W. P. Carey (WPC) 10-K 21 Feb 20 2019 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Feb. 14, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-13779
Entity Registrant Name	W. P. Carey Inc.
Entity Incorporation, State	MD
Entity Tax Identification Number	45-4549771
Entity Address, Street	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(s)	WPC
Name of exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 13.8
Entity Common Stock, Shares Outstanding		172,278,242
Documents Incorporated by Reference	The registrant incorporates by reference its definitive Proxy Statement with respect to its 2020 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of its fiscal year, into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001025378
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Investments in real estate:
Land, buildings and improvements		$ 9,856,191	$ 9,251,396
Net investments in direct financing leases		896,549
Net investments in direct financing leases			1,306,215
In-place lease intangible assets and other		2,186,851	2,009,628
Above-market rent intangible assets		909,139	925,797
Investments in real estate		13,848,730	13,493,036
Accumulated depreciation and amortization		(2,035,995)	(1,564,182)
Assets held for sale, net		104,010	0
Net investments in real estate		11,916,745	11,928,854
Equity investments in the Managed Programs and real estate		324,004	329,248
Cash and cash equivalents		196,028	217,644
Due from affiliates		57,816	74,842
Other assets, net		631,637	711,507
Goodwill		934,688	920,944
Total assets	[1]	14,060,918	14,183,039
Debt:
Senior unsecured notes, net		4,390,189	3,554,470
Unsecured revolving credit facility		201,267	91,563
Non-recourse mortgages, net		1,462,487	2,732,658
Debt, net		6,053,943	6,378,691
Accounts payable, accrued expenses and other liabilities		487,405	403,896
Below-market rent and other intangible liabilities, net		210,742	225,128
Deferred income taxes		179,309	173,115
Dividends payable		181,346	172,154
Total liabilities	[1]	7,112,745	7,352,984
Commitments and contingencies (Note 12)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued		0	0
Common stock, $0.001 par value, 450,000,000 shares authorized; 172,278,242 and 165,279,642 shares, respectively, issued and outstanding		172	165
Additional paid-in capital		8,717,535	8,187,335
Distributions in excess of accumulated earnings		(1,557,374)	(1,143,992)
Deferred compensation obligation		37,263	35,766
Accumulated other comprehensive loss		(255,667)	(254,996)
Total stockholders’ equity		6,941,929	6,824,278
Noncontrolling interests		6,244	5,777
Total equity		6,948,173	6,830,055
Total liabilities and equity		$ 14,060,918	$ 14,183,039
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
W. P. Carey stockholders’ equity:
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred Stock, shares issued (shares)	0	0
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	450,000,000	450,000,000
Common stock shares, outstanding (shares)	172,278,242	165,279,642

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment Management:
Total revenues	$ 311,227	$ 318,005	$ 305,211	$ 298,323	$ 273,395	$ 209,384	$ 201,143	$ 201,810	$ 1,232,766	$ 885,732	$ 848,302
Operating Expenses
Depreciation and amortization									447,135	291,440	253,334
General and administrative									75,293	68,337	70,891
Reimbursable tenant costs									55,576	28,076	21,524
Property expenses, excluding reimbursable tenant costs									39,545	22,773	17,330
Operating property expenses									38,015	20,150	23,426
Impairment charges		25,800							32,539	4,790	2,769
Stock-based compensation expense									18,787	18,294	18,917
Reimbursable costs from affiliates									16,547	21,925	51,445
Subadvisor fees									7,579	9,240	13,600
Merger and other expenses									101	41,426	605
Restructuring and other compensation									0	0	9,363
Dealer manager fees and expenses									0	0	6,544
Total operating expenses	175,816	198,409	179,170	177,722	185,346	110,937	109,202	120,966	731,117	526,451	489,748
Other Income and Expenses
Interest expense									(233,325)	(178,375)	(165,775)
Other gains and (losses)									31,475	29,913	(3,613)
Equity in earnings of equity method investments in the Managed Programs and real estate									23,229	61,514	64,750
Gain on sale of real estate, net									18,143	118,605	33,878
(Loss) gain on change in control of interests		(8,400)			47,800				(8,416)	47,814	0
Total other income and expenses									(168,894)	79,471	(70,760)
Income before income taxes									332,755	438,752	287,794
Provision for income taxes									(26,211)	(14,411)	(2,711)
Net Income	129,792	41,835	66,121	68,796	195,278	81,573	79,424	68,066	306,544	424,341	285,083
Net income attributable to noncontrolling interests	(420)	(496)	(83)	(302)	(2,015)	(4,225)	(3,743)	(2,792)	(1,301)	(12,775)	(7,794)
Net Income Attributable to W. P. Carey	$ 129,372	$ 41,339	$ 66,038	$ 68,494	$ 193,263	$ 77,348	$ 75,681	$ 65,274	$ 305,243	$ 411,566	$ 277,289
Basic Earnings Per Share (usd per share)	$ 0.75	$ 0.24	$ 0.39	$ 0.41	$ 1.33	$ 0.71	$ 0.70	$ 0.60	$ 1.78	$ 3.50	$ 2.56
Diluted Earnings Per Share (usd per share)	$ 0.75	$ 0.24	$ 0.38	$ 0.41	$ 1.33	$ 0.71	$ 0.70	$ 0.60	$ 1.78	$ 3.49	$ 2.56
Weighted-Average Shares Outstanding
Basic (in shares)									171,001,430	117,494,969	107,824,738
Diluted (in shares)									171,299,414	117,706,445	108,035,971
Real Estate
Real Estate:
Lease revenues									$ 1,086,375	$ 744,498	$ 651,897
Gross contract revenue									50,220	28,072	30,562
Lease termination income and other									36,268	6,555	4,749
Investment Management:
Gross contract revenue									50,220	28,072	30,562
Total revenues									1,172,863	779,125	687,208
Operating Expenses
Depreciation and amortization									443,300	287,461	249,432
General and administrative									56,796	47,210	39,002
Reimbursable tenant costs									55,576	28,076	21,524
Property expenses, excluding reimbursable tenant costs									39,545	22,773	17,330
Operating property expenses									38,015	20,150	23,426
Impairment charges									32,539	4,790	2,769
Stock-based compensation expense									13,248	10,450	6,960
Merger and other expenses									101	41,426	605
Total operating expenses									679,120	462,336	361,048
Other Income and Expenses
Interest expense									(233,325)	(178,375)	(165,775)
Other gains and (losses)									30,251	30,015	(5,655)
Equity in earnings of equity method investments in the Managed Programs and real estate									2,361	13,341	13,068
Gain on sale of real estate, net									18,143	118,605	33,878
(Loss) gain on change in control of interests									(8,416)	18,792	0
Total other income and expenses									(190,986)	2,378	(124,484)
Income before income taxes									302,757	319,167	201,676
Provision for income taxes									(30,802)	844	(1,743)
Net Income									271,955	320,011	199,933
Net income attributable to noncontrolling interests									110	(12,775)	(7,794)
Net Income Attributable to W. P. Carey									272,065	307,236	192,139
Investment Management
Real Estate:
Gross contract revenue									59,903	106,607	161,094
Investment Management:
Gross contract revenue									59,903	106,607	161,094
Operating Expenses
Depreciation and amortization									3,835	3,979	3,902
General and administrative									18,497	21,127	31,889
Stock-based compensation expense									5,539	7,844	11,957
Reimbursable costs from affiliates									16,547	21,925	51,445
Subadvisor fees									7,579	9,240	13,600
Restructuring and other compensation									0	0	9,363
Dealer manager fees and expenses									0	0	6,544
Total operating expenses									51,997	64,115	128,700
Other Income and Expenses
Other gains and (losses)									1,224	(102)	2,042
Equity in earnings of equity method investments in the Managed Programs and real estate									20,868	48,173	51,682
(Loss) gain on change in control of interests									0	29,022	0
Total other income and expenses									22,092	77,093	53,724
Income before income taxes									29,998	119,585	86,118
Provision for income taxes									4,591	(15,255)	(968)
Net Income									34,589	104,330	85,150
Net income attributable to noncontrolling interests									(1,411)	0	0
Net Income Attributable to W. P. Carey									33,178	104,330	85,150
Investment Management | Asset management revenue
Real Estate:
Gross contract revenue									39,132	63,556	70,125
Investment Management:
Gross contract revenue									39,132	63,556	70,125
Investment Management | Reimbursable costs from affiliates
Real Estate:
Gross contract revenue									16,547	21,925	51,445
Investment Management:
Gross contract revenue									16,547	21,925	51,445
Investment Management | Structuring and other advisory revenue
Real Estate:
Gross contract revenue									4,224	21,126	35,094
Investment Management:
Gross contract revenue									4,224	21,126	35,094
Investment Management | Dealer manager fees
Real Estate:
Gross contract revenue									0	0	4,430
Investment Management:
Gross contract revenue									$ 0	$ 0	$ 4,430

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Comprehensive Income
Net Income	$ 306,544	$ 424,341	$ 285,083
Other Comprehensive (Loss) Income
Unrealized (loss) gain on derivative instruments	(1,054)	4,923	(37,778)
Foreign currency translation adjustments	376	(31,843)	72,428
Unrealized gain (loss) on investments	7	154	(71)
Net current period other comprehensive (loss) income	(671)	(26,766)	34,579
Comprehensive Income	305,873	397,575	319,662
Amounts Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	(1,301)	(12,775)	(7,794)
Foreign currency translation adjustments	0	7,774	(16,120)
Unrealized loss on derivative instruments	0	7	15
Comprehensive income attributable to noncontrolling interests	(1,301)	(4,994)	(23,899)
Comprehensive Income Attributable to W. P. Carey	$ 304,572	$ 392,581	$ 295,763

Consolidated Statement of Equit

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Total W. P. Carey Stockholders	Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalPreviously Reported	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated EarningsPreviously Reported	Deferred Compensation Obligation	Accumulated Other Comprehensive Income (Loss)	Noncontrolling interest
Balance - beginning of period at Dec. 31, 2016	$ 3,425,140	$ 3,301,667	$ 106	$ 4,399,961		$ (894,137)		$ 50,222	$ (254,485)	$ 123,473
Balance - beginning of period, shares at Dec. 31, 2016			106,294,162
W.P. Carey Stockholders
Shares issued under “at-the-market” offering, net, value	22,886	22,886	$ 1	22,885
Shares issued under “at-the-market” offering, net, shares			345,253
Shares issued to a third party in connection with a legal settlement, value	772	772		772
Shares issued to a third party in connection with a legal settlement, shares			11,077
Shares issued upon delivery of vested restricted share awards, value	(10,385)	(10,385)		(10,385)
Shares issued upon delivery of vested restricted share awards, shares			229,121
Shares issued upon exercise of stock options and purchases under employee share purchase plan, value	(1,680)	(1,680)		(1,680)
Shares issued upon exercise of stock options and purchases under employee share purchase plan, shares			43,003
Deferral of vested shares, net				3,790				(3,790)
Amortization of stock-based compensation expense	18,917	18,917		18,917
Acquisition of noncontrolling interest		(1,845)		(1,845)						1,845
Contributions from noncontrolling interests	90,550									90,550
Distributions to noncontrolling interests	(20,643)									(20,643)
Distributions declared	(433,834)	(433,834)		1,158		(435,216)		224
Net Income	285,083	277,289				277,289				7,794
Other comprehensive income (loss):
Unrealized (loss) gain on derivative instruments	(37,778)	(37,763)							(37,763)	(15)
Foreign currency translation adjustments	72,428	56,308							56,308	16,120
Unrealized gain (loss) on investments	(71)	(71)							(71)
Balance - end of period at Dec. 31, 2017	3,411,385	3,192,261	$ 107	4,433,573	$ 4,433,573	(1,052,064)	$ (1,052,064)	46,656	(236,011)	219,124
Balance - end of period, shares at Dec. 31, 2017			106,922,616
W.P. Carey Stockholders
Shares issued to stockholders of CPA:17 – Global in connection with CPA:17 Merger, value	3,554,578	3,554,578	$ 54	3,554,524
Shares issued to stockholders of CPA:17 – Global in connection with CPA:17 Merger, shares			53,849,087
Shares issued under “at-the-market” offering, net, value	287,437	287,437	$ 4	287,433
Shares issued under “at-the-market” offering, net, shares			4,229,285
Shares issued upon delivery of vested restricted share awards, value	(13,644)	(13,644)		(13,644)
Shares issued upon delivery of vested restricted share awards, shares			293,481
Shares issued upon exercise of stock options and purchases under employee share purchase plan, value	178	178		178
Shares issued upon exercise of stock options and purchases under employee share purchase plan, shares			2,951
Deferral of vested shares, net				10,890				(10,890)
Amortization of stock-based compensation expense	18,294	18,294		18,294
Acquisition of remaining noncontrolling interests in investments that we already consolidate in connection with the CPA:17 Merger	(309,591)	(103,075)		(103,075)						(206,516)
Acquisition of noncontrolling interests in connection with the CPA:17 Merger	5,039									5,039
Contributions from noncontrolling interests	71									71
Distributions to noncontrolling interests	(16,935)									(16,935)
Redemption value adjustment	(335)	(335)		(335)
Distributions declared	(502,819)	(502,819)		675		(503,494)
Repurchase of shares in connection with CPA:17 Merger, value	(1,178)	(1,178)		(1,178)
Repurchase of shares in connection with CPA:17 Merger, shares			(17,778)
Net Income	424,341	411,566				411,566				12,775
Other comprehensive income (loss):
Unrealized (loss) gain on derivative instruments	4,923	4,930							4,930	(7)
Foreign currency translation adjustments	(31,843)	(24,069)							(24,069)	(7,774)
Unrealized gain (loss) on investments	154	154							154
Balance - end of period at Dec. 31, 2018	$ 6,830,055	6,824,278	$ 165	8,187,335		(1,143,992)		35,766	(254,996)	5,777
Balance - end of period, shares at Dec. 31, 2018	165,279,642		165,279,642
W.P. Carey Stockholders
Shares issued under “at-the-market” offering, net, value	$ 523,393	523,393	$ 6	523,387
Shares issued under “at-the-market” offering, 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 exercise of stock options and purchases under employee share purchase plan, value	252	252		252
Shares issued upon exercise of stock options and purchases under employee share purchase plan, shares			3,357
Deferral of vested shares, net				(1,445)				1,445
Amortization of stock-based compensation expense	18,787	18,787		18,787
Contributions from noncontrolling interests	849									849
Distributions to noncontrolling interests	(1,683)									(1,683)
Distributions declared	(713,588)	(713,588)		4,985		(718,625)		52
Net Income	306,544	305,243				305,243				1,301
Other comprehensive income (loss):
Unrealized (loss) gain on derivative instruments	(1,054)	(1,054)							(1,054)
Foreign currency translation adjustments	376	376							376
Unrealized gain (loss) on investments	7	7							7
Balance - end of period at Dec. 31, 2019	$ 6,948,173	$ 6,941,929	$ 172	$ 8,717,535		$ (1,557,374)		$ 37,263	$ (255,667)	$ 6,244
Balance - end of period, shares at Dec. 31, 2019	172,278,242		172,278,242

Consolidated Statement of Equ_2

Consolidated Statement of Equity (Parentheticals) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Distributions declared per share (usd per share)	$ 1.038	$ 4.14	$ 4.09	$ 4.01

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows — Operating Activities
Net income	$ 306,544	$ 424,341	$ 285,083
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	460,030	298,166	261,415
Amortization of rent-related intangibles and deferred rental revenue	84,878	51,132	55,051
Straight-line rent adjustments	(46,260)	(21,994)	(16,980)
Impairment charges	32,539	4,790	2,769
Investment Management revenue received in shares of Managed REITs and other	(30,555)	(49,110)	(69,658)
Distributions of earnings from equity method investments	26,772	62,015	66,259
Equity in earnings of equity method investments in the Managed Programs and real estate	(23,229)	(61,514)	(64,750)
Stock-based compensation expense	18,787	18,294	18,917
Gain on sale of real estate, net	(18,143)	(118,605)	(33,878)
Loss (gain) on change in control of interests	8,416	(47,814)	0
Deferred income tax expense (benefit)	9,255	(6,279)	(20,013)
Realized and unrealized (gains) losses on foreign currency transactions, derivatives, and other	(466)	(17,644)	16,879
Changes in assets and liabilities:
Net changes in other operating assets and liabilities	(20,783)	(28,054)	9,390
Deferred structuring revenue received	4,913	9,456	16,705
Increase in deferred structuring revenue receivable	(621)	(8,014)	(6,530)
Net Cash Provided by Operating Activities	812,077	509,166	520,659
Cash Flows — Investing Activities
Purchases of real estate	(717,666)	(719,548)	(31,842)
Proceeds from sales of real estate	307,959	431,626	159,933
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(165,490)	(107,684)	(78,367)
Proceeds from repayment of short-term loans to affiliates	46,637	37,000	277,894
Funding of short-term loans to affiliates	(36,808)	(10,000)	(123,492)
Return of capital from equity method investments	34,365	16,382	10,085
Proceeds from repayment of loans receivable	19,707	488	436
Other investing activities, net	(8,882)	(8,169)	882
Capital contributions to equity method investments	(2,595)	(18,173)	(1,291)
Cash and restricted cash acquired in connection with the CPA:17 Merger	0	113,634	0
Cash paid to stockholders of CPA:17 – Global in the CPA:17 Merger	0	(1,688)	0
Net Cash (Used in) Provided by Investing Activities	(522,773)	(266,132)	214,238
Cash Flows — Financing Activities
Proceeds from Senior Unsecured Credit Facility	1,336,824	1,403,254	1,302,463
Repayments of Senior Unsecured Credit Facility	(1,227,153)	(2,108,629)	(1,680,198)
Prepayments of mortgage principal	(1,028,795)	(207,450)	(193,434)
Proceeds from issuance of Senior Unsecured Notes	870,635	1,183,828	530,456
Dividends paid	(704,396)	(440,431)	(431,182)
Proceeds from shares issued under “at-the-market” offering, net of selling costs	523,287	287,544	22,824
Scheduled payments of mortgage principal	(210,414)	(100,433)	(344,440)
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options	(15,766)	(13,985)	(11,969)
Payment of financing costs	(6,716)	(8,059)	(12,675)
Other financing activities, net	5,550	(1,465)	(1,301)
Distributions paid to noncontrolling interests	(1,683)	(18,216)	(20,643)
Contributions from noncontrolling interests	849	71	90,550
Repurchase of shares in connection with CPA:17 Merger	0	(1,178)	0
Proceeds from mortgage financing	0	857	4,083
Net Cash Used in Financing Activities	(457,778)	(24,292)	(745,466)
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(4,071)	(4,355)	9,514
Net (decrease) increase in cash and cash equivalents and restricted cash	(172,545)	214,387	(1,055)
Cash and cash equivalents and restricted cash, beginning of year	424,063	209,676	210,731
Cash and cash equivalents and restricted cash, end of year	$ 251,518	$ 424,063	$ 209,676

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - CPA 17 Merger (Parentheticals) $ in Thousands	Oct. 31, 2018USD ($)
CPA:17 – Global
Total Consideration
Fair value of W. P. Carey shares of common stock issued	$ 3,554,578
Cash paid for fractional shares	1,688
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	157,594
Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger	157,594
Fair value of noncontrolling interests acquired	(308,891)
Estimate of consideration expected to be transferred	3,537,630
Assets Acquired at Fair Value
Land, buildings and improvements — operating leases	2,948,347
Land, buildings and improvements — operating properties	426,758
Net investments in direct financing leases	604,998
In-place lease and other intangible assets	793,463
Above-market rent intangible assets	298,180
Equity investments in real estate	192,322
Goodwill	296,108
Other assets, net (excluding restricted cash)	228,194
Liabilities Assumed at Fair Value
Non-recourse mortgages, net	1,849,177
Senior Credit Facility, net	180,331
Accounts payable, accrued expenses and other liabilities	141,750
Below-market rent and other intangible liabilities	112,721
Deferred income taxes	75,356
Amounts attributable to noncontrolling interests	5,039
Total identifiable net assets	3,423,996
Cash and restricted cash acquired	113,634
CPA:17 – Global | Jointly owned investments
Total Consideration
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	132,661
Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger	$ 132,661

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization W. P. Carey Inc. (“W. P. Carey”) is a real estate investment trust (“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 ). As a result, at December 31, 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 4 ); and • Carey European Student Housing Fund I, L.P. (“CESH”), a limited partnership formed for the purpose of developing, owning, and operating student housing properties and similar investments in Europe ( Note 4 ); we refer to the Managed REITs (including CPA:17 – Global prior to the CPA:17 Merger) and CESH collectively as the “Managed Programs.” In June 2017, our board of directors (the “Board”) approved a plan to exit non-traded retail fundraising activities carried out by our wholly-owned broker-dealer subsidiary, Carey Financial LLC (“Carey Financial”), as of June 30, 2017. As a result, we no longer raise capital for new or existing funds, but expect to continue managing our existing Managed Programs through the end of their respective life cycles ( Note 4 ). On October 22, 2019, CWI 1 and CWI 2 announced that they had entered into a definitive merger agreement under which the two companies intend to merge in an all-stock transaction (the “CWI 1 and CWI 2 Proposed Merger”). On January 13, 2020, the joint proxy statement/prospectus on Form S-4 previously filed with the Securities and Exchange Commission (“SEC”) by CWI 1 and CWI 2 was declared effective. Each of CWI 1 and CWI 2 has scheduled a special meeting of stockholders for March 26, 2020; if the proposed transaction is approved, the merger is expected to close shortly thereafter. Following the close of the merger, the combined company intends to internalize the management services currently provided by one of our subsidiaries ( Note 4 ). In August 2017, we resigned as the advisor to Carey Credit Income Fund (known since October 23, 2017 as Guggenheim Credit Income Fund) (“CCIF”), and by extension, its feeder funds (the “CCIF Feeder Funds”), each of which is a business development company (“BDC”) ( Note 4 ). We refer to CCIF and the CCIF Feeder Funds collectively as the “Managed BDCs”. The board of trustees of CCIF approved our resignation and appointed CCIF’s subadvisor Guggenheim Partners Investment Management, LLC (“Guggenheim”), as the interim sole advisor to CCIF, effective as of September 11, 2017. The shareholders of CCIF approved Guggenheim’s appointment as sole advisor on a permanent basis on October 20, 2017. The Managed BDCs were included in the Managed Programs prior to our resignation as their advisor. We have retained our initial investment in shares of CCIF (now known as “GCIF”), which is included within Other assets, net in the consolidated financial statements ( Note 9 ). 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 December 31, 2019 , our owned portfolio was comprised of our full or partial ownership interests in 1,214 properties, totaling approximately 140.0 million square feet (unaudited), substantially all of which were net leased to 345 tenants, with a weighted-average lease term of 10.7 years and an occupancy rate of 98.8% . In addition, at December 31, 2019 , our portfolio was comprised of full or partial ownership interests in 21 operating properties, including 19 self-storage properties and two hotels (one of which was sold in January 2020, see Note 20 ), 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 8 ) and (ii) special general partner interests in the operating partnerships of the Managed REITs, through which we participate in their cash flows ( Note 4 ), in our Investment Management segment. At December 31, 2019 , the Managed Programs owned all or a portion of 49 net-leased properties (including certain properties in which we also have an ownership interest), totaling approximately 9.8 million square feet (unaudited), substantially all of which were leased to 62 tenants, with an occupancy rate of approximately 99.4% . The Managed Programs also had interests in 122 operating properties (including 16 active build-to-suit projects), totaling approximately 15.2 million square feet (unaudited), in the aggregate.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. All transaction costs incurred during the years ended December 31, 2019 , 2018 , and 2017 were capitalized since our acquisitions during the years were classified as asset acquisitions (excluding the CPA:17 Merger). Most of our future acquisitions are likely to be classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates; and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. When we enter into sale-leaseback transactions with above- or below-market leases, the intangibles will be accounted for as loan receivables or prepaid rent liabilities, respectively. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. Goodwill acquired in certain business combinations, including the CPA:17 Merger, was attributed to the Real Estate segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases or direct financing leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then compare the asset’s fair value (less estimated cost to sell) to its carrying value, and if the fair value, less estimated cost to sell, is less than the property’s carrying value, we reduce the carrying value to the fair value, less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. Direct Financing Leases — We periodically assess whether there are any indicators that the value of our net investments in direct financing leases may be impaired. When determining a possible impairment, we take into consideration the collectability of direct financing lease receivables for which a reserve would be required if any losses are both probable and reasonably estimable. In addition, we determine whether there has been a permanent decline in the current estimate of the residual value of the property. If this review indicates a permanent decline in the fair value of the asset below its carrying value , we recognize an impairment charge. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investments in the Managed Programs and Real Estate — We evaluate our equity investments in the Managed Programs and real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For certain investments in the Managed REITs, we calculate the estimated fair value of our investment using the most recently published net asset value per share (“NAV”) of each Managed REIT multiplied by the number of shares owned. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event. Such a triggering event within our Investment Management segment depends on the timing and form of liquidity events for the Managed Programs ( Note 4 ). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. This assessment is used as a basis to determine whether it is necessary to calculate reporting unit fair values. If necessary, we calculate the estimated fair value of the Investment Management reporting unit by utilizing a discounted cash flow analysis methodology and available NAVs. We calculate the estimated fair value of the Real Estate reporting unit by utilizing our market capitalization and the aforementioned fair value of the Investment Management segment. Impairments, if any, will be the difference between the reporting unit’s fair value and carrying amount, not to exceed the carrying amount of goodwill. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. During the year ended December 31, 2019 , we had a net decrease of 13 entities considered to be consolidated VIEs, primarily related to disposition activity and certain lease amendments. In addition, during the year ended December 31, 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 8 ). At December 31, 2019 and 2018 , we considered 18 and 32 entities to be VIEs, respectively, of which we consolidated 11 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): December 31, 2019 2018 Land, buildings and improvements $ 493,714 $ 781,347 Net investments in direct financing leases 15,584 305,493 In-place lease intangible assets and other 56,915 84,870 Above-market rent intangible assets 34,576 45,754 Accumulated depreciation and amortization (151,017 ) (164,942 ) Assets held for sale, net 104,010 — Total assets 596,168 1,112,984 Non-recourse mortgages, net $ 32,622 $ 157,955 Total liabilities 98,671 227,461 At December 31, 2019 and 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 account 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 December 31, 2019 and 2018 , the net carrying amount of our investments in these entities was $298.3 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. 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. Restricted Cash — Restricted cash primarily consists of security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2019 2018 2017 Cash and cash equivalents $ 196,028 $ 217,644 $ 162,312 Restricted cash (a) 55,490 206,419 47,364 Total cash and cash equivalents and restricted cash $ 251,518 $ 424,063 $ 209,676 __________ (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. Land, Buildings and Improvements — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. Gain/Loss on Sale — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred. Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Internal-Use Software Development Costs — We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage, including the costs associated with software that allows for the conversion of our old data to our new system. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Capitalized costs are amortized on a straight-line basis over the software’s estimated useful life, which is three to seven years . Periodically, we reassess the useful life considering technology, obsolescence, and other factors. Other Assets and Liabilities — We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets, our investment in shares of a cold storage operator ( Note 9 ), our investment in shares of GCIF ( Note 9 ), and our loans receivable in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, and deferred revenue in Accounts payable, accrued expenses and other liabilities. Revenue Recognition, Real Estate Leased to Others — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index (“CPI”) or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 5 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 6 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. Revenue 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 $29.4 million , $21.7 million , and $30.6 million for the years ended December 31, 2019 , 2018 , and 2017 , 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 years. We identified a single performance obligation for each distinct service. Performance obligations are typically satisfied at a point in time, at the time of sale, or at the rendering of the service. Fees are generally determined to be fixed. Payment is typically due immediately following the delivery of the service. Revenue from contracts under ASC 606 from our Investment Management segment is discussed in Note 4 . Revenue Recognition, Investment Management Operations — We earn structuring revenue and asset management revenue in connection with providing services to the Managed Programs. We earn structuring revenue for services we provide in connection with the analysis, negotiation, and structuring of transactions, including acquisitions and dispositions and the placement of mortgage financing obtained by the Managed Programs. We earn asset management revenue from property management, leasing, and advisory services performed. In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties. We may also earn termination revenue in connection with a liquidity event and/or the termination of the advisory agreements for the Managed REITs. During their respective offering periods, the Managed Programs reimbursed us for certain costs in connection with those offerings that we incurred on their behalf, which consisted primarily of broker-dealer commissions, marketing costs, and an annual distribution and shareholder servicing fee, as applicable. As a result of our exit from non-traded retail fundraising activities on June 2017, we ceased raising funds on behalf of the Managed Programs in the third quarter of 2017 and no longer incur these costs. However, the Managed Programs will continue to reimburse us for certain personnel and overhead costs that we incur on their behalf. We record reimbursement income as the expenses are incurred, subject to limitations imposed by the advisory agreements. Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred or at the point of acquisition of an asset with an assumed asset retirement obligation, and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective. Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years ) and furniture, fixtures, and equipment. We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life. Stock-Based Compensation — We have granted stock options, restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) to certain employees, independent directors, and nonemployees. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments, which includes awards granted to certain nonemployees, upon our adoption of ASU 2018-07 on January 1,

Merger with CPA_17 _ Global

Merger with CPA:17 – Global	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Merger with CPA:17 – Global	Merger with CPA:17 – Global CPA:17 Merger On June 17, 2018, we and certain of our subsidiaries entered into a merger agreement with CPA:17 – Global, pursuant to which CPA:17 – Global would merge with and into one of our subsidiaries in exchange for shares of our common stock, subject to approvals of our stockholders and the stockholders of CPA:17 – Global. The CPA:17 Merger and related transactions were approved by both sets of stockholders on October 29, 2018 and completed on October 31, 2018. At the effective time of the CPA:17 Merger, each share of CPA:17 – Global common stock issued and outstanding immediately prior to the effective time of the CPA:17 Merger was canceled and the rights attaching to such share were converted automatically into the right to receive 0.160 shares of our common stock. Each share of CPA:17 – Global common stock owned by us or any of our subsidiaries immediately prior to the effective time of the CPA:17 Merger was automatically canceled and retired, and ceased to exist, for no consideration. In exchange for the 336,715,969 shares of CPA:17 – Global common stock that we and our affiliates did not previously own, we paid total merger consideration of approximately $3.6 billion , consisting of (i) the issuance of 53,849,087 shares of our common stock with a fair value of $3.6 billion , based on the closing price of our common stock on October 31, 2018 of $66.01 per share and (ii) cash of $1.7 million paid in lieu of issuing any fractional shares of our common stock. As a condition of the CPA:17 Merger, we waived certain back-end fees that we would have otherwise been entitled to receive from CPA:17 – Global upon its liquidation pursuant to the terms of our advisory agreement with CPA:17 – Global. Immediately prior to the closing of the CPA:17 Merger, CPA:17 – Global’s portfolio was comprised of full or partial ownership interests in 410 leased properties (including 137 properties in which we already owned a partial ownership interest), substantially all of which were triple-net leased with a weighted-average lease term of 11.0 years , an occupancy rate of 97.4% , and an estimated contractual minimum annualized base rent totaling $364.4 million , as well as 44 self-storage operating properties and one hotel operating property totaling 3.1 million square feet. The related property-level debt was comprised of non-recourse mortgage loans with an aggregate consolidated fair value of approximately $1.85 billion with a weighted-average annual interest rate of 4.3% as of October 31, 2018. We acquired equity interests in seven unconsolidated investments in the CPA:17 Merger, four of which were consolidated by CPA:18 – Global and three of which were jointly owned with a third party. These investments owned a total of 28 net-lease properties (which are included in the 410 leased properties described above) and seven self-storage properties (which are included in the 44 self-storage operating properties described above). The debt related to these equity investments was comprised of non-recourse mortgage loans with an aggregate fair value of approximately $467.1 million , of which our proportionate share was $208.2 million , with a weighted-average annual interest rate of 3.6% as of October 31, 2018. From the date of the CPA:17 Merger through December 31, 2018, lease revenues, operating property revenues, and net income from properties acquired were $52.8 million , $8.0 million , and $13.7 million , respectively. CPA:17 – Global had a senior credit facility (comprised of a term loan and unsecured revolving credit facility) with an outstanding balance of approximately $180.3 million on October 31, 2018, the date of the closing of the CPA:17 Merger. On that date, we repaid in full all amounts outstanding under CPA:17 – Global’s senior credit facility, using funds borrowed under our Unsecured Revolving Credit Facility ( Note 11 ). Purchase Price Allocation We accounted for the CPA:17 Merger as a business combination under the acquisition method of accounting. After consideration of all applicable factors pursuant to the business combination accounting rules, we were considered the “accounting acquirer” due to various factors, including the fact that our stockholders held the largest portion of the voting rights in us upon completion of the CPA:17 Merger. Costs related to the CPA:17 Merger have been expensed as incurred and classified within Merger and other expenses in the consolidated statements of income, totaling $41.8 million and $0.4 million for the years ended December 31, 2018 and 2017, respectively. Initially, the purchase price was allocated to the assets acquired and liabilities assumed, based upon their preliminary fair values at October 31, 2018. During 2019, we identified certain measurement period adjustments that impacted the provisional accounting, which decreased the total consideration by $8.4 million and decreased total identifiable net assets by $24.2 million , resulting in a $15.8 million increase in goodwill. The following tables summarize the fair values of the assets acquired and liabilities assumed in the acquisition. (in thousands) Initially Reported at December 31, 2018 Measurement Period Adjustments As Revised at December 31, 2019 Total Consideration Fair value of W. P. Carey shares of common stock issued $ 3,554,578 $ — $ 3,554,578 Cash paid for fractional shares 1,688 — 1,688 Merger Consideration 3,556,266 — 3,556,266 Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger 157,594 — 157,594 Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger 141,077 (8,416 ) 132,661 Fair value of noncontrolling interests acquired (308,891 ) — (308,891 ) $ 3,546,046 $ (8,416 ) $ 3,537,630 Initially Reported at December 31, 2018 Measurement Period Adjustments As Revised at December 31, 2019 Assets Land, buildings and improvements — operating leases $ 2,954,034 $ (5,687 ) $ 2,948,347 Land, buildings and improvements — operating properties 426,758 — 426,758 Net investments in direct financing leases 626,038 (21,040 ) 604,998 In-place lease and other intangible assets 793,463 — 793,463 Above-market rent intangible assets 298,180 — 298,180 Equity investments in real estate 189,756 2,566 192,322 Cash and cash equivalents and restricted cash 113,634 — 113,634 Other assets, net (excluding restricted cash) 228,980 (786 ) 228,194 Total assets 5,630,843 (24,947 ) 5,605,896 Liabilities Non-recourse mortgages, net 1,849,177 — 1,849,177 Senior Credit Facility, net 180,331 — 180,331 Accounts payable, accrued expenses and other liabilities 141,750 — 141,750 Below-market rent and other intangible liabilities 112,721 — 112,721 Deferred income taxes 76,085 (729 ) 75,356 Total liabilities 2,360,064 (729 ) 2,359,335 Total identifiable net assets 3,270,779 (24,218 ) 3,246,561 Noncontrolling interests (5,039 ) — (5,039 ) Goodwill 280,306 15,802 296,108 $ 3,546,046 $ (8,416 ) $ 3,537,630 Goodwill The $296.1 million of goodwill recorded in the CPA:17 Merger was primarily due to the premium we paid over CPA:17 – Global’s estimated fair value. Management believes the premium is supported by several factors, including that: the CPA:17 Merger (i) improves our earnings quality, (ii) accelerates our strategy to further simplify our business, (iii) adds a high-quality diversified portfolio of net lease assets that is well-aligned with our existing portfolio, (iv) enhances our overall portfolio metrics, (v) significantly increases our size, scale, and market prominence, and (vi) enhances our overall credit profile. The fair value of the 53,849,087 shares of our common stock issued in the CPA:17 Merger as part of the consideration paid for CPA:17 – Global of $3.6 billion was derived from the closing market price of our common stock on the acquisition date. As required by GAAP, the fair value related to the assets acquired and liabilities assumed, as well as the shares exchanged, has been computed as of the date we gained control, which was the closing date of the CPA:17 Merger, in a manner consistent with the methodology described above. Goodwill is not deductible for income tax purposes. Equity Investments and Noncontrolling Interests During the fourth quarter of 2018, we recognized a gain on change in control of interests of approximately $29.0 million , which was the difference between the carrying value of approximately $128.7 million and the fair value of approximately $157.6 million of our previously held equity interest in 16,131,967 shares of CPA:17 – Global’s common stock. The CPA:17 Merger also resulted in our acquisition of the remaining interests in six investments in which we already had a joint interest and accounted for under the equity method. Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for the acquisitions of these interests utilizing the purchase method of accounting. Due to the change in control of the six jointly owned investments that occurred, we recorded a gain on change in control of interests of approximately $18.8 million during the year ended December 31, 2018, which was the difference between our carrying values and the fair values of our previously held equity interests on October 31, 2018 of approximately $122.3 million and approximately $141.1 million , respectively. Subsequent to the CPA:17 Merger, we consolidate these wholly owned investments. We recorded a loss on change in control of interests of $8.4 million during the year ended December 31, 2019, reflecting adjustments to the difference between our carrying value and the preliminary estimated fair value of one of these former equity interests on October 31, 2018 ( Note 6 ), as a result of a decrease in the purchase price allocated to the investment. In connection with the CPA:17 Merger, we also acquired the remaining interests in six less-than-wholly-owned investments that we already consolidated and recorded an adjustment to additional paid-in-capital of approximately $102.7 million related to the difference between our carrying values and the fair values of our previously held noncontrolling interests on October 31, 2018 of approximately $206.2 million and approximately $308.9 million , respectively. The fair values of our previously held equity interests and our noncontrolling interests are based on the estimated fair market values of the underlying real estate and related mortgage debt, both of which were determined by management relying in part on a third party. Real estate valuation requires significant judgment. We determined the significant inputs to be Level 3 with ranges for our previously held equity interests and our noncontrolling interests as follows: • Market rents ranged from $1.65 per square foot to $54.00 per square foot; • Discount rates applied to the estimated net operating income of each property ranged from approximately 5.75% to 10.50% ; • Discount rates applied to the estimated residual value of each property ranged from approximately 3.89% to 10.25% ; • Residual capitalization rates applied to the properties ranged from approximately 5.75% to 9.50% ; • The fair market value of the property level debt was determined based upon available market data for comparable liabilities and by applying selected discount rates to the stream of future debt payments; and • Discount rates applied to the property level debt cash flows ranged from approximately 2.40% to 5.95% . Pro Forma Financial Information (Unaudited) The following unaudited consolidated pro forma financial information has been presented as if the CPA:17 Merger had occurred on January 1, 2017 for the years ended December 31, 2018 and 2017. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA:17 Merger on that date, nor does it purport to represent the results of operations for future periods. (in thousands) Years Ended December 31, 2018 2017 Pro forma total revenues $ 1,207,820 $ 1,228,909 Pro forma net income $ 405,659 $ 275,634 Pro forma net loss (income) attributable to noncontrolling interests 1,301 (429 ) Pro forma net income attributable to W. P. Carey (a) $ 406,960 $ 275,205 ___________ (a) The pro forma net income attributable to W. P. Carey through the year ended December 31, 2018 reflects the following income and expenses related to the CPA:17 Merger as if the CPA:17 Merger had taken place on January 1, 2017: (i) combined merger expenses of $58.9 million through December 31, 2018 and (ii) an aggregate gain on change in control of interests of $47.8 million .

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties CWI 1 and CWI 2 Proposed Merger On October 22, 2019, CWI 1 and CWI 2 announced that they had entered into a definitive merger agreement under which the two companies intend to merge in an all-stock transaction, with CWI 2 as the surviving entity. On January 13, 2020, the joint proxy statement/prospectus on Form S-4 previously filed with the SEC by CWI 1 and CWI 2 was declared effective. Each of CWI 1 and CWI 2 has scheduled a special meeting of stockholders for March 26, 2020; if the proposed transaction is approved, the merger is expected to close shortly thereafter. In connection with the CWI 1 and CWI 2 Proposed Merger, we have entered into an internalization agreement and transition services agreement. Immediately following the closing of the CWI 1 and CWI 2 Proposed Merger: (i) the advisory agreements with each of CWI 1 and CWI 2 will terminate; (ii) the operating partnerships of each of CWI 1 and CWI 2 will redeem the special general partnership interests that we currently hold, for which we will receive approximately $97 million in consideration, comprised of $65 million in shares of CWI 2 preferred stock and 2,840,549 shares in CWI 2 common stock valued at approximately $32 million ; (iii) CWI 2 will internalize the management services currently provided by us; and (iv) we will provide certain transition services at cost to CWI 2 for periods generally up to 12 months from closing of the proposed merger. 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 3 ), our advisory agreements with CPA:17 – Global were terminated, and we no longer receive fees or reimbursements from CPA:17 – Global. The advisory agreements also entitle us to fees for serving as the dealer manager for the offerings of the Managed Programs. However, as previously noted, we ceased all active non-traded retail fundraising activities as of June 30, 2017 and facilitated the orderly processing of sales for CWI 2 and CESH until their offerings closed on July 31, 2017, at which point we no longer received dealer manager fees. In addition, we resigned as CCIF’s advisor in August 2017 and our advisory agreement with CCIF was terminated effective as of September 11, 2017, at which point we no longer earned any fees from CCIF. We 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 ). 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. Pursuant to the partnership agreement with CESH, we received limited partnership units of CESH equal to 2.5% of its gross offering proceeds in lieu of reimbursement of certain organizational expenses prior to the closing of CESH’s offering on July 31, 2017. The following tables present a summary of revenue earned and Distributions of Available Cash received from the Managed Programs for the periods indicated, included in the consolidated financial statements (in thousands): Years Ended December 31, 2019 2018 2017 Asset management revenue (a) $ 39,132 $ 63,556 $ 70,125 Distributions of Available Cash (b) 21,489 46,609 47,862 Reimbursable costs from affiliates (a) 16,547 21,925 51,445 Structuring and other advisory revenue (a) 4,224 21,126 35,094 Interest income on deferred acquisition fees and loans to affiliates (c) 2,237 2,055 2,103 Dealer manager fees (a) — — 4,430 $ 83,629 $ 155,271 $ 211,059 Years Ended December 31, 2019 2018 2017 CPA:17 – Global (d) $ — $ 58,788 $ 75,188 CPA:18 – Global 26,039 44,969 28,683 CWI 1 30,770 28,243 33,691 CWI 2 21,584 20,283 50,189 CCIF — — 12,787 CESH 5,236 2,988 10,521 $ 83,629 $ 155,271 $ 211,059 __________ (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 3 ). The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands): December 31, 2019 2018 Short-term loans to affiliates, including accrued interest $ 47,721 $ 58,824 Deferred acquisition fees receivable, including accrued interest 4,450 8,697 Reimbursable costs 3,129 3,227 Asset management fees receivable 1,267 563 Accounts receivable 1,118 1,425 Current acquisition fees receivable 131 2,106 $ 57,816 $ 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 and 2017 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, 2018, and 2017 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, 2018, and 2017 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, however, fees were paid 50% in cash and 50% in shares of CWI 1’s common stock and CWI 2’s Class A common stock for a jointly owned investment structured on behalf of CWI 1 and CWI 2 in September 2017, with the approval of each CWI REIT’s board of directors Based on the total aggregate cost of the lodging investments or commitments made; we are required to pay 20% and 25% to the subadvisors of CWI 1 and CWI 2, respectively 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 6 ). 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%, 1.0%, and 2.0% of CPA:18 – Global’s pro rata lease revenues for 2019, 2018, and 2017, respectively; 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 ( Note 3 ). Other Transactions with Affiliates Loans to Affiliates From time to time, our Board has approved the making of secured and unsecured loans or lines of credit from us to certain of the Managed Programs, at our sole discretion, with each loan at a rate equal to the rate at which we are able to borrow funds under our Senior Unsecured Credit Facility ( Note 11 ), generally for the purpose of facilitating acquisitions, construction funding, or for working capital purposes. The following table sets forth certain information regarding our loans or lines of credit to affiliates (dollars in thousands): Interest Rate at Maturity Date at December 31, 2019 Maximum Loan Amount Authorized at December 31, 2019 Principal Outstanding Balance at December 31, (a) Managed Program 2019 2018 CESH (b) (c) LIBOR + 1.00% 10/1/2020 $ 65,000 $ 46,269 $ 14,461 CWI 1 (d) N/A N/A 25,000 — 41,637 CPA:18 – Global N/A N/A 50,000 — — CWI 2 (d) N/A N/A 25,000 — — $ 46,269 $ 56,098 __________ (a) Amounts exclude accrued interest of $1.5 million and $2.7 million at December 31, 2019 and 2018 , respectively. (b) LIBOR means London Interbank Offered Rate. (c) In February 2020, we loaned an additional $5.5 million to CESH. (d) During the first quarter of 2020, loan authorization expiration dates for CWI 1 and CWI 2 were extended to the earlier of March 31, 2020 or the completion date of the CWI 1 and CWI 2 Proposed Merger. Other At December 31, 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 8 ). In addition, we owned stock of each of the existing Managed REITs and limited partnership units of CESH at that date. We account for these investments under the equity method of accounting or at fair value ( Note 8 ).

