W. P. Carey (WPC) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-13779
Entity Registrant Name	W. P. Carey Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-4549771
Entity Address, Street Address	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	WPC
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		177,965,296
Entity Central Index Key	0001025378
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Investments in real estate:
Land, buildings and improvements		$ 10,930,595	$ 10,939,619
Net investments in direct financing leases		698,852	711,974
In-place lease intangible assets and other		2,295,863	2,301,174
Above-market rent intangible assets		868,242	881,159
Investments in real estate		14,793,552	14,833,926
Accumulated depreciation and amortization		(2,572,091)	(2,490,087)
Assets held for sale, net		14,983	18,590
Net investments in real estate		12,236,444	12,362,429
Equity investments in the Managed Programs and real estate		269,448	283,446
Cash and cash equivalents		229,153	248,662
Due from affiliates		4,027	26,257
Other assets, net		903,927	876,024
Goodwill		905,701	910,818
Total assets	[1]	14,548,700	14,707,636
Debt:
Senior unsecured notes, net		5,451,520	5,146,192
Unsecured term loans, net		318,440	321,971
Unsecured revolving credit facility		21,751	82,281
Non-recourse mortgages, net		728,663	1,145,554
Debt, net		6,520,374	6,695,998
Accounts payable, accrued expenses and other liabilities		618,300	603,663
Below-market rent and other intangible liabilities, net		192,029	197,248
Deferred income taxes		138,973	145,844
Dividends payable		188,569	186,514
Total liabilities	[1]	7,658,245	7,829,267
Commitments and contingencies (Note 11)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued		0	0
Common stock, $0.001 par value, 450,000,000 shares authorized; 177,520,962 and 175,401,757 shares, respectively, issued and outstanding		178	175
Additional paid-in capital		9,061,143	8,925,365
Distributions in excess of accumulated earnings		(1,988,440)	(1,850,935)
Deferred compensation obligation		49,815	42,014
Accumulated other comprehensive loss		(233,889)	(239,906)
Total stockholders’ equity		6,888,807	6,876,713
Noncontrolling interests		1,648	1,656
Total equity		6,890,455	6,878,369
Total liabilities and equity		$ 14,548,700	$ 14,707,636
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
W. P. Carey stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	177,520,962	175,401,757
Common stock, shares outstanding (shares)	177,520,962	175,401,757

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investment Management:
Revenues	$ 311,166	$ 308,999
Operating Expenses
Depreciation and amortization	110,322	116,194
General and administrative	22,083	20,745
Reimbursable tenant costs	15,758	13,175
Property expenses, excluding reimbursable tenant costs	10,883	10,075
Stock-based compensation expense	5,381	2,661
Operating property expenses	1,911	5,223
Reimbursable costs from affiliates	1,041	4,030
Merger and other expenses	(476)	187
Impairment charges	0	19,420
Subadvisor fees	0	1,277
Total operating expenses	166,903	192,987
Other Income and Expenses
Interest expense	(51,640)	(52,540)
Other gains and (losses)	(41,188)	(9,815)
Equity in losses of equity method investments in the Managed Programs and real estate	(9,733)	(45,790)
Gain on sale of real estate, net	9,372	11,751
Non-operating income	6,356	5,392
Total other income and expenses	(86,833)	(91,002)
Income before income taxes	57,430	25,010
(Provision for) benefit from income taxes	(5,789)	41,692
Net Income	51,641	66,702
Net income attributable to noncontrolling interests	(7)	(612)
Net Income Attributable to W. P. Carey	$ 51,634	$ 66,090
Basic earnings per share (usd per share)	$ 0.29	$ 0.38
Diluted earnings per share (usd per share)	$ 0.29	$ 0.38
Weighted-Average Shares Outstanding
Basic (in shares)	176,640,861	173,249,236
Diluted (in shares)	176,965,510	173,460,053
Real Estate
Real Estate:
Lease revenues	$ 301,765	$ 282,110
Lease termination income and other	2,227	6,509
Gross contract revenue	2,179	5,967
Investment Management:
Gross contract revenue	2,179	5,967
Revenues	306,171	294,586
Operating Expenses
Depreciation and amortization	110,322	115,207
General and administrative	22,083	14,922
Reimbursable tenant costs	15,758	13,175
Property expenses, excluding reimbursable tenant costs	10,883	10,075
Stock-based compensation expense	5,381	1,970
Operating property expenses	1,911	5,223
Merger and other expenses	(491)	(132)
Impairment charges	0	19,420
Total operating expenses	165,847	179,860
Other Income and Expenses
Interest expense	(51,640)	(52,540)
Other gains and (losses)	(42,189)	(10,973)
Equity in losses of equity method investments in the Managed Programs and real estate	(11,119)	1,565
Gain on sale of real estate, net	9,372	11,751
Non-operating income	6,272	5,197
Total other income and expenses	(89,304)	(45,000)
Income before income taxes	51,020	69,726
(Provision for) benefit from income taxes	(6,426)	31,800
Net Income	44,594	101,526
Net income attributable to noncontrolling interests	(7)	(612)
Net Income Attributable to W. P. Carey	44,587	100,914
Investment Management
Real Estate:
Gross contract revenue	4,995	14,413
Investment Management:
Gross contract revenue	4,995	14,413
Operating Expenses
Depreciation and amortization	0	987
General and administrative	0	5,823
Stock-based compensation expense	0	691
Reimbursable costs from affiliates	1,041	4,030
Merger and other expenses	15	319
Subadvisor fees	0	1,277
Total operating expenses	1,056	13,127
Other Income and Expenses
Other gains and (losses)	1,001	1,158
Equity in losses of equity method investments in the Managed Programs and real estate	1,386	(47,355)
Non-operating income	84	195
Total other income and expenses	2,471	(46,002)
Income before income taxes	6,410	(44,716)
(Provision for) benefit from income taxes	637	9,892
Net Income Attributable to W. P. Carey	7,047	(34,824)
Investment Management | Asset management and other revenue
Real Estate:
Gross contract revenue	3,954	10,383
Investment Management:
Gross contract revenue	3,954	10,383
Investment Management | Reimbursable costs from affiliates
Real Estate:
Gross contract revenue	1,041	4,030
Investment Management:
Gross contract revenue	$ 1,041	$ 4,030

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Income	$ 51,641	$ 66,702
Other Comprehensive Income (Loss)
Unrealized gain on derivative instruments	19,919	12,849
Foreign currency translation adjustments	(13,902)	(52,200)
Other Comprehensive Income (Loss)	6,017	(39,351)
Comprehensive Income	57,658	27,351
Amounts Attributable to Noncontrolling Interests
Net income	(7)	(612)
Comprehensive income attributable to noncontrolling interests	(7)	(612)
Comprehensive Income Attributable to W. P. Carey	$ 57,651	$ 26,739

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - 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	$0.001 Par Value 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 Loss	Noncontrolling interests
Beginning equity balance 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
Beginning equity balance, shares at Dec. 31, 2019					172,278,242
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards	(5,012)		(5,012)			(5,012)
Shares issued upon delivery of vested restricted share awards, shares					124,274
Deferral of vested shares, net	0					(4,131)			4,131
Amortization of stock-based compensation expense	2,661		2,661			2,661
Distributions to noncontrolling interests	(4,725)										(4,725)
Dividends declared	(180,560)		(180,560)			1,191	(182,648)		897
Net Income	66,702		66,090				66,090				612
Other comprehensive income (loss):
Unrealized gain on derivative instruments	12,849		12,849							12,849
Foreign currency translation adjustments	(52,200)		(52,200)							(52,200)
Ending equity balance at Mar. 31, 2020	6,773,076		6,770,945		$ 172	8,712,244	(1,688,744)		42,291	(295,018)	2,131
Ending equity balance, shares at Mar. 31, 2020					172,402,516
Beginning equity balance at Dec. 31, 2020	$ 6,878,369		6,876,713		$ 175	8,925,365	(1,850,935)		42,014	(239,906)	1,656
Beginning equity balance, shares at Dec. 31, 2020	175,401,757				175,401,757
W.P. Carey Stockholders
Shares issued under “at-the-market” offering, net	$ 140,287		140,287		$ 3	140,284
Shares issued under forward sale agreements, net, shares					2,020,115
Shares issued upon delivery of vested restricted share awards	(3,744)		(3,744)			(3,744)
Shares issued upon delivery of vested restricted share awards, shares					99,090
Deferral of vested shares, net	0					(7,049)			7,049
Amortization of stock-based compensation expense	5,381		5,381			5,381
Distributions to noncontrolling interests	(15)										(15)
Dividends declared	(187,481)		(187,481)			906	(189,139)		752
Net Income	51,641		51,634				51,634				7
Other comprehensive income (loss):
Unrealized gain on derivative instruments	19,919		19,919							19,919
Foreign currency translation adjustments	(13,902)		(13,902)							(13,902)
Ending equity balance at Mar. 31, 2021	$ 6,890,455		$ 6,888,807		$ 178	$ 9,061,143	$ (1,988,440)		$ 49,815	$ (233,889)	$ 1,648
Ending equity balance, shares at Mar. 31, 2021	177,520,962				177,520,962

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.048	$ 1.040

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows — Operating Activities
Net income	$ 51,641	$ 66,702
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	114,021	119,483
Net realized and unrealized losses on extinguishment of debt, equity securities, foreign currency transactions, and other	42,360	7,275
Amortization of rent-related intangibles and deferred rental revenue	13,118	12,794
Straight-line rent adjustments	(10,184)	(11,619)
Equity in losses of equity method investments in the Managed Programs and real estate	9,733	45,790
Gain on sale of real estate, net	(9,372)	(11,751)
Stock-based compensation expense	5,381	2,661
Asset management revenue received in shares of Managed REITs	(3,138)	(7,056)
Deferred income tax benefit	(2,567)	(41,487)
Distributions of earnings from equity method investments	1,603	2,656
Allowance for credit losses	(1,358)	5,499
Impairment charges	0	19,420
Net changes in other operating assets and liabilities	(22,794)	(30,670)
Net Cash Provided by Operating Activities	188,444	179,697
Cash Flows — Investing Activities
Purchases of real estate	(150,922)	(197,626)
Proceeds from sales of real estate (Note 14)	88,037	105,154
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(29,270)	(53,392)
Proceeds from repayment of short-term loans to affiliates	21,048	20,973
Other investing activities, net	(8,445)	6,591
Return of capital from equity method investments	3,086	3,496
Proceeds from repayment of loans receivable	0	11,000
Funding of short-term loans to affiliates	0	(5,433)
Capital contributions to equity method investments	0	(595)
Net Cash Used in Investing Activities	(76,466)	(109,832)
Cash Flows — Financing Activities
Proceeds from issuance of Senior Unsecured Notes	1,038,391	0
Redemption of Senior Unsecured Notes	(617,442)	0
Prepayments of mortgage principal	(425,219)	0
Repayments of Unsecured Revolving Credit Facility	(407,975)	(466,643)
Proceeds from Unsecured Revolving Credit Facility	350,525	348,977
Dividends paid	(185,426)	(180,274)
Proceeds from shares issued under ATM Program, net of selling costs	140,220	0
Scheduled payments of mortgage principal	(14,203)	(21,117)
Payment of financing costs	(7,797)	(9,993)
Payments for withholding taxes upon delivery of equity-based awards	(3,744)	(5,011)
Other financing activities, net	(95)	7,269
Distributions paid to noncontrolling interests	(15)	(4,725)
Proceeds from Unsecured Term Loans	0	298,974
Net Cash Used in Financing Activities	(132,780)	(32,543)
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(6,479)	(4,550)
Net (decrease) increase in cash and cash equivalents and restricted cash	(27,281)	32,772
Cash and cash equivalents and restricted cash, beginning of period	311,779	251,518
Cash and cash equivalents and restricted cash, end of period	$ 284,498	$ 284,290

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization W. P. Carey Inc. (“W. P. Carey”) is a REIT that, together with our consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in the United States and Northern and Western Europe on a long-term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property. Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.” We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. Through our taxable REIT subsidiaries (“TRSs”), we also earn revenue as the advisor to certain 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 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 March 31, 2021, we were the advisor to the following entities ( Note 3 ): • 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:18 – Global together with the CWI REITs as the “Managed REITs” (as used throughout this Report, the term “Managed REITs” does not include 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; 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 3 ). 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 March 31, 2021, our owned portfolio was comprised of our full or partial ownership interests in 1,261 properties, totaling approximately 146 million square feet, substantially all of which were net leased to 351 tenants, with a weighted-average lease term of 10.6 years and an occupancy rate of 98.3%. In addition, at March 31, 2021, 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. 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 7 ) and (ii) special general partner interest in the operating partnership of CPA:18 – Global, through which we participate in its cash flows ( Note 3 ), in our Investment Management segment.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2020, which are included in the 2020 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2020 Annual Report. At both March 31, 2021 and December 31, 2020, we considered 12 entities to be VIEs, of which we consolidated five, 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): March 31, 2021 December 31, 2020 Land, buildings and improvements $ 423,333 $ 423,333 Net investments in direct financing leases 15,149 15,242 In-place lease intangible assets and other 41,987 41,997 Above-market rent intangible assets 26,720 26,720 Accumulated depreciation and amortization (141,973) (137,827) Total assets 378,662 381,953 Non-recourse mortgages, net $ 3,268 $ 3,508 Below-market rent and other intangible liabilities, net 21,855 22,283 Total liabilities 48,869 48,971 At both March 31, 2021 and December 31, 2020, 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 accounted for at fair value. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities. As of March 31, 2021, and December 31, 2020, the net carrying amount of our investments in these entities was $438.8 million and $425.3 million, respectively, and our maximum exposure to loss in these entities was limited to our investments. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Asset management revenue and structuring and other advisory revenue are now included within Asset management and other revenue in the consolidated statements of income. We currently present Non-operating income on its own line item in the consolidated statements of income, which was previously included within Other gains and (losses). Non-operating income primarily consists of realized gains and losses on derivative instruments, dividends from equity securities, and interest income on our cash deposits and loans to affiliates. 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 3 ), 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 3 ). Revenue Recognition There have been no significant changes in our policies for revenue from contracts under Accounting Standards Codification (“ASC”) 606 from what was disclosed in the 2020 Annual Report. 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 $0.7 million and $4.6 million for the three months ended March 31, 2021 and 2020, respectively ( Note 15 ). Revenue from contracts under ASC 606 from our Investment Management segment is discussed in Note 3 . 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 5 ), 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 three months ended March 31, 2021 as compared to the same period in 2020, lease revenues decreased by $2.9 million due to the impact of the COVID-19 pandemic (including uncollected rent, as well as property vacancies and lease amendments). In addition, for the three months ended March 31, 2021 as compared to the same period in 2020, for our remaining hotel operating property, revenues decreased by $2.0 million and expenses decreased by $1.5 million, due to the adverse effect of the COVID-19 pandemic on the hotel’s operations. 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): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 229,153 $ 248,662 Restricted cash (a) 55,345 63,117 Total cash and cash equivalents and restricted cash $ 284,498 $ 311,779 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Advisory Agreements and Partnership Agreements with the Managed Programs We 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 CWI 1 and CWI 2 Merger on April 13, 2020, as described below, 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): Three Months Ended March 31, 2021 2020 Asset management revenue (a) (b) $ 3,954 $ 9,889 Distributions of Available Cash (c) 1,539 1,916 Reimbursable costs from affiliates (a) 1,041 4,030 Interest income on deferred acquisition fees and loans to affiliates (d) 34 278 Structuring and other advisory revenue (a) (b) — 494 $ 6,568 $ 16,607 Three Months Ended March 31, 2021 2020 CPA:18 – Global $ 5,359 $ 5,912 CWI 1 — 5,040 CWI 2 — 4,200 CESH 1,101 1,455 WLT (reimbursed transition services) 108 — $ 6,568 $ 16,607 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Asset management and other revenue in the consolidated statements of income. (c) Included within Equity in losses of equity method investments in the Managed Programs and real estate in the consolidated statements of income. (d) Included within Non-operating income 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): March 31, 2021 December 31, 2020 Asset management fees receivable $ 1,587 $ 1,054 Accounts receivable 1,119 305 Reimbursable costs 995 1,760 Deferred acquisition fees receivable, including accrued interest 199 1,858 Current acquisition fees receivable 127 136 Short-term loans to affiliates, including accrued interest — 21,144 $ 4,027 $ 26,257 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 50% in cash and 50% in shares of its Class A common stock for 2020 through 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 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. 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 both 2021 and 2020; for the legal transactions group, costs are charged according to a fee schedule. Following the closing of the CWI 1 and CWI 2 Merger on April 13, 2020, we began recording reimbursements from WLT pursuant to a transition services agreement (described below) 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 partnership of CPA:18 – Global, payable quarterly in arrears. 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. Other Transactions with Affiliates CWI 1 and CWI 2 Merger The CWI 1 and CWI 2 Merger closed on April 13, 2020 and is discussed in detail in the 2020 Annual Report. 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. 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, and (iii) we provided certain transition services at cost to WLT generally for a period of 12 months from closing. As of the date of this Report, all services provided under the transition services agreement have terminated, except for certain information systems and data services. Our investments in common stock and preferred stock of WLT are disclosed in Note 7 and Note 8 , respectively. Loans to Affiliates From time to time, our board of directors (“the 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 line of credit to CPA:18 – Global was $21.1 million as of December 31, 2020. CPA:18 – Global repaid the principal outstanding balance in full during the three months ended March 31, 2021. Other At March 31, 2021, we owned interests in nine jointly owned investments in real estate (including our investment in shares of common stock of WLT, as described in Note 7 ), with the remaining interests held by affiliates or third parties. We account for eight such investments under the equity method of accounting ( Note 7 ) 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 our investment in CPA:18 – Global under the equity method of accounting and elected to account for our investment in CESH under the fair value option ( Note 7 ).

