W. P. Carey (WPC) 10-K 12 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 05, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
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
ICFR Auditor Attestation Flag	true
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			$ 11.7
Entity Common Stock, Shares Outstanding		175,404,497
Documents Incorporated by Reference	The registrant incorporates by reference its definitive Proxy Statement with respect to its 2021 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
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Investments in real estate:
Land, buildings and improvements		$ 10,939,619	$ 9,856,191
Net investments in direct financing leases		711,974	896,549
In-place lease intangible assets and other		2,301,174	2,186,851
Above-market rent intangible assets		881,159	909,139
Investments in real estate		14,833,926	13,848,730
Accumulated depreciation and amortization		(2,490,087)	(2,035,995)
Assets held for sale, net		18,590	104,010
Net investments in real estate		12,362,429	11,916,745
Equity investments in the Managed Programs and real estate		283,446	324,004
Cash and cash equivalents		248,662	196,028
Due from affiliates		26,257	57,816
Other assets, net		876,024	631,637
Goodwill		910,818	934,688
Total assets	[1]	14,707,636	14,060,918
Debt:
Senior unsecured notes, net		5,146,192	4,390,189
Unsecured term loans, net		321,971	0
Unsecured revolving credit facility		82,281	201,267
Non-recourse mortgages, net		1,145,554	1,462,487
Debt, net		6,695,998	6,053,943
Accounts payable, accrued expenses and other liabilities		603,663	487,405
Below-market rent and other intangible liabilities, net		197,248	210,742
Deferred income taxes		145,844	179,309
Dividends payable		186,514	181,346
Total liabilities	[1]	7,829,267	7,112,745
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; 175,401,757 and 172,278,242 shares, respectively, issued and outstanding		175	172
Additional paid-in capital		8,925,365	8,717,535
Distributions in excess of accumulated earnings		(1,850,935)	(1,557,374)
Deferred compensation obligation		42,014	37,263
Accumulated other comprehensive loss		(239,906)	(255,667)
Total stockholders’ equity		6,876,713	6,941,929
Noncontrolling interests		1,656	6,244
Total equity		6,878,369	6,948,173
Total liabilities and equity		$ 14,707,636	$ 14,060,918
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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, issued (shares)	175,401,757	172,278,242
Common stock shares, outstanding (shares)	175,401,757	172,278,242

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investment Management:
Total revenues	$ 307,371	$ 302,419	$ 290,530	$ 308,999	$ 311,227	$ 318,005	$ 305,211	$ 298,323	$ 1,209,319	$ 1,232,766	$ 885,732
Operating Expenses
Depreciation and amortization									442,935	447,135	291,440
General and administrative									75,950	75,293	68,337
Reimbursable tenant costs									56,409	55,576	28,076
Property expenses, excluding reimbursable tenant costs									44,067	39,545	22,773
Impairment charges						25,800			35,830	32,539	4,790
Stock-based compensation expense									15,938	18,787	18,294
Operating property expenses									9,901	38,015	20,150
Reimbursable costs from affiliates									8,855	16,547	21,925
Subadvisor fees									1,469	7,579	9,240
Merger and other expenses									247	101	41,426
Total operating expenses	177,996	162,239	158,379	192,987	175,816	198,409	179,170	177,722	691,601	731,117	526,451
Other Income and Expenses
Interest expense									(210,087)	(233,325)	(178,375)
Gain on sale of real estate, net									109,370	18,143	118,605
Other gains and (losses)									46,752	31,475	29,913
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate									(18,557)	23,229	61,514
(Loss) gain on change in control of interests									0	(8,416)	47,814
Total other income and expenses									(72,522)	(168,894)	79,471
(Loss) income from continuing operations									445,196	332,755	438,752
Benefit from (provision for) income taxes									20,759	(26,211)	(14,411)
Net Income	134,615	149,434	115,204	66,702	129,792	41,835	66,121	68,796	465,955	306,544	424,341
Net income attributable to noncontrolling interests	(43)	(37)	(9,904)	(612)	(420)	(496)	(83)	(302)	(10,596)	(1,301)	(12,775)
Net Income Attributable to W. P. Carey	$ 134,572	$ 149,397	$ 105,300	$ 66,090	$ 129,372	$ 41,339	$ 66,038	$ 68,494	$ 455,359	$ 305,243	$ 411,566
Basic Earnings Per Share (usd per share)	$ 0.76	$ 0.85	$ 0.61	$ 0.38	$ 0.75	$ 0.24	$ 0.39	$ 0.41	$ 2.61	$ 1.78	$ 3.50
Diluted Earnings Per Share (usd per share)	$ 0.76	$ 0.85	$ 0.61	$ 0.38	$ 0.75	$ 0.24	$ 0.38	$ 0.41	$ 2.60	$ 1.78	$ 3.49
Weighted-Average Shares Outstanding
Basic (in shares)									174,504,406	171,001,430	117,494,969
Diluted (in shares)									174,839,428	171,299,414	117,706,445
Real Estate
Real Estate:
Lease revenues									$ 1,154,504	$ 1,086,375	$ 744,498
Lease termination income and other									12,094	36,268	6,555
Gross contract revenue									11,399	50,220	28,072
Investment Management:
Gross contract revenue									11,399	50,220	28,072
Total revenues									1,177,997	1,172,863	779,125
Operating Expenses
Depreciation and amortization									441,948	443,300	287,461
General and administrative									70,127	56,796	47,210
Reimbursable tenant costs									56,409	55,576	28,076
Property expenses, excluding reimbursable tenant costs									44,067	39,545	22,773
Impairment charges									35,830	32,539	4,790
Stock-based compensation expense									15,247	13,248	10,450
Operating property expenses									9,901	38,015	20,150
Merger and other expenses									(937)	101	41,426
Total operating expenses									672,592	679,120	462,336
Other Income and Expenses
Interest expense									(210,087)	(233,325)	(178,375)
Gain on sale of real estate, net									109,370	18,143	118,605
Other gains and (losses)									46,074	30,251	30,015
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate									(9,017)	2,361	13,341
(Loss) gain on change in control of interests									0	(8,416)	18,792
Total other income and expenses									(63,660)	(190,986)	2,378
(Loss) income from continuing operations									441,745	302,757	319,167
Benefit from (provision for) income taxes									18,498	(30,802)	844
Net Income									460,243	271,955	320,011
Net income attributable to noncontrolling interests									(731)	110	(12,775)
Net Income Attributable to W. P. Carey									459,512	272,065	307,236
Investment Management
Real Estate:
Gross contract revenue									31,322	59,903	106,607
Investment Management:
Gross contract revenue									31,322	59,903	106,607
Operating Expenses
Depreciation and amortization									987	3,835	3,979
General and administrative									5,823	18,497	21,127
Stock-based compensation expense									691	5,539	7,844
Reimbursable costs from affiliates									8,855	16,547	21,925
Subadvisor fees									1,469	7,579	9,240
Merger and other expenses									1,184	0	0
Total operating expenses									19,009	51,997	64,115
Other Income and Expenses
Other gains and (losses)									678	1,224	(102)
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate									(9,540)	20,868	48,173
(Loss) gain on change in control of interests									0	0	29,022
Total other income and expenses									(8,862)	22,092	77,093
(Loss) income from continuing operations									3,451	29,998	119,585
Benefit from (provision for) income taxes									2,261	4,591	(15,255)
Net Income									5,712	34,589	104,330
Net income attributable to noncontrolling interests									(9,865)	(1,411)	0
Net Income Attributable to W. P. Carey									(4,153)	33,178	104,330
Investment Management | Asset management revenue
Real Estate:
Gross contract revenue									21,973	39,132	63,556
Investment Management:
Gross contract revenue									21,973	39,132	63,556
Investment Management | Reimbursable costs from affiliates
Real Estate:
Gross contract revenue									8,855	16,547	21,925
Investment Management:
Gross contract revenue									8,855	16,547	21,925
Investment Management | Structuring and other advisory revenue
Real Estate:
Gross contract revenue									494	4,224	21,126
Investment Management:
Gross contract revenue									$ 494	$ 4,224	$ 21,126

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Comprehensive Income
Net income	$ 465,955	$ 306,544	$ 424,341
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	47,746	376	(31,843)
Unrealized (loss) gain on derivative instruments	(31,978)	(1,054)	4,923
Unrealized gain on investments	0	7	154
Net current period other comprehensive income (loss)	15,768	(671)	(26,766)
Comprehensive Income	481,723	305,873	397,575
Amounts Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	(10,596)	(1,301)	(12,775)
Unrealized (gain) loss on derivative instruments	(7)	0	7
Foreign currency translation adjustments	0	0	7,774
Comprehensive income attributable to noncontrolling interests	(10,603)	(1,301)	(4,994)
Comprehensive Income Attributable to W. P. Carey	$ 471,120	$ 304,572	$ 392,581

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative-effect adjustment for the adoption of new accounting pronouncement	Total W. P. Carey Stockholders	Total W. P. Carey StockholdersCumulative-effect adjustment for the adoption of new accounting pronouncement	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated EarningsCumulative-effect adjustment for the adoption of new accounting pronouncement	Deferred Compensation Obligation	Accumulated Other Comprehensive Income (Loss)	Noncontrolling interest
Balance - beginning of period at Dec. 31, 2017	$ 3,411,385		$ 3,192,261		$ 107	$ 4,433,573	$ (1,052,064)		$ 46,656	$ (236,011)	$ 219,124
Balance - beginning 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	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	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	(13,644)		(13,644)			(13,644)
Shares issued upon delivery of vested restricted share awards, shares					293,481
Shares issued upon purchases under employee share purchase plan	178		178			178
Shares issued upon purchases under employee share purchase plan, shares					2,951
Deferral of vested shares, net	0					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)
Dividends declared	(502,819)		(502,819)			675	(503,494)
Repurchase of shares in connection with CPA:17 Merger	(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 loss:
Foreign currency translation adjustments	(31,843)		(24,069)							(24,069)	(7,774)
Unrealized (loss) gain on derivative instruments	4,923		4,930							4,930	(7)
Unrealized gain on investments	154		154							154
Balance - end of period at Dec. 31, 2018	6,830,055		6,824,278		$ 165	8,187,335	(1,143,992)		35,766	(254,996)	5,777
Balance - end of period, shares at Dec. 31, 2018					165,279,642
W.P. Carey Stockholders
Shares issued under “at-the-market” offering, net	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	(15,765)		(15,765)		$ 1	(15,766)
Shares issued upon delivery of vested restricted share awards, shares					322,831
Shares issued upon purchases under employee share purchase plan	252		252			252
Shares issued upon purchases under employee share purchase plan, shares					3,357
Deferral of vested shares, net	0					(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)
Dividends declared	(713,588)		(713,588)			4,985	(718,625)		52
Net income	306,544		305,243				305,243				1,301
Other comprehensive loss:
Foreign currency translation adjustments	376		376							376
Unrealized (loss) gain on derivative instruments	(1,054)		(1,054)							(1,054)
Unrealized gain on investments	7		7							7
Balance - end of period at Dec. 31, 2019	$ 6,948,173	$ (14,812)	6,941,929	$ (14,812)	$ 172	8,717,535	(1,557,374)	$ (14,812)	37,263	(255,667)	6,244
Balance - end of period, shares at Dec. 31, 2019	172,278,242				172,278,242
Other comprehensive loss:
Accounting Standards Update	us-gaap:AccountingStandardsUpdate201613Member
Shares issued under forward sale agreements, net	$ 199,481		199,481		$ 3	199,478
Shares issued under forward sale agreements, net, shares					2,951,791
Shares issued under “at-the-market” offering, net	60		60			60
Shares issued under “at-the-market” offering, net, shares					2,500
Shares issued upon delivery of vested restricted share awards	(5,372)		(5,372)			(5,372)
Shares issued upon delivery of vested restricted share awards, shares					162,331
Shares issued upon purchases under employee share purchase plan	389		389			389
Shares issued upon purchases under employee share purchase plan, shares					6,893
Deferral of vested shares, net	0					(3,854)			3,854
Amortization of stock-based compensation expense	15,938		15,938			15,938
Distributions to noncontrolling interests	(5,326)										(5,326)
Dividends declared	(732,020)		(732,020)			1,191	(734,108)		897
Redemption of noncontrolling interest	(9,865)										(9,865)
Net income	465,955		455,359				455,359				10,596
Foreign currency translation adjustments	47,746		47,746							47,746
Unrealized (loss) gain on derivative instruments	(31,978)		(31,985)							(31,985)	7
Unrealized gain on investments	0
Balance - end of period at Dec. 31, 2020	$ 6,878,369		$ 6,876,713		$ 175	$ 8,925,365	$ (1,850,935)		$ 42,014	$ (239,906)	$ 1,656
Balance - end of period, shares at Dec. 31, 2020	175,401,757				175,401,757

Consolidated Statement of Equit

Consolidated Statement of Equity (Parentheticals) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Distributions declared per share (usd per share)	$ 1.046	$ 4.17	$ 4.14	$ 4.09

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows — Operating Activities
Net income	$ 465,955	$ 306,544	$ 424,341
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	456,210	460,030	298,166
Gain on sale of real estate, net	(109,370)	(18,143)	(118,605)
Realized and unrealized gains on foreign currency transactions, derivatives, and other	(55,810)	(466)	(17,644)
Amortization of rent-related intangibles and deferred rental revenue	52,736	84,878	51,132
Straight-line rent adjustments	(50,299)	(46,260)	(21,994)
Deferred income tax (benefit) expense	(49,076)	9,255	(6,279)
Impairment charges	35,830	32,539	4,790
Allowance for credit losses	22,259	0	0
Equity in losses (earnings) of equity method investments in the Managed Programs and real estate	18,557	(23,229)	(61,514)
Asset management revenue received in shares of Managed REITs	(16,642)	(30,555)	(49,110)
Stock-based compensation expense	15,938	18,787	18,294
Distributions of earnings from equity method investments	9,419	26,772	62,015
Loss (gain) on change in control of interests	0	8,416	(47,814)
Changes in assets and liabilities:
Net changes in other operating assets and liabilities	3,239	(20,783)	(28,054)
Deferred structuring revenue received	2,680	4,913	9,456
Increase in deferred structuring revenue receivable	(88)	(621)	(8,014)
Net Cash Provided by Operating Activities	801,538	812,077	509,166
Cash Flows — Investing Activities
Purchases of real estate	(656,313)	(717,666)	(719,548)
Proceeds from sales of real estate	366,532	307,959	431,626
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(207,256)	(165,490)	(107,684)
Purchases of securities	(95,511)	0	0
Proceeds from repayment of short-term loans to affiliates	51,702	46,637	37,000
Funding of short-term loans to affiliates	(26,481)	(36,808)	(10,000)
Return of capital from equity method investments	19,483	34,365	16,382
Proceeds from repayment of loans receivable	11,000	19,707	488
Capital contributions to equity method investments	(4,253)	(2,595)	(18,173)
Other investing activities, net	1,165	(8,882)	(8,169)
Cash and restricted cash acquired in connection with the CPA:17 Merger	0	0	113,634
Cash paid to stockholders of CPA:17 – Global in the CPA:17 Merger	0	0	(1,688)
Net Cash Used in Investing Activities	(539,932)	(522,773)	(266,132)
Cash Flows — Financing Activities
Repayments of Unsecured Revolving Credit Facility	(1,137,026)	(1,227,153)	(1,655,076)
Proceeds from Unsecured Revolving Credit Facility	1,019,158	1,336,824	1,403,254
Dividends paid	(726,955)	(704,396)	(440,431)
Proceeds from issuance of Senior Unsecured Notes	495,495	870,635	1,183,828
Proceeds from Unsecured Term Loans	298,974	0	0
Scheduled payments of mortgage principal	(275,746)	(210,414)	(100,433)
Proceeds from shares issued under forward sale agreements, net of selling costs	199,716	0	0
Prepayments of mortgage principal	(68,501)	(1,028,795)	(207,450)
Payment of financing costs	(14,205)	(6,716)	(8,059)
Other financing activities, net	8,917	5,550	(608)
Payments for withholding taxes upon delivery of equity-based awards	(5,372)	(15,766)	(13,985)
Distributions paid to noncontrolling interests	(5,326)	(1,683)	(18,216)
Proceeds from shares issued under ATM Program, net of selling costs	158	523,287	287,544
Contributions from noncontrolling interests	0	849	71
Repayments of term loans	0	0	(453,553)
Repurchase of shares in connection with CPA:17 Merger	0	0	(1,178)
Net Cash Used in Financing Activities	(210,713)	(457,778)	(24,292)
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	9,368	(4,071)	(4,355)
Net increase (decrease) in cash and cash equivalents and restricted cash	60,261	(172,545)	214,387
Cash and cash equivalents and restricted cash, beginning of year	251,518	424,063	209,676
Cash and cash equivalents and restricted cash, end of year	$ 311,779	$ 251,518	$ 424,063

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - CPA 17 Merger (Parentheticals) $ in Thousands	Oct. 31, 2018USD ($)
CPA:17 – Global
Business Combination, Consideration Transferred [Abstract]
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 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
Business Combination, Consideration Transferred [Abstract]
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, 2020
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 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 ). In addition, on April 13, 2020, two of the non-traded REITs that we advised, Carey Watermark Investors Incorporated (“CWI 1”) and Carey Watermark Investors 2 Incorporated (“CWI 2”) (together, the “CWI REITs”), merged in an all-stock transaction, with CWI 2 as the surviving entity (the “CWI 1 and CWI 2 Merger”). Following the close of the CWI 1 and CWI 2 Merger, our advisory agreements with CWI 1 and CWI 2 were terminated, CWI 2 was renamed Watermark Lodging Trust, Inc. (“WLT”), and we began to provide certain services to WLT pursuant to a transition services agreement. As a result, at December 31, 2020, we were the advisor to the following entities ( Note 4 ): • 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, CPA:18 – Global, and the CWI REITs as the “Managed REITs” (as used throughout this Report, the term “Managed REITs” does not include CPA:17 – Global after October 31, 2018 or CWI 1 and CWI 2 after April 13, 2020); 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 and CESH collectively as the “Managed Programs.” We no longer raise capital for new or existing funds, but currently expect to continue managing CPA:18 – Global and CESH through the end of their respective life cycles ( Note 4 ). 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, 2020, our owned portfolio was comprised of our full or partial ownership interests in 1,243 properties, totaling approximately 144 million square feet (unaudited), substantially all of which were net leased to 350 tenants, with a weighted-average lease term of 10.6 years and an occupancy rate of 98.5%. In addition, at December 31, 2020, our portfolio was comprised of full or partial ownership interests in 20 operating properties, including 19 self-storage properties and one hotel, totaling approximately 1.4 million square feet (unaudited). Investment Management — Through our TRSs, we manage the real estate investment portfolios for the Managed Programs, for which we earn asset management revenue. We may 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 CPA:18 – Global’s 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 interest in the operating partnership of CPA:18 – Global, through which we participate in its cash flows ( Note 4 ), in our Investment Management segment. At December 31, 2020, the Managed Programs owned all or a portion of 53 net-leased properties (including certain properties in which we also have an ownership interest), totaling approximately 10.7 million square feet (unaudited), substantially all of which were leased to 65 tenants, with an occupancy rate of approximately 98.7%. The Managed Programs also had interests in 69 operating properties (totaling approximately 5.6 million square feet (unaudited) in the aggregate) and ten active build-to-suit projects at the same date.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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, 2020, 2019, and 2018 were capitalized since our acquisitions during the years were classified as asset acquisitions (excluding the CPA:17 Merger). 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) 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 market rental rates, and applying a selected capitalization rate. 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; • market rents, growth factors of rents, and market lease term; • a capitalization rate to be applied to an estimate of market rent at the end of the market lease term; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; and • leasing commissions and tenant improvement allowances. 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 and industry standards. 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. 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 valuations 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 valuations. 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 or an investment 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 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 — This policy was superseded by ASU 2016-13, Financial Instruments — Credit Losses , which we adopted on January 1, 2020 and which is described below under Recently Adopted Accounting Pronouncements . Prior to this adoption, we periodically assessed whether there were any indicators that the value of our net investments in direct financing leases may have been impaired. When determining a possible impairment, we considered the collectibility of direct financing lease receivables for which a reserve would have been required if any losses were both probable and reasonably estimable. In addition, we determined whether there had been a permanent decline in the estimate of the residual value of the property. If this review indicated a permanent decline in the fair value of the asset below its carrying value , we recognized an impairment charge. 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, 2020, we had a net decrease of six entities considered to be consolidated VIEs, primarily related to disposition activity and certain lease amendments. At December 31, 2020 and 2019, we considered 12 and 18 entities to be VIEs, respectively, of which we consolidated five and 11, 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, 2020 2019 Land, buildings and improvements $ 423,333 $ 493,714 Net investments in direct financing leases 15,242 15,584 In-place lease intangible assets and other 41,997 56,915 Above-market rent intangible assets 26,720 34,576 Accumulated depreciation and amortization (137,827) (151,017) Assets held for sale, net — 104,010 Total assets 381,953 596,168 Non-recourse mortgages, net $ 3,508 $ 32,622 Total liabilities 48,971 98,671 At both December 31, 2020 and 2019, our seven unconsolidated VIEs included our interests in five unconsolidated real estate investments, which we account for under the equity method of accounting, and two unconsolidated entities, which we account for at fair value. 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, 2020 and 2019, the net carrying amount of our investments in these entities was $425.3 million and $298.3 million, respectively, and our maximum exposure to loss in these entities was limited to our investments. Leases We adopted guidance under Accounting Standards Codification (“ASC”) 842, Leases for our interim and annual periods beginning January 1, 2019. As a Lessee : Right-of-use (“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 : We combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), since 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. 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, if the reimbursements are deemed collectible. Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. 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, 2020 2019 2018 Cash and cash equivalents $ 248,662 $ 196,028 $ 217,644 Restricted cash (a) 63,117 55,490 206,419 Total cash and cash equivalents and restricted cash $ 311,779 $ 251,518 $ 424,063 __________ (a) Restricted cash is included within Other assets, net in our consolidated balance sheets. The amount as of December 31, 2018 includes $145.7 million of proceeds from the sale of a portfolio of Australian properties in December 2018. These funds were transferred from a restricted cash account to us in January 2019. Land, Buildings and Improvements — We carry land, buildings, and improvements 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 . 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 Lineage Logistics (a cold storage REIT) ( Note 9 ), our investment in shares of GCIF ( Note 9 ), office lease ROU assets, and our loans receivable in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, operating lease liabilities, 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 ASC 606, Revenue from Contracts with Customers 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 $5.9 million, $29.4 million, and $21.7 million for the years ended December 31, 2020, 2019, and 2018, respectively. Such operating property revenues are primarily comprised of revenues from room rentals and from food and beverage services at our hotel operating properties during those 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 . Lease revenue (including straight-line lease revenue) is only recognized when deemed probable of collection. Collectibility is assessed for each tenant receivable using various criteria including credit ratings ( Note 6 ), guarantees, past collection issues, and the current economic and business environment affecting the tenant. If collectibility of the contractual rent stream is not deemed probable, revenue will only be recognized upon receipt of cash from the tenant. For the year ended December 31, 2020, approximately $15.7 million of rent was not collected as a result of the COVID-19 pandemic, which reduced lease revenues in our consolidated statements of income. These amounts include $8.4 million of rent that has been contractually deferred to future periods. In addition, for the year ended December 31, 2020 as compared to 2019, for our remaining hotel operating property, revenues decreased by $11.0 million and expenses decreased by $6.0 million due to the adverse effect of the COVID-19 pandemic on the hotel’s operations. 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. The Managed Programs 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 an

Merger with CPA_17 _ Global

Merger with CPA:17 – Global	12 Months Ended
	Dec. 31, 2020
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% (unaudited), 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 (unaudited). 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 for the year ended December 31, 2018. 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. See Consolidated Statements of Cash Flows — Supplemental Non-Cash Investing and Financing Activities for a summary of the estimated fair values of the assets acquired and liabilities assumed in the CPA:17 Merger, which reflects measurement period adjustments since the date of acquisition. 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. 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 year ended December 31, 2018. 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) Year Ended December 31, 2018 Pro forma total revenues $ 1,207,820 Pro forma net income $ 405,659 Pro forma net loss attributable to noncontrolling interests 1,301 Pro forma net income attributable to W. P. Carey (a) $ 406,960 ___________ (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, 2020
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties CWI 1 and CWI 2 Merger Background and Closing On October 22, 2019, CWI 1 and CWI 2 announced that they had entered into a definitive merger agreement under which the two companies intended to merge in an all-stock transaction, with CWI 2 as the surviving entity. The CWI 1 and CWI 2 Merger was approved by the stockholders of CWI 1 and CWI 2 on April 8, 2020 and closed on April 13, 2020. Subsequently, CWI 2 was renamed WLT, as described in Note 1 . In connection with the CWI 1 and CWI 2 Merger, we entered into an internalization agreement and a transition services agreement, which were filed by us as exhibits to a Form 8-K filed with the SEC on October 22, 2019. Immediately following the closing of the CWI 1 and CWI 2 Merger, (i) the advisory agreements with each of CWI 1 and CWI 2 and each of their respective operating partnerships terminated, (ii) the subadvisory agreements with the subadvisors for CWI 1 and CWI 2 were terminated, (iii) pursuant to the internalization agreement, two of our representatives were appointed to the board of directors of WLT (however both representatives resigned from the board of directors of WLT on April 29, 2020), and (iv) we provide certain transition services at cost to WLT for, what is currently expected to be, a period of approximately 12 months from closing, pursuant to a transition services agreement. Consideration Received In accordance with the merger agreement, at the effective time of the CWI 1 and CWI 2 Merger, each issued and outstanding share of CWI 1’s common stock (or fraction thereof), was converted into the right to receive 0.9106 shares (the “exchange ratio”) of CWI 2 Class A common stock. As a result, we exchanged 6,074,046 shares of CWI 1 common stock for 5,531,025 shares of CWI 2 Class A common stock. Pursuant to the internalization agreement, the operating partnerships of each of CWI 1 and CWI 2 redeemed the special general partner interests that we previously held, for which we received 1,300,000 shares of CWI 2 preferred stock with a liquidation preference of $50.00 per share and 2,840,549 shares in CWI 2 Class A common stock (which was a non-cash investing activity). In connection with this redemption, we recognized a non-cash net gain on sale of $33.0 million, which was included within Equity in (losses) earnings of equity method investments in the Managed Programs and real estate in the consolidated statements of income for the year ended December 31, 2020. This net gain on sale was recorded based on: • a fair value of $46.3 million for the 1,300,000 shares of CWI 2 preferred stock that we received ( Note 9 ); • a fair value of $11.6 million for the 2,840,549 shares in CWI 2 common stock that we received ( Note 8 ); • a gain recognized on the redemption of the noncontrolling interest in the special general partner interests previously held by the respective subadvisors for CWI 1 and CWI 2 of $9.9 million (which is included within Net income attributable to noncontrolling interests in our consolidated statements of income and Redemption of noncontrolling interest in our consolidated statements of equity); • an allocation of $34.3 million of goodwill within our Investment Management segment in accordance with ASC 350, Intangibles — goodwill and other , since the WLT management internalization resulted in a sale of a portion of our Investment Management business (the allocation of goodwill was based on the relative fair value of the portion of the Investment Management business sold) ( Note 7 ); and • the carrying value of our previously held equity investments in the operating partnerships of CWI 1 and CWI 2 ( Note 8 ), which totaled $0.5 million on the date of the merger. We account for our investment in shares of WLT (formerly CWI 2) preferred stock as available-for-sale debt securities, which is included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 3 because we primarily used a discounted cash flow valuation model that incorporates unobservable inputs to determine its fair value. The fair value of our investment in preferred shares of WLT approximated its carrying value, which was $46.3 million as of December 31, 2020 ( Note 9 ). We will accrue and record dividend income on these preferred shares of 5% per annum, pursuant to the internalization agreement, only recognizing such income when deemed collectible. We did not record dividend income on our investment in preferred shares of WLT during the year ended December 31, 2020. Prior to the closing of the CWI 1 and CWI 2 Merger, we owned 3,836,669 shares of CWI 2 Class A common stock. Following the closing of the CWI 1 and CWI 2 Merger, execution of the internalization agreement, and CWI 2 being renamed WLT, we own 12,208,243 shares of WLT common stock, which we account for as an equity method investment. We follow the hypothetical liquidation at book value (“HLBV”) model and recognize within equity income our proportionate share of WLT’s earnings based on our ownership of common stock of WLT, after giving effect to preferred dividends owed by WLT. We record our investment in shares of common stock of WLT on a one quarter lag. Our investment in shares of common stock of WLT, which is included in Equity investments in the Managed Programs and real estate in the consolidated financial statements (as an equity method investment in real estate), had a carrying value of $44.2 million as of December 31, 2020 ( Note 8 ). Advisory Agreements and Partnership Agreements with the Managed Programs We currently have advisory agreements with CPA:18 – Global and CESH, 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. Upon completion of the CWI 1 and CWI 2 Merger on April 13, 2020, as described above, our advisory agreements with CWI 1 and CWI 2 were terminated, and we no longer receive fees, reimbursements, or distributions of Available Cash from CWI 1 and CWI 2. We no longer raise capital for new or existing funds, but we currently expect to continue to manage CPA:18 – Global and CESH and earn various fees (as described below) through the end of their respective life cycles. We have partnership agreements with CPA:18 – Global and CESH, and under the partnership agreement with CPA:18 – Global, we are entitled to receive certain cash distributions from its operating partnership. The following tables present a summary of revenue earned, reimbursable costs, and distributions of Available Cash received/accrued from the Managed Programs and WLT for the periods indicated, included in the consolidated financial statements (in thousands): Years Ended December 31, 2020 2019 2018 Asset management revenue (a) $ 21,973 $ 39,132 $ 63,556 Reimbursable costs from affiliates (a) 8,855 16,547 21,925 Distributions of Available Cash (b) 7,225 21,489 46,609 Structuring and other advisory revenue (a) 494 4,224 21,126 Interest income on deferred acquisition fees and loans to affiliates (c) 369 2,237 2,055 $ 38,916 $ 83,629 $ 155,271 Years Ended December 31, 2020 2019 2018 CPA:17 – Global $ — $ — $ 58,788 CPA:18 – Global 22,200 26,039 44,969 CWI 1 5,662 30,770 28,243 CWI 2 4,668 21,584 20,283 CESH 4,723 5,236 2,988 WLT (reimbursed transition services) 1,663 — — $ 38,916 $ 83,629 $ 155,271 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Equity in (losses) 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. The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands): December 31, 2020 2019 Short-term loans to affiliates, including accrued interest $ 21,144 $ 47,721 Deferred acquisition fees receivable, including accrued interest 1,858 4,450 Reimbursable costs 1,760 3,129 Asset management fees receivable 1,054 1,267 Accounts receivable 305 1,118 Current acquisition fees receivable 136 131 $ 26,257 $ 57,816 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 remaining 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 in shares of its Class A common stock for 2018; payable 50% in cash and 50% in shares of its Class A common stock for 2019 and for January 1, 2020 to March 31, 2020; payable in shares of its Class A common stock effective as of April 1, 2020 Rate depends on the type of investment and is based on the average market or average equity value, as applicable CESH 1.0% In cash Based on gross assets at fair value For CWI 1 and CWI 2 (prior to the closing of the CWI 1 and CWI 2 Merger on April 13, 2020), we earned asset management fees of 0.5% and 0.55%, respectively, of the average market values of their respective investment portfolios, paid in shares of their common stock and Class A common stock, respectively. We were required to pay 20% and 25% of such fees to the subadvisors of CWI 1 and CWI 2, respectively. 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 ASC 606, Revenue from Contracts with Customers . 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. For CPA:18 – Global and CESH, we may earn fees of 4.5% and 2.0%, respectively, of the total aggregate cost of the investments or commitments made. For CWI 1 and CWI 2 (prior to the closing of the CWI 1 and CWI 2 Merger on April 13, 2020), we were entitled to fees for structuring investments and loan refinancings. We were required to pay 20% and 25% of such fees to the subadvisors of CWI 1 and CWI 2, respectively. 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. Reimbursable Costs from Affiliates The existing Managed Programs reimburse us in cash for certain personnel and overhead costs that we incur on their behalf. For CPA:18 – Global, such costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to CPA:18 – Global based on the average of the trailing 12-month aggregate reported revenues of the Managed Programs and us, and personnel costs are capped at 1.0% of CPA:18 – Global’s pro rata lease revenues for 2020, 2019, and 2018; for the legal transactions group, costs are charged according to a fee schedule. For the CWI REITs, the reimbursements were based on actual expenses incurred, excluding those related to our senior management, and allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter. Reimbursements from the CWI REITs ceased following the closing of the CWI 1 and CWI 2 Merger on April 13, 2020; after that date, we began recording reimbursements from WLT pursuant to a transition services agreement (described above) based on actual expenses incurred. For CESH, reimbursements are based on actual expenses incurred. Distributions of Available Cash We are entitled to receive distributions of up to 10% of the Available Cash (as defined in CPA:18 – Global’s partnership agreement) from the operating partnerships of CPA:18 – Global, payable quarterly in arrears. After completion of the CWI 1 and CWI 2 Merger on April 13, 2020, we no longer receive distributions of Available Cash from CWI 1 and CWI 2. Prior to the closing of the CWI 1 and CWI 2 Merger, we were 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 CPA:18 – Global, the timing and form of such a liquidity event is at the discretion of its 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 include or 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 ). Back-end fees and interests related to the CWI 1 and CWI 2 Merger are described above. 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, generally for the purpose of facilitating acquisitions or for working capital purposes. The principal outstanding balance on our loans to CESH was $46.3 million as of December 31, 2019, excluding accrued interest of $1.5 million. CESH repaid the principal outstanding balance in full during the year ended December 31, 2020 and the loan matured on October 1, 2020. In addition, the loan agreements with CWI 1 and CWI 2 were terminated upon completion of the CWI 1 and CWI 2 Merger on April 13, 2020. In July 2020, we provided CPA:18 – Global with a short-term unsecured revolving line of credit, which had a maximum authorized loan amount of $50.0 million and a maturity date of March 31, 2022 as of December 31, 2020. The principal outstanding on this line of credit was $21.1 million as of December 31, 2020. Other At December 31, 2020, we owned interests in nine jointly owned investments in real estate (including our investment in shares of common stock of WLT, as described above), with the remaining interests held by affiliates or third parties. We account for eight such investments under the equity method of accounting ( Note 8 ) and consolidate the remaining investment. In addition, we owned stock of CPA:18 – Global and limited partnership units of CESH at that date. We accounted 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, 2020
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, 2020 2019 Land $ 2,012,688 $ 1,875,065 Buildings and improvements 8,724,064 7,828,439 Real estate under construction 119,391 69,604 Less: Accumulated depreciation (1,206,912) (950,452) $ 9,649,231 $ 8,822,656 During 2020, the U.S. dollar weakened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro increased by 9.2% to $1.2271 from $1.1234. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements subject to operating leases increased by $269.6 million from December 31, 2019 to December 31, 2020. In connection with changes in lease classifications due to extensions of the underlying leases, we reclassified 56 properties with an aggregate carrying value of $183.8 million from Net investments in direct financing leases to Land, buildings and improvements subject to operating leases during 2020 ( Note 6 ). 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. Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $258.9 million, $229.0 million, and $162.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. Acquisitions of Real Estate During 2020 — We entered into the following investments, which were deemed to be real estate asset acquisitions, at a total cost of $661.4 million, including land of $105.4 million, buildings of $449.4 million (including capitalized acquisition-related costs of $11.9 million), and net lease intangibles of $106.6 million (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Capitalized Costs Newark, United Kingdom (a) 1 1/6/2020 Warehouse $ 111,546 Aurora, Oregon (b) 1 1/24/2020 Industrial 28,755 Vojens, Denmark (a) (c) 1 1/31/2020 Warehouse 10,611 Kitzingen, Germany (a) 1 3/9/2020 Office 53,666 Knoxville, Tennessee 1 6/25/2020 Warehouse 66,045 Bluffton and Plymouth, Indiana 2 9/23/2020 Industrial 44,466 Huntley, Illinois 1 9/30/2020 Industrial 39,523 Various, United States 3 10/12/2020 Industrial 50,958 Various, Spain (a) 27 10/30/2020 Retail 101,153 Little Canada, Minnesota 1 10/30/2020 Warehouse 34,019 Hurricane, Utah (d) 1 12/8/2020 Warehouse 23,324 Bethlehem, Pennsylvania and Waco, Texas 4 12/10/2020 Industrial 29,031 St. Charles, Missouri and Green Bay, Wisconsin 2 12/18/2020 Industrial 29,726 Various, United States 4 12/31/2020 Industrial 38,615 $ 661,438 __________ (a) Amount reflects the applicable exchange rate on the date of acquisition. (b) Amount includes approximately $5.0 million in contingent consideration that will be released to the tenant/seller upon the tenant securing an easement on the property. (c) 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. (d) We also committed to fund an additional $20.0 million for an expansion at the facility, which is expected to be completed in the fourth quarter of 2022. The acquired net lease intangibles are comprised of (i) in-place lease intangible assets totaling $109.4 million, which have a weighted-average expected life of 20.6 years, (ii) a below-market rent intangible liability of $10.9 million, which has an expected life of 22.1 years, and (iii) above-market rent intangible assets totaling $8.2 million, which have a weighted-average expected life of 18.7 years. Acquisitions of Real Estate During 2019 — We entered into 23 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), and net other liabilities assumed of $0.1 million. 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. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. Real Estate Under Construction During 2020, we capitalized real estate under construction totaling $225.8 million. The number of construction projects in progress with balances included in real estate under construction was five and three as of December 31, 2020 and 2019, respectively. Aggregate unfunded commitments totaled approximately $81.8 million and $227.8 million as of December 31, 2020 and 2019, respectively. During 2020, we completed the following construction projects, at a total cost of $171.2 million (dollars in thousands): Property Location(s) Primary Transaction Type Number of Properties Date of Completion Property Type Total Capitalized Costs (a) Westborough, Massachusetts Redevelopment 1 1/15/2020 Laboratory $ 53,060 San Antonio, Texas (b) Build-to-Suit 1 6/25/2020 Industrial 78,726 Marktheidenfeld, Germany (c) Expansion 1 6/30/2020 Warehouse 8,254 Azambuja, Portugal (c) Expansion 1 9/21/2020 Warehouse 28,067 Wichita, Kansas Expansion 1 10/15/2020 Warehouse 3,129 $ 171,236 __________ (a) Amount includes capitalized interest. (b) Amount includes land of $4.0 million related to a purchase option that we expect to exercise. (c) Amount reflects the applicable exchange rate on the date of transaction. During 2020, we commenced a redevelopment project totaling $24.7 million for a warehouse facility in Whitehall, Pennsylvania, which we currently expect to complete in the second quarter of 2021. During 2020, we committed $7.4 million (based on the exchange rate of the euro at December 31, 2020) to fund a renovation project for an existing tenant at a retail facility in San Donato Milanese, Italy, to convert the facility into office space. We currently expect to complete the project in the third quarter of 2021. During 2019, we completed seven construction projects, at a total cost of $122.5 million. During 2018, we completed nine construction projects, at a total cost of $102.5 million. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. Dispositions of Real Estate During 2020, we sold 21 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 $142.9 million from December 31, 2019 to December 31, 2020. Lease Termination Income and Other Lease termination income and other also includes interest income from our loans receivable ( N o te 6 ). 2020 — For the year ended December 31, 2020, lease termination income and other on our consolidated statements of income included: (i) income of $4.2 million related to a lease restructuring in May 2019 that led to the recognition of rent receipts during the first and second quarters of 2020 on claims that were previously deemed uncollectible; (ii) income from a parking garage attached to one of our net-leased properties totaling $2.3 million ; (iii) deferred ma intenance income totaling $1.6 million from former tena nts; (iv) lease termination income of $0.6 million ; and (v) income of $0.6 million from receipt of proceeds from a bankruptcy claim on a prior tenant. 2019 — 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; (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; and (iv) income from a parking garage attached to one of our net-leased properties totaling $3.5 million. Leases Operating Lease Income Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands): Years Ended December 31, 2020 2019 Lease income — fixed $ 981,430 $ 898,111 Lease income — variable (a) 99,193 89,873 Total operating lease income (b) $ 1,080,623 $ 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 $73.9 million and $98.4 million of interest income from direct financing leases that are included in Lease revenues in the consolidated statement of income for the years ended December 31, 2020 and 2019, respectively. 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, 2020 are as follows (in thousands): Years Ending December 31, Total 2021 $ 1,087,184 2022 1,069,466 2023 1,036,884 2024 965,645 2025 899,414 Thereafter 7,465,238 Total $ 12,523,831 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): Years Ended December 31, 2020 2019 Fixed lease cost $ 17,616 $ 14,503 Variable lease cost 1,089 1,186 Total lease cost $ 18,705 $ 15,689 During the years ended December 31, 2020 and 2019, we received sublease income totaling approximately $5.5 million and $5.4 million, respectively, which is included in Lease revenues in the consolidated statements of income. Other Information Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): December 31, Location on Consolidated Balance Sheets 2020 2019 Operating ROU assets — land leases In-place lease intangible assets and other $ 119,590 $ 114,209 Operating ROU assets — office leases Other assets, net 61,137 7,519 Total operating ROU assets $ 180,727 $ 121,728 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 151,466 $ 87,658 Weighted-average remaining lease term — operating leases 29.2 years 38.2 years Weighted-average discount rate — operating leases 7.1 % 7.8 % Number of land lease arrangements 68 64 Number of office space arrangements (a) 7 6 Lease term range (excluding extension options not reasonably certain of being exercised) <1 – 100 years 1 – 100 years __________ (a) The lease for our former office space in New York matured on January 31, 2021. In the second quarter of 2020, our lease of new office space in New York commenced, with a lease maturity date of May 2036. As a result, we capitalized an office lease right-of-use asset and corresponding operating lease liability, which had carrying values of $59.2 million and $66.5 million, respectively, as of December 31, 2020, and are included within Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, on our consolidated balance sheets. This is a non-cash transaction. Cash paid for operating lease liabilities included in Net cash provided by operating activities totaled $15.5 million and $14.6 million for the years ended December 31, 2020 and 2019, respectively. 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, 2020 is as follows (in thousands): Years Ending December 31, Total 2021 $ 12,550 2022 14,556 2023 14,375 2024 13,206 2025 13,152 Thereafter 323,537 Total lease payments 391,376 Less: amount of lease payments representing interest (239,910) Present value of future lease payments/lease obligations $ 151,466 Land, Buildings and Improvements — Operating Properties At both December 31, 2020 and 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 and sold it in January 2020, as described below. Below is a summary of our Land, buildings and improvements attributable to operating properties (in thousands): December 31, 2020 2019 Land $ 10,452 $ 10,452 Buildings and improvements 73,024 72,631 Less: Accumulated depreciation (14,004) (11,241) $ 69,472 $ 71,842 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 $2.8 million, $6.9 million, and $4.2 million for the years ended December 31, 2020, 2019, and 2018, respectively. For the year ended December 31, 2020, Operating property revenues totaling $11.4 million were comprised of $9.5 million in lease revenues and $1.9 million in other income (such as food and beverage revenue) from 10 consolidated self-storage properties and two consolidated hotels. 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 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. 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, 2020 2019 Land, buildings and improvements $ 14,051 $ 105,573 In-place lease intangible assets and other 12,754 — Above-market rent intangible assets 518 — Accumulated depreciation and amortization (8,733) (1,563) Assets held for sale, net $ 18,590 $ 104,010 At December 31, 2020, we had four properties classified as Assets held for sale, net, with an aggregate carrying value of $18.6 million. One of these properties was sold in January 2021 ( Note 19 ). 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 ( Note 1 6 ).