Land, Buildings and Improvement

Land, Buildings and Improvements and Assets Held for Sale	12 Months Ended
	Dec. 31, 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): December 31, 2019 2018 Land $ 1,875,065 $ 1,772,099 Buildings and improvements 7,828,439 6,945,513 Real estate under construction 69,604 63,114 Less: Accumulated depreciation (950,452 ) (724,550 ) $ 8,822,656 $ 8,056,176 During 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 1.9% to $1.1234 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 $36.7 million from December 31, 2018 to December 31, 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 ten properties with an aggregate carrying value of $76.9 million from Net investments in direct financing leases to Land, buildings and improvements during 2019 ( Note 6 ). 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 subject to operating leases, 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 . Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $229.0 million , $162.6 million , and $143.9 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Acquisitions of Real Estate During 2019 — We entered into the following investments, which were deemed to be real estate asset acquisitions, at a total cost of $737.5 million , including land of $86.3 million , buildings of $523.3 million (including capitalized acquisition-related costs of $9.6 million ), net lease intangibles of $134.9 million , a prepaid rent liability of $6.1 million , a debt premium of $0.8 million (related to the non-recourse mortgage loan assumed in connection with an acquisition, as described below), and net other liabilities assumed of $0.1 million : • 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 11 ); • 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; • an investment of $16.4 million for an industrial facility in Dordrecht, the Netherlands, on September 26, 2019; • an investment of $53.2 million for three manufacturing facilities in York, Pennsylvania; Lexington, South Carolina; and Queretaro, Mexico, on October 3, 2019; • an investment of $9.9 million for a headquarters facility in Dearborn, Michigan, on October 3, 2019; • an investment of $39.1 million for six industrial and office facilities in Houston, Texas; Mason, Ohio; and Metairie, Louisiana, on November 5, 2019 (we also committed to fund an additional $2.5 million for an expansion at the facility in Mason, Ohio, which is expected to be completed in the second quarter of 2021); • an investment of $12.2 million for an industrial facility in Pardubice, Czech Republic, on November 26, 2019; • an investment of $38.0 million for two warehouse facilities in Brabrand, Denmark, and Arlandastad, Sweden, on November 29, 2019 and December 2, 2019 (we also recorded an estimated deferred tax liability of $1.2 million , with a corresponding increase to the asset value, since we assumed the tax basis of one of the acquired properties); • an investment of $1.8 million for three industrial facilities in Cortland, Illinois, and Madison and Monona, Wisconsin, on December 3, 2019; • an investment of $55.9 million for a retail facility in Hamburg, Pennsylvania, on December 12, 2019; • an investment of $94.1 million for a warehouse facility in Charlotte, North Carolina (located on the border with Fort Mill, South Carolina), on December 18, 2019; • an investment of $16.8 million for a headquarters and logistics facility in Buffalo Grove, Illinois, on December 20, 2019 • an investment of $7.8 million for an industrial facility in Hvidovre, Denmark, on December 20, 2019 (we also recorded an estimated deferred tax liability of $0.5 million , with a corresponding increase to the asset value, since we assumed the tax basis of the acquired property); and • an investment of $38.9 million for a distribution center in Huddersfield, United Kingdom, on December 31, 2019. The acquired net lease intangibles are comprised of (i) in-place lease intangible assets totaling $150.1 million , which have a weighted-average expected life of 19.9 years , (ii) below-market rent intangible liabilities totaling $16.1 million , which have a weighted-average expected life of 18.3 years , and (iii) an above-market rent intangible asset of $0.9 million , which has an expected life of 19.3 years . During the year ended December 31, 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 year ended December 31, 2019 , we committed to purchase two warehouse facilities in Hillerød and Hammelev, Denmark, for approximately $19.9 million (based on the exchange rate of the Danish krone at December 31, 2019 ) upon completion of construction of the properties. One property was completed in January 2020 ( Note 20 ) and the second property is expected to be completed during the first quarter of 2020. Acquisitions of Real Estate During 2018 — We entered into 15 investments, which were deemed to be real estate asset acquisitions, at a total cost of $806.9 million , including land of $126.4 million , buildings of $571.6 million (including capitalized acquisition-related costs of $17.3 million ), net lease intangibles of $113.7 million , and net other liabilities assumed of $4.8 million . In addition, as discussed in Note 3 , we acquired 232 consolidated properties subject to existing operating leases in the CPA:17 Merger, which increased the carrying value of our Land, buildings and improvements subject to operating leases by $3.0 billion during the year ended December 31, 2018. Acquisitions of Real Estate During 2017 — We entered into two investments, which were deemed to be real estate asset acquisitions, at a total cost of $31.8 million , including land of $4.8 million , buildings of $18.5 million (including capitalized acquisition-related costs of $0.1 million ), and net lease intangibles of $8.5 million . Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. Real Estate Under Construction During 2019 , we capitalized real estate under construction totaling $129.0 million . The number of construction projects in progress with balances included in real estate under construction was three and four as of December 31, 2019 and 2018 , respectively. Aggregate unfunded commitments totaled approximately $227.8 million and $204.5 million as of December 31, 2019 and 2018 , respectively. During 2019, we completed the following construction projects, at a total cost of $122.5 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; • an expansion project at an industrial facility in Legnica, Poland, in June 2019 at a cost totaling $6.0 million • an expansion project at a warehouse facility in Kilgore, Texas, in October 2019 at a cost totaling $14.1 million ; • a built-to-suit project for an industrial facility in Katowice, Poland, in November 2019 at a cost totaling $15.4 million ; and • an expansion project at an industrial facility in McCalla, Alabama, in December 2019 at a cost totaling $13.6 million . During 2019 , we committed to fund an aggregate of $137.5 million (based on the exchange rate of the foreign currency at December 31, 2019 , as applicable) for the following construction projects: • a warehouse expansion project for an existing tenant at an industrial and office facility in Marktheidenfeld, Germany, for an aggregate of $8.3 million , which we currently expect to complete in the second quarter of 2020; • an expansion project for an existing tenant at a warehouse facility in Wichita, Kansas, for an aggregate of $3.0 million , which we currently expect to complete in the third quarter of 2020; • a build-to-suit project for a headquarters and industrial facility in Langen, Germany, for an aggregate of $56.2 million , which we currently expect to be completed in the first quarter of 2021; and • a renovation project at a warehouse facility in Bowling Green, Kentucky, for an aggregate of $70.0 million , which we currently expect to be completed in the fourth quarter of 2021. During 2018, we completed nine construction projects, at a total cost of $102.5 million , of which $39.8 million was capitalized during 2017. During 2017, we completed five construction projects, at a total cost of $65.4 million , of which $35.5 million was capitalized during 2016. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. Dispositions of Real Estate During 2019 , we sold 16 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 $84.3 million from December 31, 2018 to December 31, 2019 . Future Disposition of Real Estate As of December 31, 2019 , one of our tenants exercised its option to repurchase a property it is leasing for $0.6 million (the amount for the repurchase option is based on the exchange rate of the euro as of December 31, 2019 ). At December 31, 2019 , the property’s asset carrying value approximated its sales price. This property was sold in February 2020 ( Note 20 ). Lease Termination Income and Other For the year ended December 31, 2019, lease termination income and other on our consolidated statements of income included: (i) income of $9.1 million from receipt of proceeds from a bankruptcy claim on a prior tenant; (ii) income of $8.8 million related to a lease restructuring in May 2019 that led to the recognition of $6.6 million in rent receipts during the third and fourth quarters of 2019 on claims that were previously deemed uncollectible, and a related value-added tax refund of $2.2 million that was recognized in May 2019; and (iii) income of $6.2 million related to a lease termination and related master lease restructuring that occurred during the fourth quarter of 2019, for which payment will be received over the remaining lease term of properties held under that master lease. Leases Operating Lease Income Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands): Year Ended December 31, 2019 Lease income — fixed $ 898,111 Lease income — variable (a) 89,873 Total operating lease income (b) $ 987,984 __________ (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 $98.4 million of interest income from direct financing leases that is included in Lease revenues in the consolidated statement of income for the year ended December 31, 2019 . 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 December 31, 2019 are as follows (in thousands): Years Ending December 31, Total 2020 $ 1,007,041 2021 992,378 2022 962,801 2023 924,275 2024 854,652 Thereafter 7,071,917 Total $ 11,813,064 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 6 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): Year Ended December 31, 2019 Fixed lease cost $ 14,503 Variable lease cost 1,186 Total lease cost $ 15,689 During the year ended December 31, 2019 , we received sublease income totaling approximately $5.4 million , 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 December 31, 2019 Operating ROU assets — land leases In-place lease intangible assets and other $ 114,209 Operating ROU assets — office leases Other assets, net 7,519 Total operating ROU assets $ 121,728 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 87,658 Weighted-average remaining lease term — operating leases 38.2 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 $14.6 million for the year ended December 31, 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 December 31, 2019 is as follows (in thousands): Years Ending December 31, Total 2020 $ 14,197 2021 8,769 2022 8,006 2023 7,866 2024 6,728 Thereafter 251,844 Total lease payments 297,410 Less: amount of lease payments representing interest (209,752 ) Present value of future lease payments/lease obligations $ 87,658 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 December 31, 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 December 31, 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): December 31, 2019 2018 Land $ 10,452 $ 102,478 Buildings and improvements 72,631 363,572 Real estate under construction — 4,620 Less: Accumulated depreciation (11,241 ) (10,234 ) $ 71,842 $ 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 $6.9 million , $4.2 million , and $4.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. For the year ended December 31, 2019 , Operating property revenues totaling $50.2 million were comprised of $39.5 million in lease revenues and $10.7 million in other income (such as food and beverage revenue) from 37 consolidated self-storage properties and two consolidated hotels. For the year ended December 31, 2018 , Operating property revenues totaling $28.1 million were comprised of $20.9 million in lease revenues and $7.2 million in other income from 37 consolidated self-storage properties and three consolidated hotels. For the year ended December 31, 2017 , Operating property revenues totaling $30.6 million were comprised of $22.3 million in lease revenues and $8.3 million 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): December 31, 2019 2018 Land, buildings and improvements $ 105,573 $ — Accumulated depreciation and amortization (1,563 ) — Assets held for sale, net $ 104,010 $ — At December 31, 2019 , we had one hotel operating property classified as Assets held for sale, net, with an aggregate carrying value of $104.0 million . This property was sold in January 2020 for gross proceeds of $120.0 million ( Note 20 ).

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 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 5 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): December 31, 2019 2018 Lease payments receivable $ 686,149 $ 1,160,977 Unguaranteed residual value 828,206 966,826 1,514,355 2,127,803 Less: unearned income (617,806 ) (821,588 ) $ 896,549 $ 1,306,215 2019 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $98.4 million for the year ended December 31, 2019. During the year ended December 31, 2019 , we sold six properties accounted for as direct financing leases that had an aggregate net carrying value of $255.0 million . During the year ended December 31, 2019 , we reclassified ten properties with a carrying value of $76.9 million from Net investments in direct financing leases to Land, buildings and improvements in connection with changes in lease classifications due to extensions of the underlying leases ( Note 5 ). During the year ended December 31, 2019 , the U.S. dollar strengthened against the euro, resulting in an $5.5 million decrease in the carrying value of Net investments in direct financing leases from December 31, 2018 to December 31, 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 the third quarter of 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 the third quarter of 2019 ( Note 9 ). 2018 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $74.2 million for the year ended December 31, 2018. In connection with the CPA:17 Merger in October 2018, we acquired 40 consolidated properties subject to direct financing leases with a total fair value of $626.0 million ( Note 3 ). 2017 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $66.2 million for the year ended December 31, 2017. 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 December 31, 2019 are as follows (in thousands): Years Ending December 31, Total 2020 $ 86,334 2021 85,061 2022 75,865 2023 69,406 2024 64,636 Thereafter 304,847 Total $ 686,149 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 $275.4 million as of December 31, 2018 ) from The New York Times Company, a tenant at one of our properties, which exercised its bargain purchase option and repurchased the property in December 2019. See Note 5 for scheduled future lease payments to be received under non-cancelable operating leases. Loans Receivable At 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 17 ). Our loans receivable are included in Other assets, net in the consolidated financial statements, and had an aggregate carrying value of $47.7 million at December 31, 2019 . Earnings from our loans receivable are included in Lease termination income and other in the consolidated financial statements, and totaled $6.2 million , $1.8 million , and $0.8 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Deferred Acquisition Fees Receivable As described in Note 4 , 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 December 31, 2019 and 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 year ended December 31, 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 December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2019 2018 2019 2018 1 – 3 28 36 $ 798,108 $ 1,135,321 4 8 10 146,178 227,591 5 — 1 — 10,580 $ 944,286 $ 1,373,492

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 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. In connection with certain business combinations, including the CPA:17 Merger, we recorded goodwill as a result of consideration exceeding the fair values of the assets acquired and liabilities assumed ( Note 2 ). The goodwill was attributed to our Real Estate reporting unit as it relates to the real estate assets we acquired in such business combinations. The following table presents a reconciliation of our goodwill (in thousands): Real Estate Investment Management Total Balance at January 1, 2017 $ 572,313 $ 63,607 $ 635,920 Foreign currency translation adjustments 8,040 — 8,040 Balance at December 31, 2017 580,353 63,607 643,960 Acquisition of CPA:17 – Global ( Note 3 ) 280,306 — 280,306 Foreign currency translation adjustments (3,322 ) — (3,322 ) Balance at December 31, 2018 857,337 63,607 920,944 CPA:17 Merger measurement period adjustments ( Note 3 ) 15,802 — 15,802 Foreign currency translation adjustments (2,058 ) — (2,058 ) Balance at December 31, 2019 $ 871,081 $ 63,607 $ 934,688 Current accounting guidance requires that we test for the recoverability of goodwill at the reporting unit level. The test for recoverability must be conducted at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. We performed our annual test for impairment in October 2019 for goodwill recorded in both segments and found no impairment indicated. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2019 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 $ 19,582 $ (13,491 ) $ 6,091 $ 18,924 $ (10,672 ) $ 8,252 Trade name 3,975 (1,991 ) 1,984 3,975 (1,196 ) 2,779 23,557 (15,482 ) 8,075 22,899 (11,868 ) 11,031 Lease Intangibles: In-place lease 2,072,642 (676,008 ) 1,396,634 1,960,437 (496,096 ) 1,464,341 Above-market rent 909,139 (398,294 ) 510,845 925,797 (330,935 ) 594,862 Below-market ground lease (a) — — — 42,889 (2,367 ) 40,522 2,981,781 (1,074,302 ) 1,907,479 2,929,123 (829,398 ) 2,099,725 Indefinite-Lived Goodwill and Intangible Assets Goodwill 934,688 — 934,688 920,944 — 920,944 Below-market ground lease (a) — — — 6,302 — 6,302 934,688 — 934,688 927,246 — 927,246 Total intangible assets $ 3,940,026 $ (1,089,784 ) $ 2,850,242 $ 3,879,268 $ (841,266 ) $ 3,038,002 Finite-Lived Intangible Liabilities Below-market rent $ (268,515 ) $ 74,484 $ (194,031 ) $ (253,633 ) $ 57,514 $ (196,119 ) Above-market ground lease (a) — — — (15,961 ) 3,663 (12,298 ) (268,515 ) 74,484 (194,031 ) (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 $ (285,226 ) $ 74,484 $ (210,742 ) $ (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 2019 , the U.S. dollar strengthened against the euro, resulting in a decrease of $10.5 million in the carrying value of our net intangible assets from December 31, 2018 to December 31, 2019 . Net amortization of intangibles, including the effect of foreign currency translation, was $272.0 million , $174.1 million , and $157.8 million for the years ended December 31, 2019 , 2018 , and 2017 , 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 . Based on the intangible assets and liabilities recorded at December 31, 2019 , scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Decrease in Lease Revenues Increase to Amortization Total 2020 $ 55,165 $ 189,081 $ 244,246 2021 50,656 173,294 223,950 2022 43,208 160,116 203,324 2023 39,144 148,999 188,143 2024 34,192 134,364 168,556 Thereafter 94,449 598,855 693,304 Total $ 316,814 $ 1,404,709 $ 1,721,523

Equity Investments in the Manag

Equity Investments in the Managed Programs and Real Estate	12 Months Ended
	Dec. 31, 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): Years Ended December 31, 2019 2018 2017 Distributions of Available Cash ( Note 4 ) $ 21,489 $ 46,609 $ 47,862 Proportionate share of equity in earnings of equity method investments in the Managed Programs 862 3,896 5,156 Amortization of basis differences on equity method investments in the Managed Programs (1,483 ) (2,332 ) (1,336 ) Total equity in earnings of equity method investments in the Managed Programs 20,868 48,173 51,682 Equity in earnings of equity method investments in real estate 3,408 15,585 15,452 Amortization of basis differences on equity method investments in real estate (1,047 ) (2,244 ) (2,384 ) Total equity in earnings of equity method investments in real estate 2,361 13,341 13,068 Equity in earnings of equity method investments in the Managed Programs and real estate $ 23,229 $ 61,514 $ 64,750 Managed Programs We own interests in the Managed Programs and account for these interests under the equity method because, as their advisor, we do not exert control over, but we do have the ability to exercise significant influence over, the Managed Programs. Operating results of the Managed Programs are included in the Investment Management segment. The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands): % of Outstanding Shares Owned at Carrying Amount of Investment at December 31, December 31, Fund 2019 2018 2019 2018 CPA:18 – Global (a) 3.851 % 3.446 % $ 42,644 $ 39,600 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 (a) 3.943 % 3.062 % 49,032 38,600 CWI 1 operating partnership 0.015 % 0.015 % 186 186 CWI 2 (a) 3.755 % 2.807 % 33,669 25,200 CWI 2 operating partnership 0.015 % 0.015 % 300 300 CESH (b) 2.430 % 2.430 % 3,527 3,495 $ 129,567 $ 107,590 __________ (a) During 2019, we received asset management revenue from the Managed REITs in shares of their common stock, which increased our ownership percentage in each of the Managed REITs ( Note 4 ). (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 this investment during the years ended December 31, 2018 and 2017 of $10.1 million and $8.4 million , respectively. We received distributions from our investment in the CPA:17 – Global operating partnership during the years ended December 31, 2018 and 2017 of $26.3 million and $26.7 million , respectively ( Note 4 ). CPA:18 – Global — The c arrying value of our investment in CPA:18 – Global at December 31, 2019 includes asset management fees receivable, for which 55,421 shares of CPA:18 – Global class A common stock were issued during the first quarter of 2020 . We received distributions from this investment during the years ended December 31, 2019 , 2018 , and 2017 of $3.3 million , $2.6 million , and $1.7 million , respectively. We received distributions from our investment in the CPA:18 – Global operating partnership during the years ended December 31, 2019 , 2018 , and 2017 of $8.1 million , $9.7 million , and $8.7 million , respectively ( Note 4 ). CWI 1 — The carrying value of our investment in CWI 1 at December 31, 2019 includes asset management fees receivable, for which 106,386 shares of CWI 1 common stock were issued during the first quarter of 2020 . We received distributions from this investment during the years ended December 31, 2019 , 2018 , and 2017 of $2.7 million , $2.0 million , and $1.1 million , respectively. We received distributions from our investment in the CWI 1 operating partnership during the years ended December 31, 2019 , 2018 , and 2017 of $7.1 million , $5.1 million , and $7.5 million , respectively ( Note 4 ). CWI 2 — The carrying value of our investment in CWI 2 at December 31, 2019 includes asset management fees receivable, for which 78,392 shares of class A common stock of CWI 2 were issued during the first quarter of 2020 . We received distributions from this investment during the years ended December 31, 2019 , 2018 and 2017 of $1.6 million , $1.1 million , and $0.4 million , respectively. We received distributions from our investment in the CWI 2 operating partnership during the years ended December 31, 2019 , 2018 , and 2017 of $6.3 million , $5.5 million , and $5.1 million , respectively ( Note 4 ). 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 December 31, 2019 is based on the estimated fair value of our investment as of September 30, 2019 . We did not receive distributions from this investment during the years ended December 31, 2019 , 2018 , or 2017 . At December 31, 2019 and 2018 , the aggregate unamortized basis differences on our equity investments in the Managed Programs were $47.0 million and $35.2 million , respectively. The following tables present estimated combined summarized financial information for the Managed Programs. Amounts provided are expected total amounts attributable to the Managed Programs and do not represent our proportionate share (in thousands): December 31, 2019 2018 Net investments in real estate $ 5,291,051 $ 5,417,770 Other assets 959,358 1,019,783 Total assets 6,250,409 6,437,553 Debt (3,366,138 ) (3,474,126 ) Accounts payable, accrued expenses and other liabilities (517,803 ) (467,758 ) Total liabilities (3,883,941 ) (3,941,884 ) Noncontrolling interests (130,656 ) (146,799 ) Stockholders’ equity $ 2,235,812 $ 2,348,870 Years Ended December 31, 2019 2018 2017 Revenues $ 1,184,585 $ 1,562,688 $ 1,637,198 Expenses (1,142,286 ) (1,368,051 ) (1,456,842 ) Income from continuing operations $ 42,299 $ 194,637 $ 180,356 Net income attributable to the Managed Programs (a) (b) $ 8,505 $ 121,503 $ 127,130 __________ (a) Includes impairment charges recognized by the Managed Programs totaling $34.4 million and $19.5 million during the years ended December 31, 2018 and 2017 , respectively. These impairment charges reduced our income earned from these investments by $1.6 million and $0.8 million during the years ended December 31, 2018 and 2017 , respectively. The Managed Programs did not recognize impairment charges during the year ended December 31, 2019. (b) Amounts included net gains on sale of real estate recorded by the Managed Programs totaling $55.7 million , $114.3 million , and $22.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. These net gains on sale of real estate increased our income earned from these investments by $2.2 million , $3.9 million , and $0.6 million during the years ended December 31, 2019 , 2018 , and 2017 , respectively. Interests in Other Unconsolidated Real Estate Investments We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with affiliates or third parties. We account for these investments under the equity method of accounting. Investments in unconsolidated investments are required to be evaluated periodically for impairment. We periodically compare an investment’s carrying value to its estimated fair value and recognize an impairment charge to the extent that the carrying value exceeds fair value and such decline is determined to be other than temporary. Operating results of our unconsolidated real estate investments are included in the Real Estate segment. The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Ownership Interest at Carrying Value at December 31, Lessee Co-owner December 31, 2019 2019 2018 Johnson Self Storage (a) Third Party 90% $ 70,690 $ 73,475 Kesko Senukai (b) Third Party 70% 46,475 52,432 Bank Pekao (b) CPA:18 – Global 50% 26,388 29,086 BPS Nevada, LLC (c) Third Party 15% 22,900 22,292 State Farm Mutual Automobile Insurance Co. CPA:18 – Global 50% 17,232 18,927 Apply Sørco AS (d) (e) CPA:18 – Global 49% 8,040 7,483 Fortenova Grupa d.d. (formerly Konzum d.d.) (b) CPA:18 – Global 20% 2,712 2,858 Beach House JV, LLC (f) Third Party N/A — 15,105 $ 194,437 $ 221,658 __________ (a) On November 7, 2018, we entered into a joint venture investment to acquire a 90% interest in two self-storage properties for an aggregate amount of $19.9 million , with our portion of the investment totaling $17.9 million (one property is located in South Carolina and one property is located in North Carolina). This transaction was accounted for as an equity method investment as the minority shareholders have significant influence over this investment. All major decisions that significantly impact the economic performance of the entity require a unanimous decision vote from all of the shareholders; therefore, we have joint control over this investment. This acquisition was completed subsequent to the CPA:17 Merger, in which we acquired seven properties related to this investment. (b) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (c) 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. (d) The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone. (e) 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 . (f) 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 tables present estimated combined summarized financial information of our equity investments, excluding the Managed Programs. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands): December 31, 2019 2018 Net investments in real estate $ 729,442 $ 769,643 Other assets 32,983 31,227 Total assets 762,425 800,870 Debt (455,876 ) (469,343 ) Accounts payable, accrued expenses and other liabilities (32,049 ) (28,648 ) Total liabilities (487,925 ) (497,991 ) Stockholders’ equity $ 274,500 $ 302,879 Years Ended December 31, 2019 2018 2017 Revenues $ 66,608 $ 60,742 $ 57,377 Expenses (71,977 ) (28,422 ) (22,231 ) (Loss) income from continuing operations $ (5,369 ) $ 32,320 $ 35,146 Net (loss) income attributable to the jointly owned investments $ (5,369 ) $ 32,320 $ 35,146 We received aggregate distributions of $17.0 million , $17.8 million , and $16.0 million from our other unconsolidated real estate investments for the years ended December 31, 2019 , 2018 , and 2017 , respectively. At December 31, 2019 and 2018 , the aggregate unamortized basis differences on our unconsolidated real estate investments were $25.2 million and $23.7 million , respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 10 ). The valuation of our derivative instruments (excluding stock warrants) is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The stock warrants were measured at fair value using valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market. Equity Investment in CESH — We have elected to account for our investment in CESH, 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 8 ). 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 December 31, 2019 and 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 year ended December 31, 2019 , we recognized unrealized gains on our investment in shares of a cold storage operator totaling $32.9 million , due to additional outside investments at a higher price per share, which was recorded within Other gains and (losses) in the consolidated financial statements. In addition, 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 . The fair value of this investment approximated its carrying value, which was $146.2 million and $116.3 million at December 31, 2019 and 2018 , respectively. Investment in Shares of GCIF — In August 2017, we resigned as the advisor to CCIF, effective as of September 11, 2017 ( Note 1 ). As such, we reclassified our investment in shares of CCIF (known since October 23, 2017 as GCIF) from Equity investments in the Managed Programs and real estate to Other assets, net in our consolidated balance sheets and accounted for it under the cost method, since we no longer shared decision-making responsibilities with the third-party investment partner. W e received distributions from our investment in CCIF during the year ended December 31, 2017 of $0.9 million , which was included within Equity in earnings of equity method investments in the Managed Programs and real estate in the consolidated statements of income. Following our resignation as the advisor to CCIF in the third quarter of 2017, distributions of earnings from GCIF are recorded within Other gains and (losses) in the consolidated financial statements. Following our adoption of ASU 2016-01, effective January 1, 2018, ( Note 2 ), we account for our investment in shares of GCIF at fair value. We classified this investment as Level 2 because we used a quoted price from an inactive market to determine its fair value. During the year ended December 31, 2019 , we redeemed a portion of our investment in shares of GCIF for approximately $9.7 million and recognized a net loss of $0.6 million , which was included within Other gains and (losses) in the consolidated statements of income. 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 year ended December 31, 2019 , we recognized unrealized losses on our investment in shares of GCIF totaling $1.1 million , due to a decrease in the NAV of the investment. The fair value of our investment in shares of GCIF approximated its carrying value, which was $12.2 million and $23.6 million at December 31, 2019 and 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 years ended December 31, 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): December 31, 2019 December 31, 2018 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 4,390,189 $ 4,682,432 $ 3,554,470 $ 3,567,593 Non-recourse mortgages, net (a) (b) (d) 3 1,462,487 1,487,892 2,732,658 2,737,861 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 11 ) includes unamortized deferred financing costs of $22.8 million and $19.7 million at December 31, 2019 and 2018 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.6 million and $0.8 million at December 31, 2019 and 2018 , respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $20.5 million and $15.8 million at December 31, 2019 and 2018 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $6.2 million and $21.8 million at December 31, 2019 and 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 our non-recourse mortgage loans 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 11 ) and our loans receivable, but excluding net investments in direct financing leases, had fair values that approximated their carrying values at both December 31, 2019 and 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. Our impairment policies are described in Note 2 . The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Fair Value Measurements Total Impairment Charges Fair Value Total Impairment Fair Value Total Impairment Impairment Charges Net investments in direct financing leases $ 33,115 $ 31,194 $ — $ — $ — $ — Land, buildings and improvements and intangibles 1,012 1,345 7,797 4,790 2,914 2,769 $ 32,539 $ 4,790 $ 2,769 Impairment charges, and their related triggering events and fair value measurements, recognized during 2019 , 2018 , and 2017 were as follows: Net Investments in Direct Financing Leases 2019 — During the year ended December 31, 2019, we recognized impairment charges totaling $31.2 million on five properties accounted for as Net investments in direct financing leases, primarily due to a lease restructuring, 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 . Land, Buildings and Improvements and Intangibles 2019 — During the year ended December 31, 2019, we recognized an impairment charge of $1.3 million on a property in order to reduce the carrying value of the property to its estimated fair value. The fair value measurement for this property approximated its estimated selling price, and this property was sold in February 2020 ( Note 20 ). 2018 — During the year ended December 31, 2018, we recognized impairment charges totaling $4.8 million on two properties in order to reduce the carrying values of the properties to their estimated fair values, which was $3.9 million in each case. We recognized an impairment charge of $3.8 million on one of those properties due to a tenant bankruptcy and the resulting vacancy, and the fair value measurement for the property was determined by estimating discounted cash flows using market rent assumptions. We recognized an impairment charge of $1.0 million on the other property due to a lease expiration and resulting vacancy, and the fair value measurement for the property approximated its estimated selling price. This property was sold in July 2019. 2017 — During the year ended December 31, 2017, we recognized impairment charges totaling $2.8 million on two properties in order to reduce the carrying values of the properties to their estimated fair values. The tenant in one of the properties filed for bankruptcy and the fair value measurement for the property was based on the average sales price per square foot of comparable properties that were sold during 2017 by other entities. We recognized an impairment charge of $2.2 million on this property, which was sold in August 2019. The fair value measurement for the other property approximated its estimated selling price and we recognized an impairment charge of $0.6 million on this property, which was sold in March 2018.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 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 11 ). Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other securities and the shares or limited partnership units we hold in the Managed Programs due to changes in interest rates or other market factors. We own investments in North America, Europe, and Japan and are subject to risks associated with fluctuating foreign currency exchange rates. Derivative Financial Instruments When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, and we may be granted common stock warrants by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include a counterparty to a hedging arrangement defaulting on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in 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) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) income 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 December 31, 2019 and 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 Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Foreign currency collars Other assets, net $ 14,460 $ 8,536 $ — $ — Foreign currency forward contracts Other assets, net 9,689 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 — — (4,494 ) (3,387 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,587 ) (1,679 ) 24,150 32,547 (6,081 ) (5,066 ) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 5,000 5,500 — — Interest rate swap (a) Other assets, net 8 — — — Foreign currency forward contracts Other assets, net — 7,144 — — Interest rate swaps (a) Accounts payable, accrued expenses and other liabilities — — (93 ) (343 ) 5,008 12,644 (93 ) (343 ) Total derivatives $ 29,158 $ 45,191 $ (6,174 ) $ (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) Income (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2019 2018 2017 Foreign currency collars $ 5,997 $ 9,029 $ (19,220 ) Foreign currency forward contracts (4,253 ) (1,905 ) (19,120 ) Interest rate swaps (1,666 ) (1,560 ) 1,550 Interest rate caps 219 (68 ) (29 ) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars 10 — — Foreign currency forward contracts 7 (2,630 ) (5,652 ) Total $ 314 $ 2,866 $ (42,471 ) Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2019 2018 2017 Foreign currency forward contracts Other gains and (losses) $ 9,582 $ 6,533 $ 6,845 Foreign currency collars Other gains and (losses) 5,759 2,359 3,650 Interest rate swaps and caps Interest expense (2,256 ) (400 ) (1,294 ) Derivatives in Net Investment Hedging Relationships Foreign currency forward contracts (c) Gain on sale of real estate, net — 7,609 — Total $ 13,085 $ 16,101 $ 9,201 __________ (a) Excludes net losses of $1.4 million , $0.6 million and $1.0 million , recognized on unconsolidated jointly owned investments for the years ended December 31, 2019 , 2018 , and 2017 , respectively. (b) The changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income . (c) We reclassified net foreign currency transaction gains from net investment hedge foreign currency forward contracts related to our Australian investments from Accumulated other comprehensive loss to Gain on sale of real estate, net (as an increase to Gain on sale of real estate, net) in connection with the disposal of all of our Australian investments in December 2018 ( Note 14 , Note 17 ). Amounts reported in Other comprehensive (loss) income related to interest rate swaps will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive (loss) income related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. As of December 31, 2019 , we estimate that an additional $1.9 million and $9.3 million will be reclassified as interest expense and other gains, respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2019 2018 2017 Foreign currency forward contracts Other gains and (losses) $ 575 $ 356 $ (53 ) Stock warrants Other gains and (losses) (500 ) (99 ) (67 ) Interest rate swaps Interest expense 265 — — Foreign currency collars Other gains and (losses) 184 455 (754 ) Interest rate swaps Other gains and (losses) (118 ) (20 ) 18 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense (941 ) 286 693 Interest rate caps Interest expense (220 ) — — Foreign currency forward contracts Other gains and (losses) (132 ) 132 (75 ) Foreign currency collars Other gains and (losses) 7 18 (32 ) Total $ (880 ) $ 1,128 $ (270 ) 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 December 31, 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 5 76,028 USD $ (3,122 ) Interest rate swaps 2 49,655 EUR (1,372 ) Interest rate cap 1 11,388 EUR 1 Interest rate cap 1 6,394 GBP — Not Designated as Hedging Instruments Interest rate swap (b) 1 4,608 EUR (93 ) Interest rate swap (b) 1 7,750 USD 8 $ (4,578 ) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at December 31, 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 December 31, 2019 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2019 Designated as Cash Flow Hedging Instruments Foreign currency collars 86 277,624 EUR $ 11,696 Foreign currency forward contracts 10 30,376 EUR 9,671 Foreign currency collars 61 44,000 GBP 1,162 Foreign currency forward contract 1 729 NOK 18 Foreign currency collars 3 2,000 NOK 7 Designated as Net Investment Hedging Instruments Foreign currency collar 1 2,500 NOK 8 $ 22,562 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2019 . At December 31, 2019 , our total credit exposure and the maximum exposure to any single counterparty was $23.0 million and $7.2 million , respectively. Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 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 $9.6 million and $7.3 million at December 31, 2019 and 2018 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2019 or 2018 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $9.9 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 11 ). In addition, at December 31, 2019 , the amounts borrowed in Japanese yen, euro, and British pound sterling outstanding under our Unsecured Revolving Credit Facility ( Note 11 ) were ¥2.4 billion , €117.0 million , and £36.0 million , respectively. These borrowings are designated as, and are effective as, economic hedges of our net investments in foreign entities. Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro and Japanese yen borrowings under our Unsecured Revolving Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $33.4 million , $66.3 million , and $(163.9) million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. At December 31, 2019 , we also had foreign currency forward contracts that were designated as net investment hedges, as discussed in “Derivative Financial Instruments” above.

Debt

Debt	12 Months Ended
	Dec. 31, 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 Unsecured Revolving Credit Facility is used for working capital needs, for acquisitions, and for other general corporate purposes, including the repayment of certain non-recourse mortgage loans. The Credit Agreement permits borrowing under the Unsecured Revolving Credit Facility in certain currencies other than U.S. dollars. On February 20, 2020 , we amended and restated our Senior Unsecured Credit Facility (our “Amended Credit Facility”), increasing the capacity of our unsecured line of credit to $2.1 billion and extending the maturity dates of our revolving line of credit, term loan, and delayed draw term loan to five years ( Note 20 ). At December 31, 2019 , our Unsecured Revolving Credit Facility had available capacity of $1.3 billion . We incur an annual facility fee of 0.20% of the total commitment on our Unsecured Revolving Credit Facility. The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Interest Rate at December 31, 2019 (a) Maturity Date at December 31, 2019 Principal Outstanding Balance at December 31, Senior Unsecured Credit Facility 2019 2018 Unsecured Revolving Credit Facility: (b) Unsecured Revolving Credit Facility — borrowing in euros (c) EURIBOR + 1.00% 2/22/2021 $ 131,438 $ 69,273 Unsecured revolving credit facility — borrowing in British pounds sterling GBP LIBOR + 1.00% 2/22/2021 47,534 — Unsecured Revolving Credit Facility — borrowing in Japanese yen JPY LIBOR + 1.00% 2/22/2021 22,295 22,290 $ 201,267 $ 91,563 __________ (a) The applicable interest rate at December 31, 2019 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2 . (b) On February 20, 2020 , we entered into our Amended Credit Facility, extending the maturity date of our revolving line of credit to five years ( Note 20 ). (c) EURIBOR means Euro Interbank Offered Rate. 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 $4.4 billion at December 31, 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 December 31, 2019 (currency in millions): Principal Amount Price of Par Value Original Issue Discount Effective Interest Rate Coupon Rate Maturity Date Principal Outstanding Balance at December 31, Senior Unsecured Notes, net (a) Issue Date 2019 2018 2.0% Senior Notes due 2023 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 $ 561.7 $ 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 561.7 572.5 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 561.7 572.5 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 561.7 572.5 1.350% Senior Notes due 2028 9/19/2019 € 500.0 99.266 % $ 4.1 1.442 % 1.350 % 4/15/2028 561.7 — 3.850% Senior Notes due 2029 6/14/2019 $ 325.0 98.876 % $ 3.7 3.986 % 3.850 % 7/15/2029 325.0 — $ 4,433.5 $ 3,590.0 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $22.8 million and $19.7 million , and unamortized discount totaling $20.5 million and $15.8 million at December 31, 2019 and 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 1.350% Senior Notes due 2028 in September 2019, we incurred financing costs totaling $6.7 million during the year ended December 31, 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 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 December 31, 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 Non-recourse mortgages consist of mortgage notes payable, which are collateralized by the assignment of real estate properties. For a list of our encumbered properties, please see Schedule III — Real Estate and Accumulated Depreciation . At December 31, 2019 , the weighted-average interest rates for our fixed-rate and variable-rate non-recourse mortgage notes payable were 5.0% and 2.9% , respectively, with maturity dates ranging from June 2020 to September 2031 . During the year ended December 31, 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 5 ). This mortgage loan has a fixed annual interest rate of 4.7% and a maturity date of July 6, 2024 . CPA:17 Merger In connection with the CPA:17 Merger on October 31, 2018 ( Note 3 ), we assumed property-level debt comprised of non-recourse mortgage loans with fair values totaling $1.85 billion and recorded an aggregate fair market value net discount of $20.4 million . The fair market value net discount will be amortized to interest expense over the remaining lives of the related loans. These non-recourse mortgage loans had a weighted-average annual interest rate of 4.3% on the merger date. Repayments During 2019 During the year ended December 31, 2019 , we (i) prepaid non-recourse mortgage loans totaling $1.0 billion and (ii) repaid non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $142.7 million . We recognized an aggregate net loss on extinguishment of debt of $14.8 million during the year ended December 31, 2019 , primarily comprised of prepayment penalties. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.4% . 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 Programs ( Note 14 ) and proceeds from the issuances of senior notes to fund these prepayments. Repayments During 2018 During the year ended December 31, 2018 , we (i) prepaid non-recourse mortgage loans totaling $207.4 million , including $18.0 million encumbering properties that were disposed of during that year, and (ii) repaid non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $44.0 million . The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 3.9% . Amounts are based on the exchange rate of the related foreign currency as of the date of repayment, as applicable. Interest Paid For the years ended December 31, 2019 , 2018 , and 2017 , interest paid was $208.4 million , $157.3 million , and $155.4 million , respectively. Foreign Currency Exchange Rate Impact During the year ended December 31, 2019 , the U.S. dollar strengthened against the euro, resulting in an aggregate decrease of $52.6 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 December 31, 2019 . Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2019 are as follows (in thousands): Years Ending December 31, Total (a) 2020 $ 164,682 2021 445,469 2022 460,385 2023 900,288 2024 1,184,007 Thereafter through 2031 2,949,186 Total principal payments 6,104,017 Unamortized discount, net (b) (26,679 ) Unamortized deferred financing costs (23,395 ) Total $ 6,053,943 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2019 . (b) Represents the unamortized discount, net, of $6.2 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 $20.5 million in aggregate.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 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.

Restructuring and Other Compens

Restructuring and Other Compensation	12 Months Ended
	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Restructuring and Other Compensation	Restructuring and Other Compensation In June 2017, our Board approved a plan to exit non-traded retail fundraising activities carried out by our wholly-owned broker-dealer subsidiary, Carey Financial, as of June 30, 2017 ( Note 1 ). As a result, we incurred non-recurring charges to exit our fundraising activities, consisting primarily of severance costs. During the year ended December 31, 2017, we recorded $8.2 million of severance and benefits and $1.2 million of other related costs, which are all included in Restructuring and other compensation in the consolidated financial statements.

Equity

Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Equity	Equity Common Stock Dividends paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. Our dividends per share are summarized as follows: Dividends Paid During the Years Ended December 31, 2019 2018 2017 Ordinary income $ 3.1939 $ 3.5122 $ 3.2537 Return of capital 0.9194 — 0.5182 Capital gains 0.0187 0.5578 0.2181 Total dividends paid (a) $ 4.1320 $ 4.0700 $ 3.9900 __________ (a) A portion of dividends paid during 2019 has been applied to 2018 for income tax purposes. During the fourth quarter of 2019 , our Board declared a quarterly dividend of $1.038 per share, which was paid on January 15, 2020 to stockholders of record as of December 31, 2019 . In October 2017, we issued 11,077 shares of our common stock to a third party, which had a value of $0.8 million as of the date of issuance, in connection with a one-time legal settlement. Earnings Per Share U nder current authoritative guidance for determining earnings per share, all nonvested share-based payment awards that contain non-forfeitable rights to dividends are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of our nonvested RSUs 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) : Years Ended December 31, 2019 2018 2017 Net income attributable to W. P. Carey $ 305,243 $ 411,566 $ 277,289 Net income attributable to nonvested participating RSUs (77 ) (340 ) (784 ) Net income – basic and diluted $ 305,166 $ 411,226 $ 276,505 Weighted-average shares outstanding – basic 171,001,430 117,494,969 107,824,738 Effect of dilutive securities 297,984 211,476 211,233 Weighted-average shares outstanding – diluted 171,299,414 117,706,445 108,035,971 For the years ended December 31, 2019 , 2018 , and 2017 , there were no potentially dilutive securities excluded from the computation of diluted earnings per share. At-The-Market Equity Offering 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 a continuous “at-the-market” offering program (“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 forward purchasers. Effective as of that date, we 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 year ended December 31, 2019 , we issued 6,672,412 shares of our common stock under our current and former ATM Programs at a weighted-average price of $79.70 per share for net proceeds of $523.3 million . During the year ended December 31, 2018 , we issued 4,229,285 shares of our common stock under a prior ATM Program at a weighted-average price of $69.03 per share for net proceeds of $287.5 million . During the year ended December 31, 2017 , we issued 345,253 shares of our common stock under a prior ATM Program at a weighted-average price of $67.78 per share for net proceeds of $22.8 million . As of December 31, 2019 , $616.6 million remained available for issuance under our current ATM Program. Noncontrolling Interests Acquisition of Noncontrolling Interest On May 24, 2017, we acquired the remaining 25% interest in an international jointly owned investment (which we already consolidated) from the noncontrolling interest holders for €2 , bringing our ownership interest to 100% . No gain or loss was recognized on the transaction. We recorded an adjustment of approximately $1.8 million to Additional paid-in capital in our consolidated statement of equity for the year ended December 31, 2017 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment. The property owned by the investment was sold on May 26, 2017 and we recognized a gain on sale of less than $0.1 million . Redeemable Noncontrolling Interest We accounted for the noncontrolling interest in our subsidiary, W. P. Carey International, LLC (“WPCI”), held by a third party as a redeemable noncontrolling interest, because, pursuant to a put option held by the third party, we had an obligation to redeem the interest at fair value, subject to certain conditions. This obligation was required to be settled in shares of our common stock. On October 1, 2013, we received a notice from the holder of the noncontrolling interest in WPCI regarding the exercise of the put option, pursuant to which we were required to purchase the third party’s 7.7% interest in WPCI. Pursuant to the terms of the related put agreement, the value of that interest was determined based on a third-party valuation as of October 31, 2013, which is the end of the month that the put option was exercised. In March 2016, we issued 217,011 shares of our common stock to the holder of the redeemable noncontrolling interest, which had a value of $13.4 million at the date of issuance, pursuant to a formula set forth in the put agreement. However, the third party did not formally transfer his interests in WPCI to us pursuant to the put agreement at that time because of a dispute regarding any amounts that might still be owed to him. In September 2018, we negotiated a settlement of that dispute, and as a result, we recorded an adjustment of $0.3 million to Additional paid-in capital in our consolidated statement of equity for the year ended December 31, 2018 to reflect the redemption value of the third party’s interest. As part of the settlement, the third party acknowledged that all of his interests in WPCI have been transferred to us and all disputes between the parties were resolved. We have no further obligation related to this redeemable noncontrolling interest as of December 31, 2018. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Balance at January 1, 2017 $ 46,935 $ (301,330 ) $ (90 ) $ (254,485 ) Other comprehensive income before reclassifications (28,577 ) 69,040 (71 ) 40,392 Amounts reclassified from accumulated other comprehensive loss to: Gain on sale of real estate, net ( Note 17 ) — 3,388 — 3,388 Other gains and (losses) (10,495 ) — — (10,495 ) Interest expense 1,294 — — 1,294 Total (9,201 ) 3,388 — (5,813 ) Net current period other comprehensive income (37,778 ) 72,428 (71 ) 34,579 Net current period other comprehensive income attributable to noncontrolling interests 15 (16,120 ) — (16,105 ) Balance at December 31, 2017 9,172 (245,022 ) (161 ) (236,011 ) Other comprehensive loss before reclassifications 13,415 (52,069 ) 154 (38,500 ) Amounts reclassified from accumulated other comprehensive loss to: Gain on sale of real estate, net ( Note 10 , Note 17 ) — 20,226 — 20,226 Other gains and (losses) (8,892 ) — — (8,892 ) Interest expense 400 — — 400 Total (8,492 ) 20,226 — 11,734 Net current period other comprehensive loss 4,923 (31,843 ) 154 (26,766 ) Net current period other comprehensive loss attributable to noncontrolling interests 7 7,774 — 7,781 Balance at December 31, 2018 14,102 (269,091 ) (7 ) (254,996 ) Other comprehensive income before reclassifications 12,031 376 7 12,414 Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (15,341 ) — — (15,341 ) Interest expense 2,256 — — 2,256 Total (13,085 ) — — (13,085 ) Net current period other comprehensive loss (1,054 ) 376 7 (671 ) Balance at December 31, 2019 $ 13,048 $ (268,715 ) $ — $ (255,667 ) See Note 10 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented.