Land, Buildings and Improvement

Land, Buildings and Improvements and Assets Held for Sale	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Land $ 2,023,689 $ 2,012,688 Buildings and improvements 8,740,637 8,724,064 Real estate under construction 82,767 119,391 Less: Accumulated depreciation (1,261,690) (1,206,912) $ 9,585,403 $ 9,649,231 During the three months ended March 31, 2021, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro decreased by 4.4% to $1.1725 from $1.2271. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements subject to operating leases decreased by $129.5 million from December 31, 2020 to March 31, 2021. Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $67.0 million and $65.9 million for the three months ended March 31, 2021 and 2020, respectively. During the three months ended March 31, 2021, we determined that the tenant/seller in the January 2020 acquisition of an industrial facility in Aurora, Oregon, would not be able to secure an easement on the property. As a result, the tenant/seller forfeited $5.0 million of the initial purchase price that we held back at the time of acquisition, the release of which was contingent on securing the easement. Since we previously accounted for this as a contingent liability and included the $5.0 million holdback within our capitalized real estate, we reduced the carrying value of Land, buildings and improvements subject to operating leases by this amount during the three months ended March 31, 2021 and removed the corresponding liability from Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets. Acquisitions of Real Estate During the three months ended March 31, 2021, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Capitalized Costs Grove City, Ohio, and Anderson, South Carolina 2 2/2/2021 Warehouse $ 19,129 Various, New Jersey and Pennsylvania (a) 10 2/11/2021 Retail; Office 55,115 Central Valley, California (b) 4 2/11/2021 Warehouse; Land 75,008 16 $ 149,252 __________ (a) This acquisition is comprised of seven retail facilities and three office facilities. (b) This acquisition is comprised of two warehouse facilities and two parcels of land. The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 27,466 Buildings and improvements 86,807 Intangibles: In-place lease (weighted-average expected life of 24.7 years) 34,979 $ 149,252 As of March 31, 2021, we committed to purchase a food production facility in Lawrence, Kansas, for approximately $27.3 million upon completion of construction of the property, which is expected to take place during the fourth quarter of 2021. Real Estate Under Construction During the three months ended March 31, 2021, we capitalized real estate under construction totaling $18.5 million. The number of construction projects in progress with balances included in real estate under construction was four and five as of March 31, 2021 and December 31, 2020, respectively. Aggregate unfunded commitments totaled approximately $79.8 million and $81.8 million as of March 31, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021, we completed the following construction projects (dollars in thousands): Property Location(s) Primary Transaction Type Number of Properties Date of Completion Property Type Total Capitalized Costs (a) Mason, Ohio Expansion 1 1/15/2021 Office $ 2,428 Langen, Germany (a) Build-to-suit 1 2/4/2021 Industrial 52,719 2 $ 55,147 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. As of March 31, 2021, we committed to fund a build-to-suit project for a research center in Wageningen, the Netherlands, for an aggregate amount of $29.5 million (based on the exchange rate of the euro at March 31, 2021). We currently expect to complete the project in the first quarter of 2022. Lease Termination Income and Other 2021 — For the three months ended March 31, 2021, lease termination income and other on our consolidated statements of income included: (i) deferred ma intenance income totaling $0.8 million from former tena nts; (ii) interest income of $0.6 million from our loans receivable ( Note 5 ); and (iii) income from a parking garage attached to one of our net-leased properties totaling $0.5 million. 2020 — For the three months ended March 31, 2020, lease termination income and other on our consolidated statements of income included: (i) income of $3.2 million related to a lease restructuring in May 2019 that led to the recognition of rent receipts during the first quarter of 2020 on claims that were previously deemed uncollectible; (ii) interest income of $1.0 million from our loans receivable ( Note 5 ); (iii) income from a parking garage attached to one of our net-leased properties totaling $0.9 million; and (iv) lease termination income of $0.6 million. Leases Operating Lease Income Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands): Three Months Ended March 31, 2021 2020 Lease income — fixed $ 257,327 $ 238,969 Lease income — variable (a) 27,338 23,080 Total operating lease income (b) $ 284,665 $ 262,049 __________ (a) Includes (i) rent increases based on changes in the U.S. Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes $17.1 million and $20.1 million for three months ended March 31, 2021 and 2020, respectively, of interest income from direct financing leases that is included in Lease revenues in the consolidated statements of income. Land, Buildings and Improvements — Operating Properties At both March 31, 2021, and December 31, 2020, Land, buildings and improvements attributable to operating properties consisted of our investments in ten consolidated self-storage properties and one consolidated hotel. Below is a summary of our Land, buildings and improvements attributable to operating properties (in thousands): March 31, 2021 December 31, 2020 Land $ 10,452 $ 10,452 Buildings and improvements 73,050 73,024 Less: Accumulated depreciation (14,692) (14,004) $ 68,810 $ 69,472 Depreciation expense on our buildings and improvements attributable to operating properties was $0.7 million for both the three months ended March 31, 2021 and 2020. Assets Held for Sale, Net Below is a summary of our properties held for sale (in thousands): March 31, 2021 December 31, 2020 Land, buildings and improvements $ 9,929 $ 14,051 In-place lease intangible assets and other, net 12,187 12,754 Above-market rent intangible assets 494 518 Accumulated depreciation and amortization (7,627) (8,733) Assets held for sale, net $ 14,983 $ 18,590 At March 31, 2021, we had three properties classified as Assets held for sale, net, with an aggregate carrying value of $15.0 million. All of these properties were sold in April 2021 ( Note 16 ). 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.

Finance Receivables

Finance Receivables	3 Months Ended
	Mar. 31, 2021
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. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): March 31, 2021 December 31, 2020 Lease payments receivable $ 508,861 $ 527,691 Unguaranteed residual value 664,764 677,722 1,173,625 1,205,413 Less: unearned income (459,058) (476,365) Less: allowance for credit losses (a) (15,715) (17,074) $ 698,852 $ 711,974 __________ (a) During the three months ended March 31, 2021 and 2020, we recorded a net reversal of allowance for credit losses of $1.4 million and a net allowance for credit losses of $5.5 million, respectively, 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. Interest income from direct financing leases, which is included in Lease revenues in the consolidated financial statements, was $17.1 million and $20.1 million for the three months ended March 31, 2021 and 2020, respectively. During the three months ended March 31, 2021, the U.S. dollar strengthened against the euro, resulting in a $13.5 million decrease in the carrying value of Net investments in direct financing leases from December 31, 2020 to March 31, 2021. Loans Receivable At both March 31, 2021 and December 31, 2020, we had two loans receivable related to a domestic investment with an aggregate carrying value of $24.1 million (net of allowance for credit losses of $12.6 million), which are included in Other assets, net in the consolidated financial statements. In the first quarter of 2021, we entered into an agreement with the borrowers, who agreed to pay us at maturity a total of $3.7 million of unpaid interest due over the past year. We did not recognize this interest in the consolidated financial statements due to uncertainty of collectibility. Earnings from our loans receivable are included in Lease termination income and other in the consolidated financial statements, and totaled $0.6 million and $1.0 million for the three months ended March 31, 2021 and 2020, respectively. 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 March 31, 2021 and December 31, 2020, no material balances of our finance receivables were past due. There were no material modifications of finance receivables during the three months ended March 31, 2021. 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 3 ). A summary of our finance receivables by internal credit quality rating, excluding our deferred acquisition fees receivable and allowance for credit losses, is as follows (dollars in thousands): Number of Tenants / Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 1 – 3 18 18 $ 575,465 $ 587,103 4 11 9 175,838 141,944 5 — 2 — 36,737 $ 751,303 $ 765,784

Goodwill and Other Intangibles

Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other IntangiblesWe 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. Goodwill within our Real Estate segment decreased by $5.1 million during the three months ended March 31, 2021 due to foreign currency translation adjustments, from $881.5 million as of December 31, 2020 to $876.4 million as of March 31, 2021. Goodwill within our Investment Management segment was $29.3 million as of March 31, 2021, unchanged from December 31, 2020. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): March 31, 2021 December 31, 2020 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 $ 19,180 $ (16,355) $ 2,825 $ 19,204 $ (15,711) $ 3,493 Trade name 3,975 (2,985) 990 3,975 (2,786) 1,189 23,155 (19,340) 3,815 23,179 (18,497) 4,682 Lease Intangibles: In-place lease 2,175,012 (845,199) 1,329,813 2,181,584 (828,219) 1,353,365 Above-market rent 868,242 (450,510) 417,732 881,159 (440,952) 440,207 3,043,254 (1,295,709) 1,747,545 3,062,743 (1,269,171) 1,793,572 Indefinite-Lived Goodwill Goodwill 905,701 — 905,701 910,818 — 910,818 Total intangible assets $ 3,972,110 $ (1,315,049) $ 2,657,061 $ 3,996,740 $ (1,287,668) $ 2,709,072 Finite-Lived Intangible Liabilities Below-market rent $ (268,263) $ 92,945 $ (175,318) $ (270,730) $ 90,193 $ (180,537) Indefinite-Lived Intangible Liabilities Below-market purchase option (16,711) — (16,711) (16,711) — (16,711) Total intangible liabilities $ (284,974) $ 92,945 $ (192,029) $ (287,441) $ 90,193 $ (197,248) During the three months ended March 31, 2021, the U.S. dollar strengthened against the euro, resulting in a decrease of $24.7 million in the carrying value of our net intangible assets from December 31, 2020 to March 31, 2021. Net amortization of intangibles, including the effect of foreign currency translation, was $54.0 million and $60.5 million for the three months ended March 31, 2021 and 2020, 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.