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 2020
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 (net of allowance for credit losses), loans receivable (net of allowance for credit losses), 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, 2020 2019 Lease payments receivable $ 527,691 $ 686,149 Unguaranteed residual value 677,722 828,206 1,205,413 1,514,355 Less: unearned income (476,365) (617,806) Less: allowance for credit losses (a) (17,074) — $ 711,974 $ 896,549 __________ (a) In accordance with ASU 2016-13 ( Note 2 ), we applied changes in loss reserves through a cumulative-effect adjustment to retained earnings totaling $14.8 million. During the year ended December 31, 2020, we recorded a net allowance for credit losses of $9.7 million on our Net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the year ended December 31, 2020, we reduced the allowance for credit losses balance by $7.4 million, in connection with the reclassification of certain properties from Net investments in direct financing leases to Land, buildings and improvements subject to operating leases, as described below. 2020 — Interest income from direct financing leases, which was included in Lease revenues in the consolidated financial statements, was $73.9 million for the year ended December 31, 2020. During the year ended December 31, 2020, we sold one property accounted for as a direct financing lease that had an aggregate net carrying value of $0.3 million. During the year ended December 31, 2020, we reclassified 56 properties with a carrying value of $183.8 million from Net investments in direct financing leases to Land, buildings and improvements subject to operating leases in connection with changes in lease classifications due to extensions of the underlying leases ( Note 5 ). During the year ended December 31, 2020, the U.S. dollar weakened against the euro, resulting in an $28.0 million increase in the carrying value of Net investments in direct financing leases from December 31, 2019 to December 31, 2020. 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 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 ). 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, 2020 are as follows (in thousands): Years Ending December 31, Total 2021 $ 71,407 2022 66,689 2023 61,768 2024 57,702 2025 50,879 Thereafter 219,246 Total $ 527,691 See Note 5 for scheduled future lease payments to be received under non-cancelable operating leases. Loans Receivable At December 31, 2019, we had two loans receivable related to a domestic investment with an aggregate carrying value of $47.7 million. In March 2020, one of these loans was partially repaid to us for $11.0 million. In addition, during the year ended December 31, 2020, we recorded an allowance for credit losses of $12.6 million on one of these loans due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. Our loans receivable are included in Other assets, net in the consolidated financial statements, and had a carrying value of $24.1 million (net of allowance for credit losses of $12.6 million) at December 31, 2020. Earnings from our loans receivable are included in Lease termination income and other in the consolidated financial statements, and totaled $1.0 million, $6.2 million, and $1.8 million for the years ended December 31, 2020, 2019, and 2018, respectively. We did not recognize income from our loans receivable during the second, third, or fourth quarters of 2020, since such income was deemed uncollectible as a result of the COVID-19 pandemic ( Note 2 ). 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, 2020 and 2019, other than uncollected income from our loans receivable (as noted above), no material 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, 2020. 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 ( Note 4 ). A summary of our finance receivables by internal credit quality rating, excluding our deferred acquisition fees receivable ( Note 4 ) and allowance for credit losses, is as follows (dollars in thousands): Number of Tenants / Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2020 2019 2020 (a) 2019 1 – 3 18 28 $ 587,103 $ 798,108 4 9 8 141,944 146,178 5 2 — 36,737 — $ 765,784 $ 944,286

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2020
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 three 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, 2018 $ 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 Foreign currency translation adjustments 10,403 — 10,403 Allocation of goodwill based on portion of Investment Management business sold ( Note 4 ) — (34,273) (34,273) Balance at December 31, 2020 $ 881,484 $ 29,334 $ 910,818 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 2020 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, 2020 2019 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 $ 19,204 $ (15,711) $ 3,493 $ 19,582 $ (13,491) $ 6,091 Trade name 3,975 (2,786) 1,189 3,975 (1,991) 1,984 23,179 (18,497) 4,682 23,557 (15,482) 8,075 Lease Intangibles: In-place lease 2,181,584 (828,219) 1,353,365 2,072,642 (676,008) 1,396,634 Above-market rent 881,159 (440,952) 440,207 909,139 (398,294) 510,845 3,062,743 (1,269,171) 1,793,572 2,981,781 (1,074,302) 1,907,479 Indefinite-Lived Goodwill Goodwill 910,818 — 910,818 934,688 — 934,688 Total intangible assets $ 3,996,740 $ (1,287,668) $ 2,709,072 $ 3,940,026 $ (1,089,784) $ 2,850,242 Finite-Lived Intangible Liabilities Below-market rent $ (270,730) $ 90,193 $ (180,537) $ (268,515) $ 74,484 $ (194,031) Indefinite-Lived Intangible Liabilities Below-market purchase option (16,711) — (16,711) (16,711) — (16,711) Total intangible liabilities $ (287,441) $ 90,193 $ (197,248) $ (285,226) $ 74,484 $ (210,742) During 2020, the U.S. dollar weakened against the euro, resulting in an increase of $54.0 million in the carrying value of our net intangible assets from December 31, 2019 to December 31, 2020. Net amortization of intangibles, including the effect of foreign currency translation, was $226.2 million, $272.0 million, and $174.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development, trade name, and in-place lease intangibles is included in Depreciation and amortization. Based on the intangible assets and liabilities recorded at December 31, 2020, 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 Increase to Amortization Total 2021 $ 47,886 $ 165,930 $ 213,816 2022 40,751 152,888 193,639 2023 36,660 141,758 178,418 2024 31,895 127,093 158,988 2025 27,795 116,546 144,341 Thereafter 74,683 653,832 728,515 Total $ 259,670 $ 1,358,047 $ 1,617,717

Equity Investments in the Manag

Equity Investments in the Managed Programs and Real Estate	12 Months Ended
	Dec. 31, 2020
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 (i) the Managed Programs, (ii) certain unconsolidated real estate investments with CPA:18 – Global and third parties, and (iii) WLT. 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 (losses) 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 other-than-temporary impairment charges and amortization of basis differences related to purchase accounting adjustments (in thousands): Years Ended December 31, 2020 2019 2018 Other-than-temporary impairment charges on our equity method investments in CWI 1 and CWI 2 ( Note 9 ) $ (47,112) $ — $ — Gain on redemption of special general partner interests in CWI 1 and CWI 2, net ( Note 4 ) 33,009 — — Distributions of Available Cash ( Note 4 ) 7,225 21,489 46,609 Proportionate share of equity in (losses) earnings of equity method investments in the Managed Programs (1,767) 862 3,896 Amortization of basis differences on equity method investments in the Managed Programs (895) (1,483) (2,332) Total equity in (losses) earnings of equity method investments in the Managed Programs (9,540) 20,868 48,173 Other-than-temporary impairment charge on an equity method investment in real estate ( Note 9 ) (8,276) — — Equity in earnings of equity method investments in real estate 9 3,408 15,585 Amortization of basis differences on equity method investments in real estate (750) (1,047) (2,244) Total equity in (losses) earnings of equity method investments in real estate (9,017) 2,361 13,341 Equity in (losses) earnings of equity method investments in the Managed Programs and real estate $ (18,557) $ 23,229 $ 61,514 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 2020 2019 2020 2019 CPA:18 – Global (a) 4.569 % 3.851 % $ 51,949 $ 42,644 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 (b) (c) — % 3.943 % — 49,032 CWI 1 operating partnership (b) — % 0.015 % — 186 CWI 2 (b) (c) — % 3.755 % — 33,669 CWI 2 operating partnership (b) — % 0.015 % — 300 CESH (d) 2.430 % 2.430 % 4,399 3,527 $ 56,557 $ 129,567 __________ (a) During 2020, we received asset management revenue from CPA:18 – Global primarily in shares of its common stock, which increased our ownership percentage in CPA:18 – Global ( Note 4 ). (b) The CWI 1 and CWI 2 Merger closed on April 13, 2020, as described in Note 4 . (c) We recognized other-than-temporary impairment charges on these investments during 2020, as described in Note 9 . (d) 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 year ended December 31, 2018 of $10.1 million. We received distributions from our investment in the CPA:17 – Global operating partnership during the year ended December 31, 2018 of $26.3 million ( Note 4 ). CPA:18 – Global — The c arrying value of our investment in CPA:18 – Global at December 31, 2020 includes asset management fees receivable, for which 126,482 shares of CPA:18 – Global class A common stock were issued during the first quarter of 2021. We received distributions from this investment during the years ended December 31, 2020, 2019, and 2018 of $2.6 million, $3.3 million, and $2.6 million, respectively. We received distributions from our investment in the CPA:18 – Global operating partnership during the years ended December 31, 2020, 2019, and 2018 of $7.2 million, $8.1 million, and $9.7 million, respectively ( Note 4 ). CWI 1 — We received distributions from this investment during the years ended December 31, 2020 (through April 13, 2020, the date of the CWI 1 and CWI 2 Merger ( Note 4 )), 2019, and 2018 of $0.8 million, $2.7 million, and $2.0 million, respectively. We received distributions from our investment in the CWI 1 operating partnership during the years ended December 31, 2019 and 2018 of $7.1 million and $5.1 million, respectively ( Note 4 ). We did not receive such a distribution during 2020 (through April 13, 2020), as a result of the adverse effect of the COVID-19 pandemic on the operations of CWI 1. CWI 2 — We received distributions from this investment during the years ended December 31, 2020 (through April 13, 2020, the date of the CWI 1 and CWI 2 Merger ( Note 4 )), 2019, and 2018 of $0.5 million, $1.6 million, and $1.1 million, respectively. We received distributions from our investment in the CWI 2 operating partnership during the years ended December 31, 2019 and 2018 of $6.3 million and $5.5 million, respectively ( Note 4 ). We did not receive such a distribution during 2020 (through April 13, 2020), as a result of the adverse effect of the COVID-19 pandemic on the operations of CWI 2. 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, 2020 is based on the estimated fair value of our investment as of September 30, 2020. We did not receive distributions from this investment during the years ended December 31, 2020, 2019, or 2018. At December 31, 2020 and 2019, the aggregate unamortized basis differences on our equity investments in the Managed Programs were $18.8 million and $47.0 million, respectively. This decrease was primarily due to the other-than-temporary impairment charges that we recognized on our equity investments in CWI 1 and CWI 2 during the year ended December 31, 2020, as described in Note 9 . The following tables present estimated combined summarized financial information for the Managed Programs, which excludes CWI 1 and CWI 2 after April 13, 2020, the date of the CWI 1 and CWI 2 Merger ( Note 4 ). Amounts provided are expected total amounts attributable to the Managed Programs and do not represent our proportionate share (in thousands): December 31, 2020 2019 Net investments in real estate $ 2,461,014 $ 5,288,318 Other assets 259,531 959,938 Total assets 2,720,545 6,248,256 Debt (1,441,026) (3,413,924) Accounts payable, accrued expenses and other liabilities (233,161) (468,318) Total liabilities (1,674,187) (3,882,242) Noncontrolling interests (55,921) (130,656) Stockholders’ equity $ 990,437 $ 2,235,358 Years Ended December 31, 2020 2019 2018 Revenues $ 372,750 $ 1,184,585 $ 1,562,688 Expenses (565,952) (1,146,368) (1,368,051) (Loss) income from continuing operations $ (193,202) $ 38,217 $ 194,637 Net (loss) income attributable to the Managed Programs $ (204,156) $ 8,051 $ 121,503 Interests in Other Unconsolidated Real Estate Investments and WLT 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. In addition, we own shares of WLT common stock, as described in Note 4 . 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, 2020 2020 2019 Johnson Self Storage Third Party 90% $ 68,979 $ 70,690 Kesko Senukai (a) Third Party 70% 46,443 46,475 WLT (b) WLT 5% 44,182 — BPS Nevada, LLC (c) Third Party 15% 23,815 22,900 Bank Pekao (a) (d) CPA:18 – Global 50% 17,850 26,388 State Farm Mutual Automobile Insurance Co. CPA:18 – Global 50% 15,475 17,232 Apply Sørco AS (e) CPA:18 – Global 49% 7,156 8,040 Fortenova Grupa d.d. (a) CPA:18 – Global 20% 2,989 2,712 $ 226,889 $ 194,437 __________ (a) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (b) Following the closing of the CWI 1 and CWI 2 Merger, we own 12,208,243 shares of common stock of WLT, which we account for as an equity method investment in real estate. The initial fair value of this investment was based on third-party market data, including implied asset values and market capitalizations for publicly traded lodging REITs. We follow the HLBV model for this investment. We record any earnings from our investment in shares of common stock of WLT on a one quarter lag ( Note 4 ). (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) We recognized an other-than-temporary impairment charge of $8.3 million on this investment during 2020, as described in Note 9 . (e) The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone. The following tables present estimated combined summarized financial information of our equity investments, including WLT after April 13, 2020 (the date of the CWI 1 and CWI 2 Merger ( Note 4 )) and excluding the Managed Programs. Summarized financial information for WLT is presented on a quarter lag. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands): December 31, 2020 2019 Net investments in real estate $ 3,716,901 $ 729,442 Other assets 569,130 32,983 Total assets 4,286,031 762,425 Debt (2,631,588) (455,876) Accounts payable, accrued expenses and other liabilities (509,221) (32,049) Total liabilities (3,140,809) (487,925) Noncontrolling interests (51,519) — Stockholders’ equity $ 1,093,703 $ 274,500 Years Ended December 31, 2020 2019 2018 Revenues $ 261,025 $ 66,608 $ 60,742 Expenses (367,616) (71,977) (28,422) (Loss) income from continuing operations $ (106,591) $ (5,369) $ 32,320 Net (loss) income attributable to the jointly owned investments $ (98,625) $ (5,369) $ 32,320 We received aggregate distributions of $17.8 million, $17.0 million, and $17.8 million from our other unconsolidated real estate investments for the years ended December 31, 2020, 2019, and 2018, respectively. At December 31, 2020 and 2019, the aggregate unamortized basis differences on our unconsolidated real estate investments were $16.1 million and $25.2 million, respectively. This decrease was primarily due to the other-than-temporary impairment charge that we recognized on our equity investment in Bank Pekao during the year ended December 31, 2020, as described above and in Note 9 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
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, 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 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. Investment in Shares of Lineage Logistics — 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 Lineage Logistics, 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 years ended December 31, 2020 and 2019, we recognized non-cash unrealized gains on our investment in shares of Lineage Logistics totaling $48.3 million and $32.9 million, respectively, due to additional outside investments at a higher price per share, which was recorded within Other gains and (losses) in the consolidated financial statements. See Note 15 for further discussion of the impact of Lineage Logistics’s conversion to a REIT during the first quarter of 2020. In addition, in October 2020, we purchased additional shares of Lineage Logistics for $95.5 million. The fair value of this investment was $290.0 million and $146.2 million at December 31, 2020 and 2019, respectively. Investment in Shares of GCIF — We account for our investment in shares of Guggenheim Credit Income Fund (“GCIF”), which is included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 2 because we used a quoted price from an inactive market to determine its fair value. During the year ended December 31, 2020, we redeemed a portion of our investment in shares of GCIF for approximately $5.6 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. The fair value of our investment in shares of GCIF was $6.1 million and $12.2 million at December 31, 2020 and 2019, respectively. Investment in Preferred Shares of WLT — We account for our investment in preferred shares of WLT ( Note 4 ), which is included in Other assets, net in the consolidated financial statements, as available-for-sale debt securities at fair value. The fair value was primarily determined by a discounted cash flow approach based on a weighted-average probability analysis of certain redemption options. We classified this investment as Level 3 because the discounted cash flow valuation model incorporates unobservable inputs to determine its fair value, including a cash flow discount rate of 15%. The fair value of our investment in preferred shares of WLT was $46.3 million as of December 31, 2020. 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, 2020 or 2019. 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, 2020 December 31, 2019 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 5,146,192 $ 5,639,586 $ 4,390,189 $ 4,682,432 Non-recourse mortgages, net (a) (b) (d) 3 1,145,554 1,148,551 1,462,487 1,487,892 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 11 ) includes unamortized deferred financing costs of $23.9 million and $22.8 million at December 31, 2020 and 2019, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.4 million and $0.6 million at December 31, 2020 and 2019, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $22.6 million and $20.5 million at December 31, 2020 and 2019, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $4.5 million and $6.2 million at December 31, 2020 and 2019, 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 ), but excluding finance receivables ( Note 6 ), had fair values that approximated their carrying values at both December 31, 2020 and 2019. 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): Years Ended December 31, 2020 2019 2018 Fair Value Total Impairment Fair Value Total Impairment Fair Value Total Impairment Impairment Charges Equity investments in the Managed Programs and real estate $ 55,245 $ 55,387 $ — $ — $ — $ — Land, buildings and improvements and intangibles 31,350 35,830 1,012 1,345 7,797 4,790 Net investments in direct financing leases — — 33,115 31,194 — — $ 91,217 $ 32,539 $ 4,790 Impairment charges, and their related triggering events and fair value measurements, recognized during 2020, 2019, and 2018 were as follows: Equity Investments in the Managed Programs and Real Estate 2020 — During the year ended December 31, 2020, we recognized other-than-temporary impairment charges of $27.8 million and $19.3 million on our equity investments in CWI 1 and CWI 2, respectively, to reduce the carrying values of our investments to their estimated fair values, due to the ongoing COVID-19 pandemic, which had an adverse effect on the operations of CWI 1 and CWI 2. The fair value measurements were estimated based on implied asset value changes and changes in market capitalizations for publicly traded lodging REITs, all of which was obtained from third-party market data. These other-than-temporary impairment charges are reflected within Equity in (losses) earnings of equity method investments in the Managed Programs and real estate in our consolidated statements of income. During the year ended December 31, 2020, we recognized an other-than-temporary impairment charge of $8.3 million on a jointly-owned real estate investment to reduce the carrying value of our investment to its estimated fair value, which declined due to an uncertain probability of lease renewal with the tenant at the international office facility owned by the investment (lease expiration is in May 2023). The fair value measurement was determined by relying on an estimate of the fair market value of the property and the related mortgage loan, both provided by a third party. Land, Buildings and Improvements and Intangibles 2020 — During the year ended December 31, 2020, we recognized impairment charges totaling $35.8 million on six properties in order to reduce the carrying values of the properties to their estimated fair values, as follows: • $16.0 million on two properties leased to the same tenant, due to potential property vacancies; the fair value measurements for the properties were determined using a direct capitalization rate analysis based on the probability of vacancy versus the tenant continuing in the lease; the capitalization rate for the various scenarios ranged from 6% to 11%; • $12.6 million on an international property due to a tenant bankruptcy; the fair value measurement for the property was determined by using a probability-weighted approach of lease restructure and vacancy scenarios; • $3.4 million on an international property based on its estimated selling price; the property was sold in September 2020; • $2.8 million on an international property due to a lease expiration and resulting vacancy; the fair value measurement for the property approximated its estimated selling price; and • $1.0 million on a property based on its estimated selling price. 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. 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. 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 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2020
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 income (loss) 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 income (loss) as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income (loss) into earnings (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged net investment is either sold or substantially liquidated. All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2020 and 2019, 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, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Foreign currency collars Other assets, net $ 3,489 $ 14,460 $ — $ — Foreign currency forward contracts Other assets, net — 9,689 — — Interest rate caps Other assets, net — 1 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (5,859) (4,494) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (15,122) (1,587) 3,489 24,150 (20,981) (6,081) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 5,800 5,000 — — Interest rate swap Other assets, net — 8 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — — (93) 5,800 5,008 — (93) Total derivatives $ 9,289 $ 29,158 $ (20,981) $ (6,174) 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 2020 2019 2018 Foreign currency collars $ (24,818) $ 5,997 $ 9,029 Foreign currency forward contracts (5,272) (4,253) (1,905) Interest rate swaps (1,553) (1,666) (1,560) Interest rate caps 6 219 (68) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars 9 10 — Foreign currency forward contracts — 7 (2,630) Total $ (31,628) $ 314 $ 2,866 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2020 2019 2018 Foreign currency forward contracts Other gains and (losses) $ 5,716 $ 9,582 $ 6,533 Foreign currency collars Other gains and (losses) 4,956 5,759 2,359 Interest rate swaps and caps Interest expense (1,818) (2,256) (400) Derivatives in Net Investment Hedging Relationships Foreign currency forward contracts (c) Gain on sale of real estate, net — — 7,609 Total $ 8,854 $ 13,085 $ 16,101 __________ (a) Excludes net losses of $0.3 million, $1.4 million and $0.6 million, recognized on unconsolidated jointly owned investments for the years ended December 31, 2020, 2019, and 2018, respectively. (b) The changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss). (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 13 , Note 16 ). Amounts reported in Other comprehensive income (loss) related to interest rate swaps will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. As of December 31, 2020, we estimate that an additional $3.3 million and $4.1 million will be reclassified as interest expense and other losses, 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, 2020 2019 2018 Foreign currency collars Other gains and (losses) $ (2,477) $ 184 $ 455 Stock warrants Other gains and (losses) 800 (500) (99) Interest rate swaps Other gains and (losses) 106 (118) (20) Foreign currency forward contracts Other gains and (losses) (43) 575 356 Interest rate swaps Interest expense — 265 — Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 2,132 (941) 286 Interest rate caps Interest expense — (220) — Foreign currency forward contracts Other gains and (losses) — (132) 132 Foreign currency collars Other gains and (losses) — 7 18 Total $ 518 $ (880) $ 1,128 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, 2020 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 73,907 USD $ (4,255) Interest rate swaps 2 48,427 EUR (1,604) Interest rate cap 1 11,076 EUR — Interest rate cap 1 6,394 GBP — $ (5,859) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at December 31, 2020, as applicable. Foreign Currency 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 collars. 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. 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 collars have maturities of 62 months or less. The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2020 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 104 335,500 EUR $ (9,677) Foreign currency collars 83 47,300 GBP (1,956) $ (11,633) 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, 2020. At December 31, 2020, both our total credit exposure and the maximum exposure to any single counterparty was $0.6 million. 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, 2020, 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 $25.1 million and $9.6 million at December 31, 2020 and 2019, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2020 or 2019, we could have been required to settle our obligations under these agreements at their aggregate termination value of $25.6 million and $9.9 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, 2020, the amounts borrowed in Japanese yen and euro outstanding under our Unsecured Revolving Credit Facility ( Note 11 ) were ¥2.4 billion and €48.0 million, respectively. Also, at December 31, 2020, the amounts borrowed in British pound sterling and euro outstanding under our Unsecured Term Loans ( Note 11 ) were £150.0 million and €96.5 million, respectively. These borrowings are designated as,

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Senior Unsecured Credit Facility On February 20, 2020, we amended and restated our senior unsecured credit facility to increase its capacity from approximately $1.85 billion to approximately $2.1 billion, comprised of (i) a $1.8 billion unsecured revolving credit facility for our working capital needs, acquisitions, and other general corporate purposes (our “Unsecured Revolving Credit Facility”), (ii) a £150.0 million term loan (our “Term Loan”), and (iii) a €96.5 million delayed draw term loan (our “Delayed Draw Term Loan”). We refer to our Term Loan and Delayed Draw Term Loan collectively as the “Unsecured Term Loans” and the entire facility collectively as our “Senior Unsecured Credit Facility.” The Senior Unsecured Credit Facility includes the ability to borrow in certain currencies other than U.S. dollars and has a maturity date of February 20, 2025. The aggregate principal amount (of revolving and term loans) available under the Senior Unsecured 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 set forth in our credit agreement. In connection with the amendment and restatement of our Senior Unsecured Credit Facility, we capitalized deferred financing costs totaling $10.0 million, which are being amortized to Interest expense over the remaining term of the Senior Unsecured Credit Facility. On February 20, 2020, we drew down our Term Loan in full by borrowing £150.0 million (equivalent to $193.1 million). On March 27, 2020, we drew down our Delayed Draw Term Loan in full by borrowing €96.5 million (equivalent to $105.9 million). At December 31, 2020, our Unsecured Revolving Credit Facility had available capacity of $1.7 billion (net of amounts reserved for standby letters of credit totaling $20.9 million). We incur an annual facility fee of 0.20% of the total commitment on our Unsecured Revolving Credit Facility, which is included within Interest expense in our consolidated statements of income. The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Interest Rate at December 31, 2020 (a) Maturity Date at December 31, 2020 Principal Outstanding Balance at Senior Unsecured Credit Facility 2020 2019 Unsecured Term Loans: Term Loan — borrowing in British pounds sterling (b) GBP LIBOR + 0.95% 2/20/2025 $ 204,737 $ — Delayed Draw Term Loan — borrowing in euros (c) EURIBOR + 0.95% 2/20/2025 118,415 — 323,152 — Unsecured Revolving Credit Facility: Borrowing in euros EURIBOR + 0.85% 2/20/2025 58,901 131,438 Borrowing in Japanese yen JPY LIBOR + 0.85% 2/20/2025 23,380 22,295 Borrowing in British pounds sterling N/A N/A — 47,534 82,281 201,267 $ 405,433 $ 201,267 __________ (a) The applicable interest rate at December 31, 2020 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2. (b) Balance excludes unamortized discount of $1.2 million at December 31, 2020. (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 $5.2 billion at December 31, 2020 (the “Senior Unsecured Notes”). On October 14, 2020, we completed an underwritten public offering of $500.0 million of 2.400% Senior Notes due 2031, at a price of 99.099% of par value. These 2.400% Senior Notes due 2031 have a 10.3-year 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, 2020 (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 2020 2019 2.0% Senior Notes due 2023 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 $ 613.5 $ 561.7 4.6% Senior Notes due 2024 3/14/2014 $ 500.0 99.639 % $ 1.8 4.645 % 4.6 % 4/1/2024 500.0 500.0 2.25% Senior Notes due 2024 1/19/2017 € 500.0 99.448 % $ 2.9 2.332 % 2.25 % 7/19/2024 613.5 561.7 4.0% Senior Notes due 2025 1/26/2015 $ 450.0 99.372 % $ 2.8 4.077 % 4.0 % 2/1/2025 450.0 450.0 2.250% Senior Notes due 2026 10/9/2018 € 500.0 99.252 % $ 4.3 2.361 % 2.250 % 4/9/2026 613.5 561.7 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 613.5 561.7 1.350% Senior Notes due 2028 9/19/2019 € 500.0 99.266 % $ 4.1 1.442 % 1.350 % 4/15/2028 613.5 561.7 3.850% Senior Notes due 2029 6/14/2019 $ 325.0 98.876 % $ 3.7 3.986 % 3.850 % 7/15/2029 325.0 325.0 2.400% Senior Notes due 2031 10/14/2020 $ 500.0 99.099 % $ 4.5 2.500 % 2.400 % 2/1/2031 500.0 — $ 5,192.5 $ 4,433.5 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $23.8 million and $22.8 million, and unamortized discount totaling $22.5 million and $20.5 million at December 31, 2020 and 2019, 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 2.400% Senior Notes due 2031 in October 2020, we incurred financing costs totaling $4.0 million during the year ended December 31, 2020, which are included in Senior Unsecured Notes, net in the consolidated financial statements and are being amortized to Interest expense over the term of the 2.400% Senior Notes due 2031. Covenants The Credit Agreement, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements 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, 2020. 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, 2020, the weighted-average interest rates for our fixed-rate and variable-rate non-recourse mortgage notes payable were 4.8% and 2.8%, respectively, with maturity dates ranging from March 2021 to September 2031. CPA:17 Merger In connection with the CPA:17 Merger on October 31, 2018 ( Note 3 ), we assumed property-level debt comprised of non-recourse mortgage loans with fair values totaling $1.85 billion and recorded an aggregate fair market value net discount of $20.4 million. The fair market value net discount will be amortized to interest expense over the remaining lives of the related loans. These non-recourse mortgage loans had a weighted-average annual interest rate of 4.3% on the merger date. Repayments During 2020 During the year ended December 31, 2020, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $225.9 million and (ii) prepaid non-recourse mortgage loans totaling $68.5 million. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 5.1%. 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 shares issued under our forward sale agreements ( Note 13 ) and proceeds from the issuance of senior notes to fund these repayments. 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 or close to 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, which is included in Other gains and (losses) in the consolidated statements of income. 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 13 ) and proceeds from the issuances of senior notes to fund these prepayments. Interest Paid For the years ended December 31, 2020, 2019, and 2018, interest paid was $190.6 million, $208.4 million, and $157.3 million, respectively. Foreign Currency Exchange Rate Impact During the year ended December 31, 2020, the U.S. dollar weakened against the euro, resulting in an aggregate increase of $304.2 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2019 to December 31, 2020. Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2020 are as follows (in thousands): Years Ending December 31, Total (a) 2021 $ 90,624 2022 447,575 2023 962,106 2024 1,235,444 2025 955,767 Thereafter through 2031 3,057,090 Total principal payments 6,748,606 Unamortized discount, net (b) (28,279) Unamortized deferred financing costs (24,329) Total $ 6,695,998 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2020. (b) Represents the unamortized discount on the Senior Unsecured Notes of $22.5 million in aggregate, unamortized discount, net, of $4.5 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, and unamortized discount of $1.2 million on the Term Loan.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2020, 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.

Equity

Equity	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 Ordinary income $ 3.3112 $ 3.1939 $ 3.5122 Capital gains 0.8528 0.0187 0.5578 Return of capital — 0.9194 — Total dividends paid (a) $ 4.1640 $ 4.1320 $ 4.0700 __________ (a) A portion of dividends paid during 2019 has been applied to 2018 for income tax purposes. During the fourth quarter of 2020, our Board declared a quarterly dividend of $1.046 per share, which was paid on January 15, 2021 to stockholders of record as of December 31, 2020. 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. We apply the two-class method of computing earnings per share because during prior years, certain of our nonvested RSUs contained rights to receive non-forfeitable dividend equivalents or dividends. 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, 2020 2019 2018 Net income attributable to W. P. Carey $ 455,359 $ 305,243 $ 411,566 Net income attributable to nonvested participating RSUs — (77) (340) Net income – basic and diluted $ 455,359 $ 305,166 $ 411,226 Weighted-average shares outstanding – basic 174,504,406 171,001,430 117,494,969 Effect of dilutive securities 335,022 297,984 211,476 Weighted-average shares outstanding – diluted 174,839,428 171,299,414 117,706,445 For the years ended December 31, 2020, 2019, and 2018, 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, 2020, we issued 2,500 shares of our common stock under our current ATM Program at a weighted-average price of $72.05 per share for net proceeds of $0.2 million. 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. As of December 31, 2020, $616.5 million remained available for issuance under our current ATM Program. Forward Equity Offering On June 17, 2020, we entered into an underwriting agreement, as well as certain forward sale agreements, with a syndicate of banks acting as underwriters, forward sellers, and/or forward purchasers in connection with an underwritten public offering of 4,750,000 shares of common stock at an initial forward sale price of $68.35 per share. The underwriters were granted a 30-day option to purchase up to an additional 712,500 shares of common stock at the initial forward sale price, which they fully exercised on June 18, 2020. Therefore, at closing on June 22, 2020, the forward purchasers borrowed from third parties and sold to the underwriters an aggregate of 5,462,500 shares of common stock, which the underwriters sold at a gross offering price of $70.00 per share, for gross proceeds of approximately $382.4 million. As a result of this forward construct, we did not receive any proceeds from the sale of such shares at closing. During the year ended December 31, 2020, we settled a portion of the equity forwards by physically delivering 2,951,791 shares of common stock to certain forward purchasers for net proceeds of $199.7 million, which were primarily used to partially pay down amounts outstanding under our Unsecured Revolving Credit Facility and for general corporate purposes. As of December 31, 2020, 2,510,709 shares remained outstanding under the forward sale agreements. We expect to settle the forward sale agreements in full within 18 months of the offering date via physical delivery of the outstanding shares of common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the forward sale agreements, subject to certain conditions. The forward sale price that we will receive upon physical settlement of the agreements will be (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the forward sale agreements. We determined that the forward sale agreements meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. Noncontrolling Interests 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, 2018 $ 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 16 ) — 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) Other comprehensive income before reclassifications (23,124) 47,746 — 24,622 Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (10,672) — — (10,672) Interest expense 1,818 — — 1,818 Total (8,854) — — (8,854) Net current period other comprehensive income (31,978) 47,746 — 15,768 Net current period other comprehensive income attributable to noncontrolling interests (7) — — (7) Balance at December 31, 2020 $ (18,937) $ (220,969) $ — $ (239,906) See Note 10 for additional information on our derivatives activity recognized within Other comprehensive income (loss) for the periods presented.

Stock-Based Compensation and Ot

Stock-Based Compensation and Other Compensation	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based and Other Compensation	Stock-Based and Other Compensation Stock-Based Compensation At December 31, 2020, we maintained several stock-based compensation plans as described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $15.9 million, $18.8 million, and $18.3 million for the years ended December 31, 2020, 2019, and 2018, 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 $4.7 million, $5.1 million, and $6.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. The tax benefits for the years ended December 31, 2020, 2019, and 2018 were reflected as a deferred tax benefit within Benefit from (provision for) income taxes in the consolidated financial statements. 2017 Share Incentive Plan We maintain the 2017 Share Incentive Plan, which authorizes the issuance of up to 4,000,000 shares of our common stock. 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, 2020, 3,018,891 shares remained available for issuance under the 2017 Share Incentive Plan, which is more fully described in the 2019 Annual Report. 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, 2020, 2019, and 2018 was less than $0.1 million. Cash received from purchases under the ESPP during the years ended December 31, 2020, 2019, and 2018 was $0.4 million, $0.3 million, and $0.2 million, respectively. Restricted and Conditional Awards Nonvested RSAs, RSUs, and PSUs at December 31, 2020 and changes during the years ended December 31, 2020 , 2019, and 2018 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, 2018 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 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 283,977 68.51 331,242 80.90 Granted (c) 146,162 81.02 90,518 104.65 Vested (a) (163,607) 69.62 (156,838) 80.42 Forfeited (5,555) 71.69 (6,715) 88.94 Adjustment (b) — — 3,806 62.07 Nonvested at December 31, 2020 (d) 260,977 $ 74.75 262,013 $ 88.99 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2020, 2019, and 2018 was $24.0 million, $39.4 million, and $16.4 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, 2020 and 2019, we had an obligation to issue 986,859 and 893,713 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $42.0 million and $37.3 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, 2020, we used a risk-free interest rate of 1.6%, an expected volatility rate of 15.2%, and assumed a dividend yield of zero. (d) At December 31, 2020, total unrecognized compensation expense related to these awards was approximately $19.3 million, with an aggregate weighted-average remaining term of 1.7 years. At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest based upon the extent to which we have met and expect to meet the performance goals and where appropriate, revise our estimate and associated expense. We do not adjust the associated expense for revision on PSUs expected to vest based on market performance. Upon vesting, the RSUs and PSUs may be converted into shares of our common stock. Both the RSUs and PSUs carry dividend equivalent rights. Dividend equivalent rights on RSUs issued under the predecessor employee plan are paid in cash on a quarterly basis, whereas dividend equivalent rights on RSUs issued under the 2017 Share Incentive Plan are accrued and paid in cash only when the underlying shares vest, which is generally on an annual basis; dividend equivalents on PSUs accrue during the performance period and are converted into additional shares of common stock at the conclusion of the performance period to the extent the PSUs vest. Dividend equivalent rights are accounted for as a reduction to retained earnings to the extent that the awards are expected to vest. 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 2020, 2019, and 2018, 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 $28,500 for 2020, $28,000 for 2019, and $27,500 for 2018. For the years ended December 31, 2020, 2019, and 2018, amounts expensed for contributions to the trust were $1.9 million, $2.1 million, and $2.6 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Provision The components of our (benefit from) provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2020 2019 2018 Federal Current $ (1,118) $ 407 $ (829) Deferred (a) (33,040) 9,579 3,275 (34,158) 9,986 2,446 State and Local Current 3,284 (3,814) 4,820 Deferred (a) (7,756) (376) 3,042 (4,472) (4,190) 7,862 Foreign Current 26,137 20,363 16,791 Deferred (8,266) 52 (12,688) 17,871 20,415 4,103 Total (Benefit from) Provision for Income Taxes $ (20,759) $ 26,211 $ 14,411 A reconciliation of effective income tax for the periods presented is as follows (in thousands): Years Ended December 31, 2020 2019 2018 Pre-tax (loss) income attributable to taxable subsidiaries (b) (c) (d) $ (56,789) $ 74,754 $ 98,245 Federal provision at statutory tax rate (21%) $ (11,926) $ 15,698 $ 20,632 Revocation of TRS Status (a) (37,249) — (6,285) Change in valuation allowance 13,946 11,041 6,735 Tax expense related to allocation of goodwill based on portion of Investment Management business sold ( Note 4 ) 7,203 — — Non-deductible expense 6,303 5,313 4,996 State and local taxes, net of federal benefit 2,336 4,062 7,590 Windfall tax benefit (2,132) (5,183) (3,754) Rate differential (e) (632) (6,820) (14,165) Non-taxable income (2) 103 (736) Other 1,394 1,997 (602) Total (benefit from) provision for income taxes $ (20,759) $ 26,211 $ 14,411 __________ (a) Amount for the year ended December 31, 2020 includes an aggregate deferred tax benefit of $37.2 million as a result of the release of a deferred tax liability relating to our investment in shares of Lineage Logistics ( Note 9 ), which converted to a REIT during the year and is therefore no longer subject to federal and state income taxes (b) Pre-tax loss attributable to taxable subsidiaries for 2020 was primarily driven by: (i) a portion of the other-than-temporary impairment charges totaling $47.1 million recognized on our equity investments in CWI 1 and CWI 2 ( Note 9 ), (ii) the allocation of $34.3 million of goodwill within our Investment Management segment as a result of the WLT management internalization ( Note 4 ), and (iii) an impairment charge of $12.6 million recognized on an international property ( Note 9 ). (c) Pre-tax income attributable to taxable subsidiaries for 2019 includes unrealized gains on our investment in shares of Lineage Logistics totaling $32.9 million (prior to its REIT conversion in 2020, as described below) ( Note 9 ). (d) 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. (e) 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. Benefit from income taxes for the year ended December 31, 2020 includes a deferred tax benefit of $6.3 million as a result of the other-than-temporary impairment charges that we recognized on our equity investments in CWI 1 and CWI 2 during the year ( Note 9 ). In light of the COVID-19 outbreak during the first quarter of 2020, we continue to monitor domestic and international tax considerations and the potential impact on our consolidated financial statements. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (U.S. federal legislation enacted on March 27, 2020 in response to the COVID-19 pandemic) provides that net operating losses incurred in 2018, 2019, or 2020 may be carried back to offset taxable income earned during the five-year period prior to the year in which the net operating loss was incurred. As a result, we recognized a $4.7 million current tax benefit during the year ended December 31, 2020 by carrying back certain net operating losses, which is included in Benefit from income taxes disclosed in the tables above. Deferred Income Taxes Deferred income taxes at December 31, 2020 and 2019 consist of the following (in thousands): December 31, 2020 2019 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 49,869 $ 51,265 Basis differences — foreign investments 43,089 31,704 Lease liabilities (a) 14,144 1,472 Unearned and deferred compensation 9,753 10,345 Other — 246 Total deferred tax assets 116,855 95,032 Valuation allowance (86,069) (73,643) Net deferred tax assets 30,786 21,389 Deferred Tax Liabilities Basis differences — foreign investments (145,838) (137,074) ROU assets (a) (12,618) (1,163) Basis differences — equity investees (2,364) (53,460) Deferred revenue (97) (100) Other (632) — Total deferred tax liabilities (161,549) (191,797) Net Deferred Tax Liability $ (130,763) $ (170,408) __________ (a) Balances represent our basis differences for our office leases on domestic taxable subsidiaries. Basis differences on our foreign ground leases are included within the line item Basis differences — foreign investments. Certain ROU assets and lease liabilities are now presented 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, 2020, U.S. federal and state net operating loss carryforwards were $16.1 million and $12.1 million, respectively, which will begin to expire in 2033. As of December 31, 2020, net operating loss carryforwards in foreign jurisdictions were $56.2 million, which will begin to expire in 2021. 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 $15.1 million and $8.9 million at December 31, 2020 and 2019, respectively, which are included in Other assets, net in the consolidated balance sheets, and other deferred tax liability balances of $145.8 million and $179.3 million at December 31, 2020 and 2019, 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, 2020 2019 Beginning balance $ 5,756 $ 6,105 Decrease due to lapse in statute of limitations (783) (497) Addition based on tax positions related to the current year 591 543 Foreign currency translation adjustments 515 (108) Addition (decrease) based on tax positions related to the prior year 233 (287) Ending balance $ 6,312 $ 5,756 At December 31, 2020 and 2019, 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. These unrecognized tax benefits are recorded as liabilities within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2020 and 2019, we had approximately $1.7 million and $1.6 million, respectively, of accrued interest related to uncertain tax positions. Income Taxes Paid Income taxes paid were $43.5 million, $35.3 million, and $23.2 million for the years ended December 31, 2020, 2019, and 2018, 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.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 2020
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 decide 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. 2020 — During the year ended December 31, 2020, we sold 22 properties for total proceeds, net of selling costs, of $366.5 million (inclusive of $4.7 million attributable to a noncontrolling interest), and recognized a net gain on these sales totaling $109.4 million (inclusive of income taxes totaling $3.0 million recognized upon sale and $0.6 million attributable to a noncontrolling interest). Disposition activity included the sale of one of our two hotel operating properties in January 2020 for total proceeds, net of selling costs, of $103.5 million (inclusive of $4.7 million attributable to a noncontrolling interest), which was held for sale as of December 31, 2019 ( Note 5 ). 2019 — During the year ended December 31, 2019, we sold 14 properties for total proceeds, net of selling costs, of $308.0 million 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, net of selling costs, of $431.6 million 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 13 ). 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 ).

