties sold | property			1												46
Discontinued Operations, Disposed of by Sale | Hotel | Land, buildings and improvements and intangibles
Discontinued Operation Additional Disclosures
Number of real estate properties | property			1	2									2			2
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations,Other than Sale
Discontinued Operation Additional Disclosures
Gain (loss) on sale of real estate, net of tax						$ 600
Disposal group, non current liability						4,500
Real estate, at cost						$ 3,200
Amounts reclassified from accumulated other comprehensive loss to | Foreign Currency Translation Adjustments
Discontinued Operation Additional Disclosures
Gain on sale of real estate, net		$ 20,200		$ 3,400											$ (20,226)	$ (3,388)
Foreign Exchange Forward [Member] | Gain on sale of real estate, net | Derivatives in Net Investment Hedging Relationships
Discontinued Operation Additional Disclosures
Amount reclassified from other comprehensive income		$ (7,600)													$ 7,609	$ 0	$ 0

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information
Number of business segments | segment	2
Real Estate | Operating property revenues
Segment Reporting Information
Gross contract revenue	$ 28,072	$ 30,562	$ 30,767
Real Estate | Operating property revenues | Hotel in Memphis, TN
Segment Reporting Information
Gross contract revenue	4,800	16,000	15,500
Real Estate | Operating property revenues | Hotel in Bloomington, MN
Segment Reporting Information
Gross contract revenue	15,200	$ 14,600	$ 15,200
Real Estate | Operating property revenues | Miami, FL
Segment Reporting Information
Gross contract revenue	$ 1,700

Segment Reporting - Income From

Segment Reporting - Income From Owned Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Total revenues	$ 273,395	$ 209,384	$ 201,143	$ 201,810	$ 196,961	$ 210,754	$ 221,528	$ 219,059	$ 885,732	$ 848,302	$ 941,533
Operating Expenses
Depreciation and amortization									291,440	253,334	276,510
General and administrative									68,337	70,891	82,352
Merger and other expenses									41,426	605	5,377
Reimbursable tenant and affiliate costs									50,001	72,969	91,871
Property expenses, excluding reimbursable tenant costs									22,773	17,330	26,804
Operating property expenses									20,150	23,426	22,627
Stock-based compensation expense									18,294	18,917	18,015
Impairment charges									4,790	2,769	59,303
Restructuring and other compensation									0	9,363	11,925
Total operating expenses	185,346	110,937	109,202	120,966	111,711	115,164	127,991	134,882	526,451	489,748	621,733
Other Income and Expenses
Interest expense									(178,375)	(165,775)	(183,409)
Gain on sale of real estate, net									118,605	33,878	71,318
Gain on change in control of interests	47,800								47,814	0	0
Equity in earnings of equity method investments in the Managed Programs and real estate									61,514	64,750	64,719
Other gains and (losses)									29,913	(3,613)	5,667
Total other income and expenses									79,471	(70,760)	(41,705)
Income before income taxes									438,752	287,794	278,095
Provision for income taxes									(14,411)	(2,711)	(3,288)
Net Income	195,278	81,573	79,424	68,066	74,473	83,654	67,131	59,825	424,341	285,083	274,807
Net income attributable to noncontrolling interests	(2,015)	(4,225)	(3,743)	(2,792)	736	(3,376)	(2,813)	(2,341)	(12,775)	(7,794)	(7,060)
Net Income Attributable to W. P. Carey	$ 193,263	$ 77,348	$ 75,681	$ 65,274	$ 75,209	$ 80,278	$ 64,318	$ 57,484	411,566	277,289	267,747
Real Estate
Revenues
Lease revenues									716,422	630,373	663,463
Reimbursable tenant costs									28,076	21,524	25,438
Lease termination income and other									6,555	4,749	35,696
Total revenues									779,125	687,208	755,364
Operating Expenses
Depreciation and amortization									287,461	249,432	272,274
General and administrative									47,210	39,002	34,591
Merger and other expenses									41,426	605	2,993
Reimbursable tenant and affiliate costs									28,076	21,524	25,438
Property expenses, excluding reimbursable tenant costs									22,773	17,330	26,804
Operating property expenses									20,150	23,426	22,627
Stock-based compensation expense									10,450	6,960	5,224
Impairment charges									4,790	2,769	59,303
Restructuring and other compensation									0	0	4,413
Total operating expenses									462,336	361,048	453,667
Other Income and Expenses
Interest expense									(178,375)	(165,775)	(183,409)
Gain on sale of real estate, net									118,605	33,878	71,318
Gain on change in control of interests									18,792	0	0
Equity in earnings of equity method investments in the Managed Programs and real estate									13,341	13,068	12,928
Other gains and (losses)									30,015	(5,655)	3,665
Total other income and expenses									2,378	(124,484)	(95,498)
Income before income taxes									319,167	201,676	206,199
Provision for income taxes									844	(1,743)	3,418
Net Income									320,011	199,933	209,617
Net income attributable to noncontrolling interests									(12,775)	(7,794)	(7,060)
Net Income Attributable to W. P. Carey									307,236	192,139	202,557
Real Estate | Operating property revenues
Revenues
Gross contract revenue									$ 28,072	$ 30,562	$ 30,767

Segment Reporting - Income Fr_2

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Expenses
Reimbursable tenant and affiliate costs									$ 50,001	$ 72,969	$ 91,871
General and administrative									68,337	70,891	82,352
Subadvisor fees									9,240	13,600	14,141
Stock-based compensation expense									18,294	18,917	18,015
Depreciation and amortization									291,440	253,334	276,510
Restructuring and other compensation									0	9,363	11,925
Dealer manager fees and expenses									0	6,544	12,808
Merger and other expenses									41,426	605	5,377
Total operating expenses	$ 185,346	$ 110,937	$ 109,202	$ 120,966	$ 111,711	$ 115,164	$ 127,991	$ 134,882	526,451	489,748	621,733
Other Income and Expenses
Income from equity method investments									61,514	64,750	64,719
Gain on change in control of interests	47,800								47,814	0	0
Other gains and (losses)									29,913	(3,613)	5,667
Total other income and expenses									79,471	(70,760)	(41,705)
Income before income taxes									438,752	287,794	278,095
Provision for income taxes									(14,411)	(2,711)	(3,288)
Net Income	195,278	81,573	79,424	68,066	74,473	83,654	67,131	59,825	424,341	285,083	274,807
Net income attributable to noncontrolling interests	(2,015)	(4,225)	(3,743)	(2,792)	736	(3,376)	(2,813)	(2,341)	(12,775)	(7,794)	(7,060)
Net Income Attributable to W. P. Carey	$ 193,263	$ 77,348	$ 75,681	$ 65,274	$ 75,209	$ 80,278	$ 64,318	$ 57,484	411,566	277,289	267,747
Asset management revenue
Investment Management:
Gross contract revenue									63,556	70,125	61,879
Reimbursable costs from affiliates
Investment Management:
Gross contract revenue									21,925	51,445	66,433
Structuring revenue
Investment Management:
Gross contract revenue									20,826	34,198	47,328
Other advisory revenue
Investment Management:
Gross contract revenue									300	896	2,435
Dealer manager fees
Investment Management:
Gross contract revenue									0	4,430	8,002
Investment Management
Investment Management:
Gross contract revenue									106,607	161,094	186,169
Operating Expenses
Reimbursable tenant and affiliate costs									21,925	51,445	66,433
General and administrative									21,127	31,889	47,761
Subadvisor fees									9,240	13,600	14,141
Stock-based compensation expense									7,844	11,957	12,791
Depreciation and amortization									3,979	3,902	4,236
Restructuring and other compensation									0	9,363	7,512
Dealer manager fees and expenses									0	6,544	12,808
Merger and other expenses									0	0	2,384
Total operating expenses									64,115	128,700	168,066
Other Income and Expenses
Income from equity method investments									48,173	51,682	51,791
Gain on change in control of interests									29,022	0	0
Other gains and (losses)									(102)	2,042	2,002
Total other income and expenses									77,093	53,724	53,793
Income before income taxes									119,585	86,118	71,896
Provision for income taxes									(15,255)	(968)	(6,706)
Net Income Attributable to W. P. Carey									104,330	85,150	65,190
Investment Management | Asset management revenue
Investment Management:
Gross contract revenue									63,556	70,125	61,971
Investment Management | Reimbursable costs from affiliates
Investment Management:
Gross contract revenue									21,925	51,445	66,433
Investment Management | Structuring revenue
Investment Management:
Gross contract revenue									20,826	34,198	47,328
Investment Management | Other advisory revenue
Investment Management:
Gross contract revenue									300	896	2,435
Investment Management | Dealer manager fees
Investment Management:
Gross contract revenue									$ 0	$ 4,430	$ 8,002