Equity Investments in the Manag

Equity Investments in the Managed Programs and Real Estate	3 Months Ended
	Mar. 31, 2021
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 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): Three Months Ended March 31, 2021 2020 Distributions of Available Cash from CPA:18 – Global ( Note 3 ) $ 1,539 $ 1,916 Amortization of basis differences on equity method investments in the Managed Programs (178) (444) Proportionate share of equity in earnings (losses) of equity method investments in the Managed Programs 25 (1,715) Other-than-temporary impairment charges on our equity method investments in CWI 1 and CWI 2 ( Note 8 ) — (47,112) Total equity in earnings (losses) of equity method investments in the Managed Programs 1,386 (47,355) Other-than-temporary impairment charge on an equity method investment in real estate ( Note 8 ) (6,830) — Equity in (losses) earnings of equity method investments in real estate (a) (4,075) 1,804 Amortization of basis differences on equity method investments in real estate (214) (239) Total equity in (losses) earnings of equity method investments in real estate (11,119) 1,565 Equity in losses of equity method investments in the Managed Programs and real estate $ (9,733) $ (45,790) __________ (a) Amount for the three months ended March 31, 2021 includes a $4.5 million loss from our equity investment in WLT (due to the adverse impact of the COVID-19 pandemic on its operations). 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 Interests Owned at Carrying Amount of Investment at Fund March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 CPA:18 – Global (a) 4.796 % 4.569 % $ 53,664 $ 51,949 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CESH (b) 2.430 % 2.430 % 5,266 4,399 $ 59,139 $ 56,557 __________ (a) During the three months ended March 31, 2021, we received asset management revenue from CPA:18 – Global in shares of its common stock, which increased our ownership percentage in CPA:18 – Global ( Note 3 ). (b) Investment is accounted for at fair value. CPA:18 – Global — The c arrying value of our investment in CPA:18 – Global at March 31, 2021 includes asset management fees receivable, for which 126,696 shares of CPA:18 – Global Class A common stock were issued during the second quarter of 2021. We received distributions from this investment during the three months ended March 31, 2021 and 2020 of $0.4 million and $0.9 million, respectively. We received distributions from our investment in the CPA:18 – Global operating partnership during the three months ended March 31, 2021 and 2020 of $1.5 million and $1.9 million, respectively ( Note 3 ). CWI 1 — We received distributions from this investment during the three months ended March 31, 2020 of $0.8 million. We did not receive a distribution from our investment in the CWI 1 operating partnership during the three months ended March 31, 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 three months ended March 31, 2020 of $0.5 million. We did not receive a distribution from our investment in the CWI 2 operating partnership during the three months ended March 31, 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 March 31, 2021 is based on the estimated fair value of our investment as of December 31, 2020. We did not receive distributions from this investment during the three months ended March 31, 2021 or 2020. At March 31, 2021 and December 31, 2020, the aggregate unamortized basis differences on our equity investments in the Managed Programs were $19.9 million and $18.8 million, respectively. 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 3 . We account for these investments under the equity method of accounting. Operating results of our unconsolidated real estate investments are included in the Real Estate segment. The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Carrying Value at Lessee/Fund Co-owner Ownership Interest March 31, 2021 December 31, 2020 Johnson Self Storage Third Party 90% $ 68,736 $ 68,979 Kesko Senukai (a) Third Party 70% 43,596 46,443 WLT (b) WLT 5% 39,700 44,182 BPS Nevada, LLC (c) Third Party 15% 24,094 23,815 Bank Pekao (a) CPA:18 – Global 50% 16,928 17,850 State Farm Mutual Automobile Insurance Co. (d) CPA:18 – Global 50% 8,175 15,475 Apply Sørco AS (e) CPA:18 – Global 49% 7,142 7,156 Fortenova Grupa d.d. (a) CPA:18 – Global 20% 1,938 2,989 $ 210,309 $ 226,889 __________ (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. We follow the hypothetical liquidation at book value (“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 3 ). (c) This investment is reported using the HLBV 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 $6.8 million on this investment during the three months ended March 31, 2021, as described in Note 8 . (e) The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone. We received aggregate distributions of $2.7 million and $2.0 million from our other unconsolidated real estate investments for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021 and December 31, 2020, the aggregate unamortized basis differences on our unconsolidated real estate investments were $9.1 million and $16.1 million, respectively. This decrease was primarily due to the other-than-temporary impairment charge that we recognized on an equity investment in real estate during the three months ended March 31, 2021, as described above and in Note 8 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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 9 ). The valuation of our derivative instruments (excluding stock warrants) is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The stock warrants were measured at fair value using valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market. Equity Investment in CESH — We have elected to account for our investment in CESH, which is included in Equity investments in the Managed Programs and real estate in the consolidated financial statements, at fair value by selecting the equity method fair value option available under GAAP ( Note 7 ). We classified this investment as Level 3 because we primarily used valuation models that incorporate unobservable inputs to determine its fair value. 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 (a cold storage REIT), 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 three months ended March 31, 2021, we recognized non-cash unrealized gains on our investment in shares of Lineage Logistics totaling $23.4 million due to additional outside investments at a higher price per share, which was recorded within Other gains and (losses) in the consolidated financial statements. In addition, during the three months ended March 31, 2021, we received a cash dividend of $6.4 million from our investment in shares of Lineage Logistics, which was recorded within Non-operating income in the consolidated financial statements. See Note 13 for further discussion of the impact of Lineage Logistics’s conversion to a REIT during the first quarter of 2020. The fair value of this investment was $313.4 million and $290.0 million at March 31, 2021 and December 31, 2020, 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 three months ended March 31, 2021, we redeemed a portion of our investment in shares of GCIF for approximately $0.8 million and recognized a net loss of $0.1 million, which was included within Other gains and (losses) in the consolidated statements of income. In addition, during the three months ended March 31, 2021 and 2020, we received distributions from our investment in shares of GCIF totaling less than $0.1 million and $0.2 million, respectively, which were recorded within Non-operating income in the consolidated financial statements. During the three months ended March 31, 2021, we recognized unrealized gains on our investment in shares of GCIF totaling $0.3 million, due to an increase in the net asset value of the investment, which was recognized within Other gains and (losses) in the consolidated financial statements. The fair value of our investment in shares of GCIF was $5.5 million and $6.1 million at March 31, 2021 and December 31, 2020, respectively. Investment in Preferred Shares of WLT — We account for our investment in preferred shares of WLT ( Note 3 ), 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 both March 31, 2021 and December 31, 2020. We did not record dividend income on our investment in preferred shares of WLT during the three months ended March 31, 2021. We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the three months ended March 31, 2021 or 2020. 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): March 31, 2021 December 31, 2020 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 5,451,520 $ 5,784,209 $ 5,146,192 $ 5,639,586 Non-recourse mortgages, net (a) (b) (d) 3 728,663 727,549 1,145,554 1,148,551 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $29.5 million and $23.9 million at March 31, 2021 and December 31, 2020, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.2 million and $0.4 million at March 31, 2021 and December 31, 2020, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $29.5 million and $22.6 million at March 31, 2021 and December 31, 2020, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $4.2 million and $4.5 million at March 31, 2021 and December 31, 2020, respectively. (c) We determined the estimated fair value of the Senior Unsecured Notes using observed market prices in an open market, which may experience 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 10 ), but excluding finance receivables ( Note 5 ), had fair values that approximated their carrying values at both March 31, 2021 and December 31, 2020. Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. There have been no significant changes in our impairment policies from what was disclosed in the 2020 Annual Report. The following tables present information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Three Months Ended March 31, 2021 2020 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Equity investments in the Managed Programs and real estate $ 8,175 $ 6,830 $ 37,396 $ 47,112 Land, buildings and improvements and intangibles — — 12,148 19,420 $ 6,830 $ 66,532 Impairment charges, and their related triggering events and fair value measurements, recognized during the three months ended March 31, 2021 and 2020 were as follows: Equity Investments in the Managed Programs and Real Estate The other-than-temporary impairment charges described below are reflected within Equity in losses of equity method investments in the Managed Programs and real estate in our consolidated statements of income. During the three months ended March 31, 2021, we recognized an other-than-temporary impairment charge of $6.8 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 changes in expected cash flows from the office facility owned by the investment, related to the existing tenant’s lease expiration in 2028. The fair value measurement was determined by estimating discounted cash flows using three significant unobservable inputs, which are the cash flow discount rate (5.75%), residual discount rate (7.50%), and residual capitalization rate (6.75%). During the three months ended March 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 adverse effect of the COVID-19 pandemic 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. Land, Buildings and Improvements and Intangibles The impairment charges described below are reflected within Impairment charges in our consolidated statements of income. During the three months ended March 31, 2020, we recognized impairment charges totaling $16.0 million on two properties leased to the same tenant in order to reduce the carrying values of the properties to their estimated fair values, 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%. In addition, we recognized an impairment charge of $3.4 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; it was sold in September 2020.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
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 ( Note 10 ) and unhedged variable-rate non-recourse mortgage loans. 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, Senior Unsecured Notes, 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 There have been no significant changes in our derivative financial instrument policies from what was disclosed in the 2020 Annual Report. At both March 31, 2021 and December 31, 2020, no cash collateral had been posted nor received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Foreign currency collars Other assets, net $ 9,885 $ 3,489 $ — $ — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,799) (5,859) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (5,350) (15,122) 9,885 3,489 (7,149) (20,981) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 5,800 5,800 — — 5,800 5,800 — — Total derivatives $ 15,685 $ 9,289 $ (7,149) $ (20,981) The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (a) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 Foreign currency collars $ 16,167 $ 17,816 Interest rate swaps 3,413 (2,237) Interest rate caps 2 2 Foreign currency forward contracts — (2,329) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars — 45 Total $ 19,582 $ 13,297 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2021 2020 Foreign currency collars Non-operating income $ (1,181) $ 984 Interest rate swaps and caps (c) Interest expense (326) (238) Foreign currency forward contracts Non-operating income — 2,799 Total $ (1,507) $ 3,545 __________ (a) Excludes net gains of $0.3 million and net losses of $0.4 million recognized on unconsolidated jointly owned investments for the three months ended March 31, 2021 and 2020, 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) Amount for the three months ended March 31, 2021 excludes other comprehensive income totaling $3.1 million that was removed from the consolidated financial statements (along with the related liability balances) upon the termination of interest rate swaps in connection with certain prepayments of non-recourse mortgage loans during the period ( Note 10 ). Amounts reported in Other comprehensive income (loss) related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of March 31, 2021, we estimate that an additional $0.8 million and $2.0 million will be reclassified as Interest expense and Non-operating income, respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2021 2020 Foreign currency collars Non-operating income $ 1,000 $ 639 Foreign currency forward contracts Non-operating income — 224 Stock warrants Other gains and (losses) — 100 Interest rate swaps Interest expense — 15 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 906 317 Total $ 1,906 $ 1,295 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 March 31, 2021 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 2 48,120 EUR $ (1,361) Interest rate swaps 2 22,598 USD (438) Interest rate cap 1 10,998 EUR 1 Interest rate cap 1 6,394 GBP — $ (1,798) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at March 31, 2021, 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 collars that we had outstanding at March 31, 2021 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at March 31, 2021 Designated as Cash Flow Hedging Instruments Foreign currency collars 100 335,500 EUR $ 6,809 Foreign currency collars 81 47,300 GBP (2,274) $ 4,535 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 March 31, 2021. At March 31, 2021, our total credit exposure and the maximum exposure to any single counterparty was $6.7 million and $2.4 million, respectively. Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At March 31, 2021, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $7.2 million and $25.1 million at March 31, 2021 and December 31, 2020, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at March 31, 2021 or December 31, 2020, we could have been required to settle our obligations under these agreements at their aggregate termination value of $7.3 million and $25.6 million, respectively. Net Investment Hedges We have completed six offerings of euro-denominated senior notes, five 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 1.35% Senior Notes due 2028, and one with a principal amount of €525.0 million, which we refer to as the 0.950% Senior Notes due 2030. We redeemed the 2.0% Senior Notes due 2023 in March 2021 using the proceeds from the 0.950% Senior Notes due 2030 ( Note 10 ). In addition, at March 31, 2021, the amount borrowed in Japanese yen outstanding under our Unsecured Revolving Credit Facility was ¥2.4 billion ( Note 10 ). Also, at March 31, 2021, the amounts borrowed in British pound sterling and euro outstanding under our Unsecured Term Loans ( Note 10 ) were £150.0 million and €96.5 million, respectively. These borrowings are designated as, and are effective as, economic hedges of our net investments in foreign entities. Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro, Japanese yen, and British pound sterling borrowings under our Senior Unsecured Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Such gains related to non-derivative net investment hedges were $142.5 million and $84.9 million for the three months ended March 31, 2021 and 2020, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Senior Unsecured Credit Facility On February 20, 2020, we entered into the Fourth Amended and Restated Credit Facility, which has capacity of 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. As of both March 31, 2021 and December 31, 2020, we have drawn down our Unsecured Term Loans in full. At March 31, 2021, our Unsecured Revolving Credit Facility had available capacity of approximately $1.8 billion (net of amounts reserved for standby letters of credit totaling $20.1 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 March 31, 2021 (a) Maturity Date at March 31, 2021 Principal Outstanding Balance at Senior Unsecured Credit Facility March 31, 2021 December 31, 2020 Unsecured Term Loans: Term Loan — borrowing in British pounds sterling (b) (c) GBP LIBOR + 0.95% 2/20/2025 $ 206,405 $ 204,737 Delayed Draw Term Loan — borrowing in euros (d) EURIBOR + 0.95% 2/20/2025 113,146 118,415 319,551 323,152 Unsecured Revolving Credit Facility: Borrowing in Japanese yen JPY LIBOR + 0.85% 2/20/2025 21,751 23,380 Borrowing in euros N/A N/A — 58,901 21,751 82,281 $ 341,302 $ 405,433 __________ (a) The applicable interest rate at March 31, 2021 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2. (b) Balance excludes unamortized discount of $1.1 million and $1.2 million at March 31, 2021 and December 31, 2020, respectively. (c) LIBOR means London Interbank Offered Rate. (d) 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 $5.5 billion at March 31, 2021 (the “Senior Unsecured Notes”). On February 25, 2021, we completed an underwritten public offering of $425.0 million of 2.250% Senior Notes due 2033, at a price of 98.722% of par value. These 2.250% Senior Notes due 2033 have a 12.1-year On March 8, 2021, we completed an underwritten public offering of €525.0 million of 0.950% Senior Notes due 2030, at a price of 99.335% of par value, issued by our wholly owned finance subsidiary, WPC Eurobond B.V., and fully and unconditionally guaranteed by us. These 0.950% Senior Notes due 2030 have a 9.2-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 March 31, 2021 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date March 31, 2021 December 31, 2020 2.0% Senior Notes due 2023 1/21/2015 € 500,000 2.0 % Redeemed $ — $ 613,550 4.6% Senior Notes due 2024 3/14/2014 $ 500,000 4.6 % 4/1/2024 500,000 500,000 2.25% Senior Notes due 2024 1/19/2017 € 500,000 2.25 % 7/19/2024 586,250 613,550 4.0% Senior Notes due 2025 1/26/2015 $ 450,000 4.0 % 2/1/2025 450,000 450,000 2.250% Senior Notes due 2026 10/9/2018 € 500,000 2.250 % 4/9/2026 586,250 613,550 4.25% Senior Notes due 2026 9/12/2016 $ 350,000 4.25 % 10/1/2026 350,000 350,000 2.125% Senior Notes due 2027 3/6/2018 € 500,000 2.125 % 4/15/2027 586,250 613,550 1.350% Senior Notes due 2028 9/19/2019 € 500,000 1.350 % 4/15/2028 586,250 613,550 3.850% Senior Notes due 2029 6/14/2019 $ 325,000 3.850 % 7/15/2029 325,000 325,000 0.950% Senior Notes due 2030 3/8/2021 € 525,000 0.950 % 6/1/2030 615,563 — 2.400% Senior Notes due 2031 10/14/2020 $ 500,000 2.400 % 2/1/2031 500,000 500,000 2.250% Senior Notes due 2033 2/25/2021 $ 425,000 2.250 % 4/1/2033 425,000 — $ 5,510,563 $ 5,192,750 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $29.5 million and $23.8 million, and unamortized discount totaling $29.5 million and $22.5 million, at March 31, 2021 and December 31, 2020, respectively. In connection with the offering of the 2.250% Senior Notes due 2033 in February 2021 and the 0.950% Senior Notes due 2030 in March 2021, we incurred financing costs totaling $8.2 million during the three months ended March 31, 2021, which are included in Senior Unsecured Notes, net in the consolidated financial statements and are being amortized to Interest expense over the term of their respective Senior Notes. 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. There have been no significant changes in our debt covenants from what was disclosed in the 2020 Annual Report (which are consistent with debt covenants for the Senior Unsecured Notes issued during the three months ended March 31, 2021). We were in compliance with all of these covenants at March 31, 2021. Non-Recourse Mortgages At March 31, 2021, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.1% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.7% and 2.1%, respectively), with maturity dates ranging from June 2021 to September 2031. Repayments During the Three Months Ended March 31, 2021 During the three months ended March 31, 2021, we (i) prepaid non-recourse mortgage loans totaling $425.2 million, and (ii) repaid a non-recourse mortgage loan at maturity with a principal balance of approximately $3.0 million. We recognized an aggregate net loss on extinguishment of debt of $31.7 million on these repayments, primarily comprised of prepayment penalties totaling $31.8 million, which is included within Other gains and (losses) on our consolidated statements of income. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 5.1%. We funded these prepayments using proceeds from the issuance of the $425.0 million of 2.250% Senior Notes due 2033. Foreign Currency Exchange Rate Impact During the three months ended March 31, 2021, the U.S. dollar strengthened against the euro, resulting in an aggregate decrease of $154.3 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2020 to March 31, 2021. Scheduled Debt Principal Payments Scheduled debt principal payments as of March 31, 2021 are as follows (in thousands): Years Ending December 31, Total (a) 2021 (remainder) $ 42,944 2022 312,882 2023 203,411 2024 1,127,916 2025 885,837 Thereafter through 2031 4,011,962 Total principal payments 6,584,952 Unamortized discount, net (b) (34,842) Unamortized deferred financing costs (29,736) Total $ 6,520,374 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at March 31, 2021. (b) Represents the unamortized discount on the Senior Unsecured Notes of $29.5 million in aggregate, unamortized discount, net, of $4.2 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, and unamortized discount of $1.1 million on the Term Loan.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesAt March 31, 2021, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.

Stock-Based Compensation and Eq

Stock-Based Compensation and Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stock-Based Compensation and Equity	Stock-Based Compensation and Equity Stock-Based Compensation We maintain several stock-based compensation plans, which are more fully described in the 2020 Annual Report. There have been no significant changes to the terms and conditions of any of our stock-based compensation plans or arrangements during the three months ended March 31, 2021. We recorded stock-based compensation expense of $5.4 million and $2.7 million during the three months ended March 31, 2021 and 2020, respectively, which was included in Stock-based compensation expense in the consolidated financial statements. Restricted and Conditional Awards Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at March 31, 2021 and changes during the three months ended March 31, 2021 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Shares Weighted-Average Nonvested at January 1, 2021 260,977 $ 74.75 262,013 $ 88.99 Granted (a) 171,200 66.59 134,290 86.19 Vested (b) (115,660) 73.01 (151,678) 76.04 Forfeited (67) 89.37 — — Adjustment (c) — — 84,188 75.52 Nonvested at March 31, 2021 (d) 316,450 $ 70.97 328,813 $ 90.48 __________ (a) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the three months ended March 31, 2021, we used a risk-free interest rate of 0.2%, an expected volatility rate of 36.7%, and assumed a dividend yield of zero. (b) The grant date fair value of shares vested during the three months ended March 31, 2021 was $20.0 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At March 31, 2021 and December 31, 2020, we had an obligation to issue 1,104,080 and 986,859 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $49.8 million and $42.0 million, respectively. (c) Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments at March 31, 2021 to reflect the number of shares expected to be issued when the PSUs vest. (d) At March 31, 2021, total unrecognized compensation expense related to these awards was approximately $39.2 million, with an aggregate weighted-average remaining term of 2.3 years. Earnings Per Share The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended March 31, 2021 2020 Net income — basic and diluted $ 51,634 $ 66,090 Weighted-average shares outstanding — basic 176,640,861 173,249,236 Effect of dilutive securities 324,649 210,817 Weighted-average shares outstanding — diluted 176,965,510 173,460,053 For the three months ended March 31, 2021 and 2020, there were no potentially dilutive securities excluded from the computation of diluted earnings per share. ATM Program Our ATM Program is discussed in the 2020 Annual Report. During the three months ended March 31, 2021, we issued 2,020,115 shares of our common stock under our ATM Program at a weighted-average price of $70.26 per share for net proceeds of $140.2 million. During the three months ended March 31, 2020, we did not issue any shares of our common stock under our ATM Program. As of March 31, 2021, $474.5 million remained available for issuance under our ATM Program. In April 2021, we issued additional shares of our common stock under our ATM Program ( Note 16 ). Forward Equity Offering Our forward equity offering is discussed in the 2020 Annual Report. On June 17, 2020, we entered into certain forward sale agreements in connection with a public offering of 5,462,500 shares of common stock. During the three months ended March 31, 2021, we did not settle any forward sale agreements. As of March 31, 2021, 2,510,709 shares remained outstanding under the forward sale agreements, which we expect to settle in full within 18 months of the offering date. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2021 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (18,937) $ (220,969) $ (239,906) Other comprehensive income before reclassifications 18,412 (13,902) 4,510 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income 1,181 — 1,181 Interest expense 326 — 326 Total 1,507 — 1,507 Net current period other comprehensive income 19,919 (13,902) 6,017 Ending balance $ 982 $ (234,871) $ (233,889) Three Months Ended March 31, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 13,048 $ (268,715) $ (255,667) Other comprehensive loss before reclassifications 16,394 (52,200) (35,806) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (3,783) — (3,783) Interest expense 238 — 238 Total (3,545) — (3,545) Net current period other comprehensive loss 12,849 (52,200) (39,351) Ending balance $ 25,897 $ (320,915) $ (295,018) See Note 9 for additional information on our derivatives activity recognized within Other comprehensive income (loss) for the periods presented. Dividends Declared During the first quarter of 2021, our Board declared a quarterly dividend of $1.048 per share, which was paid on April 15, 2021 to stockholders of record as of March 31, 2021.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually. Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three months ended March 31, 2021 and 2020. Certain of our subsidiaries have elected TRS status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. The accompanying consolidated financial statements include an interim tax provision for our TRSs and foreign subsidiaries, as necessary, for the three months ended March 31, 2021 and 2020. Current income tax (expense) benefit was $(8.4) million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. There have been no significant changes in our deferred tax assets and liabilities policies from what was disclosed in the 2020 Annual Report. Deferred income tax benefit was $2.6 million and $41.5 million for the three months ended March 31, 2021 and 2020, respectively. Benefit from income taxes for the three months ended March 31, 2020 included a 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 8 ), which converted to a REIT during the period and is therefore no longer subject to federal and state income taxes, as well as a deferred tax benefit of $6.5 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 period ( Note 8 ). As a result of the U.S. federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was enacted on March 27, 2020 in response to the COVID-19 pandemic, we recognized a $7.2 million current tax benefit during the three months ended March 31, 2020 by carrying back certain net operating losses, which is included within current tax benefit described above.