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 Revenues Lease revenues $ 1,154,504 $ 1,086,375 $ 744,498 Lease termination income and other 12,094 36,268 6,555 Operating property revenues (a) 11,399 50,220 28,072 1,177,997 1,172,863 779,125 Operating Expenses Depreciation and amortization (b) 441,948 443,300 287,461 General and administrative (b) 70,127 56,796 47,210 Reimbursable tenant costs 56,409 55,576 28,076 Property expenses, excluding reimbursable tenant costs 44,067 39,545 22,773 Impairment charges 35,830 32,539 4,790 Stock-based compensation expense (b) 15,247 13,248 10,450 Operating property expenses 9,901 38,015 20,150 Merger and other expenses (937) 101 41,426 672,592 679,120 462,336 Other Income and Expenses Interest expense (210,087) (233,325) (178,375) Gain on sale of real estate, net 109,370 18,143 118,605 Other gains and (losses) 46,074 30,251 30,015 Equity in (losses) earnings of equity method investments in real estate (9,017) 2,361 13,341 (Loss) gain on change in control of interests — (8,416) 18,792 (63,660) (190,986) 2,378 Income before income taxes 441,745 302,757 319,167 Benefit from (provision for) income taxes 18,498 (30,802) 844 Net Income from Real Estate 460,243 271,955 320,011 Net (income) loss attributable to noncontrolling interests (731) 110 (12,775) Net Income from Real Estate Attributable to W. P. Carey $ 459,512 $ 272,065 $ 307,236 Investment Management Years Ended December 31, 2020 2019 2018 Revenues Asset management revenue $ 21,973 $ 39,132 $ 63,556 Reimbursable costs from affiliates 8,855 16,547 21,925 Structuring and other advisory revenue 494 4,224 21,126 31,322 59,903 106,607 Operating Expenses Reimbursable costs from affiliates 8,855 16,547 21,925 General and administrative (b) 5,823 18,497 21,127 Subadvisor fees 1,469 7,579 9,240 Merger and other expenses 1,184 — — Depreciation and amortization (b) 987 3,835 3,979 Stock-based compensation expense (b) 691 5,539 7,844 19,009 51,997 64,115 Other Income and Expenses Equity in (losses) earnings of equity method investments in the (9,540) 20,868 48,173 Other gains and (losses) 678 1,224 (102) Gain on change in control of interests — — 29,022 (8,862) 22,092 77,093 Income before income taxes 3,451 29,998 119,585 Benefit from (provision for) income taxes 2,261 4,591 (15,255) Net Income from Investment Management 5,712 34,589 104,330 Net income attributable to noncontrolling interests (9,865) (1,411) — Net (Loss) Income from Investment Management Attributable to $ (4,153) $ 33,178 $ 104,330 Total Company Years Ended December 31, 2020 2019 2018 Revenues $ 1,209,319 $ 1,232,766 $ 885,732 Operating expenses 691,601 731,117 526,451 Other income and expenses (72,522) (168,894) 79,471 Benefit from (provision for) income taxes 20,759 (26,211) (14,411) Net income attributable to noncontrolling interests (10,596) (1,301) (12,775) Net income attributable to W. P. Carey $ 455,359 $ 305,243 $ 411,566 Total Assets at December 31, 2020 2019 Real Estate $ 14,582,015 $ 13,811,403 Investment Management (c) 125,621 249,515 Total Company $ 14,707,636 $ 14,060,918 __________ (a) Operating property revenues from our hotels include (i) $4.0 million, $15.0 million, and $15.2 million for the years ended December 31, 2020, 2019, and 2018, respectively, generated from a hotel in Bloomington, Minnesota (revenues decreased due to the adverse effect of the COVID-19 pandemic on the hotel’s operations), (ii) $1.9 million, $14.4 million, and $1.7 million for the years ended December 31, 2020, 2019, and 2018, respectively, generated from a hotel in Miami, Florida, which was acquired in the CPA:17 Merger ( Note 3 ) and sold in January 2020 ( Note 16 ), and (iii) $4.8 million for the year ended December 31, 2018, generated from a hotel in Memphis, Tennessee, which was sold in April 2018 ( Note 16 ). (b) Beginning with the second quarter of 2020, general and administrative expenses attributed to our Investment Management segment are comprised of the incremental costs of providing services to the Managed Programs, which are fully reimbursed by those funds (resulting in no net expense for us). All other general and administrative expenses are attributed to our Real Estate segment. Previously, general and administrative expenses were allocated based on time incurred by our personnel for the Real Estate and Investment Management segments. In addition, beginning with the second quarter of 2020, stock-based compensation expense and corporate depreciation and amortization expense are fully recognized within our Real Estate segment. In light of the termination of the advisory agreements with CWI 1 and CWI 2 in connection with the WLT management internalization ( Note 4 ), we now view essentially all assets, liabilities, and operational expenses as part of our Real Estate segment, other than incremental activities that are expected to wind down as we manage CPA:18 – Global and CESH through the end of their respective life cycles ( Note 2 ). These changes between the segments had no impact on our consolidated financial statements. (c) Following the WLT management internalization and redemption of the special general partner interests in CWI 1 and CWI 2 on April 13, 2020, we no longer own equity investments in those funds, which were previously included within our Investment Management segment ( Note 2 , Note 4 , Note 8 ). Our investment in shares of common stock of WLT is included within our Real Estate segment (as an equity method investment in real estate) ( Note 8 ). In addition, we allocated $34.3 million of goodwill within our Investment Management segment during the year ended December 31, 2020, since the WLT management internalization resulted in a sale of a portion of our Investment Management business ( Note 4 , Note 7 ). Our portfolio is comprised of domestic and international investments. At December 31, 2020, our international investments within our Real Estate segment were comprised of investments in Germany, the United Kingdom, Spain, the Netherlands, Poland, Italy, Denmark, Croatia, France, Finland, Canada, Mexico, Norway, Hungary, Lithuania, Portugal, the Czech Republic, Sweden, Slovakia, Austria, Japan, Belgium, Latvia, and Estonia. We sold all of our investments in Australia during 2018 ( Note 16 ). No tenant or international country individually comprised at least 10% of our total lease revenues for the years ended December 31, 2020, 2019, or 2018, or at least 10% of our total long-lived assets at December 31, 2020 or 2019. 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, 2020 2019 2018 Revenues Domestic $ 756,763 $ 783,828 $ 499,342 International 421,234 389,035 279,783 Total $ 1,177,997 $ 1,172,863 $ 779,125 December 31, 2020 2019 Long-lived Assets (a) Domestic $ 7,565,663 $ 7,574,110 International 4,796,766 4,342,635 Total $ 12,362,429 $ 11,916,745 Equity Investments in Real Estate Domestic $ 152,451 $ 110,822 International 74,438 83,615 Total $ 226,889 $ 194,437 __________ (a) Consists of Net investments in real estate.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
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, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Revenues $ 308,999 $ 290,530 $ 302,419 $ 307,371 Expenses 192,987 158,379 162,239 177,996 Net income 66,702 115,204 149,434 134,615 Net income attributable to noncontrolling interests (612) (9,904) (37) (43) Net income attributable to W. P. Carey 66,090 105,300 149,397 134,572 Earnings per share attributable to W. P. Carey: Basic (a) $ 0.38 $ 0.61 $ 0.85 $ 0.76 Diluted (a) $ 0.38 $ 0.61 $ 0.85 $ 0.76 Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 298,323 $ 305,211 $ 318,005 $ 311,227 Expenses 177,722 179,170 198,409 175,816 Net income 68,796 66,121 41,835 129,792 Net income attributable to noncontrolling interests (302) (83) (496) (420) Net income attributable to W. P. Carey 68,494 66,038 41,339 129,372 Earnings per share attributable to W. P. Carey: Basic (a) $ 0.41 $ 0.39 $ 0.24 $ 0.75 Diluted (a) $ 0.41 $ 0.38 $ 0.24 $ 0.75 __________ (a) The sum of the quarterly basic and diluted earnings per share amounts may not agree to the full year basic and diluted earnings per share amounts because the calculations of basic and diluted weighted-average shares outstanding for each quarter and the full year are performed independently.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisitions and Completed Construction Projects In January and February 2021, we completed investments totaling approximately $203.1 million. Acquisitions totaling $149.3 million are as follows: • $75.0 million for two food production and cold storage facilities in California; • $55.2 million for seven automotive dealerships and three office facilities in New Jersey and Pennsylvania; and • $19.1 million for two industrial facilities in Grove City, OH, and Anderson, South Carolina. 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. Completed construction projects totaling approximately $53.8 million are as follows: • $51.3 million for a build-to-suit project for a headquarters and industrial facility in Langen, Germany (based on the exchange rate of the euro on the date of completion); and • $2.5 million for an expansion at an office facility in Mason, Ohio. Dispositions In January 2021, we sold a fitness facility in Salt Lake City, Utah, for gross proceeds of $12.5 million. This property was classified as held for sale as of December 31, 2020 ( Note 5 ). Dividend from our Investment in Shares of Lineage Logistics In January 2021, we received a cash dividend of $6.4 million from our investment in shares of Lineage Logistics ( Note 9 ).

Schedule II - Valuation And Qua

Schedule II - Valuation And Qualifying Accounts	12 Months Ended
	Dec. 31, 2020
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, 2020, 2019, and 2018 (in thousands) Description Balance at Other Additions Deductions Balance at Year Ended December 31, 2020 Valuation reserve for deferred tax assets $ 73,643 $ 31,470 $ (19,044) $ 86,069 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

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
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, 2020 (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 $ (84) $ 1,526 $ 24,309 $ 25,835 $ 14,240 1979; 1987 Jan. 1998 40 yrs. Industrial facilities in Thurmont, MD and Farmington, NY — 729 5,903 — — 729 5,903 6,632 2,633 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 6,399 1948; 1975 Jan. 1998 40 yrs. Industrial facility in Toledo, OH — 224 2,408 — — 224 2,408 2,632 1,806 1966 Jan. 1998 40 yrs. Industrial facility in Goshen, IN — 239 940 — — 239 940 1,179 510 1973 Jan. 1998 40 yrs. Office facility in Raleigh, NC — 1,638 2,844 187 (2,554) 828 1,287 2,115 969 1983 Jan. 1998 20 yrs. Office facility in King of Prussia, PA — 1,219 6,283 1,295 — 1,219 7,578 8,797 4,233 1968 Jan. 1998 40 yrs. Industrial facility in Pinconning, MI — 32 1,692 — — 32 1,692 1,724 973 1948 Jan. 1998 40 yrs. Industrial facilities in Sylmar, CA 5,970 2,052 5,322 — (1,889) 1,494 3,991 5,485 2,307 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 7,217 Various Jan. 1998 15 yrs. Industrial facility in Glendora, CA — 1,135 — — 1,942 1,152 1,925 3,077 385 1950 Jan. 1998 10 yrs. Warehouse facility in Doraville, GA — 3,288 9,864 17,079 (11,410) 3,288 15,533 18,821 1,773 2016 Jan. 1998 40 yrs. Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX — 3,490 72,497 3,513 (15,608) 288 63,604 63,892 19,957 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 8,317 516 5,035 27,790 32,825 15,148 1989 Jan. 1998 40 yrs. Office facility in Bridgeton, MO — 842 4,762 2,523 (196) 842 7,089 7,931 3,771 1972 Jan. 1998 40 yrs. Retail facility in Waterford Township, MI — 1,039 4,788 236 (2,297) 494 3,272 3,766 1,347 1972 Jan. 1998 35 yrs. Warehouse facility in Memphis, TN — 1,882 3,973 294 (3,892) 328 1,929 2,257 1,375 1969 Jan. 1998 15 yrs. Industrial facility in Romulus, MI — 454 6,411 525 — 454 6,936 7,390 1,377 1970 Jan. 1998 10 yrs. Retail facility in Bellevue, WA — 4,125 11,812 393 (123) 4,371 11,836 16,207 6,598 1994 Apr. 1998 40 yrs. Office facility in Rio Rancho, NM — 1,190 9,353 5,866 (238) 2,287 13,884 16,171 6,634 1999 Jul. 1998 40 yrs. Office facility in Moorestown, NJ — 351 5,981 1,667 1 351 7,649 8,000 4,477 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 7,139 1968; 1980 Sep. 2002 40 yrs. Office facilities in Playa Vista and Venice, CA 20,567 2,032 10,152 52,817 1 5,889 59,113 65,002 17,087 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 2,001 1995 Sep. 2004 40 yrs. Retail facility in Hot Springs, AR — 850 2,939 2 (2,614) — 1,177 1,177 480 1985 Sep. 2004 40 yrs. Warehouse facilities in Apopka, FL — 362 10,855 1,195 (155) 337 11,920 12,257 4,364 1969 Sep. 2004 40 yrs. Land in San Leandro, CA — 1,532 — — — 1,532 — 1,532 — N/A Dec. 2006 N/A SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (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 Fitness facility in Austin, TX — 1,725 5,168 — — 1,725 5,168 6,893 2,554 1995 Dec. 2006 29 yrs. Retail facility in Wroclaw, Poland — 3,600 10,306 — (2,809) 3,068 8,029 11,097 2,594 2007 Dec. 2007 40 yrs. Office facility in Fort Worth, TX — 4,600 37,580 186 — 4,600 37,766 42,366 10,289 2003 Feb. 2010 40 yrs. Warehouse facility in Mallorca, Spain — 11,109 12,636 — 648 11,391 13,002 24,393 3,437 2008 Jun. 2010 40 yrs. Retail facilities in Snellville, GA and Virginia Beach, VA — 5,646 12,367 — (10,048) 2,747 5,218 7,965 1,130 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 126,154 32,680 198,999 — — 32,680 198,999 231,679 45,253 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 4,638 1968; 1975; 1995 Sep. 2012; Jan. 2014 30 yrs. Land in Irvine, CA 1,650 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 2,091 1997 Sep. 2012 30 yrs. Office facility in Clinton, NJ 17,554 2,866 34,834 — — 2,866 34,834 37,700 9,602 1987 Sep. 2012 30 yrs. Office facilities in St. Petersburg, FL — 3,280 24,627 3,288 — 3,280 27,915 31,195 7,036 1996; 1999 Sep. 2012 30 yrs. Movie theater in Baton Rouge, LA — 4,168 5,724 3,200 — 4,168 8,924 13,092 2,296 2003 Sep. 2012 30 yrs. Industrial and office facility in San Diego, CA — 7,804 16,729 5,415 (832) 7,804 21,312 29,116 5,942 2002 Sep. 2012 30 yrs. Industrial facility in Richmond, CA — 895 1,953 — — 895 1,953 2,848 538 1999 Sep. 2012 30 yrs. Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX 49,427 16,386 84,668 7,187 — 16,386 91,855 108,241 23,146 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 2,957 1948; 1989 Sep. 2012 30 yrs. Industrial facilities in Chattanooga, TN — 558 5,923 — — 558 5,923 6,481 1,615 1974; 1989 Sep. 2012 30 yrs. Industrial facility in Mooresville, NC 1,994 756 9,775 — — 756 9,775 10,531 2,657 1997 Sep. 2012 30 yrs. Industrial facility in McCalla, AL — 960 14,472 42,662 (254) 2,076 55,764 57,840 9,200 2004 Sep. 2012 31 yrs. Office facility in Lower Makefield Township, PA — 1,726 12,781 4,378 — 1,726 17,159 18,885 4,139 2002 Sep. 2012 30 yrs. Industrial facility in Fort Smith, AZ — 1,063 6,159 — — 1,063 6,159 7,222 1,656 1982 Sep. 2012 30 yrs. Retail facilities in Greenwood, IN and Buffalo, NY 5,950 — 19,990 — — — 19,990 19,990 5,318 2000; 2003 Sep. 2012 30 - 31 yrs. Industrial facilities in Bowling Green, KY and Jackson, TN — 1,492 8,182 184 — 1,492 8,366 9,858 2,195 1989; 1995 Sep. 2012 31 yrs. Education facilities in Rancho Cucamonga, CA and Exton, PA — 14,006 33,683 6,219 (20,142) 6,638 27,128 33,766 5,663 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 4,406 6,559 19,078 2,057 — 6,559 21,135 27,694 5,075 Various Sep. 2012 31 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (in thousands) Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Initial Cost to Company Description Encumbrances Land Buildings Land Buildings Total Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY 6,407 6,080 23,424 — — 6,080 23,424 29,504 6,181 1990; 1994; 2000 Sep. 2012 31 yrs. Fitness facilities in Englewood, CO; Memphis TN; and Bedford, TX 864 4,877 4,258 5,215 4,756 4,877 14,229 19,106 4,353 1990; 1995; 2001 Sep. 2012 31 yrs. Office facility in Mons, Belgium 5,136 1,505 6,026 653 (408) 1,436 6,340 7,776 1,608 1982 Sep. 2012 32 yrs. Warehouse facilities in Oceanside, CA and Concordville, PA 1,904 3,333 8,270 — — 3,333 8,270 11,603 2,188 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 83,566 Various Sep. 2012 31 yrs. Warehouse facility in La Vista, NE 18,459 4,196 23,148 — — 4,196 23,148 27,344 5,711 2005 Sep. 2012 33 yrs. Office facility in Pleasanton, CA — 3,675 7,468 — — 3,675 7,468 11,143 1,950 2000 Sep. 2012 31 yrs. Office facility in San Marcos, TX — 440 688 — — 440 688 1,128 179 2000 Sep. 2012 31 yrs. Office facility in Chicago, IL — 2,169 19,010 72 (72) 2,169 19,010 21,179 4,925 1910 Sep. 2012 31 yrs. Industrial facilities in Hollywood and Orlando, FL — 3,639 1,269 — — 3,639 1,269 4,908 329 1996 Sep. 2012 31 yrs. Warehouse facility in Golden, CO — 808 4,304 77 — 808 4,381 5,189 1,248 1998 Sep. 2012 30 yrs. Industrial facility in Texarkana, TX — 1,755 4,493 — (2,783) 216 3,249 3,465 842 1997 Sep. 2012 31 yrs. Industrial facility in South Jordan, UT — 2,183 11,340 1,642 — 2,183 12,982 15,165 3,220 1995 Sep. 2012 31 yrs. Warehouse facility in Ennis, TX — 478 4,087 145 (145) 478 4,087 4,565 1,059 1989 Sep. 2012 31 yrs. Retail facility in Braintree, MA — 2,409 — 6,184 (1,403) 1,006 6,184 7,190 1,417 1994 Sep. 2012 30 yrs. Office facility in Paris, France — 23,387 43,450 703 (3,010) 22,316 42,214 64,530 10,481 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 — (4,599) 25,302 69,529 94,831 24,118 Various Sep. 2012 23 - 34 yrs. Industrial facilities in Danbury, CT and Bedford, MA 4,072 3,519 16,329 — — 3,519 16,329 19,848 4,514 1965; 1980 Sep. 2012 29 yrs. Industrial facility in Brownwood, TX — 722 6,268 — — 722 6,268 6,990 836 1964 Sep. 2012 15 yrs. Industrial and office facility in Tampere, Finland — 2,309 37,153 — (2,317) 2,146 34,999 37,145 8,478 2012 Jun. 2013 40 yrs. Office facility in Quincy, MA — 2,316 21,537 127 — 2,316 21,664 23,980 4,437 1989 Jun. 2013 40 yrs. Office facility in Salford, United Kingdom — — 30,012 — (3,825) — 26,187 26,187 4,924 1997 Sep. 2013 40 yrs. Office facility in Lone Tree, CO — 4,761 28,864 3,381 — 4,761 32,245 37,006 6,750 2001 Nov. 2013 40 yrs. Office facility in Mönchengladbach, Germany 34,044 2,154 6,917 50,626 3,623 2,357 60,963 63,320 7,822 2015 Dec. 2013 40 yrs. Fitness facility in Houston, TX — 2,430 2,270 — — 2,430 2,270 4,700 700 1995 Jan. 2014 23 yrs. Fitness facility in St. Charles, MO — 1,966 1,368 1,352 — 1,966 2,720 4,686 793 1987 Jan. 2014 27 yrs. Office facility in Scottsdale, AZ — 22,300 42,329 — — 22,300 42,329 64,629 525 1977 Jan. 2014 34 yrs. Industrial facility in Aurora, CO — 737 2,609 — — 737 2,609 3,346 571 1985 Jan. 2014 32 yrs. Warehouse facility in Burlington, NJ — 3,989 6,213 377 — 3,989 6,590 10,579 1,793 1999 Jan. 2014 26 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (in thousands) Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Initial Cost to Company Description Encumbrances Land Buildings Land Buildings Total Industrial facility in Albuquerque, NM — 2,467 3,476 606 — 2,467 4,082 6,549 1,064 1993 Jan. 2014 27 yrs. Industrial facility in North Salt Lake, UT — 10,601 17,626 — (16,936) 4,388 6,903 11,291 1,825 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 3,825 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 12,823 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 6,203 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 3,947 1973 Jan. 2014 25 yrs. Office facility in Houston, TX — 6,578 424 560 — 6,578 984 7,562 454 1978 Jan. 2014 27 yrs. Land in Doncaster, United Kingdom — 4,257 4,248 — (8,098) 407 — 407 — N/A Jan. 2014 N/A Warehouse facility in Norwich, CT 7,134 3,885 21,342 — 2 3,885 21,344 25,229 5,226 1960 Jan. 2014 28 yrs. Warehouse facility in Norwich, CT — 1,437 9,669 — — 1,437 9,669 11,106 2,367 2005 Jan. 2014 28 yrs. Land in Whitehall, PA — 7,435 9,093 — (9,545) 6,983 — 6,983 — N/A Jan. 2014 N/A Retail facilities in York, PA 2,972 3,776 10,092 — (2,016) 2,668 9,184 11,852 2,138 1992; 2005 Jan. 2014 26 - 34 yrs. Industrial facility in Pittsburgh, PA — 1,151 10,938 — — 1,151 10,938 12,089 3,056 1991 Jan. 2014 25 yrs. Warehouse facilities in Atlanta, GA and Elkwood, VA — 5,356 4,121 — (2,104) 4,284 3,089 7,373 767 1975 Jan. 2014 28 yrs. Warehouse facility in Harrisburg, NC — 1,753 5,840 — (111) 1,642 5,840 7,482 1,548 2000 Jan. 2014 26 yrs. Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO 2,829 4,306 7,235 — 3 4,306 7,238 11,544 1,655 1978; 1987 Jan. 2014 30 yrs. Industrial facility in Cynthiana, KY 1,411 1,274 3,505 525 (107) 1,274 3,923 5,197 958 1967 Jan. 2014 31 yrs. Industrial facility in Columbia, SC — 2,843 11,886 — — 2,843 11,886 14,729 3,640 1962 Jan. 2014 23 yrs. Movie theater in Midlothian, VA — 2,824 16,618 — — 2,824 16,618 19,442 1,128 2000 Jan. 2014 40 yrs. Net-lease student housing facility in Laramie, WY — 1,966 18,896 — — 1,966 18,896 20,862 4,846 2007 Jan. 2014 33 yrs. Office facility in Greenville, SC 6,881 562 7,916 — (949) 474 7,055 7,529 2,195 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 6,370 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 5,388 1981; 1997 Jan. 2014 31 yrs. Industrial facilities in Hampton, NH 5,002 8,990 7,362 — — 8,990 7,362 16,352 1,678 1976 Jan. 2014 30 yrs. Industrial facilities located throughout France — 36,306 5,212 337 11,470 29,029 24,296 53,325 1,895 Various Jan. 2014 23 yrs. Retail facility in Fairfax, VA — 3,402 16,353 — — 3,402 16,353 19,755 4,295 1998 Jan. 2014 26 yrs. Retail facility in Lombard, IL — 5,087 8,578 — — 5,087 8,578 13,665 2,253 1999 Jan. 2014 26 yrs. Warehouse facility in Plainfield, IN 17,350 1,578 29,415 706 — 1,578 30,121 31,699 6,707 1997 Jan. 2014 30 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (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 Description Encumbrances Land Buildings Land Buildings Total Retail facility in Kennesaw, GA — 2,849 6,180 5,530 (76) 2,773 11,710 14,483 2,772 1999 Jan. 2014 26 yrs. Retail facility in Leawood, KS — 1,487 13,417 — — 1,487 13,417 14,904 3,524 1997 Jan. 2014 26 yrs. Office facility in Tolland, CT 7,098 1,817 5,709 — 11 1,817 5,720 7,537 1,443 1968 Jan. 2014 28 yrs. Warehouse facilities in Lincolnton, NC and Mauldin, SC 8,707 1,962 9,247 — — 1,962 9,247 11,209 2,278 1988; 1996 Jan. 2014 28 yrs. Retail facilities located throughout Germany — 81,109 153,927 10,510 (126,616) 30,270 88,660 118,930 19,783 Various Jan. 2014 Various Office facility in Southfield, MI — 1,726 4,856 89 — 1,726 4,945 6,671 1,104 1985 Jan. 2014 31 yrs. Office facility in The Woodlands, TX 16,015 3,204 24,997 — — 3,204 24,997 28,201 5,489 1997 Jan. 2014 32 yrs. Warehouse facilities in Valdosta, GA and Johnson City, TN — 1,080 14,998 1,841 — 1,080 16,839 17,919 4,057 1978; 1998 Jan. 2014 27 yrs. Industrial facility in Amherst, NY 6,661 674 7,971 — — 674 7,971 8,645 2,459 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 4,251 1954; 1997 Jan. 2014 28 yrs. Warehouse facilities in Kottka, Finland — — 8,546 — (3,663) — 4,883 4,883 2,440 1999; 2001 Jan. 2014 21 - 23 yrs. Office facility in Bloomington, MN — 2,942 7,155 — — 2,942 7,155 10,097 1,747 1988 Jan. 2014 28 yrs. Warehouse facility in Gorinchem, Netherlands 3,200 1,143 5,648 — (669) 1,031 5,091 6,122 1,243 1995 Jan. 2014 28 yrs. Retail facility in Cresskill, NJ — 2,366 5,482 — 19 2,366 5,501 7,867 1,221 1975 Jan. 2014 31 yrs. Retail facility in Livingston, NJ — 2,932 2,001 — 14 2,932 2,015 4,947 513 1966 Jan. 2014 27 yrs. Retail facility in Maplewood, NJ — 845 647 — 4 845 651 1,496 166 1954 Jan. 2014 27 yrs. Retail facility in Montclair, NJ — 1,905 1,403 — 6 1,905 1,409 3,314 359 1950 Jan. 2014 27 yrs. Retail facility in Morristown, NJ — 3,258 8,352 — 26 3,258 8,378 11,636 2,133 1973 Jan. 2014 27 yrs. Retail facility in Summit, NJ — 1,228 1,465 — 8 1,228 1,473 2,701 375 1950 Jan. 2014 27 yrs. Industrial and office facilities in Dransfeld and Wolfach, Germany — 2,789 8,750 — (2,589) 2,368 6,582 8,950 1,871 1898; 1978 Jan. 2014 24 yrs. Industrial facilities in Georgetown, TX and Woodland, WA — 965 4,113 — — 965 4,113 5,078 843 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 1,951 Various Jan. 2014 28 yrs. Industrial facility in Salisbury, NC — 1,499 8,185 — — 1,499 8,185 9,684 2,040 2000 Jan. 2014 28 yrs. Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI — 2,831 10,565 386 — 2,831 10,951 13,782 2,693 1970; 1991; 1995 Jan. 2014 26 - 27 yrs. Industrial facility in Cambridge, Canada — 1,849 7,371 — (1,130) 1,622 6,468 8,090 1,432 2001 Jan. 2014 31 yrs. Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN 6,860 2,962 17,832 — — 2,962 17,832 20,794 3,947 Various Jan. 2014 31 yrs. Industrial facility in Ramos Arizpe, Mexico — 1,059 2,886 — — 1,059 2,886 3,945 637 2000 Jan. 2014 31 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (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 Description Encumbrances Land Buildings Land Buildings Total Industrial facilities in Salt Lake City, UT — 2,783 3,773 — — 2,783 3,773 6,556 835 1983; 2002 Jan. 2014 31 - 33 yrs. Net-lease student housing facility in Blairsville, PA 7,860 1,631 23,163 — — 1,631 23,163 24,794 5,719 2005 Jan. 2014 33 yrs. Education facility in Mooresville, NC 1,503 1,795 15,955 — — 1,795 15,955 17,750 — 2002 Jan. 2014 33 yrs. Warehouse facilities in Atlanta, Doraville, and Rockmart, GA — 6,488 77,192 — — 6,488 77,192 83,680 18,714 1959; 1962; 1991 Jan. 2014 23 - 33 yrs. Warehouse facilities in Flora, MS and Muskogee, OK 3,017 554 4,353 — — 554 4,353 4,907 919 1992; 2002 Jan. 2014 33 yrs. Industrial facility in Richmond, MO — 2,211 8,505 747 — 2,211 9,252 11,463 2,229 1996 Jan. 2014 28 yrs. Industrial facility in Tuusula, Finland — 6,173 10,321 — (1,625) 5,565 9,304 14,869 2,524 1975 Jan. 2014 26 yrs. Office facility in Turku, Finland — 5,343 34,106 385 (3,888) 4,816 31,130 35,946 7,640 1981 Jan. 2014 28 yrs. Industrial facility in Turku, Finland — 1,105 10,243 — (1,101) 996 9,251 10,247 2,307 1981 Jan. 2014 28 yrs. Industrial facility in Baraboo, WI — 917 10,663 — — 917 10,663 11,580 5,638 1988 Jan. 2014 13 yrs. Warehouse facility in Phoenix, AZ — 6,747 21,352 380 — 6,747 21,732 28,479 5,366 1996 Jan. 2014 28 yrs. Land in Calgary, Canada — 3,721 — — (456) 3,265 — 3,265 — N/A Jan. 2014 N/A Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX 1,291 955 4,779 — — 955 4,779 5,734 1,066 1950; 1986; 1996 Jan. 2014 31 yrs. Industrial facility in Buffalo Grove, IL 4,244 1,492 12,233 — — 1,492 12,233 13,725 2,736 1996 Jan. 2014 31 yrs. Industrial facilities in West Jordan, UT and Tacoma, WA; office facility in Eugene, OR; and warehouse facility in Perris, CA — 8,989 5,435 — 8 8,989 5,443 14,432 1,341 Various Jan. 2014 28 yrs. Office facility in Carlsbad, CA — 3,230 5,492 — — 3,230 5,492 8,722 1,610 1999 Jan. 2014 24 yrs. Movie theater in Pensacola, FL — 1,746 — — 5,181 1,746 5,181 6,927 51 2001 Jan. 2014 33 yrs. Movie theater in Port St. Lucie, FL — 4,654 2,576 — — 4,654 2,576 7,230 652 2000 Jan. 2014 27 yrs. Industrial facility in Nurieux-Volognat, France — 121 5,328 — (427) 109 4,913 5,022 1,051 2000 Jan. 2014 32 yrs. Warehouse facility in Suwanee, GA — 2,330 8,406 — — 2,330 8,406 10,736 1,719 1995 Jan. 2014 34 yrs. Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS — 1,878 8,579 3,128 — 1,878 11,707 13,585 2,550 1954; 1975; 1984 Jan. 2014 24 yrs. Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI 6,959 1,403 11,098 — — 1,403 11,098 12,501 4,724 1996 Jan. 2014 16 yrs. Industrial facility in Mesa, AZ — 2,888 4,282 — — 2,888 4,282 7,170 1,087 1991 Jan. 2014 27 yrs. Industrial facility in North Amityville, NY — 3,486 11,413 — — 3,486 11,413 14,899 3,036 1981 Jan. 2014 26 yrs. Warehouse facility in Greenville, SC — 567 10,217 760 (3,213) 370 7,961 8,331 2,446 1960 Jan. 2014 21 yrs. Industrial facility in Fort Collins, CO — 821 7,236 — — 821 7,236 8,057 1,524 1993 Jan. 2014 33 yrs. Warehouse facility in Elk Grove Village, IL — 4,037 7,865 — — 4,037 7,865 11,902 408 1980 Jan. 2014 22 yrs. Office facility in Washington, MI — 4,085 7,496 — — 4,085 7,496 11,581 1,583 1990 Jan. 2014 33 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (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 Description Encumbrances Land Buildings Land Buildings Total Office facility in Houston, TX — 522 7,448 227 — 522 7,675 8,197 2,020 1999 Jan. 2014 27 yrs. Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX 4,031 4,049 13,021 — 133 4,049 13,154 17,203 4,874 Various Jan. 2014 12 - 22 yrs. Education facility in Sacramento, CA 25,017 — 13,715 — — — 13,715 13,715 2,839 2005 Jan. 2014 34 yrs. Industrial facility in Sankt Ingbert, Germany — 2,226 17,460 — 2,524 2,511 19,699 22,210 395 1960 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 2,104 1969; 1974; 1984 Jan. 2014 27 yrs. Office facility in Tinton Falls, NJ — 1,958 7,993 725 — 1,958 8,718 10,676 1,867 2001 Jan. 2014 31 yrs. Industrial facility in Woodland, WA — 707 1,562 — — 707 1,562 2,269 306 2009 Jan. 2014 35 yrs. Warehouse facilities in Gyál and Herceghalom, Hungary — 14,601 21,915 — (3,598) 13,162 19,756 32,918 6,693 2002; 2004 Jan. 2014 21 yrs. Industrial facility in Windsor, CT — 453 637 3,422 (83) 453 3,976 4,429 466 1999 Jan. 2014 33 yrs. Industrial facility in Aurora, CO — 574 3,999 — — 574 3,999 4,573 705 2012 Jan. 2014 40 yrs. Office facility in Chandler, AZ — 5,318 27,551 105 — 5,318 27,656 32,974 5,412 2000 Mar. 2014 40 yrs. Warehouse facility in University Park, IL — 7,962 32,756 221 — 7,962 32,977 40,939 6,247 2008 May 2014 40 yrs. Office facility in Stavanger, Norway — 10,296 91,744 — (27,759) 7,567 66,714 74,281 10,824 1975 Aug. 2014 40 yrs. Laboratory facility in Westborough, MA — 3,409 37,914 53,065 — 3,409 90,979 94,388 8,056 1992 Aug. 2014 40 yrs. Office facility in Andover, MA — 3,980 45,120 323 — 3,980 45,443 49,423 7,507 2013 Oct. 2014 40 yrs. Office facility in Newport, United Kingdom — — 22,587 — (3,414) — 19,173 19,173 3,020 2014 Oct. 2014 40 yrs. Industrial facility in Lewisburg, OH — 1,627 13,721 — — 1,627 13,721 15,348 2,372 2014 Nov. 2014 40 yrs. Industrial facility in Opole, Poland — 2,151 21,438 — (309) 2,123 21,157 23,280 3,752 2014 Dec. 2014 38 yrs. Office facilities located throughout Spain — 51,778 257,624 10 1,422 55,159 255,675 310,834 40,071 Various Dec. 2014 Various Retail facilities located throughout the United Kingdom — 66,319 230,113 277 (40,605) 57,084 199,020 256,104 39,229 Various Jan. 2015 20 - 40 yrs. Warehouse facility in Rotterdam, Netherlands — — 33,935 20,448 4,789 — 59,172 59,172 6,697 2014 Feb. 2015 40 yrs. Retail facility in Bad Fischau, Austria — 2,855 18,829 — 3,009 3,251 21,442 24,693 3,695 1998 Apr. 2015 40 yrs. Industrial facility in Oskarshamn, Sweden — 3,090 18,262 — 221 3,122 18,451 21,573 2,810 2015 Jun. 2015 40 yrs. Office facility in Sunderland, United Kingdom — 2,912 30,140 — (4,103) 2,550 26,399 28,949 4,138 2007 Aug. 2015 40 yrs. Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria — 9,449 15,838 — 2,586 10,415 17,458 27,873 3,024 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 7,561 1988; 1989; 1990 Oct. 2015 38 - 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (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 Description Encumbrances Land Buildings Land Buildings Total Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands — 5,698 38,130 79 6,255 6,510 43,652 50,162 6,954 Various Nov. 2015 30 - 40 yrs. Office facility in Irvine, CA — 7,626 16,137 — — 7,626 16,137 23,763 2,128 1977 Dec. 2015 40 yrs. Education facility in Windermere, FL — 5,090 34,721 15,333 — 5,090 50,054 55,144 8,721 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 20,553 Various Apr. 2016 Various Industrial facilities in North Dumfries and Ottawa, Canada — 17,155 10,665 — (18,015) 6,082 3,723 9,805 1,519 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 17,704 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 2,028 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 1,961 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 1,434 Various Dec. 2016 28 - 40 yrs. Industrial facility in Chicago, IL — 2,222 2,655 3,511 — 2,222 6,166 8,388 1,046 1985 Jun. 2017 30 yrs. Industrial facility in Zawiercie, Poland — 395 102 10,378 565 415 11,025 11,440 742 2018 Aug. 2017 40 yrs. Office facility in Roseville, MN — 2,560 16,025 — — 2,560 16,025 18,585 1,413 2001 Nov. 2017 40 yrs. Industrial facility in Radomsko, Poland — 1,718 59 14,454 812 1,810 15,233 17,043 889 2018 Nov. 2017 40 yrs. Warehouse facility in Sellersburg, IN — 1,016 3,838 — — 1,016 3,838 4,854 380 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 5,277 1995; 2004 Mar. 2018 36 - 40 yrs. Office and warehouse facilities located throughout Denmark — 20,304 185,481 — 12,512 21,539 196,758 218,297 15,549 Various Jun. 2018 25 - 41 yrs. Retail facilities located throughout the Netherlands — 38,475 117,127 — 8,394 40,551 123,445 163,996 10,807 Various Jul. 2018 26 - 30 yrs. Industrial facility in Oostburg, WI — 786 6,589 — — 786 6,589 7,375 727 2002 Jul. 2018 35 yrs. Warehouse facility in Kampen, Netherlands — 3,251 12,858 126 962 3,443 13,754 17,197 1,357 1976 Jul. 2018 26 yrs. Warehouse facility in Azambuja, Portugal — 13,527 35,631 28,067 4,104 14,339 66,990 81,329 3,521 1994 Sep. 2018 28 yrs. Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands — 2,582 18,731 6,455 2,153 2,784 27,137 29,921 1,943 Various Oct. 2018 27 - 37 yrs. Office and warehouse facilities in Bad Wünnenberg and Soest, Germany — 2,916 39,687 — 3,283 3,140 42,746 45,886 2,484 1982; 1986 Oct. 2018 40 yrs. Industrial facility in Norfolk, NE 1,064 802 3,686 — — 802 3,686 4,488 271 1975 Oct. 2018 40 yrs. Education facility in Chicago, IL 10,178 7,720 17,266 — — 7,720 17,266 24,986 998 1912 Oct. 2018 40 yrs. Fitness facilities in Phoenix, AZ and Columbia, MD — 18,286 33,030 — — 18,286 33,030 51,316 1,901 2006 Oct. 2018 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (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 Description Encumbrances Land Buildings Land Buildings Total Retail facility in Gorzow, Poland — 1,736 8,298 — 774 1,870 8,938 10,808 557 2008 Oct. 2018 40 yrs. Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX 9,693 6,460 49,462 — — 6,460 49,462 55,922 3,082 Various Oct. 2018 40 yrs. Industrial facility in Glendale Heights, IL — 4,237 45,484 — — 4,237 45,484 49,721 635 1991 Oct. 2018 38 yrs. Industrial facilities in Mayodan, Sanford, and Stoneville, NC — 3,505 20,913 — — 3,505 20,913 24,418 719 1992; 1997; 1998 Oct. 2018 29 yrs. Warehouse facility in Dillon, SC 14,468 3,424 43,114 — — 3,424 43,114 46,538 2,686 2001 Oct. 2018 40 yrs. Office facility in Birmingham, United Kingdom 17,465 7,383 7,687 — 849 7,799 8,120 15,919 462 2009 Oct. 2018 40 yrs. Retail facilities located throughout Spain — 17,626 44,501 — 4,788 18,985 47,930 66,915 2,813 Various Oct. 2018 40 yrs. Warehouse facility in Gadki, Poland — 1,376 6,137 — 579 1,482 6,610 8,092 392 2011 Oct. 2018 40 yrs. Office facility in The Woodlands, TX 22,249 1,697 52,289 — — 1,697 52,289 53,986 2,903 2009 Oct. 2018 40 yrs. Office facility in Hoffman Estates, IL — 5,550 14,214 — — 5,550 14,214 19,764 818 2009 Oct. 2018 40 yrs. Warehouse facility in Zagreb, Croatia — 15,789 33,287 — 3,782 17,005 35,853 52,858 3,089 2001 Oct. 2018 26 yrs. Industrial facilities in Middleburg Heights and Union Township, OH 4,741 1,295 13,384 — — 1,295 13,384 14,679 763 1990; 1997 Oct. 2018 40 yrs. Retail facility in Las Vegas, NV 39,665 — 79,720 — — — 79,720 79,720 4,328 2012 Oct. 2018 40 yrs. Industrial facilities located in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Holly Hill and Safety Harbor, FL; Rockmart, GA; Durham, NC; Columbia, SC; Ooltewah, TN; and Dallas, TX 19,535 20,517 14,135 — 30,060 22,585 42,127 64,712 1,231 Various Oct. 2018 40 yrs. Warehouse facility in Bowling Green, KY — 2,652 51,915 — — 2,652 51,915 54,567 3,318 2011 Oct. 2018 40 yrs. Warehouse facilities in Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton United Kingdom — 6,791 2,315 — 513 7,174 2,445 9,619 156 Various Oct. 2018 40 yrs. Industrial facility in Evansville, IN — 180 22,095 — — 180 22,095 22,275 1,228 2009 Oct. 2018 40 yrs. Office facilities in Tampa, FL 31,644 3,889 49,843 754 — 3,889 50,597 54,486 2,841 1985; 2000 Oct. 2018 40 yrs. Warehouse facility in Elorrio, Spain — 7,858 12,728 — 1,587 8,464 13,709 22,173 899 1996 Oct. 2018 40 yrs. Industrial and office facilities in Elberton, GA — 879 2,014 — — 879 2,014 2,893 157 1997; 2002 Oct. 2018 40 yrs. Office facility in Tres Cantos, Spain 60,617 24,344 39,646 — 4,931 26,220 42,701 68,921 2,518 2002 Oct. 2018 40 yrs. Office facility in Hartland, WI 2,653 1,454 6,406 — — 1,454 6,406 7,860 391 2001 Oct. 2018 40 yrs. Retail facilities in Dugo Selo, Kutina, Samobor, Spansko, and Zagreb, Croatia — 5,549 12,408 1,625 8,755 7,332 21,005 28,337 1,563 2000; 2002; 2003 Oct. 2018 26 yrs. Office and warehouse facilities located throughout the United States — 42,793 193,666 — — 42,793 193,666 236,459 11,657 Various Oct. 2018 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (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 Descri

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2020
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, 2020 (dollars in thousands) Interest Rate Final Maturity Date Carrying Amount Description Financing agreement — retail facility 7.5 % Mar. 2025 $ 12,893 Financing agreement — observation wheel 7.5 % Jan. 2021 (a) 11,250 $ 24,143 __________ (a) As of the date of this Report, we are negotiating an extension to the maturity date of this loan receivable. Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2020 2019 2018 Beginning balance $ 47,737 $ 57,737 $ — Allowance for credit losses ( Note 6 ) (12,594) — — Repayments (11,000) (10,000) — Acquisitions through CPA:17 Merger — — 57,737 Ending balance $ 24,143 $ 47,737 $ 57,737

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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, 2020, 2019, and 2018 were capitalized since our acquisitions during the years were classified as asset acquisitions (excluding the CPA:17 Merger). 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) 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 market rental rates, and applying a selected capitalization rate. 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; • market rents, growth factors of rents, and market lease term; • a capitalization rate to be applied to an estimate of market rent at the end of the market lease term; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; and • leasing commissions and tenant improvement allowances. 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 and industry standards. 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. 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 valuations 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 valuations. 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 or an investment 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
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 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 — This policy was superseded by ASU 2016-13, Financial Instruments — Credit Losses , which we adopted on January 1, 2020 and which is described below under Recently Adopted Accounting Pronouncements . Prior to this adoption, we periodically assessed whether there were any indicators that the value of our net investments in direct financing leases may have been impaired. When determining a possible impairment, we considered the collectibility of direct financing lease receivables for which a reserve would have been required if any losses were both probable and reasonably estimable. In addition, we determined whether there had been a permanent decline in the estimate of the residual value of the property. If this review indicated a permanent decline in the fair value of the asset below its carrying value , we recognized an impairment charge. 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
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, 2020, we had a net decrease of six entities considered to be consolidated VIEs, primarily related to disposition activity and certain lease amendments. At December 31, 2020 and 2019, we considered 12 and 18 entities to be VIEs, respectively, of which we consolidated five and 11, 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, 2020 2019 Land, buildings and improvements $ 423,333 $ 493,714 Net investments in direct financing leases 15,242 15,584 In-place lease intangible assets and other 41,997 56,915 Above-market rent intangible assets 26,720 34,576 Accumulated depreciation and amortization (137,827) (151,017) Assets held for sale, net — 104,010 Total assets 381,953 596,168 Non-recourse mortgages, net $ 3,508 $ 32,622 Total liabilities 48,971 98,671
Lessee	Leases We adopted guidance under Accounting Standards Codification (“ASC”) 842, Leases for our interim and annual periods beginning January 1, 2019. As a Lessee : Right-of-use (“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.
Lessor	As a Lessor : We combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), since 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. 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, if the reimbursements are deemed collectible.
Restricted Cash	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.
Land, Building and Improvements	Land, Buildings and Improvements — We carry land, buildings, and improvements 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
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 Lineage Logistics (a cold storage REIT) ( Note 9 ), our investment in shares of GCIF ( Note 9 ), office lease ROU assets, and our loans receivable in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, operating lease liabilities, 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 ASC 606, Revenue from Contracts with Customers 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 $5.9 million, $29.4 million, and $21.7 million for the years ended December 31, 2020, 2019, and 2018, respectively. Such operating property revenues are primarily comprised of revenues from room rentals and from food and beverage services at our hotel operating properties during those 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 . Lease revenue (including straight-line lease revenue) is only recognized when deemed probable of collection. Collectibility is assessed for each tenant receivable using various criteria including credit ratings ( Note 6 ), guarantees, past collection issues, and the current economic and business environment affecting the tenant. If collectibility of the contractual rent stream is not deemed probable, revenue will only be recognized upon receipt of cash from the tenant. For the year ended December 31, 2020, approximately $15.7 million of rent was not collected as a result of the COVID-19 pandemic, which reduced lease revenues in our consolidated statements of income. These amounts include $8.4 million of rent that has been contractually deferred to future periods. In addition, for the year ended December 31, 2020 as compared to 2019, for our remaining hotel operating property, revenues decreased by $11.0 million and expenses decreased by $6.0 million due to the adverse effect of the COVID-19 pandemic on the hotel’s operations. 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. The Managed Programs 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 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 Accounting Standards Update (“ASU”) 2018-07 on January 1, 2019. 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 the average exchange rate during the month in which the transaction occurs. 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 13 , Note 16 ). 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 intercompany debt that is short-term or has scheduled principal payments, are included in the determination of net income (within Other gains and (losses) in the statements of income). The translation impact of 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 income (loss) until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income (loss) 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	Segment Allocation Changes — Beginning with the second quarter of 2020, general and administrative expenses attributed to our Investment Management segment are comprised of the incremental costs of providing services to the Managed Programs, which are fully reimbursed by those funds (resulting in no net expense for us). All other general and administrative expenses are attributed to our Real Estate segment. Previously, general and administrative expenses were allocated based on time incurred by our personnel for the Real Estate and Investment Management segments. In addition, beginning with the second quarter of 2020, stock-based compensation expense and corporate depreciation and amortization expense are fully recognized within our Real Estate segment. In light of the termination of the advisory agreements with CWI 1 and CWI 2 in connection with the WLT management internalization ( Note 4 ), we now view essentially all assets, liabilities, and operational expenses as part of our Real Estate segment, other than incremental activities that are expected to wind down as we manage CPA:18 – Global and CESH through the end of their respective life cycles. These changes between the segments had no impact on our consolidated financial statements. In addition, our investments in WLT, and income recognized from our investments in WLT, are included within our Real Estate segment, since we are not the advisor to that company. Previously, our investments in CWI 1 and CWI 2, and income recognized from our investments in CWI 1 and CWI 2, were included within our Investment Management segment ( Note 4 ).
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 15 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).
Earnings Per Share	Earnings Per Share — Basic earnings per share is calculated by dividing net income available to common stockholders, as adjusted for unallocated earnings attributable to the nonvested RSUs 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 shares available for issuance under our forward sale agreements) 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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“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 adopted ASU 2016-13 on January 1, 2020 using the modified retrospective method, under which we recorded a cumulative-effect adjustment as a charge to retained earnings of $14.8 million, which is reflected within our consolidated statement of equity. The allowance for credit losses, which is recorded as a reduction to Net investments in direct financing leases on our consolidated balance sheets, was measured on a pool basis by credit ratings ( Note 5 ), using a probability of default method based on the lessees’ respective credit ratings, the expected value of the underlying collateral upon its repossession, and our historical loss experience related to other direct financing leases. Included in our model are factors that incorporate forward-looking information. Allowance for credit losses is included in our consolidated statements of income within Other gains and (losses). In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The adoption of this standard did not 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 three 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. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development, trade name, and in-place lease intangibles is included in Depreciation and amortization.
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, 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, 2020
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, 2020 2019 Land, buildings and improvements $ 423,333 $ 493,714 Net investments in direct financing leases 15,242 15,584 In-place lease intangible assets and other 41,997 56,915 Above-market rent intangible assets 26,720 34,576 Accumulated depreciation and amortization (137,827) (151,017) Assets held for sale, net — 104,010 Total assets 381,953 596,168 Non-recourse mortgages, net $ 3,508 $ 32,622 Total liabilities 48,971 98,671
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, 2020 2019 2018 Cash and cash equivalents $ 248,662 $ 196,028 $ 217,644 Restricted cash (a) 63,117 55,490 206,419 Total cash and cash equivalents and restricted cash $ 311,779 $ 251,518 $ 424,063 __________ (a) Restricted cash is included within Other assets, net in our consolidated balance sheets. The amount as of December 31, 2018 includes $145.7 million of proceeds from the sale of a portfolio of Australian properties in December 2018. These funds were transferred from a restricted cash account to us in January 2019.
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, 2020 2019 2018 Cash and cash equivalents $ 248,662 $ 196,028 $ 217,644 Restricted cash (a) 63,117 55,490 206,419 Total cash and cash equivalents and restricted cash $ 311,779 $ 251,518 $ 424,063 __________ (a) Restricted cash is included within Other assets, net in our consolidated balance sheets. The amount as of December 31, 2018 includes $145.7 million of proceeds from the sale of a portfolio of Australian properties in December 2018. These funds were transferred from a restricted cash account to us in January 2019.