Segment Reporting - Total Compa

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting [Abstract]
Revenues	$ 273,395	$ 209,384	$ 201,143	$ 201,810	$ 196,961	$ 210,754	$ 221,528	$ 219,059	$ 885,732	$ 848,302	$ 941,533
Operating expenses	185,346	110,937	109,202	120,966	111,711	115,164	127,991	134,882	526,451	489,748	621,733
Other income and expenses									79,471	(70,760)	(41,705)
Provision for income taxes									(14,411)	(2,711)	(3,288)
Net income attributable to noncontrolling interests	(2,015)	(4,225)	(3,743)	(2,792)	736	(3,376)	(2,813)	(2,341)	(12,775)	(7,794)	(7,060)
Net Income Attributable to W. P. Carey	$ 193,263	$ 77,348	$ 75,681	$ 65,274	$ 75,209	$ 80,278	$ 64,318	$ 57,484	$ 411,566	$ 277,289	$ 267,747

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Equity investments in real estate	$ 329,248	$ 341,457
Total assets	14,183,039	8,231,402
Real Estate
Assets
Long-lived assets	11,928,854	6,703,715
Equity investments in real estate	221,658	140,049
Total assets	13,941,963	7,885,751
Real Estate | Domestic
Assets
Long-lived assets	7,579,018	4,123,856
Equity investments in real estate	129,799	108,659
Total assets	9,014,891	5,040,296
Real Estate | Germany
Assets
Long-lived assets	674,642	708,316
Equity investments in real estate	0	20,395
Total assets	705,650	747,877
Real Estate | Other International
Assets
Long-lived assets	3,675,194	1,871,543
Equity investments in real estate	91,859	10,995
Total assets	4,221,422	2,097,578
Investment Management
Assets
Total assets	$ 241,076	$ 345,651

Segment Reporting - Income by G

Segment Reporting - Income by Geography (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information Profit Loss
Revenues	$ 273,395	$ 209,384	$ 201,143	$ 201,810	$ 196,961	$ 210,754	$ 221,528	$ 219,059	$ 885,732	$ 848,302	$ 941,533
Expenses	185,346	110,937	109,202	120,966	111,711	115,164	127,991	134,882	526,451	489,748	621,733
Interest expense									(178,375)	(165,775)	(183,409)
Gain (loss) on sale of real estate, net of tax									118,605	33,878	71,318
Provision for income taxes									(14,411)	(2,711)	(3,288)
Net income attributable to noncontrolling interests	$ (2,015)	$ (4,225)	$ (3,743)	$ (2,792)	$ 736	$ (3,376)	$ (2,813)	$ (2,341)	(12,775)	(7,794)	(7,060)
Real Estate
Segment Reporting Information Profit Loss
Revenues									779,125	687,208	755,364
Expenses									462,336	361,048	453,667
Interest expense									(178,375)	(165,775)	(183,409)
Gain (loss) on sale of real estate, net of tax									118,605	33,878	71,318
Other income and (expenses), excluding interest expense and gain on sale of real estate, net									62,148	7,413	16,593
Provision for income taxes									844	(1,743)	3,418
Net income attributable to noncontrolling interests									(12,775)	(7,794)	(7,060)
Income from continuing operations attributable to W. P. Carey									307,236	192,139	202,557
Real Estate | Domestic
Segment Reporting Information Profit Loss
Revenues									499,342	451,310	490,134
Expenses									337,262	255,796	274,013
Interest expense									(142,006)	(141,842)	(149,615)
Gain (loss) on sale of real estate, net of tax									18,907	14,580	56,492
Other income and (expenses), excluding interest expense and gain on sale of real estate, net									95,324	(82,212)	9,887
Provision for income taxes									(7,517)	5,526	(4,808)
Net income attributable to noncontrolling interests									(8,661)	(8,808)	(7,591)
Income from continuing operations attributable to W. P. Carey									118,127	(17,242)	120,486
Real Estate | Germany
Segment Reporting Information Profit Loss
Revenues									69,341	60,907	68,372
Expenses									20,240	20,276	28,473
Interest expense									(1,334)	(1,859)	(15,681)
Gain (loss) on sale of real estate, net of tax									60,895	5,867	0
Other income and (expenses), excluding interest expense and gain on sale of real estate, net									4,350	112	649
Provision for income taxes									(31)	(7,213)	(4,083)
Net income attributable to noncontrolling interests									(3,342)	1,966	252
Income from continuing operations attributable to W. P. Carey									109,639	39,504	21,036
Real Estate | Other International
Segment Reporting Information Profit Loss
Revenues									210,442	174,991	196,858
Expenses									104,834	84,976	151,181
Interest expense									(35,035)	(22,074)	(18,113)
Gain (loss) on sale of real estate, net of tax									38,803	13,431	14,826
Other income and (expenses), excluding interest expense and gain on sale of real estate, net									(37,526)	89,513	6,057
Provision for income taxes									8,392	(56)	12,309
Net income attributable to noncontrolling interests									(772)	(952)	279
Income from continuing operations attributable to W. P. Carey									$ 79,470	$ 169,877	$ 61,035

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) - Narratives (Details) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2018USD ($)property	Jun. 30, 2018USD ($)property	Dec. 31, 2017USD ($)property	Sep. 30, 2017USD ($)property	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Quarterly Financial Information Disclosure [Abstract]
Gain on change in control of interests | $	$ 47,800				$ 47,814	$ 0	$ 0
Gain on sale of real estate, net of tax | $	$ 99,600	$ 11,900	$ 11,100	$ 19,300
Number of properties sold | property	39	25	5	5
Business acquisition impact on earnings per share, basic (usd per share) | $ / shares					$ (0.16)
Business acquisition impact on earnings per share, diluted (usd per share) | $ / shares					$ (0.15)

Selected Quarterly Financial _4

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Data
Revenues	$ 273,395	$ 209,384	$ 201,143	$ 201,810	$ 196,961	$ 210,754	$ 221,528	$ 219,059	$ 885,732	$ 848,302	$ 941,533
Expenses	185,346	110,937	109,202	120,966	111,711	115,164	127,991	134,882	526,451	489,748	621,733
Net income	195,278	81,573	79,424	68,066	74,473	83,654	67,131	59,825	424,341	285,083	274,807
Net income attributable to noncontrolling interests	(2,015)	(4,225)	(3,743)	(2,792)	736	(3,376)	(2,813)	(2,341)	(12,775)	(7,794)	(7,060)
Net Income Attributable to W. P. Carey	$ 193,263	$ 77,348	$ 75,681	$ 65,274	$ 75,209	$ 80,278	$ 64,318	$ 57,484	$ 411,566	$ 277,289	$ 267,747
Earnings per share attributable to W. P. Carey:
Basic (usd per share)	$ 1.33	$ 0.71	$ 0.70	$ 0.60	$ 0.69	$ 0.74	$ 0.60	$ 0.53
Diluted (usd per share)	1.33	0.71	0.70	0.60	0.69	0.74	0.59	0.53
Distributions declared per share (usd per share)	$ 1.03	$ 1.025	$ 1.02	$ 1.015	$ 1.01	$ 1.005	$ 1	$ 0.995	$ 4.09	$ 4.01	$ 3.9292

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	2 Months Ended	12 Months Ended
	Oct. 31, 2017	Feb. 22, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 01, 2017
Subsequent Events
Shares issued, shares	11,077
Shares issued during the period, value	$ 800,000		$ 287,437,000	$ 22,886,000	$ 83,766,000
Common Stock
Subsequent Events
Shares issued, shares			4,229,285	345,253	1,249,836
Shares issued during the period, value			$ 4,000	$ 1,000	$ 2,000
ATM
Subsequent Events
Common stock maximum offering, value			$ 84,700,000			$ 400,000,000
ATM | Common Stock
Subsequent Events
Shares issued, shares			4,229,285	345,253	1,249,836
Weighted average share price, usd per share			$ 69.03	$ 67.78	$ 68.52
Shares issued during the period, value			$ 287,500,000	$ 22,800,000	$ 84,100,000
Subsequent Event | ATM
Subsequent Events
Common stock maximum offering, value		$ 27,100,000
Subsequent Event | ATM | Common Stock
Subsequent Events
Shares issued during the period, value		$ 56,700,000
Long Term Incentive Plan | RSUs Awarded | Subsequent Event | ATM | Common Stock
Subsequent Events
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		772,858
Long Term Incentive Plan | PSUs Awarded | Subsequent Event | ATM | Common Stock
Subsequent Events
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		74.50

Schedule II - Valuation And Q_2

Schedule II - Valuation And Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 39,155	$ 27,350	$ 29,746
Other Additions	30,557	18,031	8,810
Deductions	(15,213)	(6,226)	(11,206)
Balance at End of Year	$ 54,499	$ 39,155	$ 27,350