Stock-Based Compensation and Ot

Stock-Based Compensation and Other Compensation	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based and Other Compensation	Stock-Based and Other Compensation Stock-Based Compensation At December 31, 2019 , we maintained several stock-based compensation plans as described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $18.8 million , $18.3 million , and $18.9 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively, which was included in Stock-based compensation expense in the consolidated financial statements. Approximately $4.2 million of the stock-based compensation expense recorded during the year ended December 31, 2018 was attributable to the modification of RSUs and PSUs in connection with the retirement of our former chief executive officer in February 2018. The tax benefit recognized by us related to these awards totaled $5.1 million , $6.6 million , and $4.6 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The tax benefits for the years ended December 31, 2019 , 2018 , and 2017 were reflected as a deferred tax benefit within Provision for income taxes in the consolidated financial statements. 2017 Share Incentive Plan In June 2017, our shareholders approved the 2017 Share Incentive Plan, which replaced our predecessor plans for employees, the 2009 Share Incentive Plan, and for non-employee directors, the 2009 Non-Employee Directors’ Incentive Plan. No further awards will be granted under those predecessor plans, which are more fully described in the 2016 Annual Report. The 2017 Share Incentive Plan authorizes the issuance of up to 4,000,000 shares of our common stock, reduced by the number of shares ( 279,728 ) that were subject to awards granted under the 2009 Share Incentive Plan and the 2009 Non-Employee Directors’ Incentive Plan after December 31, 2016 and before the effective date of the 2017 Share Incentive Plan, which was June 15, 2017. The 2017 Share Incentive Plan provides for the grant of various stock- and cash-based awards, including (i) share options, (ii) RSUs, (iii) PSUs, (iv) RSAs, and (v) dividend equivalent rights. At December 31, 2019 , 3,243,301 shares remained available for issuance under the 2017 Share Incentive Plan, assuming that the target level of performance is achieved for all outstanding PSU awards and not including any dividend equivalents to be paid on those PSUs, which are reinvested in shares of our common stock after the end of the relevant three-year performance cycle but only to the extent that the PSUs vest. PSUs are reflected at 100% of target but may settle at up to three times the target amount shown or less, including 0% , depending on the achievement of pre-set performance metrics over a three -year performance period. RSUs generally vest one-third annually over three years . Employee Share Purchase Plan We sponsor an employee share purchase plan (“ESPP”) pursuant to which eligible employees may contribute up to 10% of compensation, subject to certain limits, to purchase our common stock semi-annually at a price equal to 90% of the fair market value at certain plan defined dates. Compensation expense under this plan for each of the years ended December 31, 2019 , 2018 , and 2017 was less than $0.1 million . Restricted and Conditional Awards Nonvested RSAs, RSUs, and PSUs at December 31, 2019 and changes during the years ended December 31, 2019 , 2018 , and 2017 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Nonvested at January 1, 2017 356,865 $ 61.63 310,018 $ 73.80 Granted 194,349 62.22 107,934 75.39 Vested (a) (185,259 ) 62.72 (132,412 ) 74.21 Forfeited (41,616 ) 61.08 (45,258 ) 76.91 Adjustment (b) — — 41,017 63.18 Nonvested at December 31, 2017 324,339 61.43 281,299 74.57 Granted 137,519 64.50 75,864 75.81 Vested (a) (181,777 ) 62.25 (66,632 ) 76.96 Forfeited (3,079 ) 61.71 (3,098 ) 76.49 Adjustment (b) — — 43,783 74.17 Nonvested at December 31, 2018 277,002 62.41 331,216 78.82 Granted (c) 163,447 72.86 84,006 92.16 Vested (a) (152,364 ) 62.11 (403,701 ) 74.04 Forfeited (4,108 ) 68.10 (2,829 ) 75.81 Adjustment (b) — — 322,550 77.69 Nonvested at December 31, 2019 (d) 283,977 $ 68.51 331,242 $ 80.90 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2019 , 2018 , and 2017 was $39.4 million , $16.4 million , and $21.4 million , respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2019 and 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. (b) Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three -year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest. (c) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three -year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the year ended December 31, 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 . (d) At December 31, 2019 , total unrecognized compensation expense related to these awards was approximately $22.5 million , with an aggregate weighted-average remaining term of 1.6 years . At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest based upon the extent to which we have met and expect to meet the performance goals and where appropriate, revise our estimate and associated expense. We do not adjust the associated expense for revision on PSUs expected to vest based on market performance. Upon vesting, the RSUs and PSUs may be converted into shares of our common stock. Both the RSUs and PSUs carry dividend equivalent rights. Dividend equivalent rights on RSUs issued under the predecessor employee plan are paid in cash on a quarterly basis, whereas dividend equivalent rights on RSUs issued under the 2017 Share Incentive Plan are accrued and paid in cash only when the underlying shares vest, which is generally on an annual basis; dividend equivalents on PSUs accrue during the performance period and are converted into additional shares of common stock at the conclusion of the performance period to the extent the PSUs vest. Dividend equivalent rights are accounted for as a reduction to retained earnings to the extent that the awards are expected to vest. For awards that are not expected to vest or do not ultimately vest, dividend equivalent rights are accounted for as additional compensation expense. Stock Options At December 31, 2016, we had 145,033 stock options outstanding, all of which were exercised during the year ended December 31, 2017 (prior to the expiration of their terms on that date), at a weighted-average exercise price of $33.27 . Options granted under the 1997 Share Incentive Plan, a predecessor employee plan, generally had a ten -year term and vested in four equal annual installments. We have not issued option awards since 2007. The total intrinsic value of options exercised during the year ended December 31, 2017 was $4.4 million . At December 31, 2017, all of our options had either been fully exercised or expired, and all related compensation expense has been previously recognized. Cash received from purchases under the ESPP and stock option exercises during the years ended December 31, 2019 , 2018 , and 2017 was $0.3 million , $0.2 million , and $0.2 million , respectively. Other Compensation Profit-Sharing Plan We sponsor a qualified profit-sharing plan and trust that generally permits all employees, as defined by the plan, to make pre-tax contributions into the plan. We are under no obligation to contribute to the plan and the amount of any contribution is determined by and at the discretion of our Board. In December 2019 , 2018 , and 2017 , our Board determined that the contribution to the plan for each of those respective years would be 10% of an eligible participant’s compensation, up to the legal maximum allowable in each of those years of $28,000 for 2019 , $27,500 for 2018 , and $27,000 for 2017 . For the years ended December 31, 2019 , 2018 , and 2017 , amounts expensed for contributions to the trust were $2.1 million , $2.6 million , and $3.3 million , respectively, which were included in General and administrative expenses in the consolidated financial statements. The profit-sharing plan is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation. Other During the years ended December 31, 2019 , 2018 , and 2017 , we recognized severance costs totaling $1.1 million , $0.9 million , and less than $0.1 million , respectively. Such costs are included in General and administrative expenses in the accompanying consolidated financial statements, and exclude severance-related costs that are included in Restructuring and other compensation in the consolidated financial statements ( Note 13 ).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Provision The components of our provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2019 2018 2017 Federal Current $ 407 $ (829 ) $ (687 ) Deferred 9,579 3,275 (9,520 ) 9,986 2,446 (10,207 ) State and Local Current (3,814 ) 4,820 1,954 Deferred (376 ) 3,042 572 (4,190 ) 7,862 2,526 Foreign Current 20,363 16,791 21,457 Deferred 52 (12,688 ) (11,065 ) 20,415 4,103 10,392 Total Provision $ 26,211 $ 14,411 $ 2,711 A reconciliation of effective income tax for the periods presented is as follows (in thousands): Years Ended December 31, 2019 2018 2017 Pre-tax income attributable to taxable subsidiaries (a) $ 74,754 $ 98,245 $ 49,909 Federal provision at statutory tax rate (b) $ 15,698 $ 20,632 $ 17,468 Change in valuation allowance 11,041 6,735 11,805 Rate differential (c) (6,820 ) (14,165 ) (13,134 ) Non-deductible expense 5,313 4,996 3,010 Windfall tax benefit (5,183 ) (3,754 ) (4,618 ) State and local taxes, net of federal benefit 4,062 7,590 1,115 Non-taxable income 103 (736 ) (8,073 ) Revocation of TRS Status — (6,285 ) — Revaluation of deferred taxes due to Tax Cuts and Jobs Act (d) — — (7,826 ) Other 1,997 (602 ) 2,964 Total provision $ 26,211 $ 14,411 $ 2,711 __________ (a) Pre-tax income attributable to taxable subsidiaries for 2018 includes taxable income associated with the accelerated vesting of shares previously issued by CPA:17 – Global to us for asset management services performed, in connection with the CPA:17 Merger. Pre-tax income attributable to taxable subsidiaries for 2017 excludes the impact of foreign currency exchange rates on an intercompany transaction related to the euro-denominated 2.25% Senior Notes due 2024 issued in 2017 ( Note 11 ) since it had no tax impact and eliminates in consolidation. (b) The applicable statutory tax rate is 21% , 21% , and 35% for the years ended December 31, 2019 , 2018 , and 2017 , respectively. (c) Amount for the year ended December 31, 2019 includes a current tax benefit of approximately $6.3 million due to a change in tax position for state and local taxes. (d) The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, lowered the U.S. corporate income tax rate from 35% to 21%. The dollar amount shown in the table reflects the net impact of the Tax Cuts and Jobs Act on our domestic TRSs. Deferred Income Taxes Deferred income taxes at December 31, 2019 and 2018 consist of the following (in thousands): December 31, 2019 2018 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 51,265 $ 44,445 Basis differences — foreign investments 31,704 15,286 Unearned and deferred compensation 10,345 16,255 Other 555 640 Total deferred tax assets 93,869 76,626 Valuation allowance (73,643 ) (54,499 ) Net deferred tax assets 20,226 22,127 Deferred Tax Liabilities Basis differences — foreign investments (137,074 ) (138,712 ) Basis differences — equity investees (53,460 ) (46,899 ) Deferred revenue (100 ) (1,778 ) Total deferred tax liabilities (190,634 ) (187,389 ) Net Deferred Tax Liability $ (170,408 ) $ (165,262 ) Certain basis differences on foreign investments are now presented as deferred tax assets in the table above. Prior period amounts have been reclassified to conform to the current period presentation. Our deferred tax assets and liabilities are primarily the result of temporary differences related to the following: • Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, we assume the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets; • Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets, as well as unearned and deferred compensation; • Basis differences in equity investments represents fees earned in shares recognized under GAAP into income and deferred for U.S. taxes based upon a share vesting schedule; and • Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions, that may be realized in future periods if the respective subsidiary generates sufficient taxable income. Certain net operating losses and interest carryforwards were subject to limitations as a result of the CPA:17 Merger, and thus could not be applied to reduce future income tax liabilities. As of December 31, 2019 , U.S. federal and state net operating loss carryforwards were $66.4 million and $27.8 million , respectively, which will begin to expire in 2031 and 2024 , respectively. As of December 31, 2019 , net operating loss carryforwards in foreign jurisdictions were $49.7 million , which will begin to expire in 2020 . The net deferred tax liability in the table above is comprised of deferred tax asset balances, net of certain deferred tax liabilities and valuation allowances, of $8.9 million and $7.9 million at December 31, 2019 and 2018 , respectively, which are included in Other assets, net in the consolidated balance sheets, and other deferred tax liability balances of $179.3 million and $173.1 million at December 31, 2019 and 2018 , respectively, which are included in Deferred income taxes in the consolidated balance sheets. Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2019 2018 Beginning balance $ 6,105 $ 5,202 Addition based on tax positions related to the current year 543 514 Decrease due to lapse in statute of limitations (497 ) (2,186 ) (Decrease) addition based on tax positions related to prior years (287 ) 442 Foreign currency translation adjustments (108 ) (140 ) Increase due to CPA:17 Merger — 2,273 Ending balance $ 5,756 $ 6,105 At December 31, 2019 and 2018 , we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2019 and 2018 , we had approximately $1.6 million and $1.4 million , respectively, of accrued interest related to uncertain tax positions. Income Taxes Paid Income taxes paid were $35.3 million , $23.2 million , and $16.7 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Real Estate Operations We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business primarily in North America and Europe, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state, local, and foreign jurisdictions. Investment Management Operations We conduct our investment management services in our Investment Management segment through TRSs. Our use of TRSs enables us to engage in certain businesses while complying with the REIT qualification requirements and also allows us to retain income generated by these businesses for reinvestment without the requirement to distribute those earnings. Certain of our inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation. Periodically, shares in the Managed REITs that are payable to our TRSs in consideration of services rendered are distributed from TRSs to us. Tax authorities in the relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2014 through 2018 or any ongoing audits remain open to adjustment in the major tax jurisdictions.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 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 year ended December 31, 2019, we sold 14 properties for total proceeds of $308.0 million , net of selling costs, and recognized a net gain on these sales totaling $10.9 million (inclusive of income taxes totaling $1.2 million recognized upon sale). 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 6 ). In October 2019, we transferred ownership of six properties and the related non-recourse mortgage loan, which had an aggregate asset carrying value of $42.3 million and a mortgage carrying value of $43.4 million (including a $13.8 million discount on the mortgage loan), respectively, on the date of transfer, to the mortgage lender, resulting in a net gain of $8.3 million (outstanding principal balance was $56.4 million and we wrote off $5.6 million of accrued interest payable). In addition, in December 2019, we transferred ownership of a property and the related non-recourse mortgage loan, which had an aggregate asset carrying value of $10.4 million and a mortgage carrying value of $8.2 million (including a $0.5 million discount on the mortgage loan), respectively, on the date of transfer, to the mortgage lender, resulting in a net loss of $1.0 million (outstanding principal balance was $8.7 million and we wrote off $0.9 million of accrued interest payable). 2018 — During the year ended December 31, 2018, we sold 49 properties for total proceeds of $431.6 million , net of selling costs, and recognized a net gain on these sales totaling $112.3 million (inclusive of income taxes totaling $21.8 million recognized upon sale). Disposition activity included the sale of one of our hotel operating properties in April 2018. In connection with the sale of 28 properties in Australia in December 2018, and in accordance with ASC 830-30-40, Foreign Currency Matters , we reclassified an aggregate of $20.2 million of net foreign currency translation losses, including net gains of $7.6 million from net investment hedge forward currency contracts ( Note 10 ), from Accumulated other comprehensive loss to Gain on sale of real estate, net (as a reduction to Gain on sale of real estate, net), since the sale represented a disposal of all of our Australian investments ( Note 14 ). In addition, in June 2018, we completed a nonmonetary transaction, in which we disposed of 23 properties in exchange for the acquisition of one property leased to the same tenant. This swap was recorded based on the fair value of the property acquired of $85.5 million , which resulted in a net gain of $6.3 million , and was a non-cash investing activity ( Note 5 ). 2017 — During the year ended December 31, 2017, we sold 16 properties and a parcel of vacant land for total proceeds of $159.9 million , net of selling costs, and recognized a net gain on these sales totaling $33.9 million (inclusive of income taxes totaling $5.2 million recognized upon sale). In connection with the sale of a property in Malaysia in August 2017 and the sale of two properties in Thailand in December 2017, and in accordance with ASC 830-30-40, Foreign Currency Matters , we reclassified an aggregate of $3.4 million of net foreign currency translation losses from Accumulated other comprehensive loss to Gain on sale of real estate, net (as a reduction to Gain on sale of real estate, net), since the sales represented disposals of all of our Malaysian and Thai investments ( Note 14 ). In addition, in January 2017, we transferred ownership of two international properties and the related non-recourse mortgage loan, which had an aggregate asset carrying value of $28.1 million and an outstanding balance of $28.1 million (net of $3.8 million of cash held in escrow that was retained by the mortgage lender), respectively, on the dates of transfer, to the mortgage lender, resulting in a net loss of less than $0.1 million .

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We evaluate our results from operations by our two major business segments: Real Estate and Investment Management ( Note 1 ). The following tables present a summary of comparative results and assets for these business segments (in thousands): Real Estate Years Ended December 31, 2019 2018 2017 Revenues Lease revenues $ 1,086,375 $ 744,498 $ 651,897 Operating property revenues (a) 50,220 28,072 30,562 Lease termination income and other 36,268 6,555 4,749 1,172,863 779,125 687,208 Operating Expenses Depreciation and amortization 443,300 287,461 249,432 General and administrative 56,796 47,210 39,002 Reimbursable tenant costs 55,576 28,076 21,524 Property expenses, excluding reimbursable tenant costs 39,545 22,773 17,330 Operating property expenses 38,015 20,150 23,426 Impairment charges 32,539 4,790 2,769 Stock-based compensation expense 13,248 10,450 6,960 Merger and other expenses 101 41,426 605 679,120 462,336 361,048 Other Income and Expenses Interest expense (233,325 ) (178,375 ) (165,775 ) Other gains and (losses) 30,251 30,015 (5,655 ) Gain on sale of real estate, net 18,143 118,605 33,878 (Loss) gain on change in control of interests (8,416 ) 18,792 — Equity in earnings of equity method investments in real estate 2,361 13,341 13,068 (190,986 ) 2,378 (124,484 ) Income before income taxes 302,757 319,167 201,676 (Provision for) benefit from income taxes (30,802 ) 844 (1,743 ) Net Income from Real Estate 271,955 320,011 199,933 Net loss (income) attributable to noncontrolling interests 110 (12,775 ) (7,794 ) Net Income from Real Estate Attributable to W. P. Carey $ 272,065 $ 307,236 $ 192,139 __________ (a) Operating property revenues from our hotels include (i) $15.0 million , $15.2 million , and $14.6 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively, generated from a hotel in Bloomington, Minnesota, (ii) $14.4 million and $1.7 million for the years ended December 31, 2019 and 2018 , respectively, generated from a hotel in Miami, Florida, which was acquired in the CPA:17 Merger ( Note 3 ), classified as held for sale as of December 31, 2019 ( Note 5 ), and sold in January 2020 ( Note 20 ), and (iii) $4.8 million and $16.0 million for the years ended December 31, 2018 and 2017, respectively, generated from a hotel in Memphis, Tennessee, which was sold in April 2018 ( Note 17 ). Investment Management Years Ended December 31, 2019 2018 2017 Revenues Asset management revenue $ 39,132 $ 63,556 $ 70,125 Reimbursable costs from affiliates 16,547 21,925 51,445 Structuring and other advisory revenue 4,224 21,126 35,094 Dealer manager fees — — 4,430 59,903 106,607 161,094 Operating Expenses General and administrative 18,497 21,127 31,889 Reimbursable costs from affiliates 16,547 21,925 51,445 Subadvisor fees 7,579 9,240 13,600 Stock-based compensation expense 5,539 7,844 11,957 Depreciation and amortization 3,835 3,979 3,902 Restructuring and other compensation — — 9,363 Dealer manager fees and expenses — — 6,544 51,997 64,115 128,700 Other Income and Expenses Equity in earnings of equity method investments in the Managed Programs 20,868 48,173 51,682 Other gains and (losses) 1,224 (102 ) 2,042 Gain on change in control of interests — 29,022 — 22,092 77,093 53,724 Income before income taxes 29,998 119,585 86,118 Benefit from (provision for) income taxes 4,591 (15,255 ) (968 ) Net Income from Investment Management 34,589 104,330 85,150 Net income attributable to noncontrolling interests (1,411 ) — — Net Income from Investment Management Attributable to W. P. Carey $ 33,178 $ 104,330 $ 85,150 Total Company Years Ended December 31, 2019 2018 2017 Revenues $ 1,232,766 $ 885,732 $ 848,302 Operating expenses 731,117 526,451 489,748 Other income and expenses (168,894 ) 79,471 (70,760 ) Provision for income taxes (26,211 ) (14,411 ) (2,711 ) Net income attributable to noncontrolling interests (1,301 ) (12,775 ) (7,794 ) Net income attributable to W. P. Carey $ 305,243 $ 411,566 $ 277,289 Total Assets at December 31, 2019 2018 Real Estate $ 13,811,403 $ 13,941,963 Investment Management 249,515 241,076 Total Company $ 14,060,918 $ 14,183,039 Our portfolio is comprised of domestic and international investments. At December 31, 2019 , our international investments within our Real Estate segment were comprised of investments in Germany, Spain, the United Kingdom, Poland, the Netherlands, Finland, France, Denmark, Norway, Hungary, Italy, Austria, Sweden, Croatia, Belgium, Lithuania, Portugal, Slovakia, the Czech Republic, Canada, Mexico, and Japan. We sold all of our investments in Australia during 2018 ( Note 17 ). We sold all of our investments in Malaysia and Thailand during 2017 ( Note 17 ). No international country or tenant individually comprised at least 10% of our total lease revenues for the years ended December 31, 2019 , 2018 , or 2017 , or at least 10% of our total long-lived assets at December 31, 2019 or 2018 . Revenues and assets within our Investment Management segment are entirely domestic. The following tables present the geographic information for our Real Estate segment (in thousands): Years Ended December 31, 2019 2018 2017 Revenues Domestic $ 783,828 $ 499,342 $ 451,310 International 389,035 279,783 235,898 Total $ 1,172,863 $ 779,125 $ 687,208 December 31, 2019 2018 Long-lived Assets (a) Domestic $ 7,574,110 $ 7,579,018 International 4,342,635 4,349,836 Total $ 11,916,745 $ 11,928,854 Equity Investments in Real Estate Domestic $ 110,822 $ 129,799 International 83,615 91,859 Total $ 194,437 $ 221,658 __________ (a) Consists of Net investments in real estate.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) (dollars in thousands, except per share amounts) Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues (a) $ 298,323 $ 305,211 $ 318,005 $ 311,227 Expenses (a) (b) 177,722 179,170 198,409 175,816 Net income (a) (b) (c) (d) 68,796 66,121 41,835 129,792 Net income attributable to noncontrolling interests (a) (302 ) (83 ) (496 ) (420 ) Net income attributable to W. P. Carey (a) (b) (c) (d) 68,494 66,038 41,339 129,372 Earnings per share attributable to W. P. Carey: Basic (e) $ 0.41 $ 0.39 $ 0.24 $ 0.75 Diluted (e) $ 0.41 $ 0.38 $ 0.24 $ 0.75 Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues (a) $ 201,810 $ 201,143 $ 209,384 $ 273,395 Expenses (a) 120,966 109,202 110,937 185,346 Net income (a) (f) (g) 68,066 79,424 81,573 195,278 Net income attributable to noncontrolling interests (a) (2,792 ) (3,743 ) (4,225 ) (2,015 ) Net income attributable to W. P. Carey (a) (f) (g) 65,274 75,681 77,348 193,263 Earnings per share attributable to W. P. Carey: Basic (e) $ 0.60 $ 0.70 $ 0.71 $ 1.33 Diluted (e) $ 0.60 $ 0.70 $ 0.71 $ 1.33 __________ (a) Amounts for 2019 and the three months ended December 31, 2018 include the impact of the CPA:17 Merger ( Note 3 ). (b) Amount for the three months ended September 30, 2019 includes impairment charges totaling $25.8 million recognized on a portfolio of four properties accounted for as Net investments in direct financing leases ( Note 9 ). (c) Amount for the three months ended September 30, 2019 includes a loss on change in control of interests of $8.4 million recognized in connection with the CPA:17 Merger ( Note 3 ). (d) Amount for the three months ended December 31, 2019 includes: (i) unrealized gains recognized on our investment in shares of a cold storage operator totaling $36.1 million ( Note 9 ) and (ii) an aggregate gain on sale of real estate of $17.5 million recognized on the disposition of 12 properties. (e) T he sum of the quarterly basic and diluted earnings per share amounts may not agree to the full year basic and diluted earnings per share amounts because the calculations of basic and diluted weighted-average shares outstanding for each quarter and the full year are performed independently. For the year ended December 31, 2018, total quarterly basic and diluted earnings per share were $0.16 and $0.15 lower, respectively, than the corresponding earnings per share as computed on an annual basis, as a result of the change in the shares outstanding for each of the periods, primarily due to the issuance of shares in the CPA:17 Merger ( Note 3 ) and under our ATM Programs ( Note 14 ). (f) Amount for the three months ended December 31, 2018 includes a gain on change in control of interests of $47.8 million recognized in connection with the CPA:17 Merger ( Note 3 ). (g) Amount for the three months ended June 30, 2018 includes an aggregate gain on sale of real estate of $11.9 million recognized on the disposition of 25 properties. Amount for the three months ended December 31, 2018 includes an aggregate gain on sale of real estate of $99.6 million recognized on the disposition of 39 properties.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Amended Credit Facility On February 20, 2020 , we amended and restated our Senior Unsecured Credit Facility. We increased the capacity of our unsecured line of credit under our Amended Credit Facility to $2.1 billion , which is comprised of a $1.8 billion revolving line of credit, a £150.0 million term loan, and a $105.0 million delayed draw term loan, all maturing in five years . The delayed draw term loan may be drawn within one year and allows for borrowings in U.S. dollars, euros, or British pounds sterling. The aggregate principal amount (of revolving and term loans) available under the Amended Credit Facility may be increased up to an amount not to exceed the U.S. dollar equivalent of $2.75 billion , subject to the conditions to increase provided in the related credit agreement. We will incur interest at LIBOR, or a LIBOR equivalent, plus 0.85% on the revolving line of credit, and LIBOR, or a LIBOR equivalent, plus 0.95% on the term loan and delayed draw term loan. Acquisitions and Completed Construction Projects In January 2020, we completed three investments for a total purchase price of approximately $149.9 million (based on the exchange rates of the foreign currencies on the dates of acquisition, as applicable). 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. In addition, in January 2020, we completed one construction project at a total cost of $53.1 million . Dispositions In January and February 2020, we sold four properties for gross proceeds totaling $121.8 million , including one of our two hotel operating properties for gross proceeds of $120.0 million (inclusive of $5.5 million attributable to a noncontrolling interest). This property was classified as held for sale as of December 31, 2019 ( Note 5 ).

Schedule II - Valuation And Qua

Schedule II - Valuation And Qualifying Accounts	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	W. P. CAREY INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2019 , 2018 , and 2017 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2019 Valuation reserve for deferred tax assets $ 54,499 $ 22,384 $ (3,240 ) $ 73,643 Year Ended December 31, 2018 Valuation reserve for deferred tax assets $ 39,155 $ 30,557 $ (15,213 ) $ 54,499 Year Ended December 31, 2017 Valuation reserve for deferred tax assets $ 27,350 $ 18,031 $ (6,226 ) $ 39,155

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III- Real Estate and Accumulated Depreciation	W. P. CAREY INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2019 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Land, Buildings and Improvements Subject to Operating Leases Industrial facilities in Erlanger, KY $ — $ 1,526 $ 21,427 $ 2,966 $ 141 $ 1,526 $ 24,534 $ 26,060 $ 13,881 1979; 1987 Jan. 1998 40 yrs. Industrial facilities in Thurmont, MD and Farmington, NY — 729 5,903 — — 729 5,903 6,632 2,238 1964; 1983 Jan. 1998 15 yrs. Warehouse facilities in Anchorage, AK and Commerce, CA — 4,905 11,898 — 12 4,905 11,910 16,815 5,803 1948; 1975 Jan. 1998 40 yrs. Industrial facility in Toledo, OH — 224 2,408 — — 224 2,408 2,632 1,705 1966 Jan. 1998 40 yrs. Industrial facility in Goshen, IN — 239 940 — — 239 940 1,179 462 1973 Jan. 1998 40 yrs. Office facility in Raleigh, NC — 1,638 2,844 187 (2,554 ) 828 1,287 2,115 911 1983 Jan. 1998 20 yrs. Office facility in King of Prussia, PA — 1,219 6,283 1,295 — 1,219 7,578 8,797 4,036 1968 Jan. 1998 40 yrs. Industrial facility in Pinconning, MI — 32 1,692 — — 32 1,692 1,724 930 1948 Jan. 1998 40 yrs. Industrial facilities in San Fernando, CA 6,103 2,052 5,322 — (1,889 ) 1,494 3,991 5,485 2,208 1962; 1979 Jan. 1998 40 yrs. Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas — 9,382 — 238 14,696 9,025 15,291 24,316 5,790 Various Jan. 1998 15 yrs. Industrial facility in Glendora, CA — 1,135 — — 1,942 1,152 1,925 3,077 192 1950 Jan. 1998 10 yrs. Warehouse facility in Doraville, GA — 3,288 9,864 16,729 (11,410 ) 3,288 15,183 18,471 1,268 2016 Jan. 1998 40 yrs. Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX 42,576 3,490 72,497 — (15,609 ) 288 60,090 60,378 17,933 1989; 1999 Jan. 1998 40 yrs. Land in Irving and Houston, TX — 9,795 — — — 9,795 — 9,795 — N/A Jan. 1998 N/A Industrial facility in Chandler, AZ — 5,035 18,957 7,460 516 5,035 26,933 31,968 14,406 1989 Jan. 1998 40 yrs. Office facility in Bridgeton, MO — 842 4,762 2,523 71 842 7,356 8,198 3,768 1972 Jan. 1998 40 yrs. Retail facility in Drayton Plains, MI — 1,039 4,788 236 (2,297 ) 494 3,272 3,766 1,266 1972 Jan. 1998 35 yrs. Warehouse facility in Memphis, TN — 1,882 3,973 294 (3,892 ) 328 1,929 2,257 1,266 1969 Jan. 1998 15 yrs. Industrial facility in Romulus, MI — 454 6,411 525 — 454 6,936 7,390 682 1970 Jan. 1998 10 yrs. Retail facility in Bellevue, WA — 4,125 11,812 393 (123 ) 4,371 11,836 16,207 6,322 1994 Apr. 1998 40 yrs. Office facility in Rio Rancho, NM — 1,190 9,353 5,866 — 2,287 14,122 16,409 6,369 1999 Jul. 1998 40 yrs. Office facility in Moorestown, NJ — 351 5,981 1,652 1 351 7,634 7,985 4,265 1964 Feb. 1999 40 yrs. Industrial facilities in Lenexa, KS and Winston-Salem, NC — 1,860 12,539 3,075 (1,135 ) 1,725 14,614 16,339 6,531 1968; 1980 Sep. 2002 40 yrs. Office facilities in Playa Vista and Venice, CA 21,048 2,032 10,152 52,817 1 5,889 59,113 65,002 15,303 1991; 1999 Sep. 2004; Sep. 2012 40 yrs. Warehouse facility in Greenfield, IN — 2,807 10,335 223 (8,383 ) 967 4,015 4,982 1,857 1995 Sep. 2004 40 yrs. Retail facility in Hot Springs, AR — 850 2,939 2 (2,614 ) — 1,177 1,177 451 1985 Sep. 2004 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Warehouse facilities in Apopka, FL — 362 10,855 1,195 (155 ) 337 11,920 12,257 4,100 1969 Sep. 2004 40 yrs. Land in San Leandro, CA — 1,532 — — — 1,532 — 1,532 — N/A Dec. 2006 N/A Fitness facility in Austin, TX — 1,725 5,168 — — 1,725 5,168 6,893 2,372 1995 Dec. 2006 29 yrs. Retail facility in Wroclaw, Poland — 3,600 10,306 — (3,747 ) 2,809 7,350 10,159 2,195 2007 Dec. 2007 40 yrs. Office facility in Fort Worth, TX — 4,600 37,580 186 — 4,600 37,766 42,366 9,335 2003 Feb. 2010 40 yrs. Warehouse facility in Mallorca, Spain — 11,109 12,636 — (1,414 ) 10,428 11,903 22,331 2,848 2008 Jun. 2010 40 yrs. Retail facilities in Florence, AL; Snellville, GA; Rockport, TX; and Virginia Beach, VA — 5,646 12,367 — (3,786 ) 4,323 9,904 14,227 1,900 2005; 2007 Sep. 2012 40 yrs. Net-lease hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA 128,609 32,680 198,999 — — 32,680 198,999 231,679 39,753 1989; 1990 Sep. 2012 34 - 37 yrs. Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH — 4,403 20,298 — (3,870 ) 2,589 18,242 20,831 3,998 1968; 1975; 1995 Sep. 2012; Jan. 2014 30 yrs. Land in Irvine, CA 1,631 4,173 — — — 4,173 — 4,173 — N/A Sep. 2012 N/A Industrial facility in Alpharetta, GA — 2,198 6,349 1,247 — 2,198 7,596 9,794 1,798 1997 Sep. 2012 30 yrs. Office facility in Clinton, NJ 18,718 2,866 34,834 — — 2,866 34,834 37,700 8,435 1987 Sep. 2012 30 yrs. Office facilities in St. Petersburg, FL — 3,280 24,627 2,078 — 3,280 26,705 29,985 6,001 1996; 1999 Sep. 2012 30 yrs. Movie theater in Baton Rouge, LA — 4,168 5,724 3,200 — 4,168 8,924 13,092 1,890 2003 Sep. 2012 30 yrs. Industrial and office facility in San Diego, CA — 7,804 16,729 4,654 (705 ) 7,804 20,678 28,482 5,228 2002 Sep. 2012 30 yrs. Industrial facility in Richmond, CA — 895 1,953 — — 895 1,953 2,848 473 1999 Sep. 2012 30 yrs. Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX 51,263 16,386 84,668 — — 16,386 84,668 101,054 20,333 Various Sep. 2012 30 yrs. Industrial facilities in Rocky Mount, NC and Lewisville, TX — 2,163 17,715 609 (8,389 ) 1,132 10,966 12,098 2,573 1948; 1989 Sep. 2012 30 yrs. Industrial facilities in Chattanooga, TN — 558 5,923 — — 558 5,923 6,481 1,418 1974; 1989 Sep. 2012 30 yrs. Industrial facility in Mooresville, NC 2,690 756 9,775 — — 756 9,775 10,531 2,334 1997 Sep. 2012 30 yrs. Industrial facility in McCalla, AL — 960 14,472 42,662 — 2,076 56,018 58,094 7,431 2004 Sep. 2012 31 yrs. Office facility in Lower Makefield Township, PA — 1,726 12,781 4,378 — 1,726 17,159 18,885 3,430 2002 Sep. 2012 30 yrs. Industrial facility in Fort Smith, AZ — 1,063 6,159 — — 1,063 6,159 7,222 1,455 1982 Sep. 2012 30 yrs. Retail facilities in Greenwood, IN and Buffalo, NY 6,547 — 19,990 — — — 19,990 19,990 4,672 2000; 2003 Sep. 2012 30 - 31 yrs. Industrial facilities in Bowling Green, KY and Jackson, TN — 1,492 8,182 — — 1,492 8,182 9,674 1,928 1989; 1995 Sep. 2012 31 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Initial Cost to Company Description Encumbrances Land Buildings Land Buildings Total Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA 6,947 14,006 33,683 157 (3,878 ) 11,179 32,789 43,968 7,404 2004 Sep. 2012 31 - 32 yrs. Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA 5,695 6,559 19,078 — — 6,559 19,078 25,637 4,459 Various Sep. 2012 31 yrs. Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY 7,732 6,080 23,424 — — 6,080 23,424 29,504 5,430 1990; 1994; 2000 Sep. 2012 31 yrs. Fitness facilities in Englewood, CO; Memphis TN; and Bedford, TX 1,371 4,877 4,258 5,215 4,756 4,877 14,229 19,106 3,629 1990; 1995; 2001 Sep. 2012 31 yrs. Office facility in Mons, Belgium 5,501 1,505 6,026 653 (1,065 ) 1,315 5,804 7,119 1,289 1982 Sep. 2012 32 yrs. Warehouse facilities in Oceanside, CA and Concordville, PA 2,298 3,333 8,270 — — 3,333 8,270 11,603 1,922 1989; 1996 Sep. 2012 31 yrs. Net-lease self-storage facilities located throughout the United States — 74,551 319,186 — (50 ) 74,501 319,186 393,687 73,409 Various Sep. 2012 31 yrs. Warehouse facility in La Vista, NE 19,073 4,196 23,148 — — 4,196 23,148 27,344 5,017 2005 Sep. 2012 33 yrs. Office facility in Pleasanton, CA — 3,675 7,468 — — 3,675 7,468 11,143 1,713 2000 Sep. 2012 31 yrs. Office facility in San Marcos, TX — 440 688 — — 440 688 1,128 157 2000 Sep. 2012 31 yrs. Office facility in Chicago, IL — 2,169 19,010 72 (72 ) 2,169 19,010 21,179 4,326 1910 Sep. 2012 31 yrs. Industrial facilities in Hollywood and Orlando, FL — 3,639 1,269 — — 3,639 1,269 4,908 289 1996 Sep. 2012 31 yrs. Warehouse facility in Golden, CO — 808 4,304 77 — 808 4,381 5,189 1,096 1998 Sep. 2012 30 yrs. Industrial facility in Texarkana, TX — 1,755 4,493 — (2,783 ) 216 3,249 3,465 739 1997 Sep. 2012 31 yrs. Industrial facility in Eugene, OR 4,014 2,286 3,783 — — 2,286 3,783 6,069 861 1980 Sep. 2012 31 yrs. Industrial facility in South Jordan, UT — 2,183 11,340 1,642 — 2,183 12,982 15,165 2,782 1995 Sep. 2012 31 yrs. Warehouse facility in Ennis, TX — 478 4,087 145 — 478 4,232 4,710 1,075 1989 Sep. 2012 31 yrs. Retail facility in Braintree, MA — 2,409 — 6,184 (1,403 ) 1,006 6,184 7,190 1,209 1994 Sep. 2012 30 yrs. Office facility in Paris, France 46,269 23,387 43,450 — (8,451 ) 20,430 37,956 58,386 8,418 1975 Sep. 2012 32 yrs. Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland — 26,564 72,866 — (12,613 ) 23,164 63,653 86,817 19,395 Various Sep. 2012 23 - 34 yrs. Industrial facility in Laupheim, Germany — 2,072 8,339 — (1,317 ) 1,810 7,284 9,094 2,649 1960 Sep. 2012 20 yrs. Industrial facilities in Danbury, CT and Bedford, MA 5,443 3,519 16,329 — — 3,519 16,329 19,848 3,965 1965; 1980 Sep. 2012 29 yrs. Industrial facility in Brownwood, TX — 722 6,268 — — 722 6,268 6,990 418 1964 Sep. 2012 15 yrs. Warehouse facilities in Venlo, Netherlands — 10,154 18,590 — (3,911 ) 8,772 16,061 24,833 3,160 1998; 1999 Apr. 2013 35 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Initial Cost to Company Description Encumbrances Land Buildings Land Buildings Total Industrial and office facility in Tampere, Finland — 2,309 37,153 — (5,456 ) 1,965 32,041 34,006 6,736 2012 Jun. 2013 40 yrs. Office facility in Quincy, MA — 2,316 21,537 127 — 2,316 21,664 23,980 3,842 1989 Jun. 2013 40 yrs. Office facility in Salford, United Kingdom — — 30,012 — (4,679 ) — 25,333 25,333 4,119 1997 Sep. 2013 40 yrs. Office facility in Lone Tree, CO — 4,761 28,864 2,927 — 4,761 31,791 36,552 5,725 2001 Nov. 2013 40 yrs. Office facility in Mönchengladbach, Germany 32,182 2,154 6,917 50,626 (1,728 ) 2,158 55,811 57,969 5,766 2015 Dec. 2013 40 yrs. Fitness facility in Houston, TX — 2,430 2,270 — — 2,430 2,270 4,700 599 1995 Jan. 2014 23 yrs. Fitness facility in St. Charles, MO — 1,966 1,368 1,352 — 1,966 2,720 4,686 624 1987 Jan. 2014 27 yrs. Fitness facility in Salt Lake City, UT — 856 2,804 — — 856 2,804 3,660 642 1999 Jan. 2014 26 yrs. Land in Scottsdale, AZ 9,358 22,300 — — — 22,300 — 22,300 — N/A Jan. 2014 N/A Industrial facility in Aurora, CO 2,611 737 2,609 — — 737 2,609 3,346 488 1985 Jan. 2014 32 yrs. Warehouse facility in Burlington, NJ — 3,989 6,213 377 — 3,989 6,590 10,579 1,527 1999 Jan. 2014 26 yrs. Industrial facility in Albuquerque, NM — 2,467 3,476 606 — 2,467 4,082 6,549 905 1993 Jan. 2014 27 yrs. Industrial facility in North Salt Lake, UT — 10,601 17,626 — (16,936 ) 4,388 6,903 11,291 1,560 1981 Jan. 2014 26 yrs. Industrial facilities in Lexington, NC and Murrysville, PA — 2,185 12,058 — 2,713 1,608 15,348 16,956 3,271 1940; 1995 Jan. 2014 28 yrs. Land in Welcome, NC — 980 11,230 — (11,724 ) 486 — 486 — N/A Jan. 2014 N/A Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD — 4,005 44,192 — — 4,005 44,192 48,197 10,965 1911; 1967; 1982 Jan. 2014 24 yrs. Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN — 8,451 25,457 — 298 8,451 25,755 34,206 5,304 1978; 1979; 1986 Jan. 2014 17 - 34 yrs. Retail facility in Torrance, CA — 8,412 12,241 1,377 (76 ) 8,335 13,619 21,954 3,345 1973 Jan. 2014 25 yrs. Office facility in Houston, TX — 6,578 424 560 — 6,578 984 7,562 360 1978 Jan. 2014 27 yrs. Land in Doncaster, United Kingdom — 4,257 4,248 — (8,111 ) 394 — 394 — N/A Jan. 2014 N/A Warehouse facility in Norwich, CT 8,111 3,885 21,342 — 2 3,885 21,344 25,229 4,469 1960 Jan. 2014 28 yrs. Warehouse facility in Norwich, CT — 1,437 9,669 — — 1,437 9,669 11,106 2,024 2005 Jan. 2014 28 yrs. Warehouse facility in Whitehall, PA — 7,435 9,093 — (4,164 ) 6,983 5,381 12,364 1,379 1986 Jan. 2014 23 yrs. Retail facilities in York, PA 2,972 3,776 10,092 — (2,016 ) 2,668 9,184 11,852 1,853 1992; 2005 Jan. 2014 26 - 34 yrs. Industrial facility in Pittsburgh, PA — 1,151 10,938 — — 1,151 10,938 12,089 2,613 1991 Jan. 2014 25 yrs. Warehouse facilities in Atlanta, GA and Elkwood, VA — 5,356 4,121 — (2,104 ) 4,284 3,089 7,373 656 1975 Jan. 2014 28 yrs. Warehouse facility in Harrisburg, NC — 1,753 5,840 — (111 ) 1,642 5,840 7,482 1,324 2000 Jan. 2014 26 yrs. Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO 3,416 4,306 7,235 — 3 4,306 7,238 11,544 1,415 1978; 1987 Jan. 2014 30 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Industrial facility in Cynthiana, KY 1,672 1,274 3,505 525 (107 ) 1,274 3,923 5,197 807 1967 Jan. 2014 31 yrs. Industrial facility in Columbia, SC — 2,843 11,886 — — 2,843 11,886 14,729 3,112 1962 Jan. 2014 23 yrs. Movie theater in Midlothian, VA — 2,824 16,618 — — 2,824 16,618 19,442 514 2000 Jan. 2014 40 yrs. Net-lease student housing facility in Laramie, WY — 1,966 18,896 — — 1,966 18,896 20,862 4,308 2007 Jan. 2014 33 yrs. Office facility in Greenville, SC 7,311 562 7,916 — 43 562 7,959 8,521 1,877 1972 Jan. 2014 25 yrs. Warehouse facilities in Mendota, IL; Toppenish, WA; and Plover, WI — 1,444 21,208 — (623 ) 1,382 20,647 22,029 5,447 1996 Jan. 2014 23 yrs. Industrial facility in Allen, TX and office facility in Sunnyvale, CA — 9,297 24,086 — (42 ) 9,255 24,086 33,341 4,607 1981; 1997 Jan. 2014 31 yrs. Industrial facilities in Hampton, NH 6,067 8,990 7,362 — — 8,990 7,362 16,352 1,435 1976 Jan. 2014 30 yrs. Industrial facilities located throughout France — 36,306 5,212 — (8,126 ) 29,091 4,301 33,392 1,111 Various Jan. 2014 23 yrs. Retail facility in Fairfax, VA — 3,402 16,353 — — 3,402 16,353 19,755 3,672 1998 Jan. 2014 26 yrs. Retail facility in Lombard, IL — 5,087 8,578 — — 5,087 8,578 13,665 1,926 1999 Jan. 2014 26 yrs. Warehouse facility in Plainfield, IN 18,054 1,578 29,415 — — 1,578 29,415 30,993 5,735 1997 Jan. 2014 30 yrs. Retail facility in Kennesaw, GA 2,395 2,849 6,180 5,530 (76 ) 2,773 11,710 14,483 2,174 1999 Jan. 2014 26 yrs. Retail facility in Leawood, KS 7,750 1,487 13,417 — — 1,487 13,417 14,904 3,013 1997 Jan. 2014 26 yrs. Office facility in Tolland, CT 7,328 1,817 5,709 — 11 1,817 5,720 7,537 1,234 1968 Jan. 2014 28 yrs. Warehouse facilities in Lincolnton, NC and Mauldin, SC 9,006 1,962 9,247 — — 1,962 9,247 11,209 1,948 1988; 1996 Jan. 2014 28 yrs. Retail facilities located throughout Germany — 81,109 153,927 10,510 (127,152 ) 29,403 88,991 118,394 16,834 Various Jan. 2014 Various Industrial and office facility in Marktheidenfeld, Germany — 1,303 16,116 — 551 1,344 16,626 17,970 105 2002 Jan. 2014 40 yrs. Office facility in Southfield, MI — 1,726 4,856 89 — 1,726 4,945 6,671 943 1985 Jan. 2014 31 yrs. Office facility in The Woodlands, TX 17,072 3,204 24,997 — — 3,204 24,997 28,201 4,693 1997 Jan. 2014 32 yrs. Warehouse facilities in Valdosta, GA and Johnson City, TN — 1,080 14,998 1,688 — 1,080 16,686 17,766 3,392 1978; 1998 Jan. 2014 27 yrs. Industrial facility in Amherst, NY 7,021 674 7,971 — — 674 7,971 8,645 2,103 1984 Jan. 2014 23 yrs. Industrial and warehouse facilities in Westfield, MA — 1,922 9,755 7,435 9 1,922 17,199 19,121 3,451 1954; 1997 Jan. 2014 28 yrs. Warehouse facilities in Kottka, Finland — — 8,546 — (1,493 ) — 7,053 7,053 1,910 1999; 2001 Jan. 2014 21 - 23 yrs. Office facility in Bloomington, MN — 2,942 7,155 — — 2,942 7,155 10,097 1,494 1988 Jan. 2014 28 yrs. Warehouse facility in Gorinchem, Netherlands 3,131 1,143 5,648 — (1,186 ) 944 4,661 5,605 973 1995 Jan. 2014 28 yrs. Retail facility in Cresskill, NJ — 2,366 5,482 — 19 2,366 5,501 7,867 1,044 1975 Jan. 2014 31 yrs. Retail facility in Livingston, NJ — 2,932 2,001 — 14 2,932 2,015 4,947 439 1966 Jan. 2014 27 yrs. Retail facility in Maplewood, NJ — 845 647 — 4 845 651 1,496 142 1954 Jan. 2014 27 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Retail facility in Montclair, NJ — 1,905 1,403 — 6 1,905 1,409 3,314 307 1950 Jan. 2014 27 yrs. Retail facility in Morristown, NJ — 3,258 8,352 — 26 3,258 8,378 11,636 1,824 1973 Jan. 2014 27 yrs. Retail facility in Summit, NJ — 1,228 1,465 — 8 1,228 1,473 2,701 321 1950 Jan. 2014 27 yrs. Industrial and office facilities in Dransfeld and Wolfach, Germany — 2,789 8,750 — (3,345 ) 2,168 6,026 8,194 1,465 1898; 1978 Jan. 2014 24 yrs. Industrial facilities in Georgetown, TX and Woodland, WA — 965 4,113 — — 965 4,113 5,078 721 1998; 2001 Jan. 2014 33 - 35 yrs. Education facilities in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX — 5,365 7,845 — 5 5,365 7,850 13,215 1,668 Various Jan. 2014 28 yrs. Industrial facility in Salisbury, NC — 1,499 8,185 — — 1,499 8,185 9,684 1,744 2000 Jan. 2014 28 yrs. Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI — 2,831 10,565 — — 2,831 10,565 13,396 2,298 1970; 1991; 1995 Jan. 2014 26 - 27 yrs. Industrial facility in Cambridge, Canada — 1,849 7,371 — (1,288 ) 1,591 6,341 7,932 1,200 2001 Jan. 2014 31 yrs. Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN 8,073 2,962 17,832 — — 2,962 17,832 20,794 3,375 Various Jan. 2014 31 yrs. Industrial facility in Ramos Arizpe, Mexico — 1,059 2,886 — — 1,059 2,886 3,945 545 2000 Jan. 2014 31 yrs. Industrial facilities in Salt Lake City, UT — 2,783 3,773 — — 2,783 3,773 6,556 714 1983; 2002 Jan. 2014 31 - 33 yrs. Net-lease student housing facility in Blairsville, PA 8,821 1,631 23,163 — — 1,631 23,163 24,794 5,051 2005 Jan. 2014 33 yrs. Warehouse facilities in Atlanta, Doraville, and Rockmart, GA — 6,488 77,192 — — 6,488 77,192 83,680 16,002 1959; 1962; 1991 Jan. 2014 23 - 33 yrs. Warehouse facilities in Flora, MS and Muskogee, OK 3,106 554 4,353 — — 554 4,353 4,907 786 1992; 2002 Jan. 2014 33 yrs. Industrial facility in Richmond, MO — 2,211 8,505 747 — 2,211 9,252 11,463 1,874 1996 Jan. 2014 28 yrs. Industrial facility in Tuusula, Finland — 6,173 10,321 — (2,881 ) 5,095 8,518 13,613 1,975 1975 Jan. 2014 26 yrs. Office facility in Turku, Finland — 5,343 34,106 — (6,893 ) 4,409 28,147 32,556 5,981 1981 Jan. 2014 28 yrs. Industrial facility in Turku, Finland — 1,105 10,243 — (1,967 ) 912 8,469 9,381 1,806 1981 Jan. 2014 28 yrs. Industrial facility in Baraboo, WI — 917 10,663 — — 917 10,663 11,580 4,821 1988 Jan. 2014 13 yrs. Warehouse facility in Phoenix, AZ 16,836 6,747 21,352 — — 6,747 21,352 28,099 4,550 1996 Jan. 2014 28 yrs. Land in Calgary, Canada — 3,721 — — (520 ) 3,201 — 3,201 — N/A Jan. 2014 N/A Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX 1,541 955 4,779 — — 955 4,779 5,734 912 1950; 1986; 1996 Jan. 2014 31 yrs. Industrial facility in Buffalo Grove, IL 4,926 1,492 12,233 — — 1,492 12,233 13,725 2,340 1996 Jan. 2014 31 yrs. Warehouse facility in Spanish Fork, UT — 991 7,901 — — 991 7,901 8,892 1,430 2001 Jan. 2014 33 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Industrial facilities in West Jordan, UT and Tacoma, WA; office facility in Eugene, OR; and warehouse facility in Perris, CA — 8,989 5,435 — 8 8,989 5,443 14,432 1,146 Various Jan. 2014 28 yrs. Office facility in Carlsbad, CA — 3,230 5,492 — — 3,230 5,492 8,722 1,377 1999 Jan. 2014 24 yrs. Land in Pensacola, FL — 1,746 — — — 1,746 — 1,746 — N/A Jan. 2014 N/A Movie theater in Port St. Lucie, FL — 4,654 2,576 — — 4,654 2,576 7,230 557 2000 Jan. 2014 27 yrs. Movie theater in Hickory Creek, TX — 1,693 3,342 — — 1,693 3,342 5,035 739 2000 Jan. 2014 27 yrs. Industrial facility in Nurieux-Volognat, France — 121 5,328 — (852 ) 99 4,498 4,597 823 2000 Jan. 2014 32 yrs. Warehouse facility in Suwanee, GA — 2,330 8,406 — — 2,330 8,406 10,736 1,470 1995 Jan. 2014 34 yrs. Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS — 1,878 8,579 — — 1,878 8,579 10,457 2,167 1954; 1975; 1984 Jan. 2014 24 yrs. Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI 7,337 1,403 11,098 — — 1,403 11,098 12,501 4,039 1996 Jan. 2014 16 yrs. Industrial facility in Mesa, AZ 3,864 2,888 4,282 — — 2,888 4,282 7,170 929 1991 Jan. 2014 27 yrs. Industrial facility in North Amityville, NY — 3,486 11,413 — — 3,486 11,413 14,899 2,596 1981 Jan. 2014 26 yrs. Warehouse facilities in Greenville, SC — 567 10,217 — (1,330 ) 454 9,000 9,454 2,938 1960 Jan. 2014 21 yrs. Industrial facility in Fort Collins, CO — 821 7,236 — — 821 7,236 8,057 1,303 1993 Jan. 2014 33 yrs. Warehouse facility in Elk Grove Village, IL — 4,037 7,865 — — 4,037 7,865 11,902 32 1980 Jan. 2014 22 yrs. Office facility in Washington, MI — 4,085 7,496 — — 4,085 7,496 11,581 1,354 1990 Jan. 2014 33 yrs. Office facility in Houston, TX — 522 7,448 227 — 522 7,675 8,197 1,724 1999 Jan. 2014 27 yrs. Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX 4,613 4,049 13,021 — 133 4,049 13,154 17,203 4,167 Various Jan. 2014 12 - 22 yrs. Education facility in Sacramento, CA 25,542 — 13,715 — — — 13,715 13,715 2,428 2005 Jan. 2014 34 yrs. Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX — 5,138 8,387 — 43 5,138 8,430 13,568 1,799 1969; 1974; 1984 Jan. 2014 27 yrs. Office facility in Tinton Falls, NJ — 1,958 7,993 725 — 1,958 8,718 10,676 1,562 2001 Jan. 2014 31 yrs. Industrial facility in Woodland, WA — 707 1,562 — — 707 1,562 2,269 262 2009 Jan. 2014 35 yrs. Warehouse facilities in Gyál and Herceghalom, Hungary — 14,601 21,915 — (6,379 ) 12,050 18,087 30,137 5,239 2002; 2004 Jan. 2014 21 yrs. Industrial facility in Windsor, CT — 453 637 3,422 (83 ) 453 3,976 4,429 363 1999 Jan. 2014 33 yrs. Industrial facility in Aurora, CO 2,482 574 3,999 — — 574 3,999 4,573 603 2012 Jan. 2014 40 yrs. Office facility in Chandler, AZ — 5,318 27,551 19 — 5,318 27,570 32,888 4,608 2000 Mar. 2014 40 yrs. Warehouse facility in University Park, IL — 7,962 32,756 221 — 7,962 32,977 40,939 5,305 2008 May 2014 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Office facility in Stavanger, Norway — 10,296 91,744 — (29,855 ) 7,354 64,831 72,185 8,876 1975 Aug. 2014 40 yrs. Office facility in Westborough, MA — 3,409 37,914 — — 3,409 37,914 41,323 5,706 1992 Aug. 2014 40 yrs. Office facility in Andover, MA — 3,980 45,120 289 — 3,980 45,409 49,389 6,289 2013 Oct. 2014 40 yrs. Office facility in Newport, United Kingdom — — 22,587 — (4,040 ) — 18,547 18,547 2,454 2014 Oct. 2014 40 yrs. Industrial facility in Lewisburg, OH — 1,627 13,721 — — 1,627 13,721 15,348 1,987 2014 Nov. 2014 40 yrs. Industrial facility in Opole, Poland — 2,151 21,438 — (2,276 ) 1,944 19,369 21,313 2,866 2014 Dec. 2014 38 yrs. Office facilities located throughout Spain — 51,778 257,624 10 (24,847 ) 50,497 234,068 284,565 30,609 Various Dec. 2014 Various Retail facilities located throughout the United Kingdom — 66,319 230,113 277 (48,957 ) 55,222 192,530 247,752 31,546 Various Jan. 2015 20 - 40 yrs. Warehouse facility in Rotterdam, Netherlands — — 33,935 20,442 (211 ) — 54,166 54,166 4,717 2014 Feb. 2015 40 yrs. Retail facility in Bad Fischau, Austria — 2,855 18,829 — 923 2,977 19,630 22,607 2,908 1998 Apr. 2015 40 yrs. Industrial facility in Oskarshamn, Sweden — 3,090 18,262 — (2,382 ) 2,745 16,225 18,970 2,025 2015 Jun. 2015 40 yrs. Office facility in Sunderland, United Kingdom — 2,912 30,140 — (5,047 ) 2,467 25,538 28,005 3,263 2007 Aug. 2015 40 yrs. Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria — 9,449 15,838 — 231 9,535 15,983 25,518 2,387 2008; 2010 Aug. 2015 40 yrs. Net-lease hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX — — 49,190 — — — 49,190 49,190 6,111 1988; 1989; 1990 Oct. 2015 38 - 40 yrs. Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands — 5,698 38,130 79 2,015 5,959 39,963 45,922 5,128 Various Nov. 2015 30 - 40 yrs. Office facility in Irvine, CA — 7,626 16,137 — — 7,626 16,137 23,763 1,705 1977 Dec. 2015 40 yrs. Education facility in Windermere, FL — 5,090 34,721 15,333 — 5,090 50,054 55,144 6,695 1998 Apr. 2016 38 yrs. Industrial facilities located throughout the United States — 66,845 87,575 65,400 (56,517 ) 49,680 113,623 163,303 16,284 Various Apr. 2016 Various Industrial facilities in North Dumfries and Ottawa, Canada — 17,155 10,665 — (18,207 ) 5,963 3,650 9,613 1,240 1967; 1974 Apr. 2016 28 yrs. Education facilities in Coconut Creek, FL and Houston, TX — 15,550 83,862 63,830 — 15,550 147,692 163,242 13,234 1979; 1984 May 2016 37 - 40 yrs. Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN — 3,585 17,254 — — 3,585 17,254 20,839 1,539 1969; 1987; 2000 Nov. 2016 35 - 36 yrs. Industrial facilities in Brampton, Toronto, and Vaughan, Canada — 28,759 13,998 — — 28,759 13,998 42,757 1,488 Various Nov. 2016 28 - 35 yrs. Industrial facilities in Queretaro and San Juan del Rio, Mexico — 5,152 12,614 — — 5,152 12,614 17,766 1,083 Various Dec. 2016 28 - 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Industrial facility in Chicago, IL — 2,222 2,655 3,511 — 2,222 6,166 8,388 680 1985 Jun. 2017 30 yrs. Industrial facility in Zawiercie, Poland — 395 102 10,378 (401 ) 380 10,094 10,474 427 2018 Aug. 2017 40 yrs. Office facility in Roseville, MN — 2,560 16,025 — — 2,560 16,025 18,585 955 2001 Nov. 2017 40 yrs. Industrial facility in Radomsko, Poland — 1,718 59 14,453 (629 ) 1,657 13,944 15,601 465 2018 Nov. 2017 40 yrs. Warehouse facility in Sellersburg, IN — 1,016 3,838 — — 1,016 3,838 4,854 246 2000 Feb. 2018 36 yrs. Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI — 5,512 61,230 — — 5,465 61,277 66,742 3,392 1995; 2004 Mar. 2018 36 - 40 yrs. Office and warehouse facilities located throughout Denmark — 20,304 185,481 — (6,754 ) 19,638 179,393 199,031 8,534 Various Jun. 2018 25 - 41 yrs. Retail facilities located throughout the Netherlands — 38,475 117,127 — (5,465 ) 37,124 113,013 150,137 5,890 Various Jul. 2018 26 - 30 yrs. Industrial facility in Oostburg, WI — 786 6,589 — — 786 6,589 7,375 432 2002 Jul. 2018 35 yrs. Warehouse facility in Kampen, Netherlands — 3,251 12,858 126 (492 ) 3,152 12,591 15,743 734 1976 Jul. 2018 26 yrs. Warehouse facility in Azambuja, Portugal — 13,527 35,631 — (1,452 ) 13,127 34,579 47,706 1,688 1994 Sep. 2018 28 yrs. Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands — 2,582 18,731 3,219 (317 ) 2,549 21,666 24,215 912 Various Oct. 2018 27 - 37 yrs. Office and warehouse facilities in Bad Wünnenberg and Soest, Germany — 2,916 39,687 — (595 ) 2,875 39,133 42,008 1,225 1982; 1986 Oct. 2018 40 yrs. Industrial facility in Norfolk, NE 1,172 802 3,686 — — 802 3,686 4,488 146 1975 Oct. 2018 40 yrs. Education facility in Chicago, IL 11,180 7,720 17,266 — — 7,720 17,266 24,986 538 1912 Oct. 2018 40 yrs. Fitness facilities in Phoenix, AZ and Columbia, MD — 18,286 33,030 — — 18,286 33,030 51,316 1,024 2006 Oct. 2018 40 yrs. Retail facility in Gorzow, Poland — 1,736 8,298 — (140 ) 1,712 8,182 9,894 275 2008 Oct. 2018 40 yrs. Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX 9,996 6,460 49,462 — — 6,460 49,462 55,922 1,660 Various Oct. 2018 40 yrs. Industrial facilities in Mayodan, Sanford, and Stoneville, NC — 3,505 20,913 — — 3,505 20,913 24,418 — 1992; 1997; 1998 Oct. 2018 29 yrs. Warehouse facility in Dillon, SC 15,522 3,424 43,114 — — 3,424 43,114 46,538 1,447 2001 Oct. 2018 40 yrs. Office facility in Birmingham, United Kingdom 16,915 7,383 7,687 — 330 7,545 7,855 15,400 241 2009 Oct. 2018 40 yrs. Retail facilities located throughout Spain — 17,626 44,501 — (867 ) 17,380 43,880 61,260 1,387 Various Oct. 2018 40 yrs. Warehouse facility in Gadki, Poland — 1,376 6,137 — (105 ) 1,357 6,051 7,408 193 2011 Oct. 2018 40 yrs. Office facility in The Woodlands, TX 22,895 1,697 52,289 — — 1,697 52,289 53,986 1,564 2009 Oct. 2018 40 yrs. Office facility in Hoffman Estates, IL — 5,550 14,214 — — 5,550 14,214 19,764 441 2009 Oct. 2018 40 yrs. Warehouse facility in Zagreb, Croatia — 15,789 33,287 — (685 ) 15,568 32,823 48,391 1,523 2001 Oct. 2018 26 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Industrial facilities in Middleburg Heights and Union Township, OH 5,126 1,295 13,384 — — 1,295 13,384 14,679 411 1990; 1997 Oct. 2018 40 yrs. Retail facility in Las Vegas, NV 39,504 — 79,720 — — — 79,720 79,720 2,331 2012 Oct. 2018 40 yrs. Industrial facilities located in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC 10,306 20,517 14,135 — — 20,517 14,135 34,652 458 Various Oct. 2018 40 yrs. Warehouse facility in Bowling Green, KY — 2,652 51,915 — — 2,652 51,915 54,567 1,787 2011 Oct. 2018 40 yrs. Warehouse facilities in Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton United Kingdom — 6,791 2,315 — 199 6,940 2,365 9,305 81 Various Oct. 2018 40 yrs. Industrial facility in Evansville, IN 14,085 180 22,095 — — 180 22,095 22,275 662 2009