Merger with CPA_17 _ Global (Ta

Merger with CPA:17 – Global (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Pro Forma Financial Information (Unaudited)	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) Year Ended December 31, 2018 Pro forma total revenues $ 1,207,820 Pro forma net income $ 405,659 Pro forma net loss attributable to noncontrolling interests 1,301 Pro forma net income attributable to W. P. Carey (a) $ 406,960 ___________ (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, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present a summary of revenue earned, reimbursable costs, and distributions of Available Cash received/accrued from the Managed Programs and WLT for the periods indicated, included in the consolidated financial statements (in thousands): Years Ended December 31, 2020 2019 2018 Asset management revenue (a) $ 21,973 $ 39,132 $ 63,556 Reimbursable costs from affiliates (a) 8,855 16,547 21,925 Distributions of Available Cash (b) 7,225 21,489 46,609 Structuring and other advisory revenue (a) 494 4,224 21,126 Interest income on deferred acquisition fees and loans to affiliates (c) 369 2,237 2,055 $ 38,916 $ 83,629 $ 155,271 Years Ended December 31, 2020 2019 2018 CPA:17 – Global $ — $ — $ 58,788 CPA:18 – Global 22,200 26,039 44,969 CWI 1 5,662 30,770 28,243 CWI 2 4,668 21,584 20,283 CESH 4,723 5,236 2,988 WLT (reimbursed transition services) 1,663 — — $ 38,916 $ 83,629 $ 155,271 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Equity in (losses) 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.
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, 2020 2019 Short-term loans to affiliates, including accrued interest $ 21,144 $ 47,721 Deferred acquisition fees receivable, including accrued interest 1,858 4,450 Reimbursable costs 1,760 3,129 Asset management fees receivable 1,054 1,267 Accounts receivable 305 1,118 Current acquisition fees receivable 136 131 $ 26,257 $ 57,816
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 remaining 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 in shares of its Class A common stock for 2018; payable 50% in cash and 50% in shares of its Class A common stock for 2019 and for January 1, 2020 to March 31, 2020; payable in shares of its Class A common stock effective as of April 1, 2020 Rate depends on the type of investment and is based on the average market or average equity value, as applicable CESH 1.0% In cash Based on gross assets at fair value

Land, Buildings and Improveme_2

Land, Buildings and Improvements and Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Net Investments in Real Estate Properties	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, 2020 2019 Land $ 2,012,688 $ 1,875,065 Buildings and improvements 8,724,064 7,828,439 Real estate under construction 119,391 69,604 Less: Accumulated depreciation (1,206,912) (950,452) $ 9,649,231 $ 8,822,656 December 31, 2020 2019 Land $ 10,452 $ 10,452 Buildings and improvements 73,024 72,631 Less: Accumulated depreciation (14,004) (11,241) $ 69,472 $ 71,842
Real Estate Acquired	We entered into the following investments, which were deemed to be real estate asset acquisitions, at a total cost of $661.4 million, including land of $105.4 million, buildings of $449.4 million (including capitalized acquisition-related costs of $11.9 million), and net lease intangibles of $106.6 million (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Capitalized Costs Newark, United Kingdom (a) 1 1/6/2020 Warehouse $ 111,546 Aurora, Oregon (b) 1 1/24/2020 Industrial 28,755 Vojens, Denmark (a) (c) 1 1/31/2020 Warehouse 10,611 Kitzingen, Germany (a) 1 3/9/2020 Office 53,666 Knoxville, Tennessee 1 6/25/2020 Warehouse 66,045 Bluffton and Plymouth, Indiana 2 9/23/2020 Industrial 44,466 Huntley, Illinois 1 9/30/2020 Industrial 39,523 Various, United States 3 10/12/2020 Industrial 50,958 Various, Spain (a) 27 10/30/2020 Retail 101,153 Little Canada, Minnesota 1 10/30/2020 Warehouse 34,019 Hurricane, Utah (d) 1 12/8/2020 Warehouse 23,324 Bethlehem, Pennsylvania and Waco, Texas 4 12/10/2020 Industrial 29,031 St. Charles, Missouri and Green Bay, Wisconsin 2 12/18/2020 Industrial 29,726 Various, United States 4 12/31/2020 Industrial 38,615 $ 661,438 __________ (a) Amount reflects the applicable exchange rate on the date of acquisition. (b) Amount includes approximately $5.0 million in contingent consideration that will be released to the tenant/seller upon the tenant securing an easement on the property. (c) 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. (d) We also committed to fund an additional $20.0 million for an expansion at the facility, which is expected to be completed in the fourth quarter of 2022.
Schedule of Real Estate Under Construction	During 2020, we completed the following construction projects, at a total cost of $171.2 million (dollars in thousands): Property Location(s) Primary Transaction Type Number of Properties Date of Completion Property Type Total Capitalized Costs (a) Westborough, Massachusetts Redevelopment 1 1/15/2020 Laboratory $ 53,060 San Antonio, Texas (b) Build-to-Suit 1 6/25/2020 Industrial 78,726 Marktheidenfeld, Germany (c) Expansion 1 6/30/2020 Warehouse 8,254 Azambuja, Portugal (c) Expansion 1 9/21/2020 Warehouse 28,067 Wichita, Kansas Expansion 1 10/15/2020 Warehouse 3,129 $ 171,236 __________ (a) Amount includes capitalized interest. (b) Amount includes land of $4.0 million related to a purchase option that we expect to exercise. (c) Amount reflects the applicable exchange rate on the date of transaction.
Operating Lease Income	Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands): Years Ended December 31, 2020 2019 Lease income — fixed $ 981,430 $ 898,111 Lease income — variable (a) 99,193 89,873 Total operating lease income (b) $ 1,080,623 $ 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 $73.9 million and $98.4 million of interest income from direct financing leases that are included in Lease revenues in the consolidated statement of income for the years ended December 31, 2020 and 2019, respectively.
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, 2020 are as follows (in thousands): Years Ending December 31, Total 2021 $ 1,087,184 2022 1,069,466 2023 1,036,884 2024 965,645 2025 899,414 Thereafter 7,465,238 Total $ 12,523,831
Lease Cost	Lease Cost Certain information related to the total lease cost for operating leases is as follows (in thousands): Years Ended December 31, 2020 2019 Fixed lease cost $ 17,616 $ 14,503 Variable lease cost 1,089 1,186 Total lease cost $ 18,705 $ 15,689
Supplemental Balance Sheet Information	Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): December 31, Location on Consolidated Balance Sheets 2020 2019 Operating ROU assets — land leases In-place lease intangible assets and other $ 119,590 $ 114,209 Operating ROU assets — office leases Other assets, net 61,137 7,519 Total operating ROU assets $ 180,727 $ 121,728 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 151,466 $ 87,658 Weighted-average remaining lease term — operating leases 29.2 years 38.2 years Weighted-average discount rate — operating leases 7.1 % 7.8 % Number of land lease arrangements 68 64 Number of office space arrangements (a) 7 6 Lease term range (excluding extension options not reasonably certain of being exercised) <1 – 100 years 1 – 100 years __________ (a) The lease for our former office space in New York matured on January 31, 2021.
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, 2020 is as follows (in thousands): Years Ending December 31, Total 2021 $ 12,550 2022 14,556 2023 14,375 2024 13,206 2025 13,152 Thereafter 323,537 Total lease payments 391,376 Less: amount of lease payments representing interest (239,910) Present value of future lease payments/lease obligations $ 151,466
Disclosure of Long Lived Assets Held-for-sale	Below is a summary of our properties held for sale (in thousands): December 31, 2020 2019 Land, buildings and improvements $ 14,051 $ 105,573 In-place lease intangible assets and other 12,754 — Above-market rent intangible assets 518 — Accumulated depreciation and amortization (8,733) (1,563) Assets held for sale, net $ 18,590 $ 104,010

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Capital Leases Net Investment In Direct Financing Leases	Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2020 2019 Lease payments receivable $ 527,691 $ 686,149 Unguaranteed residual value 677,722 828,206 1,205,413 1,514,355 Less: unearned income (476,365) (617,806) Less: allowance for credit losses (a) (17,074) — $ 711,974 $ 896,549 __________ (a) In accordance with ASU 2016-13 ( Note 2 ), we applied changes in loss reserves through a cumulative-effect adjustment to retained earnings totaling $14.8 million. During the year ended December 31, 2020, we recorded a net allowance for credit losses of $9.7 million on our Net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the year ended December 31, 2020, we reduced the allowance for credit losses balance by $7.4 million, in connection with the reclassification of certain properties from Net investments in direct financing leases to Land, buildings and improvements subject to operating leases, as described below.
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, 2020 are as follows (in thousands): Years Ending December 31, Total 2021 $ 71,407 2022 66,689 2023 61,768 2024 57,702 2025 50,879 Thereafter 219,246 Total $ 527,691 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 ( Note 4 ) and allowance for credit losses, is as follows (dollars in thousands): Number of Tenants / Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2020 2019 2020 (a) 2019 1 – 3 18 28 $ 587,103 $ 798,108 4 9 8 141,944 146,178 5 2 — 36,737 — $ 765,784 $ 944,286

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2018 $ 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 Foreign currency translation adjustments 10,403 — 10,403 Allocation of goodwill based on portion of Investment Management business sold ( Note 4 ) — (34,273) (34,273) Balance at December 31, 2020 $ 881,484 $ 29,334 $ 910,818
Schedule Of Intangible Assets And Goodwill	Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2020 2019 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 $ 19,204 $ (15,711) $ 3,493 $ 19,582 $ (13,491) $ 6,091 Trade name 3,975 (2,786) 1,189 3,975 (1,991) 1,984 23,179 (18,497) 4,682 23,557 (15,482) 8,075 Lease Intangibles: In-place lease 2,181,584 (828,219) 1,353,365 2,072,642 (676,008) 1,396,634 Above-market rent 881,159 (440,952) 440,207 909,139 (398,294) 510,845 3,062,743 (1,269,171) 1,793,572 2,981,781 (1,074,302) 1,907,479 Indefinite-Lived Goodwill Goodwill 910,818 — 910,818 934,688 — 934,688 Total intangible assets $ 3,996,740 $ (1,287,668) $ 2,709,072 $ 3,940,026 $ (1,089,784) $ 2,850,242 Finite-Lived Intangible Liabilities Below-market rent $ (270,730) $ 90,193 $ (180,537) $ (268,515) $ 74,484 $ (194,031) Indefinite-Lived Intangible Liabilities Below-market purchase option (16,711) — (16,711) (16,711) — (16,711) Total intangible liabilities $ (287,441) $ 90,193 $ (197,248) $ (285,226) $ 74,484 $ (210,742)
Schedule Of Finite Lived Intangible Assets Future Amortization Expense	Based on the intangible assets and liabilities recorded at December 31, 2020, 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 Increase to Amortization Total 2021 $ 47,886 $ 165,930 $ 213,816 2022 40,751 152,888 193,639 2023 36,660 141,758 178,418 2024 31,895 127,093 158,988 2025 27,795 116,546 144,341 Thereafter 74,683 653,832 728,515 Total $ 259,670 $ 1,358,047 $ 1,617,717

Equity Investments in the Man_2

Equity Investments in the Managed Programs and Real Estate (Tables)	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The following table presents Equity in (losses) 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 other-than-temporary impairment charges and amortization of basis differences related to purchase accounting adjustments (in thousands): Years Ended December 31, 2020 2019 2018 Other-than-temporary impairment charges on our equity method investments in CWI 1 and CWI 2 ( Note 9 ) $ (47,112) $ — $ — Gain on redemption of special general partner interests in CWI 1 and CWI 2, net ( Note 4 ) 33,009 — — Distributions of Available Cash ( Note 4 ) 7,225 21,489 46,609 Proportionate share of equity in (losses) earnings of equity method investments in the Managed Programs (1,767) 862 3,896 Amortization of basis differences on equity method investments in the Managed Programs (895) (1,483) (2,332) Total equity in (losses) earnings of equity method investments in the Managed Programs (9,540) 20,868 48,173 Other-than-temporary impairment charge on an equity method investment in real estate ( Note 9 ) (8,276) — — Equity in earnings of equity method investments in real estate 9 3,408 15,585 Amortization of basis differences on equity method investments in real estate (750) (1,047) (2,244) Total equity in (losses) earnings of equity method investments in real estate (9,017) 2,361 13,341 Equity in (losses) earnings of equity method investments in the Managed Programs and real estate $ (18,557) $ 23,229 $ 61,514 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 2020 2019 2020 2019 CPA:18 – Global (a) 4.569 % 3.851 % $ 51,949 $ 42,644 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CWI 1 (b) (c) — % 3.943 % — 49,032 CWI 1 operating partnership (b) — % 0.015 % — 186 CWI 2 (b) (c) — % 3.755 % — 33,669 CWI 2 operating partnership (b) — % 0.015 % — 300 CESH (d) 2.430 % 2.430 % 4,399 3,527 $ 56,557 $ 129,567 __________ (a) During 2020, we received asset management revenue from CPA:18 – Global primarily in shares of its common stock, which increased our ownership percentage in CPA:18 – Global ( Note 4 ). (b) The CWI 1 and CWI 2 Merger closed on April 13, 2020, as described in Note 4 . (c) We recognized other-than-temporary impairment charges on these investments during 2020, as described in Note 9 . (d) Investment is accounted for at fair value. The following tables present estimated combined summarized financial information for the Managed Programs, which excludes CWI 1 and CWI 2 after April 13, 2020, the date of the CWI 1 and CWI 2 Merger ( Note 4 ). Amounts provided are expected total amounts attributable to the Managed Programs and do not represent our proportionate share (in thousands): December 31, 2020 2019 Net investments in real estate $ 2,461,014 $ 5,288,318 Other assets 259,531 959,938 Total assets 2,720,545 6,248,256 Debt (1,441,026) (3,413,924) Accounts payable, accrued expenses and other liabilities (233,161) (468,318) Total liabilities (1,674,187) (3,882,242) Noncontrolling interests (55,921) (130,656) Stockholders’ equity $ 990,437 $ 2,235,358 Years Ended December 31, 2020 2019 2018 Revenues $ 372,750 $ 1,184,585 $ 1,562,688 Expenses (565,952) (1,146,368) (1,368,051) (Loss) income from continuing operations $ (193,202) $ 38,217 $ 194,637 Net (loss) income attributable to the Managed Programs $ (204,156) $ 8,051 $ 121,503 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, 2020 2020 2019 Johnson Self Storage Third Party 90% $ 68,979 $ 70,690 Kesko Senukai (a) Third Party 70% 46,443 46,475 WLT (b) WLT 5% 44,182 — BPS Nevada, LLC (c) Third Party 15% 23,815 22,900 Bank Pekao (a) (d) CPA:18 – Global 50% 17,850 26,388 State Farm Mutual Automobile Insurance Co. CPA:18 – Global 50% 15,475 17,232 Apply Sørco AS (e) CPA:18 – Global 49% 7,156 8,040 Fortenova Grupa d.d. (a) CPA:18 – Global 20% 2,989 2,712 $ 226,889 $ 194,437 __________ (a) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (b) Following the closing of the CWI 1 and CWI 2 Merger, we own 12,208,243 shares of common stock of WLT, which we account for as an equity method investment in real estate. The initial fair value of this investment was based on third-party market data, including implied asset values and market capitalizations for publicly traded lodging REITs. We follow the HLBV model for this investment. We record any earnings from our investment in shares of common stock of WLT on a one quarter lag ( Note 4 ). (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) We recognized an other-than-temporary impairment charge of $8.3 million on this investment during 2020, as described in Note 9 . (e) The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone. The following tables present estimated combined summarized financial information of our equity investments, including WLT after April 13, 2020 (the date of the CWI 1 and CWI 2 Merger ( Note 4 )) and excluding the Managed Programs. Summarized financial information for WLT is presented on a quarter lag. Amounts provided are the total amounts attributable to the investments and do not represent our proportionate share (in thousands): December 31, 2020 2019 Net investments in real estate $ 3,716,901 $ 729,442 Other assets 569,130 32,983 Total assets 4,286,031 762,425 Debt (2,631,588) (455,876) Accounts payable, accrued expenses and other liabilities (509,221) (32,049) Total liabilities (3,140,809) (487,925) Noncontrolling interests (51,519) — Stockholders’ equity $ 1,093,703 $ 274,500 Years Ended December 31, 2020 2019 2018 Revenues $ 261,025 $ 66,608 $ 60,742 Expenses (367,616) (71,977) (28,422) (Loss) income from continuing operations $ (106,591) $ (5,369) $ 32,320 Net (loss) income attributable to the jointly owned investments $ (98,625) $ (5,369) $ 32,320

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 December 31, 2019 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 5,146,192 $ 5,639,586 $ 4,390,189 $ 4,682,432 Non-recourse mortgages, net (a) (b) (d) 3 1,145,554 1,148,551 1,462,487 1,487,892 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 11 ) includes unamortized deferred financing costs of $23.9 million and $22.8 million at December 31, 2020 and 2019, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.4 million and $0.6 million at December 31, 2020 and 2019, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $22.6 million and $20.5 million at December 31, 2020 and 2019, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $4.5 million and $6.2 million at December 31, 2020 and 2019, 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): Years Ended December 31, 2020 2019 2018 Fair Value Total Impairment Fair Value Total Impairment Fair Value Total Impairment Impairment Charges Equity investments in the Managed Programs and real estate $ 55,245 $ 55,387 $ — $ — $ — $ — Land, buildings and improvements and intangibles 31,350 35,830 1,012 1,345 7,797 4,790 Net investments in direct financing leases — — 33,115 31,194 — — $ 91,217 $ 32,539 $ 4,790

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Foreign currency collars Other assets, net $ 3,489 $ 14,460 $ — $ — Foreign currency forward contracts Other assets, net — 9,689 — — Interest rate caps Other assets, net — 1 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (5,859) (4,494) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (15,122) (1,587) 3,489 24,150 (20,981) (6,081) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 5,800 5,000 — — Interest rate swap Other assets, net — 8 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — — (93) 5,800 5,008 — (93) Total derivatives $ 9,289 $ 29,158 $ (20,981) $ (6,174)
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 2020 2019 2018 Foreign currency collars $ (24,818) $ 5,997 $ 9,029 Foreign currency forward contracts (5,272) (4,253) (1,905) Interest rate swaps (1,553) (1,666) (1,560) Interest rate caps 6 219 (68) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars 9 10 — Foreign currency forward contracts — 7 (2,630) Total $ (31,628) $ 314 $ 2,866 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2020 2019 2018 Foreign currency forward contracts Other gains and (losses) $ 5,716 $ 9,582 $ 6,533 Foreign currency collars Other gains and (losses) 4,956 5,759 2,359 Interest rate swaps and caps Interest expense (1,818) (2,256) (400) Derivatives in Net Investment Hedging Relationships Foreign currency forward contracts (c) Gain on sale of real estate, net — — 7,609 Total $ 8,854 $ 13,085 $ 16,101 __________ (a) Excludes net losses of $0.3 million, $1.4 million and $0.6 million, recognized on unconsolidated jointly owned investments for the years ended December 31, 2020, 2019, and 2018, respectively. (b) The changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss). (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 13 , Note 16 ).
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, 2020 2019 2018 Foreign currency collars Other gains and (losses) $ (2,477) $ 184 $ 455 Stock warrants Other gains and (losses) 800 (500) (99) Interest rate swaps Other gains and (losses) 106 (118) (20) Foreign currency forward contracts Other gains and (losses) (43) 575 356 Interest rate swaps Interest expense — 265 — Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 2,132 (941) 286 Interest rate caps Interest expense — (220) — Foreign currency forward contracts Other gains and (losses) — (132) 132 Foreign currency collars Other gains and (losses) — 7 18 Total $ 518 $ (880) $ 1,128
Schedule of Derivative Instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2020 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 73,907 USD $ (4,255) Interest rate swaps 2 48,427 EUR (1,604) Interest rate cap 1 11,076 EUR — Interest rate cap 1 6,394 GBP — $ (5,859) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at December 31, 2020, as applicable. The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2020 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 104 335,500 EUR $ (9,677) Foreign currency collars 83 47,300 GBP (1,956) $ (11,633)

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 (a) Maturity Date at December 31, 2020 Principal Outstanding Balance at Senior Unsecured Credit Facility 2020 2019 Unsecured Term Loans: Term Loan — borrowing in British pounds sterling (b) GBP LIBOR + 0.95% 2/20/2025 $ 204,737 $ — Delayed Draw Term Loan — borrowing in euros (c) EURIBOR + 0.95% 2/20/2025 118,415 — 323,152 — Unsecured Revolving Credit Facility: Borrowing in euros EURIBOR + 0.85% 2/20/2025 58,901 131,438 Borrowing in Japanese yen JPY LIBOR + 0.85% 2/20/2025 23,380 22,295 Borrowing in British pounds sterling N/A N/A — 47,534 82,281 201,267 $ 405,433 $ 201,267 __________ (a) The applicable interest rate at December 31, 2020 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2. (b) Balance excludes unamortized discount of $1.2 million at December 31, 2020. (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, 2020 (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 2020 2019 2.0% Senior Notes due 2023 1/21/2015 € 500.0 99.220 % $ 4.6 2.107 % 2.0 % 1/20/2023 $ 613.5 $ 561.7 4.6% Senior Notes due 2024 3/14/2014 $ 500.0 99.639 % $ 1.8 4.645 % 4.6 % 4/1/2024 500.0 500.0 2.25% Senior Notes due 2024 1/19/2017 € 500.0 99.448 % $ 2.9 2.332 % 2.25 % 7/19/2024 613.5 561.7 4.0% Senior Notes due 2025 1/26/2015 $ 450.0 99.372 % $ 2.8 4.077 % 4.0 % 2/1/2025 450.0 450.0 2.250% Senior Notes due 2026 10/9/2018 € 500.0 99.252 % $ 4.3 2.361 % 2.250 % 4/9/2026 613.5 561.7 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 613.5 561.7 1.350% Senior Notes due 2028 9/19/2019 € 500.0 99.266 % $ 4.1 1.442 % 1.350 % 4/15/2028 613.5 561.7 3.850% Senior Notes due 2029 6/14/2019 $ 325.0 98.876 % $ 3.7 3.986 % 3.850 % 7/15/2029 325.0 325.0 2.400% Senior Notes due 2031 10/14/2020 $ 500.0 99.099 % $ 4.5 2.500 % 2.400 % 2/1/2031 500.0 — $ 5,192.5 $ 4,433.5 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $23.8 million and $22.8 million, and unamortized discount totaling $22.5 million and $20.5 million at December 31, 2020 and 2019, respectively.
Scheduled Debt Principal Payments	Scheduled debt principal payments as of December 31, 2020 are as follows (in thousands): Years Ending December 31, Total (a) 2021 $ 90,624 2022 447,575 2023 962,106 2024 1,235,444 2025 955,767 Thereafter through 2031 3,057,090 Total principal payments 6,748,606 Unamortized discount, net (b) (28,279) Unamortized deferred financing costs (24,329) Total $ 6,695,998 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2020. (b) Represents the unamortized discount on the Senior Unsecured Notes of $22.5 million in aggregate, unamortized discount, net, of $4.5 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, and unamortized discount of $1.2 million on the Term Loan.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule Of Distributions Paid Per Share For Tax	Our dividends per share are summarized as follows: Dividends Paid During the Years Ended December 31, 2020 2019 2018 Ordinary income $ 3.3112 $ 3.1939 $ 3.5122 Capital gains 0.8528 0.0187 0.5578 Return of capital — 0.9194 — Total dividends paid (a) $ 4.1640 $ 4.1320 $ 4.0700 __________ (a) A portion of dividends paid during 2019 has been applied to 2018 for income tax purposes.
Earnings Per Share Reconciliation	The following table summarizes basic and diluted earnings (in thousands, except share amounts): Years Ended December 31, 2020 2019 2018 Net income attributable to W. P. Carey $ 455,359 $ 305,243 $ 411,566 Net income attributable to nonvested participating RSUs — (77) (340) Net income – basic and diluted $ 455,359 $ 305,166 $ 411,226 Weighted-average shares outstanding – basic 174,504,406 171,001,430 117,494,969 Effect of dilutive securities 335,022 297,984 211,476 Weighted-average shares outstanding – diluted 174,839,428 171,299,414 117,706,445
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, 2018 $ 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 16 ) — 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) Other comprehensive income before reclassifications (23,124) 47,746 — 24,622 Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (10,672) — — (10,672) Interest expense 1,818 — — 1,818 Total (8,854) — — (8,854) Net current period other comprehensive income (31,978) 47,746 — 15,768 Net current period other comprehensive income attributable to noncontrolling interests (7) — — (7) Balance at December 31, 2020 $ (18,937) $ (220,969) $ — $ (239,906)

Stock-Based and Other Compensat

Stock-Based and Other Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Restricted and Conditional Award Activity	Nonvested RSAs, RSUs, and PSUs at December 31, 2020 and changes during the years ended December 31, 2020 , 2019, and 2018 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, 2018 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 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 283,977 68.51 331,242 80.90 Granted (c) 146,162 81.02 90,518 104.65 Vested (a) (163,607) 69.62 (156,838) 80.42 Forfeited (5,555) 71.69 (6,715) 88.94 Adjustment (b) — — 3,806 62.07 Nonvested at December 31, 2020 (d) 260,977 $ 74.75 262,013 $ 88.99 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2020, 2019, and 2018 was $24.0 million, $39.4 million, and $16.4 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, 2020 and 2019, we had an obligation to issue 986,859 and 893,713 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $42.0 million and $37.3 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, 2020, we used a risk-free interest rate of 1.6%, an expected volatility rate of 15.2%, and assumed a dividend yield of zero. (d) At December 31, 2020, total unrecognized compensation expense related to these awards was approximately $19.3 million, with an aggregate weighted-average remaining term of 1.7 years.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our (benefit from) provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2020 2019 2018 Federal Current $ (1,118) $ 407 $ (829) Deferred (a) (33,040) 9,579 3,275 (34,158) 9,986 2,446 State and Local Current 3,284 (3,814) 4,820 Deferred (a) (7,756) (376) 3,042 (4,472) (4,190) 7,862 Foreign Current 26,137 20,363 16,791 Deferred (8,266) 52 (12,688) 17,871 20,415 4,103 Total (Benefit from) Provision for Income Taxes $ (20,759) $ 26,211 $ 14,411
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, 2020 2019 2018 Pre-tax (loss) income attributable to taxable subsidiaries (b) (c) (d) $ (56,789) $ 74,754 $ 98,245 Federal provision at statutory tax rate (21%) $ (11,926) $ 15,698 $ 20,632 Revocation of TRS Status (a) (37,249) — (6,285) Change in valuation allowance 13,946 11,041 6,735 Tax expense related to allocation of goodwill based on portion of Investment Management business sold ( Note 4 ) 7,203 — — Non-deductible expense 6,303 5,313 4,996 State and local taxes, net of federal benefit 2,336 4,062 7,590 Windfall tax benefit (2,132) (5,183) (3,754) Rate differential (e) (632) (6,820) (14,165) Non-taxable income (2) 103 (736) Other 1,394 1,997 (602) Total (benefit from) provision for income taxes $ (20,759) $ 26,211 $ 14,411 __________ (a) Amount for the year ended December 31, 2020 includes an aggregate deferred tax benefit of $37.2 million as a result of the release of a deferred tax liability relating to our investment in shares of Lineage Logistics ( Note 9 ), which converted to a REIT during the year and is therefore no longer subject to federal and state income taxes (b) Pre-tax loss attributable to taxable subsidiaries for 2020 was primarily driven by: (i) a portion of the other-than-temporary impairment charges totaling $47.1 million recognized on our equity investments in CWI 1 and CWI 2 ( Note 9 ), (ii) the allocation of $34.3 million of goodwill within our Investment Management segment as a result of the WLT management internalization ( Note 4 ), and (iii) an impairment charge of $12.6 million recognized on an international property ( Note 9 ). (c) Pre-tax income attributable to taxable subsidiaries for 2019 includes unrealized gains on our investment in shares of Lineage Logistics totaling $32.9 million (prior to its REIT conversion in 2020, as described below) ( Note 9 ). (d) 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. (e) 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. Benefit from income taxes for the year ended December 31, 2020 includes a deferred tax benefit of $6.3 million as a result of the other-than-temporary impairment charges that we recognized on our equity investments in CWI 1 and CWI 2 during the year ( Note 9 ). In light of the COVID-19 outbreak during the first quarter of 2020, we continue to monitor domestic and international tax considerations and the potential impact on our consolidated financial statements. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (U.S. federal legislation enacted on March 27, 2020 in response to the COVID-19 pandemic) provides that net operating losses incurred in 2018, 2019, or 2020 may be carried back to offset taxable income earned during the five-year period prior to the year in which the net operating loss was incurred. As a result, we recognized a $4.7 million current tax benefit during the year ended December 31, 2020 by carrying back certain net operating losses, which is included in Benefit from income taxes disclosed in the tables above.
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes at December 31, 2020 and 2019 consist of the following (in thousands): December 31, 2020 2019 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 49,869 $ 51,265 Basis differences — foreign investments 43,089 31,704 Lease liabilities (a) 14,144 1,472 Unearned and deferred compensation 9,753 10,345 Other — 246 Total deferred tax assets 116,855 95,032 Valuation allowance (86,069) (73,643) Net deferred tax assets 30,786 21,389 Deferred Tax Liabilities Basis differences — foreign investments (145,838) (137,074) ROU assets (a) (12,618) (1,163) Basis differences — equity investees (2,364) (53,460) Deferred revenue (97) (100) Other (632) — Total deferred tax liabilities (161,549) (191,797) Net Deferred Tax Liability $ (130,763) $ (170,408) __________ (a) Balances represent our basis differences for our office leases on domestic taxable subsidiaries. Basis differences on our foreign ground leases are included within the line item Basis differences — foreign investments.
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, 2020 2019 Beginning balance $ 5,756 $ 6,105 Decrease due to lapse in statute of limitations (783) (497) Addition based on tax positions related to the current year 591 543 Foreign currency translation adjustments 515 (108) Addition (decrease) based on tax positions related to the prior year 233 (287) Ending balance $ 6,312 $ 5,756

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following tables present a summary of comparative results and assets for these business segments (in thousands): Real Estate Years Ended December 31, 2020 2019 2018 Revenues Lease revenues $ 1,154,504 $ 1,086,375 $ 744,498 Lease termination income and other 12,094 36,268 6,555 Operating property revenues (a) 11,399 50,220 28,072 1,177,997 1,172,863 779,125 Operating Expenses Depreciation and amortization (b) 441,948 443,300 287,461 General and administrative (b) 70,127 56,796 47,210 Reimbursable tenant costs 56,409 55,576 28,076 Property expenses, excluding reimbursable tenant costs 44,067 39,545 22,773 Impairment charges 35,830 32,539 4,790 Stock-based compensation expense (b) 15,247 13,248 10,450 Operating property expenses 9,901 38,015 20,150 Merger and other expenses (937) 101 41,426 672,592 679,120 462,336 Other Income and Expenses Interest expense (210,087) (233,325) (178,375) Gain on sale of real estate, net 109,370 18,143 118,605 Other gains and (losses) 46,074 30,251 30,015 Equity in (losses) earnings of equity method investments in real estate (9,017) 2,361 13,341 (Loss) gain on change in control of interests — (8,416) 18,792 (63,660) (190,986) 2,378 Income before income taxes 441,745 302,757 319,167 Benefit from (provision for) income taxes 18,498 (30,802) 844 Net Income from Real Estate 460,243 271,955 320,011 Net (income) loss attributable to noncontrolling interests (731) 110 (12,775) Net Income from Real Estate Attributable to W. P. Carey $ 459,512 $ 272,065 $ 307,236 Investment Management Years Ended December 31, 2020 2019 2018 Revenues Asset management revenue $ 21,973 $ 39,132 $ 63,556 Reimbursable costs from affiliates 8,855 16,547 21,925 Structuring and other advisory revenue 494 4,224 21,126 31,322 59,903 106,607 Operating Expenses Reimbursable costs from affiliates 8,855 16,547 21,925 General and administrative (b) 5,823 18,497 21,127 Subadvisor fees 1,469 7,579 9,240 Merger and other expenses 1,184 — — Depreciation and amortization (b) 987 3,835 3,979 Stock-based compensation expense (b) 691 5,539 7,844 19,009 51,997 64,115 Other Income and Expenses Equity in (losses) earnings of equity method investments in the (9,540) 20,868 48,173 Other gains and (losses) 678 1,224 (102) Gain on change in control of interests — — 29,022 (8,862) 22,092 77,093 Income before income taxes 3,451 29,998 119,585 Benefit from (provision for) income taxes 2,261 4,591 (15,255) Net Income from Investment Management 5,712 34,589 104,330 Net income attributable to noncontrolling interests (9,865) (1,411) — Net (Loss) Income from Investment Management Attributable to $ (4,153) $ 33,178 $ 104,330 Total Company Years Ended December 31, 2020 2019 2018 Revenues $ 1,209,319 $ 1,232,766 $ 885,732 Operating expenses 691,601 731,117 526,451 Other income and expenses (72,522) (168,894) 79,471 Benefit from (provision for) income taxes 20,759 (26,211) (14,411) Net income attributable to noncontrolling interests (10,596) (1,301) (12,775) Net income attributable to W. P. Carey $ 455,359 $ 305,243 $ 411,566 (a) Operating property revenues from our hotels include (i) $4.0 million, $15.0 million, and $15.2 million for the years ended December 31, 2020, 2019, and 2018, respectively, generated from a hotel in Bloomington, Minnesota (revenues decreased due to the adverse effect of the COVID-19 pandemic on the hotel’s operations), (ii) $1.9 million, $14.4 million, and $1.7 million for the years ended December 31, 2020, 2019, and 2018, respectively, generated from a hotel in Miami, Florida, which was acquired in the CPA:17 Merger ( Note 3 ) and sold in January 2020 ( Note 16 ), and (iii) $4.8 million for the year ended December 31, 2018, generated from a hotel in Memphis, Tennessee, which was sold in April 2018 ( Note 16 ). (b) Beginning with the second quarter of 2020, general and administrative expenses attributed to our Investment Management segment are comprised of the incremental costs of providing services to the Managed Programs, which are fully reimbursed by those funds (resulting in no net expense for us). All other general and administrative expenses are attributed to our Real Estate segment. Previously, general and administrative expenses were allocated based on time incurred by our personnel for the Real Estate and Investment Management segments. In addition, beginning with the second quarter of 2020, stock-based compensation expense and corporate depreciation and amortization expense are fully recognized within our Real Estate segment. In light of the termination of the advisory agreements with CWI 1 and CWI 2 in connection with the WLT management internalization ( Note 4 ), we now view essentially all assets, liabilities, and operational expenses as part of our Real Estate segment, other than incremental activities that are expected to wind down as we manage CPA:18 – Global and CESH through the end of their respective life cycles ( Note 2 ). These changes between the segments had no impact on our consolidated financial statements. Years Ended December 31, 2020 2019 2018 Revenues Domestic $ 756,763 $ 783,828 $ 499,342 International 421,234 389,035 279,783 Total $ 1,177,997 $ 1,172,863 $ 779,125
Reconciliation Of Assets From Segment To Consolidated	Total Assets at December 31, 2020 2019 Real Estate $ 14,582,015 $ 13,811,403 Investment Management (c) 125,621 249,515 Total Company $ 14,707,636 $ 14,060,918 (c) Following the WLT management internalization and redemption of the special general partner interests in CWI 1 and CWI 2 on April 13, 2020, we no longer own equity investments in those funds, which were previously included within our Investment Management segment ( Note 2 , Note 4 , Note 8 ). Our investment in shares of common stock of WLT is included within our Real Estate segment (as an equity method investment in real estate) ( Note 8 ). In addition, we allocated $34.3 million of goodwill within our Investment Management segment during the year ended December 31, 2020, since the WLT management internalization resulted in a sale of a portion of our Investment Management business ( Note 4 , Note 7 ). December 31, 2020 2019 Long-lived Assets (a) Domestic $ 7,565,663 $ 7,574,110 International 4,796,766 4,342,635 Total $ 12,362,429 $ 11,916,745 Equity Investments in Real Estate Domestic $ 152,451 $ 110,822 International 74,438 83,615 Total $ 226,889 $ 194,437 __________ (a) Consists of Net investments in real estate.

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(dollars in thousands, except per share amounts) Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Revenues $ 308,999 $ 290,530 $ 302,419 $ 307,371 Expenses 192,987 158,379 162,239 177,996 Net income 66,702 115,204 149,434 134,615 Net income attributable to noncontrolling interests (612) (9,904) (37) (43) Net income attributable to W. P. Carey 66,090 105,300 149,397 134,572 Earnings per share attributable to W. P. Carey: Basic (a) $ 0.38 $ 0.61 $ 0.85 $ 0.76 Diluted (a) $ 0.38 $ 0.61 $ 0.85 $ 0.76 Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 298,323 $ 305,211 $ 318,005 $ 311,227 Expenses 177,722 179,170 198,409 175,816 Net income 68,796 66,121 41,835 129,792 Net income attributable to noncontrolling interests (302) (83) (496) (420) Net income attributable to W. P. Carey 68,494 66,038 41,339 129,372 Earnings per share attributable to W. P. Carey: Basic (a) $ 0.41 $ 0.39 $ 0.24 $ 0.75 Diluted (a) $ 0.41 $ 0.38 $ 0.24 $ 0.75 __________ (a) The sum of the quarterly basic and diluted earnings per share amounts may not agree to the full year basic and diluted earnings per share amounts because the calculations of basic and diluted weighted-average shares outstanding for each quarter and the full year are performed independently.