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation
Accumulated amortization (finite lived intangible assets)	$ 841,266	$ 707,914
Finite-lived intangible liabilities, gross	269,594	148,949
Accumulated amortization (intangible liabilities)	61,177	51,703
Real estate under construction	67,700
Federal income taxes	11,700,000
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite-lived intangible liabilities, gross	286,300
Accumulated amortization (intangible liabilities)	61,200
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite lived intangible assets, gross	2,929,123	1,853,471
Accumulated amortization (finite lived intangible assets)	$ 829,398	$ 699,651

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Land, Buildings and Improvements Subject to Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,320,015
Initial Cost to Company
Land	1,903,758
Buildings	6,857,210
Cost Capitalized Subsequent to Acquisition	412,163
Increase (Decrease) in Net Investments	(455,519)
Gross Amount at which Carried at Close of Period
Land	1,772,099
Buildings	6,945,513
Total	8,717,612	$ 5,334,446	$ 5,182,267	$ 5,308,211
Accumulated Depreciation	724,550	613,543	472,294	372,735
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	$ 13,298
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	$ 1,845
Life on which Depreciation in Latest Statement of Income is Computed	15 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	$ 5,208
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	$ 1,605
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	$ 415
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	$ 853
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	$ 3,839
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	$ 888
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	$ 6,231
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	$ 2,110
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	14,447
Gross Amount at which Carried at Close of Period
Land	9,025
Buildings	15,042
Total	24,067
Accumulated Depreciation	$ 4,397
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility 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	1,942
Gross Amount at which Carried at Close of Period
Land	1,152
Buildings	1,925
Total	3,077
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	10 years
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	16,708
Increase (Decrease) in Net Investments	(11,409)
Gross Amount at which Carried at Close of Period
Land	3,288
Buildings	15,163
Total	18,451
Accumulated Depreciation	$ 780
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	$ 44,135
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	$ 15,914
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	7,136
Initial Cost to Company
Land	5,035
Buildings	18,957
Cost Capitalized Subsequent to Acquisition	7,460
Increase (Decrease) in Net Investments	541
Gross Amount at which Carried at Close of Period
Land	5,035
Buildings	26,958
Total	31,993
Accumulated Depreciation	$ 13,674
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	$ 3,500
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	(2,297)
Gross Amount at which Carried at Close of Period
Land	494
Buildings	3,272
Total	3,766
Accumulated Depreciation	$ 1,184
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	$ 1,158
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Romulus, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	454
Buildings	6,411
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454
Buildings	6,411
Total	6,865
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	10 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	$ 6,046
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	$ 5,867
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	$ 4,055
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	3,075
Increase (Decrease) in Net Investments	(1,135)
Gross Amount at which Carried at Close of Period
Land	1,725
Buildings	14,614
Total	16,339
Accumulated Depreciation	$ 5,924
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	$ 21,505
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	$ 13,525
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	$ 1,713
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	$ 17
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	$ 421
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	1,195
Increase (Decrease) in Net Investments	(155)
Gross Amount at which Carried at Close of Period
Land	337
Buildings	11,920
Total	12,257
Accumulated Depreciation	$ 3,836
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	$ 2,191
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	$ 0
Initial Cost to Company
Land	3,600
Buildings	10,306
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,551)
Gross Amount at which Carried at Close of Period
Land	2,863
Buildings	7,492
Total	10,355
Accumulated Depreciation	$ 2,054
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	$ 30,023
Initial Cost to Company
Land	4,600
Buildings	37,580
Cost Capitalized Subsequent to Acquisition	103
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,600
Buildings	37,683
Total	42,283
Accumulated Depreciation	$ 8,386
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	(984)
Gross Amount at which Carried at Close of Period
Land	10,629
Buildings	12,132
Total	22,761
Accumulated Depreciation	$ 2,600
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	(71)
Gross Amount at which Carried at Close of Period
Land	5,575
Buildings	12,367
Total	17,942
Accumulated Depreciation	$ 2,062
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease 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	$ 130,957
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	$ 34,269
Land, Buildings and Improvements Subject to Operating Leases | Net-lease 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 | Net-lease 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	$ 3,359
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	$ 1,621
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	$ 1,506
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	$ 19,838
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	$ 7,271
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	226
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,280
Buildings	24,853
Total	28,133
Accumulated Depreciation	$ 5,141
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	$ 1,485
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	2,623
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,804
Buildings	19,352
Total	27,156
Accumulated Depreciation	$ 4,402
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	$ 408
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	$ 52,950
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	$ 17,527
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in 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	(3,429)
Gross Amount at which Carried at Close of Period
Land	1,296
Buildings	15,537
Total	16,833
Accumulated Depreciation	$ 3,355
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	$ 1,223
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	$ 3,345
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	$ 2,012
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	$ 6,008
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	4,378
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,726
Buildings	17,159
Total	18,885
Accumulated Depreciation	$ 2,722
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	$ 1,254
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	$ 7,116
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	$ 4,027
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	$ 0
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	$ 1,662
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	$ 26,212
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	$ 6,382
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	$ 6,909
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	$ 3,843
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	$ 8,985
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	$ 4,681
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	$ 4,040
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	$ 2,907
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	$ 6,351
Initial Cost to Company
Land	1,505
Buildings	6,026
Cost Capitalized Subsequent to Acquisition	653
Increase (Decrease) in Net Investments	(929)
Gross Amount at which Carried at Close of Period
Land	1,339
Buildings	5,916
Total	7,255
Accumulated Depreciation	$ 1,129
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	$ 2,670
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	$ 1,657
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease 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	$ 63,281
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	$ 19,645
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	$ 4,325
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	$ 7,624
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	$ 1,477
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	$ 136
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	$ 12,756
Initial Cost to Company
Land	2,169
Buildings	19,010
Cost Capitalized Subsequent to Acquisition	71
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,169
Buildings	19,081
Total	21,250
Accumulated Depreciation	$ 3,729
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	$ 249
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	$ 944
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	$ 637
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	$ 4,137
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	$ 742
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	$ 11,268
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	$ 2,346
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	$ 947
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	$ 0
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	$ 1,002
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	$ 51,185
Initial Cost to Company
Land	23,387
Buildings	43,450
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(7,328)
Gross Amount at which Carried at Close of Period
Land	20,823
Buildings	38,686
Total	59,509
Accumulated Depreciation	$ 7,396
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	$ 0
Initial Cost to Company
Land	26,564
Buildings	72,866
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(10,902)
Gross Amount at which Carried at Close of Period
Land	23,651
Buildings	64,877
Total	88,528
Accumulated Depreciation	$ 17,040
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	(1,142)
Gross Amount at which Carried at Close of Period
Land	1,845
Buildings	7,424
Total	9,269
Accumulated Depreciation	$ 2,327
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	$ 6,732
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	$ 3,418
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | 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	0
Gross Amount at which Carried at Close of Period
Land	722
Buildings	6,268
Total	6,990
Accumulated Depreciation	$ 1
Life on which Depreciation in Latest Statement of Income is Computed	15 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	(3,433)
Gross Amount at which Carried at Close of Period
Land	8,941
Buildings	16,370
Total	25,311
Accumulated Depreciation	$ 2,738
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	(4,802)
Gross Amount at which Carried at Close of Period
Land	2,003
Buildings	32,657
Total	34,660
Accumulated Depreciation	$ 5,824
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	$ 3,248
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	(5,455)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	24,557
Total	24,557
Accumulated Depreciation	$ 3,363
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	2,853
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,761
Buildings	31,717
Total	36,478
Accumulated Depreciation	$ 4,720
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	$ 33,737
Initial Cost to Company
Land	2,154
Buildings	6,917
Cost Capitalized Subsequent to Acquisition	50,626
Increase (Decrease) in Net Investments	(614)
Gross Amount at which Carried at Close of Period
Land	2,199
Buildings	56,884
Total	59,083
Accumulated Depreciation	$ 4,454
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	$ 0
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	$ 498
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	$ 455
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	$ 2,584
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	$ 533
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	$ 9,696
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	2,730
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	$ 406
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	$ 1,263
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	$ 746
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	$ 1,297
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	$ 2,718
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	22,800
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	$ 9,112
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	$ 0
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	$ 4,408
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	$ 2,752
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	$ 3,146
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	$ 267
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	(8,123)
Gross Amount at which Carried at Close of Period
Land	382
Buildings	0
Total	382
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	9,028
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	$ 3,713
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	$ 1,682
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	$ 1,835
