W. P. Carey (WPC) 10-Q 1 Nov 19 2019 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2019	Oct. 25, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-13779
Entity Registrant Name	W. P. Carey Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-4549771
Entity Address, Street Address	50 Rockefeller Plaza
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10020
City Area Code	212
Local Phone Number	492-1100
Title of each class	Common Stock, $0.001 Par Value
Trading Symbol	WPC
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		172,276,402
Entity Central Index Key	0001025378
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Investments in real estate:
Land, buildings and improvements		$ 9,439,301	$ 9,251,396
Net investments in direct financing leases		1,176,301
Net investments in direct financing leases			1,306,215
In-place lease intangible assets and other		2,111,601	2,009,628
Above-market rent intangible assets		911,940	925,797
Investments in real estate		13,639,143	13,493,036
Accumulated depreciation and amortization		(1,914,233)	(1,564,182)
Assets held for sale, net		104,013	0
Net investments in real estate		11,828,923	11,928,854
Equity investments in the Managed Programs and real estate		315,641	329,248
Cash and cash equivalents		331,687	217,644
Due from affiliates		86,400	74,842
Other assets, net		590,124	711,507
Goodwill		930,864	920,944
Total assets	[1]	14,083,639	14,183,039
Debt:
Senior unsecured notes, net		4,302,892	3,554,470
Unsecured revolving credit facility		22,410	91,563
Non-recourse mortgages, net		1,771,887	2,732,658
Debt, net		6,097,189	6,378,691
Accounts payable, accrued expenses and other liabilities		470,540	403,896
Below-market rent and other intangible liabilities, net		207,655	225,128
Deferred income taxes		163,036	173,115
Dividends payable		180,797	172,154
Total liabilities	[1]	7,119,217	7,352,984
Commitments and contingencies (Note 11)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued		0	0
Common stock, $0.001 par value, 450,000,000 shares authorized; 172,276,402 and 165,279,642 shares, respectively, issued and outstanding		172	165
Additional paid-in capital		8,712,441	8,187,335
Distributions in excess of accumulated earnings		(1,506,795)	(1,143,992)
Deferred compensation obligation		37,263	35,766
Accumulated other comprehensive loss		(284,975)	(254,996)
Total stockholders’ equity		6,958,106	6,824,278
Noncontrolling interests		6,316	5,777
Total equity		6,964,422	6,830,055
Total liabilities and equity		$ 14,083,639	$ 14,183,039
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
W. P. Carey stockholders’ equity:
Preferred stock, par value (in dollars 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 (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	450,000,000	450,000,000
Common stock, shares outstanding (shares)	172,276,402	165,279,642

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investment Management:
Revenues	$ 318,005	$ 209,384	$ 921,539	$ 612,337
Operating Expenses
Depreciation and amortization	109,517	67,825	335,528	198,119
Impairment charges	25,781	0	25,781	4,790
General and administrative	17,210	15,863	58,224	50,888
Reimbursable tenant costs	15,611	5,979	42,699	17,931
Property expenses, excluding reimbursable tenant costs	10,377	4,898	30,204	14,454
Operating property expenses	8,547	3,055	30,015	12,306
Reimbursable costs from affiliates	4,786	6,042	12,475	16,883
Stock-based compensation expense	4,747	2,475	13,848	14,392
Subadvisor fees	1,763	3,127	5,615	7,014
Merger and other expenses	70	1,673	912	4,328
Total operating expenses	198,409	110,937	555,301	341,105
Other Income and Expenses
Interest expense	(58,626)	(41,740)	(179,658)	(121,125)
Other gains and (losses)	(12,402)	8,875	(12,118)	16,698
Loss on change in control of interests	(8,416)	0	(8,416)	0
Equity in earnings of equity method investments in the Managed Programs and real estate	5,769	18,363	15,211	46,246
Gain on sale of real estate, net	71	343	642	18,987
Total other income and expenses	(73,604)	(14,159)	(184,339)	(39,194)
Income before income taxes	45,992	84,288	181,899	232,038
Provision for income taxes	(4,157)	(2,715)	(5,147)	(2,975)
Net Income	41,835	81,573	176,752	229,063
Net income attributable to noncontrolling interests	(496)	(4,225)	(881)	(10,760)
Net Income Attributable to W. P. Carey	$ 41,339	$ 77,348	$ 175,871	$ 218,303
Basic Earnings Per Share (usd per share)	$ 0.24	$ 0.71	$ 1.03	$ 2.02
Diluted Earnings Per Share (usd per share)	$ 0.24	$ 0.71	$ 1.03	$ 2.01
Weighted-Average Shares Outstanding
Basic (in shares)	172,235,066	108,073,969	170,276,085	108,063,826
Diluted (in shares)	172,486,506	108,283,666	170,545,665	108,253,841
Real Estate
Real Estate:
Lease revenues	$ 278,839	$ 173,067	$ 811,580	$ 510,866
Lease termination income and other	14,377	1,981	23,951	3,603
Gross contract revenue	9,538	4,282	40,970	16,365
Investment Management:
Gross contract revenue	9,538	4,282	40,970	16,365
Revenues	302,754	179,330	876,501	530,834
Operating Expenses
Depreciation and amortization	108,573	66,837	332,652	195,131
Impairment charges	25,781	0	25,781	4,790
General and administrative	13,973	11,349	44,162	34,013
Reimbursable tenant costs	15,611	5,979	42,699	17,931
Property expenses, excluding reimbursable tenant costs	10,377	4,898	30,204	14,454
Operating property expenses	8,547	3,055	30,015	12,306
Stock-based compensation expense	3,435	1,380	9,717	7,676
Merger and other expenses	70	1,673	912	4,328
Total operating expenses	186,367	95,171	516,142	290,629
Other Income and Expenses
Interest expense	(58,626)	(41,740)	(179,658)	(121,125)
Other gains and (losses)	(12,938)	8,197	(13,330)	14,940
Loss on change in control of interests	(8,416)	0	(8,416)	0
Equity in earnings of equity method investments in the Managed Programs and real estate	578	4,699	730	11,586
Gain on sale of real estate, net	71	343	642	18,987
Total other income and expenses	(79,331)	(28,501)	(200,032)	(75,612)
Income before income taxes	37,056	55,658	160,327	164,593
Provision for income taxes	(3,511)	(424)	(12,689)	1,792
Net Income	33,545	55,234	147,638	166,385
Net income attributable to noncontrolling interests	11	(4,225)	94	(10,760)
Net Income Attributable to W. P. Carey	33,556	51,009	147,732	155,625
Investment Management
Real Estate:
Gross contract revenue	15,251	30,054	45,038	81,503
Investment Management:
Gross contract revenue	15,251	30,054	45,038	81,503
Operating Expenses
Depreciation and amortization	944	988	2,876	2,988
General and administrative	3,237	4,514	14,062	16,875
Reimbursable costs from affiliates	4,786	6,042	12,475	16,883
Stock-based compensation expense	1,312	1,095	4,131	6,716
Subadvisor fees	1,763	3,127	5,615	7,014
Total operating expenses	12,042	15,766	39,159	50,476
Other Income and Expenses
Other gains and (losses)	536	678	1,212	1,758
Equity in earnings of equity method investments in the Managed Programs and real estate	5,191	13,664	14,481	34,660
Total other income and expenses	5,727	14,342	15,693	36,418
Income before income taxes	8,936	28,630	21,572	67,445
Provision for income taxes	(646)	(2,291)	7,542	(4,767)
Net Income	8,290	26,339	29,114	62,678
Net income attributable to noncontrolling interests	(507)	0	(975)	0
Net Income Attributable to W. P. Carey	7,783	26,339	28,139	62,678
Investment Management | Asset management revenue
Real Estate:
Gross contract revenue	9,878	17,349	29,400	51,602
Investment Management:
Gross contract revenue	9,878	17,349	29,400	51,602
Investment Management | Reimbursable costs from affiliates
Real Estate:
Gross contract revenue	4,786	6,042	12,475	16,883
Investment Management:
Gross contract revenue	4,786	6,042	12,475	16,883
Investment Management | Structuring and other advisory revenue
Real Estate:
Gross contract revenue	587	6,663	3,163	13,018
Investment Management:
Gross contract revenue	$ 587	$ 6,663	$ 3,163	$ 13,018

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 41,835	$ 81,573	$ 176,752	$ 229,063
Other Comprehensive Loss
Foreign currency translation adjustments	(37,412)	(8,102)	(41,772)	(29,401)
Unrealized gain on derivative instruments	13,243	772	11,786	6,453
Unrealized gain (loss) on investments	11	(269)	7	101
Net current period other comprehensive loss	(24,158)	(7,599)	(29,979)	(22,847)
Comprehensive Income	17,677	73,974	146,773	206,216
Amounts Attributable to Noncontrolling Interests
Net income	(496)	(4,225)	(881)	(10,760)
Foreign currency translation adjustments	0	945	0	4,797
Unrealized loss on derivative instruments	0	1	0	6
Comprehensive income attributable to noncontrolling interests	(496)	(3,279)	(881)	(5,957)
Comprehensive Income Attributable to W. P. Carey	$ 17,181	$ 70,695	$ 145,892	$ 200,259

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands	Total	Total W.P. Carey Stockholders	$0.001 Par Value Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Deferred Compensation Obligation	Accumulated Other Comprehensive Loss	Noncontrolling interests
Beginning equity balance at Dec. 31, 2017	$ 3,411,385	$ 3,192,261	$ 107	$ 4,433,573	$ (1,052,064)	$ 46,656	$ (236,011)	$ 219,124
Beginning equity balance, shares at Dec. 31, 2017			106,922,616
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards, value	(13,501)	(13,501)		(13,501)
Shares issued upon delivery of vested restricted share awards, shares			289,707
Shares issued upon purchases under employee share purchase plan, value	125	125		125
Shares issued upon purchases under employee share purchase plan, shares			2,071
Deferral of vested shares, net				10,497		(10,497)
Amortization of stock-based compensation expense	14,392	14,392		14,392
Contributions from noncontrolling interests	71							71
Distributions to noncontrolling interests	(15,166)							(15,166)
Redemption value adjustment	(335)	(335)		(335)
Dividends declared	(331,478)	(331,478)		675	(332,153)
Net Income	229,063	218,303			218,303			10,760
Other comprehensive loss:
Foreign currency translation adjustments	(29,401)	(24,604)					(24,604)	(4,797)
Unrealized gain on derivative instruments	6,453	6,459					6,459	(6)
Unrealized gain on investments	101	101					101
Ending equity balance at Sep. 30, 2018	3,271,709	3,061,723	$ 107	4,445,426	(1,165,914)	36,159	(254,055)	209,986
Ending equity balance, shares at Sep. 30, 2018			107,214,394
Beginning equity balance at Jun. 30, 2018	3,312,004	3,099,904	$ 107	4,443,374	(1,132,182)	36,007	(247,402)	212,100
Beginning equity balance, shares at Jun. 30, 2018			107,200,687
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards, value	64	64		64
Shares issued upon delivery of vested restricted share awards, shares			13,707
Deferral of vested shares, net				(152)		152
Amortization of stock-based compensation expense	2,475	2,475		2,475
Distributions to noncontrolling interests	(5,393)							(5,393)
Redemption value adjustment	(335)	(335)		(335)
Dividends declared	(111,080)	(111,080)			(111,080)
Net Income	81,573	77,348			77,348			4,225
Other comprehensive loss:
Foreign currency translation adjustments	(8,102)	(7,157)					(7,157)	(945)
Unrealized gain on derivative instruments	772	773					773	(1)
Unrealized gain on investments	(269)	(269)					(269)
Ending equity balance at Sep. 30, 2018	3,271,709	3,061,723	$ 107	4,445,426	(1,165,914)	36,159	(254,055)	209,986
Ending equity balance, shares at Sep. 30, 2018			107,214,394
Beginning equity balance at Dec. 31, 2018	$ 6,830,055	6,824,278	$ 165	8,187,335	(1,143,992)	35,766	(254,996)	5,777
Beginning equity balance, shares at Dec. 31, 2018	165,279,642		165,279,642
W.P. Carey Stockholders
Shares issued under ATM Program, net, value	$ 523,377	523,377	$ 6	523,371
Shares issued under ATM Program, net, shares			6,672,412
Shares issued upon delivery of vested restricted share awards, value	(15,765)	(15,765)	$ 1	(15,766)
Shares issued upon delivery of vested restricted share awards, shares			322,831
Shares issued upon purchases under employee share purchase plan, value	113	113		113
Shares issued upon purchases under employee share purchase plan, shares			1,517
Deferral of vested shares, net				(1,445)		1,445
Amortization of stock-based compensation expense	13,848	13,848		13,848
Contributions from noncontrolling interests	849							849
Distributions to noncontrolling interests	(1,191)							(1,191)
Dividends declared	(533,637)	(533,637)		4,985	(538,674)	52
Net Income	176,752	175,871			175,871			881
Other comprehensive loss:
Foreign currency translation adjustments	(41,772)	(41,772)					(41,772)
Unrealized gain on derivative instruments	11,786	11,786					11,786
Unrealized gain on investments	7	7					7
Ending equity balance at Sep. 30, 2019	$ 6,964,422	6,958,106	$ 172	8,712,441	(1,506,795)	37,263	(284,975)	6,316
Ending equity balance, shares at Sep. 30, 2019	172,276,402		172,276,402
Beginning equity balance at Jun. 30, 2019	$ 6,990,794	6,984,405	$ 171	8,576,245	(1,368,457)	37,263	(260,817)	6,389
Beginning equity balance, shares at Jun. 30, 2019			170,756,507
W.P. Carey Stockholders
Shares issued under ATM Program, net, value	131,473	131,473	$ 1	131,472
Shares issued under ATM Program, net, shares			1,502,572
Shares issued upon delivery of vested restricted share awards, value	(23)	(23)		(23)
Shares issued upon delivery of vested restricted share awards, shares			17,323
Amortization of stock-based compensation expense	4,747	4,747		4,747
Distributions to noncontrolling interests	(569)							(569)
Dividends declared	(179,677)	(179,677)			(179,677)
Net Income	41,835	41,339			41,339			496
Other comprehensive loss:
Foreign currency translation adjustments	(37,412)	(37,412)					(37,412)
Unrealized gain on derivative instruments	13,243	13,243					13,243
Unrealized gain on investments	11	11					11
Ending equity balance at Sep. 30, 2019	$ 6,964,422	$ 6,958,106	$ 172	$ 8,712,441	$ (1,506,795)	$ 37,263	$ (284,975)	$ 6,316
Ending equity balance, shares at Sep. 30, 2019	172,276,402		172,276,402

Consolidated Statement of Equ_2

Consolidated Statement of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.036	$ 1.025	$ 3.102	$ 3.06

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows — Operating Activities
Net income	$ 176,752	$ 229,063
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	344,924	201,983
Amortization of rent-related intangibles and deferred rental revenue	62,537	36,405
Realized and unrealized losses (gains) on foreign currency transactions, derivatives, and other	36,962	(9,293)
Straight-line rent adjustments	(35,903)	(12,142)
Impairment charges	25,781	4,790
Investment Management revenue received in shares of Managed REITs and other	(23,051)	(40,049)
Distributions of earnings from equity method investments	19,472	47,173
Equity in earnings of equity method investments in the Managed Programs and real estate	(15,211)	(46,246)
Stock-based compensation expense	13,848	14,392
Loss on change in control of interests	8,416	0
Deferred income tax benefit	(3,163)	(5,123)
Gain on sale of real estate, net	(642)	(18,987)
Changes in assets and liabilities:
Net changes in other operating assets and liabilities	(36,642)	(35,173)
Deferred structuring revenue received	4,004	7,834
Increase in deferred structuring revenue receivable	(599)	(4,868)
Net Cash Provided by Operating Activities	577,485	369,759
Cash Flows — Investing Activities
Purchases of real estate	(351,582)	(530,114)
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(132,293)	(64,010)
Return of capital from equity method investments	30,654	12,129
Funding of short-term loans to affiliates	(29,450)	(10,000)
Proceeds from sales of real estate	26,478	95,130
Other investing activities, net	16,186	(1,326)
Proceeds from repayment of short-term loans to affiliates	11,637	37,000
Proceeds from repayment of loan receivable	9,707	362
Capital contributions to equity method investments	(2,595)	(715)
Net Cash Used in Investing Activities	(421,258)	(461,544)
Cash Flows — Financing Activities
Repayments of Senior Unsecured Credit Facility	(998,156)	(904,868)
Proceeds from Senior Unsecured Credit Facility	932,320	982,538
Prepayments of mortgage principal	(872,799)	(164,908)
Proceeds from issuance of Senior Unsecured Notes	870,635	616,355
Dividends paid	(524,994)	(329,552)
Proceeds from shares issued under ATM Program, net of selling costs	523,531	0
Scheduled payments of mortgage principal	(93,872)	(59,048)
Payments for withholding taxes upon delivery of equity-based awards	(15,766)	(13,840)
Payment of financing costs	(5,659)	(4,286)
Other financing activities, net	4,372	(3,291)
Distributions paid to noncontrolling interests	(1,191)	(15,166)
Contributions from noncontrolling interests	849	71
Proceeds from mortgage financing	0	857
Net Cash (Used in) Provided by Financing Activities	(180,730)	104,862
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(10,831)	(7,953)
Net (decrease) increase in cash and cash equivalents and restricted cash	(35,334)	5,124
Cash and cash equivalents and restricted cash, beginning of period	424,063	209,676
Cash and cash equivalents and restricted cash, end of period	$ 388,729	$ 214,800

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2019
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 on a long-term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property. Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.” We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. Through our taxable REIT subsidiaries (“TRSs”), we also earn revenue as the advisor to certain 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 ). At September 30, 2019 , 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 3 ); 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 3 ); we refer to the Managed REITs (including CPA:17 – Global prior to the CPA:17 Merger) and CESH collectively as the “Managed Programs.” We no longer raise capital for new or existing funds, but currently expect to continue managing our existing Managed Programs through the end of their respective life cycles ( Note 3 ). On October 22, 2019, CWI 1 and CWI 2 announced that they have entered into a definitive merger agreement under which the two companies intend to merge in an all-stock transaction. The transaction is expected to close in the first quarter of 2020, subject to the approval of stockholders of each of CWI 1 and CWI 2, among other conditions. Following the close of the merger, the combined company intends to internalize the management services currently provided by one of our subsidiaries ( Note 16 ). Reportable Segments Real Estate — Lease revenues from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United States and Northern and Western Europe, which are leased to companies on a triple-net lease basis. At September 30, 2019 , our owned portfolio was comprised of our full or partial ownership interests in 1,204 properties, totaling approximately 137.5 million square feet, substantially all of which were net leased to 324 tenants, with a weighted-average lease term of 10.3 years and an occupancy rate of 98.4% . In addition, at September 30, 2019 , our portfolio was comprised of full or partial ownership interests in 21 operating properties, including 19 self-storage properties and two hotels, totaling approximately 1.6 million square feet. 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 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 7 ) and (ii) special general partner interests in the operating partnerships of the Managed REITs, through which we participate in their cash flows ( Note 3 ), in our Investment Management segment. At September 30, 2019 , CPA:18 – Global owned all or a portion of 46 net-leased properties (including certain properties in which we also have an ownership interest), totaling approximately 9.6 million square feet, substantially all of which were leased to 51 tenants, with an occupancy rate of approximately 99.7% . CPA:18 – Global and the other Managed Programs also had interests in 127 operating properties, totaling approximately 15.9 million square feet in the aggregate.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2018 , which are included in the 2018 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. 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. 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 VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2018 Annual Report. During the nine months ended September 30, 2019 , we had a net decrease of nine entities considered to be consolidated VIEs, primarily related to disposition activity and certain lease amendments. In addition, during the nine months ended September 30, 2019 , we received a full repayment of our preferred equity interest in an unconsolidated VIE entity. As a result, this preferred equity interest is now retired and is no longer considered a VIE ( Note 7 ). At September 30, 2019 and December 31, 2018 , we considered 22 and 32 entities to be VIEs, respectively, of which we consolidated 15 and 24 , 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): September 30, 2019 December 31, 2018 Land, buildings and improvements $ 567,411 $ 781,347 Net investments in direct financing leases 267,700 305,493 In-place lease intangible assets and other 64,666 84,870 Above-market rent intangible assets 38,248 45,754 Accumulated depreciation and amortization (175,787 ) (164,942 ) Assets held for sale, net 104,013 — Total assets 912,388 1,112,984 Non-recourse mortgages, net $ 146,858 $ 157,955 Total liabilities 218,130 227,461 At September 30, 2019 and December 31, 2018 , our seven and eight unconsolidated VIEs, respectively, included our interests in five and six unconsolidated real estate investments, respectively, which we account for under the equity method of accounting, and two unconsolidated entities, which we accounted for at fair value. 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 September 30, 2019 and December 31, 2018 , the net carrying amount of our investments in these entities was $269.4 million and $301.6 million , respectively, and our maximum exposure to loss in these entities was limited to our investments. 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 adoption of certain rule and form amendments on August 17, 2018, we moved Gain on sale of real estate, net in the consolidated statements of income to be included within Other Income and Expenses. Also, structuring revenue and other advisory revenue were previously presented separately, but are now included within Structuring and other advisory revenue in the consolidated statements of income. In connection with our adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , as described below in Recent Accounting Pronouncements , reimbursable tenant costs (within Real Estate revenues) are now included within Lease revenues in the consolidated statements of income. In addition, we currently present Reimbursable tenant costs and Reimbursable costs from affiliates (both within operating expenses) on their own line items in the consolidated statements of income. Previously, these line items were included within Reimbursable tenant and affiliate costs. Revenue Recognition Revenue from contracts under Accounting Standards Codification (“ASC”) 606 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. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to revenues generated from our hotel operating properties and our Investment Management segment. Revenue from contracts for our Real Estate segment primarily represented operating property revenues of $7.4 million and $4.3 million for the three months ended September 30, 2019 and 2018 , respectively, and $21.5 million and $16.4 million for the nine months ended September 30, 2019 and 2018 , respectively. Such operating property revenues are primarily comprised of revenues from room rentals and from food and beverage services at our hotel operating properties during those periods. 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 3 . 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): September 30, 2019 December 31, 2018 Cash and cash equivalents $ 331,687 $ 217,644 Restricted cash (a) 57,042 206,419 Total cash and cash equivalents and restricted cash $ 388,729 $ 424,063 __________ (a) Restricted cash is included within Other assets, net in 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. These funds were transferred from a restricted cash account to us in January 2019. Recent Accounting Pronouncements Pronouncements Adopted as of September 30, 2019 In February 2016, the Financial Accounting Standards Board (“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, are capitalized and recorded on the balance sheet. For lessors, however, the new standard remains generally consistent with existing guidance, but has been updated to align with certain changes to the lessee model and ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). We adopted this guidance for our interim and annual periods beginning January 1, 2019 using the modified retrospective method, applying the transition provisions at the beginning of the period of adoption rather than at the beginning of the earliest comparative period presented. We elected the package of practical expedients as permitted under the transition guidance, which allowed us to not reassess whether arrangements contain leases, lease classification, and initial direct costs. The adoption of the lease standard did not result in a cumulative effect adjustment recognized in the opening balance of retained earnings as of January 1, 2019. • As a Lessee : we recognized $115.6 million of land lease right-of-use (“ROU”) assets, $12.7 million of office lease ROU assets, and $95.3 million of corresponding lease liabilities for certain operating office and land lease arrangements for which we were the lessee on January 1, 2019, which included reclassifying below-market ground lease intangible assets, above-market ground lease intangible liabilities, prepaid rent, and deferred rent as a component of the ROU asset (a net reclassification of $33.0 million ). See Note 4 for additional disclosures on the presentation of these amounts in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments consist of increases as a result of the Consumer Price Index (“CPI”) or other comparable indices, taxes, and maintenance costs. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities across domestic and international markets, utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term. • As a Lessor : a practical expedient allows lessors to combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), if both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. We elected the practical expedient. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable expenses are incurred. Under ASU 2016-02, lessors are allowed to only capitalize incremental direct leasing costs. Historically, we have not capitalized internal legal and leasing costs incurred, and, as a result, we were not impacted by this change. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 makes more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and eliminates the requirements to separately measure and disclose 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. We adopted this guidance for our interim and annual periods beginning January 1, 2019. The adoption of this standard impacted our consolidated financial statements for both cash flow hedges and net investment hedges. Changes in the fair value of our hedging instruments are no longer separated into effective and ineffective portions. The entire change in the fair value of these hedging instruments included in the assessment of effectiveness is now recorded in Accumulated other comprehensive loss. The impact to our consolidated financial statements as a result of these changes was not material. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 expands 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 adopted this guidance for our interim and annual periods beginning January 1, 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. Pronouncements to be Adopted after September 30, 2019 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 collectability 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 is expected to apply to Net investments in direct financing leases and loans receivable within Other assets, net on our consolidated balance sheets. 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.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	9 Months Ended
	Sep. 30, 2019
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 existing 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 1 ), the advisory agreements with CPA:17 – Global were terminated, and we no longer receive fees or reimbursements from CPA:17 – Global. We no longer raise capital for new or existing funds, but we currently expect to continue to manage all existing Managed Programs and earn various fees (as described below) through the end of their respective life cycles ( Note 1 , Note 16 ). We have partnership agreements with each of the Managed Programs, and under the partnership agreements with the Managed REITs, we are entitled to receive certain cash distributions from their respective operating partnerships. The following tables present a summary of revenue earned from the Managed Programs for the periods indicated, included in the consolidated financial statements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Asset management revenue (a) $ 9,878 $ 17,349 $ 29,400 $ 51,602 Distributions of Available Cash (b) 5,480 13,135 14,930 32,413 Reimbursable costs from affiliates (a) 4,786 6,042 12,475 16,883 Interest income on deferred acquisition fees and loans to affiliates (c) 636 493 1,727 1,541 Structuring and other advisory revenue (a) 587 6,663 3,163 13,018 $ 21,367 $ 43,682 $ 61,695 $ 115,457 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 CPA:17 – Global (d) $ — $ 17,794 $ — $ 48,131 CPA:18 – Global 5,939 11,377 19,758 29,411 CWI 1 8,772 8,204 22,413 20,826 CWI 2 5,073 5,537 15,723 14,982 CESH 1,583 770 3,801 2,107 $ 21,367 $ 43,682 $ 61,695 $ 115,457 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Equity in earnings of equity method investments in the Managed Programs and real estate in the consolidated statements of income. (c) Included within Other gains and (losses) in the consolidated statements of income. (d) We no longer earn revenue from CPA:17 – Global following the completion of the CPA:17 Merger on October 31, 2018 ( Note 1 ). The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands): September 30, 2019 December 31, 2018 Short-term loans to affiliates, including accrued interest $ 75,436 $ 58,824 Deferred acquisition fees receivable, including accrued interest 5,337 8,697 Reimbursable costs 3,445 3,227 Asset management fees receivable 1,203 563 Accounts receivable 853 1,425 Current acquisition fees receivable 126 2,106 $ 86,400 $ 74,842 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 existing Managed Programs: Managed Program Rate Payable Description 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 50% in cash and 50% in shares of its Class A common stock for 2019; payable in shares of its Class A common stock for 2018 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 2019 and 2018 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 2019 and 2018 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 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 and Other Advisory Revenue Under the terms of the advisory agreements with the Managed Programs, we earn revenue for structuring and negotiating investments and related financing. For the Managed REITs, the combined total of acquisition fees and other acquisition expenses are limited to 6% of the contract prices in aggregate. The following table presents a summary of our structuring fee arrangements with the existing Managed Programs: Managed Program Rate Payable Description 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 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 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 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 ( Note 5 ). We do not believe the deferral of the fees represents a significant financing component. In addition, we may earn fees for dispositions and mortgage loan refinancings completed on behalf of the Managed Programs. Reimbursable Costs from Affiliates The existing Managed Programs 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:18 – Global In cash Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to CPA:18 – Global based on the average of the trailing 12-month aggregate reported revenues of the Managed Programs and us, and personnel costs are capped at 1.0% of CPA:18 – Global’s pro rata lease revenues for both 2019 and 2018; for the legal transactions group, costs are charged according to a fee schedule CWI REITs 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 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 existing 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. 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 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. Other Transactions with Affiliates CPA:17 Merger On October 31, 2018, CPA:17 – Global merged with and into one of our wholly owned subsidiaries, primarily in exchange for shares of our common stock, which we accounted for as a business combination under the acquisition method of accounting. The purchase price was allocated to the assets acquired and liabilities assumed, based upon their preliminary fair values at October 31, 2018. During the nine months ended September 30, 2019 , we identified certain measurement period adjustments that impacted the provisional accounting, which decreased Land, buildings and improvements by $5.7 million , decreased Net investments in direct financing leases by $21.0 million (related loss on change in control of interests of $8.4 million was recorded for the three and nine months ended September 30, 2019 ( Note 5 )), increased equity investments in real estate by $2.6 million , decreased Other assets, net by $0.8 million , and decreased Deferred income taxes by $0.7 million , resulting in a $15.8 million increase in Goodwill. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. Accordingly, the fair value of these assets and liabilities and the impact to goodwill are subject to change during the measurement period, which will end up to one year from the acquisition date (October 31, 2019). 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 10 ), 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 September 30, 2019 Maturity Date at September 30, 2019 Maximum Loan Amount Authorized at September 30, 2019 Principal Outstanding Balance at (a) Managed Program September 30, 2019 December 31, 2018 CESH (b) LIBOR + 1.00% 10/1/2020 $ 65,000 $ 38,911 $ 14,461 CWI 1 (b) (c) LIBOR + 1.00% 12/31/2019 60,000 35,000 41,637 CPA:18 – Global N/A N/A 50,000 — — CWI 2 N/A N/A 25,000 — — $ 73,911 $ 56,098 __________ (a) Amounts exclude accrued interest of $1.5 million and $2.7 million at September 30, 2019 and December 31, 2018 , respectively. (b) LIBOR means London Interbank Offered Rate. (c) In October 2019, CWI 1 repaid $5.0 million of the principal outstanding under its line of credit with us. Other At September 30, 2019 , we owned interests in nine jointly owned investments in real estate, with the remaining interests held by affiliates or third parties. We consolidate two such investments and account for the remaining seven investments under the equity method of accounting ( Note 7 ). 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 7 ).