Property Dispositions

Property Dispositions	3 Months Ended
	Mar. 31, 2021
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. 2021 — During the three months ended March 31, 2021, we sold two properties for total proceeds, net of selling costs, of $13.4 million and recognized a net gain on these sales totaling $9.4 million (inclusive of income taxes totaling less than $0.1 million recognized upon sale). In addition, during the three months ended March 31, 2021, we received gross proceeds of $74.6 million in connection with the sale of a seven-property international portfolio that closed in April 2021 ( Note 16 ).

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We evaluate our results from operations through our two major business segments: Real Estate and Investment Management. The following tables present a summary of comparative results and assets for these business segments (in thousands): Real Estate Three Months Ended March 31, 2021 2020 Revenues Lease revenues $ 301,765 $ 282,110 Lease termination income and other 2,227 6,509 Operating property revenues (a) 2,179 5,967 306,171 294,586 Operating Expenses Depreciation and amortization (b) 110,322 115,207 General and administrative (b) 22,083 14,922 Reimbursable tenant costs 15,758 13,175 Property expenses, excluding reimbursable tenant costs 10,883 10,075 Stock-based compensation expense (b) 5,381 1,970 Operating property expenses 1,911 5,223 Merger and other expenses (491) (132) Impairment charges — 19,420 165,847 179,860 Other Income and Expenses Interest expense (51,640) (52,540) Other gains and (losses) (42,189) (10,973) Equity in (losses) earnings of equity method investments in real estate (11,119) 1,565 Gain on sale of real estate, net 9,372 11,751 Non-operating income 6,272 5,197 (89,304) (45,000) Income before income taxes 51,020 69,726 (Provision for) benefit from income taxes (6,426) 31,800 Net Income from Real Estate 44,594 101,526 Net income attributable to noncontrolling interests (7) (612) Net Income from Real Estate Attributable to W. P. Carey $ 44,587 $ 100,914 Investment Management Three Months Ended March 31, 2021 2020 Revenues Asset management and other revenue $ 3,954 $ 10,383 Reimbursable costs from affiliates 1,041 4,030 4,995 14,413 Operating Expenses Reimbursable costs from affiliates 1,041 4,030 Merger and other expenses 15 319 General and administrative (b) — 5,823 Subadvisor fees — 1,277 Depreciation and amortization (b) — 987 Stock-based compensation expense (b) — 691 1,056 13,127 Other Income and Expenses Equity in earnings (losses) of equity method investments in the Managed Programs 1,386 (47,355) Other gains and (losses) 1,001 1,158 Non-operating income 84 195 2,471 (46,002) Income (loss) before income taxes 6,410 (44,716) Benefit from income taxes 637 9,892 Net Income (Loss) from Investment Management Attributable to W. P. Carey $ 7,047 $ (34,824) Total Company Three Months Ended March 31, 2021 2020 Revenues $ 311,166 $ 308,999 Operating expenses 166,903 192,987 Other income and (expenses) (86,833) (91,002) (Provision for) benefit from income taxes (5,789) 41,692 Net income attributable to noncontrolling interests (7) (612) Net income attributable to W. P. Carey $ 51,634 $ 66,090 Total Assets at March 31, 2021 December 31, 2020 Real Estate $ 14,423,646 $ 14,582,015 Investment Management 125,054 125,621 Total Company $ 14,548,700 $ 14,707,636 __________ (a) Operating property revenues from our hotels include (i) $0.7 million and $2.7 million for the three months ended March 31, 2021 and 2020, 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), and (ii) $1.9 million for the three months ended March 31, 2020, generated from a hotel in Miami, Florida, which was sold in January 2020 ( Note 14 ). (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 3 ), 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisitions In April 2021, we completed three acquisitions totaling approximately $186.1 million. They are as follows: • $119.3 million for three hypermarket retail facilities in France (based on the exchange rate of the euro on the date of acquisition); • $52.8 million for a logistics facility in Detroit, Michigan; and • $14.0 million for a food production facility in Searcy, Arkansas. 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. Dispositions In April 2021, we sold a seven-property international portfolio for gross proceeds of $74.6 million (based on the exchange rate of the euro on the date cash was received). Three of these properties were classified as held for sale as of March 31, 2021 ( Note 4 ). In addition, in April 2021, we sold a domestic property for gross proceeds of $4.8 million. Issuance of Common Stock under our ATM Program In April 2021, we issued 443,460 shares of our common stock under our ATM Program at a weighted-average price of $71.67 per share for net proceeds of approximately $31 million ( Note 12 ). Dividend from our Investment in Preferred Shares of WLT In April 2021, we received a $3.3 million cash dividend from our investment in preferred shares of WLT, reflecting amounts due for the prior four quarters.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationOur interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”).
Basis of Consolidation	Basis of ConsolidationOur consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2020 Annual Report. At both March 31, 2021 and December 31, 2020, we considered 12 entities to be VIEs, of which we consolidated five, 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): March 31, 2021 December 31, 2020 Land, buildings and improvements $ 423,333 $ 423,333 Net investments in direct financing leases 15,149 15,242 In-place lease intangible assets and other 41,987 41,997 Above-market rent intangible assets 26,720 26,720 Accumulated depreciation and amortization (141,973) (137,827) Total assets 378,662 381,953 Non-recourse mortgages, net $ 3,268 $ 3,508 Below-market rent and other intangible liabilities, net 21,855 22,283 Total liabilities 48,869 48,971
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Asset management revenue and structuring and other advisory revenue are now included within Asset management and other revenue in the consolidated statements of income. We currently present Non-operating income on its own line item in the consolidated statements of income, which was previously included within Other gains and (losses). Non-operating income primarily consists of realized gains and losses on derivative instruments, dividends from equity securities, and interest income on our cash deposits and loans to affiliates.
Segment Allocation Changes	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 3 ), 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 3 ).
Lease Revenue	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 5 ), 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 three months ended March 31, 2021 as compared to the same period in 2020, lease revenues decreased by $2.9 million due to the impact of the COVID-19 pandemic (including uncollected rent, as well as property vacancies and lease amendments). In addition, for the three months ended March 31, 2021 as compared to the same period in 2020, for our remaining hotel operating property, revenues decreased by $2.0 million and expenses decreased by $1.5 million, due to the adverse effect of the COVID-19 pandemic on the hotel’s operations.
Intangible Assets and Liabilities and Goodwill	We have recorded net lease, internal-use software development, and trade name intangibles that are being amortized over periods ranging from 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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Land, buildings and improvements $ 423,333 $ 423,333 Net investments in direct financing leases 15,149 15,242 In-place lease intangible assets and other 41,987 41,997 Above-market rent intangible assets 26,720 26,720 Accumulated depreciation and amortization (141,973) (137,827) Total assets 378,662 381,953 Non-recourse mortgages, net $ 3,268 $ 3,508 Below-market rent and other intangible liabilities, net 21,855 22,283 Total liabilities 48,869 48,971
Reconciliation of cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 229,153 $ 248,662 Restricted cash (a) 55,345 63,117 Total cash and cash equivalents and restricted cash $ 284,498 $ 311,779 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets.
Reconciliation of restrictions on cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 229,153 $ 248,662 Restricted cash (a) 55,345 63,117 Total cash and cash equivalents and restricted cash $ 284,498 $ 311,779 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2021
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): Three Months Ended March 31, 2021 2020 Asset management revenue (a) (b) $ 3,954 $ 9,889 Distributions of Available Cash (c) 1,539 1,916 Reimbursable costs from affiliates (a) 1,041 4,030 Interest income on deferred acquisition fees and loans to affiliates (d) 34 278 Structuring and other advisory revenue (a) (b) — 494 $ 6,568 $ 16,607 Three Months Ended March 31, 2021 2020 CPA:18 – Global $ 5,359 $ 5,912 CWI 1 — 5,040 CWI 2 — 4,200 CESH 1,101 1,455 WLT (reimbursed transition services) 108 — $ 6,568 $ 16,607 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Asset management and other revenue in the consolidated statements of income. (c) Included within Equity in losses of equity method investments in the Managed Programs and real estate in the consolidated statements of income. (d) Included within Non-operating income 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): March 31, 2021 December 31, 2020 Asset management fees receivable $ 1,587 $ 1,054 Accounts receivable 1,119 305 Reimbursable costs 995 1,760 Deferred acquisition fees receivable, including accrued interest 199 1,858 Current acquisition fees receivable 127 136 Short-term loans to affiliates, including accrued interest — 21,144 $ 4,027 $ 26,257
Schedule of related party fees	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 50% in cash and 50% in shares of its Class A common stock for 2020 through 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)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Schedule of land, building and improvements	Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands): March 31, 2021 December 31, 2020 Land $ 2,023,689 $ 2,012,688 Buildings and improvements 8,740,637 8,724,064 Real estate under construction 82,767 119,391 Less: Accumulated depreciation (1,261,690) (1,206,912) $ 9,585,403 $ 9,649,231 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 27,466 Buildings and improvements 86,807 Intangibles: In-place lease (weighted-average expected life of 24.7 years) 34,979 $ 149,252 March 31, 2021 December 31, 2020 Land $ 10,452 $ 10,452 Buildings and improvements 73,050 73,024 Less: Accumulated depreciation (14,692) (14,004) $ 68,810 $ 69,472
Schedule of real estate acquired	During the three months ended March 31, 2021, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Capitalized Costs Grove City, Ohio, and Anderson, South Carolina 2 2/2/2021 Warehouse $ 19,129 Various, New Jersey and Pennsylvania (a) 10 2/11/2021 Retail; Office 55,115 Central Valley, California (b) 4 2/11/2021 Warehouse; Land 75,008 16 $ 149,252 __________ (a) This acquisition is comprised of seven retail facilities and three office facilities. (b) This acquisition is comprised of two warehouse facilities and two parcels of land.
Schedule of real estate under construction	During the three months ended March 31, 2021, we completed the following construction projects (dollars in thousands): Property Location(s) Primary Transaction Type Number of Properties Date of Completion Property Type Total Capitalized Costs (a) Mason, Ohio Expansion 1 1/15/2021 Office $ 2,428 Langen, Germany (a) Build-to-suit 1 2/4/2021 Industrial 52,719 2 $ 55,147 __________ (a) Amount reflects the applicable exchange rate on the date of transaction.
Schedule of operating lease income	Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands): Three Months Ended March 31, 2021 2020 Lease income — fixed $ 257,327 $ 238,969 Lease income — variable (a) 27,338 23,080 Total operating lease income (b) $ 284,665 $ 262,049 __________ (a) Includes (i) rent increases based on changes in the U.S. Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes $17.1 million and $20.1 million for three months ended March 31, 2021 and 2020, respectively, of interest income from direct financing leases that is included in Lease revenues in the consolidated statements of income.
Disclosure of long lived assets held-for-sale	Below is a summary of our properties held for sale (in thousands): March 31, 2021 December 31, 2020 Land, buildings and improvements $ 9,929 $ 14,051 In-place lease intangible assets and other, net 12,187 12,754 Above-market rent intangible assets 494 518 Accumulated depreciation and amortization (7,627) (8,733) Assets held for sale, net $ 14,983 $ 18,590

Finance Receivables (Tables)

Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of capital leases net investment In direct financing leases	Net investments in direct financing leases is summarized as follows (in thousands): March 31, 2021 December 31, 2020 Lease payments receivable $ 508,861 $ 527,691 Unguaranteed residual value 664,764 677,722 1,173,625 1,205,413 Less: unearned income (459,058) (476,365) Less: allowance for credit losses (a) (15,715) (17,074) $ 698,852 $ 711,974 __________ (a) During the three months ended March 31, 2021 and 2020, we recorded a net reversal of allowance for credit losses of $1.4 million and a net allowance for credit losses of $5.5 million, respectively, 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.
Schedule of finance receivables credit quality indicators	A summary of our finance receivables by internal credit quality rating, excluding our deferred acquisition fees receivable and allowance for credit losses, is as follows (dollars in thousands): Number of Tenants / Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 1 – 3 18 18 $ 575,465 $ 587,103 4 11 9 175,838 141,944 5 — 2 — 36,737 $ 751,303 $ 765,784

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Schedule of intangible assets And goodwill	Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): March 31, 2021 December 31, 2020 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 $ 19,180 $ (16,355) $ 2,825 $ 19,204 $ (15,711) $ 3,493 Trade name 3,975 (2,985) 990 3,975 (2,786) 1,189 23,155 (19,340) 3,815 23,179 (18,497) 4,682 Lease Intangibles: In-place lease 2,175,012 (845,199) 1,329,813 2,181,584 (828,219) 1,353,365 Above-market rent 868,242 (450,510) 417,732 881,159 (440,952) 440,207 3,043,254 (1,295,709) 1,747,545 3,062,743 (1,269,171) 1,793,572 Indefinite-Lived Goodwill Goodwill 905,701 — 905,701 910,818 — 910,818 Total intangible assets $ 3,972,110 $ (1,315,049) $ 2,657,061 $ 3,996,740 $ (1,287,668) $ 2,709,072 Finite-Lived Intangible Liabilities Below-market rent $ (268,263) $ 92,945 $ (175,318) $ (270,730) $ 90,193 $ (180,537) Indefinite-Lived Intangible Liabilities Below-market purchase option (16,711) — (16,711) (16,711) — (16,711) Total intangible liabilities $ (284,974) $ 92,945 $ (192,029) $ (287,441) $ 90,193 $ (197,248)

Equity Investments in the Man_2

Equity Investments in the Managed Programs and Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity method investments	The following table presents Equity in losses 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): Three Months Ended March 31, 2021 2020 Distributions of Available Cash from CPA:18 – Global ( Note 3 ) $ 1,539 $ 1,916 Amortization of basis differences on equity method investments in the Managed Programs (178) (444) Proportionate share of equity in earnings (losses) of equity method investments in the Managed Programs 25 (1,715) Other-than-temporary impairment charges on our equity method investments in CWI 1 and CWI 2 ( Note 8 ) — (47,112) Total equity in earnings (losses) of equity method investments in the Managed Programs 1,386 (47,355) Other-than-temporary impairment charge on an equity method investment in real estate ( Note 8 ) (6,830) — Equity in (losses) earnings of equity method investments in real estate (a) (4,075) 1,804 Amortization of basis differences on equity method investments in real estate (214) (239) Total equity in (losses) earnings of equity method investments in real estate (11,119) 1,565 Equity in losses of equity method investments in the Managed Programs and real estate $ (9,733) $ (45,790) __________ (a) Amount for the three months ended March 31, 2021 includes a $4.5 million loss from our equity investment in WLT (due to the adverse impact of the COVID-19 pandemic on its operations). The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands): % of Outstanding Interests Owned at Carrying Amount of Investment at Fund March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 CPA:18 – Global (a) 4.796 % 4.569 % $ 53,664 $ 51,949 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CESH (b) 2.430 % 2.430 % 5,266 4,399 $ 59,139 $ 56,557 __________ (a) During the three months ended March 31, 2021, we received asset management revenue from CPA:18 – Global in shares of its common stock, which increased our ownership percentage in CPA:18 – Global ( Note 3 ). (b) Investment is accounted for at fair value. The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Carrying Value at Lessee/Fund Co-owner Ownership Interest March 31, 2021 December 31, 2020 Johnson Self Storage Third Party 90% $ 68,736 $ 68,979 Kesko Senukai (a) Third Party 70% 43,596 46,443 WLT (b) WLT 5% 39,700 44,182 BPS Nevada, LLC (c) Third Party 15% 24,094 23,815 Bank Pekao (a) CPA:18 – Global 50% 16,928 17,850 State Farm Mutual Automobile Insurance Co. (d) CPA:18 – Global 50% 8,175 15,475 Apply Sørco AS (e) CPA:18 – Global 49% 7,142 7,156 Fortenova Grupa d.d. (a) CPA:18 – Global 20% 1,938 2,989 $ 210,309 $ 226,889 __________ (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. We follow the hypothetical liquidation at book value (“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 3 ). (c) This investment is reported using the HLBV 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 $6.8 million on this investment during the three months ended March 31, 2021, as described in Note 8 . (e) The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 5,451,520 $ 5,784,209 $ 5,146,192 $ 5,639,586 Non-recourse mortgages, net (a) (b) (d) 3 728,663 727,549 1,145,554 1,148,551 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $29.5 million and $23.9 million at March 31, 2021 and December 31, 2020, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.2 million and $0.4 million at March 31, 2021 and December 31, 2020, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $29.5 million and $22.6 million at March 31, 2021 and December 31, 2020, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $4.2 million and $4.5 million at March 31, 2021 and December 31, 2020, respectively. (c) We determined the estimated fair value of the Senior Unsecured Notes using observed market prices in an open market, which may experience 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 tables present information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Three Months Ended March 31, 2021 2020 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Equity investments in the Managed Programs and real estate $ 8,175 $ 6,830 $ 37,396 $ 47,112 Land, buildings and improvements and intangibles — — 12,148 19,420 $ 6,830 $ 66,532