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	$ 3,052
Initial Cost to Company
Land	3,776
Buildings	10,092
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,016)
Gross Amount at which Carried at Close of Period
Land	2,668
Buildings	9,184
Total	11,852
Accumulated Depreciation	$ 1,569
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	$ 2,172
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	$ 545
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	$ 1,100
Life on which Depreciation in Latest Statement of Income is Computed	26 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	$ 3,970
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	$ 1,176
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	$ 1,917
Initial Cost to Company
Land	1,274
Buildings	3,505
Cost Capitalized Subsequent to Acquisition	525
Increase (Decrease) in Net Investments	(107)
Gross Amount at which Carried at Close of Period
Land	1,274
Buildings	3,923
Total	5,197
Accumulated Depreciation	$ 658
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	$ 2,586
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	$ 3,771
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	$ 7,715
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	$ 1,560
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	$ 4,526
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	$ 8,047
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	$ 3,829
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	$ 7,060
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	$ 1,193
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	(6,595)
Gross Amount at which Carried at Close of Period
Land	30,540
Buildings	4,383
Total	34,923
Accumulated Depreciation	$ 941
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	$ 0
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	$ 3,052
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	$ 0
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	$ 1,601
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	$ 18,722
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	$ 4,766
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	$ 2,863
Initial Cost to Company
Land	2,849
Buildings	6,180
Cost Capitalized Subsequent to Acquisition	5,530
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,849
Buildings	11,710
Total	14,559
Accumulated Depreciation	$ 1,577
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	$ 8,110
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	$ 2,504
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	$ 7,547
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	$ 1,025
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	$ 9,241
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	$ 1,618
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	7,393
Increase (Decrease) in Net Investments	(111,080)
Gross Amount at which Carried at Close of Period
Land	40,044
Buildings	91,305
Total	131,349
Accumulated Depreciation	14,612
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	$ 783
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	$ 18,068
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	$ 3,900
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	$ 7,076
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	$ 2,773
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	$ 7,357
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	$ 1,748
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	$ 2,651
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	(1,357)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	7,189
Total	7,189
Accumulated Depreciation	$ 1,618
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	$ 1,241
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	$ 3,397
Initial Cost to Company
Land	1,143
Buildings	5,648
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,079)
Gross Amount at which Carried at Close of Period
Land	962
Buildings	4,750
Total	5,712
Accumulated Depreciation	$ 824
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	$ 868
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	$ 4,915
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	$ 365
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	$ 118
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	$ 255
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	$ 1,516
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	$ 266
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 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	(3,188)
Gross Amount at which Carried at Close of Period
Land	2,210
Buildings	6,141
Total	8,351
Accumulated Depreciation	$ 1,240
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	$ 599
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	$ 1,386
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Salisbury, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,556
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	$ 1,449
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	$ 3,473
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	$ 1,910
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	(1,657)
Gross Amount at which Carried at Close of Period
Land	1,517
Buildings	6,046
Total	7,563
Accumulated Depreciation	$ 951
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	$ 9,216
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	$ 2,805
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	$ 453
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	$ 593
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	$ 9,728
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	$ 4,385
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	$ 1,315
Life on which Depreciation in Latest Statement of Income is Computed	21 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	$ 13,298
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	$ 3,190
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	$ 653
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	$ 3,792
Initial Cost to Company
Land	2,211
Buildings	8,505
Cost Capitalized Subsequent to Acquisition	331
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,211
Buildings	8,836
Total	11,047
Accumulated Depreciation	$ 1,515
Life on which Depreciation in Latest Statement of Income is Computed	28 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	(2,620)
Gross Amount at which Carried at Close of Period
Land	5,193
Buildings	8,681
Total	13,874
Accumulated Depreciation	$ 1,673
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	(6,266)
Gross Amount at which Carried at Close of Period
Land	4,494
Buildings	28,689
Total	33,183
Accumulated Depreciation	$ 5,065
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	(1,787)
Gross Amount at which Carried at Close of Period
Land	930
Buildings	8,631
Total	9,561
Accumulated Depreciation	$ 1,530
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	$ 4,005
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	$ 17,417
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	$ 3,781
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	(669)
Gross Amount at which Carried at Close of Period
Land	3,052
Buildings	0
Total	3,052
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	1,776
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	$ 757
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	$ 5,574
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	$ 1,944
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	$ 6,362
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	$ 1,189
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	$ 953
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	$ 1,144
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	$ 463
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	$ 614
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	(764)
Gross Amount at which Carried at Close of Period
Land	101
Buildings	4,584
Total	4,685
Accumulated Depreciation	$ 697
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	$ 1,221
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	$ 1,800
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	$ 7,695
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	$ 3,356
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	$ 4,085
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	$ 772
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	$ 6,867
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	$ 2,157
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	$ 2,442
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	$ 1,083
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	$ 1,515
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	$ 1,125
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	$ 1,429
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	$ 5,161
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	$ 3,463
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	$ 26,029
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	$ 2,017
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	$ 1,495
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	$ 1,287
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	$ 218
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	$ 34,075
Initial Cost to Company
Land	14,601
Buildings	21,915
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(5,801)
Gross Amount at which Carried at Close of Period
Land	12,281
Buildings	18,434
Total	30,715
Accumulated Depreciation	$ 4,437
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	$ 261
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	$ 2,573
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	$ 501
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	19
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,318
Buildings	27,570
Total	32,888
Accumulated Depreciation	$ 3,805
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	$ 4,366
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	(29,093)
Gross Amount at which Carried at Close of Period
Land	7,431
Buildings	65,516
Total	72,947
Accumulated Depreciation	$ 7,315
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	$ 4,634
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	$ 5,084
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	(4,607)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	17,980
Total	17,980
Accumulated Depreciation	$ 1,926
Life on which Depreciation in Latest Statement of Income is Computed	40 years
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	$ 1,603
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	(1,867)
Gross Amount at which Carried at Close of Period
Land	1,981
Buildings	19,741
Total	21,722
Accumulated Depreciation	$ 2,344
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	(19,375)
Gross Amount at which Carried at Close of Period
Land	51,468
Buildings	238,569
Total	290,037
Accumulated Depreciation	25,004
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	277
Increase (Decrease) in Net Investments	(56,537)
Gross Amount at which Carried at Close of Period
Land	53,533
Buildings	186,639
Total	240,172
Accumulated Depreciation	$ 24,373
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	301
Gross Amount at which Carried at Close of Period
Land	0
Buildings	34,236
Total	34,236
Accumulated Depreciation	$ 3,567
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	1,357
Gross Amount at which Carried at Close of Period
Land	3,034
Buildings	20,007
Total	23,041
Accumulated Depreciation	$ 2,435
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	(1,655)
Gross Amount at which Carried at Close of Period
Land	2,850
Buildings	16,847
Total	19,697
Accumulated Depreciation	$ 1,640
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	(5,903)
Gross Amount at which Carried at Close of Period
Land	2,392
Buildings	24,757
Total	27,149
Accumulated Depreciation	$ 2,445
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	721
Gross Amount at which Carried at Close of Period
Land	9,718
Buildings	16,290
Total	26,008
Accumulated Depreciation	$ 1,931
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease 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	$ 4,661
Land, Buildings and Improvements Subject to Operating Leases | Net-lease 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 | Net-lease 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	2,899
Gross Amount at which Carried at Close of Period
Land	6,074
Buildings	40,732
Total	46,806
Accumulated Depreciation	$ 3,964
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	$ 1,282
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	15,333
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,090
Buildings	50,054
Total	55,144
Accumulated Depreciation	$ 4,670
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	65,400
Increase (Decrease) in Net Investments	(56,517)
Gross Amount at which Carried at Close of Period
Land	49,680
Buildings	113,623
Total	163,303
Accumulated Depreciation	11,512
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in North Dumfries and Ottawa, 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	(18,654)
Gross Amount at which Carried at Close of Period
Land	5,685
Buildings	3,481
Total	9,166
Accumulated Depreciation	$ 866
Life on which Depreciation in Latest Statement of Income is Computed	28 years
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	63,830
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	15,550
Buildings	147,692
Total	163,242
Accumulated Depreciation	$ 8,765
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	$ 1,050
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	$ 1,015
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	$ 732
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	3,511
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,222
Buildings	6,166
Total	8,388