Land, Buildings and Improvement

Land, Buildings and Improvements and Assets Held for Sale	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Land, Buildings and Improvements and Assets Held for Sale	Land, Buildings and Improvements and Assets Held for Sale Land, Buildings and Improvements — Operating Leases Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands): September 30, 2019 December 31, 2018 Land $ 1,834,440 $ 1,772,099 Buildings and improvements 7,433,953 6,945,513 Real estate under construction 87,929 63,114 Less: Accumulated depreciation (884,784 ) (724,550 ) $ 8,471,538 $ 8,056,176 During the nine months ended September 30, 2019 , 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 4.9% to $1.0889 from $1.1450 . 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 $138.8 million from December 31, 2018 to September 30, 2019 . During the second quarter of 2019, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, in June 2019 and August 2019, we reclassified 22 and five consolidated self-storage properties, respectively, with an aggregate carrying value of $287.7 million from Land, buildings and improvements attributable to operating properties to Land, buildings and improvements subject to operating leases. Effective as of those times, we began recognizing lease revenues from these properties, whereas previously we recognized operating property revenues and expenses from these properties. In connection with changes in lease classifications due to extensions of the underlying leases, we reclassified four properties with an aggregate carrying value of $44.4 million from Net investments in direct financing leases to Land, buildings and improvements subject to operating leases during the nine months ended September 30, 2019 ( Note 5 ). Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $58.3 million and $39.2 million for the three months ended September 30, 2019 and 2018 , respectively, and $169.9 million and $113.1 million for the nine months ended September 30, 2019 and 2018 , respectively. During the third quarter of 2019, we identified measurement period adjustments that impacted the provisional accounting for an investment classified as Land, buildings and improvements, which was acquired in the CPA:17 Merger on October 31, 2018 ( Note 3 ). As such, the CPA:17 Merger purchase price allocated to this investment decreased by approximately $5.7 million . Acquisitions of Real Estate During the nine months ended September 30, 2019 , we entered into the following investments, which were deemed to be real estate asset acquisitions, at a total cost of $369.7 million , including land of $38.2 million , buildings of $258.7 million (including capitalized acquisition-related costs of $2.8 million ), net lease intangibles of $73.6 million , and a debt premium of $0.8 million (related to the non-recourse mortgage loan assumed in connection with an acquisition, as described below): • an investment of $32.7 million for an educational facility in Portland, Oregon, on February 20, 2019; • an investment of $48.3 million for an office building in Morrisville, North Carolina, on March 7, 2019; • an investment of $37.6 million for a distribution center in Inwood, West Virginia, on March 27, 2019, which is encumbered by a non-recourse mortgage loan that we assumed on the date of acquisition with an outstanding principal balance of $20.2 million ( Note 10 ); • an investment of $49.3 million for an industrial facility in Hurricane, Utah, on March 28, 2019; • an investment of $16.6 million for an industrial facility in Bensenville, Illinois, on March 29, 2019; • an investment of $10.2 million for two manufacturing and distribution centers in Westerville, Ohio, and North Wales, Pennsylvania, on May 21, 2019; • an investment of $24.5 million for eight manufacturing facilities in various locations in the United States and Mexico on May 31, 2019; • an investment of $18.8 million for a headquarters and warehouse facility in Statesville, North Carolina, on June 7, 2019; • an investment of $70.1 million for a headquarters and industrial facility in Conesto ga, Pennsylvania, on June 27, 2019; • an investment of $30.1 million for three manufacturing and warehouse facilities in Hartford and Milwaukee, Wisconsin, on July 19, 2019; • an investment of $15.1 million for two manufacturing facilities in Brockville and Prescott, Canada, on July 24, 2019; and • an investment of $16.4 million for an industrial facility in Dordrecht, the Netherlands, on September 26, 2019. The acquired net lease intangibles are comprised of (i) in-place lease intangible assets totaling $83.2 million , which have a weighted-average expected life of 19.3 years , and (ii) below-market rent intangible liabilities totaling $9.6 million , which have a weighted-average expected life of 15.0 years . Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. During the nine months ended September 30, 2019 , we committed to purchase a warehouse and distribution facility in Knoxville, Tennessee, for approximately $68.0 million upon completion of construction of the property, which is expected to take place during the second quarter of 2020. During the nine months ended September 30, 2019 , we committed to purchase two warehouse facilities in Hillerød and Hammelev, Denmark, for approximately $19.3 million (based on the exchange rate of the Danish krone at September 30, 2019 ) upon completion of construction of the properties, which is expected to take place during the fourth quarter of 2019. Real Estate Under Construction During the nine months ended September 30, 2019 , we capitalized real estate under construction totaling $104.2 million . The number of construction projects in progress with balances included in real estate under construction was five and four as of September 30, 2019 and December 31, 2018 , respectively. Aggregate unfunded commitments totaled approximately $144.0 million and $204.5 million as of September 30, 2019 and December 31, 2018 , respectively. During the nine months ended September 30, 2019 , we completed the following construction projects, at a total cost of $79.4 million : • an expansion project at a warehouse facility in Zabia Wola, Poland, in March 2019 at a cost totaling $5.6 million , including capitalized interest; • a built-to-suit project for a warehouse facility in Dillon, South Carolina, in March 2019 at a cost totaling $47.4 million , including capitalized interest; • an expansion project at a warehouse facility in Rotterdam, the Netherlands, in May 2019 at a cost totaling $20.4 million , including capitalized interest; and • an expansion project at an industrial facility in Legnica, Poland, in June 2019 at a cost totaling $6.0 million . Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. During the nine months ended September 30, 2019 , we committed to fund an aggregate of $37.4 million (based on the exchange rate of the foreign currency at September 30, 2019 , as applicable) for the following construction projects: • a build-to-suit project for an industrial facility in Katowice, Poland, for an aggregate of $16.9 million . The facility will be constructed on land subject to three land leases and we currently expect to complete the project in the fourth quarter of 2019; • an expansion project for an existing tenant at an industrial facility in McCalla, Alabama, for an aggregate of $12.5 million , which we currently expect to complete in the fourth quarter of 2019; and • an expansion project for an existing tenant at an industrial and office facility in Marktheidenfeld, Germany, for an aggregate of $8.0 million , which we currently expect to complete in the second quarter of 2020. Dispositions of Properties During the nine months ended September 30, 2019 , we sold five properties, 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 $17.3 million from December 31, 2018 to September 30, 2019 . Future Dispositions of Real Estate As of September 30, 2019 , one of our tenants exercised its options to repurchase two properties it is leasing for $4.4 million (the amounts for both repurchase options are based on the exchange rate of the euro as of September 30, 2019 ), but there can be no assurance that such repurchases will be completed. At September 30, 2019 , these two properties had an aggregate asset carrying value of $4.8 million . Leases Operating Lease Income Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease income — fixed $ 229,155 $ 666,330 Lease income — variable (a) 24,304 67,917 Total operating lease income (b) $ 253,459 $ 734,247 __________ (a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes $25.4 million and $77.3 million for the three and nine months ended September 30, 2019 , respectively, of interest income from direct financing leases that is included in Lease revenues in the consolidated statement of income. Scheduled Future Lease Payments to be Received Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable operating leases at September 30, 2019 are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 244,736 2020 967,982 2021 951,911 2022 917,423 2023 874,427 Thereafter 7,171,003 Total $ 11,127,482 Scheduled future lease payments to be received (exclusive of 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 See Note 5 for scheduled future lease payments to be received under non-cancelable direct financing leases. Lease Cost Certain information related to the total lease cost for operating leases is as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Fixed lease cost $ 3,286 $ 10,902 Variable lease cost 424 786 Total lease cost $ 3,710 $ 11,688 During the three and nine months ended September 30, 2019 , we received sublease income totaling approximately $1.1 million and $4.1 million , respectively, which is included in Lease revenues in the consolidated statement of income. Other Information Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): Location on Consolidated Balance Sheets September 30, 2019 Operating ROU assets — land leases In-place lease intangible assets and other $ 112,208 Operating ROU assets — office leases Other assets, net 8,868 Total operating ROU assets $ 121,076 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 87,985 Weighted-average remaining lease term — operating leases 37.5 years Weighted-average discount rate — operating leases 7.8 % Number of land lease arrangements 64 Number of office space arrangements 6 Lease term range (excluding extension options not reasonably certain of being exercised) 1 – 100 years Cash paid for operating lease liabilities included in Net cash provided by operating activities totaled $10.7 million for the nine months ended September 30, 2019 . There are no land or office direct financing leases for which we are the lessee, therefore there are no related ROU assets or lease liabilities. Undiscounted Cash Flows A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of September 30, 2019 is as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 3,217 2020 14,066 2021 8,628 2022 7,873 2023 7,741 Thereafter 254,873 Total lease payments 296,398 Less: amount of lease payments representing interest (208,413 ) Present value of future lease payments/lease obligations $ 87,985 Scheduled future lease payments (excluding amounts paid directly by tenants) for the years subsequent to the year ended December 31, 2018 are: $14.5 million for 2019, $13.5 million for 2020, $7.9 million for 2021, $7.1 million for 2022, $7.0 million for 2023, and $246.7 million for the years thereafter. Land, Buildings and Improvements — Operating Properties At September 30, 2019 , Land, buildings and improvements attributable to operating properties consisted of our investments in ten consolidated self-storage properties and one consolidated hotel. As of September 30, 2019 , we reclassified another consolidated hotel to Assets held for sale, net, as described below. 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. Below is a summary of our Land, buildings and improvements attributable to operating properties (in thousands): September 30, 2019 December 31, 2018 Land $ 10,452 $ 102,478 Buildings and improvements 72,527 363,572 Real estate under construction — 4,620 Less: Accumulated depreciation (10,566 ) (10,234 ) $ 72,413 $ 460,436 As described above under Land, Buildings and Improvements — Operating Leases , during the second quarter of 2019, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, in June 2019 and August 2019, we reclassified 22 and five consolidated self-storage properties, respectively, with an aggregate carrying value of $287.7 million from Land, buildings and improvements attributable to operating properties to Land, buildings and improvements subject to operating leases. Depreciation expense on our buildings and improvements attributable to operating properties was $0.8 million and $0.5 million for the three months ended September 30, 2019 and 2018 , respectively, and $6.2 million and $2.0 million for the nine months ended September 30, 2019 and 2018 , respectively. For the three and nine months ended September 30, 2019 , Operating property revenues totaling $9.5 million and $41.0 million , respectively, were comprised of $7.2 million and $33.0 million , respectively, in lease revenues and $2.3 million and $8.0 million , respectively, in other income (such as food and beverage revenue) from 37 consolidated self-storage properties and two consolidated hotels. For the three and nine months ended September 30, 2018 , Operating property revenues totaling $4.3 million and $16.4 million , respectively, were comprised of $3.2 million and $11.6 million , respectively, in lease revenues and $1.1 million and $4.8 million , respectively, in other income from two consolidated hotels. We derive self-storage revenue primarily from rents received from customers who rent storage space under month-to-month leases for personal or business use. We derive hotel revenue primarily from room rentals, as well as food, beverage, and other services. Assets Held for Sale, Net Below is a summary of our properties held for sale (in thousands): September 30, 2019 December 31, 2018 Land, buildings and improvements $ 105,576 $ — Accumulated depreciation and amortization (1,563 ) — Assets held for sale, net $ 104,013 $ — At September 30, 2019 , we had one hotel operating property classified as Assets held for sale, net, with an aggregate carrying value of $104.0 million .

Finance Receivables

Finance Receivables	9 Months Ended
	Sep. 30, 2019
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. See Note 2 and Note 4 for information on ROU operating lease assets recognized in our consolidated balance sheets. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): September 30, 2019 December 31, 2018 Lease payments receivable $ 996,167 $ 1,160,977 Unguaranteed residual value 856,180 966,826 1,852,347 2,127,803 Less: unearned income (676,046 ) (821,588 ) $ 1,176,301 $ 1,306,215 Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $25.4 million and $16.7 million for the three months ended September 30, 2019 and 2018 , respectively, and $77.3 million and $50.7 million for the nine months ended September 30, 2019 and 2018 , respectively. During the nine months ended September 30, 2019 , we reclassified four properties with an aggregate carrying value of $44.4 million from Net investments in direct financing leases to Land, buildings and improvements subject to operating leases in connection with changes in lease classifications due to extensions of the underlying leases ( Note 4 ). During the nine months ended September 30, 2019 , we sold four properties accounted for as direct financing leases that had an aggregate net carrying value of $6.4 million . During the nine months ended September 30, 2019 , the U.S. dollar strengthened against the euro, resulting in a $20.2 million decrease in the carrying value of Net investments in direct financing leases from December 31, 2018 to September 30, 2019 . During the third quarter of 2019, we identified measurement period adjustments that impacted the provisional accounting for an investment classified as Net investments in direct financing leases, which was acquired in the CPA:17 Merger on October 31, 2018 ( Note 3 ). Prior to the CPA:17 Merger, we already had a joint interest in this investment and accounted for it under the equity method (subsequent to the CPA:17 Merger, we consolidated this wholly owned investment). As such, the CPA:17 Merger purchase price allocated to this investment decreased by approximately $21.0 million . In addition, we recorded a loss on change in control of interests of $8.4 million during both the three and nine months ended September 30, 2019 , reflecting adjustments to the difference between our carrying value and the preliminary estimated fair value of this former equity interest on October 31, 2018. We also recorded impairment charges totaling $25.8 million on this investment during both the three and nine months ended September 30, 2019 ( Note 8 ). Scheduled Future Lease Payments to be Received Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable direct financing leases at September 30, 2019 are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) (a) $ 277,569 2020 91,098 2021 89,117 2022 79,807 2023 73,367 Thereafter 385,209 Total $ 996,167 Scheduled future lease payments to be received (exclusive of 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 total rents owed and a bargain purchase option amount (for an aggregate of $254.7 million and $275.4 million as of September 30, 2019 and December 31, 2018 , respectively) from The New York Times Company, a tenant at one of our properties, which exercised its bargain purchase option to repurchase the property in the fourth quarter of 2019. There can be no assurance that such repurchase will be completed. At September 30, 2019 , this property had an aggregate asset carrying value of $252.0 million . See Note 4 for scheduled future lease payments to be received under non-cancelable operating leases. Loans Receivable At both September 30, 2019 and December 31, 2018 , we had four loans receivable related to a domestic investment with an aggregate carrying value of $57.7 million . In October 2019, two of these loans receivable were repaid in full to us for $10.0 million . In addition, at December 31, 2018 , we had a loan receivable representing the expected future payments under a sales type lease with a carrying value of $9.5 million . In June 2019, this loan receivable was repaid in full to us for $9.3 million ( Note 14 ). Our loans receivable are included in Other assets, net in the consolidated financial statements. 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 3 , we earn revenue in connection with structuring and negotiating investments and related mortgage financing for CPA:18 – Global. A portion of this revenue is due in equal annual installments over three years . Unpaid deferred installments, including accrued interest, from CPA:18 – Global 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. At both September 30, 2019 and December 31, 2018 , none of the balances of our finance receivables were past due. Other than the lease extensions noted under Net Investments in Direct Financing Leases above, there were no material modifications of finance receivables during the nine months ended September 30, 2019 . 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 CPA:18 – Global is 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 Carrying Value at Internal Credit Quality Indicator September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 1 - 3 34 36 $ 1,070,988 $ 1,135,321 4 7 10 138,632 227,591 5 1 1 24,418 10,580 $ 1,234,038 $ 1,373,492

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2019
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-place lease intangibles, at cost are included in In-place lease intangible assets and other 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 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 and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements. The following table presents a reconciliation of our goodwill (in thousands): Real Estate Investment Management Total Balance at December 31, 2018 $ 857,337 $ 63,607 $ 920,944 CPA:17 Merger measurement period adjustments ( Note 3 ) 15,802 — 15,802 Foreign currency translation adjustments (5,882 ) — (5,882 ) Balance at September 30, 2019 $ 867,257 $ 63,607 $ 930,864 Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): September 30, 2019 December 31, 2018 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 $ 19,357 $ (12,773 ) $ 6,584 $ 18,924 $ (10,672 ) $ 8,252 Trade name 3,975 (1,792 ) 2,183 3,975 (1,196 ) 2,779 23,332 (14,565 ) 8,767 22,899 (11,868 ) 11,031 Lease Intangibles: In-place lease 1,999,393 (632,794 ) 1,366,599 1,960,437 (496,096 ) 1,464,341 Above-market rent 911,940 (386,089 ) 525,851 925,797 (330,935 ) 594,862 Below-market ground lease (a) — — — 42,889 (2,367 ) 40,522 2,911,333 (1,018,883 ) 1,892,450 2,929,123 (829,398 ) 2,099,725 Indefinite-Lived Goodwill and Intangible Assets Goodwill 930,864 — 930,864 920,944 — 920,944 Below-market ground lease (a) — — — 6,302 — 6,302 930,864 — 930,864 927,246 — 927,246 Total intangible assets $ 3,865,529 $ (1,033,448 ) $ 2,832,081 $ 3,879,268 $ (841,266 ) $ 3,038,002 Finite-Lived Intangible Liabilities Below-market rent $ (260,880 ) $ 69,936 $ (190,944 ) $ (253,633 ) $ 57,514 $ (196,119 ) Above-market ground lease (a) — — — (15,961 ) 3,663 (12,298 ) (260,880 ) 69,936 (190,944 ) (269,594 ) 61,177 (208,417 ) Indefinite-Lived Intangible Liabilities Below-market purchase option (16,711 ) — (16,711 ) (16,711 ) — (16,711 ) Total intangible liabilities $ (277,591 ) $ 69,936 $ (207,655 ) $ (286,305 ) $ 61,177 $ (225,128 ) __________ (a) In connection with our adoption of ASU 2016-02 ( Note 2 ), in the first quarter of 2019, we prospectively reclassified below-market ground lease intangible assets and above-market ground lease intangible liabilities to be a component of ROU assets within In-place lease intangible assets and other in our consolidated balance sheets. As of December 31, 2018, below-market ground lease intangible assets were included in In-place lease intangible assets and other in the consolidated balance sheets, and above-market ground lease intangible liabilities were included in Below-market rent and other intangible liabilities, net in the consolidated balance sheets. During the nine months ended September 30, 2019 , the U.S. dollar strengthened against the euro, resulting in a decrease of $37.9 million in the carrying value of our net intangible assets from December 31, 2018 to September 30, 2019 . Net amortization of intangibles, including the effect of foreign currency translation, was $64.5 million and $40.5 million for the three months ended September 30, 2019 and 2018 , respectively, and $204.1 million and $118.2 million for the nine months ended September 30, 2019 and 2018 , 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 was included in Property expenses, excluding reimbursable tenant costs, prior to the reclassification of above-market ground lease and below-market ground lease intangibles to ROU assets in the first quarter of 2019, as described above and in Note 2 .