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments in statement of financial position, fair value	The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Foreign currency collars Other assets, net $ 9,885 $ 3,489 $ — $ — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,799) (5,859) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (5,350) (15,122) 9,885 3,489 (7,149) (20,981) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 5,800 5,800 — — 5,800 5,800 — — Total derivatives $ 15,685 $ 9,289 $ (7,149) $ (20,981)
Schedule of derivative instruments, effect on other comprehensive income (loss)	The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (a) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 Foreign currency collars $ 16,167 $ 17,816 Interest rate swaps 3,413 (2,237) Interest rate caps 2 2 Foreign currency forward contracts — (2,329) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars — 45 Total $ 19,582 $ 13,297 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2021 2020 Foreign currency collars Non-operating income $ (1,181) $ 984 Interest rate swaps and caps (c) Interest expense (326) (238) Foreign currency forward contracts Non-operating income — 2,799 Total $ (1,507) $ 3,545 __________ (a) Excludes net gains of $0.3 million and net losses of $0.4 million recognized on unconsolidated jointly owned investments for the three months ended March 31, 2021 and 2020, 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) Amount for the three months ended March 31, 2021 excludes other comprehensive income totaling $3.1 million that was removed from the consolidated financial statements (along with the related liability balances) upon the termination of interest rate swaps in connection with certain prepayments of non-recourse mortgage loans during the period ( Note 10 ).
Schedule of derivative instruments, gain (loss) in statement of financial performance	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2021 2020 Foreign currency collars Non-operating income $ 1,000 $ 639 Foreign currency forward contracts Non-operating income — 224 Stock warrants Other gains and (losses) — 100 Interest rate swaps Interest expense — 15 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 906 317 Total $ 1,906 $ 1,295
Schedule of derivative instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at March 31, 2021 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 2 48,120 EUR $ (1,361) Interest rate swaps 2 22,598 USD (438) Interest rate cap 1 10,998 EUR 1 Interest rate cap 1 6,394 GBP — $ (1,798) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at March 31, 2021, as applicable. The following table presents the foreign currency collars that we had outstanding at March 31, 2021 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at March 31, 2021 Designated as Cash Flow Hedging Instruments Foreign currency collars 100 335,500 EUR $ 6,809 Foreign currency collars 81 47,300 GBP (2,274) $ 4,535

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of senior unsecured credit facilities	The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Interest Rate at March 31, 2021 (a) Maturity Date at March 31, 2021 Principal Outstanding Balance at Senior Unsecured Credit Facility March 31, 2021 December 31, 2020 Unsecured Term Loans: Term Loan — borrowing in British pounds sterling (b) (c) GBP LIBOR + 0.95% 2/20/2025 $ 206,405 $ 204,737 Delayed Draw Term Loan — borrowing in euros (d) EURIBOR + 0.95% 2/20/2025 113,146 118,415 319,551 323,152 Unsecured Revolving Credit Facility: Borrowing in Japanese yen JPY LIBOR + 0.85% 2/20/2025 21,751 23,380 Borrowing in euros N/A N/A — 58,901 21,751 82,281 $ 341,302 $ 405,433 __________ (a) The applicable interest rate at March 31, 2021 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2. (b) Balance excludes unamortized discount of $1.1 million and $1.2 million at March 31, 2021 and December 31, 2020, respectively. (c) LIBOR means London Interbank Offered Rate. (d) EURIBOR means Euro Interbank Offered Rate.
Schedule of senior unsecured notes	The following table presents a summary of our Senior Unsecured Notes outstanding at March 31, 2021 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date March 31, 2021 December 31, 2020 2.0% Senior Notes due 2023 1/21/2015 € 500,000 2.0 % Redeemed $ — $ 613,550 4.6% Senior Notes due 2024 3/14/2014 $ 500,000 4.6 % 4/1/2024 500,000 500,000 2.25% Senior Notes due 2024 1/19/2017 € 500,000 2.25 % 7/19/2024 586,250 613,550 4.0% Senior Notes due 2025 1/26/2015 $ 450,000 4.0 % 2/1/2025 450,000 450,000 2.250% Senior Notes due 2026 10/9/2018 € 500,000 2.250 % 4/9/2026 586,250 613,550 4.25% Senior Notes due 2026 9/12/2016 $ 350,000 4.25 % 10/1/2026 350,000 350,000 2.125% Senior Notes due 2027 3/6/2018 € 500,000 2.125 % 4/15/2027 586,250 613,550 1.350% Senior Notes due 2028 9/19/2019 € 500,000 1.350 % 4/15/2028 586,250 613,550 3.850% Senior Notes due 2029 6/14/2019 $ 325,000 3.850 % 7/15/2029 325,000 325,000 0.950% Senior Notes due 2030 3/8/2021 € 525,000 0.950 % 6/1/2030 615,563 — 2.400% Senior Notes due 2031 10/14/2020 $ 500,000 2.400 % 2/1/2031 500,000 500,000 2.250% Senior Notes due 2033 2/25/2021 $ 425,000 2.250 % 4/1/2033 425,000 — $ 5,510,563 $ 5,192,750 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $29.5 million and $23.8 million, and unamortized discount totaling $29.5 million and $22.5 million, at March 31, 2021 and December 31, 2020, respectively.
Scheduled debt principal payments	Scheduled debt principal payments as of March 31, 2021 are as follows (in thousands): Years Ending December 31, Total (a) 2021 (remainder) $ 42,944 2022 312,882 2023 203,411 2024 1,127,916 2025 885,837 Thereafter through 2031 4,011,962 Total principal payments 6,584,952 Unamortized discount, net (b) (34,842) Unamortized deferred financing costs (29,736) Total $ 6,520,374 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at March 31, 2021. (b) Represents the unamortized discount on the Senior Unsecured Notes of $29.5 million in aggregate, unamortized discount, net, of $4.2 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, and unamortized discount of $1.1 million on the Term Loan.

Stock-Based Compensation and _2

Stock-Based Compensation and Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of restricted and conditional award activity	Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at March 31, 2021 and changes during the three months ended March 31, 2021 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Shares Weighted-Average Nonvested at January 1, 2021 260,977 $ 74.75 262,013 $ 88.99 Granted (a) 171,200 66.59 134,290 86.19 Vested (b) (115,660) 73.01 (151,678) 76.04 Forfeited (67) 89.37 — — Adjustment (c) — — 84,188 75.52 Nonvested at March 31, 2021 (d) 316,450 $ 70.97 328,813 $ 90.48 __________ (a) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the three months ended March 31, 2021, we used a risk-free interest rate of 0.2%, an expected volatility rate of 36.7%, and assumed a dividend yield of zero. (b) The grant date fair value of shares vested during the three months ended March 31, 2021 was $20.0 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At March 31, 2021 and December 31, 2020, we had an obligation to issue 1,104,080 and 986,859 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $49.8 million and $42.0 million, respectively. (c) Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments at March 31, 2021 to reflect the number of shares expected to be issued when the PSUs vest. (d) At March 31, 2021, total unrecognized compensation expense related to these awards was approximately $39.2 million, with an aggregate weighted-average remaining term of 2.3 years.
Schedule of earnings per share reconciliation	The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended March 31, 2021 2020 Net income — basic and diluted $ 51,634 $ 66,090 Weighted-average shares outstanding — basic 176,640,861 173,249,236 Effect of dilutive securities 324,649 210,817 Weighted-average shares outstanding — diluted 176,965,510 173,460,053
Reclassification out of accumulated other comprehensive income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2021 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (18,937) $ (220,969) $ (239,906) Other comprehensive income before reclassifications 18,412 (13,902) 4,510 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income 1,181 — 1,181 Interest expense 326 — 326 Total 1,507 — 1,507 Net current period other comprehensive income 19,919 (13,902) 6,017 Ending balance $ 982 $ (234,871) $ (233,889) Three Months Ended March 31, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 13,048 $ (268,715) $ (255,667) Other comprehensive loss before reclassifications 16,394 (52,200) (35,806) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (3,783) — (3,783) Interest expense 238 — 238 Total (3,545) — (3,545) Net current period other comprehensive loss 12,849 (52,200) (39,351) Ending balance $ 25,897 $ (320,915) $ (295,018)

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Reconciliation of operating profit (loss) from segments to consolidated	The following tables present a summary of comparative results and assets for these business segments (in thousands): Real Estate Three Months Ended March 31, 2021 2020 Revenues Lease revenues $ 301,765 $ 282,110 Lease termination income and other 2,227 6,509 Operating property revenues (a) 2,179 5,967 306,171 294,586 Operating Expenses Depreciation and amortization (b) 110,322 115,207 General and administrative (b) 22,083 14,922 Reimbursable tenant costs 15,758 13,175 Property expenses, excluding reimbursable tenant costs 10,883 10,075 Stock-based compensation expense (b) 5,381 1,970 Operating property expenses 1,911 5,223 Merger and other expenses (491) (132) Impairment charges — 19,420 165,847 179,860 Other Income and Expenses Interest expense (51,640) (52,540) Other gains and (losses) (42,189) (10,973) Equity in (losses) earnings of equity method investments in real estate (11,119) 1,565 Gain on sale of real estate, net 9,372 11,751 Non-operating income 6,272 5,197 (89,304) (45,000) Income before income taxes 51,020 69,726 (Provision for) benefit from income taxes (6,426) 31,800 Net Income from Real Estate 44,594 101,526 Net income attributable to noncontrolling interests (7) (612) Net Income from Real Estate Attributable to W. P. Carey $ 44,587 $ 100,914 Investment Management Three Months Ended March 31, 2021 2020 Revenues Asset management and other revenue $ 3,954 $ 10,383 Reimbursable costs from affiliates 1,041 4,030 4,995 14,413 Operating Expenses Reimbursable costs from affiliates 1,041 4,030 Merger and other expenses 15 319 General and administrative (b) — 5,823 Subadvisor fees — 1,277 Depreciation and amortization (b) — 987 Stock-based compensation expense (b) — 691 1,056 13,127 Other Income and Expenses Equity in earnings (losses) of equity method investments in the Managed Programs 1,386 (47,355) Other gains and (losses) 1,001 1,158 Non-operating income 84 195 2,471 (46,002) Income (loss) before income taxes 6,410 (44,716) Benefit from income taxes 637 9,892 Net Income (Loss) from Investment Management Attributable to W. P. Carey $ 7,047 $ (34,824) Total Company Three Months Ended March 31, 2021 2020 Revenues $ 311,166 $ 308,999 Operating expenses 166,903 192,987 Other income and (expenses) (86,833) (91,002) (Provision for) benefit from income taxes (5,789) 41,692 Net income attributable to noncontrolling interests (7) (612) Net income attributable to W. P. Carey $ 51,634 $ 66,090 Operating property revenues from our hotels include (i) $0.7 million and $2.7 million for the three months ended March 31, 2021 and 2020, 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), and (ii) $1.9 million for the three months ended March 31, 2020, generated from a hotel in Miami, Florida, which was sold in January 2020 ( Note 14 ). (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 3 ), 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.
Reconciliation of assets from segment to consolidated	Total Assets at March 31, 2021 December 31, 2020 Real Estate $ 14,423,646 $ 14,582,015 Investment Management 125,054 125,621 Total Company $ 14,548,700 $ 14,707,636

Business and Organization - Nar

Business and Organization - Narratives (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2021ft²propertytenant	Jan. 31, 2020property
Real Estate
Additional disclosures
Number of real estate properties (property)	1,261
Square footage of real estate properties | ft²	146
Number of tenants (tenant) | tenant	351
Lease term (years)	10 years 7 months 6 days
Occupancy rate	98.30%
Real Estate | Operating properties
Additional disclosures
Number of real estate properties (property)	20
Square footage of real estate properties | ft²	1.4
Real Estate | Self-storage
Additional disclosures
Number of real estate properties (property)	19
Real Estate | Hotel
Additional disclosures
Number of real estate properties (property)	1	2
Investment Management | Affiliated Entity | Managed Programs
Additional disclosures
Number of tenants (tenant) | tenant	65
Occupancy rate	98.70%
Investment Management | Affiliated Entity | Managed Programs | Built-to-suit
Additional disclosures
Number of real estate properties (property)	10
Investment Management | Operating properties | Affiliated Entity | Managed Programs
Additional disclosures
Number of real estate properties (property)	69
Square footage of real estate properties | ft²	5.6
Investment Management | Net- lease properties | Affiliated Entity | Managed Programs
Additional disclosures
Number of real estate properties (property)	52
Square footage of real estate properties | ft²	10.6

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)variable_interest_entity	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)variable_interest_entity
Basis of Consolidation
Variable interest entities, count | variable_interest_entity	12
Variable interest entities consolidated, count | variable_interest_entity	5
Variable interest entities unconsolidated, count | variable_interest_entity	7		7
Equity investments in real estate	$ 269,448		$ 283,446
Uncollected rent receivable	2,900
Real Estate
Basis of Consolidation
Gross contract revenue	2,179	$ 5,967
Decrease in revenue	2,000
Decrease in operating expenses	1,500
Real Estate | Hotel
Basis of Consolidation
Gross contract revenue	700	$ 4,600
Variable Interest Entity
Basis of Consolidation
Equity investments in real estate	$ 438,800		$ 425,300
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	$ 210,309		$ 226,889

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Assets
Land, buildings and improvements		$ 10,930,595	$ 10,939,619
Net investments in direct financing leases		698,852	711,974
In-place lease intangible assets and other		2,295,863	2,301,174
Above-market rent intangible assets		868,242	881,159
Accumulated depreciation and amortization		(2,572,091)	(2,490,087)
Total assets	[1]	14,548,700	14,707,636
Liabilities
Non-recourse mortgages, net		728,663	1,145,554
Below-market rent and other intangible liabilities, net		192,029	197,248
Total liabilities	[1]	7,658,245	7,829,267
Variable Interest Entity
Assets
Land, buildings and improvements		423,333	423,333
Net investments in direct financing leases		15,149	15,242
In-place lease intangible assets and other		41,987	41,997
Above-market rent intangible assets		26,720	26,720
Accumulated depreciation and amortization		(141,973)	(137,827)
Total assets		378,662	381,953
Liabilities
Non-recourse mortgages, net		3,268	3,508
Below-market rent and other intangible liabilities, net		21,855	22,283
Total liabilities		$ 48,869	$ 48,971
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Basis of Presentation - Cash an

Basis of Presentation - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 229,153	$ 248,662
Restricted cash	55,345	63,117
Total cash and cash equivalents and restricted cash	$ 284,498	$ 311,779	$ 284,290	$ 251,518

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021investment	Dec. 31, 2020USD ($)
Advisory Agreements with REIT
Percentage of available cash distribution to advisor	10.00%
Other Transactions with Affiliates
Jointly owned investments	9
Jointly owned investment, accounted for under the equity method investments	8
CPA:18 – Global | Maximum | Affiliated Entity
Advisory Agreements with REIT
Personnel and overhead reimbursement (percentage)	1.00%	1.00%
Aggregate cost of investment | CPA:18 – Global | Affiliated Entity
Advisory Agreements with REIT
Percentage of acquisition fees earned (structuring revenue percentage)	4.50%
Aggregate cost of investment | CESH | Affiliated Entity
Advisory Agreements with REIT
Percentage of acquisition fees earned (structuring revenue percentage)	2.00%
Affiliated Entity | CPA:18 – Global
Other Transactions with Affiliates
Loans receivable, related party | $		$ 21.1

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction
Distributions of Available Cash from CPA:18 – Global (Note 3)	$ 1,539	$ 1,916
Interest income on deferred acquisition fees and loans to affiliates	34	278
Revenue from related parties	6,568	16,607
Asset management and other revenue
Related Party Transaction
Gross contract revenue	3,954	9,889
Reimbursable costs from affiliates
Related Party Transaction
Gross contract revenue	1,041	4,030
Structuring And Other Advisory Revenue [Member]
Related Party Transaction
Gross contract revenue	$ 0	$ 494