Business and Organization - Nar

Business and Organization - Narratives (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2020ft²propertytenant	Dec. 31, 2019property
Real Estate
Real Estate Properties
Number of real estate properties (property)	1,243
Square footage of real estate properties (sqft) | ft²	144
Number of tenants (tenant) | tenant	350
Operating lease term (in years)	10 years 7 months 6 days
Occupancy rate (percent)	98.50%
Real Estate | Operating Properties
Real Estate Properties
Number of real estate properties (property)	20
Square footage of real estate properties (sqft) | ft²	1.4
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)	1	2
Investment Management | Operating Properties | Affiliated Entity | Managed Programs
Real Estate Properties
Number of real estate properties (property)	69
Square footage of real estate properties (sqft) | ft²	5.6
Investment Management | Operating Properties | Affiliated Entity | Managed Programs | Built to suit
Real Estate Properties
Number of real estate properties (property)	10
Investment Management | Net-lease properties | Affiliated Entity | Managed Programs
Real Estate Properties
Number of real estate properties (property)	53
Square footage of real estate properties (sqft) | ft²	10.7
Number of tenants (tenant) | tenant	65
Occupancy rate (percent)	98.70%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)variable_interest_entityreporting_unit	Dec. 31, 2019USD ($)variable_interest_entity	Dec. 31, 2018USD ($)	Jan. 01, 2020USD ($)
Basis of Consolidation
Decrease in variable interest entity, count | variable_interest_entity	(6)
Variable interest entities, count | variable_interest_entity	12	18
Variable interest entities consolidated, count | variable_interest_entity	5	11
Variable interest entities unconsolidated, count | variable_interest_entity	7	7
Equity investments in real estate	$ 283,446	$ 324,004
Restricted cash	63,117	55,490	$ 206,419
Uncollected rent receivable	15,700
Contractually deferred revenue	(8,400)
Retained earnings	$ 1,850,935	1,557,374
Cumulative-effect adjustment for the adoption of new accounting pronouncement
Basis of Consolidation
Retained earnings				$ (14,800)
Real Estate
Basis of Consolidation
Number of reporting units (reporting units) | reporting_unit	1
Equity investments in real estate	$ 226,889	194,437
Gross contract revenue	11,399	50,220	28,072
Decrease in revenue	(11,000)
Decrease in operating expenses	6,000
Real Estate | Hotel
Basis of Consolidation
Gross contract revenue	$ 5,900	29,400	21,700
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
Australian Properties | Other assets, net
Basis of Consolidation
Restricted cash			$ 145,700
Variable Interest Entity
Basis of Consolidation
Equity investments in real estate	$ 425,300	$ 298,300
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count | variable_interest_entity	2	2
Real Estate
Basis of Consolidation
Variable interest entities unconsolidated, count | variable_interest_entity	5	5
Equity investments in real estate	$ 226,889	$ 194,437

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Assets
Land, buildings and improvements		$ 10,939,619	$ 9,856,191
Net investments in direct financing leases		711,974	896,549
In-place lease intangible assets and other		2,301,174	2,186,851
Above-market rent intangible assets		881,159	909,139
Accumulated depreciation and amortization		(2,490,087)	(2,035,995)
Assets held for sale, net		18,590	104,010
Total assets	[1]	14,707,636	14,060,918
Liabilities
Non-recourse mortgages, net		1,145,554	1,462,487
Total liabilities	[1]	7,829,267	7,112,745
Variable Interest Entity
Assets
Land, buildings and improvements		423,333	493,714
Net investments in direct financing leases		15,242	15,584
In-place lease intangible assets and other		41,997	56,915
Above-market rent intangible assets		26,720	34,576
Accumulated depreciation and amortization		(137,827)	(151,017)
Assets held for sale, net		0	104,010
Total assets		381,953	596,168
Liabilities
Non-recourse mortgages, net		3,508	32,622
Total liabilities		$ 48,971	$ 98,671
[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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 248,662	$ 196,028	$ 217,644
Restricted cash	63,117	55,490	206,419
Total cash and cash equivalents and restricted cash	$ 311,779	$ 251,518	$ 424,063	$ 209,676

Merger with CPA_17 _ Global - N

Merger with CPA:17 – Global - Narratives (Details) $ / shares in Units, $ in Thousands, ft² in Millions	Oct. 31, 2018USD ($)ft²investmentproperty$ / sharesshares	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)ft²propertyshares	Dec. 31, 2019USD ($)propertyshares	Dec. 31, 2018USD ($)	Oct. 30, 2018investmentshares	Dec. 31, 2017USD ($)
Business Acquisition
Common stock shares, outstanding (shares) | shares				175,401,757	172,278,242
Cash paid for fractional shares				$ 0	$ 0	$ 1,688
Non-recourse mortgages, net				1,145,554	1,462,487
Debt outstanding				405,433	201,267
Adjustment to goodwill					15,802
Goodwill		$ 920,944	$ 920,944	910,818	934,688	920,944		$ 643,960
(Loss) gain on change in control of interests				$ 0	(8,416)	47,814
Adjustments to additional paid in capital in relation to the acquisition of less than wholly owned investments					(849)	(71)
Real Estate
Business Acquisition
Number of real estate properties (property) | property				1,243
Operating lease term (in years)				10 years 7 months 6 days
Occupancy rate (percent)				98.50%
Square footage of real estate properties (sqft) | ft²				144
Adjustment to goodwill					15,802
Goodwill		857,337	857,337	$ 881,484	871,081	857,337		$ 580,353
(Loss) gain on change in control of interests				$ 0	$ (8,416)	18,792
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				20
Square footage of real estate properties (sqft) | ft²				1.4
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				1	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
Shares issued as compensation in acquisition (shares) | shares	53,849,087
Fair value of shares issued	$ 3,600,000
Share price (usd per share) | $ / shares	$ 66.01
Cash paid for fractional shares	$ 1,688
Debt instrument weighted average interest rate (percent)	4.30%
Number of investments, unconsolidated | investment	7
Actual revenue from acquiree		52,800
Actual net loss from acquiree		13,700
Merger related costs						41,800
Adjustments to estimated consideration expected to be transferred					$ (8,400)
Adjustments to total identifiable net assets					(24,200)
Adjustment to goodwill					15,800
Goodwill	$ 296,108				296,100
(Loss) gain on change in control of interests			$ 29,000			47,800
Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger	$ 157,594
Less than wholly-owned investments acquired, count | investment	6
Merger expenses						58,900
Noncontrolling interest acquired	$ 308,891
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 jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger	132,661
Adjustment to fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger					$ (8,400)
CPA:17 – Global | Carrying Value
Business Acquisition
Fair value of our equity interest in jointly owned investments with CPA:17 – Global prior to the CPA:17 Merger	128,700
Noncontrolling interest acquired	206,200
CPA:17 – Global | Carrying Value | Jointly owned investments
Business Acquisition
Fair value of our equity interest in jointly owned investments with 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 jointly owned investments with 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) | shares	16,131,967

Merger with CPA_17 _ Global - P

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

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	Apr. 13, 2020USD ($)$ / sharesshares	Apr. 12, 2020shares	Dec. 31, 2020USD ($)investmentshares	Jul. 31, 2020USD ($)	Feb. 20, 2020USD ($)	Feb. 19, 2020USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2018
Related Party Transaction
Transition services agreement term	12 months
Preferred stock, shares issued (shares) | shares			0				0
Common stock shares, issued (shares) | shares			175,401,757				172,278,242
Disposition of goodwill			$ 34,273,000
Equity investments in real estate			$ 283,446,000				$ 324,004,000
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor			10.00%
Other Transactions with Affiliates
Line of credit, maximum borrowing amount			$ 2,750,000,000		$ 2,100,000,000	$ 1,850,000,000
Number of jointly owned investments | investment			9
Jointly owned investment, accounted for under the equity method investments | investment			8
CWI 2 Class A Common Stock
Related Party Transaction
Class of warrant or right, number of securities called by warrants or rights (in shares) | shares		0.9106
Investment Management
Related Party Transaction
Disposition of goodwill			$ 34,273,000
WLT
Related Party Transaction
Shares owned (shares) | shares	5,531,025
CWI 1
Related Party Transaction
Shares owned (shares) | shares		6,074,046
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 | CPA:18 – Global
Other Transactions with Affiliates
Loans receivable from related party			$ 21,100,000
Line of credit, maximum borrowing amount				$ 50,000,000
Affiliated Entity | CPA:18 – Global | Maximum
Distributions Of Available Cash and Deferred Revenue Earned
Personnel and overhead reimbursement, percentage			1.00%				1.00%	1.00%
Affiliated Entity | CESH
Other Transactions with Affiliates
Loans receivable from related party							$ 46,300,000
Accrued interest							1,500,000
Affiliated Entity | Market value of equity investment | CWI 1
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of asset management fees earned, percentage		0.50%
Affiliated Entity | Market value of equity investment | CWI 2
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of asset management fees earned, percentage		0.55%
Affiliated Entity | Aggregate cost of investment | CPA:18 – Global
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of acquisition fees earned (structuring revenue percentage)			4.50%
Affiliated Entity | Aggregate cost of investment | CESH
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of acquisition fees earned (structuring revenue percentage)			2.00%
Affiliated Entity | CESH
Related Party Transaction
Equity investments in real estate			$ 4,399,000				3,527,000
Affiliated Entity | CWI 2
Related Party Transaction
Equity investments in real estate			0				$ 33,669,000
Preferred stock | WLT | Level 3
Related Party Transaction
Equity method investment fair value			46,300,000
Common stock | WLT | Level 3
Related Party Transaction
Equity method investment fair value			11,600,000
Common stock | Affiliated Entity | WLT
Related Party Transaction
Shares owned (shares) | shares	12,208,243
Affiliated Entity | CWI 1 And CWI 2
Related Party Transaction
Gain on sale of equity method investment	$ 9,900,000
Equity investments in real estate	$ 500,000
Affiliated Entity | Common stock | WLT
Related Party Transaction
Equity investments in real estate			44,200,000
Affiliated Entity | Class A | CWI 2
Related Party Transaction
Shares owned (shares) | shares		3,836,669
CWI 2 | Affiliated Entity
Related Party Transaction
Preferred stock, shares issued (shares) | shares	1,300,000
Preferred stock liquidation preference (usd per share) | $ / shares	$ 50
Common stock shares, issued (shares) | shares	2,840,549
Gain on sale of equity method investment			$ 33,000,000
Preferred stock dividend rate			5.00%

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction
Distributions of Available Cash	$ 7,225	$ 21,489	$ 46,609
Interest income on deferred acquisition fees and loans to affiliates	369	2,237	2,055
Total deferred revenue earned	38,916	83,629	155,271
Asset management revenue
Related Party Transaction
Gross contract revenue	21,973	39,132	63,556
Reimbursable costs from affiliates
Related Party Transaction
Gross contract revenue	8,855	16,547	21,925
Structuring and other advisory revenue
Related Party Transaction
Gross contract revenue	$ 494	$ 4,224	$ 21,126

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction
Revenue from related parties	$ 38,916	$ 83,629	$ 155,271
CPA:17 – Global
Related Party Transaction
Revenue from related parties	0	0	58,788
CPA:18 – Global
Related Party Transaction
Revenue from related parties	22,200	26,039	44,969
CWI 1
Related Party Transaction
Revenue from related parties	5,662	30,770	28,243
CWI 2
Related Party Transaction
Revenue from related parties	4,668	21,584	20,283
CESH
Related Party Transaction
Revenue from related parties	4,723	5,236	2,988
WLT
Related Party Transaction
Revenue from related parties	$ 1,663	$ 0	$ 0

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Due from affiliates
Short-term loans to affiliates, including accrued interest	$ 21,144	$ 47,721
Deferred acquisition fees receivable, including accrued interest	1,858	4,450
Reimbursable costs	1,760	3,129
Asset management fees receivable	1,054	1,267
Accounts receivable	305	1,118
Current acquisition fees receivable	136	131
Due from affiliates	$ 26,257	$ 57,816

Agreements and Transactions w_7

Agreements and Transactions with Related Parties - Asset Management, Structuring and Other Revenue (Details) - Affiliated Entity	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
CPA:18 – Global | Average Equity Value
Related Party Transaction
Asset management fees receivable in cash, percentage	50.00%
CPA:18 – Global | Class A | Average Equity Value
Related Party Transaction
Asset management fees receivable in shares, percentage	50.00%
CPA:18 – Global | Class A | Average Equity Value | Minimum
Related Party Transaction
Percentage of asset management fees earned, percentage		0.50%
CPA:18 – Global | Class A | Average Equity Value | Maximum
Related Party Transaction
Percentage of asset management fees earned, percentage		1.50%
CESH | Gross asset fair value
Related Party Transaction
Percentage of asset management fees earned, percentage		1.00%

Land, Buildings and Improveme_3

Land, Buildings and Improvements and Assets Held for Sale - Narratives (Details) $ in Thousands	Dec. 08, 2020USD ($)investment	Jun. 25, 2020USD ($)property	Feb. 12, 2021USD ($)	May 31, 2019USD ($)	Dec. 31, 2019USD ($)property$ / €	Dec. 31, 2019USD ($)property$ / €	Dec. 31, 2020USD ($)property$ / €	Dec. 31, 2019USD ($)propertyinvestment$ / €	Dec. 31, 2018USD ($)property	Jan. 31, 2021property	Aug. 31, 2019USD ($)property	Jun. 30, 2019USD ($)property	Oct. 31, 2018USD ($)property	Apr. 30, 2018property
Real Estate Properties
Increase in value of balance sheet item due to foreign currency translation							$ 47,746	$ 376	$ (31,843)
Net investments in direct financing leases					$ 896,549	$ 896,549	711,974	896,549
Land, buildings and improvements					9,856,191	9,856,191	10,939,619	9,856,191
Investments in real estate
Purchases of real estate							656,313	$ 717,666	$ 719,548
Funds capitalized for construction in progress							$ 225,800
Construction projects in progress | property							5	3
Unfunded commitment					227,800	227,800	$ 81,800	$ 227,800
Gain from bankruptcy claim							600	9,100
Lease restructuring revenue				$ 4,200	8,800
Deferred Income							1,600
Rent revenue						6,600
Revenue related to value added tax refund				$ 2,200
Lease termination income					6,200		600
Sublease Income							5,500	5,400
Right-of-use asset					121,728	121,728	180,727	121,728
Operating lease liability					87,658	87,658	151,466	87,658
Cash paid for operating lease liabilities							15,500	14,600
Investments in real estate					13,848,730	13,848,730	14,833,926	13,848,730
Assets held for sale, net					$ 104,010	$ 104,010	$ 18,590	$ 104,010
Subsequent Event
Investments in real estate
Purchases of real estate			$ 149,300
Total capitalized costs			$ 53,800
Discontinued operations, disposed of by sale
Investments in real estate
Number of properties sold (property) | property							22	14	49
Discontinued operations, disposed of by sale | Subsequent Event
Real Estate Properties
Number of real estate properties (property) | property										1
Discontinued Operations, Held-for-sale
Real Estate Properties
Number of real estate properties (property) | property					1	1	4	1
Investments in real estate
Assets held for sale, net					$ 104,000	$ 104,000	$ 18,600	$ 104,000
Office Space in New York
Investments in real estate
Right-of-use asset							59,200
Operating lease liability							66,500
Office Space In San Donato Milanese, Italy
Investments in real estate
Commitments							7,400
Warehouse facility in Whitehall, Pennsylvania
Investments in real estate
Commitments							24,700
Below-market rent
Investments in real estate
Purchases of real estate							$ 10,900
Weighted average useful life of intangible assets							22 years 1 month 6 days
In-place lease
Investments in real estate
Purchases of real estate							$ 109,400
Weighted average useful life of intangible assets							20 years 7 months 6 days
Assets held for sale, net					0	0	$ 12,754	0
Above-market rent
Investments in real estate
Purchases of real estate							$ 8,200
Weighted average useful life of intangible assets							18 years 8 months 12 days
Assets held for sale, net					0	0	$ 518	0
Net investments in direct financing leases
Investments in real estate
Number of properties sold (property) | property							1
Real Estate
Real Estate Properties
Number of real estate properties (property) | property							1,243
Investments in real estate
Other income							$ 2,300	3,500
Gross contract revenue							11,399	50,220	$ 28,072
Real Estate | Occupancy
Investments in real estate
Gross contract revenue							9,500	39,500	20,900
Real Estate | Food and beverage
Investments in real estate
Gross contract revenue							1,900	10,700	7,200
CPA:17 – Global
Investments in real estate
Additional land, building and improvements subject to operating lease from acquisition									$ 3,000,000				$ 2,948,347
CPA:17 – Global | Real Estate
Real Estate Properties
Number of real estate properties (property) | property													28
Adjustment
Real Estate Properties
Net investments in direct financing leases							$ (183,800)
Adjustment | Net investments in direct financing leases
Real Estate Properties
Number of real estate properties (property) | property							56
Land
Investments in real estate
Purchases of real estate							$ 105,400	86,300
Right-of-use asset					114,209	114,209	119,590	114,209
Building
Investments in real estate
Purchases of real estate							449,400	523,300
Right-of-use asset					7,519	7,519	61,137	7,519
Net lease intangible
Investments in real estate
Purchases of real estate							106,600	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
Construction projects completed (property)								7	9
Total capitalized costs							171,236	$ 122,500	$ 102,500
Construction in progress | Hurricane, Utah
Investments in real estate
Commitments							20,000
Construction in progress | San Antonio, Texas
Real Estate Properties
Number of real estate properties (property) | property		1
Investments in real estate
Total capitalized costs		$ 78,726
Land, buildings and improvements and intangibles
Investments in real estate
Assets held for sale, net					$ 105,573	$ 105,573	$ 14,051	$ 105,573
Land, buildings and improvements and intangibles | Discontinued operations, disposed of by sale
Investments in real estate
Number of properties sold (property) | property							21
Other real estate, period increase (decrease)							$ (142,900)
Assets leased to others | CPA:17 – Global | Real Estate
Real Estate Properties
Number of real estate properties (property) | property									232
Assets leased to others | Adjustment
Investments in real estate
Investments in real estate							183,800
Self Storage
Real Estate Properties
Number of real estate properties (property) | property											5	22
Land, buildings and improvements												$ (287,700)
Self Storage | Adjustment
Real Estate Properties
Number of real estate properties (property) | property											5	22
Land, buildings and improvements											$ (287,700)
Self Storage | Assets leased to others | Adjustment
Investments in real estate
Investments in real estate											$ 287,700
Operating lease
Real Estate Properties
Increase in value of balance sheet item due to foreign currency translation							269,600
Number of real estate properties (property) | property					23	23		23	15
Depreciation							258,900	$ 229,000	$ 162,600
Investments in real estate
Purchases of real estate							661,438	737,500	806,900
Acquisition costs, capitalized							11,900	9,600	17,300
Operating lease | Hurricane, Utah
Real Estate Properties
Number of real estate properties (property) | investment	1
Investments in real estate
Purchases of real estate	$ 23,324
Operating lease | Land
Investments in real estate
Purchases of real estate									126,400
Operating lease | Building
Investments in real estate
Purchases of real estate									571,600
Operating lease | Net lease intangible
Investments in real estate
Purchases of real estate									113,700
Operating lease | Other liabilities
Investments in real estate
Purchases of real estate									4,800
Operating real estate
Real Estate Properties
Depreciation							2,800	6,900	$ 4,200
Investments in real estate
Investments in real estate					$ 71,842	$ 71,842	69,472	71,842
Operating real estate | Assets leased to others
Investments in real estate
Investments in real estate					$ 8,822,656	$ 8,822,656	$ 9,649,231	$ 8,822,656
Operating real estate | Self Storage
Real Estate Properties
Number of real estate properties (property) | property					10	10	10	10
Operating real estate | Hotel
Real Estate Properties
Number of real estate properties (property) | property					1	1	1	1
Hotel | Real Estate
Real Estate Properties
Number of real estate properties (property) | property					2	2	1	2
Hotel | Land, buildings and improvements and intangibles | Discontinued operations, disposed of by sale
Real Estate Properties
Number of real estate properties (property) | property														1
Consolidated properties | Self Storage
Real Estate Properties
Number of real estate properties (property) | property					37	37	10	37	37
Consolidated properties | Hotel
Real Estate Properties
Number of real estate properties (property) | property					2	2	2	2	3
EUR
Real Estate Properties
(Decrease) increase in exchange rate							9.20%
Foreign currency exchange rate | $ / €					1.1234	1.1234	1.2271	1.1234

Land, Buildings and Improveme_4

Land, Buildings and Improvements and Assets Held for Sale - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (2,490,087)	$ (2,035,995)
Investments in real estate	14,833,926	13,848,730
Operating real estate
Real Estate Investment Property At Cost
Land	10,452	10,452
Buildings and improvements	73,024	72,631
Less: Accumulated depreciation	(14,004)	(11,241)
Investments in real estate	69,472	71,842
Assets leased to others | Operating real estate
Real Estate Investment Property At Cost
Land	2,012,688	1,875,065
Buildings and improvements	8,724,064	7,828,439
Real estate under construction	119,391	69,604
Less: Accumulated depreciation	(1,206,912)	(950,452)
Investments in real estate	$ 9,649,231	$ 8,822,656

Land, Buildings and Improveme_5

Land, Buildings and Improvements and Assets Held for Sale - Acquisition of Real Estate (Details) $ in Thousands

Dec. 31, 2020USD ($)investment

Dec. 18, 2020USD ($)investment

Dec. 10, 2020USD ($)investment

Dec. 08, 2020USD ($)investment

Oct. 30, 2020USD ($)investment

Oct. 12, 2020USD ($)investment

Sep. 30, 2020USD ($)property

Sep. 23, 2020USD ($)property

Jun. 25, 2020USD ($)property

Mar. 09, 2020USD ($)property

Jan. 31, 2020USD ($)property

Jan. 24, 2020USD ($)property

Jan. 06, 2020USD ($)property

Dec. 31, 2020USD ($)investment

Dec. 31, 2019USD ($)property

Dec. 31, 2018USD ($)property

Property, Plant and Equipment

Total Capitalized Costs

$ 656,313

$ 717,666

$ 719,548

Operating lease

Property, Plant and Equipment

Number of properties (property) | property

23

15

Total Capitalized Costs

$ 661,438

$ 737,500

$ 806,900

Operating lease | Newark, United Kingdom

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs

$ 111,546

Operating lease | Aurora, Oregon

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs

$ 28,755

Commitments

$ 5,000

Operating lease | Vojenns, Denmark

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs

$ 10,611

Deferred tax liability assumed in real estate acquisitions

$ (500)

Operating lease | Office facility in Kitzingen, Germany

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs

$ 53,666

Operating lease | Knoxville, Tennessee

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs

$ 66,045

Operating lease | Bluffton and Plymouth, Indiana

Property, Plant and Equipment

Number of properties (property) | property

2

Total Capitalized Costs

$ 44,466

Operating lease | Huntley, Illinois

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs

$ 39,523

Operating lease | Various, United States

Property, Plant and Equipment

Number of properties (property) | investment

4

3

4

Total Capitalized Costs

$ 38,615

$ 50,958

Operating lease | Various, Spain (a)

Property, Plant and Equipment

Number of properties (property) | investment

27

Total Capitalized Costs

$ 101,153

Operating lease | Little Canada, Minnesota

Property, Plant and Equipment

Number of properties (property) | investment

1

Total Capitalized Costs

$ 34,019

Operating lease | Hurricane, Utah

Property, Plant and Equipment

Number of properties (property) | investment

1

Total Capitalized Costs

$ 23,324

Operating lease | Bethlehem, Pennsylvania and Waco, Texas

Property, Plant and Equipment

Number of properties (property) | investment

4

Total Capitalized Costs

$ 29,031

Operating lease | St. Charles, Missouri and Green Bay, Wisconsin

Property, Plant and Equipment

Number of properties (property) | investment

2

Total Capitalized Costs

$ 29,726

Land, Buildings and Improveme_6

Land, Buildings and Improvements and Assets Held for Sale - Real Estate Under Construction (Details) - Construction in progress $ in Thousands	Oct. 15, 2020USD ($)investment	Sep. 21, 2020USD ($)property	Jun. 30, 2020USD ($)property	Jun. 25, 2020USD ($)property	Jan. 15, 2020USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Property, Plant and Equipment
Total capitalized costs						$ 171,236	$ 122,500	$ 102,500
Westborough, Massachusetts
Property, Plant and Equipment
Number of properties (property) | property					1
Total capitalized costs					$ 53,060
San Antonio, Texas
Property, Plant and Equipment
Number of properties (property) | property				1
Total capitalized costs				$ 78,726
Purchase options, land	$ 4,000
Marktheidenfeld, Germany
Property, Plant and Equipment
Number of properties (property) | property			1
Total capitalized costs			$ 8,254
Azambuja, Portugal
Property, Plant and Equipment
Number of properties (property) | property		1
Total capitalized costs		$ 28,067
Wichita, Kansas
Property, Plant and Equipment
Number of properties (property) | investment	1
Total capitalized costs	$ 3,129

Land, Buildings and Improveme_7

Land, Buildings and Improvements and Assets Held for Sale - Operating Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Lease income — fixed	$ 981,430	$ 898,111
Lease income — variable	99,193	89,873
Total operating lease income	1,080,623	987,984
Interest income from direct financing lease	$ 73,900	$ 98,400

Land, Buildings and Improveme_8

Land, Buildings and Improvements and Assets Held for Sale - Schedule of Future Minimum Lease Payments to be Received (Details) $ in Thousands	Dec. 31, 2020USD ($)
Scheduled Future Lease Payments to be Received
2021	$ 1,087,184
2022	1,069,466
2023	1,036,884
2024	965,645
2025	899,414
Thereafter	7,465,238
Total	$ 12,523,831

Land, Buildings and Improveme_9

Land, Buildings and Improvements and Assets Held for Sale - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Fixed lease cost	$ 17,616	$ 14,503
Variable lease cost	1,089	1,186
Total lease cost	$ 18,705	$ 15,689

Land, Buildings and Improvem_10

Land, Buildings and Improvements and Assets Held for Sale - Supplemental Balance Sheet Information (Details) $ in Thousands	Dec. 31, 2020USD ($)lease	Dec. 31, 2019USD ($)lease
Lessee, Lease, Description
Total operating ROU assets	$ 180,727	$ 121,728
Operating lease liability	$ 151,466	$ 87,658
Operating Lease, Liability, Statement of Financial Position	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Weighted-average remaining lease term — operating leases	29 years 2 months 12 days	38 years 2 months 12 days
Weighted-average discount rate — operating leases (percent)	7.10%	7.80%
Minimum
Lessee, Lease, Description
Operating lease contract term	1 year	1 year
Maximum
Lessee, Lease, Description
Operating lease contract term	100 years	100 years
Land
Lessee, Lease, Description
Total operating ROU assets	$ 119,590	$ 114,209
Operating Lease, Right-of-Use Asset, Statement of Financial Position	wpc:FiniteLivedIntangibleAssetAcquiredinPlaceLeaseNet	wpc:FiniteLivedIntangibleAssetAcquiredinPlaceLeaseNet
Operating lease right of use asset, (lease) | lease	68	64
Building
Lessee, Lease, Description
Total operating ROU assets	$ 61,137	$ 7,519
Operating Lease, Right-of-Use Asset, Statement of Financial Position	us-gaap:OtherAssets	us-gaap:OtherAssets
Operating lease right of use asset, (lease) | lease	7	6

Land, Buildings and Improvem_11

Land, Buildings and Improvements and Assets Held for Sale - Undiscounted Cash Flows - Operating Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due
2021	$ 12,550
2022	14,556
2023	14,375
2024	13,206
2025	13,152
Thereafter	323,537
Total lease payments	391,376
Less: amount of lease payments representing interest	(239,910)
Present value of future lease payments/lease obligations	$ 151,466	$ 87,658

Land, Buildings and Improvem_12

Land, Buildings and Improvements and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Long Lived Assets Held-for-sale
Assets held for sale, net	$ 18,590	$ 104,010
In-place lease
Long Lived Assets Held-for-sale
Assets held for sale, net	12,754	0
Above-market rent
Long Lived Assets Held-for-sale
Assets held for sale, net	518	0
Land, buildings and improvements and intangibles
Long Lived Assets Held-for-sale
Assets held for sale, net	14,051	105,573
Accumulated depreciation and amortization
Long Lived Assets Held-for-sale
Assets held for sale, net	$ 8,733	$ 1,563

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Lease payments receivable	$ 527,691	$ 686,149
Unguaranteed residual value	677,722	828,206
Gross minimum lease payments receivable	1,205,413	1,514,355
Less: unearned income	(476,365)	(617,806)
Less: allowance for credit losses	17,074	0
Net investments in direct financing leases	$ 711,974	$ 896,549

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)	Oct. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Finance Receivables
Equity noncontrolling interest				$ 6,878,369	$ 6,948,173	$ 6,830,055		$ 3,411,385
Allowance for credit losses				22,259	0	0
Adjusted to allowance for credit loss				7,400
Interest income from direct financing lease				73,900	98,400
Net investments in direct financing leases				711,974	896,549
Investments in real estate				14,833,926	13,848,730
Increase in value of balance sheet item due to foreign currency translation				47,746	376	(31,843)
Impairment charges			$ 25,800	35,830	32,539	4,790
Interest income from direct financing lease						74,200
Loans receivable, sales type lease				24,100
Proceeds from repayment of loans receivable	$ 11,000	$ 9,300		11,000	19,707	488
Loans receivable, allowance for credit losses				(12,600)
Interest income from loans receivable				1,000	6,200	$ 1,800
Domestic investments
Finance Receivables
Allowance for credit losses				12,600
Financing Receivable
Finance Receivables
Allowance for credit losses				9,700
Cumulative-effect adjustment for the adoption of new accounting pronouncement
Finance Receivables
Equity noncontrolling interest					$ (14,812)
Domestic investments
Finance Receivables
Number of loan receivables (loans) | loan					2
Loans receivable, sales type lease					$ 47,700
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
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				(183,800)
Adjustment | Assets leased to others
Finance Receivables
Investments in real estate				$ 183,800
Net investments in direct financing leases
Finance Receivables
Number of properties sold (property) | property				1
Decrease in direct financing lease				$ 300
Net investments in direct financing leases | Adjustment
Finance Receivables
Number of real estate properties (property) | property				56
Net investments in direct financing leases
Finance Receivables
Increase in value of balance sheet item due to foreign currency translation				$ 28,000
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, 2020USD ($)
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity
2021	$ 71,407
2022	66,689
2023	61,768
2024	57,702
2025	50,879
Thereafter	219,246
Total	$ 527,691

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2020USD ($)tenant	Dec. 31, 2019USD ($)tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 765,784	$ 944,286
Internally Assigned Grade1 thru 3
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	18	28
Net investments in direct financing leases	$ 587,103	$ 798,108
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	9	8
Net investments in direct financing leases	$ 141,944	$ 146,178
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	2	0
Net investments in direct financing leases	$ 36,737	$ 0

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets, Net
Increase in value of balance sheet item due to foreign currency translation	$ 47,746	$ 376	$ (31,843)
Amortization of intangible assets	226,200	$ 272,000	$ 174,100
Net intangible assets
Finite-Lived Intangible Assets, Net
Increase in value of balance sheet item due to foreign currency translation	$ 54,000
Minimum
Finite-Lived Intangible Assets, Net
Weighted average useful life of intangible assets	3 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill
Balance - beginning of period	$ 934,688	$ 920,944	$ 643,960
Acquisition of CPA:17 – Global (Note 3)			280,306
CPA:17 Merger measurement period adjustments (Note 3)		15,802
Foreign currency translation adjustments	10,403	(2,058)	(3,322)
Allocation of goodwill based on portion of Investment Management business sold (Note 4)	(34,273)
Balance - end of period	910,818	934,688	920,944
Real Estate
Goodwill
Balance - beginning of period	871,081	857,337	580,353
Acquisition of CPA:17 – Global (Note 3)			280,306
CPA:17 Merger measurement period adjustments (Note 3)		15,802
Foreign currency translation adjustments	10,403	(2,058)	(3,322)
Allocation of goodwill based on portion of Investment Management business sold (Note 4)	0
Balance - end of period	881,484	871,081	857,337
Investment Management
Goodwill
Balance - beginning of period	63,607	63,607	63,607
Acquisition of CPA:17 – Global (Note 3)			0
CPA:17 Merger measurement period adjustments (Note 3)		0
Foreign currency translation adjustments	0	0	0
Allocation of goodwill based on portion of Investment Management business sold (Note 4)	(34,273)
Balance - end of period	$ 29,334	$ 63,607	$ 63,607

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets
Less: accumulated amortization	$ (1,287,668)	$ (1,089,784)
Indefinite-Lived Goodwill
Total intangible assets, gross	3,996,740	3,940,026
Total intangible assets, net	2,709,072	2,850,242
Finite-Lived Intangible Liabilities
Less: accumulated amortization	90,193	74,484
Indefinite-Lived Intangible Liabilities
Total intangible liabilities, gross	(287,441)	(285,226)
Total intangible liabilities, net	(197,248)	(210,742)
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	(270,730)	(268,515)
Less: accumulated amortization	90,193	74,484
Net amortizable intangible liabilities	(180,537)	(194,031)
Goodwill
Indefinite-Lived Goodwill
Indefinite-lived intangible assets	910,818	934,688
Contracts including internal software development costs
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	23,179	23,557
Less: accumulated amortization	(18,497)	(15,482)
Amortizable intangible assets	4,682	8,075
Internal-use software development costs
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	19,204	19,582
Less: accumulated amortization	(15,711)	(13,491)
Amortizable intangible assets	3,493	6,091
Trade name
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	3,975	3,975
Less: accumulated amortization	(2,786)	(1,991)
Amortizable intangible assets	1,189	1,984
Lease intangibles
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	3,062,743	2,981,781
Less: accumulated amortization	(1,269,171)	(1,074,302)
Amortizable intangible assets	1,793,572	1,907,479
In-place lease
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	2,181,584	2,072,642
Less: accumulated amortization	(828,219)	(676,008)
Amortizable intangible assets	1,353,365	1,396,634
Above-market rent
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	881,159	909,139
Less: accumulated amortization	(440,952)	(398,294)
Amortizable intangible assets	$ 440,207	$ 510,845

Goodwill and Other Intangible_5

Goodwill and Other Intangibles - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2020USD ($)
Net
2021	$ 213,816
2022	193,639
2023	178,418
2024	158,988
2025	144,341
Thereafter	728,515
Total	1,617,717
Net Decrease in Lease Revenues
Net
2021	47,886
2022	40,751
2023	36,660
2024	31,895
2025	27,795
Thereafter	74,683
Total	259,670
Increase to Amortization
Net
2021	165,930
2022	152,888
2023	141,758
2024	127,093
2025	116,546
Thereafter	653,832
Total	$ 1,358,047

Equity Investments in the Man_3

Equity Investments in the Managed Programs and Real Estate - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 13, 2020
Investments in REITs
Distributions of earnings from equity method investments	$ 9,419	$ 26,772	$ 62,015
WLT
Investments in REITs
Shares owned (shares)				5,531,025
Real Estate | Unconsolidated Properties
Investments in REITs
Distributions of earnings from equity method investments	17,800	17,000	17,800
Aggregate unamortized basis difference on equity investments	16,100	25,200
Bank Pekao | Real Estate | CPA:18 – Global
Investments in REITs
Other-than-temporary impairment charges	8,300
Affiliated Entity | Common stock | WLT
Investments in REITs
Shares owned (shares)				12,208,243
Affiliated Entity | CPA:17 – Global
Investments in REITs
Distributions of earnings from equity method investments			10,100
Affiliated Entity | CPA:17 - Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments			26,300
Affiliated Entity | CPA:18 – Global
Investments in REITs
Distributions of earnings from equity method investments	$ 2,600	3,300	2,600
Affiliated Entity | CPA:18 – Global | Class A
Investments in REITs
Asset management fees receivable (shares)	126,482
Affiliated Entity | CPA:18 – Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments	$ 7,200	8,100	9,700
Affiliated Entity | CWI 1
Investments in REITs
Distributions of earnings from equity method investments	800	2,700	2,000
Affiliated Entity | CWI operating partnership
Investments in REITs
Distributions of earnings from equity method investments		7,100	5,100
Affiliated Entity | CWI 2
Investments in REITs
Distributions of earnings from equity method investments	500	1,600	1,100
Affiliated Entity | CWI 2 operating partnership
Investments in REITs
Distributions of earnings from equity method investments		6,300	$ 5,500
Affiliated Entity | Managed Programs
Investments in REITs
Aggregate unamortized basis difference on equity investments	$ 18,800	$ 47,000

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate	$ (18,557)	$ 23,229	$ 61,514
Managed Programs
Schedule Of Equity Method Investments
Other-than-temporary impairment charges on our equity method investments	(47,112)	0	0
Gain on redemption of special general partner interests in CWI 1 and CWI 2, net	33,009	0	0
Distributions of Available Cash	7,225	21,489	46,609
Proportionate share of equity in (losses) earnings of equity method investments in the Managed Programs	(1,767)	862	3,896
Amortization of basis differences on equity method investments in the Managed Programs	(895)	(1,483)	(2,332)
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate	(9,540)	20,868	48,173
Equity investments in real estate
Schedule Of Equity Method Investments
Other-than-temporary impairment charges on our equity method investments	(8,276)	0	0
Proportionate share of equity in (losses) earnings of equity method investments in the Managed Programs	9	3,408	15,585
Amortization of basis differences on equity method investments in the Managed Programs	(750)	(1,047)	(2,244)
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate	$ (9,017)	$ 2,361	$ 13,341

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, 2020	Dec. 31, 2019
Investments in Programs
Equity investments in real estate	$ 283,446	$ 324,004
Affiliated Entity | Managed Programs
Investments in Programs
Equity investments in real estate	$ 56,557	$ 129,567
Affiliated Entity | CPA:18 – Global
Investments in Programs
Equity method investment, ownership percentage (percent)	4.569%	3.851%
Equity investments in real estate	$ 51,949	$ 42,644
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)	0.00%	3.943%
Equity investments in real estate	$ 0	$ 49,032
Affiliated Entity | CWI operating partnership
Investments in Programs
Equity method investment, ownership percentage (percent)	0.00%	0.015%
Equity investments in real estate	$ 0	$ 186
Affiliated Entity | CWI 2
Investments in Programs
Equity method investment, ownership percentage (percent)	0.00%	3.755%
Equity investments in real estate	$ 0	$ 33,669
Affiliated Entity | CWI 2 operating partnership
Investments in Programs
Equity method investment, ownership percentage (percent)	0.00%	0.015%
Equity investments in real estate	$ 0	$ 300
Affiliated Entity | CESH
Investments in Programs
Equity method investment, ownership percentage (percent)	2.43%	2.43%
Equity investments in real estate	$ 4,399	$ 3,527

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, 2020	Dec. 31, 2019
Equity Method Investment Summarized Financial Information
Net investments in real estate		$ 12,362,429	$ 11,916,745
Other assets		876,024	631,637
Total assets	[1]	14,707,636	14,060,918
Debt		(6,695,998)	(6,053,943)
Accounts payable, accrued expenses and other liabilities		(603,663)	(487,405)
Total liabilities	[1]	(7,829,267)	(7,112,745)
Noncontrolling interests		(1,656)	(6,244)
Total stockholders’ equity		6,876,713	6,941,929
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Affiliated Entity | Managed Programs
Equity Method Investment Summarized Financial Information
Net investments in real estate		2,461,014	5,288,318
Other assets		259,531	959,938
Total assets		2,720,545	6,248,256
Debt		(1,441,026)	(3,413,924)
Accounts payable, accrued expenses and other liabilities		(233,161)	(468,318)
Total liabilities		(1,674,187)	(3,882,242)
Noncontrolling interests		(55,921)	(130,656)
Total stockholders’ equity		990,437	2,235,358
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Affiliated Entity | Combined Equity Investments
Equity Method Investment Summarized Financial Information
Net investments in real estate		3,716,901	729,442
Other assets		569,130	32,983
Total assets		4,286,031	762,425
Debt		(2,631,588)	(455,876)
Accounts payable, accrued expenses and other liabilities		(509,221)	(32,049)
Total liabilities		(3,140,809)	(487,925)
Noncontrolling interests		(51,519)	0
Total stockholders’ equity		$ 1,093,703	$ 274,500
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

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	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investment Summarized Financial Information Income Statement
Revenues	$ 307,371	$ 302,419	$ 290,530	$ 308,999	$ 311,227	$ 318,005	$ 305,211	$ 298,323	$ 1,209,319	$ 1,232,766	$ 885,732
Expenses	(177,996)	(162,239)	(158,379)	(192,987)	(175,816)	(198,409)	(179,170)	(177,722)	(691,601)	(731,117)	(526,451)
(Loss) income from continuing operations									445,196	332,755	438,752
Net (loss) income attributable to the Managed Programs	$ 134,615	$ 149,434	$ 115,204	$ 66,702	$ 129,792	$ 41,835	$ 66,121	$ 68,796	465,955	306,544	424,341
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Affiliated Entity | Combined Equity Investments
Equity Method Investment Summarized Financial Information Income Statement
Revenues									261,025	66,608	60,742
Expenses									(367,616)	(71,977)	(28,422)
(Loss) income from continuing operations									(106,591)	(5,369)	32,320
Net (loss) income attributable to the Managed Programs									(98,625)	(5,369)	32,320
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Managed Programs | Affiliated Entity
Equity Method Investment Summarized Financial Information Income Statement
Revenues									372,750	1,184,585	1,562,688
Expenses									(565,952)	(1,146,368)	(1,368,051)
(Loss) income from continuing operations									(193,202)	38,217	194,637
Net (loss) income attributable to the Managed Programs									$ (204,156)	$ 8,051	$ 121,503

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, 2020	Dec. 31, 2019
Investments in Programs
Equity investments in real estate	$ 283,446	$ 324,004
Real Estate
Investments in Programs
Equity investments in real estate	$ 226,889	194,437
Real Estate | WLT | WLT
Investments in Programs
Equity method investment, ownership percentage (percent)	5.00%
Equity investments in real estate	$ 44,182	0
Real Estate | CPA:18 – Global | Bank Pekao
Investments in Programs
Equity method investment, ownership percentage (percent)	50.00%
Equity investments in real estate	$ 17,850	26,388
Real Estate | CPA:18 – Global | Fortenova Grupa d.d. (formerly Konzum d.d.)
Investments in Programs
Equity investments in real estate	$ 2,989	2,712
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	$ 68,979	70,690
Affiliated Entity | Real Estate | Third Party | Kesko Senukai
Investments in Programs
Equity method investment, ownership percentage (percent)	70.00%
Equity investments in real estate	$ 46,443	46,475
Affiliated Entity | Real Estate | Third Party | BPS Nevada
Investments in Programs
Equity method investment, ownership percentage (percent)	15.00%
Equity investments in real estate	$ 23,815	22,900
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	$ 15,475	17,232
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	$ 7,156	$ 8,040
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%

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Fair Value Measurement Inputs and Valuation Techniques
Return of capital from equity method investments			$ 19,483	$ 34,365	$ 16,382
Equity investments in real estate			283,446	324,004
Unamortized discount			28,279
Impairment charges on properties		$ 25,800	35,830	32,539	4,790
Real Estate
Fair Value Measurement Inputs and Valuation Techniques
Equity investments in real estate			226,889	194,437
Bankrupt tenants property
Fair Value Measurement Inputs and Valuation Techniques
Total fair value measurements					3,900
Impairment charges on properties			12,600		3,800
Vacant properties
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges on properties			2,800		1,000
GCIF | Other assets, net
Fair Value Measurement Inputs and Valuation Techniques
Return of capital from equity method investments			5,600
Loss on investments			(600)
Equity investments in real estate			6,100	12,200
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges			91,217	32,539	4,790
Level 3 | Fair Value, Measurements, Nonrecurring | Impaired properties
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges			1,000
Level 3 | Carrying Value | Secured Debt
Fair Value Measurement Inputs and Valuation Techniques
Debt instrument, unamortized discount and debt issuance costs, net			400	600
Unamortized discount			4,500	6,200
Level 3 | Equity investments in the Managed Programs and real estate | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges			55,387	0	0
Total fair value measurements			55,245	0	0
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges			$ 35,830	1,345	$ 4,790
Number of real estate properties (property) | property			6		2
Total fair value measurements			$ 31,350	1,012	$ 7,797
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges			$ 16,000
Number of real estate properties (property) | property			2
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Capitalization rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)			0.06
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Capitalization rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)			0.11
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Impaired properties
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges			$ 3,400
Level 3 | Net investments in direct financing leases | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges			0	$ 31,194	0
Number of real estate properties (property) | property				5
Total fair value measurements			0	$ 33,115	$ 0
Level 2 | Carrying Value | Senior Unsecured Notes
Fair Value Measurement Inputs and Valuation Techniques
Debt instrument, unamortized discount and debt issuance costs, net			23,900	22,800
Unamortized discount			22,600	20,500
Investment in Lineage Logisitics
Fair Value Measurement Inputs and Valuation Techniques
Payments to acquire additional interest	$ 95,500
Investment in Lineage Logisitics | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Unrealized gain (loss) on investment			48,300
Fair value of investments			290,000	146,200
WLT (reimbursed transition services) | Level 3 | Preferred stock
Fair Value Measurement Inputs and Valuation Techniques
Equity method investment fair value			$ 46,300
WLT (reimbursed transition services) | Level 3 | Discount rate | Preferred stock
Fair Value Measurement Inputs and Valuation Techniques
Equity measurement input (percent)			0.15
CWI 1 | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Equity investments in real estate			$ 0	49,032
CWI 1 | Level 3 | Equity investments in the Managed Programs and real estate | Fair Value, Measurements, Nonrecurring | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges			27,800
CWI 2 | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Equity investments in real estate			0	33,669
CWI 2 | Level 3 | Equity investments in the Managed Programs and real estate | Fair Value, Measurements, Nonrecurring | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges			19,300
Bank Pekao | Real Estate | CPA:18 – Global
Fair Value Measurement Inputs and Valuation Techniques
Equity investments in real estate			17,850	$ 26,388
Other-than-temporary impairment charges			$ 8,300