Equity Investments in the Manag

Equity Investments in the Managed Programs and Real Estate	9 Months Ended
	Sep. 30, 2019
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): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Distributions of Available Cash ( Note 3 ) $ 5,480 $ 13,135 $ 14,930 $ 32,413 Proportionate share of equity in earnings of equity investments in the Managed Programs 96 1,136 621 4,166 Amortization of basis differences on equity method investments in the Managed Programs (385 ) (607 ) (1,070 ) (1,919 ) Total equity in earnings of equity method investments in the Managed Programs 5,191 13,664 14,481 34,660 Equity in earnings of equity method investments in real estate 896 5,264 2,232 13,251 Amortization of basis differences on equity method investments in real estate (318 ) (565 ) (1,502 ) (1,665 ) Total equity in earnings of equity method investments in real estate 578 4,699 730 11,586 Equity in earnings of equity method investments in the Managed Programs and real estate $ 5,769 $ 18,363 $ 15,211 $ 46,246 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 existing Managed Programs (dollars in thousands): % of Outstanding Interests Owned at Carrying Amount of Investment at Fund September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 CPA:18 – Global (a) 3.761 % 3.446 % $ 41,325 $ 39,600 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 (a) 3.745 % 3.062 % 46,354 38,600 CWI 1 operating partnership 0.015 % 0.015 % 186 186 CWI 2 (a) 3.533 % 2.807 % 31,812 25,200 CWI 2 operating partnership 0.015 % 0.015 % 300 300 CESH (b) 2.430 % 2.430 % 3,779 3,495 $ 123,965 $ 107,590 __________ (a) During the nine months ended September 30, 2019 , we received asset management revenue from the existing Managed REITs primarily in shares of their common stock, which increased our ownership percentage in each of the existing Managed REITs ( Note 3 ). (b) Investment is accounted for at fair value. CPA:17 – Global — 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 ). We received distributions from CPA:17 – Global during the nine months ended September 30, 2018 of $7.5 million . We received distributions from our investment in the CPA:17 – Global operating partnership during the nine months ended September 30, 2018 of $18.6 million ( Note 3 ). CPA:18 – Global — The c arrying value of our investment in CPA:18 – Global at September 30, 2019 includes asset management fees receivable, for which 54,348 shares of CPA:18 – Global Class A common stock were issued during the fourth quarter of 2019 . We received distributions from this investment during the nine months ended September 30, 2019 and 2018 of $2.5 million and $1.9 million , respectively. We received distributions from our investment in the CPA:18 – Global operating partnership during the nine months ended September 30, 2019 and 2018 of $5.6 million and $6.4 million , respectively ( Note 3 ). CWI 1 — The c arrying value of our investment in CWI 1 at September 30, 2019 includes asset management fees receivable, for which 112,794 shares of CWI 1 common stock were issued during the fourth quarter of 2019 . We received distributions from this investment during the nine months ended September 30, 2019 and 2018 of $2.0 million and $1.4 million , respectively. We received distributions from our investment in the CWI 1 operating partnership during the nine months ended September 30, 2019 and 2018 of $4.9 million and $3.5 million , respectively ( Note 3 ). CWI 2 — The carrying value of our investment in CWI 2 at September 30, 2019 includes asset management fees receivable, for which 78,392 shares of CWI 2 Class A common stock were issued during the fourth quarter of 2019 . We received distributions from this investment during the nine months ended September 30, 2019 and 2018 of $1.2 million and $0.8 million , respectively. We received distributions from our investment in the CWI 2 operating partnership during the nine months ended September 30, 2019 and 2018 of $4.5 million and $3.9 million , respectively ( Note 3 ). 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. We record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of September 30, 2019 is based on the estimated fair value of our investment as of June 30, 2019 . We did not receive distributions from this investment during the nine months ended September 30, 2019 or 2018 . At September 30, 2019 and December 31, 2018 , the aggregate unamortized basis differences on our equity investments in the Managed Programs were $44.1 million and $35.2 million , 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. 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): Carrying Value at Lessee Co-owner Ownership Interest September 30, 2019 December 31, 2018 Johnson Self Storage Third Party 90% $ 70,346 $ 73,475 Kesko Senukai (a) Third Party 70% 43,746 52,432 Bank Pekao (a) CPA:18 – Global 50% 26,989 29,086 BPS Nevada, LLC (b) Third Party 15% 22,665 22,292 State Farm Mutual Automobile Insurance Co. CPA:18 – Global 50% 17,667 18,927 Apply Sørco AS (c) (d) CPA:18 – Global 49% 7,693 7,483 Fortenova Grupa d.d. (formerly Konzum d.d.) (a) CPA:18 – Global 20% 2,570 2,858 Beach House JV, LLC (e) Third Party N/A — 15,105 $ 191,676 $ 221,658 __________ (a) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (b) This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement. (c) The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone. (d) During the first quarter of 2019, we identified measurement period adjustments that impacted the provisional accounting for this investment, which was acquired in the CPA:17 Merger on October 31, 2018 ( Note 3 ). As such, the CPA:17 Merger purchase price allocated to this jointly owned investment increased by approximately $5.2 million , of which our proportionate share was $2.6 million . (e) On February 27, 2019, we received a full repayment of our preferred equity interest in this investment totaling $15.0 million . As a result, this preferred equity interest is now retired. We received aggregate distributions of $14.6 million and $15.4 million from our other unconsolidated real estate investments for the nine months ended September 30, 2019 and 2018 , respectively. At September 30, 2019 and December 31, 2018 , the aggregate unamortized basis differences on our unconsolidated real estate investments were $24.7 million and $23.7 million , respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
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. 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 9 ). 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, which is included in Equity investments in the Managed Programs and real estate in the consolidated financial statements, at fair value by selecting the equity method fair value option available under GAAP ( Note 7 ). We classified this investment as Level 3 because we primarily used valuation models that incorporate unobservable inputs to determine its fair value. The fair value of our equity investment in CESH approximated its carrying value as of September 30, 2019 and December 31, 2018 . Investment in Shares of a Cold Storage Operator — We have elected to apply the measurement alternative under ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10) to account for our investment in shares of a cold storage operator, which is included in Other assets, net in the consolidated financial statements. Under this alternative, the carrying value is adjusted for any impairments or changes in fair value resulting from observable transactions for similar or identical investments in the issuer. We classified this investment as Level 3 because it is not traded in an active market. During the first quarter of 2019, we identified measurement period adjustments that impacted the provisional accounting for this investment, which was acquired in the CPA:17 Merger on October 31, 2018 ( Note 3 ). As such, the CPA:17 Merger purchase price allocated to this investment decreased by approximately $3.0 million . In addition, during the nine months ended September 30, 2019 , we recognized unrealized losses on our investment in shares of a cold storage operator totaling $3.3 million , which was recorded within Other gains and (losses) in the consolidated financial statements. The fair value of this investment approximated its carrying value, which was $110.0 million and $116.3 million at September 30, 2019 and December 31, 2018 , respectively. Investment in Shares of GCIF — We account for our investment in shares of Guggenheim Credit Income Fund (“GCIF”), which is included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 2 because we used a quoted price from an inactive market to determine its fair value. During the nine months ended September 30, 2019 , we redeemed a portion of our investment in shares of GCIF for approximately $3.3 million . Distributions of earnings from GCIF and unrealized gains or losses recognized on GCIF are recorded within Other gains and (losses) in the consolidated financial statements. During the nine months ended September 30, 2019 , we recognized unrealized losses on our investment in shares of GCIF totaling $1.1 million , due to a decrease in the net asset value of the investment. The fair value of our investment in shares of GCIF approximated its carrying value, which was $19.1 million and $23.6 million at September 30, 2019 and December 31, 2018 , respectively. We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the nine months ended September 30, 2019 or 2018 . 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. Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): September 30, 2019 December 31, 2018 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 4,302,892 $ 4,594,830 $ 3,554,470 $ 3,567,593 Non-recourse mortgages, net (a) (b) (d) 3 1,771,887 1,798,883 2,732,658 2,737,861 Loans receivable (d) 3 57,737 57,737 67,277 67,123 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $23.5 million and $19.7 million at September 30, 2019 and December 31, 2018 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.6 million and $0.8 million at September 30, 2019 and December 31, 2018 , respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $20.9 million and $15.8 million at September 30, 2019 and December 31, 2018 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $21.0 million and $21.8 million at September 30, 2019 and December 31, 2018 , 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 consider 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, including amounts outstanding under our Senior Unsecured Credit Facility ( Note 10 ) but excluding net investments in direct financing leases, had fair values that approximated their carrying values at both September 30, 2019 and December 31, 2018 . 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. There have been no significant changes in our impairment policies from what was disclosed in the 2018 Annual Report. During the three and nine months ended September 30, 2019 , we recognized impairment charges totaling $25.8 million on a portfolio of four properties accounted for as Net investments in direct financing leases, based on the cash flows expected to be derived from the underlying assets (discounted at the rate implicit in the lease), in accordance with ASC 310, Receivables . During the nine months ended September 30, 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. This property was sold in July 2019.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2019
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 10 ). Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other securities and the shares or limited partnership units we hold in the Managed Programs due to changes in interest rates or other market factors. We own investments in North America, Europe, 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 derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive loss as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive loss into earnings (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged net investment is either sold or substantially liquidated. 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 September 30, 2019 and December 31, 2018 , no cash collateral had been posted nor received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Foreign currency collars Other assets, net $ 24,425 $ 8,536 $ — $ — Foreign currency forward contracts Other assets, net 14,782 22,520 — — Interest rate caps Other assets, net 1 56 — — Interest rate swaps Other assets, net — 1,435 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (5,617 ) (3,387 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (1,679 ) 39,208 32,547 (5,617 ) (5,066 ) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 4,900 5,500 — — Interest rate swaps (a) Other assets, net 18 — — — Foreign currency forward contracts Other assets, net — 7,144 — — Interest rate swaps (a) Accounts payable, accrued expenses and other liabilities — — (117 ) (343 ) 4,918 12,644 (117 ) (343 ) Total derivatives $ 44,126 $ 45,191 $ (5,734 ) $ (5,409 ) __________ (a) 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 Loss (a) Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2019 2018 2019 2018 Foreign currency collars $ 13,661 $ 1,267 $ 17,539 $ 5,117 Interest rate swaps (398 ) 244 (2,775 ) 1,664 Foreign currency forward contracts 361 (786 ) (809 ) (644 ) Interest rate caps 50 (1 ) 199 (12 ) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars 18 — 19 — Foreign currency forward contracts 8 1,100 7 3,416 Total $ 13,700 $ 1,824 $ 14,180 $ 9,541 Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Foreign currency forward contracts Other gains and (losses) $ 2,271 $ 1,752 $ 6,825 $ 4,556 Foreign currency collars Other gains and (losses) 1,241 681 3,614 1,255 Interest rate swaps and caps Interest expense (432 ) (10 ) (2,046 ) (261 ) Total $ 3,080 $ 2,423 $ 8,393 $ 5,550 __________ (a) Excludes net losses of $0.4 million and net gains of less than $0.1 million recognized on unconsolidated jointly owned investments for the three months ended September 30, 2019 and 2018 , respectively, and net losses of $2.4 million and net gains of $0.3 million for the nine months ended September 30, 2019 and 2018 , respectively. (b) The changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive loss . Amounts reported in Other comprehensive loss related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive loss related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. As of September 30, 2019 , we estimate that an additional $2.0 million and $16.0 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 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Foreign currency forward contracts Other gains and (losses) $ 805 $ — $ 544 $ (125 ) Foreign currency collars Other gains and (losses) 543 135 738 455 Stock warrants Other gains and (losses) (300 ) — (600 ) 201 Interest rate swaps Other gains and (losses) (98 ) — (124 ) 7 Interest rate swaps Interest expense 7 — 15 — Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 340 36 (773 ) 249 Interest rate caps Interest expense (104 ) — (199 ) — Foreign currency collars Other gains and (losses) — (3 ) 7 (24 ) Foreign currency forward contracts Other gains and (losses) — — (132 ) — Total $ 1,193 $ 168 $ (524 ) $ 763 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 generally seek long-term debt financing on a 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 September 30, 2019 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 6 99,396 USD $ (3,656 ) Interest rate swaps 2 49,962 EUR (1,961 ) Interest rate caps 4 125,868 EUR 1 Interest rate cap 1 6,394 GBP — Not Designated as Hedging Instruments Interest rate swap (b) 1 4,637 EUR (117 ) Interest rate swap (b) 1 7,842 USD 18 $ (5,715 ) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at September 30, 2019 , 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, the Norwegian 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 September 30, 2019 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at September 30, 2019 Designated as Cash Flow Hedging Instruments Foreign currency collars 70 231,025 EUR $ 18,515 Foreign currency forward contracts 16 43,981 EUR 14,741 Foreign currency collars 59 44,000 GBP 5,879 Foreign currency forward contracts 2 1,458 NOK 41 Foreign currency collars 3 2,000 NOK 14 Designated as Net Investment Hedging Instruments Foreign currency collar 1 2,500 NOK 17 $ 39,207 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 September 30, 2019 . At September 30, 2019 , our total credit exposure and the maximum exposure to any single counterparty was $38.5 million and $13.3 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 September 30, 2019 , 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 $11.0 million and $7.3 million at September 30, 2019 and December 31, 2018 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at September 30, 2019 or December 31, 2018 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $11.2 million and $7.6 million , respectively. Net Investment Hedges We have completed five 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, 2.125% Senior Notes due 2027, and 1.350% Senior Notes due 2028 ( Note 10 ). In addition, at September 30, 2019 , the amount borrowed in Japanese yen outstanding under our Unsecured Revolving Credit Facility ( Note 10 ) was ¥2.4 billion . 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 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 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 as part of the cumulative foreign currency translation adjustment. Such gains related to non-derivative net investment hedges were $108.8 million and $10.5 million for the three months ended September 30, 2019 and 2018 , respectively, and $122.3 million and $55.0 million for the nine months ended September 30, 2019 and 2018 , respectively. At September 30, 2019 , we also had foreign currency forward contracts that were designated as net investment hedges, as discussed in

Debt

Debt	9 Months Ended
	Sep. 30, 2019
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, and a $100.0 million delayed draw term loan, which we refer to collectively as the “Senior Unsecured Credit Facility.” 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 to increase provided in the Credit Agreement. 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 being used for working capital needs, for acquisitions, and for other general corporate purposes. The Credit Agreement permits borrowing under the Unsecured Revolving Credit Facility in certain currencies other than U.S. dollars. At September 30, 2019 , our Unsecured Revolving Credit Facility had available capacity of $1.5 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 (a) Maturity Date at September 30, 2019 Principal Outstanding Balance at Senior Unsecured Credit Facility September 30, 2019 December 31, 2018 Unsecured Revolving Credit Facility: Unsecured Revolving Credit Facility — borrowing in Japanese yen (b) JPY LIBOR + 1.00% 2/22/2021 $ 22,410 $ 22,290 Unsecured Revolving Credit Facility — borrowing in euros N/A 2/22/2021 — 69,273 $ 22,410 $ 91,563 __________ (a) The applicable interest rate at September 30, 2019 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2 . (b) JPY LIBOR means Japanese yen LIBOR. Senior Unsecured Notes As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding of $4.3 billion at September 30, 2019 (the “Senior Unsecured Notes”). On June 14, 2019 , we completed an underwritten public offering of $325.0 million of 3.850% Senior Notes due 2029, at a price of 98.876% of par value. These 3.850% Senior Notes due 2029 have a 10.1 -year term and are scheduled to mature on July 15, 2029 . On September 19, 2019 , we completed a public offering of €500.0 million of 1.350% Senior Notes due 2028, at a price of 99.266% of par value, issued by our wholly owned finance subsidiary, WPC Eurobond B.V., and fully and unconditionally guaranteed by us. These 1.350% Senior Notes due 2028 have an 8.6 -year term and are scheduled to mature on April 15, 2028 . Interest on the Senior Unsecured Notes is payable annually in arrears for our euro-denominated senior notes and semi-annually for U.S. dollar-denominated senior 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 September 30, 2019 (currency in millions): Original Issue Discount Effective Interest Rate Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date Principal Amount Price of Par Value Coupon Rate Maturity Date September 30, 2019 December 31, 2018 2.0% Senior Notes due 2023 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 $ 544.5 $ 572.5 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 544.5 572.5 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 544.5 572.5 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 544.5 572.5 1.350% Senior Notes due 2028 9/19/2019 € 500.0 99.266 % $ 4.1 1.442 % 1.350 % 4/15/2028 544.5 — 3.850% Senior Notes due 2029 6/14/2019 $ 325.0 98.876 % $ 3.7 3.986 % 3.850 % 7/15/2029 325.0 — $ 4,347.5 $ 3,590.0 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $23.6 million and $19.7 million , and unamortized discount totaling $21.0 million and $15.8 million , at September 30, 2019 and December 31, 2018 , 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 and/or to repay certain non-recourse mortgage loans. In connection with the offering of the 3.850% Senior Notes due 2029 in June 2019 and the 1.350% Senior Notes due 2028 in September 2019, we incurred financing costs totaling $6.6 million during the nine months ended September 30, 2019 , 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 3.850% Senior Notes due 2029 and the 1.350% Senior Notes due 2028. 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 September 30, 2019 . 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 At September 30, 2019 , the weighted-average interest rates for our fixed-rate and variable-rate non-recourse mortgage notes payable were 5.2% and 2.8% , respectively, with maturity dates ranging from March 2020 to September 2031 . During the nine months ended September 30, 2019 , we assumed a non-recourse mortgage loan with an outstanding principal balance of $20.2 million in connection with the acquisition of a property ( Note 4 ). This mortgage loan has a fixed annual interest rate of 4.7% and a maturity date of July 6, 2024 . A non-recourse mortgage loan encumbering six vacant properties that were acquired in the CPA:17 Merger, with an outstanding principal balance of approximately $57.2 million (carrying value of $43.2 million ), was in default as of both September 30, 2019 and December 31, 2018 . The former tenant at the properties declared bankruptcy in 2018 and vacated the properties prior to the CPA:17 Merger. This loan currently bears interest at 4.4% , with a default interest rate of an additional 5.0% , and is collateralized by the six properties, which we wholly-own. Interest expense of $5.6 million on this loan has been accrued and unpaid as of September 30, 2019 (including default interest). As of September 30, 2019 , the carrying value of the properties totaled $42.4 million . We disposed of these properties in October 2019 ( Note 16 ). A non-recourse mortgage loan encumbering a vacant property that was acquired in the CPA:17 Merger, with an outstanding principal balance of approximately $8.7 million (carrying value of $8.2 million ), was in default as of September 30, 2019 . The former tenant at the property has been in federal receivership since the first quarter of 2019. This loan currently bears interest at 5.5% , with a default interest rate of an additional 18.0% , and is collateralized by the property, which we wholly-own. Interest expense of $0.9 million on this loan has been accrued and unpaid as of September 30, 2019 (including default interest). As of September 30, 2019 , the carrying value of the property was $10.5 million . Repayments During the Nine Months Ended September 30, 2019 During the nine months ended September 30, 2019 , we (i) prepaid non-recourse mortgage loans totaling $872.8 million and (ii) repaid non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $39.4 million . We recognized an aggregate net loss on extinguishment of debt of $10.6 million and $14.8 million during the three and nine months ended September 30, 2019 , respectively, primarily comprised of prepayment penalties. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.9% . Amounts are based on the exchange rate of the related foreign currency as of the date of repayment, as applicable. We primarily used proceeds from issuances of common stock under our ATM Program ( Note 12 ) and proceeds from the issuances of senior notes to fund these prepayments. Repayments During the Nine Months Ended September 30, 2018 During the nine months ended September 30, 2018 , we (i) prepaid non-recourse mortgage loans totaling $164.9 million , including $12.5 million encumbering properties that were disposed of during the nine months ended September 30, 2018 , and (ii) repaid non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $22.6 million . The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 2.8% . Amounts are based on the exchange rate of the related foreign currency as of the date of repayment, as applicable. Foreign Currency Exchange Rate Impact During the nine months ended September 30, 2019 , the U.S. dollar strengthened against the euro, resulting in an aggregate decrease of $155.3 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2018 to September 30, 2019 . Scheduled Debt Principal Payments Scheduled debt principal payments as of September 30, 2019 are as follows (in thousands): Years Ending December 31, Total (a) 2019 (remainder) $ 18,715 2020 283,777 2021 396,035 2022 461,220 2023 887,139 Thereafter through 2031 4,116,294 Total principal payments 6,163,180 Unamortized discount, net (b) (41,888 ) Unamortized deferred financing costs (24,103 ) Total $ 6,097,189 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at September 30, 2019 . (b) Represents the unamortized discount, net, of $21.0 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 $20.9 million in aggregate.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 2019 , 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.