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2019 (dollars in thousands) Interest Rate Final Maturity Date Fair Value Carrying Amount Description Financing agreement — observation wheel 6.5 % Mar. 2020 $ 24,350 $ 24,350 Financing agreement — mezzanine loan 9.0 % Apr. 2020 23,387 23,387 $ 47,737 $ 47,737 Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2019 2018 2017 Beginning balance $ 57,737 $ — $ — Repayments (10,000 ) — — Acquisitions through CPA:17 Merger — 57,737 — Ending balance $ 47,737 $ 57,737 $ —

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. All transaction costs incurred during the years ended December 31, 2019 , 2018 , and 2017 were capitalized since our acquisitions during the years were classified as asset acquisitions (excluding the CPA:17 Merger). Most of our future acquisitions are likely to be classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates; and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. When we enter into sale-leaseback transactions with above- or below-market leases, the intangibles will be accounted for as loan receivables or prepaid rent liabilities, respectively. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. Goodwill acquired in certain business combinations, including the CPA:17 Merger, was attributed to the Real Estate segment which comprises one reporting unit. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid.
Impairment	Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases or direct financing leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then compare the asset’s fair value (less estimated cost to sell) to its carrying value, and if the fair value, less estimated cost to sell, is less than the property’s carrying value, we reduce the carrying value to the fair value, less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. Direct Financing Leases — We periodically assess whether there are any indicators that the value of our net investments in direct financing leases may be impaired. When determining a possible impairment, we take into consideration the collectability of direct financing lease receivables for which a reserve would be required if any losses are both probable and reasonably estimable. In addition, we determine whether there has been a permanent decline in the current estimate of the residual value of the property. If this review indicates a permanent decline in the fair value of the asset below its carrying value , we recognize an impairment charge. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investments in the Managed Programs and Real Estate — We evaluate our equity investments in the Managed Programs and real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For certain investments in the Managed REITs, we calculate the estimated fair value of our investment using the most recently published net asset value per share (“NAV”) of each Managed REIT multiplied by the number of shares owned. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values.
Goodwill	Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event. Such a triggering event within our Investment Management segment depends on the timing and form of liquidity events for the Managed Programs ( Note 4 ). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. This assessment is used as a basis to determine whether it is necessary to calculate reporting unit fair values. If necessary, we calculate the estimated fair value of the Investment Management reporting unit by utilizing a discounted cash flow analysis methodology and available NAVs. We calculate the estimated fair value of the Real Estate reporting unit by utilizing our market capitalization and the aforementioned fair value of the Investment Management segment. Impairments, if any, will be the difference between the reporting unit’s fair value and carrying amount, not to exceed the carrying amount of goodwill.
Basis of Consolidation	Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. During the year ended December 31, 2019 , we had a net decrease of 13 entities considered to be consolidated VIEs, primarily related to disposition activity and certain lease amendments. In addition, during the year ended December 31, 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 8 ). At December 31, 2019 and 2018 , we considered 18 and 32 entities to be VIEs, respectively, of which we consolidated 11 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): December 31, 2019 2018 Land, buildings and improvements $ 493,714 $ 781,347 Net investments in direct financing leases 15,584 305,493 In-place lease intangible assets and other 56,915 84,870 Above-market rent intangible assets 34,576 45,754 Accumulated depreciation and amortization (151,017 ) (164,942 ) Assets held for sale, net 104,010 — Total assets 596,168 1,112,984 Non-recourse mortgages, net $ 32,622 $ 157,955 Total liabilities 98,671 227,461 At December 31, 2019 and 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 account 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 December 31, 2019 and 2018 , the net carrying amount of our investments in these entities was $298.3 million and $301.6 million , respectively, and our maximum exposure to loss in these entities was limited to our investments.
Reclassification	Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. 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.
Restricted Cash	Restricted Cash —
Land, Building and Improvements	Land, Buildings and Improvements — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred.
Gain/Loss on Sale	Gain/Loss on Sale — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred.
Cash and Cash Equivalents	Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Internal-Use Software Development Cost	Internal-Use Software Development Costs — We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage, including the costs associated with software that allows for the conversion of our old data to our new system. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Capitalized costs are amortized on a straight-line basis over the software’s estimated useful life, which is three to seven years . Periodically, we reassess the useful life considering technology, obsolescence, and other factors.
Other Assets and Liabilities	Other Assets and Liabilities — We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets, our investment in shares of a cold storage operator ( Note 9 ), our investment in shares of GCIF ( Note 9 ), and our loans receivable in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, and deferred revenue in Accounts payable, accrued expenses and other liabilities.
Revenue Recognition	Revenue Recognition, Real Estate Leased to Others — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index (“CPI”) or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 5 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 6 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. Revenue 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 $29.4 million , $21.7 million , and $30.6 million for the years ended December 31, 2019 , 2018 , and 2017 , 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 years. We identified a single performance obligation for each distinct service. Performance obligations are typically satisfied at a point in time, at the time of sale, or at the rendering of the service. Fees are generally determined to be fixed. Payment is typically due immediately following the delivery of the service. Revenue from contracts under ASC 606 from our Investment Management segment is discussed in Note 4 . Revenue Recognition, Investment Management Operations — We earn structuring revenue and asset management revenue in connection with providing services to the Managed Programs. We earn structuring revenue for services we provide in connection with the analysis, negotiation, and structuring of transactions, including acquisitions and dispositions and the placement of mortgage financing obtained by the Managed Programs. We earn asset management revenue from property management, leasing, and advisory services performed. In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties. We may also earn termination revenue in connection with a liquidity event and/or the termination of the advisory agreements for the Managed REITs. During their respective offering periods, the Managed Programs reimbursed us for certain costs in connection with those offerings that we incurred on their behalf, which consisted primarily of broker-dealer commissions, marketing costs, and an annual distribution and shareholder servicing fee, as applicable. As a result of our exit from non-traded retail fundraising activities on June 2017, we ceased raising funds on behalf of the Managed Programs in the third quarter of 2017 and no longer incur these costs. However, the Managed Programs will continue to reimburse us for certain personnel and overhead costs that we incur on their behalf. We record reimbursement income as the expenses are incurred, subject to limitations imposed by the advisory agreements.
Asset Retirement Obligations	Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred or at the point of acquisition of an asset with an assumed asset retirement obligation, and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.
Depreciation	Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years ) and furniture, fixtures, and equipment. We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life.
Stock-based Compensation	Stock-Based Compensation — We have granted stock options, restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) to certain employees, independent directors, and nonemployees. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments, which includes awards granted to certain nonemployees, upon our adoption of ASU 2018-07 on January 1, 2019, as described below. We recognize these compensation costs for only those shares expected to vest on a straight-line basis over the requisite service or performance period of the award. We include stock-based compensation within Additional paid-in capital in the consolidated statements of equity and Stock-based compensation expense in the consolidated statements of income.
Foreign Currency Translation and Transaction Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, Canada, and Japan, and the primary functional currencies for those investments are the euro, the British pound sterling, the Danish krone, the Canadian dollar, and the Japanese yen. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income (within Gain on sale of real estate, net, in the consolidated statements of income) when we have substantially exited from all investments in the related currency ( Note 10 , Note 14 , Note 17 ). A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of short-term subordinated intercompany debt or debt with scheduled principal payments, are included in the determination of net income (within Other gains and (losses) in the statements of income). Intercompany foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities involved in the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity.
Derivative Instruments	Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive (loss) income 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) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) income into earnings (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis.
General and Administrative Expenses	General and Administrative Expenses — Beginning with the third quarter of 2017, personnel and rent expenses included within general and administrative expenses that are recorded by our Real Estate and Investment Managements segments are allocated based on time incurred by our personnel for those segments. Following our exit from non-traded retail fundraising activities, as of June 30, 2017 ( Note 1 ), we believe that this allocation methodology is appropriate.
Income Taxes	Income Taxes — We conduct business in various states and municipalities primarily within North America and Europe, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. We derive most of our REIT income from our real estate operations under our Real Estate segment. Our domestic real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state and local taxes, as applicable. We conduct our Investment Management operations primarily through TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business. These operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes as described in Note 16 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).
Earnings Per Share	Earnings Per Share — Basic earnings per share is calculated by dividing net income available to common stockholders, as adjusted for unallocated earnings attributable to the nonvested RSUs by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflects potentially dilutive securities (RSAs, RSUs, PSUs, and options) using the treasury stock method, except when the effect would be anti-dilutive.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Recent Accounting Requirements	Recent Accounting Pronouncements Pronouncements Adopted as of December 31, 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 5 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 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 December 31, 2019 In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 replaces the “incurred loss” model with an “expected loss” model, resulting in the earlier recognition of credit losses even if the risk of loss is remote. This standard applies to financial assets measured at amortized cost and certain other instruments, including loans receivable and net investments in direct financing leases. This standard does not apply to receivables arising from operating leases, which are within the scope of Topic 842 . We will adopt ASU 2016-13 for our interim and annual periods beginning January 1, 2020 using the modified retrospective method, which requires applying changes in reserves through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The adoption of this standard is not expected to have a material impact on our consolidated financial statements.
Goodwill and Intangible Assets, Intangible Assets	We have recorded net lease, internal-use software development, and trade name intangibles that are being amortized over periods ranging from two years to 48 years . In-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. 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 .
Fair Value Measurement	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.
Redeemable Interest	We accounted for the noncontrolling interest in our subsidiary, W. P. Carey International, LLC (“WPCI”), held by a third party as a redeemable noncontrolling interest, because, pursuant to a put option held by the third party, we had an obligation to redeem the interest at fair value, subject to certain conditions. This obligation was required to be settled in shares of our common stock.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2019 2018 Land, buildings and improvements $ 493,714 $ 781,347 Net investments in direct financing leases 15,584 305,493 In-place lease intangible assets and other 56,915 84,870 Above-market rent intangible assets 34,576 45,754 Accumulated depreciation and amortization (151,017 ) (164,942 ) Assets held for sale, net 104,010 — Total assets 596,168 1,112,984 Non-recourse mortgages, net $ 32,622 $ 157,955 Total liabilities 98,671 227,461
Schedule of Restricted Cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2019 2018 2017 Cash and cash equivalents $ 196,028 $ 217,644 $ 162,312 Restricted cash (a) 55,490 206,419 47,364 Total cash and cash equivalents and restricted cash $ 251,518 $ 424,063 $ 209,676 __________ (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.
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2019 2018 2017 Cash and cash equivalents $ 196,028 $ 217,644 $ 162,312 Restricted cash (a) 55,490 206,419 47,364 Total cash and cash equivalents and restricted cash $ 251,518 $ 424,063 $ 209,676 __________ (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.

Merger with CPA_17 _ Global (Ta

Merger with CPA:17 – Global (Tables)	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following tables summarize the fair values of the assets acquired and liabilities assumed in the acquisition. (in thousands) Initially Reported at December 31, 2018 Measurement Period Adjustments As Revised at December 31, 2019 Total Consideration Fair value of W. P. Carey shares of common stock issued $ 3,554,578 $ — $ 3,554,578 Cash paid for fractional shares 1,688 — 1,688 Merger Consideration 3,556,266 — 3,556,266 Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger 157,594 — 157,594 Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger 141,077 (8,416 ) 132,661 Fair value of noncontrolling interests acquired (308,891 ) — (308,891 ) $ 3,546,046 $ (8,416 ) $ 3,537,630 Initially Reported at December 31, 2018 Measurement Period Adjustments As Revised at December 31, 2019 Assets Land, buildings and improvements — operating leases $ 2,954,034 $ (5,687 ) $ 2,948,347 Land, buildings and improvements — operating properties 426,758 — 426,758 Net investments in direct financing leases 626,038 (21,040 ) 604,998 In-place lease and other intangible assets 793,463 — 793,463 Above-market rent intangible assets 298,180 — 298,180 Equity investments in real estate 189,756 2,566 192,322 Cash and cash equivalents and restricted cash 113,634 — 113,634 Other assets, net (excluding restricted cash) 228,980 (786 ) 228,194 Total assets 5,630,843 (24,947 ) 5,605,896 Liabilities Non-recourse mortgages, net 1,849,177 — 1,849,177 Senior Credit Facility, net 180,331 — 180,331 Accounts payable, accrued expenses and other liabilities 141,750 — 141,750 Below-market rent and other intangible liabilities 112,721 — 112,721 Deferred income taxes 76,085 (729 ) 75,356 Total liabilities 2,360,064 (729 ) 2,359,335 Total identifiable net assets 3,270,779 (24,218 ) 3,246,561 Noncontrolling interests (5,039 ) — (5,039 ) Goodwill 280,306 15,802 296,108 $ 3,546,046 $ (8,416 ) $ 3,537,630
Pro Forma Financial Information (Unaudited)	(in thousands) Years Ended December 31, 2018 2017 Pro forma total revenues $ 1,207,820 $ 1,228,909 Pro forma net income $ 405,659 $ 275,634 Pro forma net loss (income) attributable to noncontrolling interests 1,301 (429 ) Pro forma net income attributable to W. P. Carey (a) $ 406,960 $ 275,205 ___________ (a) The pro forma net income attributable to W. P. Carey through the year ended December 31, 2018 reflects the following income and expenses related to the CPA:17 Merger as if the CPA:17 Merger had taken place on January 1, 2017: (i) combined merger expenses of $58.9 million through December 31, 2018 and (ii) an aggregate gain on change in control of interests of $47.8 million .

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present a summary of revenue earned and Distributions of Available Cash received from the Managed Programs for the periods indicated, included in the consolidated financial statements (in thousands): Years Ended December 31, 2019 2018 2017 Asset management revenue (a) $ 39,132 $ 63,556 $ 70,125 Distributions of Available Cash (b) 21,489 46,609 47,862 Reimbursable costs from affiliates (a) 16,547 21,925 51,445 Structuring and other advisory revenue (a) 4,224 21,126 35,094 Interest income on deferred acquisition fees and loans to affiliates (c) 2,237 2,055 2,103 Dealer manager fees (a) — — 4,430 $ 83,629 $ 155,271 $ 211,059 Years Ended December 31, 2019 2018 2017 CPA:17 – Global (d) $ — $ 58,788 $ 75,188 CPA:18 – Global 26,039 44,969 28,683 CWI 1 30,770 28,243 33,691 CWI 2 21,584 20,283 50,189 CCIF — — 12,787 CESH 5,236 2,988 10,521 $ 83,629 $ 155,271 $ 211,059 __________ (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 3 ). The following table sets forth certain information regarding our loans or lines of credit to affiliates (dollars in thousands): Interest Rate at Maturity Date at December 31, 2019 Maximum Loan Amount Authorized at December 31, 2019 Principal Outstanding Balance at December 31, (a) Managed Program 2019 2018 CESH (b) (c) LIBOR + 1.00% 10/1/2020 $ 65,000 $ 46,269 $ 14,461 CWI 1 (d) N/A N/A 25,000 — 41,637 CPA:18 – Global N/A N/A 50,000 — — CWI 2 (d) N/A N/A 25,000 — — $ 46,269 $ 56,098 __________ (a) Amounts exclude accrued interest of $1.5 million and $2.7 million at December 31, 2019 and 2018 , respectively. (b) LIBOR means London Interbank Offered Rate. (c) In February 2020, we loaned an additional $5.5 million to CESH. (d) During the first quarter of 2020, loan authorization expiration dates for CWI 1 and CWI 2 were extended to the earlier of March 31, 2020 or the completion date of the CWI 1 and CWI 2 Proposed Merger.
Schedule of Balances Due to and From Related Party	The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands): December 31, 2019 2018 Short-term loans to affiliates, including accrued interest $ 47,721 $ 58,824 Deferred acquisition fees receivable, including accrued interest 4,450 8,697 Reimbursable costs 3,129 3,227 Asset management fees receivable 1,267 563 Accounts receivable 1,118 1,425 Current acquisition fees receivable 131 2,106 $ 57,816 $ 74,842
Schedule of Related Party Fees	Asset Management Revenue Under the advisory agreements with the Managed Programs, we earn asset management revenue for managing their investment portfolios. The following table presents a summary of our asset management fee arrangements with the 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 and 2017 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, 2018, and 2017 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, 2018, and 2017 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 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, however, fees were paid 50% in cash and 50% in shares of CWI 1’s common stock and CWI 2’s Class A common stock for a jointly owned investment structured on behalf of CWI 1 and CWI 2 in September 2017, with the approval of each CWI REIT’s board of directors Based on the total aggregate cost of the lodging investments or commitments made; we are required to pay 20% and 25% to the subadvisors of CWI 1 and CWI 2, respectively 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 6 ). 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%, 1.0%, and 2.0% of CPA:18 – Global’s pro rata lease revenues for 2019, 2018, and 2017, respectively; 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

Land, Buildings and Improveme_2

Land, Buildings and Improvements and Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Net Investments in Real Estate Properties	Below is a summary of our Land, buildings and improvements attributable to operating properties (in thousands): December 31, 2019 2018 Land $ 10,452 $ 102,478 Buildings and improvements 72,631 363,572 Real estate under construction — 4,620 Less: Accumulated depreciation (11,241 ) (10,234 ) $ 71,842 $ 460,436 Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands): December 31, 2019 2018 Land $ 1,875,065 $ 1,772,099 Buildings and improvements 7,828,439 6,945,513 Real estate under construction 69,604 63,114 Less: Accumulated depreciation (950,452 ) (724,550 ) $ 8,822,656 $ 8,056,176
Operating Lease Income	Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands): Year Ended December 31, 2019 Lease income — fixed $ 898,111 Lease income — variable (a) 89,873 Total operating lease income (b) $ 987,984 __________ (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 $98.4 million of interest income from direct financing leases that is included in Lease revenues in the consolidated statement of income for the year ended December 31, 2019 .
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 December 31, 2019 are as follows (in thousands): Years Ending December 31, Total 2020 $ 1,007,041 2021 992,378 2022 962,801 2023 924,275 2024 854,652 Thereafter 7,071,917 Total $ 11,813,064
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	Lease Cost Certain information related to the total lease cost for operating leases is as follows (in thousands): Year Ended December 31, 2019 Fixed lease cost $ 14,503 Variable lease cost 1,186 Total lease cost $ 15,689
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 December 31, 2019 Operating ROU assets — land leases In-place lease intangible assets and other $ 114,209 Operating ROU assets — office leases Other assets, net 7,519 Total operating ROU assets $ 121,728 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 87,658 Weighted-average remaining lease term — operating leases 38.2 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 December 31, 2019 is as follows (in thousands): Years Ending December 31, Total 2020 $ 14,197 2021 8,769 2022 8,006 2023 7,866 2024 6,728 Thereafter 251,844 Total lease payments 297,410 Less: amount of lease payments representing interest (209,752 ) Present value of future lease payments/lease obligations $ 87,658
Disclosure of Long Lived Assets Held-for-sale	Below is a summary of our properties held for sale (in thousands): December 31, 2019 2018 Land, buildings and improvements $ 105,573 $ — Accumulated depreciation and amortization (1,563 ) — Assets held for sale, net $ 104,010 $ —

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Capital Leases Net Investment In Direct Financing Leases	Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2019 2018 Lease payments receivable $ 686,149 $ 1,160,977 Unguaranteed residual value 828,206 966,826 1,514,355 2,127,803 Less: unearned income (617,806 ) (821,588 ) $ 896,549 $ 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 December 31, 2019 are as follows (in thousands): Years Ending December 31, Total 2020 $ 86,334 2021 85,061 2022 75,865 2023 69,406 2024 64,636 Thereafter 304,847 Total $ 686,149 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 $275.4 million as of December 31, 2018 ) from The New York Times Company, a tenant at one of our properties, which exercised its bargain purchase option and repurchased the property in December 2019. See Note 5 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 December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2019 2018 2019 2018 1 – 3 28 36 $ 798,108 $ 1,135,321 4 8 10 146,178 227,591 5 — 1 — 10,580 $ 944,286 $ 1,373,492

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Schedule Of Goodwill	The following table presents a reconciliation of our goodwill (in thousands): Real Estate Investment Management Total Balance at January 1, 2017 $ 572,313 $ 63,607 $ 635,920 Foreign currency translation adjustments 8,040 — 8,040 Balance at December 31, 2017 580,353 63,607 643,960 Acquisition of CPA:17 – Global ( Note 3 ) 280,306 — 280,306 Foreign currency translation adjustments (3,322 ) — (3,322 ) Balance at December 31, 2018 857,337 63,607 920,944 CPA:17 Merger measurement period adjustments ( Note 3 ) 15,802 — 15,802 Foreign currency translation adjustments (2,058 ) — (2,058 ) Balance at December 31, 2019 $ 871,081 $ 63,607 $ 934,688
Schedule Of Intangible Assets And Goodwill	Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2019 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 $ 19,582 $ (13,491 ) $ 6,091 $ 18,924 $ (10,672 ) $ 8,252 Trade name 3,975 (1,991 ) 1,984 3,975 (1,196 ) 2,779 23,557 (15,482 ) 8,075 22,899 (11,868 ) 11,031 Lease Intangibles: In-place lease 2,072,642 (676,008 ) 1,396,634 1,960,437 (496,096 ) 1,464,341 Above-market rent 909,139 (398,294 ) 510,845 925,797 (330,935 ) 594,862 Below-market ground lease (a) — — — 42,889 (2,367 ) 40,522 2,981,781 (1,074,302 ) 1,907,479 2,929,123 (829,398 ) 2,099,725 Indefinite-Lived Goodwill and Intangible Assets Goodwill 934,688 — 934,688 920,944 — 920,944 Below-market ground lease (a) — — — 6,302 — 6,302 934,688 — 934,688 927,246 — 927,246 Total intangible assets $ 3,940,026 $ (1,089,784 ) $ 2,850,242 $ 3,879,268 $ (841,266 ) $ 3,038,002 Finite-Lived Intangible Liabilities Below-market rent $ (268,515 ) $ 74,484 $ (194,031 ) $ (253,633 ) $ 57,514 $ (196,119 ) Above-market ground lease (a) — — — (15,961 ) 3,663 (12,298 ) (268,515 ) 74,484 (194,031 ) (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 $ (285,226 ) $ 74,484 $ (210,742 ) $ (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.
Schedule Of Finite Lived Intangible Assets Future Amortization Expense	Based on the intangible assets and liabilities recorded at December 31, 2019 , scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Decrease in Lease Revenues Increase to Amortization Total 2020 $ 55,165 $ 189,081 $ 244,246 2021 50,656 173,294 223,950 2022 43,208 160,116 203,324 2023 39,144 148,999 188,143 2024 34,192 134,364 168,556 Thereafter 94,449 598,855 693,304 Total $ 316,814 $ 1,404,709 $ 1,721,523

Equity Investments in the Man_2

Equity Investments in the Managed Programs and Real Estate (Tables)	12 Months Ended
	Dec. 31, 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): Years Ended December 31, 2019 2018 2017 Distributions of Available Cash ( Note 4 ) $ 21,489 $ 46,609 $ 47,862 Proportionate share of equity in earnings of equity method investments in the Managed Programs 862 3,896 5,156 Amortization of basis differences on equity method investments in the Managed Programs (1,483 ) (2,332 ) (1,336 ) Total equity in earnings of equity method investments in the Managed Programs 20,868 48,173 51,682 Equity in earnings of equity method investments in real estate 3,408 15,585 15,452 Amortization of basis differences on equity method investments in real estate (1,047 ) (2,244 ) (2,384 ) Total equity in earnings of equity method investments in real estate 2,361 13,341 13,068 Equity in earnings of equity method investments in the Managed Programs and real estate $ 23,229 $ 61,514 $ 64,750 The following tables present estimated combined summarized financial information for the Managed Programs. Amounts provided are expected total amounts attributable to the Managed Programs and do not represent our proportionate share (in thousands): December 31, 2019 2018 Net investments in real estate $ 5,291,051 $ 5,417,770 Other assets 959,358 1,019,783 Total assets 6,250,409 6,437,553 Debt (3,366,138 ) (3,474,126 ) Accounts payable, accrued expenses and other liabilities (517,803 ) (467,758 ) Total liabilities (3,883,941 ) (3,941,884 ) Noncontrolling interests (130,656 ) (146,799 ) Stockholders’ equity $ 2,235,812 $ 2,348,870 Years Ended December 31, 2019 2018 2017 Revenues $ 1,184,585 $ 1,562,688 $ 1,637,198 Expenses (1,142,286 ) (1,368,051 ) (1,456,842 ) Income from continuing operations $ 42,299 $ 194,637 $ 180,356 Net income attributable to the Managed Programs (a) (b) $ 8,505 $ 121,503 $ 127,130 __________ (a) Includes impairment charges recognized by the Managed Programs totaling $34.4 million and $19.5 million during the years ended December 31, 2018 and 2017 , respectively. These impairment charges reduced our income earned from these investments by $1.6 million and $0.8 million during the years ended December 31, 2018 and 2017 , respectively. The Managed Programs did not recognize impairment charges during the year ended December 31, 2019. (b) Amounts included net gains on sale of real estate recorded by the Managed Programs totaling $55.7 million , $114.3 million , and $22.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. These net gains on sale of real estate increased our income earned from these investments by $2.2 million , $3.9 million , and $0.6 million during the years ended December 31, 2019 , 2018 , and 2017 The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Ownership Interest at Carrying Value at December 31, Lessee Co-owner December 31, 2019 2019 2018 Johnson Self Storage (a) Third Party 90% $ 70,690 $ 73,475 Kesko Senukai (b) Third Party 70% 46,475 52,432 Bank Pekao (b) CPA:18 – Global 50% 26,388 29,086 BPS Nevada, LLC (c) Third Party 15% 22,900 22,292 State Farm Mutual Automobile Insurance Co. CPA:18 – Global 50% 17,232 18,927 Apply Sørco AS (d) (e) CPA:18 – Global 49% 8,040 7,483 Fortenova Grupa d.d. (formerly Konzum d.d.) (b) CPA:18 – Global 20% 2,712 2,858 Beach House JV, LLC (f) Third Party N/A — 15,105 $ 194,437 $ 221,658 __________ (a) On November 7, 2018, we entered into a joint venture investment to acquire a 90% interest in two self-storage properties for an aggregate amount of $19.9 million , with our portion of the investment totaling $17.9 million (one property is located in South Carolina and one property is located in North Carolina). This transaction was accounted for as an equity method investment as the minority shareholders have significant influence over this investment. All major decisions that significantly impact the economic performance of the entity require a unanimous decision vote from all of the shareholders; therefore, we have joint control over this investment. This acquisition was completed subsequent to the CPA:17 Merger, in which we acquired seven properties related to this investment. (b) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (c) 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. (d) The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone. (e) 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 . (f) 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 Managed Programs (dollars in thousands): % of Outstanding Shares Owned at Carrying Amount of Investment at December 31, December 31, Fund 2019 2018 2019 2018 CPA:18 – Global (a) 3.851 % 3.446 % $ 42,644 $ 39,600 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 (a) 3.943 % 3.062 % 49,032 38,600 CWI 1 operating partnership 0.015 % 0.015 % 186 186 CWI 2 (a) 3.755 % 2.807 % 33,669 25,200 CWI 2 operating partnership 0.015 % 0.015 % 300 300 CESH (b) 2.430 % 2.430 % 3,527 3,495 $ 129,567 $ 107,590 __________ (a) During 2019, we received asset management revenue from the Managed REITs in shares of their common stock, which increased our ownership percentage in each of the Managed REITs ( Note 4 ). (b) Investment is accounted for at fair value. The following tables present estimated combined summarized financial information of our equity investments, excluding the Managed Programs. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands): December 31, 2019 2018 Net investments in real estate $ 729,442 $ 769,643 Other assets 32,983 31,227 Total assets 762,425 800,870 Debt (455,876 ) (469,343 ) Accounts payable, accrued expenses and other liabilities (32,049 ) (28,648 ) Total liabilities (487,925 ) (497,991 ) Stockholders’ equity $ 274,500 $ 302,879 Years Ended December 31, 2019 2018 2017 Revenues $ 66,608 $ 60,742 $ 57,377 Expenses (71,977 ) (28,422 ) (22,231 ) (Loss) income from continuing operations $ (5,369 ) $ 32,320 $ 35,146 Net (loss) income attributable to the jointly owned investments $ (5,369 ) $ 32,320 $ 35,146

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2019 December 31, 2018 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 4,390,189 $ 4,682,432 $ 3,554,470 $ 3,567,593 Non-recourse mortgages, net (a) (b) (d) 3 1,462,487 1,487,892 2,732,658 2,737,861 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 11 ) includes unamortized deferred financing costs of $22.8 million and $19.7 million at December 31, 2019 and 2018 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.6 million and $0.8 million at December 31, 2019 and 2018 , respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $20.5 million and $15.8 million at December 31, 2019 and 2018 , respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $6.2 million and $21.8 million at December 31, 2019 and 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 our non-recourse mortgage loans 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.
Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis	The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Fair Value Measurements Total Impairment Charges Fair Value Total Impairment Fair Value Total Impairment Impairment Charges Net investments in direct financing leases $ 33,115 $ 31,194 $ — $ — $ — $ — Land, buildings and improvements and intangibles 1,012 1,345 7,797 4,790 2,914 2,769 $ 32,539 $ 4,790 $ 2,769

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Foreign currency collars Other assets, net $ 14,460 $ 8,536 $ — $ — Foreign currency forward contracts Other assets, net 9,689 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 — — (4,494 ) (3,387 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,587 ) (1,679 ) 24,150 32,547 (6,081 ) (5,066 ) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 5,000 5,500 — — Interest rate swap (a) Other assets, net 8 — — — Foreign currency forward contracts Other assets, net — 7,144 — — Interest rate swaps (a) Accounts payable, accrued expenses and other liabilities — — (93 ) (343 ) 5,008 12,644 (93 ) (343 ) Total derivatives $ 29,158 $ 45,191 $ (6,174 ) $ (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) Income (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2019 2018 2017 Foreign currency collars $ 5,997 $ 9,029 $ (19,220 ) Foreign currency forward contracts (4,253 ) (1,905 ) (19,120 ) Interest rate swaps (1,666 ) (1,560 ) 1,550 Interest rate caps 219 (68 ) (29 ) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars 10 — — Foreign currency forward contracts 7 (2,630 ) (5,652 ) Total $ 314 $ 2,866 $ (42,471 ) Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2019 2018 2017 Foreign currency forward contracts Other gains and (losses) $ 9,582 $ 6,533 $ 6,845 Foreign currency collars Other gains and (losses) 5,759 2,359 3,650 Interest rate swaps and caps Interest expense (2,256 ) (400 ) (1,294 ) Derivatives in Net Investment Hedging Relationships Foreign currency forward contracts (c) Gain on sale of real estate, net — 7,609 — Total $ 13,085 $ 16,101 $ 9,201 __________ (a) Excludes net losses of $1.4 million , $0.6 million and $1.0 million , recognized on unconsolidated jointly owned investments for the years ended December 31, 2019 , 2018 , and 2017 , respectively. (b) The changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income . (c) We reclassified net foreign currency transaction gains from net investment hedge foreign currency forward contracts related to our Australian investments from Accumulated other comprehensive loss to Gain on sale of real estate, net (as an increase to Gain on sale of real estate, net) in connection with the disposal of all of our Australian investments in December 2018 ( Note 14 , Note 17 ).
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2019 2018 2017 Foreign currency forward contracts Other gains and (losses) $ 575 $ 356 $ (53 ) Stock warrants Other gains and (losses) (500 ) (99 ) (67 ) Interest rate swaps Interest expense 265 — — Foreign currency collars Other gains and (losses) 184 455 (754 ) Interest rate swaps Other gains and (losses) (118 ) (20 ) 18 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense (941 ) 286 693 Interest rate caps Interest expense (220 ) — — Foreign currency forward contracts Other gains and (losses) (132 ) 132 (75 ) Foreign currency collars Other gains and (losses) 7 18 (32 ) Total $ (880 ) $ 1,128 $ (270 )
Schedule of Derivative Instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 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 5 76,028 USD $ (3,122 ) Interest rate swaps 2 49,655 EUR (1,372 ) Interest rate cap 1 11,388 EUR 1 Interest rate cap 1 6,394 GBP — Not Designated as Hedging Instruments Interest rate swap (b) 1 4,608 EUR (93 ) Interest rate swap (b) 1 7,750 USD 8 $ (4,578 ) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at December 31, 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. The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2019 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2019 Designated as Cash Flow Hedging Instruments Foreign currency collars 86 277,624 EUR $ 11,696 Foreign currency forward contracts 10 30,376 EUR 9,671 Foreign currency collars 61 44,000 GBP 1,162 Foreign currency forward contract 1 729 NOK 18 Foreign currency collars 3 2,000 NOK 7 Designated as Net Investment Hedging Instruments Foreign currency collar 1 2,500 NOK 8 $ 22,562

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Interest Rate at December 31, 2019 (a) Maturity Date at December 31, 2019 Principal Outstanding Balance at December 31, Senior Unsecured Credit Facility 2019 2018 Unsecured Revolving Credit Facility: (b) Unsecured Revolving Credit Facility — borrowing in euros (c) EURIBOR + 1.00% 2/22/2021 $ 131,438 $ 69,273 Unsecured revolving credit facility — borrowing in British pounds sterling GBP LIBOR + 1.00% 2/22/2021 47,534 — Unsecured Revolving Credit Facility — borrowing in Japanese yen JPY LIBOR + 1.00% 2/22/2021 22,295 22,290 $ 201,267 $ 91,563 __________ (a) The applicable interest rate at December 31, 2019 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2 . (b) On February 20, 2020 , we entered into our Amended Credit Facility, extending the maturity date of our revolving line of credit to five years ( Note 20 ). (c) EURIBOR means Euro Interbank Offered Rate.
Schedule of Debt	The following table presents a summary of our Senior Unsecured Notes outstanding at December 31, 2019 (currency in millions): Principal Amount Price of Par Value Original Issue Discount Effective Interest Rate Coupon Rate Maturity Date Principal Outstanding Balance at December 31, Senior Unsecured Notes, net (a) Issue Date 2019 2018 2.0% Senior Notes due 2023 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 $ 561.7 $ 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 561.7 572.5 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 561.7 572.5 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 561.7 572.5 1.350% Senior Notes due 2028 9/19/2019 € 500.0 99.266 % $ 4.1 1.442 % 1.350 % 4/15/2028 561.7 — 3.850% Senior Notes due 2029 6/14/2019 $ 325.0 98.876 % $ 3.7 3.986 % 3.850 % 7/15/2029 325.0 — $ 4,433.5 $ 3,590.0 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $22.8 million and $19.7 million , and unamortized discount totaling $20.5 million and $15.8 million at December 31, 2019 and 2018 , respectively.
Scheduled Debt Principal Payments	Scheduled debt principal payments as of December 31, 2019 are as follows (in thousands): Years Ending December 31, Total (a) 2020 $ 164,682 2021 445,469 2022 460,385 2023 900,288 2024 1,184,007 Thereafter through 2031 2,949,186 Total principal payments 6,104,017 Unamortized discount, net (b) (26,679 ) Unamortized deferred financing costs (23,395 ) Total $ 6,053,943 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2019 . (b) Represents the unamortized discount, net, of $6.2 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 $20.5 million in aggregate.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule Of Distributions Paid Per Share For Tax	are summarized as follows: Dividends Paid During the Years Ended December 31, 2019 2018 2017 Ordinary income $ 3.1939 $ 3.5122 $ 3.2537 Return of capital 0.9194 — 0.5182 Capital gains 0.0187 0.5578 0.2181 Total dividends paid (a) $ 4.1320 $ 4.0700 $ 3.9900
Earnings Per Share Reconciliation	The following table summarizes basic and diluted earnings (in thousands, except share amounts) : Years Ended December 31, 2019 2018 2017 Net income attributable to W. P. Carey $ 305,243 $ 411,566 $ 277,289 Net income attributable to nonvested participating RSUs (77 ) (340 ) (784 ) Net income – basic and diluted $ 305,166 $ 411,226 $ 276,505 Weighted-average shares outstanding – basic 171,001,430 117,494,969 107,824,738 Effect of dilutive securities 297,984 211,476 211,233 Weighted-average shares outstanding – diluted 171,299,414 117,706,445 108,035,971
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Balance at January 1, 2017 $ 46,935 $ (301,330 ) $ (90 ) $ (254,485 ) Other comprehensive income before reclassifications (28,577 ) 69,040 (71 ) 40,392 Amounts reclassified from accumulated other comprehensive loss to: Gain on sale of real estate, net ( Note 17 ) — 3,388 — 3,388 Other gains and (losses) (10,495 ) — — (10,495 ) Interest expense 1,294 — — 1,294 Total (9,201 ) 3,388 — (5,813 ) Net current period other comprehensive income (37,778 ) 72,428 (71 ) 34,579 Net current period other comprehensive income attributable to noncontrolling interests 15 (16,120 ) — (16,105 ) Balance at December 31, 2017 9,172 (245,022 ) (161 ) (236,011 ) Other comprehensive loss before reclassifications 13,415 (52,069 ) 154 (38,500 ) Amounts reclassified from accumulated other comprehensive loss to: Gain on sale of real estate, net ( Note 10 , Note 17 ) — 20,226 — 20,226 Other gains and (losses) (8,892 ) — — (8,892 ) Interest expense 400 — — 400 Total (8,492 ) 20,226 — 11,734 Net current period other comprehensive loss 4,923 (31,843 ) 154 (26,766 ) Net current period other comprehensive loss attributable to noncontrolling interests 7 7,774 — 7,781 Balance at December 31, 2018 14,102 (269,091 ) (7 ) (254,996 ) Other comprehensive income before reclassifications 12,031 376 7 12,414 Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (15,341 ) — — (15,341 ) Interest expense 2,256 — — 2,256 Total (13,085 ) — — (13,085 ) Net current period other comprehensive loss (1,054 ) 376 7 (671 ) Balance at December 31, 2019 $ 13,048 $ (268,715 ) $ — $ (255,667 )

Stock-Based and Other Compensat

Stock-Based and Other Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Restricted and Conditional Award Activity	Nonvested RSAs, RSUs, and PSUs at December 31, 2019 and changes during the years ended December 31, 2019 , 2018 , and 2017 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Nonvested at January 1, 2017 356,865 $ 61.63 310,018 $ 73.80 Granted 194,349 62.22 107,934 75.39 Vested (a) (185,259 ) 62.72 (132,412 ) 74.21 Forfeited (41,616 ) 61.08 (45,258 ) 76.91 Adjustment (b) — — 41,017 63.18 Nonvested at December 31, 2017 324,339 61.43 281,299 74.57 Granted 137,519 64.50 75,864 75.81 Vested (a) (181,777 ) 62.25 (66,632 ) 76.96 Forfeited (3,079 ) 61.71 (3,098 ) 76.49 Adjustment (b) — — 43,783 74.17 Nonvested at December 31, 2018 277,002 62.41 331,216 78.82 Granted (c) 163,447 72.86 84,006 92.16 Vested (a) (152,364 ) 62.11 (403,701 ) 74.04 Forfeited (4,108 ) 68.10 (2,829 ) 75.81 Adjustment (b) — — 322,550 77.69 Nonvested at December 31, 2019 (d) 283,977 $ 68.51 331,242 $ 80.90 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2019 , 2018 , and 2017 was $39.4 million , $16.4 million , and $21.4 million , respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2019 and 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. (b) Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three -year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest. (c) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three -year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the year ended December 31, 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 . (d) At December 31, 2019 , total unrecognized compensation expense related to these awards was approximately $22.5 million , with an aggregate weighted-average remaining term of 1.6 years .