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Value | Level 2 | Senior Unsecured Notes
Liabilities:
Non-recourse debt	$ 5,146,192	$ 4,390,189
Carrying Value | Level 3 | Secured Debt
Liabilities:
Non-recourse debt	1,145,554	1,462,487
Fair Value | Level 2 | Senior Unsecured Notes
Liabilities:
Non-recourse debt	5,639,586	4,682,432
Fair Value | Level 3 | Secured Debt
Liabilities:
Non-recourse debt	$ 1,148,551	$ 1,487,892

Fair Value Measurements - Impai

Fair Value Measurements - Impairment of Assets Measured on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Impairment Disclosure
Total Impairment Charges	$ 91,217	$ 32,539	$ 4,790
Equity investments in the Managed Programs and real estate
Impairment Disclosure
Fair Value Measurements	55,245	0	0
Total Impairment Charges	55,387	0	0
Land, buildings and improvements and intangibles
Impairment Disclosure
Fair Value Measurements	31,350	1,012	7,797
Total Impairment Charges	35,830	1,345	4,790
Net investments in direct financing leases
Impairment Disclosure
Fair Value Measurements	0	33,115	0
Total Impairment Charges	$ 0	$ 31,194	$ 0

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, 2020USD ($)offering	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020JPY (¥)	Dec. 31, 2020GBP (£)	Mar. 27, 2020USD ($)	Feb. 20, 2020USD ($)
Summary of Derivative Instruments
Cash collateral	$ 0	$ 0
Net (losses) gains recognized in other comprehensive income	$ (31,628,000)	314,000	$ 2,866,000
Derivative, remaining maturity	62 months
Maximum exposure on derivatives	$ 600,000
Derivatives, net liability position	25,100,000	9,600,000
Aggregate termination value for immediate settlement	25,600,000	9,900,000
Debt outstanding	405,433,000	201,267,000
Other comprehensive income foreign currency gain (loss)	(280,400,000)	33,400,000	66,300,000
Individual Counterparty
Summary of Derivative Instruments
Maximum exposure on derivatives	600,000
Unsecured Revolving Credit Facility:
Summary of Derivative Instruments
Debt outstanding	82,281,000	201,267,000
Unsecured Revolving Credit Facility: | EUR
Summary of Derivative Instruments
Debt outstanding	58,901,000	131,438,000		€ 48,000,000
Unsecured Revolving Credit Facility: | JPY
Summary of Derivative Instruments
Debt outstanding	23,380,000	22,295,000			¥ 2.4
Unsecured Revolving Credit Facility: | GBP
Summary of Derivative Instruments
Debt outstanding	0	47,534,000
Unsecured Term Loans:
Summary of Derivative Instruments
Debt outstanding	323,152,000	0
Unsecured Term Loans: | EUR
Summary of Derivative Instruments
Debt outstanding	118,415,000	0		96,500,000			$ 105,900,000
Unsecured Term Loans: | GBP
Summary of Derivative Instruments
Debt outstanding	$ 204,737,000	0				£ 150		$ 193,100,000
Senior Unsecured Notes
Summary of Derivative Instruments
Number of offerings completed | offering	5
Principal amount	$ 5,200,000,000
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
Debt instrument stated interest rate (percentage)	1.35%			1.35%	1.35%	1.35%
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	$ 3,300,000
Other Income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	4,100,000
Equity method investments | Designated as Cash Flow Hedging Instruments
Summary of Derivative Instruments
Net (losses) gains recognized in other comprehensive income	$ (300,000)	$ (1,400,000)	$ (600,000)

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, 2020	Dec. 31, 2019
Derivatives, Fair Value
Derivative assets, fair value	$ 9,289	$ 29,158
Liability derivatives, fair value	(20,981)	(6,174)
Designated as Cash Flow Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	3,489	24,150
Liability derivatives, fair value	(20,981)	(6,081)
Designated as Cash Flow Hedging Instruments | Foreign currency collars | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	3,489	14,460
Designated as Cash Flow Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(15,122)	(1,587)
Designated as Cash Flow Hedging Instruments | Foreign currency forward contracts | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	0	9,689
Designated as Cash Flow Hedging Instruments | Interest rate caps | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	0	1
Designated as Cash Flow Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(5,859)	(4,494)
Derivatives Not in Cash Flow Hedging Relationships
Derivatives, Fair Value
Derivative assets, fair value	5,800	5,008
Liability derivatives, fair value	0	(93)
Derivatives Not in Cash Flow Hedging Relationships | Stock warrants | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	5,800	5,000
Derivatives Not in Cash Flow Hedging Relationships | Interest rate swaps | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	0	8
Derivatives Not in Cash Flow Hedging Relationships | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	$ 0	$ (93)

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	$ (31,628)	$ 314	$ 2,866
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	(24,818)	5,997	9,029
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	(5,272)	(4,253)	(1,905)
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	(1,553)	(1,666)	(1,560)
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	6	219	(68)
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	9	10	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	$ 0	$ 7	$ (2,630)

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, 2020	Dec. 31, 2019	Dec. 31, 2018
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		$ 8,854	$ 13,085	$ 16,101
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		5,716	9,582	6,533
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		4,956	5,759	2,359
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		(1,818)	(2,256)	(400)
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	$ (7,600)	$ 0	$ 0	$ 7,609

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Amount of Gain (Loss) on Derivatives Recognized in Income
Total	$ 518	$ (880)	$ 1,128
Derivatives Not in Cash Flow Hedging Relationships | 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	(2,477)	184	455
Derivatives Not in Cash Flow Hedging Relationships | Stock warrants | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	800	(500)	(99)
Derivatives Not in Cash Flow Hedging Relationships | 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	106	(118)	(20)
Derivatives Not in Cash Flow Hedging Relationships | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	265	0
Derivatives Not in Cash Flow Hedging Relationships | 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	(43)	575	356
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	0	7	18
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	2,132	(941)	286
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	0	(132)	132
Derivatives in Cash Flow Hedging Relationships | Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	$ 0	$ (220)	$ 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, 2020USD ($)derivative_instrument	Dec. 31, 2020EUR (€)derivative_instrument	Dec. 31, 2020GBP (£)derivative_instrument
Derivative Disclosure
Fair value	$ (5,859)
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swaps | USD
Derivative Disclosure
Number of Instruments | derivative_instrument	5	5	5
Notional Amount	$ 73,907
Fair value	$ (4,255)
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swaps | EUR
Derivative Disclosure
Number of Instruments | derivative_instrument	2	2	2
Notional Amount | €		€ 48,427
Fair value	$ (1,604)
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate caps | EUR
Derivative Disclosure
Number of Instruments | derivative_instrument	1	1	1
Notional Amount | €		€ 11,076
Fair value	$ 0
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate caps | GBP
Derivative Disclosure
Number of Instruments | derivative_instrument	1	1	1
Notional Amount | £			£ 6,394
Fair value	$ 0

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, £ in Thousands, $ in Thousands	Dec. 31, 2020USD ($)derivative_instrument	Dec. 31, 2020EUR (€)derivative_instrument	Dec. 31, 2020GBP (£)derivative_instrument
Derivative Disclosure
Fair value, foreign currency derivatives	$ (11,633)
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR
Derivative Disclosure
Number of Instruments | derivative_instrument	104	104	104
Notional Amount | €		€ 335,500
Fair value, foreign currency derivatives	$ (9,677)
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | GBP
Derivative Disclosure
Number of Instruments | derivative_instrument	83	83	83
Notional Amount | £			£ 47,300
Fair value, foreign currency derivatives	$ (1,956)

Debt - Narratives (Details)

Debt - Narratives (Details)	Oct. 14, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020GBP (£)	Mar. 27, 2020USD ($)	Feb. 20, 2020USD ($)	Feb. 20, 2020EUR (€)	Feb. 20, 2020GBP (£)	Feb. 19, 2020USD ($)	Oct. 31, 2018USD ($)
Senior Unsecured Notes
Maximum borrowing capacity		$ 2,750,000,000						$ 2,100,000,000			$ 1,850,000,000
Financing cost		24,329,000						10,000,000
Debt outstanding		405,433,000	$ 201,267,000
Non Recourse Debt
Principal outstanding		5,146,192,000	4,390,189,000
Prepayments of mortgage principal		68,501,000	1,028,795,000	$ 207,450,000
Scheduled payments of mortgage principal		275,746,000	210,414,000	100,433,000
Interest paid		190,600,000	208,400,000	157,300,000
Increase in value of balance sheet item due to foreign currency translation		47,746,000	376,000	$ (31,843,000)
Unamortized discount (premium)		28,279,000
CPA:17 – Global
Non Recourse Debt
Debt instrument weighted average interest rate (percent)												4.30%
Secured debt acquired												$ 1,849,177,000
Unamortized discount												$ 20,400,000
Merged Entities
Non Recourse Debt
Unamortized discount (premium)		$ 4,500,000
Fixed interest rate
Non Recourse Debt
Debt instrument weighted average interest rate (percent)		4.80%			4.80%	4.80%
Variable interest rate
Non Recourse Debt
Debt instrument weighted average interest rate (percent)		2.80%			2.80%	2.80%
Senior Unsecured Notes
Senior Unsecured Notes
Financing cost		$ 23,800,000	22,800,000
Principal Amount		5,200,000,000
Non Recourse Debt
Principal outstanding		5,192,500,000	4,433,500,000
Unamortized discount (premium)		22,500,000	20,500,000
Senior Unsecured Notes | 3.850% Senior Notes due 2029
Senior Unsecured Notes
Principal Amount		$ 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%
Non Recourse Debt
Principal outstanding		$ 325,000,000	325,000,000
Unamortized discount		3,700,000
Senior Unsecured Notes | 1.350% Senior Notes due 2028
Senior Unsecured Notes
Financing cost		$ 4,000,000
Principal Amount | €					€ 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%
Non Recourse Debt
Principal outstanding		$ 613,500,000	561,700,000
Unamortized discount		4,100,000
Senior Unsecured Notes | 2.400% Senior Notes due 2031
Senior Unsecured Notes
Principal Amount	$ 500,000,000	$ 500,000,000
Debt instrument stated interest rate (percentage)	2.40%	2.40%			2.40%	2.40%
Price of Par Value	99.099%	99.099%			99.099%	99.099%
Debt instrument term	10 years 3 months 18 days
Non Recourse Debt
Principal outstanding		$ 500,000,000	$ 0
Unamortized discount		$ 4,500,000
Non-Recourse Debt
Non Recourse Debt
Debt instrument weighted average interest rate (percent)		5.10%	4.40%		5.10%	5.10%
Prepayments of mortgage principal		$ 68,500,000	$ 1,000,000,000
Scheduled payments of mortgage principal		225,900,000	142,700,000
Loss on extinguishment of debt			14,800,000
Increase in value of balance sheet item due to foreign currency translation		304,200,000
Unsecured Revolving Credit Facility:
Senior Unsecured Notes
Debt outstanding		82,281,000	201,267,000
Line of credit facility, available		1,700,000,000
Unsecured Revolving Credit Facility: | USD
Senior Unsecured Notes
Maximum borrowing capacity								1,800,000,000
Unsecured Revolving Credit Facility: | GBP
Senior Unsecured Notes
Debt outstanding		0	47,534,000
Unsecured Revolving Credit Facility: | EUR
Senior Unsecured Notes
Debt outstanding		58,901,000	131,438,000		€ 48,000,000
Unsecured Term Loans:
Senior Unsecured Notes
Debt outstanding		323,152,000	0
Unsecured Term Loans: | GBP
Senior Unsecured Notes
Maximum borrowing capacity | £										£ 150,000,000
Debt outstanding		204,737,000	0			£ 150,000,000		$ 193,100,000
Non Recourse Debt
Unamortized discount (premium)		1,200,000
Unsecured Term Loans: | EUR
Senior Unsecured Notes
Maximum borrowing capacity | €									€ 96,500,000
Debt outstanding		$ 118,415,000	$ 0		€ 96,500,000		$ 105,900,000
Revolving Credit Facility
Senior Unsecured Notes
Debt instrument borrowing capacity fee (percentage)		0.20%
Standby Letters of Credit
Senior Unsecured Notes
Line of credit facility, available		$ 20,900,000

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Credit Facility (Details) $ in Thousands, € in Millions, £ in Millions, ¥ in Billions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020JPY (¥)	Dec. 31, 2020EUR (€)	Dec. 31, 2020GBP (£)	Mar. 27, 2020USD ($)	Feb. 20, 2020USD ($)	Dec. 31, 2019USD ($)
Senior Unsecured Credit Facility
Debt outstanding	$ 405,433						$ 201,267
Unamortized discount (premium)	28,279
Unsecured Term Loans:
Senior Unsecured Credit Facility
Debt outstanding	323,152						0
Unsecured Term Loans: | GBP
Senior Unsecured Credit Facility
Debt outstanding	204,737			£ 150		$ 193,100	0
Unamortized discount (premium)	$ 1,200
Unsecured Term Loans: | GBP | GBP LIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.95%
Unsecured Term Loans: | EUR
Senior Unsecured Credit Facility
Debt outstanding	$ 118,415		€ 96.5		$ 105,900		0
Unsecured Term Loans: | EUR | EURIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.95%
Unsecured Revolving Credit Facility:
Senior Unsecured Credit Facility
Debt outstanding	$ 82,281						201,267
Unsecured Revolving Credit Facility: | GBP
Senior Unsecured Credit Facility
Debt outstanding	0						47,534
Unsecured Revolving Credit Facility: | EUR
Senior Unsecured Credit Facility
Debt outstanding	$ 58,901		€ 48				131,438
Unsecured Revolving Credit Facility: | EUR | EURIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.85%
Unsecured Revolving Credit Facility: | JPY
Senior Unsecured Credit Facility
Debt outstanding	$ 23,380	¥ 2.4					$ 22,295
Unsecured Revolving Credit Facility: | JPY | JPY LIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.85%

Debt - Summary of Senior Unse_2

Debt - Summary of Senior Unsecured Notes (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Oct. 14, 2020USD ($)	Feb. 20, 2020USD ($)	Dec. 31, 2019USD ($)
Senior Unsecured Notes
Principal outstanding	$ 5,146,192,000				$ 4,390,189,000
Unamortized deferred financing costs	24,329,000			$ 10,000,000
Unamortized discount (premium)	28,279,000
Senior Unsecured Notes
Senior Unsecured Notes
Principal Amount	5,200,000,000
Principal outstanding	5,192,500,000				4,433,500,000
Unamortized deferred financing costs	23,800,000				22,800,000
Unamortized discount (premium)	$ 22,500,000				20,500,000
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	$ 613,500,000				561,700,000
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	$ 613,500,000				561,700,000
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	$ 613,500,000				561,700,000
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	$ 613,500,000				561,700,000
Senior Unsecured Notes | 1.350% Senior Notes due 2028
Senior Unsecured Notes
Principal Amount | €		€ 500,000,000
Price of Par Value	99.266%	99.266%
Original Issue Discount	$ 4,100,000
Effective Interest Rate	1.442%	1.442%
Coupon Rate	1.35%	1.35%
Principal outstanding	$ 613,500,000				561,700,000
Unamortized deferred financing costs	4,000,000
Senior Unsecured Notes | 3.850% Senior Notes due 2029
Senior Unsecured Notes
Principal Amount	$ 325,000,000
Price of Par Value	98.876%	98.876%
Original Issue Discount	$ 3,700,000
Effective Interest Rate	3.986%	3.986%
Coupon Rate	3.85%	3.85%
Principal outstanding	$ 325,000,000				325,000,000
Senior Unsecured Notes | 2.400% Senior Notes due 2031
Senior Unsecured Notes
Principal Amount	$ 500,000,000		$ 500,000,000
Price of Par Value	99.099%	99.099%	99.099%
Original Issue Discount	$ 4,500,000
Effective Interest Rate	2.50%	2.50%
Coupon Rate	2.40%	2.40%	2.40%
Principal outstanding	$ 500,000,000				$ 0

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Feb. 20, 2020
Long-term Debt, by Maturity
2021	$ 90,624
2022	447,575
2023	962,106
2024	1,235,444
2025	955,767
Thereafter through 2031	3,057,090
Total principal payments	6,748,606
Unamortized discount, net	(28,279)
Unamortized deferred financing costs	(24,329)	$ (10,000)
Total	$ 6,695,998

Equity - Distributions (Details

Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends Payable
Total distributions paid (usd per share)	$ 4.1640	$ 4.1320	$ 4.0700
Ordinary income
Dividends Payable
Total distributions paid (usd per share)	3.3112	3.1939	3.5122
Capital gains
Dividends Payable
Total distributions paid (usd per share)	0.8528	0.0187	0.5578
Return of capital
Dividends Payable
Total distributions paid (usd per share)	$ 0	$ 0.9194	$ 0

Equity - Narratives (Details)

Equity - Narratives (Details) - USD ($)	Jun. 22, 2020	Mar. 31, 2016	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 17, 2020	Aug. 09, 2019	Oct. 01, 2013
Share-based Compensation Arrangement by Share-based Payment Award
Distributions declared per share (usd per share)			$ 1.046	$ 4.17	$ 4.14	$ 4.09
Proceeds from the issuance of common stock				$ 60,000	$ 523,393,000	$ 287,437,000
Common stock, shares authorized (shares)			450,000,000	450,000,000	450,000,000
Proceeds from shares issued under forward sale agreements, net of selling costs				$ 199,716,000	$ 0	0
Distributions to noncontrolling interests				$ 5,326,000	$ 1,683,000	16,935,000
Redemption value adjustment						$ 335,000
Subsidiary | WPCI | Officers
Share-based Compensation Arrangement by Share-based Payment Award
Minority interest ownership interest									7.70%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued, shares				2,500	6,672,412	4,229,285
Proceeds from the issuance of common stock					$ 6,000	$ 4,000
Shares issued to a third party in connection with the redemption of a redeemable noncontrolling interest, shares		217,011
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from the issuance of common stock				$ 60,000	$ 523,387,000	287,433,000
Redemption value adjustment						$ 335,000
Redeemable Noncontrolling Interest
Share-based Compensation Arrangement by Share-based Payment Award
Distributions to noncontrolling interests		$ (13,400,000)
ATM
Share-based Compensation Arrangement by Share-based Payment Award
Common stock maximum offering, value			$ 616,500,000	$ 616,500,000				$ 750,000,000
ATM | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued, shares				2,500	6,672,412	4,229,285
Weighted average share price, usd per share				$ 72.05	$ 79.70	$ 69.03
Proceeds from the issuance of common stock				$ 200,000	$ 523,300,000	$ 287,500,000
Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued, shares				2,951,791
Forward sales price (usd per share)							$ 68.35
Common stock, shares authorized (shares)	5,462,500						4,750,000
Share purchase option (shares)							712,500
Gross offering price (usd per share)	$ 70
Proceeds from shares issued under forward sale agreements, net of selling costs				$ 199,700,000
Remaining shares authorized for distribution (shares)			2,510,709	2,510,709
Projected settlement period (months)				18 months
Underwriting Agreement | Underwriter
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from shares issued under forward sale agreements, net of selling costs	$ 382,400,000

Equity - Basic and Diluted Earn

Equity - Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Net income attributable to W. P. Carey	$ 134,572	$ 149,397	$ 105,300	$ 66,090	$ 129,372	$ 41,339	$ 66,038	$ 68,494	$ 455,359	$ 305,243	$ 411,566
Net income attributable to nonvested participating RSUs									0	(77)	(340)
Net income – basic and diluted									$ 455,359	$ 305,166	$ 411,226
Weighted-average shares outstanding – basic (shares)									174,504,406	171,001,430	117,494,969
Effect of dilutive securities (shares)									335,022	297,984	211,476
Weighted-average shares outstanding – diluted (shares)									174,839,428	171,299,414	117,706,445
Anti-dilutive shares									0	0	0

Equity - Reclassifications Out

Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	$ 6,948,173	$ 6,830,055	$ 3,411,385
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other gains and (losses)	(46,752)	(31,475)	(29,913)
Interest expense	210,087	233,325	178,375
Net current period other comprehensive income (loss)	15,768	(671)	(26,766)
Balance - end of period	6,878,369	6,948,173	6,830,055
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	24,622	12,414	(38,500)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	(8,854)	(13,085)	11,734
Net current period other comprehensive income (loss)	15,768	(671)	(26,766)
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			(20,226)
Other gains and (losses)	(10,672)	(15,341)	(8,892)
Interest expense	1,818	2,256	400
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	(23,124)	12,031	13,415
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	(8,854)	(13,085)	(8,492)
Net current period other comprehensive income (loss)	(31,978)	(1,054)	4,923
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			0
Other gains and (losses)	(10,672)	(15,341)	(8,892)
Interest expense	1,818	2,256	400
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	47,746	376	(52,069)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	0	0	20,226
Net current period other comprehensive income (loss)	47,746	376	(31,843)
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			(20,226)
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
Other comprehensive income (loss) before reclassifications	0	7	154
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	0	0	0
Net current period other comprehensive income (loss)	0	7	154
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			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
Balance - beginning of period	(255,667)	(254,996)	(236,011)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(239,906)	(255,667)	(254,996)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	13,048	14,102	9,172
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(18,937)	13,048	14,102
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	(268,715)	(269,091)	(245,022)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(220,969)	(268,715)	(269,091)
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	0	(7)	(161)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	0	$ 0	(7)
Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive loss attributable to noncontrolling interests	(7)		7,781
Gains and (Losses) on Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive loss attributable to noncontrolling interests	(7)		7
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive loss attributable to noncontrolling interests	0		7,774
Gains and (Losses) on Investments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive loss attributable to noncontrolling interests	$ 0		$ 0

Stock-Based and Other Compens_2

Stock-Based and Other Compensation - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 15,938,000	$ 18,787,000	$ 18,294,000
Employee service share-based compensation, tax benefit from compensation expense	4,700,000	5,100,000	6,600,000
Options vested during the period, aggregate intrinsic value	24,000,000	39,400,000	16,400,000
Deferred compensation obligation	$ 42,014,000	37,263,000
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	$ 28,500	28,000	27,500
Profit sharing expense	$ 1,900,000	2,100,000	2,600,000
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)	3,018,891
RSU, and PSU
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense			4,200,000
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
PSUs Awarded | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	3
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%
RSA and RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award
Share grant conversion rate	1
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%
Proceeds from stock plans	$ 400,000	$ 300,000	$ 200,000
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock options required to be issued (shares)	986,859	893,713
Deferred compensation obligation	$ 42,000,000	$ 37,300,000
Fair value assumptions expected dividend rate	0.00%
Unrecognized stock based compensation expense	$ 19,300,000
Weighted-average remaining term	1 year 8 months 12 days
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate	1.60%
Fair value assumptions expected volatility rate	15.20%

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, 2020	Dec. 31, 2019	Dec. 31, 2018
RSA and RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested, beginning balance - shares	283,977	277,002	324,339
Granted - shares	146,162	163,447	137,519
Vested - shares	(163,607)	(152,364)	(181,777)
Forfeited - shares	(5,555)	(4,108)	(3,079)
Adjustments - shares	0	0	0
Nonvested, ending balance - shares	260,977	283,977	277,002
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)	$ 68.51	$ 62.41	$ 61.43
Granted, weighted average grant date fair value (in dollars per share)	81.02	72.86	64.50
Vested, weighted average grant date fair value (in dollars per share)	69.62	62.11	62.25
Forfeited, weighted average grant date fair value (in dollars per share)	71.69	68.10	61.71
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)	$ 74.75	$ 68.51	$ 62.41
PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested, beginning balance - shares	331,242	331,216	281,299
Granted - shares	90,518	84,006	75,864
Vested - shares	(156,838)	(403,701)	(66,632)
Forfeited - shares	(6,715)	(2,829)	(3,098)
Adjustments - shares	3,806	322,550	43,783
Nonvested, ending balance - shares	262,013	331,242	331,216
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)	$ 80.90	$ 78.82	$ 74.57
Granted, weighted average grant date fair value (in dollars per share)	104.65	92.16	75.81
Vested, weighted average grant date fair value (in dollars per share)	80.42	74.04	76.96
Forfeited, weighted average grant date fair value (in dollars per share)	88.94	75.81	76.49
Adjustments, weighted average grant date fair value (in dollars per share)	62.07	77.69	74.17
Nonvested, weighted average grant date fair value (in dollars per share)	$ 88.99	$ 80.90	$ 78.82

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal
Current	$ (1,118)	$ 407	$ (829)
Deferred (a)	(33,040)	9,579	3,275
Federal income taxes	(34,158)	9,986	2,446
State and Local
Current	3,284	(3,814)	4,820
Deferred (a)	(7,756)	(376)	3,042
State and local taxes	(4,472)	(4,190)	7,862
Foreign
Current	26,137	20,363	16,791
Deferred	(8,266)	52	(12,688)
Foreign income taxes	17,871	20,415	4,103
Total (benefit from) provision for income taxes	$ (20,759)	$ 26,211	$ 14,411

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Amount
Pre-tax income attributable to taxable subsidiaries	$ (56,789)	$ 74,754	$ 98,245
Federal provision at statutory tax rate (21%)	(11,926)	15,698	20,632
Revocation of TRS Status	(37,249)	0	(6,285)
Change in valuation allowance	13,946	11,041	6,735
Tax expense related to allocation of goodwill based on portion of Investment Management business sold	7,203	0	0
Non-deductible expense	6,303	5,313	4,996
State and local taxes, net of federal benefit	2,336	4,062	7,590
Windfall tax benefit	(2,132)	(5,183)	(3,754)
Rate differential	(632)	(6,820)	(14,165)
Non-taxable income	(2)	103	(736)
Other	1,394	1,997	(602)
Total (benefit from) provision for income taxes	$ (20,759)	$ 26,211	$ 14,411

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	Apr. 13, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency
Deferred income tax benefit			$ 49,076	$ (9,255)	$ 6,279
Disposition of goodwill			34,273
Impairment charges		$ 25,800	35,830	32,539	4,790
Net operating loss carry forward, foreign			56,200
Deferred income taxes			145,844	179,309
Accrued interest related to uncertain tax positions			1,700	1,600
Income taxes paid			43,500	35,300	23,200
Bankrupt tenants property
Income Tax Contingency
Impairment charges			12,600		$ 3,800
Investment Management
Income Tax Contingency
Disposition of goodwill			34,273
CWI 1 And CWI 2
Income Tax Contingency
Other-than-temporary impairment charges			47,100
CWI 1 And CWI 2 | Affiliated Entity
Income Tax Contingency
Deferred income tax benefit			6,300
WLT | Investment Management
Income Tax Contingency
Disposition of goodwill	$ 34,300
Investment in Lineage Logisitics | Level 3
Income Tax Contingency
Unrealized gain (loss) on investment			48,300
Investment in Lineage Logisitics | CWI REITs
Income Tax Contingency
Deferred income tax benefit			37,200
Investment in Lineage Logisitics | CWI REITs | Level 3
Income Tax Contingency
Unrealized gain (loss) on investment				32,900
Other assets, net
Income Tax Contingency
Deferred income taxes			15,100	8,900
Federal
Income Tax Contingency
Net operating loss carry forward			16,100
State and local
Income Tax Contingency
Net operating loss carry forward			12,100
Adjustment
Income Tax Contingency
Current income tax expense (benefit)			$ (4,700)	$ (6,300)

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets
Net operating loss and other tax credit carryforwards	$ 49,869	$ 51,265
Basis differences — foreign investments	43,089	31,704
Lease liability	14,144	1,472
Unearned and deferred compensation	9,753	10,345
Other	0	246
Total deferred tax assets	116,855	95,032
Valuation allowance	(86,069)	(73,643)
Net deferred tax assets	30,786	21,389
Deferred Tax Liabilities
Basis differences — foreign investments	(145,838)	(137,074)
Right of use asset	(12,618)	(1,163)
Basis differences — equity investees	(2,364)	(53,460)
Deferred revenue	(97)	(100)
Deferred Tax Liabilities, Other	(632)	0
Total deferred tax liabilities	(161,549)	(191,797)
Net Deferred Tax Liability	$ (130,763)	$ (170,408)

Income Taxes - Rollforward of U

Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits
Beginning balance	$ 5,756	$ 6,105
Decrease due to lapse in statute of limitations	(783)	(497)
Addition based on tax positions related to the current year	591	543
Foreign currency translation adjustments	515
Foreign currency translation adjustments		(108)
Addition (decrease) based on tax positions related to the prior year	233
Addition (decrease) based on tax positions related to the prior year		(287)
Ending balance	$ 6,312	$ 5,756

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	1 Months Ended							12 Months Ended
	Mar. 31, 2020USD ($)	Jan. 31, 2020USD ($)	Dec. 31, 2019USD ($)property	Oct. 31, 2019USD ($)property	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)property	Jun. 30, 2018USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Apr. 30, 2018property
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate								$ 366,532	$ 307,959	$ 431,626
Proceeds from repayment of loans receivable	$ 11,000				$ 9,300			11,000	19,707	488
Loss on collection of loans receivable					$ 100
Investments in real estate			$ 13,848,730					14,833,926	13,848,730
Non-recourse mortgages, net			$ 1,462,487					1,145,554	1,462,487
Gain on sale of real estate, net								109,370	18,143	118,605
Amount reclassified from other comprehensive income								8,854	13,085	16,101
Purchases of real estate								$ 656,313	717,666	719,548
Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property								1,243
Gain on sale of real estate, net								$ 109,370	18,143	118,605
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	$ 0	7,609
Amounts reclassified from accumulated other comprehensive loss to | Foreign Currency Translation Adjustments
Discontinued Operation Additional Disclosures
Gain (loss) on sale of real estate, net of tax										$ 20,226
Gain on sale of real estate, net						$ (20,200)
Hotel | Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property			2					1	2
Operating lease
Discontinued Operation Additional Disclosures
Gain (loss) on sale of real estate, net of tax							$ 6,300
Number of real estate properties (property) | property			23			15			23	15
Number of properties disposed of | property							23
Purchases of real estate								$ 661,438	$ 737,500	$ 806,900
Operating lease | 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								22	14	49
Proceeds from sales of real estate		$ 103,500						$ 366,500	$ 308,000	$ 431,600
Gain (loss) on sale of real estate, net of tax								109,400	10,900	112,300
Gain on sales of real estate, applicable tax								$ 3,000	1,200	$ 21,800
Discontinued operations, disposed of by sale | Land, buildings and improvements and intangibles
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property								21
Discontinued operations, disposed of by sale | Noncontrolling interest
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate		$ 4,700
Gain (loss) on sale of real estate, net of tax								$ 600
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 | 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
Write off of unamortized debt discount				13,800
Non-recourse mortgages, net				56,400
Gain (loss) on disposal of property				8,300
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
Mortgage carrying value			8,200						8,200
Write off of unamortized debt discount			500
Non-recourse mortgages, net			8,700						$ 8,700
Gain (loss) on disposal of property			(1,000)
Write off of interest payable			$ 900
Discontinued Operations, Held-for-sale
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property			1					4	1

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information
Number of business segments | segment	2
Disposition of goodwill	$ 34,273
Real Estate
Segment Reporting Information
Gross contract revenue	11,399	$ 50,220	$ 28,072
Disposition of goodwill	0
Real Estate | Hotel in Bloomington, MN
Segment Reporting Information
Gross contract revenue	4,000	15,000	15,200
Real Estate | Miami, FL
Segment Reporting Information
Gross contract revenue	1,900	14,400	1,700
Real Estate | Hotel in Memphis, TN
Segment Reporting Information
Gross contract revenue			4,800
Investment Management
Segment Reporting Information
Gross contract revenue	31,322	$ 59,903	$ 106,607
Disposition of goodwill	$ 34,273

Segment Reporting - Income From

Segment Reporting - Income From Owned Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Revenues	$ 307,371	$ 302,419	$ 290,530	$ 308,999	$ 311,227	$ 318,005	$ 305,211	$ 298,323	$ 1,209,319	$ 1,232,766	$ 885,732
Operating Expenses
Depreciation and amortization									442,935	447,135	291,440
General and administrative									75,950	75,293	68,337
Reimbursable tenant costs									56,409	55,576	28,076
Property expenses, excluding reimbursable tenant costs									44,067	39,545	22,773
Impairment charges						25,800			35,830	32,539	4,790
Stock-based compensation expense									15,938	18,787	18,294
Operating property expenses									9,901	38,015	20,150
Merger and other expenses									247	101	41,426
Operating expenses	177,996	162,239	158,379	192,987	175,816	198,409	179,170	177,722	691,601	731,117	526,451
Other Income and Expenses
Interest expense									(210,087)	(233,325)	(178,375)
Gain on sale of real estate, net									109,370	18,143	118,605
Other gains and (losses)									46,752	31,475	29,913
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate									(18,557)	23,229	61,514
(Loss) gain on change in control of interests									0	(8,416)	47,814
Other income and expenses									(72,522)	(168,894)	79,471
Income before income taxes									445,196	332,755	438,752
Benefit from (provision for) income taxes									20,759	(26,211)	(14,411)
Net income	134,615	149,434	115,204	66,702	129,792	41,835	66,121	68,796	465,955	306,544	424,341
Net income attributable to noncontrolling interests	(43)	(37)	(9,904)	(612)	(420)	(496)	(83)	(302)	(10,596)	(1,301)	(12,775)
Net income attributable to W. P. Carey	$ 134,572	$ 149,397	$ 105,300	$ 66,090	$ 129,372	$ 41,339	$ 66,038	$ 68,494	455,359	305,243	411,566
Real Estate
Revenues
Lease revenues									1,154,504	1,086,375	744,498
Lease termination income and other									12,094	36,268	6,555
Gross contract revenue									11,399	50,220	28,072
Revenues									1,177,997	1,172,863	779,125
Operating Expenses
Depreciation and amortization									441,948	443,300	287,461
General and administrative									70,127	56,796	47,210
Reimbursable tenant costs									56,409	55,576	28,076
Property expenses, excluding reimbursable tenant costs									44,067	39,545	22,773
Impairment charges									35,830	32,539	4,790
Stock-based compensation expense									15,247	13,248	10,450
Operating property expenses									9,901	38,015	20,150
Merger and other expenses									(937)	101	41,426
Operating expenses									672,592	679,120	462,336
Other Income and Expenses
Interest expense									(210,087)	(233,325)	(178,375)
Gain on sale of real estate, net									109,370	18,143	118,605
Other gains and (losses)									46,074	30,251	30,015
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate									(9,017)	2,361	13,341
(Loss) gain on change in control of interests									0	(8,416)	18,792
Other income and expenses									(63,660)	(190,986)	2,378
Income before income taxes									441,745	302,757	319,167
Benefit from (provision for) income taxes									18,498	(30,802)	844
Net income									460,243	271,955	320,011
Net income attributable to noncontrolling interests									(731)	110	(12,775)
Net income attributable to W. P. Carey									$ 459,512	$ 272,065	$ 307,236

Segment Reporting - Income Fr_2

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Expenses
Reimbursable costs from affiliates									$ 8,855	$ 16,547	$ 21,925
General and administrative									75,950	75,293	68,337
Subadvisor fees									1,469	7,579	9,240
Merger and other expenses									247	101	41,426
Depreciation and amortization									442,935	447,135	291,440
Stock-based compensation expense									15,938	18,787	18,294
Operating expenses	$ 177,996	$ 162,239	$ 158,379	$ 192,987	$ 175,816	$ 198,409	$ 179,170	$ 177,722	691,601	731,117	526,451
Other Income and Expenses
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate									(18,557)	23,229	61,514
Other gains and (losses)									46,752	31,475	29,913
(Loss) gain on change in control of interests									0	(8,416)	47,814
Other income and expenses									(72,522)	(168,894)	79,471
Income before income taxes									445,196	332,755	438,752
Benefit from (provision for) income taxes									20,759	(26,211)	(14,411)
Net income	134,615	149,434	115,204	66,702	129,792	41,835	66,121	68,796	465,955	306,544	424,341
Net income attributable to noncontrolling interests	(43)	(37)	(9,904)	(612)	(420)	(496)	(83)	(302)	(10,596)	(1,301)	(12,775)
Net income attributable to W. P. Carey	$ 134,572	$ 149,397	$ 105,300	$ 66,090	$ 129,372	$ 41,339	$ 66,038	$ 68,494	455,359	305,243	411,566
Investment Management
Investment Management:
Gross contract revenue									31,322	59,903	106,607
Operating Expenses
Reimbursable costs from affiliates									8,855	16,547	21,925
General and administrative									5,823	18,497	21,127
Subadvisor fees									1,469	7,579	9,240
Merger and other expenses									1,184	0	0
Depreciation and amortization									987	3,835	3,979
Stock-based compensation expense									691	5,539	7,844
Operating expenses									19,009	51,997	64,115
Other Income and Expenses
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate									(9,540)	20,868	48,173
Other gains and (losses)									678	1,224	(102)
(Loss) gain on change in control of interests									0	0	29,022
Other income and expenses									(8,862)	22,092	77,093
Income before income taxes									3,451	29,998	119,585
Benefit from (provision for) income taxes									2,261	4,591	(15,255)
Net income									5,712	34,589	104,330
Net income attributable to noncontrolling interests									(9,865)	(1,411)	0
Net income attributable to W. P. Carey									(4,153)	33,178	104,330
Investment Management | Asset management revenue
Investment Management:
Gross contract revenue									21,973	39,132	63,556
Investment Management | Reimbursable costs from affiliates
Investment Management:
Gross contract revenue									8,855	16,547	21,925
Investment Management | Structuring and other advisory revenue
Investment Management:
Gross contract revenue									$ 494	$ 4,224	$ 21,126

Segment Reporting - Total Compa

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Revenues	$ 307,371	$ 302,419	$ 290,530	$ 308,999	$ 311,227	$ 318,005	$ 305,211	$ 298,323	$ 1,209,319	$ 1,232,766	$ 885,732
Operating expenses	177,996	162,239	158,379	192,987	175,816	198,409	179,170	177,722	691,601	731,117	526,451
Other income and expenses									(72,522)	(168,894)	79,471
Benefit from (provision for) income taxes									20,759	(26,211)	(14,411)
Net income attributable to noncontrolling interests	(43)	(37)	(9,904)	(612)	(420)	(496)	(83)	(302)	(10,596)	(1,301)	(12,775)
Net income attributable to W. P. Carey	$ 134,572	$ 149,397	$ 105,300	$ 66,090	$ 129,372	$ 41,339	$ 66,038	$ 68,494	$ 455,359	$ 305,243	$ 411,566

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Assets
Total assets	[1]	$ 14,707,636	$ 14,060,918
Equity investments in real estate		283,446	324,004
Real Estate
Assets
Total assets		14,582,015	13,811,403
Long-lived assets		12,362,429	11,916,745
Equity investments in real estate		226,889	194,437
Real Estate | Domestic
Assets
Long-lived assets		7,565,663	7,574,110
Equity investments in real estate		152,451	110,822
Real Estate | International
Assets
Long-lived assets		4,796,766	4,342,635
Equity investments in real estate		74,438	83,615
Investment Management
Assets
Total assets		$ 125,621	$ 249,515
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Segment Reporting - Income by G

Segment Reporting - Income by Geography (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information Profit Loss
Revenues	$ 307,371	$ 302,419	$ 290,530	$ 308,999	$ 311,227	$ 318,005	$ 305,211	$ 298,323	$ 1,209,319	$ 1,232,766	$ 885,732
Real Estate
Segment Reporting Information Profit Loss
Revenues									1,177,997	1,172,863	779,125
Real Estate | Domestic
Segment Reporting Information Profit Loss
Revenues									756,763	783,828	499,342
Real Estate | International
Segment Reporting Information Profit Loss
Revenues									$ 421,234	$ 389,035	$ 279,783

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Data
Revenues	$ 307,371	$ 302,419	$ 290,530	$ 308,999	$ 311,227	$ 318,005	$ 305,211	$ 298,323	$ 1,209,319	$ 1,232,766	$ 885,732
Expenses	177,996	162,239	158,379	192,987	175,816	198,409	179,170	177,722	691,601	731,117	526,451
Net income	134,615	149,434	115,204	66,702	129,792	41,835	66,121	68,796	465,955	306,544	424,341
Net income attributable to noncontrolling interests	(43)	(37)	(9,904)	(612)	(420)	(496)	(83)	(302)	(10,596)	(1,301)	(12,775)
Net income attributable to W. P. Carey	$ 134,572	$ 149,397	$ 105,300	$ 66,090	$ 129,372	$ 41,339	$ 66,038	$ 68,494	$ 455,359	$ 305,243	$ 411,566
Earnings per share attributable to W. P. Carey:
Basic (usd per share)	$ 0.76	$ 0.85	$ 0.61	$ 0.38	$ 0.75	$ 0.24	$ 0.39	$ 0.41	$ 2.61	$ 1.78	$ 3.50
Diluted (usd per share)	$ 0.76	$ 0.85	$ 0.61	$ 0.38	$ 0.75	$ 0.24	$ 0.38	$ 0.41	$ 2.60	$ 1.78	$ 3.49

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 12, 2021USD ($)property	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Subsequent Events
Purchases of real estate			$ 656,313	$ 717,666	$ 719,548
Proceeds from sales of real estate			$ 366,532	$ 307,959	$ 431,626
Subsequent Event
Subsequent Events
Investments	$ 203,100
Purchases of real estate	149,300
Total capitalized costs	53,800
Cash dividend		$ 6,400
Subsequent Event | Food Production, Cold Storage Facility, And Landy in California
Subsequent Events
Purchases of real estate	$ 75,000
Subsequent Event | Food Production, Cold Storage Facility, And Landy in California | Storage facility
Subsequent Events
Number of properties (property) | property	2
Subsequent Event | Properties in New Jersey and Pennsylvania
Subsequent Events
Purchases of real estate	$ 55,200
Subsequent Event | Properties in New Jersey and Pennsylvania | Automotive Dealership
Subsequent Events
Number of properties (property) | property	7
Subsequent Event | Properties in New Jersey and Pennsylvania | Office
Subsequent Events
Number of properties (property) | property	3
Subsequent Event | Industrial Facilities In Anderson, South Carolina, And Grove City, Ohio
Subsequent Events
Purchases of real estate	$ 19,100
Number of properties (property) | property	2
Subsequent Event | Industrial Facility in Langen, Germany
Subsequent Events
Total capitalized costs	$ 51,300
Subsequent Event | Office Facility in Mason, Ohio
Subsequent Events
Total capitalized costs	$ 2,500
Subsequent Event | Fitness Facility In Salt Lake City, Utah
Subsequent Events
Proceeds from sales of real estate		$ 12,500