Stock-Based Compensation and Eq

Stock-Based Compensation and Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Stock-Based Compensation and Equity	Stock-Based Compensation and Equity Stock-Based Compensation We maintain several stock-based compensation plans, which are more fully described in the 2018 Annual Report. There have been no significant changes to the terms and conditions of any of our stock-based compensation plans or arrangements during the nine months ended September 30, 2019 . We recorded stock-based compensation expense of $4.7 million and $2.5 million during the three months ended September 30, 2019 and 2018 , respectively, and $13.8 million and $14.4 million during the nine months ended September 30, 2019 and 2018 , respectively. Approximately $4.2 million of the stock-based compensation expense recorded during the nine months ended September 30, 2018 was attributable to the modification of restricted share units (“RSUs”) and performance share units (“PSUs”) in connection with the retirement of our former chief executive officer in February 2018. Restricted and Conditional Awards Nonvested restricted share awards (“RSAs”), RSUs, and PSUs at September 30, 2019 and changes during the nine months ended September 30, 2019 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Nonvested at January 1, 2019 277,002 $ 62.41 331,216 $ 78.82 Granted (a) 151,746 71.30 84,006 92.16 Vested (b) (152,364 ) 62.11 (403,701 ) 74.04 Forfeited (3,840 ) 66.35 — — Adjustment (c) — — 324,366 77.66 Nonvested at September 30, 2019 (d) 272,544 $ 67.48 335,887 $ 80.86 __________ (a) 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 nine months ended September 30, 2019 , we used a risk-free interest rate of 2.5% , an expected volatility rate of 15.8% , and assumed a dividend yield of zero . (b) The grant date fair value of shares vested during the nine months ended September 30, 2019 was $39.4 million . 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 September 30, 2019 and December 31, 2018 , we had an obligation to issue 893,713 and 867,871 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $37.3 million and $35.8 million , respectively. (c) 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 at September 30, 2019 to reflect the number of shares expected to be issued when the PSUs vest. (d) At September 30, 2019 , total unrecognized compensation expense related to these awards was approximately $26.7 million , with an aggregate weighted-average remaining term of 1.9 years . Earnings Per Share Under 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 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 from the numerator and such nonvested shares in the denominator. The following table summarizes basic and diluted earnings (in thousands, except share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income attributable to W. P. Carey $ 41,339 $ 77,348 $ 175,871 $ 218,303 Net income attributable to nonvested participating RSUs (10 ) (99 ) (44 ) (279 ) Net income — basic and diluted $ 41,329 $ 77,249 $ 175,827 $ 218,024 Weighted-average shares outstanding — basic 172,235,066 108,073,969 170,276,085 108,063,826 Effect of dilutive securities 251,440 209,697 269,580 190,015 Weighted-average shares outstanding — diluted 172,486,506 108,283,666 170,545,665 108,253,841 For the three and nine months ended September 30, 2019 and 2018 , there were no potentially dilutive securities excluded from the computation of diluted earnings per share. ATM Program On August 9, 2019, 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 $750.0 million , through an ATM Program with a syndicate of banks. The related equity sales agreement contemplates that, in addition to issuing shares of our common stock through or to the banks acting as sales agents or as principal for their own accounts, we may also enter into separate forward sale agreements with participating banks or their affiliates acting as a forward purchaser. During the three and nine months ended September 30, 2019 , we issued 1,502,572 and 6,672,412 shares, respectively, of our common stock under our current and former ATM Programs at a weighted-average price of $88.76 and $79.70 per share, respectively, for net proceeds of $131.4 million and $523.5 million , respectively. Proceeds from issuances of common stock under our ATM Program during the three and nine months ended September 30, 2019 were used primarily to prepay certain non-recourse mortgage loans ( Note 10 ) and to fund acquisitions. As of September 30, 2019 , $616.6 million remained available for issuance under our current ATM Program. Effective as of August 9, 2019, we also terminated a prior ATM Program that was established on February 27, 2019. Previously, on February 27, 2019, we also terminated an earlier ATM Program that was established on March 1, 2017. During the three and nine months ended September 30, 2018 , we did not issue any shares of our common stock under our prior ATM Programs. 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): Three Months Ended September 30, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 12,645 $ (273,451 ) $ (11 ) $ (260,817 ) Other comprehensive loss before reclassifications 16,323 (37,412 ) 11 (21,078 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (3,512 ) — — (3,512 ) Interest expense 432 — — 432 Total (3,080 ) — — (3,080 ) Net current period other comprehensive loss 13,243 (37,412 ) 11 (24,158 ) Ending balance $ 25,888 $ (310,863 ) $ — $ (284,975 ) Three Months Ended September 30, 2018 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 14,858 $ (262,469 ) $ 209 $ (247,402 ) Other comprehensive loss before reclassifications 3,195 (8,102 ) (269 ) (5,176 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (2,433 ) — — (2,433 ) Interest expense 10 — — 10 Total (2,423 ) — — (2,423 ) Net current period other comprehensive loss 772 (8,102 ) (269 ) (7,599 ) Net current period other comprehensive loss attributable to noncontrolling interests 1 945 — 946 Ending balance $ 15,631 $ (269,626 ) $ (60 ) $ (254,055 ) Nine Months Ended September 30, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 14,102 $ (269,091 ) $ (7 ) $ (254,996 ) Other comprehensive loss before reclassifications 20,179 (41,772 ) 7 (21,586 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (10,439 ) — — (10,439 ) Interest expense 2,046 — — 2,046 Total (8,393 ) — — (8,393 ) Net current period other comprehensive loss 11,786 (41,772 ) 7 (29,979 ) Ending balance $ 25,888 $ (310,863 ) $ — $ (284,975 ) Nine Months Ended September 30, 2018 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 9,172 $ (245,022 ) $ (161 ) $ (236,011 ) Other comprehensive loss before reclassifications 12,003 (29,401 ) 101 (17,297 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (5,811 ) — — (5,811 ) Interest expense 261 — — 261 Total (5,550 ) — — (5,550 ) Net current period other comprehensive loss 6,453 (29,401 ) 101 (22,847 ) Net current period other comprehensive loss attributable to noncontrolling interests 6 4,797 — 4,803 Ending balance $ 15,631 $ (269,626 ) $ (60 ) $ (254,055 ) See Note 9 for additional information on our derivatives activity recognized within Other comprehensive loss for the periods presented. Dividends Declared During the third quarter of 2019 , our Board declared a quarterly dividend of $1.036 per share, which was paid on October 15, 2019 to stockholders of record as of September 30, 2019. During the nine months ended September 30, 2019 , we declared dividends totaling $3.102 per share.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually and intend to do so for the tax year ending December 31, 2019 . Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three and nine months ended September 30, 2019 and 2018 . Certain of our subsidiaries have elected TRS status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. 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. The accompanying consolidated financial statements include an interim tax provision for our TRSs and foreign subsidiaries, as necessary, for the three and nine months ended September 30, 2019 and 2018 . Current income tax (expense) benefit was $(5.2) million and $1.2 million for the three months ended September 30, 2019 and 2018 , respectively, and $(8.3) million and $(8.2) million for the nine months ended September 30, 2019 and 2018 , respectively. Provision for income taxes for the nine months ended September 30, 2019 included a current tax benefit of approximately $6.3 million due to a change in tax position for state and local taxes. Our TRSs and foreign subsidiaries are subject to U.S. federal, state, and foreign income taxes. As such, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe that it is more likely than not that we will not realize the tax benefit of deferred tax assets based on available evidence at the time the determination is made. A change in circumstances may cause us to change our judgment about whether the tax benefit of a deferred tax asset will more likely than not be realized. We generally report any change in the valuation allowance through our income statement in the period in which such changes in circumstances occur. The majority of our deferred tax assets relate to the timing difference between the financial reporting basis and tax basis for stock-based compensation expense. The majority of our deferred tax liabilities relate to differences between the tax basis and financial reporting basis of the assets acquired in acquisitions in which the tax basis of such assets was not stepped up to fair value for income tax purposes. Deferred income tax benefit (expense) was $1.0 million and $(3.9) million for the three months ended September 30, 2019 and 2018 , respectively, and $3.2 million and $5.2 million for the nine months ended September 30, 2019 and 2018 , respectively. Provision for income taxes for the nine months ended September 30, 2018 included a deferred tax benefit of approximately $6.2 million as a result of the release of a deferred tax liability relating to a property holding company that was no longer required due to a change in tax classification.

Property Dispositions

Property Dispositions	9 Months Ended
	Sep. 30, 2019
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. 2019 — During the three and nine months ended September 30, 2019 , we sold four and nine properties, respectively, for total proceeds of $13.9 million and $26.5 million , respectively, net of selling costs, and recognized a net gain on these sales totaling $0.1 million and $0.7 million , respectively (inclusive of income taxes totaling $0.2 million for both periods recognized upon sale). In addition, in June 2019, a loan receivable was repaid in full to us for $9.3 million , which resulted in a net loss of $0.1 million ( Note 5 ). 2018 — During the three and nine months ended September 30, 2018 , we sold three and ten properties, respectively, for total proceeds of $17.4 million and $95.1 million , respectively, net of selling costs, and recognized a net gain on these sales totaling $0.3 million and $12.7 million , respectively (inclusive of income taxes totaling $0.9 million and $2.1 million , respectively, recognized upon sale). Disposition activity included the sale of one of our hotel operating properties in April 2018. 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.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We evaluate our results from operations through our two major business segments: Real Estate and Investment Management. The following tables present a summary of comparative results and assets for these business segments (in thousands): Real Estate Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues Lease revenues $ 278,839 $ 173,067 $ 811,580 $ 510,866 Lease termination income and other 14,377 1,981 23,951 3,603 Operating property revenues (a) 9,538 4,282 40,970 16,365 302,754 179,330 876,501 530,834 Operating Expenses Depreciation and amortization 108,573 66,837 332,652 195,131 Impairment charges 25,781 — 25,781 4,790 Reimbursable tenant costs 15,611 5,979 42,699 17,931 General and administrative 13,973 11,349 44,162 34,013 Property expenses, excluding reimbursable tenant costs 10,377 4,898 30,204 14,454 Operating property expenses 8,547 3,055 30,015 12,306 Stock-based compensation expense 3,435 1,380 9,717 7,676 Merger and other expenses 70 1,673 912 4,328 186,367 95,171 516,142 290,629 Other Income and Expenses Interest expense (58,626 ) (41,740 ) (179,658 ) (121,125 ) Other gains and (losses) (12,938 ) 8,197 (13,330 ) 14,940 Loss on change in control of interests (8,416 ) — (8,416 ) — Equity in earnings of equity method investments in real estate 578 4,699 730 11,586 Gain on sale of real estate, net 71 343 642 18,987 (79,331 ) (28,501 ) (200,032 ) (75,612 ) Income before income taxes 37,056 55,658 160,327 164,593 (Provision for) benefit from income taxes (3,511 ) (424 ) (12,689 ) 1,792 Net Income from Real Estate 33,545 55,234 147,638 166,385 Net loss (income) attributable to noncontrolling interests 11 (4,225 ) 94 (10,760 ) Net Income from Real Estate Attributable to W. P. Carey $ 33,556 $ 51,009 $ 147,732 $ 155,625 __________ (a) Operating property revenues from our hotels include (i) $4.8 million for the nine months ended September 30, 2018 generated from a hotel in Memphis, Tennessee, which was sold in April 2018, (ii) $3.9 million and $4.3 million for the three months ended September 30, 2019 and 2018 , respectively, and $11.4 million and $11.5 million for the nine months ended September 30, 2019 and 2018 , respectively, generated from a hotel in Bloomington, Minnesota, and (iii) $3.5 million and $10.1 million for the three and nine months ended September 30, 2019 , respectively, generated from a hotel in Miami, Florida, which was acquired in the CPA:17 Merger and was classified as held for sale as of September 30, 2019 ( Note 4 ). Investment Management Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues Asset management revenue $ 9,878 $ 17,349 $ 29,400 $ 51,602 Reimbursable costs from affiliates 4,786 6,042 12,475 16,883 Structuring and other advisory revenue 587 6,663 3,163 13,018 15,251 30,054 45,038 81,503 Operating Expenses Reimbursable costs from affiliates 4,786 6,042 12,475 16,883 General and administrative 3,237 4,514 14,062 16,875 Subadvisor fees 1,763 3,127 5,615 7,014 Stock-based compensation expense 1,312 1,095 4,131 6,716 Depreciation and amortization 944 988 2,876 2,988 12,042 15,766 39,159 50,476 Other Income and Expenses Equity in earnings of equity method investments in the Managed Programs 5,191 13,664 14,481 34,660 Other gains and (losses) 536 678 1,212 1,758 5,727 14,342 15,693 36,418 Income before income taxes 8,936 28,630 21,572 67,445 (Provision for) benefit from income taxes (646 ) (2,291 ) 7,542 (4,767 ) Net Income from Investment Management 8,290 26,339 29,114 62,678 Net income attributable to noncontrolling interests (507 ) — (975 ) — Net Income from Investment Management Attributable to W. P. Carey $ 7,783 $ 26,339 $ 28,139 $ 62,678 Total Company Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues $ 318,005 $ 209,384 $ 921,539 $ 612,337 Operating expenses 198,409 110,937 555,301 341,105 Other income and (expenses) (73,604 ) (14,159 ) (184,339 ) (39,194 ) Provision for income taxes (4,157 ) (2,715 ) (5,147 ) (2,975 ) Net income attributable to noncontrolling interests (496 ) (4,225 ) (881 ) (10,760 ) Net income attributable to W. P. Carey $ 41,339 $ 77,348 $ 175,871 $ 218,303 Total Assets at September 30, 2019 December 31, 2018 Real Estate $ 13,825,441 $ 13,941,963 Investment Management 258,198 241,076 Total Company $ 14,083,639 $ 14,183,039

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events CWI 1 and CWI 2 Proposed Merger On October 22, 2019, CWI 1 and CWI 2 announced that they have entered into a definitive merger agreement under which the two companies intend to merge in an all-stock transaction. The transaction is expected to close in the first quarter of 2020, subject to the approval of stockholders of each of CWI 1 and CWI 2, among other conditions. Following the close of the merger, the combined company intends to internalize the management services currently provided by one of our subsidiaries. Please see our Current Report on Form 8-K dated October 22, 2019 for additional information. Acquisitions In October 2019, we completed two investments for a total purchase price of approximately $63.1 million . We acquired three manufacturing facilities in York, Pennsylvania; Lexington, South Carolina; and Queretaro, Mexico, with a lease term of 25 years for an aggregate purchase price of $53.2 million . We also acquired a headquarters facility in Dearborn, Michigan, with a lease term of 15 years for an aggregate purchase price of $9.9 million . It is not practicable to disclose the preliminary purchase price allocations for these transactions given the short period of time between the acquisition dates and the filing of this Report. Construction Commitments In October 2019, we committed to fund an aggregate of $70.0 million for a build-to-suit project for an industrial facility in Bowling Green, Kentucky, which we currently expect to be completed in the first quarter of 2022. We also committed to fund an aggregate of $54.9 million (based on the exchange rate of the euro on the date of commitment) for a build-to-suit project for a headquarters and industrial facility in Langen, Germany, which we currently expect to be completed in the first quarter of 2021. Dispositions On October 15, 2019 , we sold an industrial facility for gross proceeds of $2.5 million . In addition, on October 25, 2019 , we transferred ownership of six vacant retail properties and the related non-recourse mortgage loan, which had an aggregate carrying value of approximately $42.4 million and an outstanding principal balance of approximately $57.2 million (carrying value of $43.2 million ), respectively, on the date of transfer, to the mortgage lender.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”).
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 VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2018 Annual Report. During the nine months ended September 30, 2019 , we had a net decrease of nine entities considered to be consolidated VIEs, primarily related to disposition activity and certain lease amendments. In addition, during the nine months ended September 30, 2019 , we received a full repayment of our preferred equity interest in an unconsolidated VIE entity. As a result, this preferred equity interest is now retired and is no longer considered a VIE ( Note 7 ). At September 30, 2019 and December 31, 2018 , we considered 22 and 32 entities to be VIEs, respectively, of which we consolidated 15 and 24 , 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): September 30, 2019 December 31, 2018 Land, buildings and improvements $ 567,411 $ 781,347 Net investments in direct financing leases 267,700 305,493 In-place lease intangible assets and other 64,666 84,870 Above-market rent intangible assets 38,248 45,754 Accumulated depreciation and amortization (175,787 ) (164,942 ) Assets held for sale, net 104,013 — Total assets 912,388 1,112,984 Non-recourse mortgages, net $ 146,858 $ 157,955 Total liabilities 218,130 227,461 At September 30, 2019 and December 31, 2018 , our seven and eight unconsolidated VIEs, respectively, included our interests in five and six unconsolidated real estate investments, respectively, which we account for under the equity method of accounting, and two unconsolidated entities, which we accounted for at fair value. 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 September 30, 2019 and December 31, 2018 , the net carrying amount of our investments in these entities was $269.4 million and $301.6 million , respectively, and our maximum exposure to loss in these entities was limited to our investments.
New Accounting Policies	Recent Accounting Pronouncements Pronouncements Adopted as of September 30, 2019 In February 2016, the Financial Accounting Standards Board (“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, are capitalized and recorded on the balance sheet. For lessors, however, the new standard remains generally consistent with existing guidance, but has been updated to align with certain changes to the lessee model and ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). We adopted this guidance for our interim and annual periods beginning January 1, 2019 using the modified retrospective method, applying the transition provisions at the beginning of the period of adoption rather than at the beginning of the earliest comparative period presented. We elected the package of practical expedients as permitted under the transition guidance, which allowed us to not reassess whether arrangements contain leases, lease classification, and initial direct costs. The adoption of the lease standard did not result in a cumulative effect adjustment recognized in the opening balance of retained earnings as of January 1, 2019. • As a Lessee : we recognized $115.6 million of land lease right-of-use (“ROU”) assets, $12.7 million of office lease ROU assets, and $95.3 million of corresponding lease liabilities for certain operating office and land lease arrangements for which we were the lessee on January 1, 2019, which included reclassifying below-market ground lease intangible assets, above-market ground lease intangible liabilities, prepaid rent, and deferred rent as a component of the ROU asset (a net reclassification of $33.0 million ). See Note 4 for additional disclosures on the presentation of these amounts in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments consist of increases as a result of the Consumer Price Index (“CPI”) or other comparable indices, taxes, and maintenance costs. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities across domestic and international markets, utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term. • As a Lessor : a practical expedient allows lessors to combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), if both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. We elected the practical expedient. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable expenses are incurred. Under ASU 2016-02, lessors are allowed to only capitalize incremental direct leasing costs. Historically, we have not capitalized internal legal and leasing costs incurred, and, as a result, we were not impacted by this change. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 makes more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and eliminates the requirements to separately measure and disclose 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. We adopted this guidance for our interim and annual periods beginning January 1, 2019. The adoption of this standard impacted our consolidated financial statements for both cash flow hedges and net investment hedges. Changes in the fair value of our hedging instruments are no longer separated into effective and ineffective portions. The entire change in the fair value of these hedging instruments included in the assessment of effectiveness is now recorded in Accumulated other comprehensive loss. The impact to our consolidated financial statements as a result of these changes was not material. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 expands 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 adopted this guidance for our interim and annual periods beginning January 1, 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. Pronouncements to be Adopted after September 30, 2019 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 collectability 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 is expected to apply to Net investments in direct financing leases and loans receivable within Other assets, net on our consolidated balance sheets. 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.
Intangible Assets and Liabilities and Goodwill	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-place lease intangibles, at cost are included in In-place lease intangible assets and other 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 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 and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements. Note 2 .
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.
Earnings Per Share	Under 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 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 from the numerator and such nonvested shares in the denominator.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2019
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): September 30, 2019 December 31, 2018 Land, buildings and improvements $ 567,411 $ 781,347 Net investments in direct financing leases 267,700 305,493 In-place lease intangible assets and other 64,666 84,870 Above-market rent intangible assets 38,248 45,754 Accumulated depreciation and amortization (175,787 ) (164,942 ) Assets held for sale, net 104,013 — Total assets 912,388 1,112,984 Non-recourse mortgages, net $ 146,858 $ 157,955 Total liabilities 218,130 227,461
Reconciliation 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): September 30, 2019 December 31, 2018 Cash and cash equivalents $ 331,687 $ 217,644 Restricted cash (a) 57,042 206,419 Total cash and cash equivalents and restricted cash $ 388,729 $ 424,063 __________ (a) Restricted cash is included within Other assets, net in 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. These funds were transferred from a restricted cash account to us in January 2019.
Reconciliation of Restrictions on 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): September 30, 2019 December 31, 2018 Cash and cash equivalents $ 331,687 $ 217,644 Restricted cash (a) 57,042 206,419 Total cash and cash equivalents and restricted cash $ 388,729 $ 424,063 __________ (a) Restricted cash is included within Other assets, net in 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. These funds were transferred from a restricted cash account to us in January 2019.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 Maturity Date at September 30, 2019 Maximum Loan Amount Authorized at September 30, 2019 Principal Outstanding Balance at (a) Managed Program September 30, 2019 December 31, 2018 CESH (b) LIBOR + 1.00% 10/1/2020 $ 65,000 $ 38,911 $ 14,461 CWI 1 (b) (c) LIBOR + 1.00% 12/31/2019 60,000 35,000 41,637 CPA:18 – Global N/A N/A 50,000 — — CWI 2 N/A N/A 25,000 — — $ 73,911 $ 56,098 __________ (a) Amounts exclude accrued interest of $1.5 million and $2.7 million at September 30, 2019 and December 31, 2018 , respectively. (b) LIBOR means London Interbank Offered Rate. (c) In October 2019, CWI 1 repaid $5.0 million of the principal outstanding under its line of credit with us. The following tables present a summary of revenue earned from the Managed Programs for the periods indicated, included in the consolidated financial statements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Asset management revenue (a) $ 9,878 $ 17,349 $ 29,400 $ 51,602 Distributions of Available Cash (b) 5,480 13,135 14,930 32,413 Reimbursable costs from affiliates (a) 4,786 6,042 12,475 16,883 Interest income on deferred acquisition fees and loans to affiliates (c) 636 493 1,727 1,541 Structuring and other advisory revenue (a) 587 6,663 3,163 13,018 $ 21,367 $ 43,682 $ 61,695 $ 115,457 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 CPA:17 – Global (d) $ — $ 17,794 $ — $ 48,131 CPA:18 – Global 5,939 11,377 19,758 29,411 CWI 1 8,772 8,204 22,413 20,826 CWI 2 5,073 5,537 15,723 14,982 CESH 1,583 770 3,801 2,107 $ 21,367 $ 43,682 $ 61,695 $ 115,457 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Equity in earnings of equity method investments in the Managed Programs and real estate in the consolidated statements of income. (c) Included within Other gains and (losses) in the consolidated statements of income. (d) We no longer earn revenue from CPA:17 – Global following the completion of the CPA:17 Merger on October 31, 2018 ( Note 1 ).
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): September 30, 2019 December 31, 2018 Short-term loans to affiliates, including accrued interest $ 75,436 $ 58,824 Deferred acquisition fees receivable, including accrued interest 5,337 8,697 Reimbursable costs 3,445 3,227 Asset management fees receivable 1,203 563 Accounts receivable 853 1,425 Current acquisition fees receivable 126 2,106 $ 86,400 $ 74,842
Schedule of Related Party Fees	The following table presents a summary of our asset management fee arrangements with the existing Managed Programs: Managed Program Rate Payable Description 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 50% in cash and 50% in shares of its Class A common stock for 2019; payable in shares of its Class A common stock for 2018 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 2019 and 2018 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 2019 and 2018 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 CESH 1.0% In cash Based on gross assets at fair value The existing Managed Programs 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:18 – Global In cash Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to CPA:18 – Global based on the average of the trailing 12-month aggregate reported revenues of the Managed Programs and us, and personnel costs are capped at 1.0% of CPA:18 – Global’s pro rata lease revenues for both 2019 and 2018; for the legal transactions group, costs are charged according to a fee schedule CWI REITs 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 CESH In cash Actual expenses incurred Managed Program Rate Payable Description 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 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 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 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

Land, Buildings and Improveme_2

Land, Buildings and Improvements and Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Schedule of Land, Building and Improvements	Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands): September 30, 2019 December 31, 2018 Land $ 1,834,440 $ 1,772,099 Buildings and improvements 7,433,953 6,945,513 Real estate under construction 87,929 63,114 Less: Accumulated depreciation (884,784 ) (724,550 ) $ 8,471,538 $ 8,056,176 September 30, 2019 December 31, 2018 Land $ 10,452 $ 102,478 Buildings and improvements 72,527 363,572 Real estate under construction — 4,620 Less: Accumulated depreciation (10,566 ) (10,234 ) $ 72,413 $ 460,436
Operating Lease Income	Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease income — fixed $ 229,155 $ 666,330 Lease income — variable (a) 24,304 67,917 Total operating lease income (b) $ 253,459 $ 734,247 __________ (a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes $25.4 million and $77.3 million for the three and nine months ended September 30, 2019 , respectively, of interest income from direct financing leases that is included in Lease revenues in the consolidated statement of income.
Scheduled Future Minimum Lease Payments to be Received	Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable operating leases at September 30, 2019 are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 244,736 2020 967,982 2021 951,911 2022 917,423 2023 874,427 Thereafter 7,171,003 Total $ 11,127,482
Scheduled Future Minimum Lease Payments to be Received - Before Adoption	Scheduled future lease payments to be received (exclusive of 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
Lease Cost	Certain information related to the total lease cost for operating leases is as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Fixed lease cost $ 3,286 $ 10,902 Variable lease cost 424 786 Total lease cost $ 3,710 $ 11,688
Supplemental Balance Sheet Information	Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): Location on Consolidated Balance Sheets September 30, 2019 Operating ROU assets — land leases In-place lease intangible assets and other $ 112,208 Operating ROU assets — office leases Other assets, net 8,868 Total operating ROU assets $ 121,076 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 87,985 Weighted-average remaining lease term — operating leases 37.5 years Weighted-average discount rate — operating leases 7.8 % Number of land lease arrangements 64 Number of office space arrangements 6 Lease term range (excluding extension options not reasonably certain of being exercised) 1 – 100 years
Undiscounted Cash Flows - Operating Lease	A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of September 30, 2019 is as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 3,217 2020 14,066 2021 8,628 2022 7,873 2023 7,741 Thereafter 254,873 Total lease payments 296,398 Less: amount of lease payments representing interest (208,413 ) Present value of future lease payments/lease obligations $ 87,985
Disclosure of Long Lived Assets Held-for-sale	Below is a summary of our properties held for sale (in thousands): September 30, 2019 December 31, 2018 Land, buildings and improvements $ 105,576 $ — Accumulated depreciation and amortization (1,563 ) — Assets held for sale, net $ 104,013 $ —

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Capital Leases Net Investment In Direct Financing Leases	Net investments in direct financing leases is summarized as follows (in thousands): September 30, 2019 December 31, 2018 Lease payments receivable $ 996,167 $ 1,160,977 Unguaranteed residual value 856,180 966,826 1,852,347 2,127,803 Less: unearned income (676,046 ) (821,588 ) $ 1,176,301 $ 1,306,215
Scheduled Future Lease Payments to be Received	Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable direct financing leases at September 30, 2019 are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) (a) $ 277,569 2020 91,098 2021 89,117 2022 79,807 2023 73,367 Thereafter 385,209 Total $ 996,167 (a) Includes total rents owed and a bargain purchase option amount (for an aggregate of $254.7 million and $275.4 million as of September 30, 2019 and December 31, 2018 , respectively) from The New York Times Company, a tenant at one of our properties, which exercised its bargain purchase option to repurchase the property in the fourth quarter of 2019. There can be no assurance that such repurchase will be completed. At September 30, 2019 , this property had an aggregate asset carrying value of $252.0 million .
Scheduled Future Lease Payments to be Received - Before Adoption	Scheduled future lease payments to be received (exclusive of 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 total rents owed and a bargain purchase option amount (for an aggregate of $254.7 million and $275.4 million as of September 30, 2019 and December 31, 2018 , respectively) from The New York Times Company, a tenant at one of our properties, which exercised its bargain purchase option to repurchase the property in the fourth quarter of 2019. There can be no assurance that such repurchase will be completed. At September 30, 2019 , this property had an aggregate asset carrying value of $252.0 million . See Note 4 for scheduled future lease payments to be received under non-cancelable operating leases.
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 Carrying Value at Internal Credit Quality Indicator September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 1 - 3 34 36 $ 1,070,988 $ 1,135,321 4 7 10 138,632 227,591 5 1 1 24,418 10,580 $ 1,234,038 $ 1,373,492