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2019 2018 2017 Federal Current $ 407 $ (829 ) $ (687 ) Deferred 9,579 3,275 (9,520 ) 9,986 2,446 (10,207 ) State and Local Current (3,814 ) 4,820 1,954 Deferred (376 ) 3,042 572 (4,190 ) 7,862 2,526 Foreign Current 20,363 16,791 21,457 Deferred 52 (12,688 ) (11,065 ) 20,415 4,103 10,392 Total Provision $ 26,211 $ 14,411 $ 2,711
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of effective income tax for the periods presented is as follows (in thousands): Years Ended December 31, 2019 2018 2017 Pre-tax income attributable to taxable subsidiaries (a) $ 74,754 $ 98,245 $ 49,909 Federal provision at statutory tax rate (b) $ 15,698 $ 20,632 $ 17,468 Change in valuation allowance 11,041 6,735 11,805 Rate differential (c) (6,820 ) (14,165 ) (13,134 ) Non-deductible expense 5,313 4,996 3,010 Windfall tax benefit (5,183 ) (3,754 ) (4,618 ) State and local taxes, net of federal benefit 4,062 7,590 1,115 Non-taxable income 103 (736 ) (8,073 ) Revocation of TRS Status — (6,285 ) — Revaluation of deferred taxes due to Tax Cuts and Jobs Act (d) — — (7,826 ) Other 1,997 (602 ) 2,964 Total provision $ 26,211 $ 14,411 $ 2,711 __________ (a) Pre-tax income attributable to taxable subsidiaries for 2018 includes taxable income associated with the accelerated vesting of shares previously issued by CPA:17 – Global to us for asset management services performed, in connection with the CPA:17 Merger. Pre-tax income attributable to taxable subsidiaries for 2017 excludes the impact of foreign currency exchange rates on an intercompany transaction related to the euro-denominated 2.25% Senior Notes due 2024 issued in 2017 ( Note 11 ) since it had no tax impact and eliminates in consolidation. (b) The applicable statutory tax rate is 21% , 21% , and 35% for the years ended December 31, 2019 , 2018 , and 2017 , respectively. (c) Amount for the year ended December 31, 2019 includes a current tax benefit of approximately $6.3 million due to a change in tax position for state and local taxes. (d) The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, lowered the U.S. corporate income tax rate from 35% to 21%. The dollar amount shown in the table reflects the net impact of the Tax Cuts and Jobs Act on our domestic TRSs.
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes at December 31, 2019 and 2018 consist of the following (in thousands): December 31, 2019 2018 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 51,265 $ 44,445 Basis differences — foreign investments 31,704 15,286 Unearned and deferred compensation 10,345 16,255 Other 555 640 Total deferred tax assets 93,869 76,626 Valuation allowance (73,643 ) (54,499 ) Net deferred tax assets 20,226 22,127 Deferred Tax Liabilities Basis differences — foreign investments (137,074 ) (138,712 ) Basis differences — equity investees (53,460 ) (46,899 ) Deferred revenue (100 ) (1,778 ) Total deferred tax liabilities (190,634 ) (187,389 ) Net Deferred Tax Liability $ (170,408 ) $ (165,262 )
Unrecognized Tax Benefits	The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2019 2018 Beginning balance $ 6,105 $ 5,202 Addition based on tax positions related to the current year 543 514 Decrease due to lapse in statute of limitations (497 ) (2,186 ) (Decrease) addition based on tax positions related to prior years (287 ) 442 Foreign currency translation adjustments (108 ) (140 ) Increase due to CPA:17 Merger — 2,273 Ending balance $ 5,756 $ 6,105

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Revenues and assets within our Investment Management segment are entirely domestic. The following tables present the geographic information for our Real Estate segment (in thousands): Years Ended December 31, 2019 2018 2017 Revenues Domestic $ 783,828 $ 499,342 $ 451,310 International 389,035 279,783 235,898 Total $ 1,172,863 $ 779,125 $ 687,208 Real Estate Years Ended December 31, 2019 2018 2017 Revenues Lease revenues $ 1,086,375 $ 744,498 $ 651,897 Operating property revenues (a) 50,220 28,072 30,562 Lease termination income and other 36,268 6,555 4,749 1,172,863 779,125 687,208 Operating Expenses Depreciation and amortization 443,300 287,461 249,432 General and administrative 56,796 47,210 39,002 Reimbursable tenant costs 55,576 28,076 21,524 Property expenses, excluding reimbursable tenant costs 39,545 22,773 17,330 Operating property expenses 38,015 20,150 23,426 Impairment charges 32,539 4,790 2,769 Stock-based compensation expense 13,248 10,450 6,960 Merger and other expenses 101 41,426 605 679,120 462,336 361,048 Other Income and Expenses Interest expense (233,325 ) (178,375 ) (165,775 ) Other gains and (losses) 30,251 30,015 (5,655 ) Gain on sale of real estate, net 18,143 118,605 33,878 (Loss) gain on change in control of interests (8,416 ) 18,792 — Equity in earnings of equity method investments in real estate 2,361 13,341 13,068 (190,986 ) 2,378 (124,484 ) Income before income taxes 302,757 319,167 201,676 (Provision for) benefit from income taxes (30,802 ) 844 (1,743 ) Net Income from Real Estate 271,955 320,011 199,933 Net loss (income) attributable to noncontrolling interests 110 (12,775 ) (7,794 ) Net Income from Real Estate Attributable to W. P. Carey $ 272,065 $ 307,236 $ 192,139 __________ (a) Operating property revenues from our hotels include (i) $15.0 million , $15.2 million , and $14.6 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively, generated from a hotel in Bloomington, Minnesota, (ii) $14.4 million and $1.7 million for the years ended December 31, 2019 and 2018 , respectively, generated from a hotel in Miami, Florida, which was acquired in the CPA:17 Merger ( Note 3 ), classified as held for sale as of December 31, 2019 ( Note 5 ), and sold in January 2020 ( Note 20 ), and (iii) $4.8 million and $16.0 million for the years ended December 31, 2018 and 2017, respectively, generated from a hotel in Memphis, Tennessee, which was sold in April 2018 ( Note 17 ). Investment Management Years Ended December 31, 2019 2018 2017 Revenues Asset management revenue $ 39,132 $ 63,556 $ 70,125 Reimbursable costs from affiliates 16,547 21,925 51,445 Structuring and other advisory revenue 4,224 21,126 35,094 Dealer manager fees — — 4,430 59,903 106,607 161,094 Operating Expenses General and administrative 18,497 21,127 31,889 Reimbursable costs from affiliates 16,547 21,925 51,445 Subadvisor fees 7,579 9,240 13,600 Stock-based compensation expense 5,539 7,844 11,957 Depreciation and amortization 3,835 3,979 3,902 Restructuring and other compensation — — 9,363 Dealer manager fees and expenses — — 6,544 51,997 64,115 128,700 Other Income and Expenses Equity in earnings of equity method investments in the Managed Programs 20,868 48,173 51,682 Other gains and (losses) 1,224 (102 ) 2,042 Gain on change in control of interests — 29,022 — 22,092 77,093 53,724 Income before income taxes 29,998 119,585 86,118 Benefit from (provision for) income taxes 4,591 (15,255 ) (968 ) Net Income from Investment Management 34,589 104,330 85,150 Net income attributable to noncontrolling interests (1,411 ) — — Net Income from Investment Management Attributable to W. P. Carey $ 33,178 $ 104,330 $ 85,150 Total Company Years Ended December 31, 2019 2018 2017 Revenues $ 1,232,766 $ 885,732 $ 848,302 Operating expenses 731,117 526,451 489,748 Other income and expenses (168,894 ) 79,471 (70,760 ) Provision for income taxes (26,211 ) (14,411 ) (2,711 ) Net income attributable to noncontrolling interests (1,301 ) (12,775 ) (7,794 ) Net income attributable to W. P. Carey $ 305,243 $ 411,566 $ 277,289
Reconciliation Of Assets From Segment To Consolidated	December 31, 2019 2018 Long-lived Assets (a) Domestic $ 7,574,110 $ 7,579,018 International 4,342,635 4,349,836 Total $ 11,916,745 $ 11,928,854 Equity Investments in Real Estate Domestic $ 110,822 $ 129,799 International 83,615 91,859 Total $ 194,437 $ 221,658 __________ (a) Consists of Net investments in real estate. Total Assets at December 31, 2019 2018 Real Estate $ 13,811,403 $ 13,941,963 Investment Management 249,515 241,076 Total Company $ 14,060,918 $ 14,183,039

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(dollars in thousands, except per share amounts) Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues (a) $ 298,323 $ 305,211 $ 318,005 $ 311,227 Expenses (a) (b) 177,722 179,170 198,409 175,816 Net income (a) (b) (c) (d) 68,796 66,121 41,835 129,792 Net income attributable to noncontrolling interests (a) (302 ) (83 ) (496 ) (420 ) Net income attributable to W. P. Carey (a) (b) (c) (d) 68,494 66,038 41,339 129,372 Earnings per share attributable to W. P. Carey: Basic (e) $ 0.41 $ 0.39 $ 0.24 $ 0.75 Diluted (e) $ 0.41 $ 0.38 $ 0.24 $ 0.75 Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues (a) $ 201,810 $ 201,143 $ 209,384 $ 273,395 Expenses (a) 120,966 109,202 110,937 185,346 Net income (a) (f) (g) 68,066 79,424 81,573 195,278 Net income attributable to noncontrolling interests (a) (2,792 ) (3,743 ) (4,225 ) (2,015 ) Net income attributable to W. P. Carey (a) (f) (g) 65,274 75,681 77,348 193,263 Earnings per share attributable to W. P. Carey: Basic (e) $ 0.60 $ 0.70 $ 0.71 $ 1.33 Diluted (e) $ 0.60 $ 0.70 $ 0.71 $ 1.33 __________ (a) Amounts for 2019 and the three months ended December 31, 2018 include the impact of the CPA:17 Merger ( Note 3 ). (b) Amount for the three months ended September 30, 2019 includes impairment charges totaling $25.8 million recognized on a portfolio of four properties accounted for as Net investments in direct financing leases ( Note 9 ). (c) Amount for the three months ended September 30, 2019 includes a loss on change in control of interests of $8.4 million recognized in connection with the CPA:17 Merger ( Note 3 ). (d) Amount for the three months ended December 31, 2019 includes: (i) unrealized gains recognized on our investment in shares of a cold storage operator totaling $36.1 million ( Note 9 ) and (ii) an aggregate gain on sale of real estate of $17.5 million recognized on the disposition of 12 properties. (e) T he sum of the quarterly basic and diluted earnings per share amounts may not agree to the full year basic and diluted earnings per share amounts because the calculations of basic and diluted weighted-average shares outstanding for each quarter and the full year are performed independently. For the year ended December 31, 2018, total quarterly basic and diluted earnings per share were $0.16 and $0.15 lower, respectively, than the corresponding earnings per share as computed on an annual basis, as a result of the change in the shares outstanding for each of the periods, primarily due to the issuance of shares in the CPA:17 Merger ( Note 3 ) and under our ATM Programs ( Note 14 ). (f) Amount for the three months ended December 31, 2018 includes a gain on change in control of interests of $47.8 million recognized in connection with the CPA:17 Merger ( Note 3 ). (g) Amount for the three months ended June 30, 2018 includes an aggregate gain on sale of real estate of $11.9 million recognized on the disposition of 25 properties. Amount for the three months ended December 31, 2018 includes an aggregate gain on sale of real estate of $99.6 million recognized on the disposition of 39 properties.

Business and Organization - Nar

Business and Organization - Narratives (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2019ft²propertytenant
Real Estate
Real Estate Properties
Number of real estate properties (property)	1,214
Square footage of real estate properties (sqft) | ft²	140
Number of tenants | tenant	345
Operating lease term (in years)	10 years 8 months 12 days
Occupancy rate (percent)	98.80%
Real Estate | Operating Properties
Real Estate Properties
Number of real estate properties (property)	21
Square footage of real estate properties (sqft) | ft²	1.6
Real Estate | Self Storage
Real Estate Properties
Number of real estate properties (property)	19
Real Estate | Hotel
Real Estate Properties
Number of real estate properties (property)	2
Investment Management | Operating Properties | Affiliated Entity | Managed Programs
Real Estate Properties
Number of real estate properties (property)	122
Square footage of real estate properties (sqft) | ft²	15.2
Investment Management | Operating Properties | Affiliated Entity | Managed Programs | Built to suit
Real Estate Properties
Number of real estate properties (property)	16
Investment Management | Net-lease properties | Affiliated Entity | Managed Programs
Real Estate Properties
Number of real estate properties (property)	49
Square footage of real estate properties (sqft) | ft²	9.8
Number of tenants | tenant	62
Occupancy rate (percent)	99.40%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)viesegmentproperty	Dec. 31, 2018USD ($)vie	Dec. 31, 2017USD ($)	Jan. 01, 2019USD ($)
Basis of Consolidation
Decrease in variable interest entity, count | vie	13
Variable interest entities, count | vie	18	32
Variable interest entities consolidated, count | vie	11	24
Variable interest entities unconsolidated, count | vie	7	8
Equity investments in real estate	$ 324,004	$ 329,248
Restricted cash	55,490	206,419	$ 47,364
Total operating ROU assets	121,728
Lease liability	$ 87,658
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
Real Estate
Basis of Consolidation
Number of reportable segments | segment	1
Equity investments in real estate	$ 194,437	221,658
Gross contract revenue	$ 50,220	28,072	30,562
Number of real estate properties (property) | property	1,214
Real Estate | Hotel
Basis of Consolidation
Number of real estate properties (property) | property	2
Real Estate | Hotel
Basis of Consolidation
Gross contract revenue	$ 29,400	21,700	$ 30,600
Internal-use software development costs | Minimum
Basis of Consolidation
Property, plant and equipment, useful life	3 years
Internal-use software development costs | Maximum
Basis of Consolidation
Property, plant and equipment, useful life	7 years
Building and building improvements | Maximum
Basis of Consolidation
Property, plant and equipment, useful life	40 years
Land
Basis of Consolidation
Total operating ROU assets	$ 114,209
Land | ASU 2016-02
Basis of Consolidation
Total operating ROU assets				115,600
Building
Basis of Consolidation
Total operating ROU assets	7,519
Building | ASU 2016-02
Basis of Consolidation
Total operating ROU assets				$ 12,700
Australian Properties | Other assets
Basis of Consolidation
Restricted cash		145,700
Variable Interest Entity
Basis of Consolidation
Equity investments in real estate	$ 298,300	$ 301,600
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	2
Real Estate
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	5	6
Equity investments in real estate	$ 194,437	$ 221,658

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Assets
Land, buildings and improvements		$ 9,856,191	$ 9,251,396
Net investments in direct financing leases		896,549
In-place lease intangible assets and other		2,186,851	2,009,628
Above-market rent intangible assets		909,139	925,797
Accumulated depreciation and amortization		(2,035,995)	(1,564,182)
Assets held for sale, net		104,010	0
Total assets	[1]	14,060,918	14,183,039
Liabilities
Non-recourse mortgages, net		1,462,487	2,732,658
Total liabilities	[1]	7,112,745	7,352,984
Variable Interest Entity
Assets
Land, buildings and improvements		493,714	781,347
Net investments in direct financing leases		15,584	305,493
In-place lease intangible assets and other		56,915	84,870
Above-market rent intangible assets		34,576	45,754
Accumulated depreciation and amortization		(151,017)	(164,942)
Assets held for sale, net		104,010	0
Total assets		596,168	1,112,984
Liabilities
Non-recourse mortgages, net		32,622	157,955
Total liabilities		$ 98,671	$ 227,461
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 196,028	$ 217,644	$ 162,312
Restricted cash	55,490	206,419	47,364
Total cash and cash equivalents and restricted cash	$ 251,518	$ 424,063	$ 209,676	$ 210,731

Merger with CPA_17 _ Global - N

Merger with CPA:17 – Global - Narratives (Details) $ / shares in Units, $ in Thousands, ft² in Millions	Oct. 31, 2018USD ($)ft²propertyinvestment$ / shares$ / ft²shares	Dec. 31, 2018USD ($)shares	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)shares	Dec. 31, 2019USD ($)ft²propertyinvestmentshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Oct. 30, 2018investmentshares	Dec. 31, 2016USD ($)
Business Acquisition
Common stock shares, outstanding (shares) | shares		165,279,642		165,279,642	172,278,242	165,279,642
Cash paid for fractional shares					$ 0	$ 1,688	$ 0
Non-recourse mortgages, net		$ 2,732,658		$ 2,732,658	$ 1,462,487	2,732,658
Jointly owned investments, consolidated | investment					2
Adjustment to goodwill					$ 15,802
Goodwill		920,944		920,944	934,688	920,944	643,960		$ 635,920
(Loss) gain on change in control of interests			$ (8,400)	47,800	(8,416)	47,814	0
Adjustments to additional paid in capital in relation to the acquisition of less than wholly owned investments					$ (849)	(71)	(90,550)
Jointly Owned Investments | Minimum
Business Acquisition
Market rents (sqft/usd) | $ / ft²	1.65
Jointly Owned Investments | Maximum
Business Acquisition
Market rents (sqft/usd) | $ / ft²	54
Level 3 | Jointly Owned Investments | Minimum | Discount rate
Business Acquisition
Real estate measurement input (percent)	0.0575
Estimated residual value (percent)	0.0389
Property level debt (percent)	0.0240
Level 3 | Jointly Owned Investments | Minimum | Residual capitalization rate
Business Acquisition
Real estate measurement input (percent)	0.0575
Level 3 | Jointly Owned Investments | Maximum | Discount rate
Business Acquisition
Real estate measurement input (percent)	0.1050
Estimated residual value (percent)	0.1025
Property level debt (percent)	0.0595
Level 3 | Jointly Owned Investments | Maximum | Residual capitalization rate
Business Acquisition
Real estate measurement input (percent)	0.0950
Real Estate
Business Acquisition
Number of real estate properties (property) | property					1,214
Operating lease term (in years)					10 years 8 months 12 days
Occupancy rate (percent)					98.80%
Square footage of real estate properties (sqft) | ft²					140
Adjustment to goodwill					$ 15,802
Goodwill		857,337		857,337	871,081	857,337	580,353		$ 572,313
(Loss) gain on change in control of interests					$ (8,416)	18,792	0
CPA:17 – Global | Affiliated Entity
Business Acquisition
Jointly owned investments, count | investment								6
Real Estate
Business Acquisition
Non-recourse mortgages, net	$ 208,200
Debt instrument weighted average interest rate (percent)	3.60%
Real Estate | Affiliated Entity | CPA:17 – Global
Business Acquisition
Number of real estate properties (property) | property	137
Operating Properties | Real Estate
Business Acquisition
Number of real estate properties (property) | property					21
Square footage of real estate properties (sqft) | ft²					1.6
Self Storage | Real Estate
Business Acquisition
Number of real estate properties (property) | property					19
Hotel | Real Estate
Business Acquisition
Number of real estate properties (property) | property					2
CPA:17 – Global
Business Acquisition
Common stock shares, outstanding (shares) | shares								336,715,969
Number of real estate properties (property) | property	410
Operating lease term (in years)	11 years
Occupancy rate (percent)	97.40%
Contractual minimum annualized base rent	$ 364,400
Non-recourse mortgages, net	$ 1,850,000
Debt instrument weighted average interest rate (percent)	4.30%
CPA:17 – Global | Credit Facility
Business Acquisition
Debt outstanding	$ 180,300
CPA:17 – Global | Operating Properties
Business Acquisition
Square footage of real estate properties (sqft) | ft²	3.1
CPA:17 – Global | Self Storage
Business Acquisition
Number of real estate properties (property) | property	44
CPA:17 – Global | Hotel
Business Acquisition
Number of real estate properties (property) | property	1
CPA:17 – Global
Business Acquisition
Fair value of W. P. Carey shares of common stock issued	$ 3,554,578				$ 3,554,578	3,554,578
Shares issued as compensation in acquisition (shares) | shares	53,849,087
Fair value of shares issued	$ 3,600,000
Share price (usd per share) | $ / shares	$ 66.01
Cash paid for fractional shares	$ 1,688				1,688	1,688
Debt instrument weighted average interest rate (percent)	4.30%
Number of investments, unconsolidated | investment	7
Actual revenue from acquiree		52,800
Actual net loss from acquiree		13,700
Merger related costs						41,800	$ 400
Adjustments to estimated consideration expected to be transferred					(8,416)
Adjustments to total identifiable net assets					(24,218)
Adjustment to goodwill					15,802
Goodwill	$ 296,108	280,306		280,306	296,108	280,306
(Loss) gain on change in control of interests				$ 29,000		47,800
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	$ 157,594				157,594	157,594
Less than wholly-owned investments acquired, count | investment	6
Value of noncontrolling interests acquired	$ 308,891				308,891	308,891
Merger expenses						58,900
CPA:17 – Global | Additional Paid-in Capital
Business Acquisition
Adjustments to additional paid in capital in relation to the acquisition of less than wholly owned investments	102,700
CPA:17 – Global | Jointly owned investments
Business Acquisition
(Loss) gain on change in control of interests						18,800
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	132,661				132,661	$ 141,077
Adjustment to fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger					$ (8,416)
CPA:17 – Global | Carrying Value
Business Acquisition
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	128,700
Value of noncontrolling interests acquired	206,200
CPA:17 – Global | Carrying Value | Jointly owned investments
Business Acquisition
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	122,300
CPA:17 – Global | Fair Value | Jointly owned investments
Business Acquisition
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	$ 141,100
CPA:17 – Global | Real Estate
Business Acquisition
Number of real estate properties (property) | property	28
Non-recourse mortgages, net	$ 467,100
CPA:17 – Global | Real Estate | Third Party
Business Acquisition
Jointly owned investments, consolidated | investment	3
CPA:17 – Global | Real Estate | Affiliated Entity | CPA:18 – Global
Business Acquisition
Jointly owned investments, consolidated | investment	4
CPA:17 – Global | Operating Properties | Real Estate
Business Acquisition
Actual revenue from acquiree		$ 8,000
CPA:17 – Global | Self Storage | Real Estate
Business Acquisition
Number of real estate properties (property) | property	7
CPA:17 – Global | Common Stock
Business Acquisition
Share conversion rate (usd per share) | $ / shares	$ 0.160
Shares of acquiree held prior to merger | shares	16,131,967

Merger with CPA_17 _ Global - M

Merger with CPA:17 – Global - Merger Consideration (Details) - USD ($) $ in Thousands	Oct. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total Consideration
Cash paid for fractional shares		$ 0	$ 1,688	$ 0
CPA:17 – Global
Total Consideration
Fair value of W. P. Carey shares of common stock issued	$ 3,554,578	3,554,578	3,554,578
Cash paid for fractional shares	1,688	1,688	1,688
Merger Consideration		3,556,266	3,556,266
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	157,594	157,594	157,594
Fair value of noncontrolling interests acquired	(308,891)	(308,891)	(308,891)
Estimate of consideration expected to be transferred	3,537,630	3,537,630	3,546,046
Measurement Period Adjustments
Estimated consideration expected to be transferred		(8,416)
CPA:17 – Global | Jointly owned investments
Total Consideration
Fair value of our equity interest in CPA:17 – Global prior to the CPA:17 Merger	$ 132,661	132,661	$ 141,077
Measurement Period Adjustments
Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger		$ (8,416)

Merger with CPA_17 _ Global -_2

Merger with CPA:17 – Global - Net Assets Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Liabilities
Goodwill	$ 934,688	$ 920,944		$ 643,960	$ 635,920
Measurement Period Adjustments
Goodwill, Purchase Accounting Adjustments	15,802
CPA:17 – Global
Assets
Land, buildings and improvements — operating leases	2,948,347	2,954,034	$ 2,948,347
Land, buildings and improvements — operating properties	426,758	426,758	426,758
Net investments in direct financing leases	604,998	626,038	604,998
In-place lease and other intangible assets	793,463	793,463	793,463
Above-market rent intangible assets	298,180	298,180	298,180
Equity investments in real estate	192,322	189,756	192,322
Cash and cash equivalents and restricted cash	113,634	113,634	113,634
Other assets, net (excluding restricted cash)	228,194	228,980	228,194
Total assets	5,605,896	5,630,843
Liabilities
Non-recourse mortgages, net	1,849,177	1,849,177	1,849,177
Senior Credit Facility, net	180,331	180,331	180,331
Accounts payable, accrued expenses and other liabilities	141,750	141,750	141,750
Below-market rent and other intangible liabilities	112,721	112,721	112,721
Deferred income taxes	75,356	76,085
Total liabilities	2,359,335	2,360,064
Total identifiable net assets	3,246,561	3,270,779
Noncontrolling interests	(5,039)	(5,039)	(5,039)
Goodwill	296,108	280,306	$ 296,108
Estimate of consideration expected to be transferred	3,537,630	$ 3,546,046
Measurement Period Adjustments
Land, buildings and improvements — operating leases	(5,687)
Net investments in direct financing leases	(21,040)
Equity investments in real estate	2,566
Other assets, net (excluding restricted cash)	(786)
Total assets	(24,947)
Deferred income taxes	(729)
Total liabilities	(729)
Total identifiable net assets	(24,218)
Goodwill, Purchase Accounting Adjustments	15,802
Estimate of consideration expected to be transferred	$ (8,416)

Merger with CPA_17 _ Global - P

Merger with CPA:17 – Global - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition, Pro Forma Information
Pro forma total revenues	$ 1,207,820	$ 1,228,909
Pro forma net income	405,659	275,634
Pro forma net loss (income) attributable to noncontrolling interests	1,301	(429)
Pro forma net income attributable to W. P. Carey	$ 406,960	$ 275,205

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details) $ in Thousands	Oct. 31, 2018USD ($)shares	Mar. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)investment	Dec. 31, 2018USD ($)	Feb. 21, 2020USD ($)
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor			10.00%
Other Transactions with Affiliates
Accrued interest			$ 1,500	$ 2,700
Jointly owned investments | investment			9
Jointly owned investments, consolidated | investment			2
Jointly owned investment, accounted for under the equity method investments | investment			7
Affiliated Entity | CWI 1
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor			20.00%
Affiliated Entity | CWI 2
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor			25.00%
Affiliated Entity | Contract sales price of investment | Managed Reits | Maximum
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of acquisition fees earned (structuring revenue percentage)			6.00%
Affiliated Entity | Contract sales price of investment | CESH
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of acquisition fees earned (structuring revenue percentage)			2.00%
Affiliated Entity | CESH | Gross proceeds
Distributions Of Available Cash and Deferred Revenue Earned
Advisory fee percentage (percent)			2.50%
Subsequent Event | Affiliated Entity | CESH
Other Transactions with Affiliates
Loans to related party					$ 5,500
CWI and CWI 2 Merger | Subsequent Event
Related Party Transaction
Value of shares issued as consideration		$ 97,000
CWI and CWI 2 Merger | Preferred stock | Subsequent Event
Related Party Transaction
Value of shares issued as consideration		65,000
CWI and CWI 2 Merger | Common stock | Subsequent Event
Related Party Transaction
Value of shares issued as consideration		$ 32,000
shares issued as consideration (shares) | shares		2,840,549
CPA:17 – Global
Related Party Transaction
Value of shares issued as consideration	$ 3,554,578		$ 3,554,578	$ 3,554,578
shares issued as consideration (shares) | shares	53,849,087

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction
Distributions of Available Cash	$ 21,489	$ 46,609	$ 47,862
Interest income on deferred acquisition fees and loans to affiliates (c)	2,237	2,055	2,103
Total deferred revenue earned	83,629	155,271	211,059
Asset management revenue
Related Party Transaction
Gross contract revenue	39,132	63,556	70,125
Reimbursable costs from affiliates
Related Party Transaction
Gross contract revenue	16,547	21,925	51,445
Structuring and other advisory revenue
Related Party Transaction
Gross contract revenue	4,224	21,126	35,094
Dealer manager fees
Related Party Transaction
Gross contract revenue	$ 0	$ 0	$ 4,430

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction
Revenue from related parties	$ 83,629	$ 155,271	$ 211,059
CPA:17 – Global
Related Party Transaction
Revenue from related parties	0	58,788	75,188
CPA:18 – Global
Related Party Transaction
Revenue from related parties	26,039	44,969	28,683
CWI 1
Related Party Transaction
Revenue from related parties	30,770	28,243	33,691
CWI 2
Related Party Transaction
Revenue from related parties	21,584	20,283	50,189
CCIF
Related Party Transaction
Revenue from related parties	0	0	12,787
CESH
Related Party Transaction
Revenue from related parties	$ 5,236	$ 2,988	$ 10,521

- Due from Affiliates (Details)

- Due from Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Due from affiliates
Short-term loans to affiliates, including accrued interest	$ 47,721	$ 58,824
Deferred acquisition fees receivable, including accrued interest	4,450	8,697
Reimbursable costs	3,129	3,227
Asset management fees receivable	1,267	563
Accounts receivable	1,118	1,425
Current acquisition fees receivable	131	2,106
Due from affiliates	$ 57,816	$ 74,842

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Asset Management, Structuring and Other Revenue (Details) - Affiliated Entity	12 Months Ended
	Dec. 31, 2019
CPA:18 – Global | Long-term net lease
Structuring revenue
Percentage of acquisition fees earned (structuring revenue percentage)	4.50%
CPA:18 – Global | Long-term net lease | Upon Completion
Structuring revenue
Percentage of acquisition fees earned (structuring revenue percentage)	2.50%
CPA:18 – Global | Long-term net lease | Deferred
Structuring revenue
Percentage of acquisition fees earned (structuring revenue percentage)	2.00%
CPA:18 – Global | Average equity value
Related Party Transaction
Asset management fees receivable in cash, percentage	50.00%
CPA:18 – Global | Average equity value | Class A
Related Party Transaction
Asset management fees receivable in shares, percentage	50.00%
CPA:18 – Global | Average equity value | Class A | Minimum
Related Party Transaction
Percentage of asset management fees earned, percentage	0.50%
CPA:18 – Global | Average equity value | Class A | Maximum
Related Party Transaction
Percentage of asset management fees earned, percentage	1.50%
CWI 1 | Lodging-related investments
Related Party Transaction
Percentage of asset management fees earned, percentage	0.50%
CWI 1 | Market value of equity investment
Related Party Transaction
Percentage of fees earned paid to subadvisor, percentage	20.00%
CWI 2 | Lodging-related investments
Related Party Transaction
Percentage of asset management fees earned, percentage	0.55%
CWI 2 | Market value of equity investment
Related Party Transaction
Percentage of fees earned paid to subadvisor, percentage	25.00%
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%
CESH | Gross asset fair value
Related Party Transaction
Percentage of 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%

Agreements and Transactions w_7

Agreements and Transactions with Related Parties - Personnel, Overhead Costs, Organization and Offering (Details)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Affiliated Entity | CPA:18 – Global | Maximum
Reimbursed Costs
Personnel and overhead reimbursement, percentage	1.00%	1.00%	2.00%

Agreements and Transactions w_8

Agreements and Transactions with Related Parties - Loans Outstanding to Related Party (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction
Line of credit, maximum borrowing amount	$ 2,350,000,000
Loans receivable from related party	46,269,000	$ 56,098,000
Affiliated Entity | CESH
Related Party Transaction
Line of credit, maximum borrowing amount	65,000,000
Loans receivable from related party	$ 46,269,000	14,461,000
Affiliated Entity | CESH | LIBOR
Related Party Transaction
Debt instrument, basis spread on variable rate	1.00%
Affiliated Entity | CWI 1
Related Party Transaction
Line of credit, maximum borrowing amount	$ 25,000,000
Loans receivable from related party	0	41,637,000
Affiliated Entity | CPA:18 – Global
Related Party Transaction
Line of credit, maximum borrowing amount	50,000,000
Loans receivable from related party	0	0
Affiliated Entity | CWI 2
Related Party Transaction
Line of credit, maximum borrowing amount	25,000,000
Loans receivable from related party	$ 0	$ 0

Land, Buildings and Improveme_3

Land, Buildings and Improvements and Assets Held for Sale - Narratives (Details) $ in Thousands	Dec. 31, 2019USD ($)propertytenant$ / €	Dec. 20, 2019USD ($)	Dec. 18, 2019USD ($)	Dec. 12, 2019USD ($)	Dec. 03, 2019USD ($)property	Nov. 29, 2019USD ($)property	Nov. 26, 2019USD ($)	Nov. 05, 2019USD ($)property	Oct. 03, 2019USD ($)property	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 ($)	Feb. 20, 2019USD ($)	Jan. 31, 2020USD ($)property	Dec. 31, 2019USD ($)propertytenant$ / €	Nov. 30, 2019USD ($)	Oct. 31, 2019USD ($)	Jun. 30, 2019USD ($)property	May 31, 2019USD ($)property	Mar. 31, 2019USD ($)	Feb. 21, 2020USD ($)property	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)propertytenant$ / €	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)property$ / €	Jun. 30, 2018property	Dec. 31, 2019USD ($)propertytenant$ / €	Dec. 31, 2019USD ($)propertytenant$ / €	Dec. 31, 2018USD ($)property$ / €	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Aug. 31, 2019property	Oct. 31, 2018USD ($)property	Apr. 30, 2018property
Investments in real estate
Decrease in value of balance sheet item due to foreign currency translation																																					$ (376)	$ 31,843	$ (72,428)
Land, buildings and improvements	$ 9,856,191																						$ 9,856,191									$ 9,856,191		$ 9,251,396		$ 9,856,191	9,856,191	9,251,396
Investments in real estate	13,848,730																						13,848,730									13,848,730		13,493,036		13,848,730	13,848,730	13,493,036
Net investments in direct financing leases	896,549																						896,549									896,549				896,549	896,549
Depreciation																																					229,000	162,600	143,900
Purchases of real estate																																					717,666	$ 719,548	31,842
Other commitments	137,500																						137,500									137,500				137,500	137,500
Funds capitalized for construction in progress																																					$ 129,000		$ 39,800
Construction projects in progress | property																																					3	4
Unfunded commitment	227,800																						227,800									$ 227,800		$ 204,500		227,800	$ 227,800	$ 204,500
Number of properties sold (property) | property																																12		39	25
Assets held for sale	11,916,745																						11,916,745									$ 11,916,745		$ 11,928,854		11,916,745	11,916,745	11,928,854
Proceeds from bankruptcy claim																																					9,100
Lease restructuring revenue																											$ 8,800
Rent revenue																																				6,600
Revenue related to value added tax refund																											2,200
Lease termination income																																6,200
Interest income from direct financing lease																																					98,400
Sublease Income																																					5,400
Cash paid for operating lease liabilities																																					14,600
Scheduled future minimum operating lease payments, year one																																		14,500				14,500
Scheduled future minimum operating lease payments, year two																																		13,500				13,500
Scheduled future minimum operating lease payments, year three																																		7,900				7,900
Scheduled future minimum operating lease payments, year four																																		7,100				7,100
Scheduled future minimum operating lease payments, year five																																		7,000				7,000
Scheduled future minimum operating lease payments, after year five																																		246,700				246,700
Assets held for sale, net	$ 104,010																						$ 104,010									$ 104,010		0		$ 104,010	$ 104,010	$ 0
Subsequent Event
Investments in real estate
Number of real estate properties (property) | property																						3
Purchases of real estate																						$ 149,900
Assets placed into service																						$ 53,100
Construction projects completed (property) | property																						1
Discontinued operations, disposed of by sale
Investments in real estate
Number of properties sold (property) | property																																					14	49	16
Proceeds from the sale of properties																																					$ 308,000	$ 431,600	$ 159,900
Discontinued operations, disposed of by sale | Subsequent Event
Investments in real estate
Number of properties sold (property) | property																													4
Proceeds from the sale of properties																													$ 121,800
Discontinued Operations, Held-for-sale
Investments in real estate
Number of real estate properties (property) | property	1																						1									1				1	1
Below-market rent
Investments in real estate
Purchases of real estate																																					$ 16,100
Weighted average useful life of intangible assets																																					18 years 3 months 18 days
In-place lease
Investments in real estate
Purchases of real estate																																					$ 150,100
Weighted average useful life of intangible assets																																					19 years 10 months 24 days
Above-market rent
Investments in real estate
Purchases of real estate																																					$ 900
Weighted average useful life of intangible assets																																					19 years 3 months 18 days
Net investments in direct financing leases
Investments in real estate
Number of properties sold (property) | property																																					6
Real Estate
Investments in real estate
Number of real estate properties (property) | property	1,214																						1,214									1,214				1,214	1,214
Number of tenants | tenant	345																						345									345				345	345
Gross contract revenue																																					$ 50,220	28,072	30,562
Real Estate | Occupancy
Investments in real estate
Gross contract revenue																																					39,500	20,900	22,300
Real Estate | Food and beverage
Investments in real estate
Gross contract revenue																																					10,700	7,200	8,300
CPA:17 – Global
Investments in real estate
Measurement period adjustments, decrease to land, buildings and improvements																																	$ 5,700
Additional land, building and improvements subject to operating lease from acquisition	$ 2,948,347																						$ 2,948,347									$ 2,948,347		2,954,034		$ 2,948,347	2,948,347	2,954,034				$ 2,948,347
CPA:17 – Global | Real Estate
Investments in real estate
Number of real estate properties (property) | property																																										28
Adjustment
Investments in real estate
Net investments in direct financing leases	$ (76,900)																						$ (76,900)									$ (76,900)				$ (76,900)	$ (76,900)
Adjustment | Net investments in direct financing leases
Investments in real estate
Number of real estate properties (property) | property	10																						10									10				10	10
Assets leased to others
Investments in real estate
Investments in real estate	$ 8,822,656																						$ 8,822,656									$ 8,822,656		$ 8,056,176		$ 8,822,656	$ 8,822,656	$ 8,056,176
Assets leased to others | CPA:17 – Global | Real Estate
Investments in real estate
Number of real estate properties (property) | property																																		232				232
Assets leased to others | Adjustment
Investments in real estate
Investments in real estate	44,400																						44,400									44,400				44,400	44,400
Land
Investments in real estate
Purchases of real estate																																					86,300
Building
Investments in real estate
Purchases of real estate																																					523,300
Net lease intangible
Investments in real estate
Purchases of real estate																																					134,900
Prepaid rent
Investments in real estate
Purchases of real estate																																					6,100
Debt premium
Investments in real estate
Purchases of real estate																																					800
Other liabilities
Investments in real estate
Purchases of real estate																																					100
Construction in progress
Investments in real estate
Assets placed into service																																					122,500	$ 102,500	$ 65,400	$ 35,500
Construction projects completed (property) | property																																						9	5
Construction in progress | Warehouse facility in Kilgore, TX
Investments in real estate
Assets placed into service																									$ 14,100
Construction in progress | Industrial facility in Katowice, Poland
Investments in real estate
Assets placed into service																								$ 15,400
Construction in progress | Industrial facility in McCalla, AL
Investments in real estate
Assets placed into service																							13,600
Construction in progress | Industrial facility in Legnica, Poland
Investments in real estate
Assets placed into service																										$ 6,000
Construction in progress | Warehouse facility in Zabia Wola, Poland
Investments in real estate
Assets placed into service																												$ 5,600
Construction in progress | Warehouse facility in Dillon, SC
Investments in real estate
Assets placed into service																												$ 47,400
Construction in progress | Warehouse facility in Rotterdam, The Netherlands
Investments in real estate
Assets placed into service																											$ 20,400
Construction in progress | Industrial and office facility in Marktheidenfeld, Germany
Investments in real estate
Other commitments	8,300																						8,300									8,300				8,300	8,300
Construction in progress | Warehouse facility in Wichita, Kansas
Investments in real estate
Other commitments	3,000																						3,000									3,000				3,000	3,000
Construction in progress | Industrial facility in Langen, Germany
Investments in real estate
Other commitments	56,200																						56,200									56,200				56,200	56,200
Construction in progress | Industrial facility in Bowling Green, Kentucky
Investments in real estate
Other commitments	70,000																						70,000									70,000				70,000	70,000
Land, buildings and improvements and intangibles
Investments in real estate
Assets held for sale, net	$ 105,573																						$ 105,573									$ 105,573		$ 0		$ 105,573	$ 105,573	$ 0
Land, buildings and improvements and intangibles | Discontinued operations, disposed of by sale
Investments in real estate
Number of properties sold (property) | property																																					16
Other real estate, period increase (decrease)																																					$ (84,300)
Self Storage | Adjustment
Investments in real estate
Number of real estate properties (property) | property																										22															5
Land, buildings and improvements																										$ (287,700)
Self Storage | Assets leased to others | Adjustment
Investments in real estate
Investments in real estate																										$ 287,700
Hotel | Discontinued operations, disposed of by sale | Subsequent Event
Investments in real estate
Number of properties sold (property) | property																													1
Proceeds from the sale of properties																						$ 120,000
Land building and improvements
Investments in real estate
Decrease in value of balance sheet item due to foreign currency translation																																					36,700
Number of real estate properties (property) | property																																		15				15	2
Purchases of real estate																																					737,500	$ 806,900	$ 31,800
Acquisition costs, capitalized																																					$ 9,600	17,300	100
Number of tenants | tenant	1																						1									1				1	1
Purchase option exercise price, value	$ 600																						$ 600									$ 600				$ 600	$ 600
Land building and improvements | Education facility in Portland, OR
Investments in real estate
Purchases of real estate																					$ 32,700
Land building and improvements | Office Building In Morrisville, North Carolina
Investments in real estate
Purchases of real estate																				$ 48,300
Land building and improvements | Distribution Center In Inwood, West Virginia
Investments in real estate
Purchases of real estate																			$ 37,600
Liabilities assumed																			$ 20,200
Land building and improvements | Industrial facility in Hurricane, UT
Investments in real estate
Purchases of real estate																		$ 49,300
Land building and improvements | Office Building And Tractor/trailers Hub In Bensenville, Illinois
Investments in real estate
Purchases of real estate																	$ 16,600
Land building and improvements | Manufacturing And Distribution Centers in Westerville, Ohio, and North Wales, Pennsylvania
Investments in real estate
Number of real estate properties (property) | property																2
Purchases of real estate																$ 10,200
Land building and improvements | Manufacturing Facilities In Various Locations In The United States And Mexico
Investments in real estate
Number of real estate properties (property) | property															8												8
Purchases of real estate															$ 24,500
Land building and improvements | Headquarters, Warehouse, Distribution, and Manufacturing Facility in Statesville, North Carolina
Investments in real estate
Purchases of real estate														$ 18,800
Land building and improvements | Industrial facility in Conestoga, PA
Investments in real estate
Purchases of real estate													$ 70,100
Land building and improvements | Manufacturing And Warehouse Facilities In Hartford And Milwaukee, Wisconsin
Investments in real estate
Number of real estate properties (property) | property												3
Purchases of real estate												$ 30,100
Land building and improvements | Manufacturing Facilities In Brockville And Prescott, Canada
Investments in real estate
Number of real estate properties (property) | property											2
Purchases of real estate											$ 15,100
Land building and improvements | Industrial facility in Dordrecht, Netherlands
Investments in real estate
Purchases of real estate										$ 16,400
Land building and improvements | Manufacturing facilities in York, Pennsylvania; Lexington, South Carolina; and Queretaro, Mexico
Investments in real estate
Number of real estate properties (property) | property									3
Purchases of real estate									$ 53,200
Land building and improvements | Facility in Dearborn, Michigan
Investments in real estate
Purchases of real estate									$ 9,900
Land building and improvements | Industrial and office facilities in Houston, Texas; Mason, Ohio; and Metairie, Louisiana
Investments in real estate
Number of real estate properties (property) | property								6
Purchases of real estate								$ 39,100
Land building and improvements | Facility in Mason Ohio
Investments in real estate
Other commitments								$ 2,500
Land building and improvements | Industrial facility in Pardubice, Czech Republic
Investments in real estate
Purchases of real estate							$ 12,200
Land building and improvements | Warehouse facilities in Brabrand, Denmark and Arlandastad, Sweden
Investments in real estate
Number of real estate properties (property) | property						2
Purchases of real estate						$ 38,000
Deferred tax liability assumed in real estate acquisitions						$ 1,200
Land building and improvements | Industrial facilities in Cortland, Illinois, and Madison and Monona, Wisconsin
Investments in real estate
Number of real estate properties (property) | property					3
Purchases of real estate					$ 1,800
Land building and improvements | Retail facility in Hamburg, PA
Investments in real estate
Purchases of real estate				$ 55,900
Land building and improvements | Warehouse facility in Charlotte, NC
Investments in real estate
Purchases of real estate			$ 94,100
Land building and improvements | Headquarters and logistics facility in Buffalo Grove, Illinois
Investments in real estate
Purchases of real estate		$ 16,800
Land building and improvements | Industrial facility in Hvidovre, Denmark
Investments in real estate
Purchases of real estate		7,800
Deferred tax liability assumed in real estate acquisitions		$ 500
Land building and improvements | Distribution Center in Huddersfield, United Kingdom
Investments in real estate
Purchases of real estate	$ 38,900
Land building and improvements | Forecast | Warehouse and distribution facility in Knoxville, Tennessee
Investments in real estate
Purchases of real estate																														$ 68,000
Land building and improvements | Forecast | Warehouse facilities in Hillerød and Hammelev, Denmark
Investments in real estate
Number of real estate properties (property) | property																															2
Purchases of real estate																															$ 19,900
Land building and improvements | Land
Investments in real estate
Purchases of real estate																																						126,400	4,800
Land building and improvements | Building
Investments in real estate
Purchases of real estate																																						571,600	18,500
Land building and improvements | Net lease intangible
Investments in real estate
Purchases of real estate																																						113,700	8,500
Land building and improvements | Other liabilities
Investments in real estate
Purchases of real estate																																						4,800
Hotel | Real Estate
Investments in real estate
Number of real estate properties (property) | property	2																						2									2				2	2
Hotel | Land, buildings and improvements and intangibles | Discontinued operations, disposed of by sale
Investments in real estate
Number of real estate properties (property) | property																																											1
Operating real estate
Investments in real estate
Investments in real estate	$ 71,842																						$ 71,842									$ 71,842		$ 460,436		$ 71,842	$ 71,842	460,436
Depreciation																																					$ 6,900	$ 4,200	$ 4,300
Operating real estate | Self Storage
Investments in real estate
Number of real estate properties (property) | property	10																						10									10		37		10	10	37
Operating real estate | Hotel
Investments in real estate
Number of real estate properties (property) | property	1																						1									1		2		1	1	2
Consolidated properties | Self Storage
Investments in real estate
Number of real estate properties (property) | property	37																						37									37		37		37	37	37
Consolidated properties | Hotel
Investments in real estate
Number of real estate properties (property) | property	2																						2									2		3		2	2	3	2
Euro
Investments in real estate
(Decrease) increase in exchange rate																																					(1.90%)
Foreign currency exchange rate | $ / €	1.1234																						1.1234									1.1234		1.1450		1.1234	1.1234	1.1450

Land, Buildings and Improveme_4

Land, Buildings and Improvements and Assets Held for Sale - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (2,035,995)	$ (1,564,182)
Investments in real estate	13,848,730	13,493,036
Operating real estate
Real Estate Investment Property At Cost
Land	10,452	102,478
Buildings and improvements	72,631	363,572
Real estate under construction	0	4,620
Less: Accumulated depreciation	(11,241)	(10,234)
Investments in real estate	71,842	460,436
Assets leased to others
Real Estate Investment Property At Cost
Land	1,875,065	1,772,099
Buildings and improvements	7,828,439	6,945,513
Real estate under construction	69,604	63,114
Less: Accumulated depreciation	(950,452)	(724,550)
Investments in real estate	$ 8,822,656	$ 8,056,176

Land, Buildings and Improveme_5

Land, Buildings and Improvements and Assets Held for Sale - Operating Lease Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Real Estate [Abstract]
Lease income — fixed	$ 898,111
Lease income — variable	89,873
Total operating lease income	$ 987,984

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	Dec. 31, 2019USD ($)
Scheduled Future Lease Payments to be Received
2020	$ 1,007,041
2021	992,378
2022	962,801
2023	924,275
2024	854,652
Thereafter	7,071,917
Total	$ 11,813,064

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 ($)
Schedule of Future Lease Payments
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) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Real Estate [Abstract]
Fixed lease cost	$ 14,503
Variable lease cost	1,186
Total lease cost	$ 15,689

Land, Buildings and Improveme_9

Land, Buildings and Improvements and Assets Held for Sale - Supplemental Balance Sheet Information (Details) $ in Thousands	Dec. 31, 2019USD ($)lease
Lessee, Lease, Description
Total operating ROU assets	$ 121,728
Operating lease liabilities	$ 87,658
Weighted-average remaining lease term — operating leases	38 years 2 months 12 days
Weighted-average discount rate — operating leases (percent)	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	$ 114,209
Operating lease right of use asset, (lease) | lease	64
Building
Lessee, Lease, Description
Total operating ROU assets	$ 7,519
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 Flows - Operating Lease (Details) $ in Thousands	Dec. 31, 2019USD ($)
Lessee, Operating Lease, Liability, Payment, Due
2020	$ 14,197
2021	8,769
2022	8,006
2023	7,866
2024	6,728
Thereafter	251,844
Total lease payments	297,410
Less: amount of lease payments representing interest	(209,752)
Present value of future lease payments/lease obligations	$ 87,658

Land, Buildings and Improvem_11

Land, Buildings and Improvements and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Long Lived Assets Held-for-sale
Assets held for sale, net	$ 104,010	$ 0
Land, buildings and improvements and intangibles
Long Lived Assets Held-for-sale
Assets held for sale, net	105,573	0
Accumulated depreciation and amortization
Long Lived Assets Held-for-sale
Assets held for sale, net	$ 1,563	$ 0

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Lease payments receivable	$ 686,149
Unguaranteed residual value	828,206
Gross minimum lease payments receivable	1,514,355
Less: unearned income	(617,806)
Net investments in direct financing leases	$ 896,549
Minimum lease payments receivable		$ 1,160,977
Unguaranteed residual value		966,826
Gross minimum lease payments receivable		2,127,803
Less: unearned income		(821,588)
Net investments in direct financing leases		$ 1,306,215

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	1 Months Ended		3 Months Ended				12 Months Ended
	Oct. 31, 2019USD ($)loan	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)property	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)propertyloan	Jun. 30, 2018property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)	Oct. 31, 2018USD ($)property
Finance Receivables
Interest income from direct financing lease							$ 98,400
Number of properties sold (property) | property			12		39	25
Net investments in direct financing leases			$ 896,549				896,549
Foreign currency translation adjustments							376	$ (31,843)	$ 72,428
Impairment charges				$ 25,800			32,539	4,790	2,769
Interest income from direct financing lease								74,200	66,200
Net investments in direct financing leases					$ 1,306,215			1,306,215
Loams receivable, sales type lease			47,700		$ 9,500		47,700	9,500
Loans receivable repaid, Count | loan	2
Proceeds from repayment of loans receivable	$ 10,000	$ 9,300					19,707	488	436
Revenue from loans							$ 6,200	$ 1,800	$ 800
Domestic investments
Finance Receivables
Number of loan receivables (loans) | loan					4			4
Loams receivable, sales type lease					$ 57,700			$ 57,700
The New York Times Company
Finance Receivables
Payments due in 2019					275,400			275,400
CPA:18 – Global
Finance Receivables
Deferred acquisition fee payment period							3 years
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)
Increase in net investment in direct financing lease from merger			604,998		$ 626,038		$ 604,998	$ 626,038		$ 604,998
CPA:17 – Global | Fair Value
Finance Receivables
Increase in net investment in direct financing lease from merger										$ 626,000
Adjustment
Finance Receivables
Net investments in direct financing leases			$ (76,900)				$ (76,900)
Net investments in direct financing leases
Finance Receivables
Number of properties sold (property) | property							6
Decrease in direct financing lease							$ 255,000
Net investments in direct financing leases | Adjustment
Finance Receivables
Number of real estate properties (property) | property			10				10
Net investments in direct financing leases
Finance Receivables
Foreign currency translation adjustments							$ 5,500
Net investments in direct financing leases | CPA:17 – Global
Finance Receivables
Number of real estate properties (property) | property										40