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction
Revenue from related parties	$ 6,568	$ 16,607
CPA:18 – Global
Related Party Transaction
Revenue from related parties	5,359	5,912
CWI 1
Related Party Transaction
Revenue from related parties	0	5,040
CWI 2
Related Party Transaction
Revenue from related parties	0	4,200
CESH
Related Party Transaction
Revenue from related parties	1,101	1,455
WLT
Related Party Transaction
Revenue from related parties	$ 108	$ 0

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Due from affiliates
Asset management fees receivable	$ 1,587	$ 1,054
Accounts receivable	1,119	305
Reimbursable costs	995	1,760
Deferred acquisition fees receivable, including accrued interest	199	1,858
Current acquisition fees receivable	127	136
Short-term loans to affiliates, including accrued interest	0	21,144
Due from affiliates	$ 4,027	$ 26,257

Agreements and Transactions w_7

Agreements and Transactions with Related Parties - Asset Management, Structuring, Other Revenue and Personnel, Overhead Costs (Details) - Affiliated Entity	1 Months Ended	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021
CPA:18 – Global | Average equity value
Related Party Transaction
Percentage of asset management fees paid in cash (percentage)	50.00%
CPA:18 – Global | Average equity value | Class A
Related Party Transaction
Percentage of asset management fees paid in shares (percentage)		50.00%
CPA:18 – Global | Average equity value | Minimum | Class A
Related Party Transaction
Asset management fees earned (percentage)		0.50%
CPA:18 – Global | Average equity value | Maximum | Class A
Related Party Transaction
Asset management fees earned (percentage)		1.50%
CESH | Gross assets fair value
Related Party Transaction
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	1 Months Ended	3 Months Ended			12 Months Ended
	May 31, 2019USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)property$ / €	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)property$ / €	Jan. 31, 2020property
Real Estate Properties
Increase (decrease) in value of balance sheet item due to foreign currency translation			$ (13,902)	$ (52,200)
Investment in real estate			14,793,552		$ 14,833,926
Payment to acquire real estate			150,922	197,626
Investments in real estate
Capitalized construction cost			$ 18,500
Construction projects completed (property) | property			4		5
Unfunded commitment			$ 79,800		$ 81,800
Deferred income			800
Sales-type Lease, Interest Income, Lease Receivable			600	1,000
Lease restructuring revenue	$ 3,200
Lease termination income				600
Interest income from direct financing leases			17,100	20,100
Assets held for sale, net			14,983		$ 18,590
Real Estate
Investments in real estate
Other income			$ 500	900
Number of real estate properties (property) | property			1,261
Asset held for sale, not in discontinued operations
Investments in real estate
Number of real estate properties (property) | property			3		4
Assets held for sale, net			$ 15,000		$ 18,600
Construction in progress
Investments in real estate
Number of real estate properties (property) | property			2
Construction in progress | Research Center In Wageningen, Netherlands
Investments in real estate
Funding commitment			$ 29,500
Land, buildings and improvements
Investments in real estate
Assets held for sale, net			9,929		14,051
Operating Lease
Real Estate Properties
Increase (decrease) in value of balance sheet item due to foreign currency translation			(129,500)
Depreciation			67,000	65,900
Payment to acquire real estate			$ 149,252
Investments in real estate
Number of real estate properties (property) | property			16
Operating Lease | Food Production Facility In Lawrence, Kansas | Forecast
Real Estate Properties
Payment to acquire real estate		$ 27,300
Operating Lease | Land
Real Estate Properties
Payment to acquire real estate			$ 27,466
Operating Lease | Building
Real Estate Properties
Payment to acquire real estate			86,807
Operating real estate
Real Estate Properties
Depreciation			700	$ 700
Investment in real estate			68,810		69,472
Operating real estate | Assets leased to others
Real Estate Properties
Investment in real estate			9,585,403		$ 9,649,231
Operating real estate | Assets leased to others | Adjustments
Real Estate Properties
Investment in real estate			$ (5,000)
Hotel | Real Estate
Investments in real estate
Number of real estate properties (property) | property			1			2
Self-storage | Operating real estate
Investments in real estate
Number of real estate properties (property) | property			10		10
Hotel | Operating real estate
Investments in real estate
Number of real estate properties (property) | property			1		1
EUR
Real Estate Properties
Increase (decrease) in exchange rate			(4.40%)
Foreign currency exchange rate | $ / €			1.1725		1.2271

Land, Buildings and Improveme_4

Land, Buildings and Improvements and Assets Held for Sale - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (2,572,091)	$ (2,490,087)
Investments in real estate	14,793,552	14,833,926
Operating real estate
Real Estate Investment Property At Cost
Land	10,452	10,452
Buildings and improvements	73,050	73,024
Less: Accumulated depreciation	(14,692)	(14,004)
Investments in real estate	68,810	69,472
Assets leased to others | Operating real estate
Real Estate Investment Property At Cost
Land	2,023,689	2,012,688
Buildings and improvements	8,740,637	8,724,064
Real estate under construction	82,767	119,391
Less: Accumulated depreciation	(1,261,690)	(1,206,912)
Investments in real estate	$ 9,585,403	$ 9,649,231

Land, Buildings and Improveme_5

Land, Buildings and Improvements and Assets Held for Sale - Acquisition of Real Estate (Details) $ in Thousands	Feb. 11, 2021USD ($)property	Feb. 02, 2021USD ($)property	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)
Property, Plant and Equipment
Total Capitalized Costs | $			$ 150,922	$ 197,626
Operating Lease
Property, Plant and Equipment
Number of properties (property) | property			16
Total Capitalized Costs | $			$ 149,252
Operating Lease | Grove City, Ohio, and Anderson, South Carolina
Property, Plant and Equipment
Number of properties (property) | property		2
Total Capitalized Costs | $		$ 19,129
Operating Lease | Various, New Jersey and Pennsylvania
Property, Plant and Equipment
Number of properties (property) | property	10
Total Capitalized Costs | $	$ 55,115
Operating Lease | Various, New Jersey and Pennsylvania | Retail facility
Property, Plant and Equipment
Number of properties (property) | property	7
Operating Lease | Various, New Jersey and Pennsylvania | Office facility
Property, Plant and Equipment
Number of properties (property) | property	3
Operating Lease | Central Valley, California
Property, Plant and Equipment
Number of properties (property) | property	4
Total Capitalized Costs | $	$ 75,008
Operating Lease | Central Valley, California | Warehouse facility
Property, Plant and Equipment
Number of properties (property) | property	2
Operating Lease | Central Valley, California | Land
Property, Plant and Equipment
Number of properties (property) | property	2
In-place lease | Operating Lease
Property, Plant and Equipment
Total Capitalized Costs | $			$ 34,979
Finite lived intangible assets useful life (in years)			24 years 8 months 12 days
Land | Operating Lease
Property, Plant and Equipment
Total Capitalized Costs | $			$ 27,466
Building | Operating Lease
Property, Plant and Equipment
Total Capitalized Costs | $			$ 86,807

Land, Buildings and Improveme_6

Land, Buildings and Improvements and Assets Held for Sale - Real Estate Under Construction (Details) - Construction in progress $ in Thousands	Feb. 04, 2021USD ($)property	Jan. 15, 2021USD ($)property	Mar. 31, 2021USD ($)property
Property, Plant and Equipment
Number of properties (property) | property			2
Total Capitalized Costs | $			$ 55,147
Mason, Ohio
Property, Plant and Equipment
Number of properties (property) | property		1
Total Capitalized Costs | $		$ 2,428
Langen, Germany
Property, Plant and Equipment
Number of properties (property) | property	1
Total Capitalized Costs | $	$ 52,719

Land, Buildings and Improveme_7

Land, Buildings and Improvements and Assets Held for Sale - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Lease, Lease Income [Abstract]
Lease income — fixed	$ 257,327	$ 238,969
Lease income – variable	27,338	23,080
Total operating lease income	$ 284,665	$ 262,049

Land, Buildings and Improveme_8

Land, Buildings and Improvements and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate Properties
Assets held for sale, net	$ 14,983	$ 18,590
In-place lease intangible assets and other, net
Real Estate Properties
Assets held for sale, net	12,187	12,754
Above-market rent intangible assets
Real Estate Properties
Assets held for sale, net	494	518
Land, buildings and improvements
Real Estate Properties
Assets held for sale, net	9,929	14,051
Accumulated depreciation and amortization
Real Estate Properties
Assets held for sale, net	$ 7,627	$ 8,733

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Lease payments receivable	$ 508,861	$ 527,691
Unguaranteed residual value	664,764	677,722
Net investment in finance leases, excluding unearned income	1,173,625	1,205,413
Less: unearned income	(459,058)	(476,365)
Less: allowance for credit losses	(15,715)	(17,074)
Net receivables (difference between undiscounted cash flows and discounted cash flows)	$ 698,852	$ 711,974

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020loan
Finance Receivables
Allowance for credit loss	$ (1,358)	$ 5,499
Interest income from direct financing leases	17,100	20,100
Increase (decrease) in value of balance sheet item due to foreign currency translation	(13,902)	(52,200)
Number of loans receivable (loans) | loan			2
Loans receivable	24,100
Loans receivable, allowance for credit losses	12,600
Interest receivable	3,700
Interest income from loans receivables	600	1,000
Direct financing lease
Finance Receivables
Increase (decrease) in value of balance sheet item due to foreign currency translation	13,500
Net investments in direct financing lease
Finance Receivables
Allowance for credit loss	$ (1,400)	$ 5,500

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Mar. 31, 2021USD ($)tenant	Dec. 31, 2020USD ($)tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 751,303	$ 765,784
Internally Assigned Grade1-3
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	18	18
Net investments in direct financing leases	$ 575,465	$ 587,103
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	11	9
Net investments in direct financing leases	$ 175,838	$ 141,944
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	0	2
Net investments in direct financing leases	$ 0	$ 36,737

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets, Net
Goodwill	$ 905,701		$ 910,818
Increase (decrease) in value of balance sheet item due to foreign currency translation	(13,902)	$ (52,200)
Amortization of intangible assets	54,000	$ 60,500
Real Estate
Finite-Lived Intangible Assets, Net
Foreign currency translation adjustments	(5,100)
Goodwill	876,400		881,500
Investment Management
Finite-Lived Intangible Assets, Net
Goodwill			$ 29,300
Net intangible assets
Finite-Lived Intangible Assets, Net
Increase (decrease) in value of balance sheet item due to foreign currency translation	$ (24,700)
Minimum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life (in years)	3 years
Maximum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life (in years)	48 years

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortizable Intangible Assets
Accumulated Amortization	$ (1,315,049)	$ (1,287,668)
Indefinite Lived Intangible Assets Including Goodwill
Total intangible assets, gross	3,972,110	3,996,740
Total intangible assets, net	2,657,061	2,709,072
Amortizable Intangible Liabilities
Less: accumulated amortization	92,945	90,193
Indefinite Lived Intangible Liabilities
Total intangible liabilities, gross	(284,974)	(287,441)
Total intangible liabilities, net	(192,029)	(197,248)
Below-market purchase option
Indefinite Lived Intangible Liabilities
Indefinite-lived intangible liabilities	(16,711)	(16,711)
Below-market rent
Amortizable Intangible Liabilities
Finite-lived intangible liabilities, gross	(268,263)	(270,730)
Less: accumulated amortization	92,945	90,193
Net amortizable intangible liabilities	(175,318)	(180,537)
Goodwill
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	905,701	910,818
Contracts including internal software development costs
Amortizable Intangible Assets
Gross Carrying Amount	23,155	23,179
Accumulated Amortization	(19,340)	(18,497)
Net Carrying Amount	3,815	4,682
Internal-use software development costs
Amortizable Intangible Assets
Gross Carrying Amount	19,180	19,204
Accumulated Amortization	(16,355)	(15,711)
Net Carrying Amount	2,825	3,493
Trade name
Amortizable Intangible Assets
Gross Carrying Amount	3,975	3,975
Accumulated Amortization	(2,985)	(2,786)
Net Carrying Amount	990	1,189
Lease intangibles
Amortizable Intangible Assets
Gross Carrying Amount	3,043,254	3,062,743
Accumulated Amortization	(1,295,709)	(1,269,171)
Net Carrying Amount	1,747,545	1,793,572
In-place lease
Amortizable Intangible Assets
Gross Carrying Amount	2,175,012	2,181,584
Accumulated Amortization	(845,199)	(828,219)
Net Carrying Amount	1,329,813	1,353,365
Above-market rent
Amortizable Intangible Assets
Gross Carrying Amount	868,242	881,159
Accumulated Amortization	(450,510)	(440,952)
Net Carrying Amount	$ 417,732	$ 440,207

Equity Investments in the Man_3

Equity Investments in the Managed Programs and Real Estate - Summary of Earnings from Equity Method Investments in the Managed Programs and Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule Of Equity Method Investments
Total equity in earnings (losses) of equity method investments	$ (9,733)	$ (45,790)
Managed Programs
Schedule Of Equity Method Investments
Distributions of Available Cash from CPA:18 – Global (Note 3)	1,539	1,916
Amortization of basis difference on equity method investments	(178)	(444)
Equity in earnings (losses) of equity method investments	25	(1,715)
Other-than-temporary impairment charges on equity method investment	0	(47,112)
Total equity in earnings (losses) of equity method investments	1,386	(47,355)
Investment in real estate
Schedule Of Equity Method Investments
Amortization of basis difference on equity method investments	(214)	(239)
Equity in earnings (losses) of equity method investments	(4,075)	1,804
Other-than-temporary impairment charges on equity method investment	(6,830)	0
Total equity in earnings (losses) of equity method investments	$ (11,119)	$ 1,565

Equity Investments in the Man_4

Equity Investments in the Managed Programs and Real Estate - Summary of Investments in Managed Programs (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments in Programs
Equity investments in real estate	$ 269,448	$ 283,446
Affiliated Entity | Managed Programs
Investments in Programs
Equity investments in real estate	$ 59,139	$ 56,557
Affiliated Entity | CPA:18 – Global
Investments in Programs
Equity method investment, ownership percentage	4.796%	4.569%
Equity investments in real estate	$ 53,664	$ 51,949
Affiliated Entity | CPA:18 – Global operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.034%	0.034%
Equity investments in real estate	$ 209	$ 209
Affiliated Entity | CESH
Investments in Programs
Equity method investment, ownership percentage	2.43%	2.43%
Equity investments in real estate	$ 5,266	$ 4,399

Equity Investments in the Man_5

Equity Investments in the Managed Programs and Real Estate - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Apr. 13, 2020
Investments in REITs
Total equity in earnings (losses) of equity method investments	$ (9,733,000)	$ (45,790,000)
Distributions of earnings from equity method investments	1,603,000	2,656,000
Other-than-temporary impairment charges	6,800,000
Real Estate | Unconsolidated Real Estate Investment
Investments in REITs
Distributions of earnings from equity method investments	2,700,000	2,000,000
Aggregate unamortized basis difference on equity investments	9,100,000		$ 16,100,000
Managed Programs
Investments in REITs
Total equity in earnings (losses) of equity method investments	1,386,000	(47,355,000)
State Farm Mutual Automobile Insurance Co. | Real Estate | CPA:18 – Global
Investments in REITs
Other-than-temporary impairment charges	6,800,000
Affiliated Entity | Watermark Lodging Trust [Member]
Investments in REITs
Total equity in earnings (losses) of equity method investments	(4,500,000)
Affiliated Entity | CPA:18 – Global
Investments in REITs
Distributions of earnings from equity method investments	$ 400,000	900,000
Affiliated Entity | CPA:18 – Global | Class A
Investments in REITs
Asset management fees receivable, shares	126,696
Affiliated Entity | CPA:18 – Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments	$ 1,500,000	1,900,000
Affiliated Entity | CWI 1
Investments in REITs
Distributions of earnings from equity method investments		800,000
Affiliated Entity | CWI 1 operating partnership
Investments in REITs
Distributions of earnings from equity method investments		0
Affiliated Entity | CWI 2 operating partnership
Investments in REITs
Distributions of earnings from equity method investments		0
Affiliated Entity | CWI 2
Investments in REITs
Distributions of earnings from equity method investments		$ 500,000
Affiliated Entity | Managed Programs
Investments in REITs
Aggregate unamortized basis difference on equity investments	$ 19,900,000		$ 18,800,000
Affiliated Entity | Common Stock | Watermark Lodging Trust [Member]
Investments in REITs
Shares owned (shares)				12,208,243