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Schedule of Reconciliation Goodwill	The following table presents a reconciliation of our goodwill (in thousands): Real Estate Investment Management Total Balance at December 31, 2018 $ 857,337 $ 63,607 $ 920,944 CPA:17 Merger measurement period adjustments ( Note 3 ) 15,802 — 15,802 Foreign currency translation adjustments (5,882 ) — (5,882 ) Balance at September 30, 2019 $ 867,257 $ 63,607 $ 930,864
Schedule Of Intangible Assets And Goodwill	Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): September 30, 2019 December 31, 2018 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 $ 19,357 $ (12,773 ) $ 6,584 $ 18,924 $ (10,672 ) $ 8,252 Trade name 3,975 (1,792 ) 2,183 3,975 (1,196 ) 2,779 23,332 (14,565 ) 8,767 22,899 (11,868 ) 11,031 Lease Intangibles: In-place lease 1,999,393 (632,794 ) 1,366,599 1,960,437 (496,096 ) 1,464,341 Above-market rent 911,940 (386,089 ) 525,851 925,797 (330,935 ) 594,862 Below-market ground lease (a) — — — 42,889 (2,367 ) 40,522 2,911,333 (1,018,883 ) 1,892,450 2,929,123 (829,398 ) 2,099,725 Indefinite-Lived Goodwill and Intangible Assets Goodwill 930,864 — 930,864 920,944 — 920,944 Below-market ground lease (a) — — — 6,302 — 6,302 930,864 — 930,864 927,246 — 927,246 Total intangible assets $ 3,865,529 $ (1,033,448 ) $ 2,832,081 $ 3,879,268 $ (841,266 ) $ 3,038,002 Finite-Lived Intangible Liabilities Below-market rent $ (260,880 ) $ 69,936 $ (190,944 ) $ (253,633 ) $ 57,514 $ (196,119 ) Above-market ground lease (a) — — — (15,961 ) 3,663 (12,298 ) (260,880 ) 69,936 (190,944 ) (269,594 ) 61,177 (208,417 ) Indefinite-Lived Intangible Liabilities Below-market purchase option (16,711 ) — (16,711 ) (16,711 ) — (16,711 ) Total intangible liabilities $ (277,591 ) $ 69,936 $ (207,655 ) $ (286,305 ) $ 61,177 $ (225,128 ) __________ (a) In connection with our adoption of ASU 2016-02 ( Note 2 ), in the first quarter of 2019, we prospectively reclassified below-market ground lease intangible assets and above-market ground lease intangible liabilities to be a component of ROU assets within In-place lease intangible assets and other in our consolidated balance sheets. As of December 31, 2018, below-market ground lease intangible assets were included in In-place lease intangible assets and other in the consolidated balance sheets, and above-market ground lease intangible liabilities were included in Below-market rent and other intangible liabilities, net in the consolidated balance sheets.

Equity Investments in the Man_2

Equity Investments in the Managed Programs and Real Estate (Tables)	9 Months Ended
	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	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): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Distributions of Available Cash ( Note 3 ) $ 5,480 $ 13,135 $ 14,930 $ 32,413 Proportionate share of equity in earnings of equity investments in the Managed Programs 96 1,136 621 4,166 Amortization of basis differences on equity method investments in the Managed Programs (385 ) (607 ) (1,070 ) (1,919 ) Total equity in earnings of equity method investments in the Managed Programs 5,191 13,664 14,481 34,660 Equity in earnings of equity method investments in real estate 896 5,264 2,232 13,251 Amortization of basis differences on equity method investments in real estate (318 ) (565 ) (1,502 ) (1,665 ) Total equity in earnings of equity method investments in real estate 578 4,699 730 11,586 Equity in earnings of equity method investments in the Managed Programs and real estate $ 5,769 $ 18,363 $ 15,211 $ 46,246 The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Carrying Value at Lessee Co-owner Ownership Interest September 30, 2019 December 31, 2018 Johnson Self Storage Third Party 90% $ 70,346 $ 73,475 Kesko Senukai (a) Third Party 70% 43,746 52,432 Bank Pekao (a) CPA:18 – Global 50% 26,989 29,086 BPS Nevada, LLC (b) Third Party 15% 22,665 22,292 State Farm Mutual Automobile Insurance Co. CPA:18 – Global 50% 17,667 18,927 Apply Sørco AS (c) (d) CPA:18 – Global 49% 7,693 7,483 Fortenova Grupa d.d. (formerly Konzum d.d.) (a) CPA:18 – Global 20% 2,570 2,858 Beach House JV, LLC (e) Third Party N/A — 15,105 $ 191,676 $ 221,658 __________ (a) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (b) This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement. (c) The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone. (d) During the first quarter of 2019, we identified measurement period adjustments that impacted the provisional accounting for this investment, which was acquired in the CPA:17 Merger on October 31, 2018 ( Note 3 ). As such, the CPA:17 Merger purchase price allocated to this jointly owned investment increased by approximately $5.2 million , of which our proportionate share was $2.6 million . (e) On February 27, 2019, we received a full repayment of our preferred equity interest in this investment totaling $15.0 million . As a result, this preferred equity interest is now retired. The following table sets forth certain information about our investments in the existing Managed Programs (dollars in thousands): % of Outstanding Interests Owned at Carrying Amount of Investment at Fund September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 CPA:18 – Global (a) 3.761 % 3.446 % $ 41,325 $ 39,600 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 (a) 3.745 % 3.062 % 46,354 38,600 CWI 1 operating partnership 0.015 % 0.015 % 186 186 CWI 2 (a) 3.533 % 2.807 % 31,812 25,200 CWI 2 operating partnership 0.015 % 0.015 % 300 300 CESH (b) 2.430 % 2.430 % 3,779 3,495 $ 123,965 $ 107,590 __________ (a) During the nine months ended September 30, 2019 , we received asset management revenue from the existing Managed REITs primarily in shares of their common stock, which increased our ownership percentage in each of the existing Managed REITs ( Note 3 ). (b) Investment is accounted for at fair value.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Schedule Of Other Financial Instruments In Carrying Values And Fair Values	Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): September 30, 2019 December 31, 2018 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 4,302,892 $ 4,594,830 $ 3,554,470 $ 3,567,593 Non-recourse mortgages, net (a) (b) (d) 3 1,771,887 1,798,883 2,732,658 2,737,861 Loans receivable (d) 3 57,737 57,737 67,277 67,123 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $23.5 million and $19.7 million at September 30, 2019 and December 31, 2018 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.6 million and $0.8 million at September 30, 2019 and December 31, 2018 , respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $20.9 million and $15.8 million at September 30, 2019 and December 31, 2018 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $21.0 million and $21.8 million at September 30, 2019 and December 31, 2018 , 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 consider 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.

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Foreign currency collars Other assets, net $ 24,425 $ 8,536 $ — $ — Foreign currency forward contracts Other assets, net 14,782 22,520 — — Interest rate caps Other assets, net 1 56 — — Interest rate swaps Other assets, net — 1,435 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (5,617 ) (3,387 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (1,679 ) 39,208 32,547 (5,617 ) (5,066 ) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 4,900 5,500 — — Interest rate swaps (a) Other assets, net 18 — — — Foreign currency forward contracts Other assets, net — 7,144 — — Interest rate swaps (a) Accounts payable, accrued expenses and other liabilities — — (117 ) (343 ) 4,918 12,644 (117 ) (343 ) Total derivatives $ 44,126 $ 45,191 $ (5,734 ) $ (5,409 ) __________ (a) 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 Loss (a) Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2019 2018 2019 2018 Foreign currency collars $ 13,661 $ 1,267 $ 17,539 $ 5,117 Interest rate swaps (398 ) 244 (2,775 ) 1,664 Foreign currency forward contracts 361 (786 ) (809 ) (644 ) Interest rate caps 50 (1 ) 199 (12 ) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars 18 — 19 — Foreign currency forward contracts 8 1,100 7 3,416 Total $ 13,700 $ 1,824 $ 14,180 $ 9,541 Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Foreign currency forward contracts Other gains and (losses) $ 2,271 $ 1,752 $ 6,825 $ 4,556 Foreign currency collars Other gains and (losses) 1,241 681 3,614 1,255 Interest rate swaps and caps Interest expense (432 ) (10 ) (2,046 ) (261 ) Total $ 3,080 $ 2,423 $ 8,393 $ 5,550 __________ (a) Excludes net losses of $0.4 million and net gains of less than $0.1 million recognized on unconsolidated jointly owned investments for the three months ended September 30, 2019 and 2018 , respectively, and net losses of $2.4 million and net gains of $0.3 million for the nine months ended September 30, 2019 and 2018 , respectively. (b) The changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive loss .
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Foreign currency forward contracts Other gains and (losses) $ 805 $ — $ 544 $ (125 ) Foreign currency collars Other gains and (losses) 543 135 738 455 Stock warrants Other gains and (losses) (300 ) — (600 ) 201 Interest rate swaps Other gains and (losses) (98 ) — (124 ) 7 Interest rate swaps Interest expense 7 — 15 — Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 340 36 (773 ) 249 Interest rate caps Interest expense (104 ) — (199 ) — Foreign currency collars Other gains and (losses) — (3 ) 7 (24 ) Foreign currency forward contracts Other gains and (losses) — — (132 ) — Total $ 1,193 $ 168 $ (524 ) $ 763
Schedule of Derivative Instruments	The following table presents the foreign currency derivative contracts we had outstanding at September 30, 2019 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at September 30, 2019 Designated as Cash Flow Hedging Instruments Foreign currency collars 70 231,025 EUR $ 18,515 Foreign currency forward contracts 16 43,981 EUR 14,741 Foreign currency collars 59 44,000 GBP 5,879 Foreign currency forward contracts 2 1,458 NOK 41 Foreign currency collars 3 2,000 NOK 14 Designated as Net Investment Hedging Instruments Foreign currency collar 1 2,500 NOK 17 $ 39,207 The interest rate swaps and caps that our consolidated subsidiaries had outstanding at September 30, 2019 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 6 99,396 USD $ (3,656 ) Interest rate swaps 2 49,962 EUR (1,961 ) Interest rate caps 4 125,868 EUR 1 Interest rate cap 1 6,394 GBP — Not Designated as Hedging Instruments Interest rate swap (b) 1 4,637 EUR (117 ) Interest rate swap (b) 1 7,842 USD 18 $ (5,715 ) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at September 30, 2019 , 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)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Senior Unsecured Credit Facilities	The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Interest Rate at (a) Maturity Date at September 30, 2019 Principal Outstanding Balance at Senior Unsecured Credit Facility September 30, 2019 December 31, 2018 Unsecured Revolving Credit Facility: Unsecured Revolving Credit Facility — borrowing in Japanese yen (b) JPY LIBOR + 1.00% 2/22/2021 $ 22,410 $ 22,290 Unsecured Revolving Credit Facility — borrowing in euros N/A 2/22/2021 — 69,273 $ 22,410 $ 91,563 __________ (a) The applicable interest rate at September 30, 2019 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2 . (b) JPY LIBOR means Japanese yen LIBOR.
Schedule of Senior Unsecured Notes	The following table presents a summary of our Senior Unsecured Notes outstanding at September 30, 2019 (currency in millions): Original Issue Discount Effective Interest Rate Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date Principal Amount Price of Par Value Coupon Rate Maturity Date September 30, 2019 December 31, 2018 2.0% Senior Notes due 2023 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 $ 544.5 $ 572.5 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 544.5 572.5 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 544.5 572.5 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 544.5 572.5 1.350% Senior Notes due 2028 9/19/2019 € 500.0 99.266 % $ 4.1 1.442 % 1.350 % 4/15/2028 544.5 — 3.850% Senior Notes due 2029 6/14/2019 $ 325.0 98.876 % $ 3.7 3.986 % 3.850 % 7/15/2029 325.0 — $ 4,347.5 $ 3,590.0 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $23.6 million and $19.7 million , and unamortized discount totaling $21.0 million and $15.8 million , at September 30, 2019 and December 31, 2018 , respectively.
Scheduled Debt Principal Payments	Scheduled debt principal payments as of September 30, 2019 are as follows (in thousands): Years Ending December 31, Total (a) 2019 (remainder) $ 18,715 2020 283,777 2021 396,035 2022 461,220 2023 887,139 Thereafter through 2031 4,116,294 Total principal payments 6,163,180 Unamortized discount, net (b) (41,888 ) Unamortized deferred financing costs (24,103 ) Total $ 6,097,189 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at September 30, 2019 . (b) Represents the unamortized discount, net, of $21.0 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 $20.9 million in aggregate.

Stock-Based Compensation and _2

Stock-Based Compensation and Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Restricted and Conditional Award Activity	Nonvested restricted share awards (“RSAs”), RSUs, and PSUs at September 30, 2019 and changes during the nine months ended September 30, 2019 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Nonvested at January 1, 2019 277,002 $ 62.41 331,216 $ 78.82 Granted (a) 151,746 71.30 84,006 92.16 Vested (b) (152,364 ) 62.11 (403,701 ) 74.04 Forfeited (3,840 ) 66.35 — — Adjustment (c) — — 324,366 77.66 Nonvested at September 30, 2019 (d) 272,544 $ 67.48 335,887 $ 80.86 __________ (a) 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 nine months ended September 30, 2019 , we used a risk-free interest rate of 2.5% , an expected volatility rate of 15.8% , and assumed a dividend yield of zero . (b) The grant date fair value of shares vested during the nine months ended September 30, 2019 was $39.4 million . 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 September 30, 2019 and December 31, 2018 , we had an obligation to issue 893,713 and 867,871 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $37.3 million and $35.8 million , respectively. (c) 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 at September 30, 2019 to reflect the number of shares expected to be issued when the PSUs vest. (d) At September 30, 2019 , total unrecognized compensation expense related to these awards was approximately $26.7 million , with an aggregate weighted-average remaining term of 1.9 years .
Earnings Per Share Reconciliation	The following table summarizes basic and diluted earnings (in thousands, except share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income attributable to W. P. Carey $ 41,339 $ 77,348 $ 175,871 $ 218,303 Net income attributable to nonvested participating RSUs (10 ) (99 ) (44 ) (279 ) Net income — basic and diluted $ 41,329 $ 77,249 $ 175,827 $ 218,024 Weighted-average shares outstanding — basic 172,235,066 108,073,969 170,276,085 108,063,826 Effect of dilutive securities 251,440 209,697 269,580 190,015 Weighted-average shares outstanding — diluted 172,486,506 108,283,666 170,545,665 108,253,841
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): Three Months Ended September 30, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 12,645 $ (273,451 ) $ (11 ) $ (260,817 ) Other comprehensive loss before reclassifications 16,323 (37,412 ) 11 (21,078 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (3,512 ) — — (3,512 ) Interest expense 432 — — 432 Total (3,080 ) — — (3,080 ) Net current period other comprehensive loss 13,243 (37,412 ) 11 (24,158 ) Ending balance $ 25,888 $ (310,863 ) $ — $ (284,975 ) Three Months Ended September 30, 2018 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 14,858 $ (262,469 ) $ 209 $ (247,402 ) Other comprehensive loss before reclassifications 3,195 (8,102 ) (269 ) (5,176 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (2,433 ) — — (2,433 ) Interest expense 10 — — 10 Total (2,423 ) — — (2,423 ) Net current period other comprehensive loss 772 (8,102 ) (269 ) (7,599 ) Net current period other comprehensive loss attributable to noncontrolling interests 1 945 — 946 Ending balance $ 15,631 $ (269,626 ) $ (60 ) $ (254,055 ) Nine Months Ended September 30, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 14,102 $ (269,091 ) $ (7 ) $ (254,996 ) Other comprehensive loss before reclassifications 20,179 (41,772 ) 7 (21,586 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (10,439 ) — — (10,439 ) Interest expense 2,046 — — 2,046 Total (8,393 ) — — (8,393 ) Net current period other comprehensive loss 11,786 (41,772 ) 7 (29,979 ) Ending balance $ 25,888 $ (310,863 ) $ — $ (284,975 ) Nine Months Ended September 30, 2018 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Beginning balance $ 9,172 $ (245,022 ) $ (161 ) $ (236,011 ) Other comprehensive loss before reclassifications 12,003 (29,401 ) 101 (17,297 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (5,811 ) — — (5,811 ) Interest expense 261 — — 261 Total (5,550 ) — — (5,550 ) Net current period other comprehensive loss 6,453 (29,401 ) 101 (22,847 ) Net current period other comprehensive loss attributable to noncontrolling interests 6 4,797 — 4,803 Ending balance $ 15,631 $ (269,626 ) $ (60 ) $ (254,055 )

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2019
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 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues Lease revenues $ 278,839 $ 173,067 $ 811,580 $ 510,866 Lease termination income and other 14,377 1,981 23,951 3,603 Operating property revenues (a) 9,538 4,282 40,970 16,365 302,754 179,330 876,501 530,834 Operating Expenses Depreciation and amortization 108,573 66,837 332,652 195,131 Impairment charges 25,781 — 25,781 4,790 Reimbursable tenant costs 15,611 5,979 42,699 17,931 General and administrative 13,973 11,349 44,162 34,013 Property expenses, excluding reimbursable tenant costs 10,377 4,898 30,204 14,454 Operating property expenses 8,547 3,055 30,015 12,306 Stock-based compensation expense 3,435 1,380 9,717 7,676 Merger and other expenses 70 1,673 912 4,328 186,367 95,171 516,142 290,629 Other Income and Expenses Interest expense (58,626 ) (41,740 ) (179,658 ) (121,125 ) Other gains and (losses) (12,938 ) 8,197 (13,330 ) 14,940 Loss on change in control of interests (8,416 ) — (8,416 ) — Equity in earnings of equity method investments in real estate 578 4,699 730 11,586 Gain on sale of real estate, net 71 343 642 18,987 (79,331 ) (28,501 ) (200,032 ) (75,612 ) Income before income taxes 37,056 55,658 160,327 164,593 (Provision for) benefit from income taxes (3,511 ) (424 ) (12,689 ) 1,792 Net Income from Real Estate 33,545 55,234 147,638 166,385 Net loss (income) attributable to noncontrolling interests 11 (4,225 ) 94 (10,760 ) Net Income from Real Estate Attributable to W. P. Carey $ 33,556 $ 51,009 $ 147,732 $ 155,625 __________ (a) Operating property revenues from our hotels include (i) $4.8 million for the nine months ended September 30, 2018 generated from a hotel in Memphis, Tennessee, which was sold in April 2018, (ii) $3.9 million and $4.3 million for the three months ended September 30, 2019 and 2018 , respectively, and $11.4 million and $11.5 million for the nine months ended September 30, 2019 and 2018 , respectively, generated from a hotel in Bloomington, Minnesota, and (iii) $3.5 million and $10.1 million for the three and nine months ended September 30, 2019 , respectively, generated from a hotel in Miami, Florida, which was acquired in the CPA:17 Merger and was classified as held for sale as of September 30, 2019 ( Note 4 ). Investment Management Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues Asset management revenue $ 9,878 $ 17,349 $ 29,400 $ 51,602 Reimbursable costs from affiliates 4,786 6,042 12,475 16,883 Structuring and other advisory revenue 587 6,663 3,163 13,018 15,251 30,054 45,038 81,503 Operating Expenses Reimbursable costs from affiliates 4,786 6,042 12,475 16,883 General and administrative 3,237 4,514 14,062 16,875 Subadvisor fees 1,763 3,127 5,615 7,014 Stock-based compensation expense 1,312 1,095 4,131 6,716 Depreciation and amortization 944 988 2,876 2,988 12,042 15,766 39,159 50,476 Other Income and Expenses Equity in earnings of equity method investments in the Managed Programs 5,191 13,664 14,481 34,660 Other gains and (losses) 536 678 1,212 1,758 5,727 14,342 15,693 36,418 Income before income taxes 8,936 28,630 21,572 67,445 (Provision for) benefit from income taxes (646 ) (2,291 ) 7,542 (4,767 ) Net Income from Investment Management 8,290 26,339 29,114 62,678 Net income attributable to noncontrolling interests (507 ) — (975 ) — Net Income from Investment Management Attributable to W. P. Carey $ 7,783 $ 26,339 $ 28,139 $ 62,678 Total Company Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues $ 318,005 $ 209,384 $ 921,539 $ 612,337 Operating expenses 198,409 110,937 555,301 341,105 Other income and (expenses) (73,604 ) (14,159 ) (184,339 ) (39,194 ) Provision for income taxes (4,157 ) (2,715 ) (5,147 ) (2,975 ) Net income attributable to noncontrolling interests (496 ) (4,225 ) (881 ) (10,760 ) Net income attributable to W. P. Carey $ 41,339 $ 77,348 $ 175,871 $ 218,303
Reconciliation of Assets from Segment to Consolidated	Total Assets at September 30, 2019 December 31, 2018 Real Estate $ 13,825,441 $ 13,941,963 Investment Management 258,198 241,076 Total Company $ 14,083,639 $ 14,183,039

Business and Organization - Nar

Business and Organization - Narratives (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2019ft²propertytenant
Real Estate
Additional disclosures
Number of real estate properties (property)	1,204
Square footage of real estate properties | ft²	137.5
Number of tenants | tenant	324
Weighted average lease term	10 years 3 months 18 days
Occupancy rate	98.40%
Real Estate | Operating properties
Additional disclosures
Number of real estate properties (property)	21
Square footage of real estate properties | ft²	1.6
Real Estate | Self-storage
Additional disclosures
Number of real estate properties (property)	19
Real Estate | Hotel
Additional disclosures
Number of real estate properties (property)	2
Investment Management | Affiliated Entity | CPA:18 – Global
Additional disclosures
Number of real estate properties (property)	46
Square footage of real estate properties | ft²	9.6
Number of tenants | tenant	51
Occupancy rate	99.70%
Investment Management | Affiliated Entity | Managed Programs
Additional disclosures
Number of real estate properties (property)	127
Square footage of real estate properties | ft²	15.9

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)vie	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)vie	Sep. 30, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)vie
Basis of Consolidation
Decrease in variable interest entity, count | vie			9
Variable interest entities, count | vie	22		22			32
Variable interest entities consolidated, count | vie	15		15			24
Variable interest entities unconsolidated, count | vie	7		7			8
Equity investments in real estate	$ 315,641		$ 315,641			$ 329,248
Restricted cash	57,042		57,042			206,419
Right of use asset	121,076		121,076
Lease liability	87,985		87,985
ASU 2016-02
Basis of Consolidation
Lease liability					$ 95,300
Net reclassification of below-market ground lease intangible assets, above-market ground lease intangible liabilities, prepaid rent, and deferred rent					(33,000)
Land
Basis of Consolidation
Right of use asset	112,208		112,208
Land | ASU 2016-02
Basis of Consolidation
Right of use asset					115,600
Office
Basis of Consolidation
Right of use asset	8,868		8,868
Office | ASU 2016-02
Basis of Consolidation
Right of use asset					$ 12,700
Australian Properties | Other assets, net
Basis of Consolidation
Restricted cash						145,700
Real Estate
Basis of Consolidation
Gross contract revenue	9,538	$ 4,282	40,970	$ 16,365
Real Estate | Hotel
Basis of Consolidation
Gross contract revenue	7,400	$ 4,300	21,500	$ 16,400
Variable Interest Entity
Basis of Consolidation
Equity investments in real estate	$ 269,400		$ 269,400			$ 301,600
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	2		2			2
Real Estate
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	5		5			6
Equity investments in real estate	$ 191,676		$ 191,676			$ 221,658