Finance Receivables - Scheduled

Finance Receivables - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2019USD ($)
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity
2020	$ 86,334
2021	85,061
2022	75,865
2023	69,406
2024	64,636
Thereafter	304,847
Total	$ 686,149

- Internal Credit Quality Ratin

- Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2019USD ($)tenant	Dec. 31, 2018USD ($)tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 944,286	$ 1,373,492
Internally Assigned Grade1 thru 3
Credit Quality Of Finance Receivables
Number of tenants | tenant	28	36
Net investments in direct financing leases	$ 798,108	$ 1,135,321
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants | tenant	8	10
Net investments in direct financing leases	$ 146,178	$ 227,591
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants | tenant	0	1
Net investments in direct financing leases	$ 0	$ 10,580

Finance Receivables - Schedule

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

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets, Net
Decrease in value of balance sheet item due to foreign currency translation	$ (376)	$ 31,843	$ (72,428)
Amortization of intangible assets	272,000	$ 174,100	$ 157,800
Net intangible assets
Finite-Lived Intangible Assets, Net
Decrease in value of balance sheet item due to foreign currency translation	$ 10,500
Minimum
Finite-Lived Intangible Assets, Net
Weighted average useful life of intangible assets	2 years
Maximum
Finite-Lived Intangible Assets, Net
Weighted average useful life of intangible assets	48 years

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Goodwill Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill
Balance - beginning of period	$ 920,944	$ 643,960	$ 635,920
Foreign currency translation adjustments and other	(2,058)	(3,322)	8,040
Acquisition of CPA:17 – Global (Note 3)		280,306
CPA:17 Merger measurement period adjustments (Note 3)	15,802
Balance - end of period	934,688	920,944	643,960
Real Estate
Goodwill
Balance - beginning of period	857,337	580,353	572,313
Foreign currency translation adjustments and other	(2,058)	(3,322)	8,040
Acquisition of CPA:17 – Global (Note 3)		280,306
CPA:17 Merger measurement period adjustments (Note 3)	15,802
Balance - end of period	871,081	857,337	580,353
Investment Management
Goodwill
Balance - beginning of period	63,607	63,607	63,607
Balance - end of period	$ 63,607	$ 63,607	$ 63,607

- Intangible Assets and Liabili

- Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets
Less: accumulated amortization	$ (1,089,784)	$ (841,266)
Indefinite-Lived Goodwill and Intangible Assets
Indefinite-lived intangible assets	934,688	927,246
Total intangible assets, gross	3,940,026	3,879,268
Total intangible assets, net	2,850,242	3,038,002
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(268,515)	(269,594)
Less: accumulated amortization	74,484	61,177
Net amortizable intangible liabilities	(194,031)	(208,417)
Indefinite-Lived Intangible Liabilities
Total intangible liabilities, gross	(285,226)	(286,305)
Total intangible liabilities, net	(210,742)	(225,128)
Below-market purchase option
Indefinite-Lived Intangible Liabilities
Indefinite-lived intangible liabilities	(16,711)	(16,711)
Below-market rent
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(268,515)	(253,633)
Less: accumulated amortization	74,484	57,514
Net amortizable intangible liabilities	(194,031)	(196,119)
Above-market ground lease (a)
Finite-Lived 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 Goodwill and Intangible Assets
Indefinite-lived intangible assets	934,688	920,944
Below-market ground lease (a)
Indefinite-Lived Goodwill and Intangible Assets
Indefinite-lived intangible assets	0	6,302
Contracts including internal software development costs
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	23,557	22,899
Less: accumulated amortization	(15,482)	(11,868)
Amortizable intangible assets	8,075	11,031
Internal-use software development costs
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	19,582	18,924
Less: accumulated amortization	(13,491)	(10,672)
Amortizable intangible assets	6,091	8,252
Trade name
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	3,975	3,975
Less: accumulated amortization	(1,991)	(1,196)
Amortizable intangible assets	1,984	2,779
Lease intangibles
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	2,981,781	2,929,123
Less: accumulated amortization	(1,074,302)	(829,398)
Amortizable intangible assets	1,907,479	2,099,725
In-place lease and tenant relationship
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	2,072,642	1,960,437
Less: accumulated amortization	(676,008)	(496,096)
Amortizable intangible assets	1,396,634	1,464,341
Above-market rent
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	909,139	925,797
Less: accumulated amortization	(398,294)	(330,935)
Amortizable intangible assets	510,845	594,862
Below-market ground lease
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	0	42,889
Less: accumulated amortization	0	(2,367)
Amortizable intangible assets	$ 0	$ 40,522

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2019USD ($)
Net
2020	$ 244,246
2021	223,950
2022	203,324
2023	188,143
2024	168,556
Thereafter	693,304
Total	1,721,523
Net Decrease in Lease Revenues
Net
2020	55,165
2021	50,656
2022	43,208
2023	39,144
2024	34,192
Thereafter	94,449
Total	316,814
Increase to Amortization
Net
2020	189,081
2021	173,294
2022	160,116
2023	148,999
2024	134,364
Thereafter	598,855
Total	$ 1,404,709

Equity Investments in the Man_3

Equity Investments in the Managed Programs and Real Estate - Narratives (Details) $ in Thousands	Feb. 27, 2019USD ($)	Nov. 07, 2018USD ($)property	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Oct. 31, 2018property
Investments in REITs
Distributions of earnings from equity method investments			$ 26,772	$ 62,015	$ 66,259
Equity in earnings of equity method investments in the Managed Programs and real estate			23,229	61,514	64,750
Gain or loss on sale of investment properties			18,143	118,605	33,878
Purchases of real estate			717,666	719,548	31,842
Real Estate | Unconsolidated Properties
Investments in REITs
Distributions of earnings from equity method investments			17,000	17,800	16,000
Aggregate unamortized basis difference on equity investments			25,200	23,700
Real Estate | CPA:17 – Global
Investments in REITs
Number of real estate properties (property) | property						28
Real Estate | Self Storage | Johnson Self Storage
Investments in REITs
Purchases of real estate		$ 19,900
Managed Programs
Investments in REITs
Distributions of earnings from equity method investments			21,489	46,609	47,862
Equity in earnings of equity method investments in the Managed Programs and real estate			20,868	48,173	51,682
Johnson Self Storage | Real Estate
Investments in REITs
Number of real estate properties (property) | property		7
Johnson Self Storage | Real Estate | Self Storage
Investments in REITs
Equity method investment, ownership percentage (percent)		90.00%
Number of real estate properties (property) | property		2
Purchases of real estate		$ 17,900
Beach House JV, LLC | Real Estate | Third Party
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				10,100	8,400
Affiliated Entity | CPA:17 - Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments				26,300	26,700
Affiliated Entity | CPA:18 – Global
Investments in REITs
Distributions of earnings from equity method investments			$ 3,300	$ 2,600	1,700
Equity method investment, ownership percentage (percent)			3.851%	3.446%
Affiliated Entity | CPA:18 – Global | Class A
Investments in REITs
Asset management fees receivable (shares) | shares			55,421
Affiliated Entity | CPA:18 - Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments			$ 8,100	$ 9,700	8,700
Equity method investment, ownership percentage (percent)			0.034%	0.034%
Affiliated Entity | CWI 1
Investments in REITs
Distributions of earnings from equity method investments			$ 2,700	$ 2,000	1,100
Asset management fees receivable (shares) | shares			106,386
Equity method investment, ownership percentage (percent)			3.943%	3.062%
Affiliated Entity | CWI operating partnership
Investments in REITs
Distributions of earnings from equity method investments			$ 7,100	$ 5,100	7,500
Equity method investment, ownership percentage (percent)			0.015%	0.015%
Affiliated Entity | CWI 2
Investments in REITs
Distributions of earnings from equity method investments			$ 1,600	$ 1,100	400
Equity method investment, ownership percentage (percent)			3.755%	2.807%
Affiliated Entity | CWI 2 | Class A
Investments in REITs
Asset management fees receivable (shares) | shares			78,392
Affiliated Entity | CWI 2 operating partnership
Investments in REITs
Distributions of earnings from equity method investments			$ 6,300	$ 5,500	5,100
Equity method investment, ownership percentage (percent)			0.015%	0.015%
Affiliated Entity | Managed Programs
Investments in REITs
Aggregate unamortized basis difference on equity investments			$ 47,000	$ 35,200
Other-than-temporary impairment charges				34,400	19,500
Gain or loss on sale of investment properties			55,700	114,300	22,300
Affiliated Entity | Managed Programs | Impairment
Investments in REITs
Equity in earnings of equity method investments in the Managed Programs and real estate				(1,600)	(800)
Affiliated Entity | Managed Programs | Gain on sale of real estate
Investments in REITs
Equity in earnings of equity method investments in the Managed Programs and real estate			$ 2,200	$ 3,900	$ 600
Affiliated Entity | Johnson Self Storage | Real Estate | Third Party
Investments in REITs
Equity method investment, ownership percentage (percent)			90.00%
Affiliated Entity | Apply Sørco AS | Real Estate | CPA:18 – Global
Investments in REITs
Equity method investment, ownership percentage (percent)			49.00%
Measurement period adjustment, increase to investment in real estate			$ 5,200
Affiliated Entity | Apply Sørco AS | Real Estate | CPA:18 – Global | 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Equity Method Investments
Distributions of Available Cash (Note 4)	$ 26,772	$ 62,015	$ 66,259
Equity in earnings of equity method investments in the Managed Programs and real estate	23,229	61,514	64,750
Managed Programs
Schedule Of Equity Method Investments
Distributions of Available Cash (Note 4)	21,489	46,609	47,862
Proportionate share of equity in earnings of equity investments	862	3,896	5,156
Amortization of basis differences on equity method investments in the Managed Programs	(1,483)	(2,332)	(1,336)
Equity in earnings of equity method investments in the Managed Programs and real estate	20,868	48,173	51,682
Equity investments in real estate
Schedule Of Equity Method Investments
Proportionate share of equity in earnings of equity investments	3,408	15,585	15,452
Amortization of basis differences on equity method investments in the Managed Programs	(1,047)	(2,244)	(2,384)
Equity in earnings of equity method investments in the Managed Programs and real estate	$ 2,361	$ 13,341	$ 13,068

Equity Investments in the Man_5

Equity Investments in the Managed Programs and Real Estate - Summary of Investments in Managed Programs (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments in Programs
Equity investments in real estate	$ 324,004	$ 329,248
Affiliated Entity | Managed Programs
Investments in Programs
Equity investments in real estate	$ 129,567	$ 107,590
Affiliated Entity | CPA:18 – Global
Investments in Programs
Equity method investment, ownership percentage (percent)	3.851%	3.446%
Equity investments in real estate	$ 42,644	$ 39,600
Affiliated Entity | CPA:18 - Global operating partnership
Investments in Programs
Equity method investment, ownership percentage (percent)	0.034%	0.034%
Equity investments in real estate	$ 209	$ 209
Affiliated Entity | CWI 1
Investments in Programs
Equity method investment, ownership percentage (percent)	3.943%	3.062%
Equity investments in real estate	$ 49,032	$ 38,600
Affiliated Entity | CWI operating partnership
Investments in Programs
Equity method investment, ownership percentage (percent)	0.015%	0.015%
Equity investments in real estate	$ 186	$ 186
Affiliated Entity | CWI 2
Investments in Programs
Equity method investment, ownership percentage (percent)	3.755%	2.807%
Equity investments in real estate	$ 33,669	$ 25,200
Affiliated Entity | CWI 2 operating partnership
Investments in Programs
Equity method investment, ownership percentage (percent)	0.015%	0.015%
Equity investments in real estate	$ 300	$ 300
Affiliated Entity | CESH
Investments in Programs
Equity method investment, ownership percentage (percent)	2.43%	2.43%
Equity investments in real estate	$ 3,527	$ 3,495

Equity Investments in the Man_6

Equity Investments in the Managed Programs and Real Estate - Summarized Balance Sheet for Equity Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Combined Equity Investments
Equity Method Investment Summarized Financial Information
Net investments in real estate	$ 729,442	$ 769,643
Other assets	32,983	31,227
Total assets	762,425	800,870
Debt	(455,876)	(469,343)
Accounts payable, accrued expenses and other liabilities	(32,049)	(28,648)
Total liabilities	(487,925)	(497,991)
Stockholders’ equity	274,500	302,879
Managed Programs | Affiliated Entity
Equity Method Investment Summarized Financial Information
Net investments in real estate	5,291,051	5,417,770
Other assets	959,358	1,019,783
Total assets	6,250,409	6,437,553
Debt	(3,366,138)	(3,474,126)
Accounts payable, accrued expenses and other liabilities	(517,803)	(467,758)
Total liabilities	(3,883,941)	(3,941,884)
Noncontrolling interests	(130,656)	(146,799)
Stockholders’ equity	$ 2,235,812	$ 2,348,870

Equity Investments in the Man_7

Equity Investments in the Managed Programs and Real Estate - Summarized Income Statement for Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Combined Equity Investments
Equity Method Investment Summarized Financial Information Income Statement
Revenues	$ 66,608	$ 60,742	$ 57,377
Expenses	(71,977)	(28,422)	(22,231)
Income from continuing operations	(5,369)	32,320	35,146
Net income (loss) attributable to equity investments	(5,369)	32,320	35,146
Managed Programs | Affiliated Entity
Equity Method Investment Summarized Financial Information Income Statement
Revenues	1,184,585	1,562,688	1,637,198
Expenses	(1,142,286)	(1,368,051)	(1,456,842)
Income from continuing operations	42,299	194,637	180,356
Net income (loss) attributable to equity investments	$ 8,505	$ 121,503	$ 127,130

Equity Investments in the Man_8

Equity Investments in the Managed Programs and Real Estate - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments in Programs
Equity investments in real estate	$ 324,004	$ 329,248
Real Estate
Investments in Programs
Equity investments in real estate	$ 194,437	221,658
Real Estate | Third Party | Kesko Senukai
Investments in Programs
Equity method investment, ownership percentage (percent)	70.00%
Equity investments in real estate	$ 46,475	52,432
Real Estate | Third Party | Bps Partners
Investments in Programs
Equity method investment, ownership percentage (percent)	15.00%
Equity investments in real estate	$ 22,900	22,292
Real Estate | Third Party | Beach House JV, LLC
Investments in Programs
Equity investments in real estate	$ 0	15,105
Affiliated Entity | Real Estate | Third Party | Johnson Self Storage
Investments in Programs
Equity method investment, ownership percentage (percent)	90.00%
Equity investments in real estate	$ 70,690	73,475
Affiliated Entity | Real Estate | CPA:18 – Global | Bank Pekao
Investments in Programs
Equity method investment, ownership percentage (percent)	50.00%
Equity investments in real estate	$ 26,388	29,086
Affiliated Entity | Real Estate | CPA:18 – Global | State Farm Mutual Automobile Insurance Co.
Investments in Programs
Equity method investment, ownership percentage (percent)	50.00%
Equity investments in real estate	$ 17,232	18,927
Affiliated Entity | Real Estate | CPA:18 – Global | Apply Sørco AS
Investments in Programs
Equity method investment, ownership percentage (percent)	49.00%
Equity investments in real estate	$ 8,040	7,483
Affiliated Entity | Real Estate | CPA:18 – Global | Fortenova Grupa d.d. (formerly Konzum d.d.)
Investments in Programs
Equity method investment, ownership percentage (percent)	20.00%
Equity investments in real estate	$ 2,712	$ 2,858

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property
Fair Value Measurement Inputs and Valuation Techniques
Distributions of earnings from equity method investments		$ 26,772	$ 62,015	$ 66,259
Equity investments in real estate		324,004	329,248
Unamortized discount		26,679
Impairment charges on properties	$ 25,800	32,539	4,790	2,769
Bankrupt tenants property
Fair Value Measurement Inputs and Valuation Techniques
Total fair value measurements			3,900
Impairment charges on properties			3,800
Vacant properties
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges on properties			1,000
Net investments in direct financing leases | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges	$ 25,800
Number of real estate properties (property) | property	4
GCIF | Other assets
Fair Value Measurement Inputs and Valuation Techniques
Unrealized gain (loss) on investment		(1,100)
Proceeds from the redemption of investment in shares		9,700
Loss on investments		600
Equity investments in real estate		12,200	23,600
CPA:17 – Global
Fair Value Measurement Inputs and Valuation Techniques
Measurement period adjustment, decrease to purchase price		(3,000)
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges		32,539	4,790	2,769
Level 3 | Carrying Value | Non-Recourse Debt
Fair Value Measurement Inputs and Valuation Techniques
Unamortized discount		6,200	21,800
Level 3 | Carrying Value | Secured Debt
Fair Value Measurement Inputs and Valuation Techniques
Debt instrument, unamortized discount and debt issuance costs, net		600	800
Level 3 | Net investments in direct financing leases | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges		31,194	0	0
Total fair value measurements		$ 33,115	0	0
Level 3 | Net investments in direct financing leases | Fair Value | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Number of real estate properties (property) | property		5
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges		$ 1,345	$ 4,790	$ 2,769
Number of real estate properties (property) | property			2	2
Total fair value measurements		1,012	$ 7,797	$ 2,914
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Building
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges				2,200
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Impaired properties
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges				600
Level 2 | Carrying Value | Senior Unsecured Notes
Fair Value Measurement Inputs and Valuation Techniques
Debt instrument, unamortized discount and debt issuance costs, net		22,800	19,700
Unamortized discount		20,500	15,800
Investment in a Cold Storage Operator | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Unrealized gain (loss) on investment		32,900
Fair value of investments		$ 146,200	$ 116,300
CCIF | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Distributions of earnings from equity method investments				$ 900

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Carrying Value | Level 2 | Senior Unsecured Notes
Liabilities:
Non-recourse debt	$ 4,390,189	$ 3,554,470
Carrying Value | Level 3
Liabilities:
Non-recourse debt	1,462,487	2,732,658
Fair Value | Level 2 | Senior Unsecured Notes
Liabilities:
Non-recourse debt	4,682,432	3,567,593
Fair Value | Level 3
Liabilities:
Non-recourse debt	$ 1,487,892	$ 2,737,861

Fair Value Measurements - Impai

Fair Value Measurements - Impairment of Assets Measured on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net investments in direct financing leases
Impairment Disclosure
Total Impairment Charges	$ 25,800
Level 3
Impairment Disclosure
Total Impairment Charges		$ 32,539	$ 4,790	$ 2,769
Level 3 | Net investments in direct financing leases
Impairment Disclosure
Fair Value Measurements		33,115	0	0
Total Impairment Charges		31,194	0	0
Level 3 | Land, buildings and improvements and intangibles
Impairment Disclosure
Fair Value Measurements		1,012	7,797	2,914
Total Impairment Charges		$ 1,345	$ 4,790	$ 2,769

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) £ in Millions, ¥ in Billions	12 Months Ended
	Dec. 31, 2019USD ($)offering	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019JPY (¥)	Dec. 31, 2019EUR (€)	Dec. 31, 2019GBP (£)	Sep. 19, 2019EUR (€)
Summary of Derivative Instruments
Cash collateral	$ 0	$ 0
Net (losses) gains recognized in other comprehensive income	$ 314,000	2,866,000	$ (42,471,000)
Derivative, remaining maturity	77 months
Maximum exposure on derivatives	$ 23,000,000
Derivatives, net liability position	9,600,000	7,300,000
Aggregate termination value for immediate settlement	9,900,000	7,600,000
Other comprehensive income foreign currency gain (loss)	33,400,000	66,300,000	(163,900,000)
Senior Unsecured Credit Facility
Summary of Derivative Instruments
Debt outstanding	201,267,000	91,563,000
Senior Unsecured Credit Facility | Euro
Summary of Derivative Instruments
Debt outstanding	131,438,000	69,273,000			€ 117,000,000
Senior Unsecured Credit Facility | Yen
Summary of Derivative Instruments
Debt outstanding	22,295,000	22,290,000		¥ 2.4
Senior Unsecured Credit Facility | GBP
Summary of Derivative Instruments
Debt outstanding	$ 47,534,000	0				£ 36
Senior Unsecured Notes
Summary of Derivative Instruments
Number of offerings completed | offering	5
Principal amount	$ 4,400,000,000
Senior Unsecured Notes | 2.0% Senior Notes due 2023
Summary of Derivative Instruments
Principal amount | €					€ 500,000,000
Debt instrument stated interest rate (percentage)	2.00%			2.00%	2.00%	2.00%
Senior Unsecured Notes | 2.25% Senior Notes due 2024
Summary of Derivative Instruments
Principal amount | €					€ 500,000,000
Debt instrument stated interest rate (percentage)	2.25%			2.25%	2.25%	2.25%
Senior Unsecured Notes | 2.250% Senior Notes due 2026
Summary of Derivative Instruments
Principal amount | €					€ 500,000,000
Debt instrument stated interest rate (percentage)	2.25%			2.25%	2.25%	2.25%
Senior Unsecured Notes | 2.125% Senior Notes due 2027
Summary of Derivative Instruments
Principal amount | €					€ 500,000,000
Debt instrument stated interest rate (percentage)	2.125%			2.125%	2.125%	2.125%
Senior Unsecured Notes | 1.350% Senior Notes due 2028
Summary of Derivative Instruments
Principal amount | €					€ 500,000,000		€ 500,000,000
Debt instrument stated interest rate (percentage)	1.35%			1.35%	1.35%	1.35%	1.35%
Individual Counterparty
Summary of Derivative Instruments
Maximum exposure on derivatives	$ 7,200,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	(1,900,000)
Other Income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	9,300,000
Equity method investments | Cash Flow Hedging
Summary of Derivative Instruments
Net (losses) gains recognized in other comprehensive income	$ (1,400,000)	$ (600,000)	$ (1,000,000)

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value
Asset Derivatives Fair Value at	$ 29,158	$ 45,191
Liability Derivatives Fair Value at	(6,174)	(5,409)
Designated as Hedging Instrument
Derivatives, Fair Value
Asset Derivatives Fair Value at	24,150	32,547
Liability Derivatives Fair Value at	(6,081)	(5,066)
Designated as Hedging Instrument | Foreign currency collars | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	14,460	8,536
Designated as Hedging Instrument | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability Derivatives Fair Value at	(1,587)	(1,679)
Designated as Hedging Instrument | Foreign currency forward contracts | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	9,689	22,520
Designated as Hedging Instrument | Interest rate caps | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	1	56
Designated as Hedging Instrument | Interest rate swaps | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at		1,435
Designated as Hedging Instrument | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability Derivatives Fair Value at	(4,494)	(3,387)
Not Designated as Hedging Instrument
Derivatives, Fair Value
Asset Derivatives Fair Value at	5,008	12,644
Liability Derivatives Fair Value at	(93)	(343)
Not Designated as Hedging Instrument | Foreign currency forward contracts | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at		7,144
Not Designated as Hedging Instrument | Interest rate swaps | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	8
Not Designated as Hedging Instrument | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability Derivatives Fair Value at	(93)	(343)
Not Designated as Hedging Instrument | Stock warrants | Other assets
Derivatives, Fair Value
Asset Derivatives Fair Value at	$ 5,000	$ 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion)	$ 314	$ 2,866	$ (42,471)
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion)	5,997	9,029	(19,220)
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion)	(4,253)	(1,905)	(19,120)
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion)	(1,666)	(1,560)	1,550
Derivatives in Cash Flow Hedging Relationships | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion)	219	(68)	(29)
Derivatives in Net Investment Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion)	10	0	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 (Loss) Income (Effective Portion)	$ 7	$ (2,630)	$ (5,652)

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)		$ 13,085	$ 16,101	$ 9,201
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)		9,582	6,533	6,845
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps and caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)		(2,256)	(400)	(1,294)
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)		5,759	2,359	3,650
Derivatives in Net Investment Hedging Relationships | Foreign currency forward contracts | Gain on sale of real estate, net
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)	$ (7,600)	$ 0	$ 7,609	$ 0

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (Loss) on Derivative Instruments, Net, Pretax	$ (880)	$ 1,128	$ (270)
Not Designated as Hedging Instrument | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	575	356	(53)
Not Designated as Hedging Instrument | Stock warrants | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(500)	(99)	(67)
Not Designated as Hedging Instrument | Interest rate swaps | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(118)	(20)	18
Not Designated as Hedging Instrument | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	265	0	0
Not Designated as Hedging Instrument | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	184	455	(754)
Cash Flow Hedging | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (Loss) on Hedging Activity	(132)	132	(75)
Cash Flow Hedging | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (Loss) on Hedging Activity	(941)	286	693
Cash Flow Hedging | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (Loss) on Hedging Activity	7	18	(32)
Cash Flow Hedging | Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (Loss) on Hedging Activity	$ (220)	$ 0	$ 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	Dec. 31, 2019USD ($)instrument	Dec. 31, 2019EUR (€)instrument	Dec. 31, 2019GBP (£)instrument
Derivative Disclosure
Fair value	$ (4,578)
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | USD
Derivative Disclosure
Derivative number of instruments | instrument	5	5	5
Notional Amount	$ 76,028
Fair value	$ (3,122)
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Euro
Derivative Disclosure
Derivative number of instruments | instrument	2	2	2
Notional Amount | €		€ 49,655
Fair value	$ (1,372)
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate caps | Euro
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1
Notional Amount | €		€ 11,388
Fair value	$ 1
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate caps | GBP
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1
Notional Amount | £			£ 6,394
Fair value	$ 0
Not Designated as Hedging Instrument | Interest rate swaps | USD
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1
Notional Amount	$ 7,750
Fair value	$ 8
Not Designated as Hedging Instrument | Interest rate swaps | Euro
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1
Notional Amount | €		€ 4,608
Fair value	$ (93)

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	Dec. 31, 2019USD ($)instrument	Dec. 31, 2019NOK (kr)instrument	Dec. 31, 2019EUR (€)instrument	Dec. 31, 2019GBP (£)instrument
Derivative Disclosure
Fair value, foreign currency derivatives	$ 22,562
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency collars | Euro
Derivative Disclosure
Derivative number of instruments | instrument	86	86	86	86
Notional Amount | €			€ 277,624
Fair value, foreign currency derivatives	$ 11,696
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency collars | GBP
Derivative Disclosure
Derivative number of instruments | instrument	61	61	61	61
Notional Amount | £				£ 44,000
Fair value, foreign currency derivatives	$ 1,162
Designated as Hedging Instrument | Cash Flow Hedging | 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	$ 7
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency forward contracts | Euro
Derivative Disclosure
Derivative number of instruments | instrument	10	10	10	10
Notional Amount | €			€ 30,376
Fair value, foreign currency derivatives	$ 9,671
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency forward contracts | NOK
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1	1
Notional Amount | kr		kr 729
Fair value, foreign currency derivatives	$ 18
Designated as Hedging Instrument | Derivatives in Net Investment Hedging Relationships | Foreign currency collars | NOK
Derivative Disclosure
Derivative number of instruments | instrument	1	1	1	1
Notional Amount | kr		kr 2,500
Fair value, foreign currency derivatives	$ 8

Debt - Narratives (Details)

Debt - Narratives (Details)	Sep. 19, 2019EUR (€)	Jun. 14, 2019USD ($)	Mar. 27, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Feb. 20, 2020USD ($)	Feb. 20, 2020GBP (£)	Dec. 31, 2019EUR (€)	Oct. 31, 2018USD ($)	Feb. 22, 2017USD ($)	Feb. 22, 2017EUR (€)
Revolving Line Of Credit
Line of credit, maximum borrowing amount				$ 2,350,000,000
Senior Unsecured Notes
Debt financing cost				23,395,000
Unamortized discount (premium)				26,679,000
Non Recourse Debt
Prepayments of mortgage principal				1,028,795,000	$ 207,450,000	$ 193,434,000
Scheduled payments of mortgage principal				210,414,000	100,433,000	344,440,000
Interest paid				208,400,000	157,300,000	155,400,000
Decrease in value of balance sheet item due to foreign currency translation				(376,000)	31,843,000	$ (72,428,000)
CPA:17 – Global
Non Recourse Debt
Debt instrument weighted average interest rate (percent)										4.30%
Non-recourse mortgages, net				1,849,177,000	1,849,177,000					$ 1,849,177,000
Unamortized discount										$ 20,400,000
Merged Entities
Senior Unsecured Notes
Unamortized discount (premium)				6,200,000
Land building and improvements
Non Recourse Debt
Decrease in value of balance sheet item due to foreign currency translation				$ 36,700,000
Distribution Center In Inwood, West Virginia | Land building and improvements
Non Recourse Debt
Liabilities assumed			$ 20,200,000
Real estate mortgage interest rate				4.70%
Fixed interest rate
Non Recourse Debt
Debt instrument weighted average interest rate (percent)				5.00%					5.00%
Variable interest rate
Non Recourse Debt
Debt instrument weighted average interest rate (percent)				2.90%					2.90%
Senior Unsecured Notes
Senior Unsecured Notes
Principal Amount				$ 4,400,000,000
Debt financing cost				22,800,000	19,700,000
Unamortized discount (premium)				$ 20,500,000	$ 15,800,000
Senior Unsecured Notes | Government Bond Yield | Minimum
Senior Unsecured Notes
Debt instrument, basis spread on variable rate				3.00%
Senior Unsecured Notes | Government Bond Yield | Maximum
Senior Unsecured Notes
Debt instrument, basis spread on variable rate				3.50%
Senior Unsecured Notes | 3.850% Senior Notes due 2029
Senior Unsecured Notes
Principal Amount		$ 325,000,000		$ 325,000,000
Debt instrument stated interest rate (percentage)		3.85%		3.85%					3.85%
Price of Par Value		98.876%		98.876%					98.876%
Debt instrument term		10 years 1 month 6 days
Non Recourse Debt
Unamortized discount				$ 3,700,000
Senior Unsecured Notes | 1.350% Senior Notes due 2028
Senior Unsecured Notes
Principal Amount | €	€ 500,000,000								€ 500,000,000
Debt instrument stated interest rate (percentage)	1.35%			1.35%					1.35%
Price of Par Value	99.266%			99.266%					99.266%
Debt instrument term	8 years 7 months 6 days
Debt financing cost				$ 6,700,000
Non Recourse Debt
Unamortized discount				$ 4,100,000
Non-Recourse Debt
Non Recourse Debt
Debt instrument weighted average interest rate (percent)				4.40%	3.90%				4.40%
Prepayments of mortgage principal				$ 1,000,000,000	$ 207,400,000
Scheduled payments of mortgage principal				142,700,000	44,000,000
Loss on extinguishment of debt				14,800,000
Decrease in value of balance sheet item due to foreign currency translation				52,600,000
Non-Recourse Debt | Disposal by means other than sales
Non Recourse Debt
Prepayments of mortgage principal					$ 18,000,000
Subsequent Event
Revolving Line Of Credit
Line of credit, maximum borrowing amount							$ 2,100,000,000
Revolving Credit Facility
Revolving Line Of Credit
Line of credit, maximum borrowing amount											$ 1,500,000,000
Line of credit facility, available				$ 1,300,000,000
Debt Instrument borrowing capacity fee (percentage)				0.20%
Revolving Credit Facility | Subsequent Event
Revolving Line Of Credit
Line of credit, maximum borrowing amount							1,800,000,000
Term Loan Facility
Revolving Line Of Credit
Line of credit, maximum borrowing amount | €												€ 236,300,000
Term Loan Facility | Subsequent Event
Revolving Line Of Credit
Line of credit, maximum borrowing amount | £								£ 150,000,000
Delayed Draw Term Loan Facility
Revolving Line Of Credit
Line of credit, maximum borrowing amount											$ 100,000,000
Delayed Draw Term Loan Facility | Subsequent Event
Revolving Line Of Credit
Line of credit, maximum borrowing amount							$ 105,000,000

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Credit Facility (Details) - Senior Unsecured Credit Facility $ in Thousands, € in Millions, £ in Millions, ¥ in Billions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019JPY (¥)	Dec. 31, 2019EUR (€)	Dec. 31, 2019GBP (£)	Dec. 31, 2018USD ($)
Capital Lease Obligations
Debt outstanding	$ 201,267				$ 91,563
Euro
Capital Lease Obligations
Debt outstanding	$ 131,438		€ 117		69,273
Euro | EURIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.00%
GBP
Capital Lease Obligations
Debt outstanding	$ 47,534			£ 36	0
GBP | LIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.00%
Yen
Capital Lease Obligations
Debt outstanding	$ 22,295	¥ 2.4			$ 22,290
Yen | JPY LIBOR
Capital Lease Obligations
Debt instrument, basis spread on variable rate	1.00%

Debt - Summary of Senior Unse_2

Debt - Summary of Senior Unsecured Notes (Details)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Sep. 19, 2019EUR (€)	Jun. 14, 2019USD ($)	Dec. 31, 2018USD ($)
Senior Unsecured Notes
Principal Outstanding	$ 4,390,189,000				$ 3,554,470,000
Senior Unsecured Notes
Senior Unsecured Notes
Principal Amount	4,400,000,000
Principal Outstanding	$ 4,433,500,000				3,590,000,000
Senior Unsecured Notes | 2.0% Senior Notes due 2023
Senior Unsecured Notes
Principal Amount | €		€ 500,000,000
Price of Par Value	99.22%	99.22%
Original Issue Discount	$ 4,600,000
Effective Interest Rate	2.107%	2.107%
Coupon Rate	2.00%	2.00%
Principal Outstanding	$ 561,700,000				572,500,000
Senior Unsecured Notes | 4.6% Senior Notes due 2024
Senior Unsecured Notes
Principal Amount	$ 500,000,000
Price of Par Value	99.639%	99.639%
Original Issue Discount	$ 1,800,000
Effective Interest Rate	4.645%	4.645%
Coupon Rate	4.60%	4.60%
Principal Outstanding	$ 500,000,000				500,000,000
Senior Unsecured Notes | 2.25% Senior Notes due 2024
Senior Unsecured Notes
Principal Amount | €		€ 500,000,000
Price of Par Value	99.448%	99.448%
Original Issue Discount	$ 2,900,000
Effective Interest Rate	2.332%	2.332%
Coupon Rate	2.25%	2.25%
Principal Outstanding	$ 561,700,000				572,500,000
Senior Unsecured Notes | 4.0% Senior Notes due 2025
Senior Unsecured Notes
Principal Amount	$ 450,000,000
Price of Par Value	99.372%	99.372%
Original Issue Discount	$ 2,800,000
Effective Interest Rate	4.077%	4.077%
Coupon Rate	4.00%	4.00%
Principal Outstanding	$ 450,000,000				450,000,000
Senior Unsecured Notes | 2.250% Senior Notes due 2026
Senior Unsecured Notes
Principal Amount | €		€ 500,000,000
Price of Par Value	99.252%	99.252%
Original Issue Discount	$ 4,300,000
Effective Interest Rate	2.361%	2.361%
Coupon Rate	2.25%	2.25%
Principal Outstanding	$ 561,700,000				572,500,000
Senior Unsecured Notes | 4.25% Senior Notes due 2026
Senior Unsecured Notes
Principal Amount	$ 350,000,000
Price of Par Value	99.682%	99.682%
Original Issue Discount	$ 1,100,000
Effective Interest Rate	4.29%	4.29%
Coupon Rate	4.25%	4.25%
Principal Outstanding	$ 350,000,000				350,000,000
Senior Unsecured Notes | 2.125% Senior Notes due 2027
Senior Unsecured Notes
Principal Amount | €		€ 500,000,000
Price of Par Value	99.324%	99.324%
Original Issue Discount	$ 4,200,000
Effective Interest Rate	2.208%	2.208%
Coupon Rate	2.125%	2.125%
Principal Outstanding	$ 561,700,000				572,500,000
Senior Unsecured Notes | 1.350% Senior Notes due 2028
Senior Unsecured Notes
Principal Amount | €		€ 500,000,000	€ 500,000,000
Price of Par Value	99.266%	99.266%	99.266%
Original Issue Discount	$ 4,100,000
Effective Interest Rate	1.442%	1.442%
Coupon Rate	1.35%	1.35%	1.35%
Principal Outstanding	$ 561,700,000				0
Senior Unsecured Notes | 3.850% Senior Notes due 2029
Senior Unsecured Notes
Principal Amount	$ 325,000,000			$ 325,000,000
Price of Par Value	98.876%	98.876%		98.876%
Original Issue Discount	$ 3,700,000
Effective Interest Rate	3.986%	3.986%
Coupon Rate	3.85%	3.85%		3.85%
Principal Outstanding	$ 325,000,000				$ 0

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2019USD ($)
Long-term Debt, by Maturity
2020	$ 164,682
2021	445,469
2022	460,385
2023	900,288
2024	1,184,007
Thereafter through 2031	2,949,186
Total principal payments	6,104,017
Unamortized discount, net	(26,679)
Deferred financing costs	(23,395)
Total scheduled debt principal payments	$ 6,053,943

Restructuring and Other Compe_2

Restructuring and Other Compensation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Restructuring and Related Activities [Abstract]
Severance and benefits expense	$ 8.2
Other restructuring costs	$ 1.2

- Distributions (Details)

- Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividends Payable
Total distributions paid (usd per share)	$ 4.1320	$ 4.0700	$ 3.9900
Ordinary income
Dividends Payable
Total distributions paid (usd per share)	3.1939	3.5122	3.2537
Return of capital
Dividends Payable
Total distributions paid (usd per share)	0.9194	0	0.5182
Capital gains
Dividends Payable
Total distributions paid (usd per share)	$ 0.0187	$ 0.5578	$ 0.2181

Equity - Narratives (Details)

Equity - Narratives (Details)	May 26, 2017USD ($)	May 24, 2017USD ($)	May 24, 2017EUR (€)	Oct. 31, 2017USD ($)shares	Mar. 31, 2016USD ($)shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Aug. 09, 2019USD ($)	Oct. 01, 2013
Share-based Compensation Arrangement by Share-based Payment Award
Distributions declared per share (usd per share) | $ / shares						$ 1.038			$ 4.14	$ 4.09	$ 4.01
Shares issued, shares | shares				11,077
Proceeds from the issuance of common stock				$ 800,000					$ 523,393,000	$ 287,437,000	$ 22,886,000
Gain on sale of real estate, net of tax						$ 17,500,000	$ 99,600,000	$ 11,900,000
Redeemable Noncontrolling Interest
Distributions to noncontrolling interests									$ 1,683,000	16,935,000	$ 20,643,000
Redemption value adjustment										$ (335,000)
Subsidiary | WPCI | Officers
Redeemable Noncontrolling Interest
Minority interest ownership interest													7.70%
International Properties
Share-based Compensation Arrangement by Share-based Payment Award
Increase in ownership percentage		25.00%	25.00%
Adjustment to additional paid in capital | €			€ 2
Cumulative ownership percentage		100.00%	100.00%
Gain (loss)on acquisition		$ 0
Gain on sale of real estate, net of tax	$ 100,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued, shares | shares									6,672,412	4,229,285	345,253
Proceeds from the issuance of common stock									$ 6,000	$ 4,000	$ 1,000
Redeemable Noncontrolling Interest
Shares issued to a third party in connection with the redemption of a redeemable noncontrolling interest, shares | shares					217,011
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from the issuance of common stock									523,387,000	287,433,000	22,885,000
Acquisition of noncontrolling interest											$ (1,845,000)
Redeemable Noncontrolling Interest
Redemption value adjustment										$ (335,000)
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest
Distributions to noncontrolling interests					$ 13,400,000
ATM
Share-based Compensation Arrangement by Share-based Payment Award
Common stock maximum offering, value						$ 616,600,000			$ 616,600,000			$ 750,000,000
ATM | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued, shares | shares									6,672,412	4,229,285	345,253
Proceeds from the issuance of common stock									$ 523,300,000	$ 287,500,000	$ 22,800,000
Weighted average share price, usd per share | $ / shares									$ 79.70	$ 69.03	$ 67.78

- Basic and Diluted Earnings Pe

- Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Net Income Attributable to W. P. Carey	$ 129,372	$ 41,339	$ 66,038	$ 68,494	$ 193,263	$ 77,348	$ 75,681	$ 65,274	$ 305,243	$ 411,566	$ 277,289
Net income attributable to nonvested participating RSUs									(77)	(340)	(784)
Net income – basic and diluted									$ 305,166	$ 411,226	$ 276,505
Weighted-average shares outstanding – basic (shares)									171,001,430	117,494,969	107,824,738
Effect of dilutive securities (shares)									297,984	211,476	211,233
Weighted-average shares outstanding – diluted (shares)									171,299,414	117,706,445	108,035,971
Anti-dilutive shares									0	0	0

Equity - Reclassifications Out

Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance - beginning of period			$ 6,830,055	$ 3,411,385	$ 3,425,140
Amounts reclassified from accumulated other comprehensive income (loss) to:
Gain on sale of real estate, net (Note 10, Note 17)			(18,143)	(118,605)	(33,878)
Other gains and (losses)			(31,475)	(29,913)	3,613
Interest expense			233,325	178,375	165,775
Net current period other comprehensive (loss) income			(671)	(26,766)	34,579
Balance - end of period	$ 6,830,055	$ 3,411,385	6,948,173	6,830,055	3,411,385
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			12,414	(38,500)	40,392
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)			(13,085)	11,734	(5,813)
Net current period other comprehensive (loss) income			(671)	(26,766)	34,579
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Gain on sale of real estate, net (Note 10, Note 17)				20,226	3,388
Other gains and (losses)			(15,341)	(8,892)	(10,495)
Interest expense			2,256	400	1,294
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			12,031	13,415	(28,577)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)			(13,085)	(8,492)	(9,201)
Net current period other comprehensive (loss) income			(1,054)	4,923	(37,778)
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Gain on sale of real estate, net (Note 10, Note 17)				0	0
Other gains and (losses)			(15,341)	(8,892)	(10,495)
Interest expense			2,256	400	1,294
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			376	(52,069)	69,040
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)			0	20,226	3,388
Net current period other comprehensive (loss) income			376	(31,843)	72,428
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Gain on sale of real estate, net (Note 10, Note 17)	(20,200)	(3,400)		20,226	3,388
Other gains and (losses)			0	0	0
Interest expense			0	0	0
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			7	154	(71)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)			0	0	0
Net current period other comprehensive (loss) income			7	154	(71)
Gains and (Losses) on Investments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Gain on sale of real estate, net (Note 10, Note 17)				0	0
Other gains and (losses)			0	0	0
Interest expense			0	0	0
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance - beginning of period			(254,996)	(236,011)	(254,485)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(254,996)	(236,011)	(255,667)	(254,996)	(236,011)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance - beginning of period			14,102	9,172	46,935
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	14,102	9,172	13,048	14,102	9,172
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance - beginning of period			(269,091)	(245,022)	(301,330)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(269,091)	(245,022)	(268,715)	(269,091)	(245,022)
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance - beginning of period			(7)	(161)	(90)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	$ (7)	$ (161)	$ 0	(7)	(161)
Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest				7,781	(16,105)
Gains and (Losses) on Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest				7	15
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest				7,774	(16,120)
Gains and (Losses) on Investments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interest				$ 0	$ 0

Stock-Based and Other Compens_2

Stock-Based and Other Compensation - Narratives (Details)	12 Months Ended
	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Dec. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 18,787,000	$ 18,294,000	$ 18,917,000
Employee service share-based compensation, tax benefit from compensation expense	5,100,000	6,600,000	4,600,000
Options vested during the period, aggregate intrinsic value	39,400,000	16,400,000	21,400,000
Deferred compensation obligation	37,263,000	35,766,000
Stock options outstanding at end of year (shares) | shares				145,033
Stock options outstanding at end of year, weighted average exercise price (usd per share) | $ / shares				$ 33.27
Severance costs	$ 1,100,000	900,000	100,000
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award
Maximum percentage of annual contribution allowed by employees	10.00%
Maximum annual contribution per employee, amount	$ 28,000	27,500	27,000
Profit sharing expense	$ 2,100,000	2,600,000	$ 3,300,000
2017 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized for grant | shares	4,000,000
Shares available for grant | shares	3,243,301
1997 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			4 years
Weighted average remaining term on stock option			10 years
Options exercised during the period, aggregate intrinsic value			$ 4,400,000
RSU, and PSU
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense		$ 4,200,000
Stock Compensation Plan | 2017 Share Incentive Plan | Employee Severance
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized for grant | shares	279,728
PSUs Awarded
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
PSUs Awarded | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	0	0	0
PSUs Awarded | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	3	3	3
PSUs Awarded | 2017 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Target percentage	100.00%
Service period	3 years
Vesting period	3 years
PSUs Awarded | 2017 Share Incentive Plan | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.33%
PSUs Awarded | 2017 Share Incentive Plan | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.33%
PSUs Awarded | 2017 Share Incentive Plan | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.33%
PSUs Awarded | 2017 Share Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Target percentage	0.00%
PSUs Awarded | 2017 Share Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Target settlement multiple	3
Restricted Stock And RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 100,000	$ 100,000	$ 100,000
Share-based compensation arrangement by share-based payment award, maximum employee contribution rate	10.00%
Share based compensation, effective share purchase price for participant	90.00%	90.00%
Proceeds from stock plans	$ 300,000	$ 200,000	$ 200,000
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock options required to be issued (shares) | shares	893,713	867,871
Deferred compensation obligation	$ 37,300,000	$ 35,800,000
Fair value assumptions expected dividend rate	0.00%
Unrecognized stock based compensation expense	$ 22,500,000
Weighted-average remaining term	1 year 7 months 6 days
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate	2.50%
Fair value assumptions expected volatility rate	15.80%

Stock-Based and Other Compens_3

Stock-Based and Other Compensation - Rollforward of Nonvested RSAs, RSUs, and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock And RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested, beginning balance - shares	277,002	324,339	356,865
Granted - shares	163,447	137,519	194,349
Vested - shares	(152,364)	(181,777)	(185,259)
Forfeited - shares	(4,108)	(3,079)	(41,616)
Adjustments - shares	0	0	0
Nonvested, ending balance - shares	283,977	277,002	324,339
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)	$ 62.41	$ 61.43	$ 61.63
Granted, weighted average grant date fair value (in dollars per share)	72.86	64.50	62.22
Vested, weighted average grant date fair value (in dollars per share)	62.11	62.25	62.72
Forfeited, weighted average grant date fair value (in dollars per share)	68.10	61.71	61.08
Adjustments, weighted average grant date fair value (in dollars per share)	0	0	0
Nonvested, weighted average grant date fair value (in dollars per share)	$ 68.51	$ 62.41	$ 61.43
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested, beginning balance - shares	331,216	281,299	310,018
Granted - shares	84,006	75,864	107,934
Vested - shares	(403,701)	(66,632)	(132,412)
Forfeited - shares	(2,829)	(3,098)	(45,258)
Adjustments - shares	322,550	43,783	41,017
Nonvested, ending balance - shares	331,242	331,216	281,299
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)	$ 78.82	$ 74.57	$ 73.80
Granted, weighted average grant date fair value (in dollars per share)	92.16	75.81	75.39
Vested, weighted average grant date fair value (in dollars per share)	74.04	76.96	74.21
Forfeited, weighted average grant date fair value (in dollars per share)	75.81	76.49	76.91
Adjustments, weighted average grant date fair value (in dollars per share)	77.69	74.17	63.18
Nonvested, weighted average grant date fair value (in dollars per share)	$ 80.90	$ 78.82	$ 74.57

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency
Net operating loss carry forward, foreign	$ 49,700
Deferred income taxes	179,309	$ 173,115
Accrued interest related to uncertain tax positions	1,600	1,400
Income taxes paid	35,300	23,200	$ 16,700
Other assets
Income Tax Contingency
Deferred income taxes	8,900	$ 7,900
Federal
Income Tax Contingency
Net operating loss carry forward	66,400
State and local
Income Tax Contingency
Net operating loss carry forward	27,800
Adjustment
Income Tax Contingency
Current Income Tax Expense (Benefit)	$ (6,300)
Senior Unsecured Notes | 2.25% Senior Notes due 2024
Income Tax Contingency
Debt instrument stated interest rate (percentage)	2.25%

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Federal
Current	$ 407	$ (829)	$ (687)
Deferred	9,579	3,275	(9,520)
Federal income taxes	9,986	2,446	(10,207)
State and Local
Current	(3,814)	4,820	1,954
Deferred	(376)	3,042	572
State and local taxes	(4,190)	7,862	2,526
Foreign
Current	20,363	16,791	21,457
Deferred	52	(12,688)	(11,065)
Foreign income taxes	20,415	4,103	10,392
Total provision	$ 26,211	$ 14,411	$ 2,711