Accumulated Depreciation	$ 313
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Zawiercie, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	395
Buildings	102
Cost Capitalized Subsequent to Acquisition	10,378
Increase (Decrease) in Net Investments	(200)
Gross Amount at which Carried at Close of Period
Land	523
Buildings	10,152
Total	10,675
Accumulated Depreciation	$ 181
Life on which Depreciation in Latest Statement of Income is Computed	40 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	$ 497
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Radomsko, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,718
Buildings	59
Cost Capitalized Subsequent to Acquisition	14,453
Increase (Decrease) in Net Investments	(329)
Gross Amount at which Carried at Close of Period
Land	1,689
Buildings	14,212
Total	15,901
Accumulated Depreciation	$ 117
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Sellersburg, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,016
Buildings	3,838
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,016
Buildings	3,838
Total	4,854
Accumulated Depreciation	$ 112
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Land, Buildings and Improvements Subject to Operating Leases | Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,512
Buildings	61,230
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,465
Buildings	61,277
Total	66,742
Accumulated Depreciation	$ 1,508
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Land, Buildings and Improvements Subject to Operating Leases | Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI | 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 and warehouse facilities located through Denmark
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	20,304
Buildings	185,481
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,813)
Gross Amount at which Carried at Close of Period
Land	20,027
Buildings	182,945
Total	202,972
Accumulated Depreciation	$ 2,952
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities located through Denmark | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located through the Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	38,475
Buildings	117,127
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,579)
Gross Amount at which Carried at Close of Period
Land	37,837
Buildings	115,186
Total	153,023
Accumulated Depreciation	$ 1,923
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located through the Netherlands | Maximum
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 | Industrial facility in Oostburg, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	786
Buildings	6,589
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	786
Buildings	6,589
Total	7,375
Accumulated Depreciation	$ 136
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Kampen, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,251
Buildings	12,858
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(192)
Gross Amount at which Carried at Close of Period
Land	3,212
Buildings	12,705
Total	15,917
Accumulated Depreciation	$ 230
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Azambuja, Portugal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	13,527
Buildings	35,631
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(536)
Gross Amount at which Carried at Close of Period
Land	13,379
Buildings	35,243
Total	48,622
Accumulated Depreciation	$ 347
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,582
Buildings	18,731
Cost Capitalized Subsequent to Acquisition	3,219
Increase (Decrease) in Net Investments	149
Gross Amount at which Carried at Close of Period
Land	2,598
Buildings	22,083
Total	24,681
Accumulated Depreciation	$ 139
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands | 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 | Office and warehouse facilities in Bad Wünnenberg and Soest, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,916
Buildings	39,687
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	213
Gross Amount at which Carried at Close of Period
Land	2,930
Buildings	39,886
Total	42,816
Accumulated Depreciation	$ 179
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities in Bad Wünnenberg and Soest, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,274
Initial Cost to Company
Land	802
Buildings	3,686
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	802
Buildings	3,686
Total	4,488
Accumulated Depreciation	$ 21
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,123
Initial Cost to Company
Land	7,720
Buildings	17,266
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,720
Buildings	17,266
Total	24,986
Accumulated Depreciation	$ 77
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facilities in Phoenix, AZ and Columbia, MD
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	18,286
Buildings	33,030
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	18,286
Buildings	33,030
Total	51,316
Accumulated Depreciation	$ 147
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Gorzow, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,736
Buildings	8,298
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	50
Gross Amount at which Carried at Close of Period
Land	1,745
Buildings	8,339
Total	10,084
Accumulated Depreciation	$ 40
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 27,194
Initial Cost to Company
Land	6,460
Buildings	49,462
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,460
Buildings	49,462
Total	55,922
Accumulated Depreciation	$ 238
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Dillon, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 16,524
Initial Cost to Company
Land	3,424
Buildings	43,114
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,424
Buildings	43,114
Total	46,538
Accumulated Depreciation	$ 207
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Birmingham, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 16,417
Initial Cost to Company
Land	7,383
Buildings	7,687
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(141)
Gross Amount at which Carried at Close of Period
Land	7,314
Buildings	7,615
Total	14,929
Accumulated Depreciation	$ 29
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	17,626
Buildings	44,501
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	311
Gross Amount at which Carried at Close of Period
Land	17,714
Buildings	44,724
Total	62,438
Accumulated Depreciation	$ 202
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Gadki, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,376
Buildings	6,137
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	38
Gross Amount at which Carried at Close of Period
Land	1,383
Buildings	6,168
Total	7,551
Accumulated Depreciation	$ 28
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in The Woodlands, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 33,566
Initial Cost to Company
Land	1,697
Buildings	52,289
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,697
Buildings	52,289
Total	53,986
Accumulated Depreciation	$ 224
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Hoffman Estates, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 25,859
Initial Cost to Company
Land	5,550
Buildings	14,214
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,550
Buildings	14,214
Total	19,764
Accumulated Depreciation	$ 63
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	15,789
Buildings	33,287
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	246
Gross Amount at which Carried at Close of Period
Land	15,868
Buildings	33,454
Total	49,322
Accumulated Depreciation	$ 222
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Middleburg Heights and Union Township, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,489
Initial Cost to Company
Land	1,295
Buildings	13,384
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,295
Buildings	13,384
Total	14,679
Accumulated Depreciation	$ 59
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 39,343
Initial Cost to Company
Land	0
Buildings	79,720
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	79,720
Total	79,720
Accumulated Depreciation	$ 334
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities located in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,687
Initial Cost to Company
Land	20,517
Buildings	14,135
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	20,517
Buildings	14,135
Total	34,652
Accumulated Depreciation	$ 66
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Bowling Green, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 24,081
Initial Cost to Company
Land	2,652
Buildings	51,915
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,652
Buildings	51,915
Total	54,567
Accumulated Depreciation	$ 256
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,130
Initial Cost to Company
Land	6,791
Buildings	2,315
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(85)
Gross Amount at which Carried at Close of Period
Land	6,728
Buildings	2,293
Total	9,021
Accumulated Depreciation	$ 6
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Evansville, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 14,733
Initial Cost to Company
Land	180
Buildings	22,095
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	180
Buildings	22,095
Total	22,275
Accumulated Depreciation	$ 95
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in Tampa, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 31,940
Initial Cost to Company
Land	3,889
Buildings	49,843
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,889
Buildings	49,843
Total	53,732
Accumulated Depreciation	$ 218
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Elorrio, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,858
Buildings	12,728
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	103
Gross Amount at which Carried at Close of Period
Land	7,897
Buildings	12,792
Total	20,689
Accumulated Depreciation	$ 65
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facilities in Elberton, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	879
Buildings	2,014
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	879
Buildings	2,014
Total	2,893
Accumulated Depreciation	$ 12
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tres Cantos, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 55,872
Initial Cost to Company
Land	24,344
Buildings	39,646
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	320
Gross Amount at which Carried at Close of Period
Land	24,465
Buildings	39,845
Total	64,310
Accumulated Depreciation	$ 181
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Hartland, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,038
Initial Cost to Company
Land	1,454
Buildings	6,406
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,454
Buildings	6,406
Total	7,860
Accumulated Depreciation	$ 30
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Kutina, Slavonski Brod, Spansko, and Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,549
Buildings	12,408
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	90
Gross Amount at which Carried at Close of Period
Land	5,577
Buildings	12,470
Total	18,047
Accumulated Depreciation	$ 87
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities located through the United States
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 102,539
Initial Cost to Company
Land	42,793
Buildings	193,666
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	42,793
Buildings	193,666
Total	236,459
Accumulated Depreciation	$ 899
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Rincon and Unadilla, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 23,977
Initial Cost to Company
Land	1,954
Buildings	48,421
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,954
Buildings	48,421
Total	50,375
Accumulated Depreciation	$ 220
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Breda, Elst, Gieten, Raalte, and Woerden, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 65,075
Initial Cost to Company
Land	37,755
Buildings	91,666
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	647
Gross Amount at which Carried at Close of Period
Land	37,944
Buildings	92,124
Total	130,068
Accumulated Depreciation	$ 406
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Oxnard and Watsonville, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 41,041
Initial Cost to Company
Land	22,453
Buildings	78,814
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,453
Buildings	78,814
Total	101,267
Accumulated Depreciation	$ 349
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Italy
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 163,684
Initial Cost to Company
Land	75,492
Buildings	138,280
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,070
Gross Amount at which Carried at Close of Period
Land	75,870
Buildings	138,972
Total	214,842
Accumulated Depreciation	$ 662
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Hudson, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 537
Initial Cost to Company
Land	2,405
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,405
Buildings	0
Total	2,405
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,328
Initial Cost to Company
Land	2,136
Buildings	2,344
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,136
Buildings	2,344
Total	4,480
Accumulated Depreciation	$ 12
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Martinsville, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,708
Initial Cost to Company
Land	1,082
Buildings	8,108
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,082
Buildings	8,108
Total	9,190
Accumulated Depreciation	$ 38
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,674
Initial Cost to Company
Land	9,887
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,887
Buildings	0
Total	9,887
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Fraser, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,727