Equity Investments in the Man_6

Equity Investments in the Managed Programs and Real Estate - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments in Programs
Equity investments in real estate	$ 269,448	$ 283,446
Real Estate
Investments in Programs
Equity investments in real estate	$ 210,309	226,889
Real Estate | Third Party | Affiliated Entity | Johnson Self Storage
Investments in Programs
Equity method investment, ownership percentage	90.00%
Equity investments in real estate	$ 68,736	68,979
Real Estate | Third Party | Affiliated Entity | Kesko Senukai
Investments in Programs
Equity method investment, ownership percentage	70.00%
Equity investments in real estate	$ 43,596	46,443
Real Estate | Third Party | Affiliated Entity | BPS Nevada, LLC
Investments in Programs
Equity method investment, ownership percentage	15.00%
Equity investments in real estate	$ 24,094	23,815
Real Estate | WLT | WLT
Investments in Programs
Equity method investment, ownership percentage	5.00%
Equity investments in real estate	$ 39,700	44,182
Real Estate | CPA:18 – Global | Bank Pekao S.A.
Investments in Programs
Equity method investment, ownership percentage	50.00%
Equity investments in real estate	$ 16,928	17,850
Real Estate | CPA:18 – Global | Affiliated Entity | State Farm Mutual Automobile Insurance Co.
Investments in Programs
Equity method investment, ownership percentage	50.00%
Equity investments in real estate	$ 8,175	15,475
Real Estate | CPA:18 – Global | Affiliated Entity | Apply Sorco AS
Investments in Programs
Equity method investment, ownership percentage	49.00%
Equity investments in real estate	$ 7,142	7,156
Real Estate | CPA:18 – Global | Affiliated Entity | Fortenova Grupa d.d.
Investments in Programs
Equity method investment, ownership percentage	20.00%
Equity investments in real estate	$ 1,938	$ 2,989

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Fair Value Inputs, Assets
Proceeds from the redemption of investment in shares	$ 3,086	$ 3,496
Total equity in earnings (losses) of equity method investments	(9,733)	(45,790)
Equity investments in real estate	269,448		$ 283,446
Unamortized discount	$ 34,842
Measurement Input, Cashflow Discount Rate
Fair Value Inputs, Assets
Measurement input	0.0575
Measurement Input, Residual Discount Rate
Fair Value Inputs, Assets
Measurement input	0.0750
Measurement Input, Residual Capitalization Rate
Fair Value Inputs, Assets
Measurement input	0.0675
GCIF
Fair Value Inputs, Assets
Unrealized investments gain (loss)	$ 300
Proceeds from the redemption of investment in shares	800
Loss on redemption of shares	100
Total equity in earnings (losses) of equity method investments	100	200
Equity investments in real estate	5,500		6,100
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs	6,830	66,532
Level 3 | Carrying Value | Non-recourse mortgage, net
Fair Value Inputs, Assets
Debt instrument, unamortized discount and debt issuance costs, net	200		400
Unamortized discount	4,200		4,500
Level 3 | Equity investments in the Managed Programs and real estate | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs	6,830	47,112
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs	0	$ 19,420
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties
Fair Value Inputs, Assets
Recognized impairment costs	$ 16,000
Number of properties (property) | property	2
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Impaired property
Fair Value Inputs, Assets
Recognized impairment costs	$ 3,400
Level 3 | Land, buildings and improvements and intangibles | Measurement Input, Cap Rate | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Minimum
Fair Value Inputs, Assets
Capitalization rate for the various scenarios	0.06
Level 3 | Land, buildings and improvements and intangibles | Measurement Input, Cap Rate | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Maximum
Fair Value Inputs, Assets
Capitalization rate for the various scenarios	0.11
Level 2 | Carrying Value | Unsecured senior notes
Fair Value Inputs, Assets
Debt instrument, unamortized discount and debt issuance costs, net	$ 29,500		23,900
Unamortized discount	29,500		22,600
Lineage Logistics | Level 3
Fair Value Inputs, Assets
Unrealized investments gain (loss)	23,400
Dividend income	6,400
Fair value of investments	313,400		$ 290,000
WLT | Affiliated Entity
Fair Value Inputs, Assets
Total equity in earnings (losses) of equity method investments	(4,500)
CWI 1 | Level 3 | Equity investments in the Managed Programs and real estate | Fair Value, Measurements, Nonrecurring | Affiliated Entity
Fair Value Inputs, Assets
Recognized impairment costs	27,800
CWI 2 | Level 3 | Equity investments in the Managed Programs and real estate | Fair Value, Measurements, Nonrecurring | Affiliated Entity
Fair Value Inputs, Assets
Recognized impairment costs	19,300
Preferred Stock | WLT | Level 3
Fair Value Inputs, Assets
Equity method investment fair value	$ 46,300
Preferred Stock | WLT | Level 3 | Measurement Input, Cashflow Discount Rate
Fair Value Inputs, Assets
Measurement input	0.15

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Level 2 | Carrying Value | Senior Unsecured Notes, net
Liabilities:
Debt instrument, fair value	$ 5,451,520	$ 5,146,192
Level 2 | Fair Value | Senior Unsecured Notes, net
Liabilities:
Debt instrument, fair value	5,784,209	5,639,586
Level 3 | Carrying Value | Non-recourse mortgage, net
Liabilities:
Debt instrument, fair value	728,663	1,145,554
Level 3 | Fair Value | Non-recourse mortgage, net
Liabilities:
Debt instrument, fair value	$ 727,549	$ 1,148,551

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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impairment Charges	$ 6,830	$ 66,532
Equity investments in the Managed Programs and real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value Measurements	8,175	37,396
Impairment Charges	6,830	47,112
Land, buildings and improvements and intangibles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value Measurements	0	12,148
Impairment Charges	$ 0	$ 19,420

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) £ in Millions, ¥ in Billions	3 Months Ended
	Mar. 31, 2021USD ($)offering	Mar. 31, 2020USD ($)	Mar. 31, 2021JPY (¥)	Mar. 31, 2021GBP (£)	Mar. 31, 2021EUR (€)	Mar. 08, 2021EUR (€)	Dec. 31, 2020USD ($)
Summary of Derivative Instruments
Net collateral posted for derivatives	$ 0						$ 0
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ 19,582,000	$ 13,297,000
Derivative, remaining maturity	62 months
Total credit exposure on derivatives	$ 6,700,000
Derivatives, net liability position	7,200,000						25,100,000
Aggregate termination value for immediate settlement	$ 7,300,000						25,600,000
Number of offerings completed | offering	6
Debt outstanding	$ 341,302,000						405,433,000
Other comprehensive income foreign currency gain (loss)	142,500,000	84,900,000
Unsecured Revolving Credit Facility
Summary of Derivative Instruments
Debt outstanding	21,751,000						82,281,000
Unsecured Term Loans
Summary of Derivative Instruments
Debt outstanding	319,551,000						323,152,000
EUR | Unsecured Revolving Credit Facility
Summary of Derivative Instruments
Debt outstanding	0						58,901,000
EUR | Unsecured Term Loans
Summary of Derivative Instruments
Debt outstanding	113,146,000				€ 96,500,000		118,415,000
JPY | Unsecured Revolving Credit Facility
Summary of Derivative Instruments
Debt outstanding	21,751,000		¥ 2.4				23,380,000
GBP | Unsecured Term Loans
Summary of Derivative Instruments
Debt outstanding	$ 206,405,000			£ 150			$ 204,737,000
Unsecured senior notes
Summary of Derivative Instruments
Number of offerings completed | offering	5
Principal amount	$ 5,500,000,000
Unsecured senior notes | 2.0% Senior Notes due 2023
Summary of Derivative Instruments
Principal amount | €					€ 500,000,000
Coupon rate (percentage)	2.00%		2.00%	2.00%	2.00%
Unsecured senior notes | 2.25% Senior Notes due 2024
Summary of Derivative Instruments
Principal amount | €					€ 500,000,000
Coupon rate (percentage)	2.25%		2.25%	2.25%	2.25%
Unsecured senior notes | 2.250% Senior Notes due 2026
Summary of Derivative Instruments
Principal amount | €					€ 500,000,000
Coupon rate (percentage)	2.25%		2.25%	2.25%	2.25%
Unsecured senior notes | 2.125% Senior Notes due 2027
Summary of Derivative Instruments
Principal amount | €					€ 500,000,000
Coupon rate (percentage)	2.125%		2.125%	2.125%	2.125%
Unsecured senior notes | 1.350% Senior Notes due 2028
Summary of Derivative Instruments
Principal amount | €					€ 500,000,000
Coupon rate (percentage)	1.35%		1.35%	1.35%	1.35%
Unsecured senior notes | 0.950% Senior Notes due 2030
Summary of Derivative Instruments
Principal amount | €					€ 525,000,000	€ 525,000,000
Coupon rate (percentage)	0.95%		0.95%	0.95%	0.95%	0.95%
Individual Counterparty
Summary of Derivative Instruments
Total credit exposure on derivatives	$ 2,400,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)	800,000
Other gains
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)	(2,000,000)
Equity Method Investments | Designated as Cash Flow Hedging Instruments
Summary of Derivative Instruments
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ 300,000	$ (400,000)

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value
Derivative assets, fair value	$ 15,685	$ 9,289
Liability derivatives, fair value	(7,149)	(20,981)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	9,885	3,489
Liability derivatives, fair value	(7,149)	(20,981)
Derivatives Designated as Hedging Instruments | Foreign currency collars | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	9,885	3,489
Derivatives Designated as Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(5,350)	(15,122)
Derivatives Designated as Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(1,799)	(5,859)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	5,800	5,800
Liability derivatives, fair value	0	0
Derivatives Not Designated as Hedging Instruments | Stock warrants | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	$ 5,800	$ 5,800

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ 19,582	$ 13,297
Derivatives in Cash Flow Hedging Relationships  | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	16,167	17,816
Derivatives in Cash Flow Hedging Relationships  | Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	3,413	(2,237)
Derivatives in Cash Flow Hedging Relationships  | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	2	2
Derivatives in Cash Flow Hedging Relationships  | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	0	(2,329)
Derivatives in Net Investment Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ 0	$ 45

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Designated as Cash Flow Hedging Instruments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	$ (1,507)	$ 3,545
Foreign currency collars | Non-operating income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	(1,181)	984
Interest rate swaps and caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	(326)	(238)
Foreign currency forward contracts | Non-operating income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	0	$ 2,799
Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	$ 3,100

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amount of Gain (Loss) on Derivatives Recognized in Income
Total	$ 1,906	$ 1,295
Derivatives Not Designated as Hedging Instruments | Foreign currency collars | Non-operating income
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	1,000	639
Derivatives Not Designated as Hedging Instruments | Foreign currency forward contracts | Non-operating income
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	224
Derivatives Not Designated as Hedging Instruments | Stock warrants | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	100
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	15
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	$ 906	$ 317

Risk Management and Use of De_8

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) - Derivatives Designated as Hedging Instruments - Designated as Cash Flow Hedging Instruments € in Thousands, £ in Thousands, $ in Thousands	Mar. 31, 2021EUR (€)derivative_instrument	Mar. 31, 2021USD ($)derivative_instrument	Mar. 31, 2021GBP (£)derivative_instrument
Derivative Disclosure
Fair value		$ (1,798)
Interest rate swaps | EUR
Derivative Disclosure
Number of Instruments | derivative_instrument	2	2	2
Notional Amount | €	€ 48,120
Fair value		$ (1,361)
Interest rate swaps | USD
Derivative Disclosure
Number of Instruments | derivative_instrument	2	2	2
Notional Amount		$ 22,598
Fair value		$ (438)
Interest rate caps | EUR
Derivative Disclosure
Number of Instruments | derivative_instrument	1	1	1
Notional Amount | €	€ 10,998
Fair value		$ 1
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) - Derivatives Designated as Hedging Instruments - Designated as Cash Flow Hedging Instruments € in Thousands, £ in Thousands, $ in Thousands	Mar. 31, 2021EUR (€)derivative_instrument	Mar. 31, 2021USD ($)derivative_instrument	Mar. 31, 2021GBP (£)derivative_instrument
Derivative Disclosure
Fair value, foreign currency derivatives		$ 4,535
Foreign currency collars | EUR
Derivative Disclosure
Number of Instruments | derivative_instrument	100	100	100
Notional Amount | €	€ 335,500
Fair value, foreign currency derivatives		$ 6,809
Foreign currency collars | GBP
Derivative Disclosure
Number of Instruments | derivative_instrument	81	81	81
Notional Amount | £			£ 47,300
Fair value, foreign currency derivatives		$ (2,274)

Debt - Narratives (Details)

Debt - Narratives (Details)	Mar. 08, 2021EUR (€)	Feb. 25, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	Feb. 20, 2020USD ($)	Feb. 20, 2020GBP (£)	Feb. 20, 2020EUR (€)
Senior Unsecured Credit Facility
Maximum borrowing capacity			$ 2,750,000,000				$ 2,100,000,000
Financing cost			$ 29,736,000
Non Recourse Mortgage
Weighted average interest rate (in percentage)			4.10%		4.10%
Prepayments of mortgage principal			$ 425,219,000	$ 0
Repayments of non recourse mortgage loan			14,203,000	21,117,000
Increase (decrease) in value of balance sheet item due to foreign currency translation			(13,902,000)	$ (52,200,000)
Unamortized discount			34,842,000
Merged Entities
Non Recourse Mortgage
Unamortized discount			$ 4,200,000
Fixed interest rate
Non Recourse Mortgage
Weighted average interest rate (in percentage)			4.70%		4.70%
Variable interest rate
Non Recourse Mortgage
Weighted average interest rate (in percentage)			2.10%		2.10%
Unsecured senior notes
Senior Unsecured Credit Facility
Principal Amount			$ 5,500,000,000
Financing cost			29,500,000			$ 23,800,000
Non Recourse Mortgage
Unamortized discount			29,500,000			22,500,000
Unsecured senior notes | 2.250% Senior Notes due 2033
Senior Unsecured Credit Facility
Principal Amount		$ 425,000,000	$ 425,000,000
Stated interest rate (percentage)		2.25%	2.25%		2.25%
Price of par value (percentage)		98.722%
Debt instrument term (years)		12 years 1 month 6 days
Unsecured senior notes | 0.950% Senior Notes due 2030
Senior Unsecured Credit Facility
Principal Amount | €	€ 525,000,000				€ 525,000,000
Stated interest rate (percentage)	0.95%		0.95%		0.95%
Price of par value (percentage)	99.335%
Debt instrument term (years)	9 years 2 months 12 days
Redemption premium			$ 26,200,000
Loss on extinguishment of debt			(28,200,000)
Non Recourse Mortgage
Loss on extinguishment of debt			$ (28,200,000)
Unsecured senior notes | 2.0% Senior Notes due 2023
Senior Unsecured Credit Facility
Principal Amount | €					€ 500,000,000
Stated interest rate (percentage)			2.00%		2.00%
Unsecured senior notes | Euro Senior Note 0.950% Due 2030
Senior Unsecured Credit Facility
Financing cost			$ 8,200,000
Unsecured senior notes | Government bond yield | Minimum
Senior Unsecured Credit Facility
Variable interest rate (percentage)			0.30%
Unsecured senior notes | Government bond yield | Maximum
Senior Unsecured Credit Facility
Variable interest rate (percentage)			0.35%
Non-Recourse Debt
Senior Unsecured Credit Facility
Loss on extinguishment of debt			$ 31,700,000
Non Recourse Mortgage
Weighted average interest rate (in percentage)			5.10%		5.10%
Prepayments of mortgage principal			$ 425,200,000
Repayments of non recourse mortgage loan			3,000,000
Loss on extinguishment of debt			31,700,000
Debt extinguishment cost			31,800,000
Increase (decrease) in value of balance sheet item due to foreign currency translation			(154,300,000)
Unsecured Revolving Credit Facility
Senior Unsecured Credit Facility
Line of credit facility, available			$ 1,800,000,000
Debt Instrument borrowing capacity fee (percentage)			0.20%
Unsecured Revolving Credit Facility | USD
Senior Unsecured Credit Facility
Maximum borrowing capacity							$ 1,800,000,000
Unsecured Term Loans | GBP
Senior Unsecured Credit Facility
Maximum borrowing capacity | £								£ 150,000,000
Non Recourse Mortgage
Unamortized discount			$ 1,100,000			$ 1,200,000
Unsecured Term Loans | EUR
Senior Unsecured Credit Facility
Maximum borrowing capacity | €									€ 96,500,000
Standby Letters of Credit
Senior Unsecured Credit Facility
Line of credit facility, available			$ 20,100,000