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 73,643	$ 54,499	$ 39,155
Other Additions	31,470	22,384	30,557
Deductions	(19,044)	(3,240)	(15,213)
Balance at End of Year	$ 86,069	$ 73,643	$ 54,499

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule III, Real Estate and Accumulated Depreciation
Accumulated amortization (finite lived intangible assets)	$ 1,287,668	$ 1,089,784
Accumulated amortization (intangible liabilities)	90,193	74,484
Assets held for sale, net	18,590	104,010
Real estate under construction	119,400
Federal income taxes	13,200,000
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite-lived intangible liabilities, gross	287,400
Accumulated amortization (intangible liabilities)	90,200
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite lived intangible assets, gross	3,062,743	2,981,781
Accumulated amortization (finite lived intangible assets)	$ 1,269,171	$ 1,074,302

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Gross Amount at which Carried at Close of Period
Less: allowance for credit losses	$ (17,074,000)	$ 0
Land, Buildings and Improvements Subject to Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,102,833,000
Initial Cost to Company
Land	2,120,413,000
Buildings	8,148,975,000
Cost Capitalized Subsequent to Acquisition	709,829,000
Increase (Decrease) in Net Investments	(242,465,000)
Gross Amount at which Carried at Close of Period
Land	2,012,688,000
Buildings	8,724,064,000
Total	10,736,752,000	9,703,504,000	$ 8,717,612,000	$ 5,334,446,000
Accumulated Depreciation	1,206,912,000	950,452,000	724,550,000	613,543,000
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	1,526,000
Buildings	21,427,000
Cost Capitalized Subsequent to Acquisition	2,966,000
Increase (Decrease) in Net Investments	(84,000)
Gross Amount at which Carried at Close of Period
Land	1,526,000
Buildings	24,309,000
Total	25,835,000
Accumulated Depreciation	$ 14,240,000
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	729,000
Buildings	5,903,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	729,000
Buildings	5,903,000
Total	6,632,000
Accumulated Depreciation	$ 2,633,000
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	4,905,000
Buildings	11,898,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	12,000
Gross Amount at which Carried at Close of Period
Land	4,905,000
Buildings	11,910,000
Total	16,815,000
Accumulated Depreciation	$ 6,399,000
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	224,000
Buildings	2,408,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	224,000
Buildings	2,408,000
Total	2,632,000
Accumulated Depreciation	$ 1,806,000
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	239,000
Buildings	940,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	239,000
Buildings	940,000
Total	1,179,000
Accumulated Depreciation	$ 510,000
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	1,638,000
Buildings	2,844,000
Cost Capitalized Subsequent to Acquisition	187,000
Increase (Decrease) in Net Investments	(2,554,000)
Gross Amount at which Carried at Close of Period
Land	828,000
Buildings	1,287,000
Total	2,115,000
Accumulated Depreciation	$ 969,000
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	1,219,000
Buildings	6,283,000
Cost Capitalized Subsequent to Acquisition	1,295,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,219,000
Buildings	7,578,000
Total	8,797,000
Accumulated Depreciation	$ 4,233,000
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	32,000
Buildings	1,692,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	32,000
Buildings	1,692,000
Total	1,724,000
Accumulated Depreciation	$ 973,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Sylmar, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,970,000
Initial Cost to Company
Land	2,052,000
Buildings	5,322,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,889,000)
Gross Amount at which Carried at Close of Period
Land	1,494,000
Buildings	3,991,000
Total	5,485,000
Accumulated Depreciation	$ 2,307,000
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	9,382,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	238,000
Increase (Decrease) in Net Investments	14,696,000
Gross Amount at which Carried at Close of Period
Land	9,025,000
Buildings	15,291,000
Total	24,316,000
Accumulated Depreciation	$ 7,217,000
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	1,135,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,942,000
Gross Amount at which Carried at Close of Period
Land	1,152,000
Buildings	1,925,000
Total	3,077,000
Accumulated Depreciation	$ 385,000
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	3,288,000
Buildings	9,864,000
Cost Capitalized Subsequent to Acquisition	17,079,000
Increase (Decrease) in Net Investments	(11,410,000)
Gross Amount at which Carried at Close of Period
Land	3,288,000
Buildings	15,533,000
Total	18,821,000
Accumulated Depreciation	$ 1,773,000
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	$ 0
Initial Cost to Company
Land	3,490,000
Buildings	72,497,000
Cost Capitalized Subsequent to Acquisition	3,513,000
Increase (Decrease) in Net Investments	(15,608,000)
Gross Amount at which Carried at Close of Period
Land	288,000
Buildings	63,604,000
Total	63,892,000
Accumulated Depreciation	$ 19,957,000
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	9,795,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,795,000
Buildings	0
Total	9,795,000
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	5,035,000
Buildings	18,957,000
Cost Capitalized Subsequent to Acquisition	8,317,000
Increase (Decrease) in Net Investments	516,000
Gross Amount at which Carried at Close of Period
Land	5,035,000
Buildings	27,790,000
Total	32,825,000
Accumulated Depreciation	$ 15,148,000
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	842,000
Buildings	4,762,000
Cost Capitalized Subsequent to Acquisition	2,523,000
Increase (Decrease) in Net Investments	(196,000)
Gross Amount at which Carried at Close of Period
Land	842,000
Buildings	7,089,000
Total	7,931,000
Accumulated Depreciation	$ 3,771,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Waterford Township, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,039,000
Buildings	4,788,000
Cost Capitalized Subsequent to Acquisition	236,000
Increase (Decrease) in Net Investments	(2,297,000)
Gross Amount at which Carried at Close of Period
Land	494,000
Buildings	3,272,000
Total	3,766,000
Accumulated Depreciation	$ 1,347,000
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	1,882,000
Buildings	3,973,000
Cost Capitalized Subsequent to Acquisition	294,000
Increase (Decrease) in Net Investments	(3,892,000)
Gross Amount at which Carried at Close of Period
Land	328,000
Buildings	1,929,000
Total	2,257,000
Accumulated Depreciation	$ 1,375,000
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	454,000
Buildings	6,411,000
Cost Capitalized Subsequent to Acquisition	525,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454,000
Buildings	6,936,000
Total	7,390,000
Accumulated Depreciation	$ 1,377,000
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	4,125,000
Buildings	11,812,000
Cost Capitalized Subsequent to Acquisition	393,000
Increase (Decrease) in Net Investments	(123,000)
Gross Amount at which Carried at Close of Period
Land	4,371,000
Buildings	11,836,000
Total	16,207,000
Accumulated Depreciation	$ 6,598,000
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	1,190,000
Buildings	9,353,000
Cost Capitalized Subsequent to Acquisition	5,866,000
Increase (Decrease) in Net Investments	(238,000)
Gross Amount at which Carried at Close of Period
Land	2,287,000
Buildings	13,884,000
Total	16,171,000
Accumulated Depreciation	$ 6,634,000
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	351,000
Buildings	5,981,000
Cost Capitalized Subsequent to Acquisition	1,667,000
Increase (Decrease) in Net Investments	1,000
Gross Amount at which Carried at Close of Period
Land	351,000
Buildings	7,649,000
Total	8,000,000
Accumulated Depreciation	$ 4,477,000
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	1,860,000
Buildings	12,539,000
Cost Capitalized Subsequent to Acquisition	3,075,000
Increase (Decrease) in Net Investments	(1,135,000)
Gross Amount at which Carried at Close of Period
Land	1,725,000
Buildings	14,614,000
Total	16,339,000
Accumulated Depreciation	$ 7,139,000
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	$ 20,567,000
Initial Cost to Company
Land	2,032,000
Buildings	10,152,000
Cost Capitalized Subsequent to Acquisition	52,817,000
Increase (Decrease) in Net Investments	1,000
Gross Amount at which Carried at Close of Period
Land	5,889,000
Buildings	59,113,000
Total	65,002,000
Accumulated Depreciation	$ 17,087,000
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	2,807,000
Buildings	10,335,000
Cost Capitalized Subsequent to Acquisition	223,000
Increase (Decrease) in Net Investments	(8,383,000)
Gross Amount at which Carried at Close of Period
Land	967,000
Buildings	4,015,000
Total	4,982,000
Accumulated Depreciation	$ 2,001,000
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	850,000
Buildings	2,939,000
Cost Capitalized Subsequent to Acquisition	2,000
Increase (Decrease) in Net Investments	(2,614,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	1,177,000
Total	1,177,000
Accumulated Depreciation	$ 480,000
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	362,000
Buildings	10,855,000
Cost Capitalized Subsequent to Acquisition	1,195,000
Increase (Decrease) in Net Investments	(155,000)
Gross Amount at which Carried at Close of Period
Land	337,000
Buildings	11,920,000
Total	12,257,000
Accumulated Depreciation	$ 4,364,000
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	1,532,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,532,000
Buildings	0
Total	1,532,000
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	1,725,000
Buildings	5,168,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,725,000
Buildings	5,168,000
Total	6,893,000
Accumulated Depreciation	$ 2,554,000
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	3,600,000
Buildings	10,306,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,809,000)
Gross Amount at which Carried at Close of Period
Land	3,068,000
Buildings	8,029,000
Total	11,097,000
Accumulated Depreciation	$ 2,594,000
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	4,600,000
Buildings	37,580,000
Cost Capitalized Subsequent to Acquisition	186,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,600,000
Buildings	37,766,000
Total	42,366,000
Accumulated Depreciation	$ 10,289,000
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	11,109,000
Buildings	12,636,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	648,000
Gross Amount at which Carried at Close of Period
Land	11,391,000
Buildings	13,002,000
Total	24,393,000
Accumulated Depreciation	$ 3,437,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Snellville, GA and Virginia Beach, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,646,000
Buildings	12,367,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(10,048,000)
Gross Amount at which Carried at Close of Period
Land	2,747,000
Buildings	5,218,000
Total	7,965,000
Accumulated Depreciation	$ 1,130,000
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	$ 126,154,000
Initial Cost to Company
Land	32,680,000
Buildings	198,999,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	32,680,000
Buildings	198,999,000
Total	231,679,000
Accumulated Depreciation	$ 45,253,000
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	4,403,000
Buildings	20,298,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,870,000)
Gross Amount at which Carried at Close of Period
Land	2,589,000
Buildings	18,242,000
Total	20,831,000
Accumulated Depreciation	$ 4,638,000
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	$ 1,650,000
Initial Cost to Company
Land	4,173,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,173,000
Buildings	0
Total	4,173,000
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	2,198,000
Buildings	6,349,000
Cost Capitalized Subsequent to Acquisition	1,247,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,198,000
Buildings	7,596,000
Total	9,794,000
Accumulated Depreciation	$ 2,091,000
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	$ 17,554,000
Initial Cost to Company
Land	2,866,000
Buildings	34,834,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,866,000
Buildings	34,834,000
Total	37,700,000
Accumulated Depreciation	$ 9,602,000
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	3,280,000
Buildings	24,627,000
Cost Capitalized Subsequent to Acquisition	3,288,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,280,000
Buildings	27,915,000
Total	31,195,000
Accumulated Depreciation	$ 7,036,000
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	4,168,000
Buildings	5,724,000
Cost Capitalized Subsequent to Acquisition	3,200,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,168,000
Buildings	8,924,000
Total	13,092,000
Accumulated Depreciation	$ 2,296,000
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	7,804,000
Buildings	16,729,000
Cost Capitalized Subsequent to Acquisition	5,415,000
Increase (Decrease) in Net Investments	(832,000)
Gross Amount at which Carried at Close of Period
Land	7,804,000
Buildings	21,312,000
Total	29,116,000
Accumulated Depreciation	$ 5,942,000
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	895,000
Buildings	1,953,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	895,000
Buildings	1,953,000
Total	2,848,000
Accumulated Depreciation	$ 538,000
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	$ 49,427,000
Initial Cost to Company
Land	16,386,000
Buildings	84,668,000
Cost Capitalized Subsequent to Acquisition	7,187,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	16,386,000
Buildings	91,855,000
Total	108,241,000
Accumulated Depreciation	$ 23,146,000
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	2,163,000
Buildings	17,715,000
Cost Capitalized Subsequent to Acquisition	609,000
Increase (Decrease) in Net Investments	(8,389,000)
Gross Amount at which Carried at Close of Period
Land	1,132,000
Buildings	10,966,000
Total	12,098,000
Accumulated Depreciation	$ 2,957,000
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	558,000
Buildings	5,923,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	558,000
Buildings	5,923,000
Total	6,481,000
Accumulated Depreciation	$ 1,615,000
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	$ 1,994,000
Initial Cost to Company
Land	756,000
Buildings	9,775,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	756,000
Buildings	9,775,000
Total	10,531,000
Accumulated Depreciation	$ 2,657,000
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	960,000
Buildings	14,472,000
Cost Capitalized Subsequent to Acquisition	42,662,000
Increase (Decrease) in Net Investments	(254,000)
Gross Amount at which Carried at Close of Period
Land	2,076,000
Buildings	55,764,000
Total	57,840,000
Accumulated Depreciation	$ 9,200,000
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	1,726,000
Buildings	12,781,000
Cost Capitalized Subsequent to Acquisition	4,378,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,726,000
Buildings	17,159,000
Total	18,885,000
Accumulated Depreciation	$ 4,139,000
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	1,063,000
Buildings	6,159,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,063,000
Buildings	6,159,000
Total	7,222,000
Accumulated Depreciation	$ 1,656,000
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	$ 5,950,000
Initial Cost to Company
Land	0
Buildings	19,990,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	19,990,000
Total	19,990,000
Accumulated Depreciation	$ 5,318,000
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	1,492,000
Buildings	8,182,000
Cost Capitalized Subsequent to Acquisition	184,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,492,000
Buildings	8,366,000
Total	9,858,000
Accumulated Depreciation	$ 2,195,000
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 Rancho Cucamonga, CA and Exton, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	14,006,000
Buildings	33,683,000
Cost Capitalized Subsequent to Acquisition	6,219,000
Increase (Decrease) in Net Investments	(20,142,000)
Gross Amount at which Carried at Close of Period
Land	6,638,000
Buildings	27,128,000
Total	33,766,000
Accumulated Depreciation	$ 5,663,000
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in 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 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	$ 4,406,000
Initial Cost to Company
Land	6,559,000
Buildings	19,078,000
Cost Capitalized Subsequent to Acquisition	2,057,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,559,000
Buildings	21,135,000
Total	27,694,000
Accumulated Depreciation	$ 5,075,000
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	$ 6,407,000
Initial Cost to Company
Land	6,080,000
Buildings	23,424,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,080,000
Buildings	23,424,000
Total	29,504,000
Accumulated Depreciation	$ 6,181,000
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	$ 864,000
Initial Cost to Company
Land	4,877,000
Buildings	4,258,000
Cost Capitalized Subsequent to Acquisition	5,215,000
Increase (Decrease) in Net Investments	4,756,000
Gross Amount at which Carried at Close of Period
Land	4,877,000
Buildings	14,229,000
Total	19,106,000
Accumulated Depreciation	$ 4,353,000
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	$ 5,136,000
Initial Cost to Company
Land	1,505,000
Buildings	6,026,000
Cost Capitalized Subsequent to Acquisition	653,000
Increase (Decrease) in Net Investments	(408,000)
Gross Amount at which Carried at Close of Period
Land	1,436,000
Buildings	6,340,000
Total	7,776,000
Accumulated Depreciation	$ 1,608,000
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	$ 1,904,000
Initial Cost to Company
Land	3,333,000
Buildings	8,270,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,333,000
Buildings	8,270,000
Total	11,603,000
Accumulated Depreciation	$ 2,188,000
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	74,551,000
Buildings	319,186,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(50,000)
Gross Amount at which Carried at Close of Period
Land	74,501,000
Buildings	319,186,000
Total	393,687,000
Accumulated Depreciation	$ 83,566,000
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	$ 18,459,000
Initial Cost to Company
Land	4,196,000
Buildings	23,148,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,196,000
Buildings	23,148,000
Total	27,344,000
Accumulated Depreciation	$ 5,711,000
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	3,675,000
Buildings	7,468,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,675,000
Buildings	7,468,000
Total	11,143,000
Accumulated Depreciation	$ 1,950,000
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	440,000
Buildings	688,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	440,000
Buildings	688,000
Total	1,128,000
Accumulated Depreciation	$ 179,000
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	2,169,000
Buildings	19,010,000
Cost Capitalized Subsequent to Acquisition	72,000
Increase (Decrease) in Net Investments	(72,000)
Gross Amount at which Carried at Close of Period
Land	2,169,000
Buildings	19,010,000
Total	21,179,000
Accumulated Depreciation	$ 4,925,000
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	3,639,000
Buildings	1,269,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,639,000
Buildings	1,269,000
Total	4,908,000
Accumulated Depreciation	$ 329,000
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	808,000
Buildings	4,304,000
Cost Capitalized Subsequent to Acquisition	77,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	808,000
Buildings	4,381,000
Total	5,189,000
Accumulated Depreciation	$ 1,248,000
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	1,755,000
Buildings	4,493,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,783,000)
Gross Amount at which Carried at Close of Period
Land	216,000
Buildings	3,249,000
Total	3,465,000
Accumulated Depreciation	$ 842,000
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	2,183,000
Buildings	11,340,000
Cost Capitalized Subsequent to Acquisition	1,642,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,183,000
Buildings	12,982,000
Total	15,165,000
Accumulated Depreciation	$ 3,220,000
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	478,000
Buildings	4,087,000
Cost Capitalized Subsequent to Acquisition	145,000
Increase (Decrease) in Net Investments	(145,000)
Gross Amount at which Carried at Close of Period
Land	478,000
Buildings	4,087,000
Total	4,565,000
Accumulated Depreciation	$ 1,059,000
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	2,409,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	6,184,000
Increase (Decrease) in Net Investments	(1,403,000)
Gross Amount at which Carried at Close of Period
Land	1,006,000
Buildings	6,184,000
Total	7,190,000
Accumulated Depreciation	$ 1,417,000
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	$ 0
Initial Cost to Company
Land	23,387,000
Buildings	43,450,000
Cost Capitalized Subsequent to Acquisition	703,000
Increase (Decrease) in Net Investments	(3,010,000)
Gross Amount at which Carried at Close of Period
Land	22,316,000
Buildings	42,214,000
Total	64,530,000
Accumulated Depreciation	$ 10,481,000
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	26,564,000
Buildings	72,866,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,599,000)
Gross Amount at which Carried at Close of Period
Land	25,302,000
Buildings	69,529,000
Total	94,831,000
Accumulated Depreciation	$ 24,118,000
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 facilities in Danbury, CT and Bedford, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,072,000
Initial Cost to Company
Land	3,519,000
Buildings	16,329,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,519,000
Buildings	16,329,000
Total	19,848,000
Accumulated Depreciation	$ 4,514,000
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	722,000
Buildings	6,268,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	722,000
Buildings	6,268,000
Total	6,990,000
Accumulated Depreciation	$ 836,000
Life on which Depreciation in Latest Statement of  Income is Computed	15 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	2,309,000
Buildings	37,153,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,317,000)
Gross Amount at which Carried at Close of Period
Land	2,146,000
Buildings	34,999,000
Total	37,145,000
Accumulated Depreciation	$ 8,478,000
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	2,316,000
Buildings	21,537,000
Cost Capitalized Subsequent to Acquisition	127,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,316,000
Buildings	21,664,000
Total	23,980,000
Accumulated Depreciation	$ 4,437,000
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	30,012,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,825,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	26,187,000
Total	26,187,000
Accumulated Depreciation	$ 4,924,000
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	4,761,000
Buildings	28,864,000
Cost Capitalized Subsequent to Acquisition	3,381,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,761,000
Buildings	32,245,000
Total	37,006,000
Accumulated Depreciation	$ 6,750,000
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	$ 34,044,000
Initial Cost to Company
Land	2,154,000
Buildings	6,917,000
Cost Capitalized Subsequent to Acquisition	50,626,000
Increase (Decrease) in Net Investments	3,623,000
Gross Amount at which Carried at Close of Period
Land	2,357,000
Buildings	60,963,000
Total	63,320,000
Accumulated Depreciation	$ 7,822,000
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	2,430,000
Buildings	2,270,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,430,000
Buildings	2,270,000
Total	4,700,000
Accumulated Depreciation	$ 700,000
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	1,966,000
Buildings	1,368,000
Cost Capitalized Subsequent to Acquisition	1,352,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,966,000
Buildings	2,720,000
Total	4,686,000
Accumulated Depreciation	$ 793,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Scottsdale, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	22,300,000
Buildings	42,329,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,300,000
Buildings	42,329,000
Total	64,629,000
Accumulated Depreciation	$ 525,000
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Aurora, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	737,000
Buildings	2,609,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	737,000
Buildings	2,609,000
Total	3,346,000
Accumulated Depreciation	$ 571,000
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	3,989,000
Buildings	6,213,000
Cost Capitalized Subsequent to Acquisition	377,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,989,000
Buildings	6,590,000
Total	10,579,000
Accumulated Depreciation	$ 1,793,000
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	2,467,000
Buildings	3,476,000
Cost Capitalized Subsequent to Acquisition	606,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,467,000
Buildings	4,082,000
Total	6,549,000
Accumulated Depreciation	$ 1,064,000
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	10,601,000
Buildings	17,626,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(16,936,000)
Gross Amount at which Carried at Close of Period
Land	4,388,000
Buildings	6,903,000
Total	11,291,000
Accumulated Depreciation	$ 1,825,000
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	2,185,000
Buildings	12,058,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,713,000
Gross Amount at which Carried at Close of Period
Land	1,608,000
Buildings	15,348,000
Total	16,956,000
Accumulated Depreciation	$ 3,825,000
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	980,000
Buildings	11,230,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(11,724,000)
Gross Amount at which Carried at Close of Period
Land	486,000
Buildings	0
Total	486,000
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	4,005,000
Buildings	44,192,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,005,000
Buildings	44,192,000
Total	48,197,000
Accumulated Depreciation	$ 12,823,000
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	8,451,000
Buildings	25,457,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	298,000
Gross Amount at which Carried at Close of Period
Land	8,451,000
Buildings	25,755,000
Total	34,206,000
Accumulated Depreciation	$ 6,203,000
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	8,412,000
Buildings	12,241,000
Cost Capitalized Subsequent to Acquisition	1,377,000
Increase (Decrease) in Net Investments	(76,000)
Gross Amount at which Carried at Close of Period
Land	8,335,000
Buildings	13,619,000
Total	21,954,000
Accumulated Depreciation	$ 3,947,000
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	6,578,000
Buildings	424,000
Cost Capitalized Subsequent to Acquisition	560,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,578,000
Buildings	984,000
Total	7,562,000
Accumulated Depreciation	$ 454,000
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	4,257,000
Buildings	4,248,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(8,098,000)
Gross Amount at which Carried at Close of Period
Land	407,000
Buildings	0
Total	407,000
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	7,134,000
Initial Cost to Company
Land	3,885,000
Buildings	21,342,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,000
Gross Amount at which Carried at Close of Period
Land	3,885,000
Buildings	21,344,000
Total	25,229,000
Accumulated Depreciation	$ 5,226,000
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	1,437,000
Buildings	9,669,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,437,000
Buildings	9,669,000
Total	11,106,000
Accumulated Depreciation	$ 2,367,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Whitehall, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,435,000
Buildings	9,093,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(9,545,000)
Gross Amount at which Carried at Close of Period
Land	6,983,000
Buildings	0
Total	6,983,000
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in York, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,972,000
Initial Cost to Company
Land	3,776,000
Buildings	10,092,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,016,000)
Gross Amount at which Carried at Close of Period
Land	2,668,000
Buildings	9,184,000
Total	11,852,000
Accumulated Depreciation	$ 2,138,000
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	1,151,000
Buildings	10,938,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,151,000
Buildings	10,938,000
Total	12,089,000
Accumulated Depreciation	$ 3,056,000
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	5,356,000
Buildings	4,121,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,104,000)
Gross Amount at which Carried at Close of Period
Land	4,284,000
Buildings	3,089,000
Total	7,373,000
Accumulated Depreciation	$ 767,000
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	1,753,000
Buildings	5,840,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(111,000)
Gross Amount at which Carried at Close of Period
Land	1,642,000
Buildings	5,840,000
Total	7,482,000
Accumulated Depreciation	$ 1,548,000
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	$ 2,829,000
Initial Cost to Company
Land	4,306,000
Buildings	7,235,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3,000
Gross Amount at which Carried at Close of Period
Land	4,306,000
Buildings	7,238,000
Total	11,544,000
Accumulated Depreciation	$ 1,655,000
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	$ 1,411,000
Initial Cost to Company
Land	1,274,000
Buildings	3,505,000
Cost Capitalized Subsequent to Acquisition	525,000
Increase (Decrease) in Net Investments	(107,000)
Gross Amount at which Carried at Close of Period
Land	1,274,000
Buildings	3,923,000
Total	5,197,000
Accumulated Depreciation	$ 958,000
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	2,843,000
Buildings	11,886,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,843,000
Buildings	11,886,000
Total	14,729,000
Accumulated Depreciation	$ 3,640,000
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	2,824,000
Buildings	16,618,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,824,000
Buildings	16,618,000
Total	19,442,000
Accumulated Depreciation	$ 1,128,000
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 Laramie, WY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,966,000
Buildings	18,896,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,966,000
Buildings	18,896,000
Total	20,862,000
Accumulated Depreciation	$ 4,846,000
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	$ 6,881,000
Initial Cost to Company
Land	562,000
Buildings	7,916,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(949,000)
Gross Amount at which Carried at Close of Period
Land	474,000
Buildings	7,055,000
Total	7,529,000
Accumulated Depreciation	$ 2,195,000
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	1,444,000
Buildings	21,208,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(623,000)
Gross Amount at which Carried at Close of Period
Land	1,382,000
Buildings	20,647,000
Total	22,029,000
Accumulated Depreciation	$ 6,370,000
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	9,297,000
Buildings	24,086,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(42,000)
Gross Amount at which Carried at Close of Period
Land	9,255,000
Buildings	24,086,000
Total	33,341,000
Accumulated Depreciation	$ 5,388,000
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	$ 5,002,000
Initial Cost to Company
Land	8,990,000
Buildings	7,362,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,990,000
Buildings	7,362,000
Total	16,352,000
Accumulated Depreciation	$ 1,678,000
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	36,306,000
Buildings	5,212,000
Cost Capitalized Subsequent to Acquisition	337,000
Increase (Decrease) in Net Investments	11,470,000
Gross Amount at which Carried at Close of Period
Land	29,029,000
Buildings	24,296,000
Total	53,325,000
Accumulated Depreciation	$ 1,895,000
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	3,402,000
Buildings	16,353,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,402,000
Buildings	16,353,000
Total	19,755,000
Accumulated Depreciation	$ 4,295,000
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	5,087,000
Buildings	8,578,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,087,000
Buildings	8,578,000
Total	13,665,000
Accumulated Depreciation	$ 2,253,000
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	$ 17,350,000
Initial Cost to Company
Land	1,578,000
Buildings	29,415,000
Cost Capitalized Subsequent to Acquisition	706,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,578,000
Buildings	30,121,000
Total	31,699,000
Accumulated Depreciation	$ 6,707,000
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	$ 0
Initial Cost to Company
Land	2,849,000
Buildings	6,180,000
Cost Capitalized Subsequent to Acquisition	5,530,000
Increase (Decrease) in Net Investments	(76,000)
Gross Amount at which Carried at Close of Period
Land	2,773,000
Buildings	11,710,000
Total	14,483,000
Accumulated Depreciation	$ 2,772,000
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	$ 0
Initial Cost to Company
Land	1,487,000
Buildings	13,417,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,487,000
Buildings	13,417,000
Total	14,904,000
Accumulated Depreciation	$ 3,524,000
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	$ 7,098,000
Initial Cost to Company
Land	1,817,000
Buildings	5,709,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	11,000
Gross Amount at which Carried at Close of Period
Land	1,817,000
Buildings	5,720,000
Total	7,537,000
Accumulated Depreciation	$ 1,443,000
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	$ 8,707,000
Initial Cost to Company
Land	1,962,000
Buildings	9,247,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,962,000
Buildings	9,247,000
Total	11,209,000
Accumulated Depreciation	$ 2,278,000
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	81,109,000
Buildings	153,927,000
Cost Capitalized Subsequent to Acquisition	10,510,000
Increase (Decrease) in Net Investments	(126,616,000)
Gross Amount at which Carried at Close of Period
Land	30,270,000
Buildings	88,660,000
Total	118,930,000
Accumulated Depreciation	19,783,000
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	1,726,000
Buildings	4,856,000
Cost Capitalized Subsequent to Acquisition	89,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,726,000
Buildings	4,945,000
Total	6,671,000
Accumulated Depreciation	$ 1,104,000
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	$ 16,015,000
Initial Cost to Company
Land	3,204,000
Buildings	24,997,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,204,000
Buildings	24,997,000
Total	28,201,000
Accumulated Depreciation	$ 5,489,000
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	1,080,000
Buildings	14,998,000
Cost Capitalized Subsequent to Acquisition	1,841,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,080,000
Buildings	16,839,000
Total	17,919,000
Accumulated Depreciation	$ 4,057,000
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	$ 6,661,000
Initial Cost to Company
Land	674,000
Buildings	7,971,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	674,000
Buildings	7,971,000
Total	8,645,000
Accumulated Depreciation	$ 2,459,000
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	1,922,000
Buildings	9,755,000
Cost Capitalized Subsequent to Acquisition	7,435,000
Increase (Decrease) in Net Investments	9,000
Gross Amount at which Carried at Close of Period
Land	1,922,000
Buildings	17,199,000
Total	19,121,000
Accumulated Depreciation	$ 4,251,000
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	8,546,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,663,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	4,883,000
Total	4,883,000
Accumulated Depreciation	$ 2,440,000
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	2,942,000
Buildings	7,155,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,942,000
Buildings	7,155,000
Total	10,097,000
Accumulated Depreciation	$ 1,747,000
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	$ 3,200,000
Initial Cost to Company
Land	1,143,000
Buildings	5,648,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(669,000)
Gross Amount at which Carried at Close of Period
Land	1,031,000
Buildings	5,091,000
Total	6,122,000
Accumulated Depreciation	$ 1,243,000
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	2,366,000
Buildings	5,482,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	19,000
Gross Amount at which Carried at Close of Period
Land	2,366,000
Buildings	5,501,000
Total	7,867,000
Accumulated Depreciation	$ 1,221,000
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	2,932,000
Buildings	2,001,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	14,000
Gross Amount at which Carried at Close of Period
Land	2,932,000
Buildings	2,015,000
Total	4,947,000
Accumulated Depreciation	$ 513,000
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	845,000
Buildings	647,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4,000
Gross Amount at which Carried at Close of Period
Land	845,000
Buildings	651,000
Total	1,496,000
Accumulated Depreciation	$ 166,000
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	1,905,000
Buildings	1,403,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	6,000
Gross Amount at which Carried at Close of Period
Land	1,905,000
Buildings	1,409,000
Total	3,314,000
Accumulated Depreciation	$ 359,000
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	3,258,000
Buildings	8,352,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	26,000
Gross Amount at which Carried at Close of Period
Land	3,258,000
Buildings	8,378,000
Total	11,636,000
Accumulated Depreciation	$ 2,133,000
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	1,228,000
Buildings	1,465,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	8,000
Gross Amount at which Carried at Close of Period
Land	1,228,000
Buildings	1,473,000
Total	2,701,000
Accumulated Depreciation	$ 375,000
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	2,789,000
Buildings	8,750,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,589,000)
Gross Amount at which Carried at Close of Period
Land	2,368,000
Buildings	6,582,000
Total	8,950,000
Accumulated Depreciation	$ 1,871,000
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	965,000
Buildings	4,113,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	965,000
Buildings	4,113,000
Total	5,078,000
Accumulated Depreciation	$ 843,000
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	5,365,000
Buildings	7,845,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	5,000
Gross Amount at which Carried at Close of Period
Land	5,365,000
Buildings	7,850,000
Total	13,215,000
Accumulated Depreciation	$ 1,951,000
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	1,499,000
Buildings	8,185,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,499,000
Buildings	8,185,000
Total	9,684,000
Accumulated Depreciation	$ 2,040,000
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	2,831,000
Buildings	10,565,000
Cost Capitalized Subsequent to Acquisition	386,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,831,000
Buildings	10,951,000
Total	13,782,000
Accumulated Depreciation	$ 2,693,000
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	1,849,000
Buildings	7,371,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,130,000)
Gross Amount at which Carried at Close of Period
Land	1,622,000
Buildings	6,468,000
Total	8,090,000
Accumulated Depreciation	$ 1,432,000
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	$ 6,860,000
Initial Cost to Company
Land	2,962,000
Buildings	17,832,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,962,000
Buildings	17,832,000
Total	20,794,000
Accumulated Depreciation	$ 3,947,000
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	1,059,000
Buildings	2,886,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,059,000
Buildings	2,886,000
Total	3,945,000
Accumulated Depreciation	$ 637,000
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	2,783,000
Buildings	3,773,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,783,000
Buildings	3,773,000
Total	6,556,000
Accumulated Depreciation	$ 835,000
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	$ 7,860,000
Initial Cost to Company
Land	1,631,000
Buildings	23,163,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,631,000
Buildings	23,163,000
Total	24,794,000
Accumulated Depreciation	$ 5,719,000
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Mooresville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,503,000
Initial Cost to Company
Land	1,795,000
Buildings	15,955,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,795,000
Buildings	15,955,000
Total	17,750,000
Accumulated Depreciation	$ 0
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	6,488,000
Buildings	77,192,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,488,000
Buildings	77,192,000
Total	83,680,000
Accumulated Depreciation	$ 18,714,000
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	$ 3,017,000
Initial Cost to Company
Land	554,000
Buildings	4,353,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	554,000
Buildings	4,353,000
Total	4,907,000
Accumulated Depreciation	$ 919,000
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	2,211,000
Buildings	8,505,000
Cost Capitalized Subsequent to Acquisition	747,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,211,000
Buildings	9,252,000
Total	11,463,000
Accumulated Depreciation	$ 2,229,000
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	6,173,000
Buildings	10,321,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,625,000)
Gross Amount at which Carried at Close of Period
Land	5,565,000
Buildings	9,304,000
Total	14,869,000
Accumulated Depreciation	$ 2,524,000
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	5,343,000
Buildings	34,106,000
Cost Capitalized Subsequent to Acquisition	385,000
Increase (Decrease) in Net Investments	(3,888,000)
Gross Amount at which Carried at Close of Period
Land	4,816,000
Buildings	31,130,000
Total	35,946,000
Accumulated Depreciation	$ 7,640,000
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	1,105,000
Buildings	10,243,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,101,000)
Gross Amount at which Carried at Close of Period
Land	996,000
Buildings	9,251,000
Total	10,247,000
Accumulated Depreciation	$ 2,307,000
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	917,000
Buildings	10,663,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	917,000
Buildings	10,663,000
Total	11,580,000
Accumulated Depreciation	$ 5,638,000
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	$ 0
Initial Cost to Company
Land	6,747,000
Buildings	21,352,000
Cost Capitalized Subsequent to Acquisition	380,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,747,000
Buildings	21,732,000
Total	28,479,000
Accumulated Depreciation	$ 5,366,000
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	3,721,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(456,000)
Gross Amount at which Carried at Close of Period
Land	3,265,000
Buildings	0
Total	3,265,000
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	1,291,000
Initial Cost to Company
Land	955,000
Buildings	4,779,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	955,000
Buildings	4,779,000
Total	5,734,000
Accumulated Depreciation	$ 1,066,000
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	$ 4,244,000
Initial Cost to Company
Land	1,492,000
Buildings	12,233,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,492,000
Buildings	12,233,000
Total	13,725,000
Accumulated Depreciation	$ 2,736,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 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	8,989,000
Buildings	5,435,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	8,000
Gross Amount at which Carried at Close of Period
Land	8,989,000
Buildings	5,443,000
Total	14,432,000
Accumulated Depreciation	$ 1,341,000
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	3,230,000
Buildings	5,492,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,230,000
Buildings	5,492,000
Total	8,722,000
Accumulated Depreciation	$ 1,610,000
Life on which Depreciation in Latest Statement of  Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Pensacola, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,746,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	5,181,000
Gross Amount at which Carried at Close of Period
Land	1,746,000
Buildings	5,181,000
Total	6,927,000
Accumulated Depreciation	$ 51,000
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
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	4,654,000
Buildings	2,576,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,654,000
Buildings	2,576,000
Total	7,230,000
Accumulated Depreciation	$ 652,000
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	121,000
Buildings	5,328,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(427,000)
Gross Amount at which Carried at Close of Period
Land	109,000
Buildings	4,913,000
Total	5,022,000
Accumulated Depreciation	$ 1,051,000
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	2,330,000
Buildings	8,406,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,330,000
Buildings	8,406,000
Total	10,736,000
Accumulated Depreciation	$ 1,719,000
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	1,878,000
Buildings	8,579,000
Cost Capitalized Subsequent to Acquisition	3,128,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,878,000
Buildings	11,707,000
Total	13,585,000
Accumulated Depreciation	$ 2,550,000
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	$ 6,959,000
Initial Cost to Company
Land	1,403,000
Buildings	11,098,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,403,000
Buildings	11,098,000
Total	12,501,000
Accumulated Depreciation	$ 4,724,000
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	$ 0
Initial Cost to Company
Land	2,888,000
Buildings	4,282,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,888,000
Buildings	4,282,000
Total	7,170,000
Accumulated Depreciation	$ 1,087,000
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	3,486,000
Buildings	11,413,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,486,000
Buildings	11,413,000
Total	14,899,000
Accumulated Depreciation	$ 3,036,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Greenville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	567,000
Buildings	10,217,000
Cost Capitalized Subsequent to Acquisition	760,000
Increase (Decrease) in Net Investments	(3,213,000)
Gross Amount at which Carried at Close of Period
Land	370,000
Buildings	7,961,000
Total	8,331,000
Accumulated Depreciation	$ 2,446,000
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	821,000
Buildings	7,236,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	821,000
Buildings	7,236,000
Total	8,057,000
Accumulated Depreciation	$ 1,524,000
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	4,037,000
Buildings	7,865,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,037,000
Buildings	7,865,000
Total	11,902,000
Accumulated Depreciation	$ 408,000
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	4,085,000
Buildings	7,496,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,085,000
Buildings	7,496,000
Total	11,581,000
Accumulated Depreciation	$ 1,583,000
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	522,000
Buildings	7,448,000
Cost Capitalized Subsequent to Acquisition	227,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	522,000
Buildings	7,675,000
Total	8,197,000
Accumulated Depreciation	$ 2,020,000
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	$ 4,031,000
Initial Cost to Company
Land	4,049,000
Buildings	13,021,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	133,000
Gross Amount at which Carried at Close of Period
Land	4,049,000
Buildings	13,154,000
Total	17,203,000
Accumulated Depreciation	$ 4,874,000
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	$ 25,017,000
Initial Cost to Company
Land	0
Buildings	13,715,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	13,715,000
Total	13,715,000
Accumulated Depreciation	$ 2,839,000
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Sankt Ingbert, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,226,000
Buildings	17,460,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,524,000
Gross Amount at which Carried at Close of Period
Land	2,511,000
Buildings	19,699,000
Total	22,210,000
Accumulated Depreciation	$ 395,000
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	5,138,000
Buildings	8,387,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	43,000
Gross Amount at which Carried at Close of Period
Land	5,138,000
Buildings	8,430,000
Total	13,568,000
Accumulated Depreciation	$ 2,104,000
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	1,958,000
Buildings	7,993,000
Cost Capitalized Subsequent to Acquisition	725,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,958,000
Buildings	8,718,000
Total	10,676,000
Accumulated Depreciation	$ 1,867,000
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	707,000
Buildings	1,562,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	707,000
Buildings	1,562,000
Total	2,269,000
Accumulated Depreciation	$ 306,000
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	14,601,000
Buildings	21,915,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,598,000)
Gross Amount at which Carried at Close of Period
Land	13,162,000
Buildings	19,756,000
Total	32,918,000
Accumulated Depreciation	$ 6,693,000
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	453,000
Buildings	637,000
Cost Capitalized Subsequent to Acquisition	3,422,000
Increase (Decrease) in Net Investments	(83,000)
Gross Amount at which Carried at Close of Period
Land	453,000
Buildings	3,976,000
Total	4,429,000
Accumulated Depreciation	$ 466,000
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	$ 0
Initial Cost to Company
Land	574,000
Buildings	3,999,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	574,000
Buildings	3,999,000
Total	4,573,000
Accumulated Depreciation	$ 705,000
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	5,318,000
Buildings	27,551,000
Cost Capitalized Subsequent to Acquisition	105,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,318,000
Buildings	27,656,000
Total	32,974,000
Accumulated Depreciation	$ 5,412,000
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	7,962,000
Buildings	32,756,000
Cost Capitalized Subsequent to Acquisition	221,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,962,000
Buildings	32,977,000
Total	40,939,000
Accumulated Depreciation	$ 6,247,000
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	10,296,000
Buildings	91,744,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(27,759,000)
Gross Amount at which Carried at Close of Period
Land	7,567,000
Buildings	66,714,000
Total	74,281,000
Accumulated Depreciation	$ 10,824,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Westborough, Massachusetts
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,409,000
Buildings	37,914,000
Cost Capitalized Subsequent to Acquisition	53,065,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,409,000
Buildings	90,979,000
Total	94,388,000
Accumulated Depreciation	$ 8,056,000
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	3,980,000
Buildings	45,120,000
Cost Capitalized Subsequent to Acquisition	323,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,980,000
Buildings	45,443,000
Total	49,423,000
Accumulated Depreciation	$ 7,507,000
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	22,587,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,414,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	19,173,000
Total	19,173,000
Accumulated Depreciation	$ 3,020,000
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	1,627,000
Buildings	13,721,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,627,000
Buildings	13,721,000
Total	15,348,000
Accumulated Depreciation	$ 2,372,000
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	2,151,000
Buildings	21,438,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(309,000)
Gross Amount at which Carried at Close of Period
Land	2,123,000
Buildings	21,157,000
Total	23,280,000
Accumulated Depreciation	$ 3,752,000
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	51,778,000
Buildings	257,624,000
Cost Capitalized Subsequent to Acquisition	10,000
Increase (Decrease) in Net Investments	1,422,000
Gross Amount at which Carried at Close of Period
Land	55,159,000
Buildings	255,675,000
Total	310,834,000
Accumulated Depreciation	40,071,000
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	66,319,000
Buildings	230,113,000
Cost Capitalized Subsequent to Acquisition	277,000
Increase (Decrease) in Net Investments	(40,605,000)
Gross Amount at which Carried at Close of Period
Land	57,084,000
Buildings	199,020,000
Total	256,104,000
Accumulated Depreciation	$ 39,229,000
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	33,935,000
Cost Capitalized Subsequent to Acquisition	20,448,000
Increase (Decrease) in Net Investments	4,789,000
Gross Amount at which Carried at Close of Period
Land	0
Buildings	59,172,000
Total	59,172,000
Accumulated Depreciation	$ 6,697,000
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	2,855,000
Buildings	18,829,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3,009,000
Gross Amount at which Carried at Close of Period
Land	3,251,000
Buildings	21,442,000
Total	24,693,000
Accumulated Depreciation	$ 3,695,000
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	3,090,000
Buildings	18,262,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	221,000
Gross Amount at which Carried at Close of Period
Land	3,122,000
Buildings	18,451,000
Total	21,573,000
Accumulated Depreciation	$ 2,810,000
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	2,912,000
Buildings	30,140,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,103,000)
Gross Amount at which Carried at Close of Period
Land	2,550,000
Buildings	26,399,000
Total	28,949,000
Accumulated Depreciation	$ 4,138,000
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	9,449,000
Buildings	15,838,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,586,000
Gross Amount at which Carried at Close of Period
Land	10,415,000
Buildings	17,458,000
Total	27,873,000
Accumulated Depreciation	$ 3,024,000
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	49,190,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	49,190,000
Total	49,190,000
Accumulated Depreciation	$ 7,561,000
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	5,698,000
Buildings	38,130,000
Cost Capitalized Subsequent to Acquisition	79,000
Increase (Decrease) in Net Investments	6,255,000
Gross Amount at which Carried at Close of Period
Land	6,510,000
Buildings	43,652,000
Total	50,162,000
Accumulated Depreciation	$ 6,954,000
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	7,626,000
Buildings	16,137,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,626,000
Buildings	16,137,000
Total	23,763,000
Accumulated Depreciation	$ 2,128,000
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	5,090,000
Buildings	34,721,000
Cost Capitalized Subsequent to Acquisition	15,333,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,090,000
Buildings	50,054,000
Total	55,144,000
Accumulated Depreciation	$ 8,721,000
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	66,845,000
Buildings	87,575,000
Cost Capitalized Subsequent to Acquisition	65,400,000
Increase (Decrease) in Net Investments	(56,517,000)
Gross Amount at which Carried at Close of Period
Land	49,680,000
Buildings	113,623,000
Total	163,303,000
Accumulated Depreciation	20,553,000
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	17,155,000
Buildings	10,665,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(18,015,000)
Gross Amount at which Carried at Close of Period
Land	6,082,000
Buildings	3,723,000
Total	9,805,000
Accumulated Depreciation	$ 1,519,000
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	15,550,000
Buildings	83,862,000
Cost Capitalized Subsequent to Acquisition	63,830,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	15,550,000
Buildings	147,692,000
Total	163,242,000
Accumulated Depreciation	$ 17,704,000
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	3,585,000
Buildings	17,254,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,585,000
Buildings	17,254,000
Total	20,839,000
Accumulated Depreciation	$ 2,028,000
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	28,759,000
Buildings	13,998,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	28,759,000
Buildings	13,998,000
Total	42,757,000
Accumulated Depreciation	$ 1,961,000
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	5,152,000
Buildings	12,614,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,152,000
Buildings	12,614,000
Total	17,766,000
Accumulated Depreciation	$ 1,434,000
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	2,222,000
Buildings	2,655,000
Cost Capitalized Subsequent to Acquisition	3,511,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,222,000
Buildings	6,166,000
Total	8,388,000
Accumulated Depreciation	$ 1,046,000
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	395,000
Buildings	102,000
Cost Capitalized Subsequent to Acquisition	10,378,000
Increase (Decrease) in Net Investments	565,000
Gross Amount at which Carried at Close of Period
Land	415,000
Buildings	11,025,000
Total	11,440,000
Accumulated Depreciation	$ 742,000
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	2,560,000
Buildings	16,025,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,560,000
Buildings	16,025,000
Total	18,585,000
Accumulated Depreciation	$ 1,413,000
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	1,718,000
Buildings	59,000
Cost Capitalized Subsequent to Acquisition	14,454,000
Increase (Decrease) in Net Investments	812,000
Gross Amount at which Carried at Close of Period
Land	1,810,000
Buildings	15,233,000
Total	17,043,000
Accumulated Depreciation	$ 889,000
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	1,016,000
Buildings	3,838,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,016,000
Buildings	3,838,000
Total	4,854,000
Accumulated Depreciation	$ 380,000
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	5,512,000
Buildings	61,230,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,465,000
Buildings	61,277,000
Total	66,742,000
Accumulated Depreciation	$ 5,277,000
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	20,304,000
Buildings	185,481,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	12,512,000
Gross Amount at which Carried at Close of Period
Land	21,539,000
Buildings	196,758,000
Total	218,297,000
Accumulated Depreciation	$ 15,549,000
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	38,475,000
Buildings	117,127,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	8,394,000
Gross Amount at which Carried at Close of Period
Land	40,551,000
Buildings	123,445,000
Total	163,996,000
Accumulated Depreciation	$ 10,807,000
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	786,000
Buildings	6,589,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	786,000
Buildings	6,589,000
Total	7,375,000
Accumulated Depreciation	$ 727,000
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	3,251,000
Buildings	12,858,000
Cost Capitalized Subsequent to Acquisition	126,000
Increase (Decrease) in Net Investments	962,000
Gross Amount at which Carried at Close of Period
Land	3,443,000
Buildings	13,754,000
Total	17,197,000
Accumulated Depreciation	$ 1,357,000
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	13,527,000
Buildings	35,631,000
Cost Capitalized Subsequent to Acquisition	28,067,000
Increase (Decrease) in Net Investments	4,104,000
Gross Amount at which Carried at Close of Period
Land	14,339,000
Buildings	66,990,000
Total	81,329,000
Accumulated Depreciation	$ 3,521,000
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	2,582,000
Buildings	18,731,000
Cost Capitalized Subsequent to Acquisition	6,455,000
Increase (Decrease) in Net Investments	2,153,000
Gross Amount at which Carried at Close of Period
Land	2,784,000
Buildings	27,137,000
Total	29,921,000
Accumulated Depreciation	$ 1,943,000
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	2,916,000
Buildings	39,687,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3,283,000
Gross Amount at which Carried at Close of Period
Land	3,140,000
Buildings	42,746,000
Total	45,886,000
Accumulated Depreciation	$ 2,484,000
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	$ 1,064,000
Initial Cost to Company
Land	802,000
Buildings	3,686,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	802,000
Buildings	3,686,000
Total	4,488,000
Accumulated Depreciation	$ 271,000
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	$ 10,178,000
Initial Cost to Company
Land	7,720,000
Buildings	17,266,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,720,000
Buildings	17,266,000
Total	24,986,000
Accumulated Depreciation	$ 998,000
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	18,286,000
Buildings	33,030,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	18,286,000
Buildings	33,030,000
Total	51,316,000
Accumulated Depreciation	$ 1,901,000
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	1,736,000
Buildings	8,298,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	774,000
Gross Amount at which Carried at Close of Period
Land	1,870,000
Buildings	8,938,000
Total	10,808,000
Accumulated Depreciation	$ 557,000
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	$ 9,693,000
Initial Cost to Company
Land	6,460,000
Buildings	49,462,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,460,000
Buildings	49,462,000
Total	55,922,000
Accumulated Depreciation	$ 3,082,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Glendale Heights, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,237,000
Buildings	45,484,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,237,000
Buildings	45,484,000
Total	49,721,000
Accumulated Depreciation	$ 635,000
Life on which Depreciation in Latest Statement of  Income is Computed	38 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	3,505,000
Buildings	20,913,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,505,000
Buildings	20,913,000
Total	24,418,000
Accumulated Depreciation	$ 719,000
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	$ 14,468,000
Initial Cost to Company
Land	3,424,000
Buildings	43,114,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,424,000
Buildings	43,114,000
Total	46,538,000
Accumulated Depreciation	$ 2,686,000
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	$ 17,465,000
Initial Cost to Company
Land	7,383,000
Buildings	7,687,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	849,000
Gross Amount at which Carried at Close of Period
Land	7,799,000
Buildings	8,120,000
Total	15,919,000
Accumulated Depreciation	$ 462,000
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	17,626,000
Buildings	44,501,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4,788,000
Gross Amount at which Carried at Close of Period
Land	18,985,000
Buildings	47,930,000
Total	66,915,000
Accumulated Depreciation	$ 2,813,000
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	1,376,000
Buildings	6,137,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	579,000
Gross Amount at which Carried at Close of Period
Land	1,482,000
Buildings	6,610,000
Total	8,092,000
Accumulated Depreciation	$ 392,000
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	$ 22,249,000
Initial Cost to Company
Land	1,697,000
Buildings	52,289,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,697,000
Buildings	52,289,000
Total	53,986,000
Accumulated Depreciation	$ 2,903,000
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	5,550,000
Buildings	14,214,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,550,000
Buildings	14,214,000
Total	19,764,000
Accumulated Depreciation	$ 818,000
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	15,789,000
Buildings	33,287,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3,782,000
Gross Amount at which Carried at Close of Period
Land	17,005,000
Buildings	35,853,000
Total	52,858,000
Accumulated Depreciation	$ 3,089,000
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	$ 4,741,000
Initial Cost to Company
Land	1,295,000
Buildings	13,384,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,295,000
Buildings	13,384,000
Total	14,679,000
Accumulated Depreciation	$ 763,000
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	$ 39,665,000
Initial Cost to Company
Land	0
Buildings	79,720,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	79,720,000
Total	79,720,000
Accumulated Depreciation	$ 4,328,000
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; Holly Hill and Safety Harbor, FL; Rockmart, GA; Durham, NC; Columbia, SC; Ooltewah, TN; and Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 19,535,000
Initial Cost to Company
Land	20,517,000
Buildings	14,135,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	30,060,000
Gross Amount at which Carried at Close of Period
Land	22,585,000
Buildings	42,127,000
Total	64,712,000
Accumulated Depreciation	$ 1,231,000
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	2,652,000
Buildings	51,915,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,652,000
Buildings	51,915,000
Total	54,567,000
Accumulated Depreciation	$ 3,318,000
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	6,791,000
Buildings	2,315,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	513,000
Gross Amount at which Carried at Close of Period
Land	7,174,000
Buildings	2,445,000
Total	9,619,000
Accumulated Depreciation	$ 156,000
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	$ 0
Initial Cost to Company
Land	180,000
Buildings	22,095,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	180,000
Buildings	22,095,000
Total	22,275,000
Accumulated Depreciation	$ 1,228,000
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	$ 31,644,000
Initial Cost to Company
Land	3,889,000
Buildings	49,843,000
Cost Capitalized Subsequent to Acquisition	754,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,889,000
Buildings	50,597,000
Total	54,486,000
Accumulated Depreciation	$ 2,841,000
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	7,858,000
Buildings	12,728,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,587,000
Gross Amount at which Carried at Close of Period
Land	8,464,000
Buildings	13,709,000
Total	22,173,000
Accumulated Depreciation	$ 899,000
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	879,000
Buildings	2,014,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	879,000
Buildings	2,014,000
Total	2,893,000
Accumulated Depreciation	$ 157,000
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	$ 60,617,000
Initial Cost to Company
Land	24,344,000
Buildings	39,646,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4,931,000
Gross Amount at which Carried at Close of Period
Land	26,220,000
Buildings	42,701,000
Total	68,921,000
Accumulated Depreciation	$ 2,518,000
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	$ 2,653,000
Initial Cost to Company
Land	1,454,000
Buildings	6,406,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,454,000
Buildings	6,406,000
Total	7,860,000
Accumulated Depreciation	$ 391,000
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	5,549,000
Buildings	12,408,000
Cost Capitalized Subsequent to Acquisition	1,625,000
Increase (Decrease) in Net Investments	8,755,000
Gross Amount at which Carried at Close of Period
Land	7,332,000
Buildings	21,005,000
Total	28,337,000
Accumulated Depreciation	$ 1,563,000
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	$ 0
Initial Cost to Company
Land	42,793,000
Buildings	193,666,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	42,793,000
Buildings	193,666,000
Total	236,459,000
Accumulated Depreciation	$ 11,657,000
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	37,755,000
Buildings	91,666,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	9,974,000
Gross Amount at which Carried at Close of Period
Land	40,665,000
Buildings	98,730,000
Total	139,395,000
Accumulated Depreciation	$ 5,638,000
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	22,453,000
Buildings	78,814,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,453,000
Buildings	78,814,000
Total	101,267,000
Accumulated Depreciation	$ 4,522,000
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	75,492,000
Buildings	138,280,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	16,474,000
Gross Amount at which Carried at Close of Period
Land	81,310,000
Buildings	148,936,000
Total	230,246,000
Accumulated Depreciation	$ 9,199,000
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	2,405,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,405,000
Buildings	0
Total	2,405,000
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	2,136,000
Buildings	2,344,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,136,000
Buildings	2,344,000
Total	4,480,000
Accumulated Depreciation	$ 156,000
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	1,082,000
Buildings	8,108,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,082,000
Buildings	8,108,000
Total	9,190,000
Accumulated Depreciation	$ 494,000
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	9,887,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,887,000
Buildings	0
Total	9,887,000
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	1,346,000
Buildings	9,551,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,346,000
Buildings	9,551,000
Total	10,897,000
Accumulated Depreciation	$ 564,000
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	19,583,000
Buildings	108,971,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	19,583,000
Buildings	108,971,000
Total	128,554,000
Accumulated Depreciation	$ 6,691,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
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	542,000
Buildings	2,507,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	542,000
Buildings	2,507,000
Total	3,049,000
Accumulated Depreciation	$ 143,000
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	691,000
Buildings	6,295,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	691,000
Buildings	6,295,000
Total	6,986,000
Accumulated Depreciation	$ 396,000
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	5,519,000
Buildings	9,930,000
Cost Capitalized Subsequent to Acquisition	1,291,000
Increase (Decrease) in Net Investments	1,125,000
Gross Amount at which Carried at Close of Period
Land	5,944,000
Buildings	11,921,000
Total	17,865,000
Accumulated Depreciation	$ 982,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in Eagan and Virginia, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	16,302,000
Buildings	91,239,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(722,000)
Gross Amount at which Carried at Close of Period
Land	15,954,000
Buildings	90,865,000
Total	106,819,000
Accumulated Depreciation	$ 5,466,000
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	6,262,000
Buildings	25,134,000
Cost Capitalized Subsequent to Acquisition	430,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,371,000
Buildings	25,455,000
Total	31,826,000
Accumulated Depreciation	$ 1,400,000
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	$ 2,978,000
Initial Cost to Company
Land	1,447,000
Buildings	5,564,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,447,000
Buildings	5,564,000
Total	7,011,000
Accumulated Depreciation	$ 344,000
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	6,158,000
Buildings	28,032,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,635,000
Gross Amount at which Carried at Close of Period
Land	6,633,000
Buildings	30,192,000
Total	36,825,000
Accumulated Depreciation	$ 1,794,000
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	1,839,000
Buildings	4,654,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,839,000
Buildings	4,654,000
Total	6,493,000
Accumulated Depreciation	$ 373,000
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	19,529,000
Buildings	42,318,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	19,529,000
Buildings	42,318,000
Total	61,847,000
Accumulated Depreciation	$ 2,544,000
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	$ 13,304,000
Initial Cost to Company
Land	5,508,000
Buildings	12,032,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,508,000
Buildings	12,032,000
Total	17,540,000
Accumulated Depreciation	$ 715,000
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	1,297,000
Buildings	5,362,000
Cost Capitalized Subsequent to Acquisition	4,000,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,297,000
Buildings	9,362,000
Total	10,659,000
Accumulated Depreciation	$ 586,000
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	2,062,000
Buildings	10,034,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	932,000
Gross Amount at which Carried at Close of Period
Land	2,221,000
Buildings	10,807,000
Total	13,028,000
Accumulated Depreciation	$ 659,000
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 Antonio, TX and Sterling, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,198,000
Buildings	23,981,000
Cost Capitalized Subsequent to Acquisition	78,727,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,228,000
Buildings	98,678,000
Total	105,906,000
Accumulated Depreciation	$ 2,307,000
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	$ 8,067,000
Initial Cost to Company
Land	5,511,000
Buildings	10,766,000
Cost Capitalized Subsequent to Acquisition	2,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,511,000
Buildings	10,768,000
Total	16,279,000
Accumulated Depreciation	$ 626,000
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	$ 4,234,000
Initial Cost to Company
Land	3,450,000
Buildings	7,797,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,450,000
Buildings	7,797,000
Total	11,247,000
Accumulated Depreciation	$ 511,000
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	$ 16,777,000
Initial Cost to Company
Land	3,662,000
Buildings	23,711,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,662,000
Buildings	23,711,000
Total	27,373,000
Accumulated Depreciation	$ 1,360,000
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	13,507,000
Buildings	25,301,000
Cost Capitalized Subsequent to Acquisition	1,381,000
Increase (Decrease) in Net Investments	(2,281,000)
Gross Amount at which Carried at Close of Period
Land	12,642,000
Buildings	25,266,000
Total	37,908,000
Accumulated Depreciation	$ 1,503,000
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	2,977,000
Buildings	16,168,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,977,000
Buildings	16,168,000
Total	19,145,000
Accumulated Depreciation	$ 901,000
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	$ 125,829,000
Initial Cost to Company
Land	23,161,000
Buildings	104,266,000
Cost Capitalized Subsequent to Acquisition	760,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	23,161,000
Buildings	105,026,000
Total	128,187,000
Accumulated Depreciation	$ 5,760,000
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	9,000,000
Buildings	13,002,000
Cost Capitalized Subsequent to Acquisition	1,415,000
Increase (Decrease) in Net Investments	1,657,000
Gross Amount at which Carried at Close of Period
Land	9,693,000
Buildings	15,381,000
Total	25,074,000
Accumulated Depreciation	$ 1,064,000
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	$ 5,099,000
Initial Cost to Company
Land	0
Buildings	493,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	493,000
Total	493,000
Accumulated Depreciation	$ 107,000
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	18,510,000
Buildings	163,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(11,855,000)
Gross Amount at which Carried at Close of Period
Land	6,744,000
Buildings	74,000
Total	6,818,000
Accumulated Depreciation	$ 28,000
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	$ 25,838,000
Initial Cost to Company
Land	3,516,000
Buildings	44,933,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,516,000
Buildings	44,933,000
Total	48,449,000
Accumulated Depreciation	$ 2,779,000
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	29,223,000
Buildings	77,202,000
Cost Capitalized Subsequent to Acquisition	114,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	29,223,000
Buildings	77,316,000
Total	106,539,000
Accumulated Depreciation	$ 4,238,000
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	769,000
Buildings	12,869,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	769,000
Buildings	12,869,000
Total	13,638,000
Accumulated Depreciation	$ 708,000
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	1,247,000
Buildings	5,733,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,247,000
Buildings	5,733,000
Total	6,980,000
Accumulated Depreciation	$ 359,000
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	10,422,000
Buildings	47,727,000
Cost Capitalized Subsequent to Acquisition	57,000
Increase (Decrease) in Net Investments	4,487,000
Gross Amount at which Carried at Close of Period
Land	11,225,000
Buildings	51,468,000
Total	62,693,000
Accumulated Depreciation	$ 3,099,000
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	1,070,000
Buildings	8,686,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,070,000
Buildings	8,686,000
Total	9,756,000
Accumulated Depreciation	$ 513,000
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	$ 8,480,000
Initial Cost to Company
Land	3,485,000
Buildings	11,263,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,485,000
Buildings	11,263,000
Total	14,748,000
Accumulated Depreciation	$ 653,000
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	$ 0
Initial Cost to Company
Land	5,227,000
Buildings	18,793,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,157,000
Gross Amount at which Carried at Close of Period
Land	5,630,000
Buildings	20,547,000
Total	26,177,000
Accumulated Depreciation	$ 1,218,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Haibach, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,036,000
Initial Cost to Company
Land	1,767,000
Buildings	12,229,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,292,000)
Gross Amount at which Carried at Close of Period
Land	921,000
Buildings	6,783,000
Total	7,704,000
Accumulated Depreciation	$ 791,000
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	1,994,000
Buildings	4,982,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,994,000
Buildings	4,982,000
Total	6,976,000
Accumulated Depreciation	$ 366,000
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	$ 5,391,000
Initial Cost to Company
Land	1,910,000
Buildings	6,773,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,910,000
Buildings	6,773,000
Total	8,683,000
Accumulated Depreciation	$ 401,000
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	1,730,000
Buildings	4,213,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,730,000
Buildings	4,213,000
Total	5,943,000
Accumulated Depreciation	$ 302,000
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	$ 13,892,000
Initial Cost to Company
Land	0
Buildings	19,533,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	19,533,000
Total	19,533,000
Accumulated Depreciation	$ 1,119,000
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	2,448,000
Buildings	17,353,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,448,000
Buildings	17,353,000
Total	19,801,000
Accumulated Depreciation	$ 1,008,000
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	2,316,000
Buildings	9,370,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	901,000
Gross Amount at which Carried at Close of Period
Land	2,495,000
Buildings	10,092,000
Total	12,587,000
Accumulated Depreciation	$ 584,000
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	$ 1,362,000
Initial Cost to Company
Land	958,000
Buildings	2,309,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	958,000
Buildings	2,309,000
Total	3,267,000
Accumulated Depreciation	$ 163,000
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	$ 0
Initial Cost to Company
Land	2,381,000
Buildings	6,212,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	662,000
Gross Amount at which Carried at Close of Period
Land	2,564,000
Buildings	6,691,000
Total	9,255,000
Accumulated Depreciation	$ 390,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Gelsenkirchen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,634,000
Initial Cost to Company
Land	2,178,000
Buildings	17,097,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,485,000
Gross Amount at which Carried at Close of Period
Land	2,345,000
Buildings	18,415,000
Total	20,760,000
Accumulated Depreciation	$ 1,062,000
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	8,782,000
Buildings	53,575,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4,806,000
Gross Amount at which Carried at Close of Period
Land	9,459,000
Buildings	57,704,000
Total	67,163,000
Accumulated Depreciation	$ 3,605,000
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	$ 21,289,000
Initial Cost to Company
Land	2,871,000
Buildings	26,353,000
Cost Capitalized Subsequent to Acquisition	184,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,871,000
Buildings	26,537,000
Total	29,408,000
Accumulated Depreciation	$ 1,516,000
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	$ 12,316,000
Initial Cost to Company
Land	3,094,000
Buildings	16,624,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,094,000
Buildings	16,624,000
Total	19,718,000
Accumulated Depreciation	$ 971,000
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	3,428,000
Buildings	28,005,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,422,000
Gross Amount at which Carried at Close of Period
Land	3,692,000
Buildings	30,163,000
Total	33,855,000
Accumulated Depreciation	$ 1,756,000
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	7,864,000
Buildings	27,006,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,687,000
Gross Amount at which Carried at Close of Period
Land	8,470,000
Buildings	29,087,000
Total	37,557,000
Accumulated Depreciation	$ 1,671,000
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	$ 39,493,000
Initial Cost to Company
Land	0
Buildings	44,990,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3,467,000
Gross Amount at which Carried at Close of Period
Land	0
Buildings	48,457,000
Total	48,457,000
Accumulated Depreciation	$ 2,716,000
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	$ 41,535,000
Initial Cost to Company
Land	10,199,000
Buildings	47,391,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4,438,000
Gross Amount at which Carried at Close of Period
Land	10,985,000
Buildings	51,043,000
Total	62,028,000
Accumulated Depreciation	$ 3,005,000
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	$ 11,776,000
Initial Cost to Company
Land	906,000
Buildings	17,020,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	906,000
Buildings	17,020,000
Total	17,926,000
Accumulated Depreciation	$ 954,000
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	791,000
Buildings	1,990,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	791,000
Buildings	1,990,000
Total	2,781,000
Accumulated Depreciation	$ 122,000
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	2,858,000
Buildings	11,055,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,858,000
Buildings	11,055,000
Total	13,913,000
Accumulated Depreciation	$ 681,000
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	2,868,000
Buildings	37,571,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,868,000
Buildings	37,571,000
Total	40,439,000
Accumulated Depreciation	$ 2,354,000
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	806,000
Buildings	11,922,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	806,000
Buildings	11,922,000
Total	12,728,000
Accumulated Depreciation	$ 771,000
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	620,000
Buildings	46,319,000
Cost Capitalized Subsequent to Acquisition	434,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	620,000
Buildings	46,753,000
Total	47,373,000
Accumulated Depreciation	$ 2,085,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Zabia Wola, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,921,000
Initial Cost to Company
Land	4,742,000
Buildings	23,270,000
Cost Capitalized Subsequent to Acquisition	5,636,000
Increase (Decrease) in Net Investments	2,627,000
Gross Amount at which Carried at Close of Period
Land	5,107,000
Buildings	31,168,000
Total	36,275,000
Accumulated Depreciation	$ 1,754,000
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	2,224,000
Buildings	6,583,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,224,000
Buildings	6,583,000
Total	8,807,000
Accumulated Depreciation	$ 390,000
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	5,794,000
Buildings	21,141,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,794,000
Buildings	21,141,000
Total	26,935,000
Accumulated Depreciation	$ 1,791,000
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	23,267,000
Buildings	9,166,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	23,267,000
Buildings	9,166,000
Total	32,433,000
Accumulated Depreciation	$ 724,000
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	3,002,000
Buildings	36,334,000
Cost Capitalized Subsequent to Acquisition	14,096,000
Increase (Decrease) in Net Investments	(6,000)
Gross Amount at which Carried at Close of Period
Land	3,002,000
Buildings	50,424,000
Total	53,426,000
Accumulated Depreciation	$ 2,592,000
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	2,787,000
Buildings	12,945,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,787,000
Buildings	12,945,000
Total	15,732,000
Accumulated Depreciation	$ 770,000
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	995,000
Buildings	9,787,000
Cost Capitalized Subsequent to Acquisition	6,007,000
Increase (Decrease) in Net Investments	1,275,000
Gross Amount at which Carried at Close of Period
Land	1,070,000
Buildings	16,994,000
Total	18,064,000
Accumulated Depreciation	$ 1,069,000
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	4,231,000
Buildings	14,731,000
Cost Capitalized Subsequent to Acquisition	8,000
Increase (Decrease) in Net Investments	1,491,000
Gross Amount at which Carried at Close of Period
Land	4,563,000
Buildings	15,898,000
Total	20,461,000
Accumulated Depreciation	$ 1,208,000
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	2,396,000
Buildings	23,258,000
Cost Capitalized Subsequent to Acquisition	4,218,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,396,000
Buildings	27,476,000
Total	29,872,000
Accumulated Depreciation	$ 1,502,000
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	2,374,000
Buildings	30,140,000
Cost Capitalized Subsequent to Acquisition	2,172,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,374,000
Buildings	32,312,000
Total	34,686,000
Accumulated Depreciation	$ 1,577,000
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	$ 20,010,000
Initial Cost to Company
Land	3,265,000
Buildings	36,692,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,265,000
Buildings	36,692,000
Total	39,957,000
Accumulated Depreciation	$ 1,791,000
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	1,914,000
Buildings	37,279,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,914,000
Buildings	37,279,000
Total	39,193,000
Accumulated Depreciation	$ 1,719,000
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	8,640,000
Buildings	4,948,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	300,000
Gross Amount at which Carried at Close of Period
Land	8,940,000
Buildings	4,948,000
Total	13,888,000
Accumulated Depreciation	$ 366,000
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	764,000
Cost Capitalized Subsequent to Acquisition	15,163,000
Increase (Decrease) in Net Investments	1,840,000
Gross Amount at which Carried at Close of Period
Land	0
Buildings	17,767,000
Total	17,767,000
Accumulated Depreciation	$ 487,000
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	1,545,000
Buildings	6,508,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,545,000
Buildings	6,508,000
Total	8,053,000
Accumulated Depreciation	$ 346,000
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	1,616,000
Buildings	5,589,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,616,000
Buildings	5,589,000
Total	7,205,000
Accumulated Depreciation	$ 362,000
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	3,426,000
Buildings	7,286,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,426,000
Buildings	7,286,000
Total	10,712,000
Accumulated Depreciation	$ 427,000
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	1,683,000
Buildings	13,827,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,683,000
Buildings	13,827,000
Total	15,510,000
Accumulated Depreciation	$ 655,000
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	4,290,000
Buildings	51,410,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,290,000
Buildings	51,410,000
Total	55,700,000
Accumulated Depreciation	$ 2,452,000
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	1,471,000
Buildings	21,293,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,471,000
Buildings	21,293,000
Total	22,764,000
Accumulated Depreciation	$ 928,000
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	2,025,000
Buildings	9,519,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,025,000
Buildings	9,519,000
Total	11,544,000
Accumulated Depreciation	$ 415,000
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	3,233,000
Buildings	10,954,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,647,000
Gross Amount at which Carried at Close of Period
Land	3,613,000
Buildings	12,221,000
Total	15,834,000
Accumulated Depreciation	$ 397,000
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	4,155,000
Buildings	22,930,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,155,000
Buildings	22,930,000
Total	27,085,000
Accumulated Depreciation	$ 998,000
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	2,851,000
Buildings	12,748,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,000)
Gross Amount at which Carried at Close of Period
Land	2,851,000
Buildings	12,745,000
Total	15,596,000
Accumulated Depreciation	$ 501,000
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	1,431,000
Buildings	5,402,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,431,000
Buildings	5,402,000
Total	6,833,000
Accumulated Depreciation	$ 218,000
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	6,130,000
Buildings	24,981,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,130,000
Buildings	24,981,000
Total	31,111,000
Accumulated Depreciation	$ 856,000
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	1,694,000
Buildings	8,793,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,190,000
Gross Amount at which Carried at Close of Period
Land	1,886,000
Buildings	9,791,000
Total	11,677,000
Accumulated Depreciation	$ 291,000
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	6,499,000
Buildings	27,899,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4,819,000
Gross Amount at which Carried at Close of Period
Land	7,453,000
Buildings	31,764,000
Total	39,217,000
Accumulated Depreciation	$ 961,000
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	4,520,000
Buildings	34,167,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,520,000
Buildings	34,167,000
Total	38,687,000
Accumulated Depreciation	$ 998,000
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	6,481,000
Buildings	82,936,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,481,000
Buildings	82,936,000
Total	89,417,000
Accumulated Depreciation	$ 2,436,000
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	3,287,000
Buildings	10,167,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,287,000
Buildings	10,167,000
Total	13,454,000
Accumulated Depreciation	$ 541,000
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	1,931,000
Buildings	4,243,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	623,000
Gross Amount at which Carried at Close of Period
Land	2,135,000
Buildings	4,662,000
Total	6,797,000
Accumulated Depreciation	$ 171,000
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	8,659,000
Buildings	29,752,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,295,000
Gross Amount at which Carried at Close of Period
Land	8,951,000
Buildings	30,755,000
Total	39,706,000
Accumulated Depreciation	$ 817,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Newark, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	21,869,000
Buildings	74,777,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3,774,000
Gross Amount at which Carried at Close of Period
Land	22,723,000
Buildings	77,697,000
Total	100,420,000
Accumulated Depreciation	$ 1,916,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Aurora, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,914,000
Buildings	21,459,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,914,000
Buildings	21,459,000
Total	24,373,000
Accumulated Depreciation	$ 503,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Vojens, Denmark
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,031,000
Buildings	8,784,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,129,000
Gross Amount at which Carried at Close of Period
Land	1,149,000
Buildings	9,795,000
Total	10,944,000
Accumulated Depreciation	$ 225,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Kitzingen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,812,000
Buildings	41,125,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3,264,000
Gross Amount at which Carried at Close of Period
Land	5,155,000
Buildings	44,046,000
Total	49,201,000
Accumulated Depreciation	$ 897,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Knoxville, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,455,000
Buildings	47,446,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,455,000
Buildings	47,446,000
Total	49,901,000
Accumulated Depreciation	$ 616,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Bluffton and Plymouth, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	674,000
Buildings	33,519,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	674,000
Buildings	33,519,000
Total	34,193,000
Accumulated Depreciation	$ 229,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Huntley, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,260,000
Buildings	26,617,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,260,000
Buildings	26,617,000
Total	31,877,000
Accumulated Depreciation	$ 169,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Winter Haven, FL; Belvedere, IL; and Fayetteville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,232,000
Buildings	31,745,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,232,000
Buildings	31,745,000
Total	39,977,000
Accumulated Depreciation	$ 176,000
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	34,216,000
Buildings	57,151,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4,475,000
Gross Amount at which Carried at Close of Period
Land	35,892,000
Buildings	59,950,000
Total	95,842,000
Accumulated Depreciation	$ 258,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Little Canada, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,384,000
Buildings	23,422,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,384,000
Buildings	23,422,000
Total	26,806,000
Accumulated Depreciation	$ 101,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Hurricane, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,154,000
Buildings	22,893,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,154,000
Buildings	22,893,000
Total	28,047,000
Accumulated Depreciation	$ 38,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Bethlehem, PA and Waco, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,673,000
Buildings	19,111,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,673,000
Buildings	19,111,000
Total	23,784,000
Accumulated Depreciation	$ 29,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in St. Charles, MO and Green Bay, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,966,000
Buildings	20,055,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,966,000
Buildings	20,055,000
Total	23,021,000
Accumulated Depreciation	$ 19,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Pleasanton, KS; Savage, MN; Grove City, OH; and Mahanoy City, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,717,000
Buildings	21,569,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,717,000
Buildings	21,569,000
Total	23,021,000
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Bloomington, MN
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 | Loves Park, IL
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 | Cherry Valley, IL
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 | Rockford, IL
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 | Rockford, IL
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 | Rockford, IL
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 | Peoria, IL
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 | East Peoria, IL
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 | Loves Park, IL
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 | Winder, GA
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 | Winder, GA
Gross Amount at which Carried at Close of Period
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	$ 42,721,000
Initial Cost to Company
Land	97,504,000
Buildings	673,026,000
Cost Capitalized Subsequent to Acquisition	10,899,000
Increase (Decrease) in Net Investments	(69,455,000)
Gross Amount at which Carried at Close of Period
Total	711,974,000
Less: allowance for credit losses	(17,073,000)
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	27,599,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,117,000)
Gross Amount at which Carried at Close of Period
Total	23,482,000
Direct Financing Method | Retail facility in Freehold, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	7,523,000
Initial Cost to Company
Land	0
Buildings	17,067,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(327,000)
Gross Amount at which Carried at Close of Period
Total	16,740,000
Direct Financing Method | Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,899,000
Initial Cost to Company
Land	2,089,000
Buildings	14,211,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,127,000)
Gross Amount at which Carried at Close of Period
Total	15,173,000
Direct Financing Method | Retail facilities located throughout Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	28,734,000
Buildings	145,854,000
Cost Capitalized Subsequent to Acquisition	5,582,000
Increase (Decrease) in Net Investments	(9,000,000)
Gross Amount at which Carried at Close of Period
Total	171,170,000
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	2,147,000
Buildings	12,357,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,064,000)
Gross Amount at which Carried at Close of Period
Total	13,440,000
Direct Financing Method | Industrial and warehouse facility in Mesquite, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,391,000
Initial Cost to Company
Land	2,851,000
Buildings	15,899,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,733,000)
Gross Amount at which Carried at Close of Period
Total	16,017,000
Direct Financing Method | Industrial facility in Rochester, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,632,000
Initial Cost to Company
Land	881,000
Buildings	17,039,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,678,000)
Gross Amount at which Carried at Close of Period
Total	15,242,000
Direct Financing Method | Office facility in Irvine, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,588,000
Initial Cost to Company
Land	0
Buildings	17,027,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,895,000)
Gross Amount at which Carried at Close of Period
Total	14,132,000
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	4,777,000
Buildings	17,823,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(69,000)
Gross Amount at which Carried at Close of Period
Total	22,531,000
Direct Financing Method | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,190,000
Buildings	10,010,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	104,000
Gross Amount at which Carried at Close of Period
Total	13,304,000
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	11,548,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(442,000)
Gross Amount at which Carried at Close of Period
Total	11,106,000
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	6,542,000
Buildings	20,668,000
Cost Capitalized Subsequent to Acquisition	5,317,000
Increase (Decrease) in Net Investments	(7,851,000)
Gross Amount at which Carried at Close of Period
Total	24,676,000
Direct Financing Method | Retail facility in Gronau, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	281,000
Buildings	4,401,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(461,000)
Gross Amount at which Carried at Close of Period
Total	4,221,000
Direct Financing Method | Industrial and warehouse facility in Newbridge, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	9,900,000
Initial Cost to Company
Land	6,851,000
Buildings	22,868,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,941,000)
Gross Amount at which Carried at Close of Period
Total	22,778,000
Direct Financing Method | Industrial facility in Mount Carmel, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	135,000
Buildings	3,265,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(197,000)
Gross Amount at which Carried at Close of Period
Total	3,203,000
Direct Financing Method | Retail facility in Vantaa, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,291,000
Buildings	15,522,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,051,000)
Gross Amount at which Carried at Close of Period
Total	18,762,000
Direct Financing Method | Retail facility in Linköping, Sweden
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,484,000
Buildings	9,402,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,239,000)
Gross Amount at which Carried at Close of Period
Total	8,647,000
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	7,076,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(863,000)
Gross Amount at which Carried at Close of Period
Total	6,213,000
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	5,618,000
Initial Cost to Company
Land	5,780,000
Buildings	40,860,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(467,000)
Gross Amount at which Carried at Close of Period
Total	46,173,000
Direct Financing Method | Industrial facility in Monheim, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,939,000
Buildings	7,379,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,529,000)
Gross Amount at which Carried at Close of Period
Total	8,789,000
Direct Financing Method | Industrial facility in Göppingen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	10,717,000
Buildings	60,120,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(10,747,000)
Gross Amount at which Carried at Close of Period
Total	60,090,000
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	4,553,000
Buildings	17,675,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,713,000
Gross Amount at which Carried at Close of Period
Total	23,941,000
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	1,062,000
Buildings	23,087,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,298,000
Gross Amount at which Carried at Close of Period
Total	25,447,000
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	15,258,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,131,000
Gross Amount at which Carried at Close of Period
Total	16,389,000
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	10,960,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(622,000)
Gross Amount at which Carried at Close of Period
Total	10,338,000
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	4,454,000
Buildings	87,030,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,881,000
Gross Amount at which Carried at Close of Period
Total	93,365,000
Direct Financing Method | Industrial facility in Countryside, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	563,000
Buildings	1,457,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	26,000
Gross Amount at which Carried at Close of Period
Total	2,046,000
Direct Financing Method | Industrial facility in Clarksville, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,464,000
Initial Cost to Company
Land	1,680,000
Buildings	10,180,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(33,000)
Gross Amount at which Carried at Close of Period
Total	11,827,000
Direct Financing Method | Industrial facility in Bluffton, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,706,000
Initial Cost to Company
Land	503,000
Buildings	3,407,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(21,000)
Gross Amount at which Carried at Close of Period
Total	3,889,000
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	5,977,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(61,000)
Gross Amount at which Carried at Close of Period
Total	5,916,000
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	10,389,000
Buildings	63,218,000
Personal Property	3,622,000
Cost Capitalized Subsequent to Acquisition	6,494,000
Increase (Decrease) in Net Investments	(247,000)
Gross Amount at which Carried at Close of Period
Land	10,452,000
Buildings	65,531,000
Personal Property	7,493,000
Total	83,476,000	83,083,000	466,050,000	83,047,000
Accumulated Depreciation	14,004,000	$ 11,241,000	$ 10,234,000	$ 16,419,000
Operating Real Estate | Bloomington, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,810,000
Buildings	29,126,000
Personal Property	3,622,000
Cost Capitalized Subsequent to Acquisition	6,164,000
Increase (Decrease) in Net Investments	(247,000)
Gross Amount at which Carried at Close of Period
Land	3,874,000
Buildings	31,181,000
Personal Property	7,420,000
Total	42,475,000
Accumulated Depreciation	11,402,000
Operating Real Estate | Loves Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,412,000
Buildings	4,853,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	28,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,412,000
Buildings	4,862,000
Personal Property	19,000
Total	6,293,000
Accumulated Depreciation	400,000
Operating Real Estate | Cherry Valley, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,339,000
Buildings	4,160,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	3,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,339,000
Buildings	4,160,000
Personal Property	3,000
Total	5,502,000
Accumulated Depreciation	332,000
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	695,000
Buildings	3,873,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	19,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	695,000
Buildings	3,883,000
Personal Property	9,000
Total	4,587,000
Accumulated Depreciation	282,000
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	87,000
Buildings	785,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	87,000
Buildings	785,000
Personal Property	0
Total	872,000
Accumulated Depreciation	51,000
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	454,000
Buildings	4,724,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	10,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454,000
Buildings	4,733,000
Personal Property	1,000
Total	5,188,000
Accumulated Depreciation	282,000
Operating Real Estate | Peoria, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	444,000
Buildings	4,944,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	117,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	443,000
Buildings	5,043,000
Personal Property	19,000
Total	5,505,000
Accumulated Depreciation	411,000
Operating Real Estate | East Peoria, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	268,000
Buildings	3,290,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	92,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	268,000
Buildings	3,374,000
Personal Property	8,000
Total	3,650,000
Accumulated Depreciation	266,000
Operating Real Estate | Loves Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	721,000
Buildings	2,973,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	17,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	721,000
Buildings	2,990,000
Personal Property	0
Total	3,711,000
Accumulated Depreciation	223,000
Operating Real Estate | Winder, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	338,000
Buildings	1,310,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	40,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	338,000
Buildings	1,340,000
Personal Property	10,000
Total	1,688,000
Accumulated Depreciation	106,000
Operating Real Estate | Winder, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	821,000
Buildings	3,180,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	4,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	821,000
Buildings	3,180,000
Personal Property	4,000
Total	4,005,000
Accumulated Depreciation	$ 249,000