Initial Cost to Company
Land	1,346
Buildings	9,551
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,346
Buildings	9,551
Total	10,897
Accumulated Depreciation	$ 43
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Delnice, Pozega, and Sesvete, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	542
Buildings	2,507
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	542
Buildings	2,507
Total	3,049
Accumulated Depreciation	$ 11
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Delnice, Pozega, and Sesvete, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,519
Buildings	9,930
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	76
Gross Amount at which Carried at Close of Period
Land	5,546
Buildings	9,979
Total	15,525
Accumulated Depreciation	$ 69
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in Aurora, Eagan, and Virginia, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 105,000
Initial Cost to Company
Land	16,302
Buildings	91,239
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	16,302
Buildings	91,239
Total	107,541
Accumulated Depreciation	$ 424
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Orlando, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,262
Buildings	25,134
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,262
Buildings	25,134
Total	31,396
Accumulated Depreciation	$ 106
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Avon, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,130
Initial Cost to Company
Land	1,447
Buildings	5,564
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,447
Buildings	5,564
Total	7,011
Accumulated Depreciation	$ 27
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chimelow, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 16,392
Initial Cost to Company
Land	6,158
Buildings	28,032
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	171
Gross Amount at which Carried at Close of Period
Land	6,189
Buildings	28,172
Total	34,361
Accumulated Depreciation	$ 129
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Huntsville, AL; Bentonville, AR; Bossier City, LA; Lee's Summit, MO; Fayetteville, TN, and Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	19,529
Buildings	42,318
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	19,529
Buildings	42,318
Total	61,847
Accumulated Depreciation	$ 196
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Montgomery, AL and Savannah, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,710
Initial Cost to Company
Land	5,508
Buildings	12,032
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,508
Buildings	12,032
Total	17,540
Accumulated Depreciation	$ 55
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in St. Louis, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,246
Initial Cost to Company
Land	1,297
Buildings	5,362
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,297
Buildings	5,362
Total	6,659
Accumulated Depreciation	$ 25
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facility in Zary, PL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,062
Buildings	10,034
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	61
Gross Amount at which Carried at Close of Period
Land	2,073
Buildings	10,084
Total	12,157
Accumulated Depreciation	$ 47
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Sterling, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,198
Buildings	23,981
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,198
Buildings	23,981
Total	27,179
Accumulated Depreciation	$ 81
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Elk Grove Village, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,386
Initial Cost to Company
Land	5,511
Buildings	10,766
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,511
Buildings	10,768
Total	16,279
Accumulated Depreciation	$ 48
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Portage, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,573
Initial Cost to Company
Land	3,450
Buildings	7,797
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,450
Buildings	7,797
Total	11,247
Accumulated Depreciation	$ 39
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Warrenville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,518
Initial Cost to Company
Land	3,662
Buildings	23,711
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,662
Buildings	23,711
Total	27,373
Accumulated Depreciation	$ 105
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Saitama Prefecture, Japan
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	13,507
Buildings	25,301
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,021
Gross Amount at which Carried at Close of Period
Land	13,862
Buildings	25,967
Total	39,829
Accumulated Depreciation	$ 123
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,412
Initial Cost to Company
Land	2,977
Buildings	16,168
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,977
Buildings	16,168
Total	19,145
Accumulated Depreciation	$ 69
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 123,353
Initial Cost to Company
Land	23,161
Buildings	104,266
Cost Capitalized Subsequent to Acquisition	171
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	23,161
Buildings	104,437
Total	127,598
Accumulated Depreciation	$ 440
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 19,440
Initial Cost to Company
Land	9,000
Buildings	13,002
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	110
Gross Amount at which Carried at Close of Period
Land	9,045
Buildings	13,067
Total	22,112
Accumulated Depreciation	$ 75
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Croatia | Maximum
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 | Education facility in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,164
Initial Cost to Company
Land	2,338
Buildings	8,336
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,338
Buildings	8,336
Total	10,674
Accumulated Depreciation	$ 38
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Northbrook, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,348
Initial Cost to Company
Land	0
Buildings	493
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	493
Total	493
Accumulated Depreciation	$ 8
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	18,510
Buildings	163
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	18,510
Buildings	163
Total	18,673
Accumulated Depreciation	$ 3
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Dillon, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 25,653
Initial Cost to Company
Land	3,516
Buildings	44,933
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,516
Buildings	44,933
Total	48,449
Accumulated Depreciation	$ 214
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Gadki, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 32,048
Initial Cost to Company
Land	10,422
Buildings	47,727
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	291
Gross Amount at which Carried at Close of Period
Land	10,474
Buildings	47,966
Total	58,440
Accumulated Depreciation	$ 223
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Lewisville, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,932
Initial Cost to Company
Land	3,485
Buildings	11,263
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,485
Buildings	11,263
Total	14,748
Accumulated Depreciation	$ 50
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Wageningen, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,182
Initial Cost to Company
Land	5,227
Buildings	18,793
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	120
Gross Amount at which Carried at Close of Period
Land	5,253
Buildings	18,887
Total	24,140
Accumulated Depreciation	$ 85
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Haibach, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,283
Initial Cost to Company
Land	1,767
Buildings	12,229
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	70
Gross Amount at which Carried at Close of Period
Land	1,776
Buildings	12,290
Total	14,066
Accumulated Depreciation	$ 57
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Auburn Hills, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,551
Initial Cost to Company
Land	1,910
Buildings	6,773
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,910
Buildings	6,773
Total	8,683
Accumulated Depreciation	$ 31
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tempe, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 14,314
Initial Cost to Company
Land	0
Buildings	19,533
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	19,533
Total	19,533
Accumulated Depreciation	$ 86
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tucson, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,448
Buildings	17,353
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,448
Buildings	17,353
Total	19,801
Accumulated Depreciation	$ 78
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Drunen, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,481
Initial Cost to Company
Land	2,316
Buildings	9,370
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	58
Gross Amount at which Carried at Close of Period
Land	2,328
Buildings	9,416
Total	11,744
Accumulated Depreciation	$ 42
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility New Concord, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,469
Initial Cost to Company
Land	958
Buildings	2,309
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	958
Buildings	2,309
Total	3,267
Accumulated Depreciation	$ 13
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Krakow, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,436
Initial Cost to Company
Land	2,381
Buildings	6,212
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	43
Gross Amount at which Carried at Close of Period
Land	2,393
Buildings	6,243
Total	8,636
Accumulated Depreciation	$ 28
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Gelsenkirchen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,558
Initial Cost to Company
Land	2,178
Buildings	17,097
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	96
Gross Amount at which Carried at Close of Period
Land	2,188
Buildings	17,183
Total	19,371
Accumulated Depreciation	$ 76
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Mszczonow and Tomaszow Mazowiecki, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 31,742
Initial Cost to Company
Land	8,782
Buildings	53,575
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	312
Gross Amount at which Carried at Close of Period
Land	8,826
Buildings	53,843
Total	62,669
Accumulated Depreciation	$ 259
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 21,134
Initial Cost to Company
Land	2,871
Buildings	26,353
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,871
Buildings	26,353
Total	29,224
Accumulated Depreciation	$ 117
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in San Antonio, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,454
Initial Cost to Company
Land	3,094
Buildings	16,624
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,094
Buildings	16,624
Total	19,718
Accumulated Depreciation	$ 75
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Sered, Slovakia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 16,979
Initial Cost to Company
Land	3,428
Buildings	28,005
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	157
Gross Amount at which Carried at Close of Period
Land	3,445
Buildings	28,145
Total	31,590
Accumulated Depreciation	$ 126
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Tuchomerice, Czech Republic
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,324
Initial Cost to Company
Land	7,864
Buildings	27,006
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	174
Gross Amount at which Carried at Close of Period
Land	7,903
Buildings	27,141
Total	35,044
Accumulated Depreciation	$ 120
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Joliet, IL; Fargo, ND; and Ashwaubenon, Brookfield, Greendale, and Wauwatosa, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 41,336
Initial Cost to Company
Land	21,387
Buildings	21,943
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	21,387
Buildings	21,943
Total	43,330
Accumulated Depreciation	$ 174
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Joliet, IL; Fargo, ND; and Ashwaubenon, Brookfield, Greendale, and Wauwatosa, WI | 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 | Office facility in Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 37,713
Initial Cost to Company
Land	0
Buildings	44,990
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	225
Gross Amount at which Carried at Close of Period
Land	0
Buildings	45,215
Total	45,215
Accumulated Depreciation	$ 195
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Kaunas, Lithuania
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 40,432
Initial Cost to Company
Land	10,199
Buildings	47,391
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	288
Gross Amount at which Carried at Close of Period
Land	10,250
Buildings	47,628
Total	57,878
Accumulated Depreciation	$ 216
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease student housing facility in Jacksonville, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 11,658
Initial Cost to Company
Land	906
Buildings	17,020
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	906
Buildings	17,020
Total	17,926
Accumulated Depreciation	$ 74
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	791
Buildings	1,990
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	791
Buildings	1,990
Total	2,781
Accumulated Depreciation	$ 9
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Oak Creek, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,858
Buildings	11,055
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,858
Buildings	11,055
Total	13,913
Accumulated Depreciation	$ 53
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,868
Buildings	37,571