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Amount
Pre-tax income attributable to taxable subsidiaries	$ 74,754	$ 98,245	$ 49,909
Federal provision at statutory tax rate	15,698	20,632	17,468
Change in valuation allowance	11,041	6,735	11,805
Rate differential	(6,820)	(14,165)	(13,134)
Non-deductible expense	5,313	4,996	3,010
Windfall tax benefit	(5,183)	(3,754)	(4,618)
State and local taxes, net of federal benefit	4,062	7,590	1,115
Non-taxable income	103	(736)	(8,073)
Revocation of TRS Status	0	(6,285)	0
Revaluation of deferred taxes due to Tax Cuts and Jobs Act	0	0	(7,826)
Other	1,997	(602)	2,964
Total provision	$ 26,211	$ 14,411	$ 2,711

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets
Net operating loss and other tax credit carryforwards	$ 51,265	$ 44,445
Basis differences — foreign investments	31,704	15,286
Unearned and deferred compensation	10,345	16,255
Other	555	640
Total deferred tax assets	93,869	76,626
Valuation allowance	(73,643)	(54,499)
Net deferred tax assets	20,226	22,127
Deferred Tax Liabilities
Basis differences — foreign investments	(137,074)	(138,712)
Basis differences — equity investees	(53,460)	(46,899)
Deferred revenue	(100)	(1,778)
Total deferred tax liabilities	(190,634)	(187,389)
Net Deferred Tax Liability	$ (170,408)	$ (165,262)

Income Taxes - Rollforward of

Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits
Beginning balance	$ 6,105	$ 5,202
Addition based on tax positions related to the current year	543	514
Decrease due to lapse in statute of limitations	(497)	(2,186)
(Decrease) addition based on tax positions related to prior years	(287)
(Decrease) addition based on tax positions related to prior years		442
Foreign currency translation adjustments	(108)	(140)
Increase due to CPA:17 Merger	0	2,273
Ending balance	$ 5,756	$ 6,105

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	Jun. 05, 2018USD ($)property	Dec. 31, 2019USD ($)	Oct. 31, 2019USD ($)property	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Jan. 31, 2017USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Jun. 30, 2018USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Apr. 30, 2018property
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property								12	39	25
Gain (loss) on sale of real estate, net of tax								$ 17,500	$ 99,600	$ 11,900
Proceeds from repayment of loans receivable			$ 10,000	$ 9,300							$ 19,707	$ 488	$ 436
Loss on collection of loans receivable				$ 100
Investments in real estate		$ 13,848,730			$ 13,493,036			13,848,730	13,493,036		13,848,730	13,493,036
Non-recourse mortgages, net		1,462,487			2,732,658			1,462,487	$ 2,732,658		1,462,487	2,732,658
Gain on sale of real estate, net											18,143	118,605	33,878
Amount reclassified from other comprehensive income											13,085	16,101	9,201
Purchases of real estate											717,666	719,548	31,842
Disposal group, non current asset							$ 28,100
Disposal group, non current liability							28,100
Disposal group, restricted cash							3,800
Loss on sale of real estate							$ 100
Foreign currency forward contracts | Gain on sale of real estate, net | Derivatives in Net Investment Hedging Relationships
Discontinued Operation Additional Disclosures
Amount reclassified from other comprehensive income					(7,600)						0	7,609	0
Amounts reclassified from accumulated other comprehensive loss to | Foreign Currency Translation Adjustments
Discontinued Operation Additional Disclosures
Gain on sale of real estate, net					$ 20,200	$ 3,400						$ (20,226)	$ (3,388)
International Properties
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property							2
Land building and improvements
Discontinued Operation Additional Disclosures
Gain (loss) on sale of real estate, net of tax	$ 6,300
Number of real estate properties (property) | property					15	2			15			15	2
Number of properties disposed of | property	23
Purchases of real estate											$ 737,500	$ 806,900	$ 31,800
Land building and improvements | Manufacturing Facility in Bessemer, Alabama
Discontinued Operation Additional Disclosures
Purchases of real estate	$ 85,500
Discontinued operations, disposed of by sale
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property											14	49	16
Proceeds from the sale of properties											$ 308,000	$ 431,600	$ 159,900
Gain (loss) on sale of real estate, net of tax											10,900	112,300	33,900
Gain on sales of real estate, applicable tax											$ 1,200	$ 21,800	$ 5,200
Discontinued operations, disposed of by sale | Land, buildings and improvements and intangibles
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property											16
Discontinued operations, disposed of by sale | Properties in Australia
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property					28
Discontinued operations, disposed of by sale | Property in Malaysia
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property													2
Discontinued operations, disposed of by sale | Hotel | Land, buildings and improvements and intangibles
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property														1
Disposal by means other than sales | Six Properties Transferred
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property			6
Investments in real estate			$ 42,300
Mortgage carrying value			43,400
Non-recourse mortgages, net			56,400
Gain (loss) on disposal of property			8,300
Write off of unamortized debt discount			13,800
Write off of interest payable			$ 5,600
Disposal by means other than sales | Property Transferred In December 2019
Discontinued Operation Additional Disclosures
Investments in real estate		10,400						10,400			$ 10,400
Mortgage carrying value		8,200						8,200			8,200
Non-recourse mortgages, net		8,700						$ 8,700			$ 8,700
Gain (loss) on disposal of property		(1,000)
Write off of unamortized debt discount		500
Write off of interest payable		$ (900)

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information
Number of business segments | segment	2
Real Estate
Segment Reporting Information
Gross contract revenue	$ 50,220	$ 28,072	$ 30,562
Real Estate | Hotel in Memphis, TN
Segment Reporting Information
Gross contract revenue		4,800	16,000
Real Estate | Hotel in Bloomington, MN
Segment Reporting Information
Gross contract revenue	15,000	15,200	$ 14,600
Real Estate | Miami, FL
Segment Reporting Information
Gross contract revenue	$ 14,400	$ 1,700

Segment Reporting - Income From

Segment Reporting - Income From Owned Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Total revenues	$ 311,227	$ 318,005	$ 305,211	$ 298,323	$ 273,395	$ 209,384	$ 201,143	$ 201,810	$ 1,232,766	$ 885,732	$ 848,302
Operating Expenses
Depreciation and amortization									447,135	291,440	253,334
General and administrative									75,293	68,337	70,891
Reimbursable tenant costs									55,576	28,076	21,524
Property expenses, excluding reimbursable tenant costs									39,545	22,773	17,330
Operating property expenses									38,015	20,150	23,426
Impairment charges		25,800							32,539	4,790	2,769
Stock-based compensation expense									18,787	18,294	18,917
Merger and other expenses									101	41,426	605
Total operating expenses	175,816	198,409	179,170	177,722	185,346	110,937	109,202	120,966	731,117	526,451	489,748
Other Income and Expenses
Interest expense									(233,325)	(178,375)	(165,775)
Other gains and (losses)									31,475	29,913	(3,613)
Gain on sale of real estate, net									18,143	118,605	33,878
(Loss) gain on change in control of interests		(8,400)			47,800				(8,416)	47,814	0
Equity in earnings of equity method investments in the Managed Programs and real estate									23,229	61,514	64,750
Total other income and expenses									(168,894)	79,471	(70,760)
Income before income taxes									332,755	438,752	287,794
Provision for income taxes									(26,211)	(14,411)	(2,711)
Net Income	129,792	41,835	66,121	68,796	195,278	81,573	79,424	68,066	306,544	424,341	285,083
Net income attributable to noncontrolling interests	(420)	(496)	(83)	(302)	(2,015)	(4,225)	(3,743)	(2,792)	(1,301)	(12,775)	(7,794)
Net Income Attributable to W. P. Carey	$ 129,372	$ 41,339	$ 66,038	$ 68,494	$ 193,263	$ 77,348	$ 75,681	$ 65,274	305,243	411,566	277,289
Real Estate
Revenues
Lease revenues									1,086,375	744,498	651,897
Gross contract revenue									50,220	28,072	30,562
Lease termination income and other									36,268	6,555	4,749
Total revenues									1,172,863	779,125	687,208
Operating Expenses
Depreciation and amortization									443,300	287,461	249,432
General and administrative									56,796	47,210	39,002
Reimbursable tenant costs									55,576	28,076	21,524
Property expenses, excluding reimbursable tenant costs									39,545	22,773	17,330
Operating property expenses									38,015	20,150	23,426
Impairment charges									32,539	4,790	2,769
Stock-based compensation expense									13,248	10,450	6,960
Merger and other expenses									101	41,426	605
Total operating expenses									679,120	462,336	361,048
Other Income and Expenses
Interest expense									(233,325)	(178,375)	(165,775)
Other gains and (losses)									30,251	30,015	(5,655)
Gain on sale of real estate, net									18,143	118,605	33,878
(Loss) gain on change in control of interests									(8,416)	18,792	0
Equity in earnings of equity method investments in the Managed Programs and real estate									2,361	13,341	13,068
Total other income and expenses									(190,986)	2,378	(124,484)
Income before income taxes									302,757	319,167	201,676
Provision for income taxes									(30,802)	844	(1,743)
Net Income									271,955	320,011	199,933
Net income attributable to noncontrolling interests									110	(12,775)	(7,794)
Net Income Attributable to W. P. Carey									$ 272,065	$ 307,236	$ 192,139

Segment Reporting - Income Fr_2

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Expenses
General and administrative									$ 75,293	$ 68,337	$ 70,891
Reimbursable costs from affiliates									16,547	21,925	51,445
Subadvisor fees									7,579	9,240	13,600
Stock-based compensation expense									18,787	18,294	18,917
Depreciation and amortization									447,135	291,440	253,334
Restructuring and other compensation									0	0	9,363
Dealer manager fees and expenses									0	0	6,544
Total operating expenses	$ 175,816	$ 198,409	$ 179,170	$ 177,722	$ 185,346	$ 110,937	$ 109,202	$ 120,966	731,117	526,451	489,748
Other Income and Expenses
Equity in earnings of equity method investments in the Managed Programs and real estate									23,229	61,514	64,750
Other gains and (losses)									31,475	29,913	(3,613)
(Loss) gain on change in control of interests		(8,400)			47,800				(8,416)	47,814	0
Total other income and expenses									(168,894)	79,471	(70,760)
Income before income taxes									332,755	438,752	287,794
Provision for income taxes									(26,211)	(14,411)	(2,711)
Net Income	129,792	41,835	66,121	68,796	195,278	81,573	79,424	68,066	306,544	424,341	285,083
Net income attributable to noncontrolling interests	(420)	(496)	(83)	(302)	(2,015)	(4,225)	(3,743)	(2,792)	(1,301)	(12,775)	(7,794)
Net Income Attributable to W. P. Carey	$ 129,372	$ 41,339	$ 66,038	$ 68,494	$ 193,263	$ 77,348	$ 75,681	$ 65,274	305,243	411,566	277,289
Investment Management
Investment Management:
Gross contract revenue									59,903	106,607	161,094
Operating Expenses
General and administrative									18,497	21,127	31,889
Reimbursable costs from affiliates									16,547	21,925	51,445
Subadvisor fees									7,579	9,240	13,600
Stock-based compensation expense									5,539	7,844	11,957
Depreciation and amortization									3,835	3,979	3,902
Restructuring and other compensation									0	0	9,363
Dealer manager fees and expenses									0	0	6,544
Total operating expenses									51,997	64,115	128,700
Other Income and Expenses
Equity in earnings of equity method investments in the Managed Programs and real estate									20,868	48,173	51,682
Other gains and (losses)									1,224	(102)	2,042
(Loss) gain on change in control of interests									0	29,022	0
Total other income and expenses									22,092	77,093	53,724
Income before income taxes									29,998	119,585	86,118
Provision for income taxes									4,591	(15,255)	(968)
Net Income									34,589	104,330	85,150
Net income attributable to noncontrolling interests									(1,411)	0	0
Net Income Attributable to W. P. Carey									33,178	104,330	85,150
Investment Management | Asset management revenue
Investment Management:
Gross contract revenue									39,132	63,556	70,125
Investment Management | Reimbursable costs from affiliates
Investment Management:
Gross contract revenue									16,547	21,925	51,445
Investment Management | Structuring and other advisory revenue
Investment Management:
Gross contract revenue									4,224	21,126	35,094
Investment Management | Dealer manager fees
Investment Management:
Gross contract revenue									$ 0	$ 0	$ 4,430

Segment Reporting - Total Compa

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting [Abstract]
Revenues	$ 311,227	$ 318,005	$ 305,211	$ 298,323	$ 273,395	$ 209,384	$ 201,143	$ 201,810	$ 1,232,766	$ 885,732	$ 848,302
Operating expenses	175,816	198,409	179,170	177,722	185,346	110,937	109,202	120,966	731,117	526,451	489,748
Other income and expenses									(168,894)	79,471	(70,760)
Provision for income taxes									(26,211)	(14,411)	(2,711)
Net income attributable to noncontrolling interests	(420)	(496)	(83)	(302)	(2,015)	(4,225)	(3,743)	(2,792)	(1,301)	(12,775)	(7,794)
Net Income Attributable to W. P. Carey	$ 129,372	$ 41,339	$ 66,038	$ 68,494	$ 193,263	$ 77,348	$ 75,681	$ 65,274	$ 305,243	$ 411,566	$ 277,289

Segment Reporting - Income by G

Segment Reporting - Income by Geography (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information Profit Loss
Revenues	$ 311,227	$ 318,005	$ 305,211	$ 298,323	$ 273,395	$ 209,384	$ 201,143	$ 201,810	$ 1,232,766	$ 885,732	$ 848,302
Real Estate
Segment Reporting Information Profit Loss
Revenues									1,172,863	779,125	687,208
Real Estate | Domestic
Segment Reporting Information Profit Loss
Revenues									783,828	499,342	451,310
Real Estate | International
Segment Reporting Information Profit Loss
Revenues									$ 389,035	$ 279,783	$ 235,898

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Assets
Equity investments in real estate		$ 324,004	$ 329,248
Total assets	[1]	14,060,918	14,183,039
Real Estate
Assets
Long-lived assets		11,916,745	11,928,854
Equity investments in real estate		194,437	221,658
Total assets		13,811,403	13,941,963
Real Estate | Domestic
Assets
Long-lived assets		7,574,110	7,579,018
Equity investments in real estate		110,822	129,799
Real Estate | International
Assets
Long-lived assets		4,342,635	4,349,836
Equity investments in real estate		83,615	91,859
Investment Management
Assets
Total assets		$ 249,515	$ 241,076
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Data
Revenues	$ 311,227	$ 318,005	$ 305,211	$ 298,323	$ 273,395	$ 209,384	$ 201,143	$ 201,810	$ 1,232,766	$ 885,732	$ 848,302
Expenses	175,816	198,409	179,170	177,722	185,346	110,937	109,202	120,966	731,117	526,451	489,748
Net income	129,792	41,835	66,121	68,796	195,278	81,573	79,424	68,066	306,544	424,341	285,083
Net income attributable to noncontrolling interests	(420)	(496)	(83)	(302)	(2,015)	(4,225)	(3,743)	(2,792)	(1,301)	(12,775)	(7,794)
Net Income Attributable to W. P. Carey	$ 129,372	$ 41,339	$ 66,038	$ 68,494	$ 193,263	$ 77,348	$ 75,681	$ 65,274	$ 305,243	$ 411,566	$ 277,289
Earnings per share attributable to W. P. Carey:
Basic (usd per share)	$ 0.75	$ 0.24	$ 0.39	$ 0.41	$ 1.33	$ 0.71	$ 0.70	$ 0.60	$ 1.78	$ 3.50	$ 2.56
Diluted (usd per share)	$ 0.75	$ 0.24	$ 0.38	$ 0.41	$ 1.33	$ 0.71	$ 0.70	$ 0.60	$ 1.78	$ 3.49	$ 2.56

Selected Quarterly Financial _4

Selected Quarterly Financial Data (Unaudited) - Narratives (Details) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019USD ($)property	Sep. 30, 2019USD ($)property	Dec. 31, 2018USD ($)property$ / shares	Jun. 30, 2018USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Interim Period, Costs Not Allocable
Gain on change in control of interests		$ (8,400)	$ 47,800		$ (8,416)	$ 47,814	$ 0
Unrealized gain on investment in shares	$ 36,100
Gain on sale of real estate, net of tax	$ 17,500		$ 99,600	$ 11,900
Number of properties sold (property) | property	12		39	25
Business acquisition impact on earnings per share, basic (usd per share) | $ / shares			$ (0.16)
Business acquisition impact on earnings per share, diluted (usd per share) | $ / shares			$ (0.15)
Fair Value, Measurements, Nonrecurring | Net investments in direct financing leases
Interim Period, Costs Not Allocable
Total impairment charges		$ 25,800
Number of real estate properties (property) | property		4

Subsequent Events (Details)

Subsequent Events (Details)

Feb. 20, 2020USD ($)

Jan. 31, 2020USD ($)property

Feb. 21, 2020USD ($)property

Dec. 31, 2019USD ($)property

Dec. 31, 2018property

Jun. 30, 2018property

Dec. 31, 2019USD ($)property

Dec. 31, 2018USD ($)property

Dec. 31, 2017USD ($)property

Feb. 20, 2020GBP (£)

Feb. 22, 2017USD ($)

Feb. 22, 2017EUR (€)

Subsequent Events

Line of credit, maximum borrowing amount

$ 2,350,000,000

$ 2,350,000,000

Purchases of real estate

$ 717,666,000

$ 719,548,000

$ 31,842,000

Number of properties sold (property) | property

12

39

25

Discontinued operations, disposed of by sale

Subsequent Events

Number of properties sold (property) | property

14

49

16

Proceeds from the sale of properties

$ 308,000,000

$ 431,600,000

$ 159,900,000

Revolving Credit Facility

Subsequent Events

Line of credit, maximum borrowing amount

$ 1,500,000,000

Term Loan Facility

Subsequent Events

Line of credit, maximum borrowing amount | €

€ 236,300,000

Delayed Draw Term Loan Facility

Subsequent Events

Line of credit, maximum borrowing amount

$ 100,000,000

Subsequent Event

Subsequent Events

Line of credit, maximum borrowing amount

$ 2,100,000,000

Line of credit maximum borrowing amount in aggregate

2,750,000,000

Number of real estate properties (property) | property

3

Purchases of real estate

$ 149,900,000

Construction projects completed (property) | property

1

Assets placed into service

$ 53,100,000

Subsequent Event | Discontinued operations, disposed of by sale

Subsequent Events

Number of properties sold (property) | property

4

Proceeds from the sale of properties

$ 121,800,000

Subsequent Event | Discontinued operations, disposed of by sale | Hotel

Subsequent Events

Number of properties sold (property) | property

1

Proceeds from the sale of properties

120,000,000

Subsequent Event | Discontinued operations, disposed of by sale | Hotel | Noncontrolling interest

Subsequent Events

Proceeds from the sale of properties

$ 5,500,000

Subsequent Event | Revolving Credit Facility

Subsequent Events

Line of credit, maximum borrowing amount

$ 1,800,000,000

Subsequent Event | Revolving Credit Facility | LIBOR

Subsequent Events

Debt instrument, basis spread on variable rate

0.85%

Subsequent Event | Term Loan Facility

Subsequent Events

Line of credit, maximum borrowing amount | £

£ 150,000,000

Subsequent Event | Delayed Draw Term Loan Facility

Subsequent Events

Line of credit, maximum borrowing amount

$ 105,000,000

Subsequent Event | Delayed Draw Term Loan Facility | LIBOR

Subsequent Events

Debt instrument, basis spread on variable rate

0.95%

Schedule II - Valuation And Q_2

Schedule II - Valuation And Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 54,499	$ 39,155	$ 27,350
Other Additions	22,384	30,557	18,031
Deductions	(3,240)	(15,213)	(6,226)
Balance at End of Year	$ 73,643	$ 54,499	$ 39,155

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule III, Real Estate and Accumulated Depreciation
Accumulated amortization (finite lived intangible assets)	$ 1,089,784	$ 841,266
Finite-lived intangible liabilities, gross	268,515	269,594
Accumulated amortization (intangible liabilities)	74,484	61,177
Assets held for sale, net	104,010	0
Real estate under construction	69,600
Federal income taxes	12,400,000
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite-lived intangible liabilities, gross	285,200
Accumulated amortization (intangible liabilities)	74,500
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite lived intangible assets, gross	2,981,781	2,929,123
Accumulated amortization (finite lived intangible assets)	$ 1,074,302	$ 829,398