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Assets
Land, buildings and improvements		$ 9,439,301	$ 9,251,396
Net investments in direct financing leases		1,176,301
In-place lease intangible assets and other		2,111,601	2,009,628
Above-market rent intangible assets		911,940	925,797
Accumulated depreciation and amortization		(1,914,233)	(1,564,182)
Assets held for sale, net		104,013	0
Total assets	[1]	14,083,639	14,183,039
Liabilities
Non-recourse mortgages, net		1,771,887	2,732,658
Total liabilities	[1]	7,119,217	7,352,984
Variable Interest Entity
Assets
Land, buildings and improvements		567,411	781,347
Net investments in direct financing leases		267,700	305,493
In-place lease intangible assets and other		64,666	84,870
Above-market rent intangible assets		38,248	45,754
Accumulated depreciation and amortization		(175,787)	(164,942)
Assets held for sale, net		104,013	0
Total assets		912,388	1,112,984
Liabilities
Non-recourse mortgages, net		146,858	157,955
Total liabilities		$ 218,130	$ 227,461
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Basis of Presentation - Cash an

Basis of Presentation - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 331,687	$ 217,644
Restricted cash	57,042	206,419
Total cash and cash equivalents and restricted cash	$ 388,729	$ 424,063	$ 214,800	$ 209,676

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)investment	Sep. 30, 2019USD ($)investment	Sep. 30, 2018USD ($)
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of Available Cash distribution to advisor		10.00%
Measurement period adjustment, increase to goodwill		$ 15,802
Funding of short-term loans to affiliates		$ 29,450	$ 10,000
Other Transactions with Affiliates
Jointly owned investments | investment	9	9
Jointly owned investments, consolidated | investment	2	2
Jointly owned investment, accounted for under the equity method investments | investment	7	7
CPA:17 – Global
Distributions Of Available Cash and Deferred Revenue Earned
Measurement period adjustments, decrease to land, buildings and improvements	$ 5,700	$ 5,700
Measurement period adjustments, decrease to direct financing leases		21,000
Measurement period adjustment, decrease to change in control of interest	$ 8,400	8,400
Measurement period adjustment, increase to investment in real estate		2,600
Measurement period adjustment, decrease to other assets, net		(800)
Measurement period adjustment, decrease to deferred income taxes		700
Measurement period adjustment, increase to goodwill		$ 15,800
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%
Contract sales price of investment | Affiliated Entity | CESH
Related Party Transaction
Percentage of acquisition fees earned (structuring revenue percentage)		2.00%
Maximum | Contract sales price of investment | Affiliated Entity | Managed Reits
Related Party Transaction
Percentage of acquisition fees earned (structuring revenue percentage)		6.00%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction
Distributions of Available Cash	$ 5,480	$ 13,135	$ 14,930	$ 32,413
Interest income on deferred acquisition fees and loans to affiliates	636	493	1,727	1,541
Revenue from related parties	21,367	43,682	61,695	115,457
Asset management revenue
Related Party Transaction
Gross contract revenue	9,878	17,349	29,400	51,602
Reimbursable costs from affiliates
Related Party Transaction
Gross contract revenue	4,786	6,042	12,475	16,883
Structuring and other advisory revenue
Related Party Transaction
Gross contract revenue	$ 587	$ 6,663	$ 3,163	$ 13,018

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction
Revenue from related parties	$ 21,367	$ 43,682	$ 61,695	$ 115,457
CPA:17 – Global
Related Party Transaction
Revenue from related parties	0	17,794	0	48,131
CPA:18 – Global
Related Party Transaction
Revenue from related parties	5,939	11,377	19,758	29,411
CWI 1
Related Party Transaction
Revenue from related parties	8,772	8,204	22,413	20,826
CWI 2
Related Party Transaction
Revenue from related parties	5,073	5,537	15,723	14,982
CESH
Related Party Transaction
Revenue from related parties	$ 1,583	$ 770	$ 3,801	$ 2,107

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Due from affiliates
Short-term loans to affiliates, including accrued interest	$ 75,436	$ 58,824
Deferred acquisition fees receivable, including accrued interest	5,337	8,697
Reimbursable costs	3,445	3,227
Asset management fees receivable	1,203	563
Accounts receivable	853	1,425
Current acquisition fees receivable	126	2,106
Due from affiliates	$ 86,400	$ 74,842

Agreements and Transactions w_7

Agreements and Transactions with Related Parties - Asset Management, Structuring and Other Revenue (Details) - Affiliated Entity	9 Months Ended
	Sep. 30, 2019
CPA:18 – Global | Long-term net lease
Structuring revenue
Percentage of acquisition fees earned (structuring revenue percentage)	4.50%
CPA:18 – Global | Upon Completion | Long-term net lease
Structuring revenue
Percentage of acquisition fees earned (structuring revenue percentage)	2.50%
CPA:18 – Global | Deferred | Long-term net lease
Structuring revenue
Percentage of acquisition fees earned (structuring revenue percentage)	2.00%
CPA:18 – Global | Average equity value
Related Party Transaction
Percentage of asset management fees paid in cash (percentage)	50.00%
CPA:18 – Global | Average equity value | Class A
Related Party Transaction
Percentage of asset management fees paid in shares (percentage)	50.00%
CPA:18 – Global | Average equity value | Minimum | Class A
Related Party Transaction
Asset management fees earned (percentage)	0.50%
CPA:18 – Global | Average equity value | Maximum | Class A
Related Party Transaction
Asset management fees earned (percentage)	1.50%
CWI 1 | Lodging-related investments
Related Party Transaction
Asset management fees earned (percentage)	0.50%
CWI 1 | Average market value of investment
Related Party Transaction
Fees earned by advisor paid to subadvisor (percentage)	20.00%
CWI 2 | Lodging-related investments
Related Party Transaction
Asset management fees earned (percentage)	0.55%
CWI 2 | Average market value of investment
Related Party Transaction
Fees earned by advisor paid to subadvisor (percentage)	25.00%
CESH | Gross assets fair value
Related Party Transaction
Asset management fees earned (percentage)	1.00%
CESH | Contract sales price of investment
Structuring revenue
Percentage of acquisition fees earned (structuring revenue percentage)	2.00%
CWI REITs
Structuring revenue
Loan refinancing fee (percentage)	1.00%
CWI REITs | Lodging-related investments | Minimum
Structuring revenue
Percentage of acquisition fees earned (structuring revenue percentage)	1.00%
CWI REITs | Lodging-related investments | Maximum
Structuring revenue
Percentage of acquisition fees earned (structuring revenue percentage)	2.50%

Agreements and Transactions w_8

Agreements and Transactions with Related Parties - Personnel, Overhead Costs, Organization and Offering (Details)	Sep. 30, 2019	Dec. 31, 2018
Affiliated Entity | CPA:18 – Global | Maximum
Reimbursed Costs
Personnel and overhead reimbursement (percentage)	1.00%	1.00%

Agreements and Transactions w_9

Agreements and Transactions with Related Parties - Loans Outstanding to Related Party (Details) - USD ($)	1 Months Ended		9 Months Ended
	Oct. 31, 2019	Jun. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Feb. 22, 2017
Related Party Transaction
Maximum Loan Amount Authorized						$ 2,350,000,000
Loans receivable, related party			$ 73,911,000		$ 56,098,000
Accrued interest			1,500,000		2,700,000
Proceeds from repayment of loan receivable		$ 9,300,000	9,707,000	$ 362,000
Subsequent Events
Related Party Transaction
Proceeds from repayment of loan receivable	$ 10,000,000
Affiliated Entity | CESH
Related Party Transaction
Maximum Loan Amount Authorized			65,000,000
Loans receivable, related party			$ 38,911,000		14,461,000
Affiliated Entity | CESH | LIBOR
Related Party Transaction
Variable interest rate (percentage)			1.00%
Affiliated Entity | CWI 1
Related Party Transaction
Maximum Loan Amount Authorized			$ 60,000,000
Loans receivable, related party			$ 35,000,000		41,637,000
Affiliated Entity | CWI 1 | Subsequent Events
Related Party Transaction
Proceeds from repayment of loan receivable	$ 5,000,000
Affiliated Entity | CWI 1 | LIBOR
Related Party Transaction
Variable interest rate (percentage)			1.00%
Affiliated Entity | CPA:18 – Global
Related Party Transaction
Maximum Loan Amount Authorized			$ 50,000,000
Loans receivable, related party			0		0
Affiliated Entity | CWI 2
Related Party Transaction
Maximum Loan Amount Authorized			25,000,000
Loans receivable, related party			$ 0		$ 0

Land, Buildings and Improveme_3

Land, Buildings and Improvements and Assets Held for Sale - Narratives (Details) $ in Thousands	Sep. 26, 2019USD ($)	Jul. 24, 2019USD ($)property	Jul. 19, 2019USD ($)property	Jun. 27, 2019USD ($)	Jun. 07, 2019USD ($)	May 31, 2019USD ($)property	May 21, 2019USD ($)property	Mar. 29, 2019USD ($)	Mar. 28, 2019USD ($)	Mar. 27, 2019USD ($)	Mar. 07, 2019USD ($)	Feb. 20, 2019USD ($)	Jun. 30, 2019USD ($)property	May 31, 2019USD ($)property	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)property	Sep. 30, 2019USD ($)propertytenantlease$ / €	Sep. 30, 2018USD ($)property	Sep. 30, 2019USD ($)propertytenantlease$ / €	Sep. 30, 2018USD ($)property	Dec. 31, 2018USD ($)property$ / €	Aug. 31, 2019property	Apr. 30, 2018property
Real Estate Properties
Decrease in value of balance sheet item due to foreign currency translation																			$ 37,412	$ 8,102	$ 41,772	$ 29,401
Decrease to land building and improvements																			(9,439,301)		(9,439,301)		$ (9,251,396)
Increase to investments in real estate reclassified																			13,639,143		13,639,143		$ 13,493,036
Direct financing lease, net investments reclassified																			(1,176,301)		(1,176,301)
Investments in real estate
Purchases of real estate																					351,582	530,114
Capitalized construction cost																					$ 104,200
Number of construction projects | property																					5		4
Unfunded commitment																			144,000		$ 144,000		$ 204,500
Funding commitment																			37,400		37,400
Real estate carrying value																			11,828,923		11,828,923		11,928,854
Interest income from direct financing leases																			25,400		77,300	50,700
Sublease income																			1,100		4,100
Cash paid for operating lease liabilities																					10,700
Scheduled future minimum operating lease payments, year one																							14,500
Scheduled future minimum operating lease payments, year two																							13,500
Scheduled future minimum operating lease payments, year three																							7,900
Scheduled future minimum operating lease payments, year four																							7,100
Scheduled future minimum operating lease payments, year five																							7,000
Scheduled future minimum operating lease payments, thereafter																							246,700
Assets held for sale, net																			$ 104,013		$ 104,013		0
Real Estate
Real Estate Properties
Number of real estate properties (property) | property																			1,204		1,204
Investments in real estate
Number of tenants | tenant																			324		324
Gross contract revenue																			$ 9,538	4,282	$ 40,970	16,365
Real Estate | Lease revenue
Investments in real estate
Gross contract revenue																			7,200	3,200	33,000	11,600
Real Estate | Food, bevarge and other
Investments in real estate
Gross contract revenue																			$ 2,300	$ 1,100	$ 8,000	$ 4,800
Properties disposed of by sale
Investments in real estate
Number of properties sold | property																			4	3	9	10
Asset held for sale, not in discontinued operations
Real Estate Properties
Number of real estate properties (property) | property																			1		1
Below-market rent
Investments in real estate
Purchases of real estate																					$ 9,600
Finite lived intangible assets useful life																					15 years
In-place lease
Investments in real estate
Purchases of real estate																					$ 83,200
Finite lived intangible assets useful life																					19 years 3 months 18 days
Build-to-Suit In Katowice, Poland
Investments in real estate
Funding commitment																			$ 16,900		$ 16,900
Number of ground leases (lease) | lease																			3		3
Expansion Project in Mcalla, Alabama
Investments in real estate
Funding commitment																			$ 12,500		$ 12,500
Industrial Facility in Marktheidenfeld, Germany
Investments in real estate
Funding commitment																			8,000		$ 8,000
Net investments in direct financing lease
Investments in real estate
Number of properties sold | property																					4
Assets Leased to Others
Real Estate Properties
Increase to investments in real estate reclassified																			8,471,538		$ 8,471,538		8,056,176
Land
Investments in real estate
Purchases of real estate																					38,200
Building
Investments in real estate
Purchases of real estate																					258,700
Net Lease Intangible
Investments in real estate
Purchases of real estate																					73,600
Other liabilities
Investments in real estate
Purchases of real estate																					800
Construction in progress
Investments in real estate
Construction in progress placed into service																					79,400
Construction in progress | Warehouse Facility In Zabia Wola, Poland
Investments in real estate
Construction in progress placed into service															$ 5,600
Construction in progress | Warehouse Facility in Dillon SC
Investments in real estate
Construction in progress placed into service															$ 47,400
Construction in progress | Warehouse Facility n Rotterdam, The Netherlands
Investments in real estate
Construction in progress placed into service														$ 20,400
Construction in progress | Industrial Facility In Legnica, Poland
Investments in real estate
Construction in progress placed into service													$ 6,000
Land, buildings and improvements
Investments in real estate
Assets held for sale, net																			105,576		$ 105,576		0
Land, buildings and improvements | Properties disposed of by sale
Investments in real estate
Number of properties sold | property																					5
Decrease in carrying value of real estate																					$ 17,300
CPA:17 – Global
Real Estate Properties
Measurement period adjustments, decrease to land, buildings and improvements																			5,700		5,700
Operating Lease
Real Estate Properties
Decrease in value of balance sheet item due to foreign currency translation																					138,800
Depreciation																			$ 58,300	$ 39,200	169,900	$ 113,100
Investments in real estate
Purchases of real estate																$ 85,500					369,700
Acquisition related costs																					$ 2,800
Number of tenants | tenant																			1		1
Purchase option exercise price, value																			$ 4,400		$ 4,400
Operating Lease | Asset held for sale, not in discontinued operations
Real Estate Properties
Number of real estate properties (property) | property																			2		2
Investments in real estate
Real estate carrying value																			$ 4,800		$ 4,800
Operating Lease | Educational Facility In Portland, Oregon
Investments in real estate
Purchases of real estate												$ 32,700
Operating Lease | Office Building In Morrisville, North Carolina
Investments in real estate
Purchases of real estate											$ 48,300
Operating Lease | Distribution Center In Inwood, West Virginia
Investments in real estate
Purchases of real estate										$ 37,600
Liabilities assumed																					20,200
Operating Lease | Industrial Facility in Hurricane, Utah
Investments in real estate
Purchases of real estate									$ 49,300
Operating Lease | Office Building And Tractor/trailers Hub In Bensenville, Illinois
Investments in real estate
Purchases of real estate								$ 16,600
Operating Lease | Manufacturing And Distribution Centers in Westerville, Ohio, and North Wales, Pennsylvania
Real Estate Properties
Number of real estate properties (property) | property							2
Investments in real estate
Purchases of real estate							$ 10,200
Operating Lease | Manufacturing Facilities In Various Locations In The United States And Mexico
Real Estate Properties
Number of real estate properties (property) | property						8								8
Investments in real estate
Purchases of real estate						$ 24,500
Operating Lease | Headquarters and Warehouse Facility in Statesville, North Carolina
Investments in real estate
Purchases of real estate					$ 18,800
Operating Lease | Headquaters and Industrial Facility In Conestoga, Pennsylvania
Investments in real estate
Purchases of real estate				$ 70,100
Operating Lease | Manufacturing and Warehouse Facilities in Hartford and Milwaukee, Wisconsin
Real Estate Properties
Number of real estate properties (property) | property			3
Investments in real estate
Purchases of real estate			$ 30,100
Operating Lease | Manufacturing Facilities in Brockville and Prescott, Canada
Real Estate Properties
Number of real estate properties (property) | property		2
Investments in real estate
Purchases of real estate		$ 15,100
Operating Lease | Industrial Facility In Dordrecht, the Netherlands
Investments in real estate
Purchases of real estate	$ 16,400
Operating Properties
Real Estate Properties
Increase to investments in real estate reclassified																			72,413		72,413		$ 460,436
Depreciation																			$ 800	$ 500	$ 6,200	$ 2,000
Hotel | Real Estate
Real Estate Properties
Number of real estate properties (property) | property																			2		2
Hotel | Land, buildings and improvements | Properties disposed of by sale
Real Estate Properties
Number of real estate properties (property) | property																									1
Self-storage | Operating Properties
Real Estate Properties
Number of real estate properties (property) | property																			10		10		37
Hotel | Operating Properties
Real Estate Properties
Number of real estate properties (property) | property																			1		1		2
Reclassification
Real Estate Properties
Direct financing lease, net investments reclassified																			$ 44,400		$ 44,400
Reclassification | Net investments in direct financing lease
Real Estate Properties
Number of real estate properties (property) | property																			4		4
Reclassification | Assets Leased to Others
Real Estate Properties
Increase to investments in real estate reclassified																			$ 44,400		$ 44,400
Reclassification | Self-storage
Real Estate Properties
Number of real estate properties (property) | property													22											5
Decrease to land building and improvements													$ 287,700
Reclassification | Self-storage | Assets Leased to Others
Real Estate Properties
Increase to investments in real estate reclassified																			$ 287,700		$ 287,700
Forecast | Operating Lease | Warehouse and Distribution Facility in Knoxville, Tennessee
Investments in real estate
Purchases of real estate																	$ 68,000
Forecast | Operating Lease | Warehouse Facilities in Hillerød and Hammelev, Denmark
Real Estate Properties
Number of real estate properties (property) | property																		2
Investments in real estate
Purchases of real estate																		$ 19,300
EUR
Real Estate Properties
Decrease in exchange rate																					4.90%
Foreign currency exchange rate | $ / €																			1.0889		1.0889		1.1450

Land, Buildings and Improveme_4

Land, Buildings and Improvements and Assets Held for Sale - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (1,914,233)	$ (1,564,182)
Investments in real estate	13,639,143	13,493,036
Operating Properties
Real Estate Investment Property At Cost
Land	10,452	102,478
Buildings and improvements	72,527	363,572
Real estate under construction	0	4,620
Less: Accumulated depreciation	(10,566)	(10,234)
Investments in real estate	72,413	460,436
Assets Leased to Others
Real Estate Investment Property At Cost
Land	1,834,440	1,772,099
Buildings and improvements	7,433,953	6,945,513
Real estate under construction	87,929	63,114
Less: Accumulated depreciation	(884,784)	(724,550)
Investments in real estate	$ 8,471,538	$ 8,056,176

Land, Buildings and Improveme_5

Land, Buildings and Improvements and Assets Held for Sale - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Operating Lease, Lease Income [Abstract]
Lease income — fixed	$ 229,155	$ 666,330
Lease income – variable	24,304	67,917
Total operating lease income	$ 253,459	$ 734,247

Land, Buildings and Improveme_6

Land, Buildings and Improvements and Assets Held for Sale - Schedule of Future Minimum Lease Payments to be Received (Details) $ in Thousands	Sep. 30, 2019USD ($)
Lessor, Operating Lease Rents
2019 (remainder)	$ 244,736
2020	967,982
2021	951,911
2022	917,423
2023	874,427
Thereafter	7,171,003
Total	$ 11,127,482

Land, Buildings and Improveme_7

Land, Buildings and Improvements and Assets Held for Sale - Schedule of Future Minimum Lease Payments - Before Adoption (Details) $ in Thousands	Dec. 31, 2018USD ($)
Future Minimum Payments Receivable
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 Improveme_8

Land, Buildings and Improvements and Assets Held for Sale - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Fixed lease cost	$ 3,286	$ 10,902
Variable lease cost	424	786
Total lease cost	$ 3,710	$ 11,688

Land, Buildings and Improveme_9

Land, Buildings and Improvements and Assets Held for Sale - Supplemental Balance Sheet Information (Details) $ in Thousands	Sep. 30, 2019USD ($)lease
Lessee, Lease, Description
Total operating ROU assets	$ 121,076
Operating ROU liabilities	$ 87,985
Weighted-average remaining lease term — operating leases	37 years 6 months
Weighted-average discount rate — operating leases	7.80%
Minimum
Lessee, Lease, Description
Operating lease contract term	1 year
Maximum
Lessee, Lease, Description
Operating lease contract term	100 years
Land
Lessee, Lease, Description
Total operating ROU assets	$ 112,208
Operating lease right of use asset, (lease) | lease	64
Office
Lessee, Lease, Description
Total operating ROU assets	$ 8,868
Operating lease right of use asset, (lease) | lease	6

Land, Buildings and Improvem_10

Land, Buildings and Improvements and Assets Held for Sale - Undiscounted Cash Flow (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
2019 (remainder)	$ 3,217
2020	14,066
2021	8,628
2022	7,873
2023	7,741
Thereafter	254,873
Total minimum lease payments	296,398
Less: amount of lease payments representing interest	(208,413)
Lease liability	$ 87,985

Land, Buildings and Improvem_11

Land, Buildings and Improvements and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate Properties
Assets held for sale, net	$ 104,013	$ 0
Land, buildings and improvements
Real Estate Properties
Assets held for sale, net	105,576	0
Accumulated depreciation and amortization
Real Estate Properties
Assets held for sale, net	$ 1,563	$ 0

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Receivables [Abstract]
Lease payments receivable	$ 996,167
Unguaranteed residual value	856,180
Net investment in finance leases, excluding unearned income	1,852,347
Less: unearned income	(676,046)
Net receivables (difference between undiscounted cash flows and discounted cash flows)	$ 1,176,301
Lease payments receivable		$ 1,160,977
Unguaranteed residual value		966,826
Net investment in finance leases, excluding unearned income		2,127,803
Less: unearned income		(821,588)
Net investment in finance leases		$ 1,306,215

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2019USD ($)loan	Jun. 30, 2019USD ($)	Sep. 30, 2019USD ($)propertyloan	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)propertyloan	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)loan
Finance Receivables
Interest income from direct financing leases			$ 25,400		$ 77,300	$ 50,700
Interest income from direct financing leases				$ 16,700
Direct financing lease, net investments reclassified			(1,176,301)		(1,176,301)
Increase to investments in real estate reclassified			13,639,143		13,639,143		$ 13,493,036
Decrease in value of balance sheet item due to foreign currency translation			37,412	8,102	41,772	29,401
Impairment charges			25,781	$ 0	25,781	4,790
Real estate carrying value			$ 11,828,923		$ 11,828,923		$ 11,928,854
Number of loans receivable (loans) | loan			4		4		4
Loans receivable			$ 57,700		$ 57,700		$ 57,700
Loans receivable, sales type lease							9,500
Proceeds from repayment of loan receivable		$ 9,300			$ 9,707	$ 362
CPA REITs
Finance Receivables
Deferred acquisitions fees payment period					3 years
Subsequent Events
Finance Receivables
Loans receivable repaid (loans) | loan	2
Proceeds from repayment of loan receivable	$ 10,000
New York Times Company
Finance Receivables
Bargain purchase option			254,700		$ 254,700		275,400
Real estate carrying value			252,000		252,000
Assets Leased to Others
Finance Receivables
Increase to investments in real estate reclassified			8,471,538		8,471,538		$ 8,056,176
CPA:17 – Global
Finance Receivables
Measurement period adjustments, decrease to direct financing leases					21,000
Measurement period adjustment, decrease to change in control of interest			8,400		8,400
Direct financing lease
Finance Receivables
Decrease in value of balance sheet item due to foreign currency translation					20,200
Adjustments
Finance Receivables
Direct financing lease, net investments reclassified			44,400		44,400
Adjustments | Assets Leased to Others
Finance Receivables
Increase to investments in real estate reclassified			$ 44,400		$ 44,400
Direct financing lease
Finance Receivables
Number of properties sold | property					4
Decrease in direct financing lease related to sales					$ 6,400
Direct financing lease | Adjustments
Finance Receivables
Direct financing lease, number of properties reclassified | property			4		4

Finance Receivables - Schedule

Finance Receivables - Schedule of Future Lease Payments (Details) $ in Thousands	Sep. 30, 2019USD ($)
Direct Financing Leases, Lease Receivable, Fiscal Year Maturity
2019 (remainder)	$ 277,569
2020	91,098
2021	89,117
2022	79,807
2023	73,367
Thereafter	385,209
Total	$ 996,167