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Credit Facility (Details) $ in Thousands, € in Millions, £ in Millions, ¥ in Billions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2021JPY (¥)	Mar. 31, 2021GBP (£)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)
Senior Unsecured Credit Facility
Debt outstanding	$ 341,302				$ 405,433
Unamortized discount	34,842
Unsecured Term Loans:
Senior Unsecured Credit Facility
Debt outstanding	319,551				323,152
Unsecured Term Loans: | GBP
Senior Unsecured Credit Facility
Debt outstanding	206,405		£ 150		204,737
Unamortized discount	$ 1,100				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	$ 113,146			€ 96.5	118,415
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	$ 21,751				82,281
Unsecured Revolving Credit Facility: | EUR
Senior Unsecured Credit Facility
Debt outstanding	0				58,901
Unsecured Revolving Credit Facility: | JPY
Senior Unsecured Credit Facility
Debt outstanding	$ 21,751	¥ 2.4			$ 23,380
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)	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Mar. 08, 2021EUR (€)	Feb. 25, 2021USD ($)	Dec. 31, 2020USD ($)
Senior Unsecured Notes
Senior unsecured notes, net	$ 5,451,520,000				$ 5,146,192,000
Unamortized deferred financing costs	29,736,000
Unamortized discount, net	34,842,000
Unsecured senior notes
Senior Unsecured Notes
Principal Amount	5,500,000,000
Senior unsecured notes, net	5,510,563,000				5,192,750,000
Unamortized deferred financing costs	29,500,000				23,800,000
Unamortized discount, net	$ 29,500,000				22,500,000
Unsecured senior notes | 2.0% Senior Notes due 2023
Senior Unsecured Notes
Coupon rate (percentage)	2.00%	2.00%
Principal Amount | €		€ 500,000,000
Senior unsecured notes, net	$ 0				613,550,000
Unsecured senior notes | 4.6% Senior Notes due 2024
Senior Unsecured Notes
Coupon rate (percentage)	4.60%	4.60%
Principal Amount	$ 500,000,000
Senior unsecured notes, net	$ 500,000,000				500,000,000
Unsecured senior notes | 2.25% Senior Notes due 2024
Senior Unsecured Notes
Coupon rate (percentage)	2.25%	2.25%
Principal Amount | €		€ 500,000,000
Senior unsecured notes, net	$ 586,250,000				613,550,000
Unsecured senior notes | 4.0% Senior Notes due 2025
Senior Unsecured Notes
Coupon rate (percentage)	4.00%	4.00%
Principal Amount	$ 450,000,000
Senior unsecured notes, net	$ 450,000,000				450,000,000
Unsecured senior notes | 2.250% Senior Notes due 2026
Senior Unsecured Notes
Coupon rate (percentage)	2.25%	2.25%
Principal Amount | €		€ 500,000,000
Senior unsecured notes, net	$ 586,250,000				613,550,000
Unsecured senior notes | 4.25% Senior Notes due 2026
Senior Unsecured Notes
Coupon rate (percentage)	4.25%	4.25%
Principal Amount	$ 350,000,000
Senior unsecured notes, net	$ 350,000,000				350,000,000
Unsecured senior notes | 2.125% Senior Notes due 2027
Senior Unsecured Notes
Coupon rate (percentage)	2.125%	2.125%
Principal Amount | €		€ 500,000,000
Senior unsecured notes, net	$ 586,250,000				613,550,000
Unsecured senior notes | 1.350% Senior Notes due 2028
Senior Unsecured Notes
Coupon rate (percentage)	1.35%	1.35%
Principal Amount | €		€ 500,000,000
Senior unsecured notes, net	$ 586,250,000				613,550,000
Unsecured senior notes | 3.850% Senior Notes due 2029
Senior Unsecured Notes
Coupon rate (percentage)	3.85%	3.85%
Principal Amount	$ 325,000,000
Senior unsecured notes, net	$ 325,000,000				325,000,000
Unsecured senior notes | 0.950% Senior Notes due 2030
Senior Unsecured Notes
Coupon rate (percentage)	0.95%	0.95%	0.95%
Principal Amount | €		€ 525,000,000	€ 525,000,000
Senior unsecured notes, net	$ 615,563,000				0
Unsecured senior notes | 2.400% Senior Notes due 2031
Senior Unsecured Notes
Coupon rate (percentage)	2.40%	2.40%
Principal Amount	$ 500,000,000
Senior unsecured notes, net	$ 500,000,000				500,000,000
Unsecured senior notes | 2.250% Senior Notes due 2033
Senior Unsecured Notes
Coupon rate (percentage)	2.25%	2.25%		2.25%
Principal Amount	$ 425,000,000			$ 425,000,000
Senior unsecured notes, net	$ 425,000,000				$ 0

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Mar. 31, 2021USD ($)
Long-term Debt, by Maturity
2021 (remainder)	$ 42,944
2022	312,882
2023	203,411
2024	1,127,916
2025	885,837
Thereafter through 2031	4,011,962
Total principal payments	6,584,952
Unamortized discount, net	(34,842)
Unamortized deferred financing costs	(29,736)
Total	$ 6,520,374

Stock-Based Compensation and _3

Stock-Based Compensation and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jun. 17, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 5,381	$ 2,661
Fair value of vested stock	20,000
Deferred compensation obligation	$ 49,815		$ 42,014
Potentially dilutive securities excluded from computation of diluted earning per share (share)	0	0
Common stock, shares authorized (shares)	450,000,000		450,000,000
Distributions Declared
Dividends declared per share (in dollars per share)	$ 1.048	$ 1.040
ATM Program
Share-based Compensation Arrangement by Share-based Payment Award
Common stock maximum offering value	$ 474,500
ATM Program | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued (shares)	2,020,115	0
Weighted average share price (usd per share)	$ 70.26
Proceed from issuance of stock	$ 140,200
Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (shares)				5,462,500
Remaining shares authorized for distribution (shares)	2,510,709
Projected settlement term (months)	18 months
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Fair value assumptions expected dividend rate (percent)	0.00%
Deferred compensation arrangement with individual, common stock reserved for future issuance (shares)	1,104,080		986,859
Deferred compensation obligation	$ 49,800		$ 42,000
Unrecognized stock based compensation expense	$ 39,200
Weighted-average remaining term (in years)	2 years 3 months 18 days
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate (percent)	0.20%
Fair value assumptions expected volatility rate (percent)	36.70%
PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award
Performance period (in years)	3 years
PSU Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	0
PSU Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	3
RSA and RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award
Conversion rate (shares)	1

Stock-Based Compensation and _4

Stock-Based Compensation and Equity - Restricted and Conditional Awards (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
RSA and RSU Awards
Shares
Nonvested, beginning balance - shares | shares	260,977
Granted - shares | shares	171,200
Vested - shares | shares	(115,660)
Forfeited - shares | shares	(67)
Adjustments - shares | shares	0
Nonvested, ending balance - shares | shares	316,450
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares	$ 74.75
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	66.59
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	73.01
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	89.37
Adjustments, weighted average grant date fair value (in dollars per share) | $ / shares	0
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 70.97
PSU Awards
Shares
Nonvested, beginning balance - shares | shares	262,013
Granted - shares | shares	134,290
Vested - shares | shares	(151,678)
Forfeited - shares | shares	0
Adjustments - shares | shares	84,188
Nonvested, ending balance - shares | shares	328,813
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares	$ 88.99
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	86.19
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	76.04
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	0
Adjustments, weighted average grant date fair value (in dollars per share) | $ / shares	75.52
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 90.48

Stock-Based Compensation and _5

Stock-Based Compensation and Equity - Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share Reconciliation
Net income — basic and diluted	$ 51,634	$ 66,090
Weighted-average shares outstanding – basic (shares)	176,640,861	173,249,236
Effect of dilutive securities (shares)	324,649	210,817
Weighted-average shares outstanding – diluted (shares)	176,965,510	173,460,053

Stock-Based Compensation and _6

Stock-Based Compensation and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	$ 6,878,369	$ 6,948,173
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(6,356)	(5,392)
Interest expense	51,640	52,540
Other Comprehensive Income (Loss)	6,017	(39,351)
Ending equity balance	6,890,455	6,773,076
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	4,510	(35,806)
Amounts reclassified from accumulated other comprehensive loss to:
Total	1,507	(3,545)
Other Comprehensive Income (Loss)	6,017	(39,351)
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	1,181	(3,783)
Interest expense	326	238
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	18,412	16,394
Amounts reclassified from accumulated other comprehensive loss to:
Total	1,507	(3,545)
Other Comprehensive Income (Loss)	19,919	12,849
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	1,181	(3,783)
Interest expense	326	238
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	(13,902)	(52,200)
Amounts reclassified from accumulated other comprehensive loss to:
Total	0	0
Other Comprehensive Income (Loss)	(13,902)	(52,200)
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	0	0
Interest expense	0	0
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(239,906)	(255,667)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(233,889)	(295,018)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(18,937)	13,048
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	982	25,897
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(220,969)	(268,715)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	$ (234,871)	$ (320,915)

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Taxes
Current income tax expense (benefit)	$ 8,400	$ (200)
Deferred income tax benefit	2,567	41,487
Net operating loss carryforward recognized		7,200
Affiliated Entity | CWI REITs
Income Taxes
Deferred income tax benefit	$ 6,500
Investment in a Cold Storage Operator
Income Taxes
Deferred income tax benefit		$ 37,200

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2021USD ($)property	Jan. 31, 2020USD ($)property	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)property
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate (Note 14)			$ 88,037	$ 105,154
Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property			1,261
Hotel | Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property		2	1
Properties disposed of by sale
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property			2	4
Proceeds from sales of real estate (Note 14)		$ 103,500	$ 13,400	$ 105,200
Gain (loss) on sale of real estate, net of tax			9,400	11,800
Gain on sales of investments, tax			$ 100	100
Properties disposed of by sale | Property Portfolio Segment | Subsequent Events
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property	7
Proceeds from sales of real estate (Note 14)	$ 74,600
Properties disposed of by sale | Hotel | Real Estate
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property		1
Properties disposed of by sale | Noncontrolling interests
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate (Note 14)		$ 4,700
Gain (loss) on sale of real estate, net of tax				$ 600

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)
Segment Reporting Information
Number of business segments | segment	2
Real Estate
Segment Reporting Information
Gross contract revenue	$ 2,179	$ 5,967
Real Estate | Hotel in Bloomington, Minnesota
Segment Reporting Information
Gross contract revenue	$ 700	2,700
Real Estate | Hotel in Miami, FL
Segment Reporting Information
Gross contract revenue		$ 1,900

Segment Reporting - Income From

Segment Reporting - Income From Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Revenues	$ 311,166	$ 308,999
Operating Expenses
Depreciation and amortization	110,322	116,194
General and administrative	22,083	20,745
Reimbursable tenant costs	15,758	13,175
Property expenses, excluding reimbursable tenant costs	10,883	10,075
Stock-based compensation expense	5,381	2,661
Operating property expenses	1,911	5,223
Merger and other expenses	(476)	187
Impairment charges	0	19,420
Total operating expenses	166,903	192,987
Other Income and Expenses
Interest expense	(51,640)	(52,540)
Other gains and (losses)	(41,188)	(9,815)
Equity in losses of equity method investments in the Managed Programs and real estate	(9,733)	(45,790)
Gain on sale of real estate, net	9,372	11,751
Non-operating income	6,356	5,392
Total other income and expenses	(86,833)	(91,002)
Income before income taxes	57,430	25,010
(Provision for) benefit from income taxes	(5,789)	41,692
Net Income	51,641	66,702
Net income attributable to noncontrolling interests	(7)	(612)
Net Income Attributable to W. P. Carey	51,634	66,090
Real Estate
Revenues
Lease revenues	301,765	282,110
Lease termination income and other	2,227	6,509
Operating property revenues	2,179	5,967
Revenues	306,171	294,586
Operating Expenses
Depreciation and amortization	110,322	115,207
General and administrative	22,083	14,922
Reimbursable tenant costs	15,758	13,175
Property expenses, excluding reimbursable tenant costs	10,883	10,075
Stock-based compensation expense	5,381	1,970
Operating property expenses	1,911	5,223
Merger and other expenses	(491)	(132)
Impairment charges	0	19,420
Total operating expenses	165,847	179,860
Other Income and Expenses
Interest expense	(51,640)	(52,540)
Other gains and (losses)	(42,189)	(10,973)
Equity in losses of equity method investments in the Managed Programs and real estate	(11,119)	1,565
Gain on sale of real estate, net	9,372	11,751
Non-operating income	6,272	5,197
Total other income and expenses	(89,304)	(45,000)
Income before income taxes	51,020	69,726
(Provision for) benefit from income taxes	(6,426)	31,800
Net Income	44,594	101,526
Net income attributable to noncontrolling interests	(7)	(612)
Net Income Attributable to W. P. Carey	$ 44,587	$ 100,914

Segment Reporting - Income Fr_2

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Expenses
Reimbursable costs from affiliates	$ 1,041	$ 4,030
Merger and other expenses	(476)	187
General and administrative	22,083	20,745
Subadvisor fees	0	1,277
Depreciation and amortization	110,322	116,194
Stock-based compensation expense	5,381	2,661
Total operating expenses	166,903	192,987
Other Income and Expenses
Equity in losses of equity method investments in the Managed Programs and real estate	(9,733)	(45,790)
Other gains and (losses)	(41,188)	(9,815)
Non-operating income	6,356	5,392
Total other income and expenses	(86,833)	(91,002)
Income (loss) before income taxes	57,430	25,010
(Provision for) benefit from income taxes	(5,789)	41,692
Net Income Attributable to W. P. Carey	51,634	66,090
Investment Management
Revenues
Gross contract revenue	4,995	14,413
Operating Expenses
Reimbursable costs from affiliates	1,041	4,030
Merger and other expenses	15	319
General and administrative	0	5,823
Subadvisor fees	0	1,277
Depreciation and amortization	0	987
Stock-based compensation expense	0	691
Total operating expenses	1,056	13,127
Other Income and Expenses
Equity in losses of equity method investments in the Managed Programs and real estate	1,386	(47,355)
Other gains and (losses)	1,001	1,158
Non-operating income	84	195
Total other income and expenses	2,471	(46,002)
Income (loss) before income taxes	6,410	(44,716)
(Provision for) benefit from income taxes	637	9,892
Net Income Attributable to W. P. Carey	7,047	(34,824)
Investment Management | Asset management and other revenue
Revenues
Gross contract revenue	3,954	10,383
Investment Management | Reimbursable costs from affiliates
Revenues
Gross contract revenue	$ 1,041	$ 4,030

Segment Reporting - Total Compa

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information Profit Loss
Revenues	$ 311,166	$ 308,999
Operating expenses	166,903	192,987
Other income and (expenses)	(86,833)	(91,002)
(Provision for) benefit from income taxes	(5,789)	41,692
Net income attributable to noncontrolling interests	(7)	(612)
Net Income (Loss) from Investment Management Attributable to W. P. Carey	$ 51,634	$ 66,090

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Assets
Total assets	[1]	$ 14,548,700	$ 14,707,636
Real Estate
Assets
Total assets		14,423,646	14,582,015
Investment Management
Assets
Total assets		$ 125,054	$ 125,621
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2021USD ($)property$ / sharesshares	Jan. 31, 2020USD ($)	Mar. 31, 2021USD ($)property$ / sharesshares	Mar. 31, 2020USD ($)propertyshares	Dec. 31, 2020property
Subsequent Event
Payment to acquire real estate			$ 150,922	$ 197,626
Proceeds from sales of real estate (Note 14)			$ 88,037	$ 105,154
Common Stock | ATM Program
Subsequent Event
Shares issued (shares) | shares			2,020,115	0
Weighted average share price (usd per share) | $ / shares			$ 70.26
Proceed from issuance of stock			$ 140,200
Properties disposed of by sale
Subsequent Event
Number of properties sold (property) | property			2	4
Proceeds from sales of real estate (Note 14)		$ 103,500	$ 13,400	$ 105,200
Asset held for sale, not in discontinued operations
Subsequent Event
Number of properties (property) | property			3		4
Subsequent Events
Subsequent Event
Number of acquisitions | property	3
Payment to acquire real estate	$ 186,100
Dividends Receivable	$ 3,300
Subsequent Events | Common Stock | ATM Program
Subsequent Event
Shares issued (shares) | shares	443,460
Weighted average share price (usd per share) | $ / shares	$ 71.67
Proceed from issuance of stock	$ 31,000
Subsequent Events | Asset held for sale, not in discontinued operations
Subsequent Event
Number of properties sold (property) | property	3
Subsequent Events | Hypermarket Facilities in France
Subsequent Event
Payment to acquire real estate	$ 119,300
Number of properties (property) | property	3
Subsequent Events | Logistics Facility in Detroit, Michigan
Subsequent Event
Payment to acquire real estate	$ 52,800
Subsequent Events | Food Production Facility in Searcy, Arkansas.
Subsequent Event
Payment to acquire real estate	$ 14,000
Subsequent Events | International Properties | Properties disposed of by sale
Subsequent Event
Number of properties sold (property) | property	7
Proceeds from sales of real estate (Note 14)	$ 74,600
Subsequent Events | Domestic Properties | Properties disposed of by sale
Subsequent Event
Proceeds from sales of real estate (Note 14)	$ 4,800

Uncategorized Items - wpc-20210

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201613Member