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,868
Buildings	37,571
Total	40,439
Accumulated Depreciation	$ 182
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Perrysburg, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	806
Buildings	11,922
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	806
Buildings	11,922
Total	12,728
Accumulated Depreciation	$ 59
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Zabia Wola, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,871
Initial Cost to Company
Land	4,742
Buildings	23,270
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	139
Gross Amount at which Carried at Close of Period
Land	4,765
Buildings	23,386
Total	28,151
Accumulated Depreciation	$ 106
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Buffalo Grove, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,224
Buildings	6,583
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,224
Buildings	6,583
Total	8,807
Accumulated Depreciation	$ 30
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in McHenry, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,794
Buildings	21,141
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,794
Buildings	21,141
Total	26,935
Accumulated Depreciation	$ 43
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in McHenry, IL | Maximum
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 Chicago, Forest View, Morton Grove, and Northbrook, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	22,619
Buildings	7,983
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,619
Buildings	7,983
Total	30,602
Accumulated Depreciation	$ 16
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Kilgore, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,002
Buildings	36,334
Cost Capitalized Subsequent to Acquisition	6
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,002
Buildings	36,340
Total	39,342
Accumulated Depreciation	$ 43
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in San Luis Potosi, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,787
Buildings	12,945
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,787
Buildings	12,945
Total	15,732
Accumulated Depreciation	$ 12
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Legnica, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	995
Buildings	9,787
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	34
Gross Amount at which Carried at Close of Period
Land	998
Buildings	9,818
Total	10,816
Accumulated Depreciation	$ 11
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Meru, France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,231
Buildings	14,731
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	121
Gross Amount at which Carried at Close of Period
Land	4,258
Buildings	14,825
Total	19,083
Accumulated Depreciation	$ 8
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 240,115
Initial Cost to Company
Land	116,868
Buildings	1,288,015
Cost Capitalized Subsequent to Acquisition	7,281
Increase (Decrease) in Net Investments	(105,949)
Gross Amount at which Carried at Close of Period
Total	1,306,215
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	(15,732)
Gross Amount at which Carried at Close of Period
Total	684
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	(4,036)
Gross Amount at which Carried at Close of Period
Total	23,563
Direct Financing Method | Retail facility in Freehold, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	7,737
Initial Cost to Company
Land	0
Buildings	17,067
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(229)
Gross Amount at which Carried at Close of Period
Total	16,838
Direct Financing Method | Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,934
Initial Cost to Company
Land	2,089
Buildings	14,211
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(751)
Gross Amount at which Carried at Close of Period
Total	15,549
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	1,964
Increase (Decrease) in Net Investments	(19,844)
Gross Amount at which Carried at Close of Period
Total	156,708
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	(1,993)
Gross Amount at which Carried at Close of Period
Total	12,511
Direct Financing Method | Industrial and warehouse facility in Mesquite, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,769
Initial Cost to Company
Land	2,851
Buildings	15,899
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,048)
Gross Amount at which Carried at Close of Period
Total	16,702
Direct Financing Method | Industrial facility in Rochester, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,702
Initial Cost to Company
Land	881
Buildings	17,039
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,054)
Gross Amount at which Carried at Close of Period
Total	15,866
Direct Financing Method | Office facility in Irvine, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,966
Initial Cost to Company
Land	0
Buildings	17,027
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,669)
Gross Amount at which Carried at Close of Period
Total	15,358
Direct Financing Method | Office facility in Scottsdale, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	18,556
Initial Cost to Company
Land	0
Buildings	43,570
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(890)
Gross Amount at which Carried at Close of Period
Total	42,680
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	(41)
Gross Amount at which Carried at Close of Period
Total	22,559
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	212
Gross Amount at which Carried at Close of Period
Total	13,412
Direct Financing Method | Industrial facility in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	11,548
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(281)
Gross Amount at which Carried at Close of Period
Total	11,267
Direct Financing Method | Industrial facilities in Albemarle and Old Fort, NC and Holmesville, OH
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	5,317
Increase (Decrease) in Net Investments	(6,870)
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	80
Gross Amount at which Carried at Close of Period
Total	16,626
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	(3,977)
Gross Amount at which Carried at Close of Period
Total	23,293
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	(743)
Gross Amount at which Carried at Close of Period
Total	3,939
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	(5,392)
Gross Amount at which Carried at Close of Period
Total	18,633
Direct Financing Method | Industrial and warehouse facility in Newbridge, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	9,739
Initial Cost to Company
Land	6,851
Buildings	22,868
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(7,772)
Gross Amount at which Carried at Close of Period
Total	21,947
Direct Financing Method | Education facility in Mooresville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,485
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	(108)
Gross Amount at which Carried at Close of Period
Total	3,292
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	(3,306)
Gross Amount at which Carried at Close of Period
Total	17,507
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	(2,991)
Gross Amount at which Carried at Close of Period
Total	7,895
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	(1,268)
Gross Amount at which Carried at Close of Period
Total	5,808
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	7,879
Initial Cost to Company
Land	5,780
Buildings	40,860
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(299)
Gross Amount at which Carried at Close of Period
Total	46,341
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	(605)
Gross Amount at which Carried at Close of Period
Total	12,429
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	(1,920)
Gross Amount at which Carried at Close of Period
Total	8,398
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	(13,369)
Gross Amount at which Carried at Close of Period
Total	57,468
Direct Financing Method | Warehouse facility in Elk Grove Village, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,953
Initial Cost to Company
Land	0
Buildings	7,863
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Total	7,865
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	(5,499)
Gross Amount at which Carried at Close of Period
Total	24,189
Direct Financing Method | Industrial and office facility in Nagold, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,553
Buildings	17,675
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	111
Gross Amount at which Carried at Close of Period
Total	22,339
Direct Financing Method | Industrial facility in Glendale Heights, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	16,362
Initial Cost to Company
Land	4,237
Buildings	45,173
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	52
Gross Amount at which Carried at Close of Period
Total	49,462
Direct Financing Method | Industrial facilities in Mayodan, Sanford, and Stoneville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,349
Buildings	67,901
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Total	71,250
Direct Financing Method | Office facility in New York City, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	98,689
Initial Cost to Company
Land	0
Buildings	267,280
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,698)
Gross Amount at which Carried at Close of Period
Total	264,582
Direct Financing Method | Industrial facilities in Colton, Fresno, Orange, Pomona, and San Diego, CA; Holly Hill, FL; Rockmart, GA; Ooltewah, TN; and Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	10,286
Initial Cost to Company
Land	2,068
Buildings	31,256
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(35)
Gross Amount at which Carried at Close of Period
Total	33,289
Direct Financing Method | Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	8,306
Initial Cost to Company
Land	1,062
Buildings	23,087
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(231)
Gross Amount at which Carried at Close of Period
Total	23,918
Direct Financing Method | Retail facilities in Dugo Selo and Samobor, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,718
Buildings	7,809
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	53
Gross Amount at which Carried at Close of Period
Total	10,580
Direct Financing Method | Warehouse facility in Gieten, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	7,681
Initial Cost to Company
Land	0
Buildings	15,258
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	46
Gross Amount at which Carried at Close of Period
Total	15,304
Direct Financing Method | Warehouse facility in Oxnard, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	4,442
Initial Cost to Company
Land	0
Buildings	10,960
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(38)
Gross Amount at which Carried at Close of Period
Total	10,922
Direct Financing Method | Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	20,458
Initial Cost to Company
Land	4,454
Buildings	87,030
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	173
Gross Amount at which Carried at Close of Period
Total	91,657
Direct Financing Method | Industrial facility in Countryside, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,507
Initial Cost to Company
Land	563
Buildings	1,457
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Total	2,023
Direct Financing Method | Industrial facility in Clarksville, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,900
Initial Cost to Company
Land	1,680
Buildings	10,180
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Total	11,860
Direct Financing Method | Industrial facility in Bluffton, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,764
Initial Cost to Company
Land	503
Buildings	3,407
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1)
Gross Amount at which Carried at Close of Period
Total	3,909
Direct Financing Method | Industrial facilities in Sedalia, MO; Lumberton and Mount Airy, NC; and Wilkes-Barre, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	782
Buildings	5,618
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	12
Gross Amount at which Carried at Close of Period
Total	6,412
Direct Financing Method | Warehouse facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	5,977
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4)
Gross Amount at which Carried at Close of Period
Total	5,973
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	172,528
Initial Cost to Company
Land	102,414
Buildings	350,922
Cost Capitalized Subsequent to Acquisition	5,962
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	102,478
Buildings	353,010
Total	466,050	83,047	81,711	82,749
Accumulated Depreciation	10,234	$ 16,419	$ 12,143	$ 8,794
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	6,752
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	10,562
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	5,875
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,874
Buildings	31,166
Total	42,433
Accumulated Depreciation	8,588
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	3,622
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 7,393
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Miami, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	33,880
Buildings	54,713
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	33,880
Buildings	54,713
Total	91,723
Accumulated Depreciation	383
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	3,130
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 3,130
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Holiday, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,305
Initial Cost to Company
Land	1,730
Buildings	4,195
Cost Capitalized Subsequent to Acquisition	18
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,730
Buildings	4,213
Total	5,943