Finance Receivables - Schedul_2

Finance Receivables - Schedule of Future Lease Payments - Before Adoption (Details) $ in Thousands	Dec. 31, 2018USD ($)
Future Minimum Rents
2019	$ 373,632
2020	98,198
2021	95,181
2022	85,801
2023	80,033
Thereafter	428,132
Total	$ 1,160,977

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Sep. 30, 2019USD ($)tenant	Dec. 31, 2018USD ($)tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 1,234,038	$ 1,373,492
Internally Assigned Grade1-3
Credit Quality Of Finance Receivables
Number of tenants | tenant	34	36
Net investments in direct financing leases	$ 1,070,988	$ 1,135,321
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants | tenant	7	10
Net investments in direct financing leases	$ 138,632	$ 227,591
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants | tenant	1	1
Net investments in direct financing leases	$ 24,418	$ 10,580

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Finite-Lived Intangible Assets, Net
Decrease in value of balance sheet item due to foreign currency translation	$ 37,412	$ 8,102	$ 41,772	$ 29,401
Amortization of intangible assets	$ 64,500	$ 40,500	204,100	$ 118,200
Net intangible assets
Finite-Lived Intangible Assets, Net
Decrease in value of balance sheet item due to foreign currency translation			$ 37,900
Minimum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life			2 years
Maximum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life			48 years

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Goodwill Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Goodwill
Goodwill, beginning balance	$ 920,944
CPA:17 Merger measurement period adjustments (Note 3)	15,802
Foreign currency translation adjustments	(5,882)
Goodwill, ending balance	930,864
Real Estate
Goodwill
Goodwill, beginning balance	857,337
CPA:17 Merger measurement period adjustments (Note 3)	15,802
Foreign currency translation adjustments	(5,882)
Goodwill, ending balance	867,257
Investment Management
Goodwill
Goodwill, beginning balance	63,607
Goodwill, ending balance	$ 63,607

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Amortizable Intangible Assets
Less: accumulated amortization	$ (1,033,448)	$ (841,266)
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	930,864	927,246
Total intangible assets, gross	3,865,529	3,879,268
Total intangible assets, net	2,832,081	3,038,002
Amortizable Intangible Liabilities
Finite-lived intangible liabilities, gross	(260,880)	(269,594)
Less: accumulated amortization	69,936	61,177
Net amortizable intangible liabilities	(190,944)	(208,417)
Indefinite Lived Intangible Liabilities
Total intangible liabilities, gross	(277,591)	(286,305)
Total intangible liabilities, net	(207,655)	(225,128)
Below-market purchase option
Indefinite Lived Intangible Liabilities
Indefinite-lived intangible liabilities	(16,711)	(16,711)
Below-market rent
Amortizable Intangible Liabilities
Finite-lived intangible liabilities, gross	(260,880)	(253,633)
Less: accumulated amortization	69,936	57,514
Net amortizable intangible liabilities	(190,944)	(196,119)
Above-market ground lease (a)
Amortizable Intangible Liabilities
Finite-lived intangible liabilities, gross	0	(15,961)
Less: accumulated amortization	0	3,663
Net amortizable intangible liabilities	0	(12,298)
Goodwill
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	930,864	920,944
Below-market ground lease
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	0	6,302
Contracts including internal software development costs
Amortizable Intangible Assets
Finite lived intangible assets, gross	23,332	22,899
Less: accumulated amortization	(14,565)	(11,868)
Amortizable intangible assets	8,767	11,031
Internal-use software development costs
Amortizable Intangible Assets
Finite lived intangible assets, gross	19,357	18,924
Less: accumulated amortization	(12,773)	(10,672)
Amortizable intangible assets	6,584	8,252
Trade name
Amortizable Intangible Assets
Finite lived intangible assets, gross	3,975	3,975
Less: accumulated amortization	(1,792)	(1,196)
Amortizable intangible assets	2,183	2,779
Lease intangibles
Amortizable Intangible Assets
Finite lived intangible assets, gross	2,911,333	2,929,123
Less: accumulated amortization	(1,018,883)	(829,398)
Amortizable intangible assets	1,892,450	2,099,725
In-place lease
Amortizable Intangible Assets
Finite lived intangible assets, gross	1,999,393	1,960,437
Less: accumulated amortization	(632,794)	(496,096)
Amortizable intangible assets	1,366,599	1,464,341
Above-market rent
Amortizable Intangible Assets
Finite lived intangible assets, gross	911,940	925,797
Less: accumulated amortization	(386,089)	(330,935)
Amortizable intangible assets	525,851	594,862
Below-market ground lease (a)
Amortizable Intangible Assets
Finite lived intangible assets, gross	0	42,889
Less: accumulated amortization	0	(2,367)
Amortizable intangible assets	$ 0	$ 40,522

Equity Investments in the Man_3

Equity Investments in the Managed Programs and Real Estate - Narratives (Details) - USD ($) $ in Thousands	Feb. 27, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Investments in REITs
Distributions of earnings from equity method investments				$ 19,472	$ 47,173
CPA:17 – Global
Investments in REITs
Measurement period adjustment, increase to investment in real estate				2,600
Real Estate | Unconsolidated Real Estate Investment
Investments in REITs
Distributions of earnings from equity method investments				14,600	15,400
Aggregate unamortized basis difference on equity investments		$ 24,700		24,700		$ 23,700
Managed Programs
Investments in REITs
Distributions of earnings from equity method investments		$ 5,480	$ 13,135	14,930	32,413
Beach House JV, LLC | Third Party | Real Estate
Investments in REITs
Proceeds from repayment of preferred equity interest	$ 15,000
Affiliated Entity | CPA:17 – Global
Investments in REITs
Distributions of earnings from equity method investments					7,500
Affiliated Entity | CPA: 17 operating partnership
Investments in REITs
Distributions of earnings from equity method investments					18,600
Affiliated Entity | CPA:18 – Global
Investments in REITs
Distributions of earnings from equity method investments				$ 2,500	1,900
Affiliated Entity | CPA:18 – Global | Class A
Investments in REITs
Asset management fees receivable, shares		54,348		54,348
Affiliated Entity | CPA:18 – Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments				$ 5,600	6,400
Affiliated Entity | CWI 1
Investments in REITs
Distributions of earnings from equity method investments				$ 2,000	1,400
Asset management fees receivable, shares		112,794		112,794
Affiliated Entity | CWI 1 operating partnership
Investments in REITs
Distributions of earnings from equity method investments				$ 4,900	3,500
Affiliated Entity | CWI 2
Investments in REITs
Distributions of earnings from equity method investments				$ 1,200	800
Affiliated Entity | CWI 2 | Class A
Investments in REITs
Asset management fees receivable, shares		78,392		78,392
Affiliated Entity | CWI 2 operating partnership
Investments in REITs
Distributions of earnings from equity method investments				$ 4,500	$ 3,900
Affiliated Entity | Managed Programs
Investments in REITs
Aggregate unamortized basis difference on equity investments		$ 44,100		44,100		$ 35,200
Affiliated Entity | Apply Sorco AS | CPA:18 – Global | Real Estate
Investments in REITs
Measurement period adjustment, increase to investment in real estate				5,200
Affiliated Entity | Apply Sorco AS | CPA:18 – Global | Real Estate | CPA:17 – Global
Investments in REITs
Measurement period adjustment, increase to investment in real estate				$ 2,600

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	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule Of Equity Method Investments
Distributions of Available Cash (Note 3)			$ 19,472	$ 47,173
Proportionate share of equity in earnings of equity investments			15,211	46,246
Equity in earnings of equity method investments in the Managed Programs and real estate	$ 5,769	$ 18,363	15,211	46,246
Managed Programs
Schedule Of Equity Method Investments
Distributions of Available Cash (Note 3)	5,480	13,135	14,930	32,413
Proportionate share of equity in earnings of equity investments	96	1,136	621	4,166
Amortization of basis differences on equity method investments in the Managed Programs	(385)	(607)	(1,070)	(1,919)
Equity in earnings of equity method investments in the Managed Programs and real estate	5,191	13,664	14,481	34,660
Investment in real estate
Schedule Of Equity Method Investments
Proportionate share of equity in earnings of equity investments	896	5,264	2,232	13,251
Amortization of basis differences on equity method investments in the Managed Programs	(318)	(565)	(1,502)	(1,665)
Equity in earnings of equity method investments in the Managed Programs and real estate	$ 578	$ 4,699	$ 730	$ 11,586

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	Sep. 30, 2019	Dec. 31, 2018
Investments in Programs
Equity investments in real estate	$ 315,641	$ 329,248
Affiliated Entity | CPA:18 – Global
Investments in Programs
Equity method investment, ownership percentage	3.761%	3.446%
Equity investments in real estate	$ 41,325	$ 39,600
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	3.745%	3.062%
Equity investments in real estate	$ 46,354	$ 38,600
Affiliated Entity | CWI 1 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	3.533%	2.807%
Equity investments in real estate	$ 31,812	$ 25,200
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	$ 3,779	$ 3,495
Affiliated Entity | Managed Programs
Investments in Programs
Equity investments in real estate	$ 123,965	$ 107,590

Equity Investments in the Man_6

Equity Investments in the Managed Programs and Real Estate - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments in Programs
Equity investments in real estate	$ 315,641	$ 329,248
Real Estate
Investments in Programs
Equity investments in real estate	$ 191,676	221,658
Real Estate | Third Party | Kesko Senukai
Investments in Programs
Equity method investment, ownership percentage	70.00%
Equity investments in real estate	$ 43,746	52,432
Real Estate | Third Party | BPS Nevada, LLC
Investments in Programs
Equity method investment, ownership percentage	15.00%
Equity investments in real estate	$ 22,665	22,292
Real Estate | Third Party | Beach House JV, LLC
Investments in Programs
Equity investments in real estate	$ 0	15,105
Real Estate | Third Party | Affiliated Entity | Johnson Self Storage
Investments in Programs
Equity method investment, ownership percentage	90.00%
Equity investments in real estate	$ 70,346	73,475
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	$ 26,989	29,086
Real Estate | CPA:18 – Global | Affiliated Entity | State Farm Mutual Automobile Insurance Co.
Investments in Programs
Equity method investment, ownership percentage	50.00%
Equity investments in real estate	$ 17,667	18,927
Real Estate | CPA:18 – Global | Affiliated Entity | Apply Sorco AS
Investments in Programs
Equity method investment, ownership percentage	49.00%
Equity investments in real estate	$ 7,693	7,483
Real Estate | CPA:18 – Global | Affiliated Entity | Fortenova Grupa d.d.( formerly Konzum d.d.)
Investments in Programs
Equity method investment, ownership percentage	20.00%
Equity investments in real estate	$ 2,570	$ 2,858

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)property	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)property	Dec. 31, 2018USD ($)
Fair Value Inputs, Assets
Equity investments in real estate	$ 315,641		$ 315,641		$ 329,248
Unamortized discount	41,888		41,888
Net investments in direct financing leases	1,176,301		1,176,301
Impairment charges	$ 25,781	$ 0	$ 25,781	$ 4,790
Bankrupt tenants property
Fair Value Inputs, Assets
Fair value of impaired real estate		$ 3,900		3,900
Impairment charges				3,800
Vacant property
Fair Value Inputs, Assets
Number of real estate properties (property) | property	6		6
Impairment charges				1,000
Unsecured senior notes
Fair Value Inputs, Assets
Unamortized discount	$ 20,900		$ 20,900
GCIF | Other assets, net
Fair Value Inputs, Assets
Unrealized loss on investment			1,100
Proceeds from the redemption of investment in shares			3,300
Equity investments in real estate	19,100		19,100		23,600
CPA:17 – Global
Fair Value Inputs, Assets
Measurement period adjustment, decrease to purchase price			(3,000)
Level 3 | Carrying Value | Non-Recourse Debt
Fair Value Inputs, Assets
Unamortized discount	21,000		21,000		21,800
Level 3 | Carrying Value | Non recourse mortgage
Fair Value Inputs, Assets
Debt instrument, unamortized discount and debt issuance costs, net	600		600		800
Level 3 | Land, buildings and improvements | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs	$ 25,800		$ 25,800	$ 4,800
Number of real estate properties (property) | property		2		2
Level 3 | Land, buildings and improvements | Fair Value | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Number of real estate properties (property) | property	4		4
Level 2 | Carrying Value | Unsecured senior notes
Fair Value Inputs, Assets
Debt instrument, unamortized discount and debt issuance costs, net	$ 23,500		$ 23,500		19,700
Unamortized discount	20,900		20,900		15,800
Investment in a Cold Storage Operator | Level 3
Fair Value Inputs, Assets
Unrealized loss on investment			3,300
Fair value of investments	$ 110,000		$ 110,000		$ 116,300

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Level 2 | Carrying Value | Unsecured senior notes
Liabilities:
Debt instrument, fair value	$ 4,302,892	$ 3,554,470
Level 2 | Fair Value | Unsecured senior notes
Liabilities:
Debt instrument, fair value	4,594,830	3,567,593
Level 3 | Carrying Value
Liabilities:
Debt instrument, fair value	1,771,887	2,732,658
Level 3 | Carrying Value | Notes Receivable
Assets:
Loans receivable	57,737	67,277
Level 3 | Fair Value
Liabilities:
Debt instrument, fair value	1,798,883	2,737,861
Level 3 | Fair Value | Notes Receivable
Assets:
Loans receivable	$ 57,737	$ 67,123

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) ¥ in Billions	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)offering	Sep. 30, 2018USD ($)	Sep. 30, 2019JPY (¥)	Sep. 30, 2019EUR (€)	Sep. 19, 2019USD ($)	Dec. 31, 2018USD ($)
Summary of Derivative Instruments
Net collateral posted for derivatives	$ 0		$ 0					$ 0
Derivative, remaining maturity			77 months
Total credit exposure on derivatives	38,500,000		$ 38,500,000
Derivatives, net liability position	11,000,000		11,000,000					7,300,000
Aggregate termination value for immediate settlement	11,200,000		11,200,000					7,600,000
Other comprehensive income foreign currency gain (loss)	108,800,000	$ 10,500,000	122,300,000	$ 55,000,000
Unsecured revolving credit facility
Summary of Derivative Instruments
Debt	22,410,000		22,410,000					91,563,000
EUR | Unsecured revolving credit facility
Summary of Derivative Instruments
Debt	0		0					69,273,000
JPY | Unsecured revolving credit facility
Summary of Derivative Instruments
Debt	22,410,000		$ 22,410,000		¥ 2.4			$ 22,290,000
Unsecured senior notes
Summary of Derivative Instruments
Number Of Offerings Completed | offering			5
Principal amount	$ 4,300,000,000		$ 4,300,000,000
Unsecured senior notes | 2.0% Senior Notes due 2023
Summary of Derivative Instruments
Principal amount | €						€ 500,000,000
Coupon rate (percentage)	2.00%		2.00%		2.00%	2.00%
Unsecured senior notes | 2.25% Senior Notes due 2024
Summary of Derivative Instruments
Principal amount | €						€ 500,000,000
Coupon rate (percentage)	2.25%		2.25%		2.25%	2.25%
Unsecured senior notes | 2.250% Senior Notes due 2026
Summary of Derivative Instruments
Principal amount | €						€ 500,000,000
Coupon rate (percentage)	2.25%		2.25%		2.25%	2.25%
Unsecured senior notes | 2.125% Senior Notes due 2027
Summary of Derivative Instruments
Principal amount | €						€ 500,000,000
Coupon rate (percentage)	2.125%		2.125%		2.125%	2.125%
Unsecured senior notes | 1.350% Senior Notes due 2028
Summary of Derivative Instruments
Principal amount						€ 500,000,000	$ 500,000,000
Coupon rate (percentage)	1.35%		1.35%		1.35%	1.35%	1.35%
Individual Counterparty
Summary of Derivative Instruments
Total credit exposure on derivatives	$ 13,300,000		$ 13,300,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			2,000,000
Other gains
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			$ (16,000,000)

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value
Derivative assets, fair value	$ 44,126	$ 45,191
Liability derivatives, fair value	(5,734)	(5,409)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	39,208	32,547
Liability derivatives, fair value	(5,617)	(5,066)
Derivatives Designated as Hedging Instruments | Foreign currency collars | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	24,425	8,536
Derivatives Designated as Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	0	(1,679)
Derivatives Designated as Hedging Instruments | Foreign currency forward contracts | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	14,782	22,520
Derivatives Designated as Hedging Instruments | Interest rate caps | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	1	56
Derivatives Designated as Hedging Instruments | Interest rate swaps | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	0	1,435
Derivatives Designated as Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(5,617)	(3,387)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	4,918	12,644
Liability derivatives, fair value	(117)	(343)
Derivatives Not Designated as Hedging Instruments | Foreign currency forward contracts | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value		7,144
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	18	0
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(117)	(343)
Derivatives Not Designated as Hedging Instruments | Stock warrants | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	$ 4,900	$ 5,500

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	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	$ 13,700	$ 1,824	$ 14,180	$ 9,541
Derivatives in Cash Flow Hedging Relationships | Equity method investments
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	(400)	100	(2,400)	300
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	13,661	1,267	17,539	5,117
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	(398)	244	(2,775)	1,664
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	361	(786)	(809)	(644)
Derivatives in Cash Flow Hedging Relationships | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	50	(1)	199	(12)
Derivatives in Net Investment Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	18	0	19	0
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	$ 8	$ 1,100	$ 7	$ 3,416

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss	$ 3,080	$ 2,423	$ 8,393	$ 5,550
Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss	2,271	1,752	6,825	4,556
Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss	1,241	681	3,614	1,255
Interest rate swaps and caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss	$ (432)	$ (10)	$ (2,046)	$ (261)

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	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (Loss) on Derivative Instruments, Net, Pretax	$ 1,193	$ 168	$ (524)	$ 763
Derivatives Not Designated as Hedging Instruments | 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	805	0	544	(125)
Derivatives Not Designated as Hedging Instruments | 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	543	135	738	455
Derivatives Not Designated as Hedging Instruments | Stock warrants | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(300)	0	(600)	201
Derivatives Not Designated as Hedging Instruments | 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	(98)	0	(124)	7
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	7	0	15	0
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (Loss) on Hedging Activity	0	0	(132)	0
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (Loss) on Hedging Activity	0	(3)	7	(24)
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (Loss) on Hedging Activity	340	36	(773)	249
Derivatives in Cash Flow Hedging Relationships | Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (Loss) on Hedging Activity	$ (104)	$ 0	$ (199)	$ 0

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	Sep. 30, 2019USD ($)instrument	Sep. 30, 2019EUR (€)instrument	Sep. 30, 2019GBP (£)instrument
Derivative Disclosure
Fair value	$ (5,715)
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swaps | USD
Derivative Disclosure
Derivative number of instruments | instrument	6	6	6
Notional Amount	$ 99,396
Fair value	$ (3,656)
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swaps | EUR
Derivative Disclosure
Derivative number of instruments | instrument	2	2	2
Notional Amount | €		€ 49,962
Fair value	$ (1,961)
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate caps | EUR
Derivative Disclosure
Derivative number of instruments | instrument	4	4	4
Notional Amount | €		€ 125,868
Fair value	$ 1
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate caps | GBP
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1
Notional Amount | £			£ 6,394
Fair value	$ 0
Not Designated as Hedging Instruments | Interest rate swaps | USD
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1
Notional Amount	$ 7,842
Fair value	$ 18
Not Designated as Hedging Instruments | Interest rate swaps | EUR
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1
Notional Amount | €		€ 4,637
Fair value	$ (117)

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	Sep. 30, 2019USD ($)instrument	Sep. 30, 2019NOK (kr)instrument	Sep. 30, 2019EUR (€)instrument	Sep. 30, 2019GBP (£)instrument
Derivative Disclosure
Fair value, foreign currency derivatives	$ 39,207
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR
Derivative Disclosure
Derivative number of instruments | instrument	70	70	70	70
Notional Amount | €			€ 231,025
Fair value, foreign currency derivatives	$ 18,515
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | GBP
Derivative Disclosure
Derivative number of instruments | instrument	59	59	59	59
Notional Amount | £				£ 44,000
Fair value, foreign currency derivatives	$ 5,879
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | NOK
Derivative Disclosure
Derivative number of instruments | instrument	3	3	3	3
Notional Amount | kr		kr 2,000
Fair value, foreign currency derivatives	$ 14
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency forward contracts | EUR
Derivative Disclosure
Derivative number of instruments | instrument	16	16	16	16
Notional Amount | €			€ 43,981
Fair value, foreign currency derivatives	$ 14,741
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency forward contracts | NOK
Derivative Disclosure
Derivative number of instruments | instrument	2	2	2	2
Notional Amount | kr		kr 1,458
Fair value, foreign currency derivatives	$ 41
Derivatives Designated as Hedging Instruments | Derivatives in Net Investment Hedging Relationships | Foreign currency collars | NOK
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1	1
Notional Amount | kr		kr 2,500
Fair value, foreign currency derivatives	$ 17

Debt - Narratives (Details)

Debt - Narratives (Details)	Sep. 19, 2019USD ($)	Jun. 14, 2019USD ($)	Feb. 22, 2017USD ($)option	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Sep. 30, 2019EUR (€)property	Dec. 31, 2018USD ($)	Feb. 22, 2017EUR (€)option
Senior Unsecured Credit Facility
Line of credit, maximum borrowing amount			$ 2,350,000,000
Financing cost				$ 24,103,000		$ 24,103,000
Non Recourse Mortgage
Non-recourse mortgages, net				1,771,887,000		1,771,887,000			$ 2,732,658,000
Real estate carrying value				11,828,923,000		11,828,923,000			11,928,854,000
Prepayments of mortgage principal						872,799,000	$ 164,908,000
Repayments of non recourse mortgage loan						93,872,000	59,048,000
Decrease in value of balance sheet item due to foreign currency translation				37,412,000	$ 8,102,000	41,772,000	$ 29,401,000
Unamortized discount				41,888,000		41,888,000
Merged Entities
Non Recourse Mortgage
Unamortized discount				$ 21,000,000		$ 21,000,000
Six vacant properties
Non Recourse Mortgage
Number of real estate properties (property) | property				6		6		6
Six vacant properties | CPA:17 – Global
Senior Unsecured Credit Facility
Principal Amount				$ 57,200,000		$ 57,200,000			57,200,000
Stated interest rate (percentage)				4.40%		4.40%		4.40%
Non Recourse Mortgage
Non-recourse mortgages, net				$ 43,200,000		$ 43,200,000
Default interest rate (percentage)				5.00%		5.00%		5.00%
Accrued interest on debt				$ 5,600,000		$ 5,600,000
Real estate carrying value				42,400,000		42,400,000
Vacant property | CPA:17 – Global
Senior Unsecured Credit Facility
Principal Amount				$ 8,700,000		$ 8,700,000
Stated interest rate (percentage)				5.50%		5.50%		5.50%
Non Recourse Mortgage
Non-recourse mortgages, net				$ 8,200,000		$ 8,200,000
Default interest rate (percentage)				18.00%		18.00%		18.00%
Accrued interest on debt				$ 900,000		$ 900,000
Real estate carrying value				$ 10,500,000		10,500,000
Operating Lease
Non Recourse Mortgage
Decrease in value of balance sheet item due to foreign currency translation						138,800,000
Operating Lease | Distribution Center In Inwood, West Virginia
Non Recourse Mortgage
Liabilities assumed						$ 20,200,000
Mortgage loan on real estate, interest rate (percent)						4.70%
Fixed interest rate
Non Recourse Mortgage
Weighted average interest rate				5.20%		5.20%		5.20%
Variable interest rate
Non Recourse Mortgage
Weighted average interest rate				2.80%		2.80%		2.80%
Unsecured senior notes
Senior Unsecured Credit Facility
Principal Amount				$ 4,300,000,000		$ 4,300,000,000
Financing cost				23,600,000		23,600,000			19,700,000
Non Recourse Mortgage
Unamortized discount				$ 21,000,000		$ 21,000,000			$ 15,800,000
Non-Recourse Debt
Non Recourse Mortgage
Weighted average interest rate				4.90%	2.80%	4.90%	2.80%	4.90%
Prepayments of mortgage principal						$ 872,800,000
Repayments of non recourse mortgage loan						39,400,000	$ 22,600,000
Loss on extinguishment of debt				$ 10,600,000		14,800,000
Non-Recourse Debt | Disposed of by means other than sale
Non Recourse Mortgage
Prepayments of mortgage principal							12,500,000
Revolving Credit Facility
Senior Unsecured Credit Facility
Line of credit, maximum borrowing amount			$ 1,500,000,000
Number of extension options | option			2							2
Option extension term			6 months
Line of credit facility, available				1,500,000,000		$ 1,500,000,000
Debt Instrument borrowing capacity fee (percentage)						0.20%
Delayed Draw term loan
Senior Unsecured Credit Facility
Line of credit, maximum borrowing amount			$ 100,000,000
Term Loan
Senior Unsecured Credit Facility
Line of credit, maximum borrowing amount | €										€ 236,300,000
Unsecured senior notes
Non Recourse Mortgage
Unamortized discount				20,900,000		$ 20,900,000
Unsecured senior notes | Government bond yield | Minimum
Senior Unsecured Credit Facility
Variable interest rate (percentage)						0.30%
Unsecured senior notes | Government bond yield | Maximum
Senior Unsecured Credit Facility
Variable interest rate (percentage)						0.35%
Non-Recourse Debt
Non Recourse Mortgage
Prepayments of mortgage principal							$ 164,900,000
Decrease in value of balance sheet item due to foreign currency translation						$ 155,300,000
3.850% Senior Notes due 2029 | Unsecured senior notes
Senior Unsecured Credit Facility
Principal Amount		$ 325,000,000		$ 325,000,000		$ 325,000,000
Stated interest rate (percentage)		3.85%		3.85%		3.85%		3.85%
Price of Par Value (percentage)		98.876%		98.876%		98.876%		98.876%
Debt instrument term		10 years 1 month 6 days
Financing cost				$ 6,600,000		$ 6,600,000
1.350% Senior Notes due 2028 | Unsecured senior notes
Senior Unsecured Credit Facility
Principal Amount	$ 500,000,000							€ 500,000,000
Stated interest rate (percentage)	1.35%			1.35%		1.35%		1.35%
Price of Par Value (percentage)	99.266%			99.266%		99.266%		99.266%
Debt instrument term	8 years 7 months 6 days