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Land, Buildings and Improvements Subject to Operating Leases
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 9,703,504	$ 8,717,612	$ 5,334,446
Acquisitions	555,032	610,381	734,963
Foreign currency translation adjustment	290,559	(37,032)	(88,715)
Reclassification from direct financing lease	183,789	76,934	15,998
Reclassification from real estate under construction	176,211	122,519	86,784
Dispositions	(167,671)	(90,488)	(296,543)
Capital improvements	35,722	18,860	25,727
Impairment charges	(26,343)	(1,345)	(3,030)
Reclassification to assets held for sale	(14,051)	0	0
Reclassification from operating properties	0	291,750	0
CPA:17 Merger measurement period adjustments	0	(5,687)	0
Acquisitions through CPA:17 Merger	0	0	2,907,982
Ending balance	10,736,752	9,703,504	8,717,612
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	950,452	724,550	613,543
Depreciation expense	259,337	232,927	162,119
Reclassification to assets held for sale	(2,855)	0	0
Reclassification to operating leases	0	(291,750)	0
Dispositions	(24,786)	(6,109)	(41,338)
Foreign currency translation adjustment	24,764	(916)	(9,774)
Ending balance	1,206,912	950,452	724,550
Operating Real Estate
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	83,083	466,050	83,047
Reclassification from real estate under construction	0	1,008	0
Dispositions	0	0	(43,607)
Capital improvements	393	1,853	3,080
Reclassification to assets held for sale	0	(94,078)	0
Reclassification from operating properties	0	291,750	0
Acquisitions through CPA:17 Merger	0	0	423,530
Ending balance	83,476	83,083	466,050
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	11,241	10,234	16,419
Depreciation expense	2,763	2,553	4,240
Reclassification to assets held for sale	0	(1,546)	0
Reclassification to operating leases	0	(291,750)	0
Dispositions	0	0	(10,425)
Ending balance	$ 14,004	$ 11,241	$ 10,234

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 24,143	$ 47,737	$ 57,737	$ 0
Carrying Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 24,143
Financing agreement — observation wheel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	7.50%
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	$ 11,250
Financing agreement — retail facility
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	7.50%
Financing agreement — retail facility | Carrying Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 12,893

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate
Beginning balance	$ 47,737	$ 57,737	$ 0
Allowance for credit losses	(12,594)	0	0
Repayments	(11,000)	(10,000)	0
Acquisitions through CPA:17 Merger	0	0	57,737
Ending balance	$ 24,143	$ 47,737	$ 57,737