Accumulated Depreciation	23
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Beaumont, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,674
Initial Cost to Company
Land	1,296
Buildings	7,927
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,296
Buildings	7,927
Total	9,225
Accumulated Depreciation	40
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 2
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Cathedral City, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,318
Initial Cost to Company
Land	0
Buildings	6,630
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	6,630
Total	6,630
Accumulated Depreciation	32
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 847
Initial Cost to Company
Land	908
Buildings	3,748
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	908
Buildings	3,748
Total	4,656
Accumulated Depreciation	19
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Loves Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,134
Initial Cost to Company
Land	1,412
Buildings	4,853
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,412
Buildings	4,853
Total	6,265
Accumulated Depreciation	31
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Cherry Valley, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,657
Initial Cost to Company
Land	1,339
Buildings	4,160
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,339
Buildings	4,160
Total	5,499
Accumulated Depreciation	26
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | National City, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,399
Initial Cost to Company
Land	1,740
Buildings	7,878
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,740
Buildings	7,878
Total	9,618
Accumulated Depreciation	34
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | San Bernardino, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,025
Initial Cost to Company
Land	340
Buildings	3,135
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	340
Buildings	3,135
Total	3,475
Accumulated Depreciation	15
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,011
Initial Cost to Company
Land	1,518
Buildings	9,194
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,518
Buildings	9,194
Total	10,712
Accumulated Depreciation	39
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Palm Springs, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,004
Initial Cost to Company
Land	1,410
Buildings	6,079
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,410
Buildings	6,079
Total	7,489
Accumulated Depreciation	30
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Mundelein, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,387
Initial Cost to Company
Land	2,270
Buildings	8,505
Cost Capitalized Subsequent to Acquisition	9
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,270
Buildings	8,514
Total	10,784
Accumulated Depreciation	44
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Mundelein, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 698
Initial Cost to Company
Land	1,116
Buildings	2,609
Cost Capitalized Subsequent to Acquisition	7
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,116
Buildings	2,609
Total	3,732
Accumulated Depreciation	15
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 7
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Palm Springs, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,944
Initial Cost to Company
Land	1,698
Buildings	7,473
Cost Capitalized Subsequent to Acquisition	8
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,698
Buildings	7,481
Total	9,179
Accumulated Depreciation	37
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,815
Initial Cost to Company
Land	1,700
Buildings	4,655
Cost Capitalized Subsequent to Acquisition	10
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,700
Buildings	4,654
Total	6,365
Accumulated Depreciation	22
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 11
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Pearl City, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,932
Initial Cost to Company
Land	0
Buildings	8,954
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	8,954
Total	8,954
Accumulated Depreciation	40
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,490
Initial Cost to Company
Land	651
Buildings	5,750
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	651
Buildings	5,750
Total	6,401
Accumulated Depreciation	24
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,496
Initial Cost to Company
Land	588
Buildings	4,282
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	588
Buildings	4,282
Total	4,872
Accumulated Depreciation	19
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 2
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,812
Initial Cost to Company
Land	695
Buildings	3,873
Cost Capitalized Subsequent to Acquisition	4
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	695
Buildings	3,873
Total	4,572
Accumulated Depreciation	21
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 4
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 588
Initial Cost to Company
Land	87
Buildings	785
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	87
Buildings	785
Total	872
Accumulated Depreciation	4
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,304
Initial Cost to Company
Land	454
Buildings	4,724
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454
Buildings	4,724
Total	5,178
Accumulated Depreciation	22
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kihei, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,015
Initial Cost to Company
Land	4,347
Buildings	21,763
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,347
Buildings	21,763
Total	26,112
Accumulated Depreciation	100
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 2
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,546
Initial Cost to Company
Land	691
Buildings	6,295
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	691
Buildings	6,295
Total	6,986
Accumulated Depreciation	31
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | New York City, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,796
Initial Cost to Company
Land	5,975
Buildings	9,330
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,975
Buildings	9,330
Total	15,305
Accumulated Depreciation	39
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | New York City, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 22,067
Initial Cost to Company
Land	5,856
Buildings	22,955
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,856
Buildings	22,955
Total	28,811
Accumulated Depreciation	96
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | New York City, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 23,546
Initial Cost to Company
Land	7,946
Buildings	25,271
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,946
Buildings	25,271
Total	33,217
Accumulated Depreciation	106
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | New York City, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 16,024
Initial Cost to Company
Land	8,219
Buildings	11,895
Cost Capitalized Subsequent to Acquisition	8
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,219
Buildings	11,900
Total	20,122
Accumulated Depreciation	50
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 3
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | New York City, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,549
Initial Cost to Company
Land	1,227
Buildings	7,565
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,227
Buildings	7,565
Total	8,792
Accumulated Depreciation	32
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Fayetteville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,197
Initial Cost to Company
Land	1,839
Buildings	4,653
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,839
Buildings	4,653
Total	6,494
Accumulated Depreciation	29
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 2
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Peoria, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,019
Initial Cost to Company
Land	444
Buildings	4,944
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	444
Buildings	4,944
Total	5,388
Accumulated Depreciation	30
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | East Peoria, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,289
Initial Cost to Company
Land	268
Buildings	3,290
Cost Capitalized Subsequent to Acquisition	7
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	268
Buildings	3,297
Total	3,565
Accumulated Depreciation	19
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Loves Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,717
Initial Cost to Company
Land	721
Buildings	2,973
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	721
Buildings	2,973
Total	3,694
Accumulated Depreciation	17
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Winder, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 959
Initial Cost to Company
Land	338
Buildings	1,310
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	338
Buildings	1,310
Total	1,648
Accumulated Depreciation	8
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Winder, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,301
Initial Cost to Company
Land	821
Buildings	3,180
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	821
Buildings	3,180
Total	4,001
Accumulated Depreciation	19
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Clearwater, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,717
Initial Cost to Company
Land	1,247
Buildings	5,731
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,247
Buildings	5,731
Total	6,980
Accumulated Depreciation	28
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 2
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Orlando, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,661
Initial Cost to Company
Land	1,070
Buildings	8,684
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,070
Buildings	8,686
Total	9,756
Accumulated Depreciation	39
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Hilo, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,781
Initial Cost to Company
Land	769
Buildings	12,865
Cost Capitalized Subsequent to Acquisition	4
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	769
Buildings	12,865
Total	13,638
Accumulated Depreciation	55
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 4
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Palm Coast, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,504
Initial Cost to Company
Land	1,994
Buildings	4,970
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,994
Buildings	4,970
Total	6,964
Accumulated Depreciation	28
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Land, Buildings and Improvements Subject to Operating Leases
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 5,334,446	$ 5,182,267	$ 5,308,211
Acquisitions through CPA:17 Merger	2,907,982	0	0
Acquisitions	734,963	23,462	404,161
Dispositions	(296,543)	(131,549)	(446,144)
Foreign currency translation adjustment	(88,715)	192,580	(94,738)
Reclassification from real estate under construction	86,784	51,198	28,989
Improvements	25,727	17,778	16,169
Reclassification from direct financing lease	15,998	1,611	9,740
Impairment charges	(3,030)	(2,901)	(41,660)
Write-off of fully depreciated assets	0	0	(2,461)
Ending balance	8,717,612	5,334,446	5,182,267
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	613,543	472,294	372,735
Depreciation expense	162,119	144,183	142,432
Dispositions	(41,338)	(17,770)	(35,172)
Foreign currency translation adjustment	(9,774)	14,836	(5,240)
Write-off of fully depreciated assets	0	0	(2,461)
Ending balance	724,550	613,543	472,294
Operating Real Estate
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	83,047	81,711	82,749
Acquisitions through CPA:17 Merger	423,530	0	0
Dispositions	(43,607)	0	(3,188)
Reclassification from real estate under construction	0	0	608
Improvements	3,080	1,336	1,542
Ending balance	466,050	83,047	81,711
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	16,419	12,143	8,794
Depreciation expense	4,240	4,276	4,235
Dispositions	(10,425)	0	(886)
Ending balance	$ 10,234	$ 16,419	$ 12,143

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 57,737	$ 0	$ 0	$ 0
Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	57,737
Carrying Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 57,737
Financing agreement — observation wheel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	6.50%
Financing agreement — observation wheel | Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 24,350
Final Maturity Date	Mar. 31, 2019
Financing agreement — observation wheel | Carrying Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 24,350
Financing agreement — project developer
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	6.50%
Financing agreement — project developer | Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 5,000
Final Maturity Date	Mar. 31, 2019
Financing agreement — project developer | Carrying Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 5,000
Financing agreement — project developer
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	6.50%
Financing agreement — project developer | Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 5,000
Final Maturity Date	Mar. 31, 2019
Financing agreement — project developer | Carrying Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 5,000
Financing agreement — mezzanine loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	9.00%
Financing agreement — mezzanine loan | Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 23,387
Final Maturity Date	Apr. 30, 2019
Financing agreement — mezzanine loan | Carrying Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 23,387

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0
Acquisitions through CPA:17 Merger	57,737	0	0
Ending balance	$ 57,737	$ 0	$ 0