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Credit Facility (Details) - Unsecured revolving credit facility $ in Thousands, ¥ in Billions	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019JPY (¥)	Dec. 31, 2018USD ($)
Senior Unsecured Credit Facility
Debt	$ 22,410		$ 91,563
JPY
Senior Unsecured Credit Facility
Debt	$ 22,410	¥ 2.4	22,290
JPY | JPY LIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	1.00%
EUR
Senior Unsecured Credit Facility
Debt	$ 0		$ 69,273

Debt - Summary of Senior Unse_2

Debt - Summary of Senior Unsecured Notes (Details)	Sep. 30, 2019USD ($)	Sep. 30, 2019EUR (€)	Sep. 19, 2019USD ($)	Jun. 14, 2019USD ($)	Dec. 31, 2018USD ($)
Senior Unsecured Notes
Senior unsecured notes, net	$ 4,302,892,000				$ 3,554,470,000
Deferred financing costs	24,103,000
Unamortized discount, net	41,888,000
Unsecured senior notes
Senior Unsecured Notes
Principal Amount	4,300,000,000
Senior unsecured notes, net	4,347,500,000				3,590,000,000
Deferred financing costs	23,600,000				19,700,000
Unamortized discount, net	$ 21,000,000				15,800,000
Unsecured senior notes | 2.0% Senior Notes due 2023
Senior Unsecured Notes
Principal Amount | €		€ 500,000,000
Price of Par Value (percentage)	99.22%	99.22%
Original Issue Discount	$ 4,600,000
Effective Interest Rate (percentage)	2.107%	2.107%
Coupon rate (percentage)	2.00%	2.00%
Senior unsecured notes, net	$ 544,500,000				572,500,000
Unsecured senior notes | 4.6% Senior Notes due 2024
Senior Unsecured Notes
Principal Amount	$ 500,000,000
Price of Par Value (percentage)	99.639%	99.639%
Original Issue Discount	$ 1,800,000
Effective Interest Rate (percentage)	4.645%	4.645%
Coupon rate (percentage)	4.60%	4.60%
Senior unsecured notes, net	$ 500,000,000				500,000,000
Unsecured senior notes | 2.25% Senior Notes due 2024
Senior Unsecured Notes
Principal Amount | €		€ 500,000,000
Price of Par Value (percentage)	99.448%	99.448%
Original Issue Discount	$ 2,900,000
Effective Interest Rate (percentage)	2.332%	2.332%
Coupon rate (percentage)	2.25%	2.25%
Senior unsecured notes, net	$ 544,500,000				572,500,000
Unsecured senior notes | 4.0% Senior Notes due 2025
Senior Unsecured Notes
Principal Amount	$ 450,000,000
Price of Par Value (percentage)	99.372%	99.372%
Original Issue Discount	$ 2,800,000
Effective Interest Rate (percentage)	4.077%	4.077%
Coupon rate (percentage)	4.00%	4.00%
Senior unsecured notes, net	$ 450,000,000				450,000,000
Unsecured senior notes | 2.250% Senior Notes due 2026
Senior Unsecured Notes
Principal Amount | €		€ 500,000,000
Price of Par Value (percentage)	99.252%	99.252%
Original Issue Discount	$ 4,300,000
Effective Interest Rate (percentage)	2.361%	2.361%
Coupon rate (percentage)	2.25%	2.25%
Senior unsecured notes, net	$ 544,500,000				572,500,000
Unsecured senior notes | 4.25% Senior Notes due 2026
Senior Unsecured Notes
Principal Amount	$ 350,000,000
Price of Par Value (percentage)	99.682%	99.682%
Original Issue Discount	$ 1,100,000
Effective Interest Rate (percentage)	4.29%	4.29%
Coupon rate (percentage)	4.25%	4.25%
Senior unsecured notes, net	$ 350,000,000				350,000,000
Unsecured senior notes | 2.125% Senior Notes due 2027
Senior Unsecured Notes
Principal Amount | €		€ 500,000,000
Price of Par Value (percentage)	99.324%	99.324%
Original Issue Discount	$ 4,200,000
Effective Interest Rate (percentage)	2.208%	2.208%
Coupon rate (percentage)	2.125%	2.125%
Senior unsecured notes, net	$ 544,500,000				572,500,000
Unsecured senior notes | 1.350% Senior Notes due 2028
Senior Unsecured Notes
Principal Amount		€ 500,000,000	$ 500,000,000
Price of Par Value (percentage)	99.266%	99.266%	99.266%
Original Issue Discount	$ 4,100,000
Effective Interest Rate (percentage)	1.442%	1.442%
Coupon rate (percentage)	1.35%	1.35%	1.35%
Senior unsecured notes, net	$ 544,500,000				0
Unsecured senior notes | 3.850% Senior Notes due 2029
Senior Unsecured Notes
Principal Amount	$ 325,000,000			$ 325,000,000
Price of Par Value (percentage)	98.876%	98.876%		98.876%
Original Issue Discount	$ 3,700,000
Effective Interest Rate (percentage)	3.986%	3.986%
Coupon rate (percentage)	3.85%	3.85%		3.85%
Senior unsecured notes, net	$ 325,000,000				$ 0
Deferred financing costs	$ 6,600,000

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Sep. 30, 2019USD ($)
Long-term Debt, by Maturity
2019 (remainder)	$ 18,715
2020	283,777
2021	396,035
2022	461,220
2023	887,139
Thereafter through 2031	4,116,294
Long term debt before unamortized discount	6,163,180
Unamortized discount, net	(41,888)
Unamortized deferred financing costs	(24,103)
Total scheduled debt principal payments	$ 6,097,189

Stock-Based Compensation and _3

Stock-Based Compensation and Equity - Narratives (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2019USD ($)multiplier$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Aug. 09, 2019USD ($)	Dec. 31, 2018USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 4,700,000	$ 2,500,000	$ 13,848,000	$ 14,392,000
Fair value of vested stock			39,400,000
Deferred compensation obligation	37,263,000		37,263,000			$ 35,766,000
Proceed from issuance of stock	$ 131,473,000		$ 523,377,000
Distributions Declared
Dividends declared per share (in dollars per share) | $ / shares	$ 1.036	$ 1.025	$ 3.102	$ 3.06
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued (shares) | shares	1,502,572		6,672,412
Proceed from issuance of stock	$ 1,000		$ 6,000
ATM Program
Share-based Compensation Arrangement by Share-based Payment Award
Common stock maximum offering value	$ 616,600,000		$ 616,600,000		$ 750,000,000
ATM Program | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued (shares) | shares	1,502,572	0	6,672,412	0
Weighted average share price (usd per share) | $ / shares	$ 88.76		$ 79.70
Proceed from issuance of stock	$ 131,400,000		$ 523,500,000
Restricted Stock, RSU, and PSU
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense				$ 4,200,000
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Fair value assumptions expected dividend rate (percent)			0.00%
Deferred compensation arrangement with individual, common stock reserved for future issuance (shares) | shares	893,713		893,713			867,871
Deferred compensation obligation	$ 37,300,000		$ 37,300,000			$ 35,800,000
Unrecognized stock based compensation expense	$ 26,700,000		$ 26,700,000
Weighted-average remaining term			1 year 10 months 24 days
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate (percent)			2.50%
Fair value assumptions expected volatility rate (percent)			15.80%
PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award
Performance period (in years)			3 years
PSU Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards | multiplier			0
PSU Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards | multiplier			3

Stock-Based Compensation and _4

Stock-Based Compensation and Equity - Restricted and Conditional Awards (Details)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
RSA 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 | shares	277,002
Granted - shares | shares	151,746
Vested - shares | shares	(152,364)
Forfeited - shares | shares	(3,840)
Adjustments - shares | shares	0
Nonvested, ending balance - shares | shares	272,544
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) | $ / shares	$ 62.41
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	71.30
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	62.11
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	66.35
Adjustments, weighted average grant date fair value (in dollars per share) | $ / shares	0
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 67.48
PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested, beginning balance - shares | shares	331,216
Granted - shares | shares	84,006
Vested - shares | shares	(403,701)
Forfeited - shares | shares	0
Adjustments - shares | shares	324,366
Nonvested, ending balance - shares | shares	335,887
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) | $ / shares	$ 78.82
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	92.16
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	74.04
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	0
Adjustments, weighted average grant date fair value (in dollars per share) | $ / shares	77.66
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 80.86

Stock-Based Compensation and _5

Stock-Based Compensation and Equity - Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share Reconciliation
Net Income Attributable to W. P. Carey	$ 41,339	$ 77,348	$ 175,871	$ 218,303
Net income attributable to nonvested participating RSUs	(10)	(99)	(44)	(279)
Net income — basic and diluted	$ 41,329	$ 77,249	$ 175,827	$ 218,024
Weighted-average shares outstanding – basic (shares)	172,235,066	108,073,969	170,276,085	108,063,826
Effect of dilutive securities (shares)	251,440	209,697	269,580	190,015
Weighted-average shares outstanding – diluted (shares)	172,486,506	108,283,666	170,545,665	108,253,841
Anti-dilutive shares (shares)	0	0	0	0

Stock-Based Compensation and _6

Stock-Based Compensation and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance	$ 6,990,794	$ 3,312,004	$ 6,830,055	$ 3,411,385
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	12,402	(8,875)	12,118	(16,698)
Interest expense	58,626	41,740	179,658	121,125
Net current period other comprehensive loss	(24,158)	(7,599)	(29,979)	(22,847)
Ending equity balance	6,964,422	3,271,709	6,964,422	3,271,709
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive loss before reclassifications	(21,078)	(5,176)	(21,586)	(17,297)
Amounts reclassified from accumulated other comprehensive loss to:
Total	(3,080)	(2,423)	(8,393)	(5,550)
Net current period other comprehensive loss	(24,158)	(7,599)	(29,979)	(22,847)
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	(3,512)	(2,433)	(10,439)	(5,811)
Interest expense	432	10	2,046	261
Gains and (Losses) on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive loss before reclassifications		3,195		12,003
Amounts reclassified from accumulated other comprehensive loss to:
Total		(2,423)		(5,550)
Net current period other comprehensive loss		772		6,453
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)		(2,433)		(5,811)
Interest expense		10		261
Gains and (Losses) on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive loss before reclassifications	16,323		20,179
Amounts reclassified from accumulated other comprehensive loss to:
Total	(3,080)		(8,393)
Net current period other comprehensive loss	13,243		11,786
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	(3,512)		(10,439)
Interest expense	432		2,046
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive loss before reclassifications	(37,412)	(8,102)	(41,772)	(29,401)
Amounts reclassified from accumulated other comprehensive loss to:
Total	0	0	0	0
Net current period other comprehensive loss	(37,412)	(8,102)	(41,772)	(29,401)
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	0	0	0	0
Interest expense	0	0	0	0
Gains and (Losses) on Investments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive loss before reclassifications	11	(269)	7	101
Amounts reclassified from accumulated other comprehensive loss to:
Total	0	0	0	0
Net current period other comprehensive loss	11	(269)	7	101
Gains and (Losses) on Investments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	0	0	0	0
Interest expense	0	0	0	0
Accumulated Other Comprehensive Income (Loss)
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance	(260,817)	(247,402)	(254,996)	(236,011)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(284,975)	(254,055)	(284,975)	(254,055)
Gains and (Losses) on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance		14,858		9,172
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance		15,631		15,631
Gains and (Losses) on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance	12,645		14,102
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	25,888		25,888
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance	(273,451)	(262,469)	(269,091)	(245,022)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(310,863)	(269,626)	(310,863)	(269,626)
Gains and (Losses) on Investments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance	(11)	209	(7)	(161)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	$ 0	(60)	$ 0	(60)
Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive loss to:
Net current period other comprehensive loss attributable to noncontrolling interests		946		4,803
Gains and (Losses) on Derivative Instruments
Amounts reclassified from accumulated other comprehensive loss to:
Net current period other comprehensive loss attributable to noncontrolling interests		1		6
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive loss to:
Net current period other comprehensive loss attributable to noncontrolling interests		945		4,797
Gains and (Losses) on Investments
Amounts reclassified from accumulated other comprehensive loss to:
Net current period other comprehensive loss attributable to noncontrolling interests		$ 0		$ 0

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Taxes
Current income tax (expense) benefit	$ (5.2)	$ 1.2	$ (8.3)	$ (8.2)
Deferred income tax benefit (expense)	$ 1	$ (3.9)	3.2	5.2
Deferred tax benefit				$ 6.2
Adjustments
Income Taxes
Current income tax (expense) benefit			$ 6.3

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)property	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)property	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)property	Apr. 30, 2018property
Discontinued Operation Additional Disclosures
Proceeds from repayment of loan receivable	$ 9,300				$ 9,707	$ 362
Loss from the collection of loan	$ 100
Purchases of real estate					351,582	$ 530,114
Operating Lease
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		$ 85,500			$ 369,700
Properties disposed of by sale
Discontinued Operation Additional Disclosures
Number of properties sold | property			4	3	9	10
Proceeds from the sale of properties			$ 13,900	$ 17,400	$ 26,500	$ 95,100
Gain (loss) on sale of real estate, net of tax			100	300	700	12,700
Gain on sales of real estate, applicable tax			$ 200	$ 900	$ 200	$ 2,100
Properties disposed of by sale | Land, buildings and improvements
Discontinued Operation Additional Disclosures
Number of properties sold | property					5
Properties disposed of by sale | Land, buildings and improvements | Hotel
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property							1

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)
Segment Reporting Information
Number of business segments | segment			2
Real Estate
Segment Reporting Information
Gross contract revenue	$ 9,538	$ 4,282	$ 40,970	$ 16,365
Real Estate | Hotel in Memphis, Tennessee
Segment Reporting Information
Gross contract revenue				4,800
Real Estate | Hotel in Bloomington, Minnesota
Segment Reporting Information
Gross contract revenue	3,900	$ 4,300	11,400	$ 11,500
Real Estate | Hotel in Miami, FL
Segment Reporting Information
Gross contract revenue	$ 3,500		$ 10,100

Segment Reporting - Income From

Segment Reporting - Income From Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Revenues	$ 318,005	$ 209,384	$ 921,539	$ 612,337
Operating Expenses
Depreciation and amortization	109,517	67,825	335,528	198,119
Impairment charges	25,781	0	25,781	4,790
Reimbursable tenant costs	15,611	5,979	42,699	17,931
General and administrative	17,210	15,863	58,224	50,888
Property expenses, excluding reimbursable tenant costs	10,377	4,898	30,204	14,454
Operating property expenses	8,547	3,055	30,015	12,306
Stock-based compensation expense	4,747	2,475	13,848	14,392
Merger and other expenses	70	1,673	912	4,328
Total operating expenses	198,409	110,937	555,301	341,105
Other Income and Expenses
Interest expense	(58,626)	(41,740)	(179,658)	(121,125)
Other gains and (losses)	(12,402)	8,875	(12,118)	16,698
Loss on change in control of interests	(8,416)	0	(8,416)	0
Equity in earnings of equity method investments in the Managed Programs and real estate	5,769	18,363	15,211	46,246
Gain on sale of real estate, net	71	343	642	18,987
Total other income and expenses	(73,604)	(14,159)	(184,339)	(39,194)
Income before income taxes	45,992	84,288	181,899	232,038
(Provision for) benefit from income taxes	(4,157)	(2,715)	(5,147)	(2,975)
Net Income	41,835	81,573	176,752	229,063
Net income attributable to noncontrolling interests	(496)	(4,225)	(881)	(10,760)
Net Income Attributable to W. P. Carey	41,339	77,348	175,871	218,303
Real Estate
Revenues
Lease revenues	278,839	173,067	811,580	510,866
Lease termination income and other	14,377	1,981	23,951	3,603
Gross contract revenue	9,538	4,282	40,970	16,365
Revenues	302,754	179,330	876,501	530,834
Operating Expenses
Depreciation and amortization	108,573	66,837	332,652	195,131
Impairment charges	25,781	0	25,781	4,790
Reimbursable tenant costs	15,611	5,979	42,699	17,931
General and administrative	13,973	11,349	44,162	34,013
Property expenses, excluding reimbursable tenant costs	10,377	4,898	30,204	14,454
Operating property expenses	8,547	3,055	30,015	12,306
Stock-based compensation expense	3,435	1,380	9,717	7,676
Merger and other expenses	70	1,673	912	4,328
Total operating expenses	186,367	95,171	516,142	290,629
Other Income and Expenses
Interest expense	(58,626)	(41,740)	(179,658)	(121,125)
Other gains and (losses)	(12,938)	8,197	(13,330)	14,940
Loss on change in control of interests	(8,416)	0	(8,416)	0
Equity in earnings of equity method investments in the Managed Programs and real estate	578	4,699	730	11,586
Gain on sale of real estate, net	71	343	642	18,987
Total other income and expenses	(79,331)	(28,501)	(200,032)	(75,612)
Income before income taxes	37,056	55,658	160,327	164,593
(Provision for) benefit from income taxes	(3,511)	(424)	(12,689)	1,792
Net Income	33,545	55,234	147,638	166,385
Net income attributable to noncontrolling interests	11	(4,225)	94	(10,760)
Net Income Attributable to W. P. Carey	$ 33,556	$ 51,009	$ 147,732	$ 155,625

Segment Reporting - Income Fr_2

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating Expenses
Reimbursable costs from affiliates	$ 4,786	$ 6,042	$ 12,475	$ 16,883
General and administrative	17,210	15,863	58,224	50,888
Subadvisor fees	1,763	3,127	5,615	7,014
Stock-based compensation expense	4,747	2,475	13,848	14,392
Depreciation and amortization	109,517	67,825	335,528	198,119
Total operating expenses	198,409	110,937	555,301	341,105
Other Income and Expenses
Equity in earnings of equity method investments in the Managed Programs and real estate	5,769	18,363	15,211	46,246
Other gains and (losses)	(12,402)	8,875	(12,118)	16,698
Total other income and expenses	(73,604)	(14,159)	(184,339)	(39,194)
Income before income taxes	45,992	84,288	181,899	232,038
Provision for income taxes	(4,157)	(2,715)	(5,147)	(2,975)
Net Income	41,835	81,573	176,752	229,063
Net income attributable to noncontrolling interests	(496)	(4,225)	(881)	(10,760)
Net Income Attributable to W. P. Carey	41,339	77,348	175,871	218,303
Investment Management
Investment Management:
Gross contract revenue	15,251	30,054	45,038	81,503
Operating Expenses
Reimbursable costs from affiliates	4,786	6,042	12,475	16,883
General and administrative	3,237	4,514	14,062	16,875
Subadvisor fees	1,763	3,127	5,615	7,014
Stock-based compensation expense	1,312	1,095	4,131	6,716
Depreciation and amortization	944	988	2,876	2,988
Total operating expenses	12,042	15,766	39,159	50,476
Other Income and Expenses
Equity in earnings of equity method investments in the Managed Programs and real estate	5,191	13,664	14,481	34,660
Other gains and (losses)	536	678	1,212	1,758
Total other income and expenses	5,727	14,342	15,693	36,418
Income before income taxes	8,936	28,630	21,572	67,445
Provision for income taxes	(646)	(2,291)	7,542	(4,767)
Net Income	8,290	26,339	29,114	62,678
Net income attributable to noncontrolling interests	(507)	0	(975)	0
Net Income Attributable to W. P. Carey	7,783	26,339	28,139	62,678
Investment Management | Asset management revenue
Investment Management:
Gross contract revenue	9,878	17,349	29,400	51,602
Investment Management | Reimbursable costs from affiliates
Investment Management:
Gross contract revenue	4,786	6,042	12,475	16,883
Investment Management | Structuring and other advisory revenue
Investment Management:
Gross contract revenue	$ 587	$ 6,663	$ 3,163	$ 13,018

Segment Reporting - Total Compa

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information Profit Loss
Revenues	$ 318,005	$ 209,384	$ 921,539	$ 612,337
Operating expenses	198,409	110,937	555,301	341,105
Other income and (expenses)	(73,604)	(14,159)	(184,339)	(39,194)
Provision for income taxes	(4,157)	(2,715)	(5,147)	(2,975)
Net income attributable to noncontrolling interests	(496)	(4,225)	(881)	(10,760)
Net Income Attributable to W. P. Carey	$ 41,339	$ 77,348	$ 175,871	$ 218,303

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Assets
Total assets	[1]	$ 14,083,639	$ 14,183,039
Real Estate
Assets
Total assets		13,825,441	13,941,963
Investment Management
Assets
Total assets		$ 258,198	$ 241,076
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Oct. 15, 2019USD ($)	Oct. 31, 2019USD ($)propertyinvestment	Jun. 30, 2018USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Oct. 25, 2019USD ($)property	Dec. 31, 2018USD ($)
Subsequent Event
Purchases of real estate				$ 351,582	$ 530,114
Funding commitment				37,400
Proceeds from sales of real estate				26,478	$ 95,130
Real Estate Investment Property, Net				13,639,143			$ 13,493,036
Secured Debt				$ 1,771,887			$ 2,732,658
Six vacant properties
Subsequent Event
Number of real estate properties (property) | property				6
Operating Lease
Subsequent Event
Purchases of real estate			$ 85,500	$ 369,700
Subsequent Events
Subsequent Event
Proceeds from sales of real estate	$ 2,500
Subsequent Events | Build-to-suit In Bowling Green, Kentucky
Subsequent Event
Funding commitment		$ 70,000
Subsequent Events | Build-to-suit In Langen,Germany
Subsequent Event
Funding commitment		$ 54,900
Subsequent Events | Disposed of by means other than sale, transfer | Six vacant properties
Subsequent Event
Number of real estate properties (property) | property						6
Real Estate Investment Property, Net						$ 42,400
Subsequent Events | Disposed of by means other than sale, transfer | Carrying Value | Six vacant properties
Subsequent Event
Secured Debt						57,200
Subsequent Events | Disposed of by means other than sale, transfer | Fair Value | Six vacant properties
Subsequent Event
Secured Debt						$ 43,200
Subsequent Events | Operating Lease
Subsequent Event
Number of investments (investments) | investment		2
Purchases of real estate		$ 63,100
Subsequent Events | Operating Lease | Manufacturing Properties in York, Pennsylvania, Lexington, South Carolina, and Queretaro, Mexico
Subsequent Event
Purchases of real estate		$ 53,200
Number of real estate properties (property) | property		3
Operating lease contract term		25 years
Subsequent Events | Operating Lease | Headquarters Facility in Dearborn, Michigan
Subsequent Event
Purchases of real estate		$ 9,900
Operating lease contract term		15 years