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,387,046
Initial Cost to Company
Land	2,028,107
Buildings	7,687,370
Cost Capitalized Subsequent to Acquisition	506,074
Increase (Decrease) in Net Investments	(518,047)
Gross Amount at which Carried at Close of Period
Land	1,875,065
Buildings	7,828,439
Total	9,703,504	$ 8,717,612	$ 5,334,446	$ 5,182,267
Accumulated Depreciation	950,452	724,550	613,543	472,294
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Erlanger, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,526
Buildings	21,427
Cost Capitalized Subsequent to Acquisition	2,966
Increase (Decrease) in Net Investments	141
Gross Amount at which Carried at Close of Period
Land	1,526
Buildings	24,534
Total	26,060
Accumulated Depreciation	$ 13,881
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Thurmont, MD and Farmington, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	729
Buildings	5,903
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	729
Buildings	5,903
Total	6,632
Accumulated Depreciation	$ 2,238
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Anchorage, AK and Commerce, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,905
Buildings	11,898
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	12
Gross Amount at which Carried at Close of Period
Land	4,905
Buildings	11,910
Total	16,815
Accumulated Depreciation	$ 5,803
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Toledo, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	224
Buildings	2,408
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	224
Buildings	2,408
Total	2,632
Accumulated Depreciation	$ 1,705
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Goshen, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	239
Buildings	940
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	239
Buildings	940
Total	1,179
Accumulated Depreciation	$ 462
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Raleigh, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,638
Buildings	2,844
Cost Capitalized Subsequent to Acquisition	187
Increase (Decrease) in Net Investments	(2,554)
Gross Amount at which Carried at Close of Period
Land	828
Buildings	1,287
Total	2,115
Accumulated Depreciation	$ 911
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in King of Prussia, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,219
Buildings	6,283
Cost Capitalized Subsequent to Acquisition	1,295
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,219
Buildings	7,578
Total	8,797
Accumulated Depreciation	$ 4,036
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Pinconning, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	32
Buildings	1,692
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	32
Buildings	1,692
Total	1,724
Accumulated Depreciation	$ 930
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in San Fernando, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,103
Initial Cost to Company
Land	2,052
Buildings	5,322
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,889)
Gross Amount at which Carried at Close of Period
Land	1,494
Buildings	3,991
Total	5,485
Accumulated Depreciation	$ 2,208
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,382
Buildings	0
Cost Capitalized Subsequent to Acquisition	238
Increase (Decrease) in Net Investments	14,696
Gross Amount at which Carried at Close of Period
Land	9,025
Buildings	15,291
Total	24,316
Accumulated Depreciation	$ 5,790
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Glendora, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,135
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,942
Gross Amount at which Carried at Close of Period
Land	1,152
Buildings	1,925
Total	3,077
Accumulated Depreciation	$ 192
Life on which Depreciation in Latest Statement of Income is Computed	10 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Doraville, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,288
Buildings	9,864
Cost Capitalized Subsequent to Acquisition	16,729
Increase (Decrease) in Net Investments	(11,410)
Gross Amount at which Carried at Close of Period
Land	3,288
Buildings	15,183
Total	18,471
Accumulated Depreciation	$ 1,268
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 42,576
Initial Cost to Company
Land	3,490
Buildings	72,497
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(15,609)
Gross Amount at which Carried at Close of Period
Land	288
Buildings	60,090
Total	60,378
Accumulated Depreciation	$ 17,933
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Irving and Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,795
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,795
Buildings	0
Total	9,795
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chandler, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,035
Buildings	18,957
Cost Capitalized Subsequent to Acquisition	7,460
Increase (Decrease) in Net Investments	516
Gross Amount at which Carried at Close of Period
Land	5,035
Buildings	26,933
Total	31,968
Accumulated Depreciation	$ 14,406
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Bridgeton, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	842
Buildings	4,762
Cost Capitalized Subsequent to Acquisition	2,523
Increase (Decrease) in Net Investments	71
Gross Amount at which Carried at Close of Period
Land	842
Buildings	7,356
Total	8,198
Accumulated Depreciation	$ 3,768
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Drayton Plains, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,039
Buildings	4,788
Cost Capitalized Subsequent to Acquisition	236
Increase (Decrease) in Net Investments	(2,297)
Gross Amount at which Carried at Close of Period
Land	494
Buildings	3,272
Total	3,766
Accumulated Depreciation	$ 1,266
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Memphis, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,882
Buildings	3,973
Cost Capitalized Subsequent to Acquisition	294
Increase (Decrease) in Net Investments	(3,892)
Gross Amount at which Carried at Close of Period
Land	328
Buildings	1,929
Total	2,257
Accumulated Depreciation	$ 1,266
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Romulus, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	454
Buildings	6,411
Cost Capitalized Subsequent to Acquisition	525
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454
Buildings	6,936
Total	7,390
Accumulated Depreciation	$ 682
Life on which Depreciation in Latest Statement of Income is Computed	10 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Bellevue, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,125
Buildings	11,812
Cost Capitalized Subsequent to Acquisition	393
Increase (Decrease) in Net Investments	(123)
Gross Amount at which Carried at Close of Period
Land	4,371
Buildings	11,836
Total	16,207
Accumulated Depreciation	$ 6,322
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Rio Rancho, NM
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,190
Buildings	9,353
Cost Capitalized Subsequent to Acquisition	5,866
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,287
Buildings	14,122
Total	16,409
Accumulated Depreciation	$ 6,369
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Moorestown, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	351
Buildings	5,981
Cost Capitalized Subsequent to Acquisition	1,652
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	351
Buildings	7,634
Total	7,985
Accumulated Depreciation	$ 4,265
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Lenexa, KS and Winston-Salem, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,860
Buildings	12,539
Cost Capitalized Subsequent to Acquisition	3,075
Increase (Decrease) in Net Investments	(1,135)
Gross Amount at which Carried at Close of Period
Land	1,725
Buildings	14,614
Total	16,339
Accumulated Depreciation	$ 6,531
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in Playa Vista and Venice, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 21,048
Initial Cost to Company
Land	2,032
Buildings	10,152
Cost Capitalized Subsequent to Acquisition	52,817
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	5,889
Buildings	59,113
Total	65,002
Accumulated Depreciation	$ 15,303
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Greenfield, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,807
Buildings	10,335
Cost Capitalized Subsequent to Acquisition	223
Increase (Decrease) in Net Investments	(8,383)
Gross Amount at which Carried at Close of Period
Land	967
Buildings	4,015
Total	4,982
Accumulated Depreciation	$ 1,857
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Hot Springs, AR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	850
Buildings	2,939
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	(2,614)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	1,177
Total	1,177
Accumulated Depreciation	$ 451
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Apopka, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	362
Buildings	10,855
Cost Capitalized Subsequent to Acquisition	1,195
Increase (Decrease) in Net Investments	(155)
Gross Amount at which Carried at Close of Period
Land	337
Buildings	11,920
Total	12,257
Accumulated Depreciation	$ 4,100
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in San Leandro, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,532
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,532
Buildings	0
Total	1,532
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Fitness facility in Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,725
Buildings	5,168
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,725
Buildings	5,168
Total	6,893
Accumulated Depreciation	$ 2,372
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Wroclaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,600
Buildings	10,306
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,747)
Gross Amount at which Carried at Close of Period
Land	2,809
Buildings	7,350
Total	10,159
Accumulated Depreciation	$ 2,195
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,600
Buildings	37,580
Cost Capitalized Subsequent to Acquisition	186
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,600
Buildings	37,766
Total	42,366
Accumulated Depreciation	$ 9,335
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Mallorca, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	11,109
Buildings	12,636
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,414)
Gross Amount at which Carried at Close of Period
Land	10,428
Buildings	11,903
Total	22,331
Accumulated Depreciation	$ 2,848
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Florence, AL; Snellville, GA; Rockport, TX; and Virginia Beach, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,646
Buildings	12,367
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,786)
Gross Amount at which Carried at Close of Period
Land	4,323
Buildings	9,904
Total	14,227
Accumulated Depreciation	$ 1,900
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 128,609
Initial Cost to Company
Land	32,680
Buildings	198,999
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	32,680
Buildings	198,999
Total	231,679
Accumulated Depreciation	$ 39,753
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,403
Buildings	20,298
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,870)
Gross Amount at which Carried at Close of Period
Land	2,589
Buildings	18,242
Total	20,831
Accumulated Depreciation	$ 3,998
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Irvine, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,631
Initial Cost to Company
Land	4,173
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,173
Buildings	0
Total	4,173
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Alpharetta, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,198
Buildings	6,349
Cost Capitalized Subsequent to Acquisition	1,247
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,198
Buildings	7,596
Total	9,794
Accumulated Depreciation	$ 1,798
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Clinton, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,718
Initial Cost to Company
Land	2,866
Buildings	34,834
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,866
Buildings	34,834
Total	37,700
Accumulated Depreciation	$ 8,435
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in St. Petersburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,280
Buildings	24,627
Cost Capitalized Subsequent to Acquisition	2,078
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,280
Buildings	26,705
Total	29,985
Accumulated Depreciation	$ 6,001
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Baton Rouge, LA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,168
Buildings	5,724
Cost Capitalized Subsequent to Acquisition	3,200
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,168
Buildings	8,924
Total	13,092
Accumulated Depreciation	$ 1,890
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facility in San Diego, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,804
Buildings	16,729
Cost Capitalized Subsequent to Acquisition	4,654
Increase (Decrease) in Net Investments	(705)
Gross Amount at which Carried at Close of Period
Land	7,804
Buildings	20,678
Total	28,482
Accumulated Depreciation	$ 5,228
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Richmond, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	895
Buildings	1,953
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	895
Buildings	1,953
Total	2,848
Accumulated Depreciation	$ 473
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 51,263
Initial Cost to Company
Land	16,386
Buildings	84,668
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	16,386
Buildings	84,668
Total	101,054
Accumulated Depreciation	$ 20,333
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Rocky Mount, NC and Lewisville, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,163
Buildings	17,715
Cost Capitalized Subsequent to Acquisition	609
Increase (Decrease) in Net Investments	(8,389)
Gross Amount at which Carried at Close of Period
Land	1,132
Buildings	10,966
Total	12,098
Accumulated Depreciation	$ 2,573
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chattanooga, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	558
Buildings	5,923
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	558
Buildings	5,923
Total	6,481
Accumulated Depreciation	$ 1,418
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Mooresville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,690
Initial Cost to Company
Land	756
Buildings	9,775
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	756
Buildings	9,775
Total	10,531
Accumulated Depreciation	$ 2,334
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in McCalla, AL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	960
Buildings	14,472
Cost Capitalized Subsequent to Acquisition	42,662
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,076
Buildings	56,018
Total	58,094
Accumulated Depreciation	$ 7,431
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Lower Makefield Township, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,726
Buildings	12,781
Cost Capitalized Subsequent to Acquisition	4,378
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,726
Buildings	17,159
Total	18,885
Accumulated Depreciation	$ 3,430
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Fort Smith, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,063
Buildings	6,159
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,063
Buildings	6,159
Total	7,222
Accumulated Depreciation	$ 1,455
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Greenwood, IN and Buffalo, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,547
Initial Cost to Company
Land	0
Buildings	19,990
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	19,990
Total	19,990
Accumulated Depreciation	$ 4,672
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Greenwood, IN and Buffalo, NY | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Greenwood, IN and Buffalo, NY | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Bowling Green, KY and Jackson, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,492
Buildings	8,182
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,492
Buildings	8,182
Total	9,674
Accumulated Depreciation	$ 1,928
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Bowling Green, KY and Jackson, TN | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,947
Initial Cost to Company
Land	14,006
Buildings	33,683
Cost Capitalized Subsequent to Acquisition	157
Increase (Decrease) in Net Investments	(3,878)
Gross Amount at which Carried at Close of Period
Land	11,179
Buildings	32,789
Total	43,968
Accumulated Depreciation	$ 7,404
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,695
Initial Cost to Company
Land	6,559
Buildings	19,078
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,559
Buildings	19,078
Total	25,637
Accumulated Depreciation	$ 4,459
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,732
Initial Cost to Company
Land	6,080
Buildings	23,424
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,080
Buildings	23,424
Total	29,504
Accumulated Depreciation	$ 5,430
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facilities in Englewood, CO; Memphis TN; and Bedford, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,371
Initial Cost to Company
Land	4,877
Buildings	4,258
Cost Capitalized Subsequent to Acquisition	5,215
Increase (Decrease) in Net Investments	4,756
Gross Amount at which Carried at Close of Period
Land	4,877
Buildings	14,229
Total	19,106
Accumulated Depreciation	$ 3,629
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Mons, Belgium
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,501
Initial Cost to Company
Land	1,505
Buildings	6,026
Cost Capitalized Subsequent to Acquisition	653
Increase (Decrease) in Net Investments	(1,065)
Gross Amount at which Carried at Close of Period
Land	1,315
Buildings	5,804
Total	7,119
Accumulated Depreciation	$ 1,289
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Oceanside, CA and Concordville, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,298
Initial Cost to Company
Land	3,333
Buildings	8,270
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,333
Buildings	8,270
Total	11,603
Accumulated Depreciation	$ 1,922
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facilities located throughout the United States
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	74,551
Buildings	319,186
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(50)
Gross Amount at which Carried at Close of Period
Land	74,501
Buildings	319,186
Total	393,687
Accumulated Depreciation	$ 73,409
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in La Vista, NE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 19,073
Initial Cost to Company
Land	4,196
Buildings	23,148
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,196
Buildings	23,148
Total	27,344
Accumulated Depreciation	$ 5,017
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Pleasanton, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,675
Buildings	7,468
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,675
Buildings	7,468
Total	11,143
Accumulated Depreciation	$ 1,713
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in San Marcos, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	440
Buildings	688
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	440
Buildings	688
Total	1,128
Accumulated Depreciation	$ 157
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,169
Buildings	19,010
Cost Capitalized Subsequent to Acquisition	72
Increase (Decrease) in Net Investments	(72)
Gross Amount at which Carried at Close of Period
Land	2,169
Buildings	19,010
Total	21,179
Accumulated Depreciation	$ 4,326
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Hollywood and Orlando, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,639
Buildings	1,269
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,639
Buildings	1,269
Total	4,908
Accumulated Depreciation	$ 289
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Golden, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	808
Buildings	4,304
Cost Capitalized Subsequent to Acquisition	77
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	808
Buildings	4,381
Total	5,189
Accumulated Depreciation	$ 1,096
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Texarkana, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,755
Buildings	4,493
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,783)
Gross Amount at which Carried at Close of Period
Land	216
Buildings	3,249
Total	3,465
Accumulated Depreciation	$ 739
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Eugene, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,014
Initial Cost to Company
Land	2,286
Buildings	3,783
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,286
Buildings	3,783
Total	6,069
Accumulated Depreciation	$ 861
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in South Jordan, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,183
Buildings	11,340
Cost Capitalized Subsequent to Acquisition	1,642
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,183
Buildings	12,982
Total	15,165
Accumulated Depreciation	$ 2,782
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Ennis, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	478
Buildings	4,087
Cost Capitalized Subsequent to Acquisition	145
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	478
Buildings	4,232
Total	4,710
Accumulated Depreciation	$ 1,075
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Braintree, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,409
Buildings	0
Cost Capitalized Subsequent to Acquisition	6,184
Increase (Decrease) in Net Investments	(1,403)
Gross Amount at which Carried at Close of Period
Land	1,006
Buildings	6,184
Total	7,190
Accumulated Depreciation	$ 1,209
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Paris, France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 46,269
Initial Cost to Company
Land	23,387
Buildings	43,450
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(8,451)
Gross Amount at which Carried at Close of Period
Land	20,430
Buildings	37,956
Total	58,386
Accumulated Depreciation	$ 8,418
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	26,564
Buildings	72,866
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(12,613)
Gross Amount at which Carried at Close of Period
Land	23,164
Buildings	63,653
Total	86,817
Accumulated Depreciation	$ 19,395
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Laupheim, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,072
Buildings	8,339
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,317)
Gross Amount at which Carried at Close of Period
Land	1,810
Buildings	7,284
Total	9,094
Accumulated Depreciation	$ 2,649
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Danbury, CT and Bedford, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,443
Initial Cost to Company
Land	3,519
Buildings	16,329
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,519
Buildings	16,329
Total	19,848
Accumulated Depreciation	$ 3,965
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Brownwood, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	722
Buildings	6,268
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	722
Buildings	6,268
Total	6,990
Accumulated Depreciation	$ 418
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Venlo, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,154
Buildings	18,590
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,911)
Gross Amount at which Carried at Close of Period
Land	8,772
Buildings	16,061
Total	24,833
Accumulated Depreciation	$ 3,160
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facility in Tampere, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,309
Buildings	37,153
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(5,456)
Gross Amount at which Carried at Close of Period
Land	1,965
Buildings	32,041
Total	34,006
Accumulated Depreciation	$ 6,736
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Quincy, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,316
Buildings	21,537
Cost Capitalized Subsequent to Acquisition	127
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,316
Buildings	21,664
Total	23,980
Accumulated Depreciation	$ 3,842
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Salford, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	30,012
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,679)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	25,333
Total	25,333
Accumulated Depreciation	$ 4,119
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Lone Tree, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,761
Buildings	28,864
Cost Capitalized Subsequent to Acquisition	2,927
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,761
Buildings	31,791
Total	36,552
Accumulated Depreciation	$ 5,725
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Mönchengladbach, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 32,182
Initial Cost to Company
Land	2,154
Buildings	6,917
Cost Capitalized Subsequent to Acquisition	50,626
Increase (Decrease) in Net Investments	(1,728)
Gross Amount at which Carried at Close of Period
Land	2,158
Buildings	55,811
Total	57,969
Accumulated Depreciation	$ 5,766
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,430
Buildings	2,270
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,430
Buildings	2,270
Total	4,700
Accumulated Depreciation	$ 599
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facility in St. Charles, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,966
Buildings	1,368
Cost Capitalized Subsequent to Acquisition	1,352
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,966
Buildings	2,720
Total	4,686
Accumulated Depreciation	$ 624
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facility in Salt Lake City, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	856
Buildings	2,804
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	856
Buildings	2,804
Total	3,660
Accumulated Depreciation	$ 642
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Scottsdale, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,358
Initial Cost to Company
Land	22,300
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,300
Buildings	0
Total	22,300
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Aurora, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,611
Initial Cost to Company
Land	737
Buildings	2,609
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	737
Buildings	2,609
Total	3,346
Accumulated Depreciation	$ 488
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Burlington, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,989
Buildings	6,213
Cost Capitalized Subsequent to Acquisition	377
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,989
Buildings	6,590
Total	10,579
Accumulated Depreciation	$ 1,527
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Albuquerque, NM
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,467
Buildings	3,476
Cost Capitalized Subsequent to Acquisition	606
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,467
Buildings	4,082
Total	6,549
Accumulated Depreciation	$ 905
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in North Salt Lake, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,601
Buildings	17,626
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(16,936)
Gross Amount at which Carried at Close of Period
Land	4,388
Buildings	6,903
Total	11,291
Accumulated Depreciation	$ 1,560
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Lexington, NC and Murrysville, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,185
Buildings	12,058
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,713
Gross Amount at which Carried at Close of Period
Land	1,608
Buildings	15,348
Total	16,956
Accumulated Depreciation	$ 3,271
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Lexington, NC and Murrysville, PA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Welcome, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	980
Buildings	11,230
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(11,724)
Gross Amount at which Carried at Close of Period
Land	486
Buildings	0
Total	486
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,005
Buildings	44,192
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,005
Buildings	44,192
Total	48,197
Accumulated Depreciation	$ 10,965
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,451
Buildings	25,457
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	298
Gross Amount at which Carried at Close of Period
Land	8,451
Buildings	25,755
Total	34,206
Accumulated Depreciation	$ 5,304
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	17 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Torrance, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,412
Buildings	12,241
Cost Capitalized Subsequent to Acquisition	1,377
Increase (Decrease) in Net Investments	(76)
Gross Amount at which Carried at Close of Period
Land	8,335
Buildings	13,619
Total	21,954
Accumulated Depreciation	$ 3,345
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,578
Buildings	424
Cost Capitalized Subsequent to Acquisition	560
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,578
Buildings	984
Total	7,562
Accumulated Depreciation	$ 360
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Doncaster, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,257
Buildings	4,248
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(8,111)
Gross Amount at which Carried at Close of Period
Land	394
Buildings	0
Total	394
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Norwich, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	8,111
Initial Cost to Company
Land	3,885
Buildings	21,342
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	3,885
Buildings	21,344
Total	25,229
Accumulated Depreciation	$ 4,469
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Norwich, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,437
Buildings	9,669
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,437
Buildings	9,669
Total	11,106
Accumulated Depreciation	$ 2,024
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Whitehall, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,435
Buildings	9,093
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,164)
Gross Amount at which Carried at Close of Period
Land	6,983
Buildings	5,381
Total	12,364
Accumulated Depreciation	$ 1,379
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in York, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,972
Initial Cost to Company
Land	3,776
Buildings	10,092
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,016)
Gross Amount at which Carried at Close of Period
Land	2,668
Buildings	9,184
Total	11,852
Accumulated Depreciation	$ 1,853
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in York, PA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in York, PA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Pittsburgh, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,151
Buildings	10,938
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,151
Buildings	10,938
Total	12,089
Accumulated Depreciation	$ 2,613
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, GA and Elkwood, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,356
Buildings	4,121
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,104)
Gross Amount at which Carried at Close of Period
Land	4,284
Buildings	3,089
Total	7,373
Accumulated Depreciation	$ 656
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Harrisburg, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,753
Buildings	5,840
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(111)
Gross Amount at which Carried at Close of Period
Land	1,642
Buildings	5,840
Total	7,482
Accumulated Depreciation	$ 1,324
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,416
Initial Cost to Company
Land	4,306
Buildings	7,235
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Land	4,306
Buildings	7,238
Total	11,544
Accumulated Depreciation	$ 1,415
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Cynthiana, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,672
Initial Cost to Company
Land	1,274
Buildings	3,505
Cost Capitalized Subsequent to Acquisition	525
Increase (Decrease) in Net Investments	(107)
Gross Amount at which Carried at Close of Period
Land	1,274
Buildings	3,923
Total	5,197
Accumulated Depreciation	$ 807
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,843
Buildings	11,886
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,843
Buildings	11,886
Total	14,729
Accumulated Depreciation	$ 3,112
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Midlothian, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,824
Buildings	16,618
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,824
Buildings	16,618
Total	19,442
Accumulated Depreciation	514
Land, Buildings and Improvements Subject to Operating Leases | Net-lease student housing facility in Laramie, WY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,966
Buildings	18,896
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,966
Buildings	18,896
Total	20,862
Accumulated Depreciation	$ 4,308
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Greenville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,311
Initial Cost to Company
Land	562
Buildings	7,916
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	43
Gross Amount at which Carried at Close of Period
Land	562
Buildings	7,959
Total	8,521
Accumulated Depreciation	$ 1,877
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Mendota, IL; Toppenish, WA; and Plover, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,444
Buildings	21,208
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(623)
Gross Amount at which Carried at Close of Period
Land	1,382
Buildings	20,647
Total	22,029
Accumulated Depreciation	$ 5,447
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Allen, TX and office facility in Sunnyvale, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,297
Buildings	24,086
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(42)
Gross Amount at which Carried at Close of Period
Land	9,255
Buildings	24,086
Total	33,341
Accumulated Depreciation	$ 4,607
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Hampton, NH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,067
Initial Cost to Company
Land	8,990
Buildings	7,362
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,990
Buildings	7,362
Total	16,352
Accumulated Depreciation	$ 1,435
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities located throughout France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	36,306
Buildings	5,212
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(8,126)
Gross Amount at which Carried at Close of Period
Land	29,091
Buildings	4,301
Total	33,392
Accumulated Depreciation	$ 1,111
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Fairfax, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,402
Buildings	16,353
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,402
Buildings	16,353
Total	19,755
Accumulated Depreciation	$ 3,672
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Lombard, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,087
Buildings	8,578
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,087
Buildings	8,578
Total	13,665
Accumulated Depreciation	$ 1,926
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Plainfield, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,054
Initial Cost to Company
Land	1,578
Buildings	29,415
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,578
Buildings	29,415
Total	30,993
Accumulated Depreciation	$ 5,735
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Kennesaw, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,395
Initial Cost to Company
Land	2,849
Buildings	6,180
Cost Capitalized Subsequent to Acquisition	5,530
Increase (Decrease) in Net Investments	(76)
Gross Amount at which Carried at Close of Period
Land	2,773
Buildings	11,710
Total	14,483
Accumulated Depreciation	$ 2,174
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Leawood, KS
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,750
Initial Cost to Company
Land	1,487
Buildings	13,417
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,487
Buildings	13,417
Total	14,904
Accumulated Depreciation	$ 3,013
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tolland, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,328
Initial Cost to Company
Land	1,817
Buildings	5,709
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	11
Gross Amount at which Carried at Close of Period
Land	1,817
Buildings	5,720
Total	7,537
Accumulated Depreciation	$ 1,234
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Lincolnton, NC and Mauldin, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,006
Initial Cost to Company
Land	1,962
Buildings	9,247
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,962
Buildings	9,247
Total	11,209
Accumulated Depreciation	$ 1,948
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	81,109
Buildings	153,927
Cost Capitalized Subsequent to Acquisition	10,510
Increase (Decrease) in Net Investments	(127,152)
Gross Amount at which Carried at Close of Period
Land	29,403
Buildings	88,991
Total	118,394
Accumulated Depreciation	16,834
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facility in Marktheidenfeld, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,303
Buildings	16,116
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	551
Gross Amount at which Carried at Close of Period
Land	1,344
Buildings	16,626
Total	17,970
Accumulated Depreciation	$ 105
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,726
Buildings	4,856
Cost Capitalized Subsequent to Acquisition	89
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,726
Buildings	4,945
Total	6,671
Accumulated Depreciation	$ 943
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in The Woodlands, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,072
Initial Cost to Company
Land	3,204
Buildings	24,997
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,204
Buildings	24,997
Total	28,201
Accumulated Depreciation	$ 4,693
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Valdosta, GA and Johnson City, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,080
Buildings	14,998
Cost Capitalized Subsequent to Acquisition	1,688
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,080
Buildings	16,686
Total	17,766
Accumulated Depreciation	$ 3,392
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Amherst, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,021
Initial Cost to Company
Land	674
Buildings	7,971
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	674
Buildings	7,971
Total	8,645
Accumulated Depreciation	$ 2,103
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and warehouse facilities in Westfield, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,922
Buildings	9,755
Cost Capitalized Subsequent to Acquisition	7,435
Increase (Decrease) in Net Investments	9
Gross Amount at which Carried at Close of Period
Land	1,922
Buildings	17,199
Total	19,121
Accumulated Depreciation	$ 3,451
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Kottka, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	8,546
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,493)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	7,053
Total	7,053
Accumulated Depreciation	$ 1,910
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Kottka, Finland | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Kottka, Finland | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Bloomington, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,942
Buildings	7,155
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,942
Buildings	7,155
Total	10,097
Accumulated Depreciation	$ 1,494
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Gorinchem, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,131
Initial Cost to Company
Land	1,143
Buildings	5,648
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,186)
Gross Amount at which Carried at Close of Period
Land	944
Buildings	4,661
Total	5,605
Accumulated Depreciation	$ 973
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Cresskill, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,366
Buildings	5,482
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	19
Gross Amount at which Carried at Close of Period
Land	2,366
Buildings	5,501
Total	7,867
Accumulated Depreciation	$ 1,044
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Livingston, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,932
Buildings	2,001
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	14
Gross Amount at which Carried at Close of Period
Land	2,932
Buildings	2,015
Total	4,947
Accumulated Depreciation	$ 439
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Maplewood, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	845
Buildings	647
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	845
Buildings	651
Total	1,496
Accumulated Depreciation	$ 142
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Montclair, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,905
Buildings	1,403
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	6
Gross Amount at which Carried at Close of Period
Land	1,905
Buildings	1,409
Total	3,314
Accumulated Depreciation	$ 307
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Morristown, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,258
Buildings	8,352
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	26
Gross Amount at which Carried at Close of Period
Land	3,258
Buildings	8,378
Total	11,636
Accumulated Depreciation	$ 1,824
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Summit, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,228
Buildings	1,465
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	8
Gross Amount at which Carried at Close of Period
Land	1,228
Buildings	1,473
Total	2,701
Accumulated Depreciation	$ 321
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facilities in Dransfeld and Wolfach, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,789
Buildings	8,750
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,345)
Gross Amount at which Carried at Close of Period
Land	2,168
Buildings	6,026
Total	8,194
Accumulated Depreciation	$ 1,465
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Georgetown, TX and Woodland, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	965
Buildings	4,113
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	965
Buildings	4,113
Total	5,078
Accumulated Depreciation	$ 721
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Georgetown, TX and Woodland, WA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Georgetown, TX and Woodland, WA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,365
Buildings	7,845
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	5,365
Buildings	7,850
Total	13,215
Accumulated Depreciation	$ 1,668
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Salisbury, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,499
Buildings	8,185
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,499
Buildings	8,185
Total	9,684
Accumulated Depreciation	$ 1,744
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,831
Buildings	10,565
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,831
Buildings	10,565
Total	13,396
Accumulated Depreciation	$ 2,298
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Cambridge, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,849
Buildings	7,371
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,288)
Gross Amount at which Carried at Close of Period
Land	1,591
Buildings	6,341
Total	7,932
Accumulated Depreciation	$ 1,200
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,073
Initial Cost to Company
Land	2,962
Buildings	17,832
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,962
Buildings	17,832
Total	20,794
Accumulated Depreciation	$ 3,375
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Ramos Arizpe, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,059
Buildings	2,886
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,059
Buildings	2,886
Total	3,945
Accumulated Depreciation	$ 545
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Salt Lake City, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,783
Buildings	3,773
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,783
Buildings	3,773
Total	6,556
Accumulated Depreciation	$ 714
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Salt Lake City, UT | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Salt Lake City, UT | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease student housing facility in Blairsville, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,821
Initial Cost to Company
Land	1,631
Buildings	23,163
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,631
Buildings	23,163
Total	24,794
Accumulated Depreciation	$ 5,051
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, Doraville, and Rockmart, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,488
Buildings	77,192
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,488
Buildings	77,192
Total	83,680
Accumulated Depreciation	$ 16,002
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Flora, MS and Muskogee, OK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,106
Initial Cost to Company
Land	554
Buildings	4,353
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	554
Buildings	4,353
Total	4,907
Accumulated Depreciation	$ 786
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Richmond, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,211
Buildings	8,505
Cost Capitalized Subsequent to Acquisition	747
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,211
Buildings	9,252
Total	11,463
Accumulated Depreciation	$ 1,874
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Tuusula, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,173
Buildings	10,321
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,881)
Gross Amount at which Carried at Close of Period
Land	5,095
Buildings	8,518
Total	13,613
Accumulated Depreciation	$ 1,975
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Turku, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,343
Buildings	34,106
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,893)
Gross Amount at which Carried at Close of Period
Land	4,409
Buildings	28,147
Total	32,556
Accumulated Depreciation	$ 5,981
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Turku, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,105
Buildings	10,243
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,967)
Gross Amount at which Carried at Close of Period
Land	912
Buildings	8,469
Total	9,381
Accumulated Depreciation	$ 1,806
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Baraboo, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	917
Buildings	10,663
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	917
Buildings	10,663
Total	11,580
Accumulated Depreciation	$ 4,821
Life on which Depreciation in Latest Statement of Income is Computed	13 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Phoenix, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 16,836
Initial Cost to Company
Land	6,747
Buildings	21,352
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,747
Buildings	21,352
Total	28,099
Accumulated Depreciation	$ 4,550
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Calgary, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,721
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(520)
Gross Amount at which Carried at Close of Period
Land	3,201
Buildings	0
Total	3,201
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,541
Initial Cost to Company
Land	955
Buildings	4,779
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	955
Buildings	4,779
Total	5,734
Accumulated Depreciation	$ 912
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Buffalo Grove, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,926
Initial Cost to Company
Land	1,492
Buildings	12,233
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,492
Buildings	12,233
Total	13,725
Accumulated Depreciation	$ 2,340
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Spanish Fork, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	991
Buildings	7,901
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	991
Buildings	7,901
Total	8,892
Accumulated Depreciation	$ 1,430
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in West Jordan, UT and Tacoma, WA; office facility in Eugene, OR; and warehouse facility in Perris, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,989
Buildings	5,435
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	8
Gross Amount at which Carried at Close of Period
Land	8,989
Buildings	5,443
Total	14,432
Accumulated Depreciation	$ 1,146
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Carlsbad, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,230
Buildings	5,492
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,230
Buildings	5,492
Total	8,722
Accumulated Depreciation	$ 1,377
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Pensacola, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,746
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,746
Buildings	0
Total	1,746
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Port St. Lucie, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,654
Buildings	2,576
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,654
Buildings	2,576
Total	7,230
Accumulated Depreciation	$ 557
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Hickory Creek, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,693
Buildings	3,342
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,693
Buildings	3,342
Total	5,035
Accumulated Depreciation	$ 739
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Nurieux-Volognat, France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	121
Buildings	5,328
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(852)
Gross Amount at which Carried at Close of Period
Land	99
Buildings	4,498
Total	4,597
Accumulated Depreciation	$ 823
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Suwanee, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,330
Buildings	8,406
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,330
Buildings	8,406
Total	10,736
Accumulated Depreciation	$ 1,470
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,878
Buildings	8,579
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,878
Buildings	8,579
Total	10,457
Accumulated Depreciation	$ 2,167
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,337
Initial Cost to Company
Land	1,403
Buildings	11,098
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,403
Buildings	11,098
Total	12,501
Accumulated Depreciation	$ 4,039
Life on which Depreciation in Latest Statement of Income is Computed	16 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Mesa, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,864
Initial Cost to Company
Land	2,888
Buildings	4,282
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,888
Buildings	4,282
Total	7,170
Accumulated Depreciation	$ 929
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in North Amityville, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,486
Buildings	11,413
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,486
Buildings	11,413
Total	14,899
Accumulated Depreciation	$ 2,596
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Greenville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	567
Buildings	10,217
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,330)
Gross Amount at which Carried at Close of Period
Land	454
Buildings	9,000
Total	9,454
Accumulated Depreciation	$ 2,938
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Fort Collins, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	821
Buildings	7,236
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	821
Buildings	7,236
Total	8,057
Accumulated Depreciation	$ 1,303
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Elk Grove Village, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,037
Buildings	7,865
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,037
Buildings	7,865
Total	11,902
Accumulated Depreciation	$ 32
Life on which Depreciation in Latest Statement of Income is Computed	22 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Washington, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,085
Buildings	7,496
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,085
Buildings	7,496
Total	11,581
Accumulated Depreciation	$ 1,354
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	522
Buildings	7,448
Cost Capitalized Subsequent to Acquisition	227
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	522
Buildings	7,675
Total	8,197
Accumulated Depreciation	$ 1,724
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,613
Initial Cost to Company
Land	4,049
Buildings	13,021
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	133
Gross Amount at which Carried at Close of Period
Land	4,049
Buildings	13,154
Total	17,203
Accumulated Depreciation	$ 4,167
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	22 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Sacramento, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 25,542
Initial Cost to Company
Land	0
Buildings	13,715
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	13,715
Total	13,715
Accumulated Depreciation	$ 2,428
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,138
Buildings	8,387
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	43
Gross Amount at which Carried at Close of Period
Land	5,138
Buildings	8,430
Total	13,568
Accumulated Depreciation	$ 1,799
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tinton Falls, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,958
Buildings	7,993
Cost Capitalized Subsequent to Acquisition	725
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,958
Buildings	8,718
Total	10,676
Accumulated Depreciation	$ 1,562
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Woodland, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	707
Buildings	1,562
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	707
Buildings	1,562
Total	2,269
Accumulated Depreciation	$ 262
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Gyál and Herceghalom, Hungary
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	14,601
Buildings	21,915
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,379)
Gross Amount at which Carried at Close of Period
Land	12,050
Buildings	18,087
Total	30,137
Accumulated Depreciation	$ 5,239
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Windsor, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	453
Buildings	637
Cost Capitalized Subsequent to Acquisition	3,422
Increase (Decrease) in Net Investments	(83)
Gross Amount at which Carried at Close of Period
Land	453
Buildings	3,976
Total	4,429
Accumulated Depreciation	$ 363
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Aurora, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,482
Initial Cost to Company
Land	574
Buildings	3,999
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	574
Buildings	3,999
Total	4,573
Accumulated Depreciation	$ 603
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Chandler, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,318
Buildings	27,551
Cost Capitalized Subsequent to Acquisition	19
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,318
Buildings	27,570
Total	32,888
Accumulated Depreciation	$ 4,608
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in University Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,962
Buildings	32,756
Cost Capitalized Subsequent to Acquisition	221
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,962
Buildings	32,977
Total	40,939
Accumulated Depreciation	$ 5,305
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Stavanger, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,296
Buildings	91,744
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(29,855)
Gross Amount at which Carried at Close of Period
Land	7,354
Buildings	64,831
Total	72,185
Accumulated Depreciation	$ 8,876
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Westborough, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,409
Buildings	37,914
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,409
Buildings	37,914
Total	41,323
Accumulated Depreciation	$ 5,706
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Andover, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,980
Buildings	45,120
Cost Capitalized Subsequent to Acquisition	289
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,980
Buildings	45,409
Total	49,389
Accumulated Depreciation	$ 6,289
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Newport, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	22,587
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,040)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	18,547
Total	18,547
Accumulated Depreciation	$ 2,454
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Lewisburg, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,627
Buildings	13,721
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,627
Buildings	13,721
Total	15,348
Accumulated Depreciation	$ 1,987
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Opole, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,151
Buildings	21,438
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,276)
Gross Amount at which Carried at Close of Period
Land	1,944
Buildings	19,369
Total	21,313
Accumulated Depreciation	$ 2,866
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities located throughout Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	51,778
Buildings	257,624
Cost Capitalized Subsequent to Acquisition	10
Increase (Decrease) in Net Investments	(24,847)
Gross Amount at which Carried at Close of Period
Land	50,497
Buildings	234,068
Total	284,565
Accumulated Depreciation	30,609
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	66,319
Buildings	230,113
Cost Capitalized Subsequent to Acquisition	277
Increase (Decrease) in Net Investments	(48,957)
Gross Amount at which Carried at Close of Period
Land	55,222
Buildings	192,530
Total	247,752
Accumulated Depreciation	$ 31,546
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	33,935
Cost Capitalized Subsequent to Acquisition	20,442
Increase (Decrease) in Net Investments	(211)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	54,166
Total	54,166
Accumulated Depreciation	$ 4,717
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Bad Fischau, Austria
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,855
Buildings	18,829
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	923
Gross Amount at which Carried at Close of Period
Land	2,977
Buildings	19,630
Total	22,607
Accumulated Depreciation	$ 2,908
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Oskarshamn, Sweden
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,090
Buildings	18,262
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,382)
Gross Amount at which Carried at Close of Period
Land	2,745
Buildings	16,225
Total	18,970
Accumulated Depreciation	$ 2,025
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Sunderland, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,912
Buildings	30,140
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(5,047)
Gross Amount at which Carried at Close of Period
Land	2,467
Buildings	25,538
Total	28,005
Accumulated Depreciation	$ 3,263
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,449
Buildings	15,838
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	231
Gross Amount at which Carried at Close of Period
Land	9,535
Buildings	15,983
Total	25,518
Accumulated Depreciation	$ 2,387
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	49,190
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	49,190
Total	49,190
Accumulated Depreciation	$ 6,111
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,698
Buildings	38,130
Cost Capitalized Subsequent to Acquisition	79
Increase (Decrease) in Net Investments	2,015
Gross Amount at which Carried at Close of Period
Land	5,959
Buildings	39,963
Total	45,922
Accumulated Depreciation	$ 5,128
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Irvine, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,626
Buildings	16,137
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,626
Buildings	16,137
Total	23,763
Accumulated Depreciation	$ 1,705
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Windermere, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,090
Buildings	34,721
Cost Capitalized Subsequent to Acquisition	15,333
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,090
Buildings	50,054
Total	55,144
Accumulated Depreciation	$ 6,695
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities located throughout the United States
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	66,845
Buildings	87,575
Cost Capitalized Subsequent to Acquisition	65,400
Increase (Decrease) in Net Investments	(56,517)
Gross Amount at which Carried at Close of Period
Land	49,680
Buildings	113,623
Total	163,303
Accumulated Depreciation	16,284
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in North Dumfries and Ottawa, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	17,155
Buildings	10,665
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(18,207)
Gross Amount at which Carried at Close of Period
Land	5,963
Buildings	3,650
Total	9,613
Accumulated Depreciation	$ 1,240
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Coconut Creek, FL and Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	15,550
Buildings	83,862
Cost Capitalized Subsequent to Acquisition	63,830
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	15,550
Buildings	147,692
Total	163,242
Accumulated Depreciation	$ 13,234
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Coconut Creek, FL and Houston, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Coconut Creek, FL and Houston, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,585
Buildings	17,254
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,585
Buildings	17,254
Total	20,839
Accumulated Depreciation	$ 1,539
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Brampton, Toronto, and Vaughan, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	28,759
Buildings	13,998
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	28,759
Buildings	13,998
Total	42,757
Accumulated Depreciation	$ 1,488
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Brampton, Toronto, and Vaughan, Canada | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Brampton, Toronto, and Vaughan, Canada | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Queretaro and San Juan del Rio, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,152
Buildings	12,614
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,152
Buildings	12,614
Total	17,766
Accumulated Depreciation	$ 1,083
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Queretaro and San Juan del Rio, Mexico | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Queretaro and San Juan del Rio, Mexico | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,222
Buildings	2,655
Cost Capitalized Subsequent to Acquisition	3,511
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,222
Buildings	6,166
Total	8,388
Accumulated Depreciation	$ 680
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Zawiercie, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	395
Buildings	102
Cost Capitalized Subsequent to Acquisition	10,378
Increase (Decrease) in Net Investments	(401)
Gross Amount at which Carried at Close of Period
Land	380
Buildings	10,094
Total	10,474
Accumulated Depreciation	$ 427
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Roseville, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,560
Buildings	16,025
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,560
Buildings	16,025
Total	18,585
Accumulated Depreciation	$ 955
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Radomsko, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,718
Buildings	59
Cost Capitalized Subsequent to Acquisition	14,453
Increase (Decrease) in Net Investments	(629)
Gross Amount at which Carried at Close of Period
Land	1,657
Buildings	13,944
Total	15,601
Accumulated Depreciation	$ 465
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Sellersburg, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,016
Buildings	3,838
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,016
Buildings	3,838
Total	4,854
Accumulated Depreciation	$ 246
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Land, Buildings and Improvements Subject to Operating Leases | Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,512
Buildings	61,230
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,465
Buildings	61,277
Total	66,742
Accumulated Depreciation	$ 3,392
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Land, Buildings and Improvements Subject to Operating Leases | Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities located throughout Denmark
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	20,304
Buildings	185,481
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,754)
Gross Amount at which Carried at Close of Period
Land	19,638
Buildings	179,393
Total	199,031
Accumulated Depreciation	$ 8,534
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities located throughout Denmark | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	38,475
Buildings	117,127
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(5,465)
Gross Amount at which Carried at Close of Period
Land	37,124
Buildings	113,013
Total	150,137
Accumulated Depreciation	$ 5,890
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the Netherlands | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Oostburg, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	786
Buildings	6,589
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	786
Buildings	6,589
Total	7,375
Accumulated Depreciation	$ 432
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Kampen, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,251
Buildings	12,858
Cost Capitalized Subsequent to Acquisition	126
Increase (Decrease) in Net Investments	(492)
Gross Amount at which Carried at Close of Period
Land	3,152
Buildings	12,591
Total	15,743
Accumulated Depreciation	$ 734
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Azambuja, Portugal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	13,527
Buildings	35,631
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,452)
Gross Amount at which Carried at Close of Period
Land	13,127
Buildings	34,579
Total	47,706
Accumulated Depreciation	$ 1,688
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,582
Buildings	18,731
Cost Capitalized Subsequent to Acquisition	3,219
Increase (Decrease) in Net Investments	(317)
Gross Amount at which Carried at Close of Period
Land	2,549
Buildings	21,666
Total	24,215
Accumulated Depreciation	$ 912
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities in Bad Wünnenberg and Soest, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,916
Buildings	39,687
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(595)
Gross Amount at which Carried at Close of Period
Land	2,875
Buildings	39,133
Total	42,008
Accumulated Depreciation	$ 1,225
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Norfolk, NE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,172
Initial Cost to Company
Land	802
Buildings	3,686
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	802
Buildings	3,686
Total	4,488
Accumulated Depreciation	$ 146
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 11,180
Initial Cost to Company
Land	7,720
Buildings	17,266
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,720
Buildings	17,266
Total	24,986
Accumulated Depreciation	$ 538
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facilities in Phoenix, AZ and Columbia, MD
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	18,286
Buildings	33,030
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	18,286
Buildings	33,030
Total	51,316
Accumulated Depreciation	$ 1,024
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Gorzow, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,736
Buildings	8,298
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(140)
Gross Amount at which Carried at Close of Period
Land	1,712
Buildings	8,182
Total	9,894
Accumulated Depreciation	$ 275
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,996
Initial Cost to Company
Land	6,460
Buildings	49,462
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,460
Buildings	49,462
Total	55,922
Accumulated Depreciation	$ 1,660
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Mayodan, Sanford, and Stoneville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,505
Buildings	20,913
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,505
Buildings	20,913
Total	24,418
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Dillon, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 15,522
Initial Cost to Company
Land	3,424
Buildings	43,114
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,424
Buildings	43,114
Total	46,538
Accumulated Depreciation	$ 1,447
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Birmingham, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 16,915
Initial Cost to Company
Land	7,383
Buildings	7,687
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	330
Gross Amount at which Carried at Close of Period
Land	7,545
Buildings	7,855
Total	15,400
Accumulated Depreciation	$ 241
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	17,626
Buildings	44,501
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(867)
Gross Amount at which Carried at Close of Period
Land	17,380
Buildings	43,880
Total	61,260
Accumulated Depreciation	$ 1,387
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Gadki, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,376
Buildings	6,137
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(105)
Gross Amount at which Carried at Close of Period
Land	1,357
Buildings	6,051
Total	7,408
Accumulated Depreciation	$ 193
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in The Woodlands, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 22,895
Initial Cost to Company
Land	1,697
Buildings	52,289
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,697
Buildings	52,289
Total	53,986
Accumulated Depreciation	$ 1,564
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Hoffman Estates, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,550
Buildings	14,214
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,550
Buildings	14,214
Total	19,764
Accumulated Depreciation	$ 441
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	15,789
Buildings	33,287
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(685)
Gross Amount at which Carried at Close of Period
Land	15,568
Buildings	32,823
Total	48,391
Accumulated Depreciation	$ 1,523
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Middleburg Heights and Union Township, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,126
Initial Cost to Company
Land	1,295
Buildings	13,384
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,295
Buildings	13,384
Total	14,679
Accumulated Depreciation	$ 411
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 39,504
Initial Cost to Company
Land	0
Buildings	79,720
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	79,720
Total	79,720
Accumulated Depreciation	$ 2,331
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities located in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,306
Initial Cost to Company
Land	20,517
Buildings	14,135
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	20,517
Buildings	14,135
Total	34,652
Accumulated Depreciation	$ 458
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Bowling Green, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,652
Buildings	51,915
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,652
Buildings	51,915
Total	54,567
Accumulated Depreciation	$ 1,787
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,791
Buildings	2,315
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	199
Gross Amount at which Carried at Close of Period
Land	6,940
Buildings	2,365
Total	9,305
Accumulated Depreciation	$ 81
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Evansville, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 14,085
Initial Cost to Company
Land	180
Buildings	22,095
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	180
Buildings	22,095
Total	22,275
Accumulated Depreciation	$ 662
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in Tampa, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 31,792
Initial Cost to Company
Land	3,889
Buildings	49,843
Cost Capitalized Subsequent to Acquisition	257
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,889
Buildings	50,100
Total	53,989
Accumulated Depreciation	$ 1,525
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Elorrio, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,858
Buildings	12,728
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(286)
Gross Amount at which Carried at Close of Period
Land	7,749
Buildings	12,551
Total	20,300
Accumulated Depreciation	$ 443
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facilities in Elberton, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	879
Buildings	2,014
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	879
Buildings	2,014
Total	2,893
Accumulated Depreciation	$ 85
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tres Cantos, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 55,156
Initial Cost to Company
Land	24,344
Buildings	39,646
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(893)
Gross Amount at which Carried at Close of Period
Land	24,004
Buildings	39,093
Total	63,097
Accumulated Depreciation	$ 1,242
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Hartland, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,850
Initial Cost to Company
Land	1,454
Buildings	6,406
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,454
Buildings	6,406
Total	7,860
Accumulated Depreciation	$ 211
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Dugo Selo, Kutina, Samobor, Spansko, and Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,549
Buildings	12,408
Cost Capitalized Subsequent to Acquisition	1,308
Increase (Decrease) in Net Investments	6,367
Gross Amount at which Carried at Close of Period
Land	6,712
Buildings	18,920
Total	25,632
Accumulated Depreciation	$ 683
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities located throughout the United States
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 99,793
Initial Cost to Company
Land	42,793
Buildings	193,666
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	42,793
Buildings	193,666
Total	236,459
Accumulated Depreciation	$ 6,278
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Rincon and Unadilla, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,954
Buildings	48,421
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,954
Buildings	48,421
Total	50,375
Accumulated Depreciation	$ 1,536
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Breda, Elst, Gieten, Raalte, and Woerden, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	37,755
Buildings	91,666
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,807)
Gross Amount at which Carried at Close of Period
Land	37,228
Buildings	90,386
Total	127,614
Accumulated Depreciation	$ 2,780
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Oxnard and Watsonville, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	22,453
Buildings	78,814
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,453
Buildings	78,814
Total	101,267
Accumulated Depreciation	$ 2,435
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Italy
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	75,492
Buildings	138,280
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,984)
Gross Amount at which Carried at Close of Period
Land	74,438
Buildings	136,350
Total	210,788
Accumulated Depreciation	$ 4,536
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Hudson, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,405
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,405
Buildings	0
Total	2,405
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,136
Buildings	2,344
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,136
Buildings	2,344
Total	4,480
Accumulated Depreciation	$ 84
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Martinsville, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,082
Buildings	8,108
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,082
Buildings	8,108
Total	9,190
Accumulated Depreciation	$ 266
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,887
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,887
Buildings	0
Total	9,887
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Fraser, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,346
Buildings	9,551
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,346
Buildings	9,551
Total	10,897
Accumulated Depreciation	$ 304
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facilities located throughout the United States
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	19,583
Buildings	108,971
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	19,583
Buildings	108,971
Total	128,554
Accumulated Depreciation	3,597
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Middleburg Heights, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	542
Buildings	2,507
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	542
Buildings	2,507
Total	3,049
Accumulated Depreciation	$ 77
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	691
Buildings	6,295
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	691
Buildings	6,295
Total	6,986
Accumulated Depreciation	$ 213
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Delnice, Pozega, and Sesvete, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,519
Buildings	9,930
Cost Capitalized Subsequent to Acquisition	1,068
Increase (Decrease) in Net Investments	(200)
Gross Amount at which Carried at Close of Period
Land	5,442
Buildings	10,875
Total	16,317
Accumulated Depreciation	$ 472
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in Aurora, Eagan, and Virginia, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	16,302
Buildings	91,239
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	16,302
Buildings	91,239
Total	107,541
Accumulated Depreciation	$ 2,964
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Orlando, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,262
Buildings	25,134
Cost Capitalized Subsequent to Acquisition	430
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,371
Buildings	25,455
Total	31,826
Accumulated Depreciation	$ 754
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Avon, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,057
Initial Cost to Company
Land	1,447
Buildings	5,564
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,447
Buildings	5,564
Total	7,011
Accumulated Depreciation	$ 185
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chimelow, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,158
Buildings	28,032
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(477)
Gross Amount at which Carried at Close of Period
Land	6,072
Buildings	27,641
Total	33,713
Accumulated Depreciation	$ 885
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Fayetteville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,839
Buildings	4,654
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,839
Buildings	4,654
Total	6,493
Accumulated Depreciation	$ 201
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Huntsville, AL; Bentonville, AR; Bossier City, LA; Lee's Summit, MO; Fayetteville, TN, and Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	19,529
Buildings	42,318
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	19,529
Buildings	42,318
Total	61,847
Accumulated Depreciation	$ 1,370
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Montgomery, AL and Savannah, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,520
Initial Cost to Company
Land	5,508
Buildings	12,032
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,508
Buildings	12,032
Total	17,540
Accumulated Depreciation	$ 385
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in St. Louis, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,297
Buildings	5,362
Cost Capitalized Subsequent to Acquisition	3,316
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,297
Buildings	8,678
Total	9,975
Accumulated Depreciation	$ 178
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facility in Zary, PL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,062
Buildings	10,034
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(169)
Gross Amount at which Carried at Close of Period
Land	2,034
Buildings	9,893
Total	11,927
Accumulated Depreciation	$ 325
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Sterling, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,198
Buildings	23,981
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,198
Buildings	23,981
Total	27,179
Accumulated Depreciation	$ 720
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Elk Grove Village, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,230
Initial Cost to Company
Land	5,511
Buildings	10,766
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,511
Buildings	10,768
Total	16,279
Accumulated Depreciation	$ 337
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Portage, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,408
Initial Cost to Company
Land	3,450
Buildings	7,797
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,450
Buildings	7,797
Total	11,247
Accumulated Depreciation	$ 275
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Warrenville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,155
Initial Cost to Company
Land	3,662
Buildings	23,711
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,662
Buildings	23,711
Total	27,373
Accumulated Depreciation	$ 732
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Saitama Prefecture, Japan
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	13,507
Buildings	25,301
Cost Capitalized Subsequent to Acquisition	15
Increase (Decrease) in Net Investments	(4,141)
Gross Amount at which Carried at Close of Period
Land	12,005
Buildings	22,677
Total	34,682
Accumulated Depreciation	$ 767
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,977
Buildings	16,168
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,977
Buildings	16,168
Total	19,145
Accumulated Depreciation	$ 485
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 124,592
Initial Cost to Company
Land	23,161
Buildings	104,266
Cost Capitalized Subsequent to Acquisition	256
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	23,161
Buildings	104,522
Total	127,683
Accumulated Depreciation	$ 3,091
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,000
Buildings	13,002
Cost Capitalized Subsequent to Acquisition	1,202
Increase (Decrease) in Net Investments	(286)
Gross Amount at which Carried at Close of Period
Land	8,874
Buildings	14,044
Total	22,918
Accumulated Depreciation	$ 515
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Croatia | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Northbrook, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,226
Initial Cost to Company
Land	0
Buildings	493
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	493
Total	493
Accumulated Depreciation	$ 58
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	18,510
Buildings	163
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	18,510
Buildings	163
Total	18,673
Accumulated Depreciation	$ 19
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Dillon, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 25,745
Initial Cost to Company
Land	3,516
Buildings	44,933
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,516
Buildings	44,933
Total	48,449
Accumulated Depreciation	$ 1,496
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facilities in New York City, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	29,223
Buildings	77,202
Cost Capitalized Subsequent to Acquisition	114
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	29,223
Buildings	77,316
Total	106,539
Accumulated Depreciation	$ 2,274
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Hilo, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	769
Buildings	12,869
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	769
Buildings	12,869
Total	13,638
Accumulated Depreciation	$ 381
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Clearwater, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,247
Buildings	5,733
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,247
Buildings	5,733
Total	6,980
Accumulated Depreciation	$ 193
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Gadki, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,422
Buildings	47,727
Cost Capitalized Subsequent to Acquisition	57
Increase (Decrease) in Net Investments	(812)
Gross Amount at which Carried at Close of Period
Land	10,276
Buildings	47,118
Total	57,394
Accumulated Depreciation	$ 1,527
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Orlando, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,070
Buildings	8,686
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,070
Buildings	8,686
Total	9,756
Accumulated Depreciation	$ 276
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Lewisville, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,711
Initial Cost to Company
Land	3,485
Buildings	11,263
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,485
Buildings	11,263
Total	14,748
Accumulated Depreciation	$ 352
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Wageningen, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,293
Initial Cost to Company
Land	5,227
Buildings	18,793
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(55)
Gross Amount at which Carried at Close of Period
Land	5,154
Buildings	18,811
Total	23,965
Accumulated Depreciation	$ 599
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Haibach, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,690
Initial Cost to Company
Land	1,767
Buildings	12,229
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(195)
Gross Amount at which Carried at Close of Period
Land	1,743
Buildings	12,058
Total	13,801
Accumulated Depreciation	$ 390
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Palm Coast, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,994
Buildings	4,982
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,994
Buildings	4,982
Total	6,976
Accumulated Depreciation	$ 197
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Auburn Hills, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,473
Initial Cost to Company
Land	1,910
Buildings	6,773
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,910
Buildings	6,773
Total	8,683
Accumulated Depreciation	$ 216
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Holiday, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,730
Buildings	4,213
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,730
Buildings	4,213
Total	5,943
Accumulated Depreciation	$ 162
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tempe, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 14,108
Initial Cost to Company
Land	0
Buildings	19,533
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	19,533
Total	19,533
Accumulated Depreciation	$ 603
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tucson, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,448
Buildings	17,353
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,448
Buildings	17,353
Total	19,801
Accumulated Depreciation	$ 543
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Drunen, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,316
Buildings	9,370
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(163)
Gross Amount at which Carried at Close of Period
Land	2,284
Buildings	9,239
Total	11,523
Accumulated Depreciation	$ 288
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility New Concord, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,416
Initial Cost to Company
Land	958
Buildings	2,309
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	958
Buildings	2,309
Total	3,267
Accumulated Depreciation	$ 88
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Krakow, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,192
Initial Cost to Company
Land	2,381
Buildings	6,212
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(120)
Gross Amount at which Carried at Close of Period
Land	2,348
Buildings	6,125
Total	8,473
Accumulated Depreciation	$ 192
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Gelsenkirchen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,848
Initial Cost to Company
Land	2,178
Buildings	17,097
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(269)
Gross Amount at which Carried at Close of Period
Land	2,147
Buildings	16,859
Total	19,006
Accumulated Depreciation	$ 523
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Mszczonow and Tomaszow Mazowiecki, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,782
Buildings	53,575
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(870)
Gross Amount at which Carried at Close of Period
Land	8,660
Buildings	52,827
Total	61,487
Accumulated Depreciation	$ 1,777
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 21,310
Initial Cost to Company
Land	2,871
Buildings	26,353
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,871
Buildings	26,353
Total	29,224
Accumulated Depreciation	$ 815
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in San Antonio, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,390
Initial Cost to Company
Land	3,094
Buildings	16,624
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,094
Buildings	16,624
Total	19,718
Accumulated Depreciation	$ 523
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Sered, Slovakia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,428
Buildings	28,005
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(439)
Gross Amount at which Carried at Close of Period
Land	3,380
Buildings	27,614
Total	30,994
Accumulated Depreciation	$ 866
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Tuchomerice, Czech Republic
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,864
Buildings	27,006
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(487)
Gross Amount at which Carried at Close of Period
Land	7,754
Buildings	26,629
Total	34,383
Accumulated Depreciation	$ 824
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 37,151
Initial Cost to Company
Land	0
Buildings	44,990
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(628)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	44,362
Total	44,362
Accumulated Depreciation	$ 1,339
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Kaunas, Lithuania
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 38,847
Initial Cost to Company
Land	10,199
Buildings	47,391
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(804)
Gross Amount at which Carried at Close of Period
Land	10,057
Buildings	46,729
Total	56,786
Accumulated Depreciation	$ 1,481
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease student housing facility in Jacksonville, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 11,717
Initial Cost to Company
Land	906
Buildings	17,020
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	906
Buildings	17,020
Total	17,926
Accumulated Depreciation	$ 514
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	791
Buildings	1,990
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	791
Buildings	1,990
Total	2,781
Accumulated Depreciation	$ 66
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Oak Creek, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,858
Buildings	11,055
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,858
Buildings	11,055
Total	13,913
Accumulated Depreciation	$ 367
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,868
Buildings	37,571
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,868
Buildings	37,571
Total	40,439
Accumulated Depreciation	$ 1,268
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Perrysburg, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	806
Buildings	11,922
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	806
Buildings	11,922
Total	12,728
Accumulated Depreciation	$ 415
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Dillon, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	620
Buildings	46,319
Cost Capitalized Subsequent to Acquisition	434
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	620
Buildings	46,753
Total	47,373
Accumulated Depreciation	$ 916
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Zabia Wola, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 16,970
Initial Cost to Company
Land	4,742
Buildings	23,270
Cost Capitalized Subsequent to Acquisition	5,636
Increase (Decrease) in Net Investments	(438)
Gross Amount at which Carried at Close of Period
Land	4,676
Buildings	28,534
Total	33,210
Accumulated Depreciation	$ 843
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Buffalo Grove, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,224
Buildings	6,583
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,224
Buildings	6,583
Total	8,807
Accumulated Depreciation	$ 210
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in McHenry, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,794
Buildings	21,141
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,794
Buildings	21,141
Total	26,935
Accumulated Depreciation	$ 917
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in McHenry, IL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chicago, Cortland, Forest View, Morton Grove, and Northbrook, IL and Madison and Monona, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	23,267
Buildings	9,166
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	23,267
Buildings	9,166
Total	32,433
Accumulated Depreciation	$ 354
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chicago, Cortland, Forest View, Morton Grove, and Northbrook, IL and Madison and Monona, WI | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chicago, Cortland, Forest View, Morton Grove, and Northbrook, IL and Madison and Monona, WI | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Kilgore, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,002
Buildings	36,334
Cost Capitalized Subsequent to Acquisition	14,096
Increase (Decrease) in Net Investments	(6)
Gross Amount at which Carried at Close of Period
Land	3,002
Buildings	50,424
Total	53,426
Accumulated Depreciation	$ 1,161
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in San Luis Potosi, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,787
Buildings	12,945
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,787
Buildings	12,945
Total	15,732
Accumulated Depreciation	$ 391
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Legnica, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	995
Buildings	9,787
Cost Capitalized Subsequent to Acquisition	6,007
Increase (Decrease) in Net Investments	(252)
Gross Amount at which Carried at Close of Period
Land	979
Buildings	15,558
Total	16,537
Accumulated Depreciation	$ 459
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Meru, France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,231
Buildings	14,731
Cost Capitalized Subsequent to Acquisition	8
Increase (Decrease) in Net Investments	(238)
Gross Amount at which Carried at Close of Period
Land	4,178
Buildings	14,554
Total	18,732
Accumulated Depreciation	$ 557
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Portland, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,396
Buildings	23,258
Cost Capitalized Subsequent to Acquisition	10
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,396
Buildings	23,268
Total	25,664
Accumulated Depreciation	$ 513
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Morrisville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,374
Buildings	30,140
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,374
Buildings	30,140
Total	32,514
Accumulated Depreciation	$ 693
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Inwood, WV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 20,579
Initial Cost to Company
Land	3,265
Buildings	36,692
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,265
Buildings	36,692
Total	39,957
Accumulated Depreciation	$ 777
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Hurricane, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,914
Buildings	37,279
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,914
Buildings	37,279
Total	39,193
Accumulated Depreciation	$ 745
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Bensenville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,640
Buildings	4,948
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	300
Gross Amount at which Carried at Close of Period
Land	8,940
Buildings	4,948
Total	13,888
Accumulated Depreciation	$ 158
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Katowice, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	764
Cost Capitalized Subsequent to Acquisition	14,586
Increase (Decrease) in Net Investments	313
Gross Amount at which Carried at Close of Period
Land	0
Buildings	15,663
Total	15,663
Accumulated Depreciation	$ 38
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Westerville, OH and North Wales, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,545
Buildings	6,508
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,545
Buildings	6,508
Total	8,053
Accumulated Depreciation	$ 128
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Fargo, ND; Norristown, PA; and Atlanta, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,616
Buildings	5,589
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,616
Buildings	5,589
Total	7,205
Accumulated Depreciation	$ 134
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chihuahua and Juarez, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,426
Buildings	7,286
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,426
Buildings	7,286
Total	10,712
Accumulated Depreciation	$ 158
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Statesville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,683
Buildings	13,827
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,683
Buildings	13,827
Total	15,510
Accumulated Depreciation	$ 238
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Conestoga, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,290
Buildings	51,410
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,290
Buildings	51,410
Total	55,700
Accumulated Depreciation	$ 822
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Hartford and Milwaukee, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,471
Buildings	21,293
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,471
Buildings	21,293
Total	22,764
Accumulated Depreciation	$ 290
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Brockville and Prescott, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,025
Buildings	9,519
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,025
Buildings	9,519
Total	11,544
Accumulated Depreciation	$ 127
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Dordrecht, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,233
Buildings	10,954
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	328
Gross Amount at which Carried at Close of Period
Land	3,307
Buildings	11,208
Total	14,515
Accumulated Depreciation	$ 76
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in York, PA and Lexington, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,155
Buildings	22,930
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,155
Buildings	22,930
Total	27,085
Accumulated Depreciation	$ 197
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Queretaro, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,851
Buildings	12,748
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,851
Buildings	12,748
Total	15,599
Accumulated Depreciation	$ 99
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Dearborn, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,431
Buildings	5,402
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,431
Buildings	5,402
Total	6,833
Accumulated Depreciation	$ 43
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Houston, TX and Metairie, LA and office facilities in Houston, TX and Mason, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,130
Buildings	24,981
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,130
Buildings	24,981
Total	31,111
Accumulated Depreciation	$ 116
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Pardubice, Czech Republic
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,694
Buildings	8,793
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	203
Gross Amount at which Carried at Close of Period
Land	1,727
Buildings	8,963
Total	10,690
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Brabrand, Denmark and Arlandastad, Sweden
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,499
Buildings	27,899
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	858
Gross Amount at which Carried at Close of Period
Land	6,665
Buildings	28,591
Total	35,256
Accumulated Depreciation	$ 70
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Hamburg, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,520
Buildings	34,167
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,520
Buildings	34,167
Total	38,687
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Charlotte, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,481
Buildings	82,936
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,481
Buildings	82,936
Total	89,417
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Buffalo Grove, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,287
Buildings	10,167
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,287
Buildings	10,167
Total	13,454
Accumulated Depreciation	$ 17
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Hvidovre, Denmark
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,931
Buildings	4,243
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	77
Gross Amount at which Carried at Close of Period
Land	1,955
Buildings	4,296
Total	6,251
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Huddersfield, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,659
Buildings	29,752
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,659
Buildings	29,752
Total	38,411
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 75,441
Initial Cost to Company
Land	108,390
Buildings	876,186
Cost Capitalized Subsequent to Acquisition	10,899
Increase (Decrease) in Net Investments	(98,926)
Gross Amount at which Carried at Close of Period
Total	896,549
Direct Financing Method | Industrial facilities in Irving and Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	27,599
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,074)
Gross Amount at which Carried at Close of Period
Total	23,525
Direct Financing Method | Retail facility in Freehold, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	7,637
Initial Cost to Company
Land	0
Buildings	17,067
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(278)
Gross Amount at which Carried at Close of Period
Total	16,789
Direct Financing Method | Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,434
Initial Cost to Company
Land	2,089
Buildings	14,211
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(937)
Gross Amount at which Carried at Close of Period
Total	15,363
Direct Financing Method | Retail facilities in Arnstadt, Borken, Bünde, Dorsten, Duisburg, Freiberg, Gütersloh, Leimbach-Kaiserro, Monheim, Oberhausen, Osnabrück, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, and Wuppertal Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	28,734
Buildings	145,854
Cost Capitalized Subsequent to Acquisition	5,582
Increase (Decrease) in Net Investments	(23,090)
Gross Amount at which Carried at Close of Period
Total	157,080
Direct Financing Method | Warehouse facility in Brierley Hill, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,147
Buildings	12,357
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,553)
Gross Amount at which Carried at Close of Period
Total	12,951
Direct Financing Method | Industrial and warehouse facility in Mesquite, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,580
Initial Cost to Company
Land	2,851
Buildings	15,899
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,377)
Gross Amount at which Carried at Close of Period
Total	16,373
Direct Financing Method | Industrial facility in Rochester, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,184
Initial Cost to Company
Land	881
Buildings	17,039
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,336)
Gross Amount at which Carried at Close of Period
Total	15,584
Direct Financing Method | Office facility in Irvine, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,785
Initial Cost to Company
Land	0
Buildings	17,027
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,230)
Gross Amount at which Carried at Close of Period
Total	14,797
Direct Financing Method | Office facility in Scottsdale, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	17,819
Initial Cost to Company
Land	0
Buildings	43,570
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,108)
Gross Amount at which Carried at Close of Period
Total	42,462
Direct Financing Method | Retail facilities in El Paso and Fabens, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,777
Buildings	17,823
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(54)
Gross Amount at which Carried at Close of Period
Total	22,546
Direct Financing Method | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,190
Buildings	10,010
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	161
Gross Amount at which Carried at Close of Period
Total	13,361
Direct Financing Method | Industrial facility in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	11,548
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(359)
Gross Amount at which Carried at Close of Period
Total	11,189
Direct Financing Method | Industrial facilities in Albemarle and Old Fort, NC and Holmesville, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	6,542
Buildings	20,668
Cost Capitalized Subsequent to Acquisition	5,317
Increase (Decrease) in Net Investments	(7,297)
Gross Amount at which Carried at Close of Period
Total	25,230
Direct Financing Method | Industrial facilities located throughout France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	27,270
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(7,877)
Gross Amount at which Carried at Close of Period
Total	19,393
Direct Financing Method | Retail facility in Gronau, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	281
Buildings	4,401
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(818)
Gross Amount at which Carried at Close of Period
Total	3,864
Direct Financing Method | Industrial and warehouse facility in Newbridge, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	9,818
Initial Cost to Company
Land	6,851
Buildings	22,868
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(7,378)
Gross Amount at which Carried at Close of Period
Total	22,341
Direct Financing Method | Education facility in Mooresville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,009
Initial Cost to Company
Land	1,795
Buildings	15,955
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Total	17,750
Direct Financing Method | Industrial facility in Mount Carmel, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	135
Buildings	3,265
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(150)
Gross Amount at which Carried at Close of Period
Total	3,250
Direct Financing Method | Retail facility in Vantaa, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,291
Buildings	15,522
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,636)
Gross Amount at which Carried at Close of Period
Total	17,177
Direct Financing Method | Retail facility in Linköping, Sweden
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,484
Buildings	9,402
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,282)
Gross Amount at which Carried at Close of Period
Total	7,604
Direct Financing Method | Industrial facility in Calgary, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	7,076
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(985)
Gross Amount at which Carried at Close of Period
Total	6,091
Direct Financing Method | Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	6,783
Initial Cost to Company
Land	5,780
Buildings	40,860
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(380)
Gross Amount at which Carried at Close of Period
Total	46,260
Direct Financing Method | Movie theater in Pensacola, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	13,034
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,083)
Gross Amount at which Carried at Close of Period
Total	6,951
Direct Financing Method | Industrial facility in Monheim, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,939
Buildings	7,379
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,174)
Gross Amount at which Carried at Close of Period
Total	8,144
Direct Financing Method | Industrial facility in Göppingen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	10,717
Buildings	60,120
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(15,177)
Gross Amount at which Carried at Close of Period
Total	55,660
Direct Financing Method | Industrial facility in Sankt Ingbert, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,786
Buildings	26,902
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,168)
Gross Amount at which Carried at Close of Period
Total	23,520
Direct Financing Method | Industrial and office facility in Nagold, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,553
Buildings	17,675
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(310)
Gross Amount at which Carried at Close of Period
Total	21,918
Direct Financing Method | Industrial facility in Glendale Heights, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,237
Buildings	45,173
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	269
Gross Amount at which Carried at Close of Period
Total	49,679
Direct Financing Method | Industrial facilities in Colton, Fresno, Orange, Pomona, and San Diego, CA; Holly Hill, FL; Rockmart, GA; Ooltewah, TN; and Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	9,967
Initial Cost to Company
Land	2,068
Buildings	31,256
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(254)
Gross Amount at which Carried at Close of Period
Total	33,070
Direct Financing Method | Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,062
Buildings	23,087
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	497
Gross Amount at which Carried at Close of Period
Total	24,646
Direct Financing Method | Warehouse facility in Gieten, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	15,258
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(248)
Gross Amount at which Carried at Close of Period
Total	15,010
Direct Financing Method | Warehouse facility in Oxnard, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	10,960
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(305)
Gross Amount at which Carried at Close of Period
Total	10,655
Direct Financing Method | Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,454
Buildings	87,030
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,099
Gross Amount at which Carried at Close of Period
Total	92,583
Direct Financing Method | Industrial facility in Countryside, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	563
Buildings	1,457
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	16
Gross Amount at which Carried at Close of Period
Total	2,036
Direct Financing Method | Industrial facility in Clarksville, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,688
Initial Cost to Company
Land	1,680
Buildings	10,180
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(7)
Gross Amount at which Carried at Close of Period
Total	11,853
Direct Financing Method | Industrial facility in Bluffton, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,737
Initial Cost to Company
Land	503
Buildings	3,407
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(11)
Gross Amount at which Carried at Close of Period
Total	3,899
Direct Financing Method | Warehouse facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	5,977
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(32)
Gross Amount at which Carried at Close of Period
Total	5,945
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	10,389
Buildings	63,218
Cost Capitalized Subsequent to Acquisition	6,101
Increase (Decrease) in Net Investments	(247)
Gross Amount at which Carried at Close of Period
Land	10,452
Buildings	65,393
Total	83,083	466,050	83,047	81,711
Accumulated Depreciation	11,241	$ 10,234	$ 16,419	$ 12,143
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	3,622
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	7,238
Operating Real Estate | Bloomington, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,810
Buildings	29,126
Cost Capitalized Subsequent to Acquisition	5,974
Increase (Decrease) in Net Investments	(247)
Gross Amount at which Carried at Close of Period
Land	3,874
Buildings	31,208
Total	42,285
Accumulated Depreciation	9,855
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	3,622
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 7,203
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Loves Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,412
Buildings	4,853
Cost Capitalized Subsequent to Acquisition	4
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,412
Buildings	4,853
Total	6,269
Accumulated Depreciation	214
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 4
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Cherry Valley, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,339
Buildings	4,160
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,339
Buildings	4,160
Total	5,499
Accumulated Depreciation	179
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	695
Buildings	3,873
Cost Capitalized Subsequent to Acquisition	14
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	695
Buildings	3,883
Total	4,582
Accumulated Depreciation	151
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 4
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	87
Buildings	785
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	87
Buildings	785
Total	872
Accumulated Depreciation	28
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	454
Buildings	4,724
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454
Buildings	4,724
Total	5,178
Accumulated Depreciation	152
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Peoria, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	444
Buildings	4,944
Cost Capitalized Subsequent to Acquisition	37
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	443
Buildings	4,964
Total	5,425
Accumulated Depreciation	215
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 18
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | East Peoria, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	268
Buildings	3,290
Cost Capitalized Subsequent to Acquisition	53
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	268
Buildings	3,336
Total	3,611
Accumulated Depreciation	138
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 7
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Loves Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	721
Buildings	2,973
Cost Capitalized Subsequent to Acquisition	17
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	721
Buildings	2,990
Total	3,711
Accumulated Depreciation	120
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Winder, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	338
Buildings	1,310
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	338
Buildings	1,310
Total	1,650
Accumulated Depreciation	55
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 2
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Winder, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	821
Buildings	3,180
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	821
Buildings	3,180
Total	4,001
Accumulated Depreciation	134
Real Estate And Accumulated Depreciation Initial Cost Of Personal Property	0
Real Estate And Accumulated Depreciation Carrying Amount Of Personal Property	$ 0
Life on which Depreciation in Latest Statement of Income is Computed	40 years

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Land, Buildings and Improvements Subject to Operating Leases
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 8,717,612	$ 5,334,446	$ 5,182,267
Acquisitions	610,381	734,963	23,462
Reclassification from (to) operating properties	291,750	0	0
Reclassification from real estate under construction	122,519	86,784	51,198
Dispositions	(90,488)	(296,543)	(131,549)
Reclassification from direct financing lease	76,934	15,998	1,611
Foreign currency translation adjustment	(37,032)	(88,715)	192,580
Capital improvements	18,860	25,727	17,778
CPA:17 Merger measurement period adjustments	(5,687)	0	0
Impairment charges	(1,345)	(3,030)	(2,901)
Acquisitions through CPA:17 Merger	0	2,907,982	0
Ending balance	9,703,504	8,717,612	5,334,446
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	724,550	613,543	472,294
Depreciation expense	232,927	162,119	144,183
Dispositions	(6,109)	(41,338)	(17,770)
Foreign currency translation adjustment	(916)	(9,774)	14,836
Ending balance	950,452	724,550	613,543
Operating Real Estate
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	466,050	83,047	81,711
Reclassification from (to) operating properties	(291,750)	0	0
Reclassification from real estate under construction	1,008	0	0
Dispositions	0	(43,607)	0
Capital improvements	1,853	3,080	1,336
Acquisitions through CPA:17 Merger	0	423,530	0
Reclassification to assets held for sale	(94,078)	0	0
Ending balance	83,083	466,050	83,047
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	10,234	16,419	12,143
Depreciation expense	2,553	4,240	4,276
Reclassification to assets held for sale	(1,546)	0	0
Dispositions	0	(10,425)	0
Ending balance	$ 11,241	$ 10,234	$ 16,419

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 47,737	$ 57,737	$ 0	$ 0
Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	47,737
Carrying Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 47,737
Financing agreement — observation wheel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	6.50%
Financing agreement — observation wheel | Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 24,350
Final Maturity Date	Mar. 31, 2020
Financing agreement — observation wheel | Carrying Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 24,350
Financing agreement — mezzanine loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	9.00%
Financing agreement — mezzanine loan | Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 23,387
Final Maturity Date	Apr. 30, 2020
Financing agreement — mezzanine loan | Carrying Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 23,387

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 57,737	$ 0	$ 0
Repayments	(10,000)	0	0
Acquisitions through CPA:17 Merger	0	57,737	0
Ending balance	$ 47,737	$ 57,737	$ 0