W. P. Carey (WPC) 10-Q 29 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		186,284,955
Entity Central Index Key	0001025378
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Investments in real estate:
Land, buildings and improvements		$ 11,644,851	$ 10,939,619
Net investments in direct financing leases		633,190	711,974
In-place lease intangible assets and other		2,384,575	2,301,174
Above-market rent intangible assets		859,386	881,159
Investments in real estate		15,522,002	14,833,926
Accumulated depreciation and amortization		(2,793,347)	(2,490,087)
Assets held for sale, net		11,672	18,590
Net investments in real estate		12,740,327	12,362,429
Equity method investments		361,835	283,446
Cash and cash equivalents		129,686	248,662
Due from affiliates		1,992	26,257
Other assets, net		997,318	876,024
Goodwill		903,976	910,818
Total assets	[1]	15,135,134	14,707,636
Debt:
Senior unsecured notes, net		5,419,419	5,146,192
Unsecured term loans, net		312,605	321,971
Unsecured revolving credit facility		254,463	82,281
Non-recourse mortgages, net		688,430	1,145,554
Debt, net		6,674,917	6,695,998
Accounts payable, accrued expenses and other liabilities		536,242	603,663
Below-market rent and other intangible liabilities, net		191,128	197,248
Deferred income taxes		147,107	145,844
Dividends payable		199,043	186,514
Total liabilities	[1]	7,748,437	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; 186,284,955 and 175,401,757 shares, respectively, issued and outstanding		186	175
Additional paid-in capital		9,694,226	8,925,365
Distributions in excess of accumulated earnings		(2,121,936)	(1,850,935)
Deferred compensation obligation		49,810	42,014
Accumulated other comprehensive loss		(237,246)	(239,906)
Total stockholders’ equity		7,385,040	6,876,713
Noncontrolling interests		1,657	1,656
Total equity		7,386,697	6,878,369
Total liabilities and equity		$ 15,135,134	$ 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	Sep. 30, 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)	186,284,955	175,401,757
Common stock, shares outstanding (shares)	186,284,955	175,401,757

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investment Management:
Revenues	$ 325,754	$ 302,419	$ 956,644	$ 901,948
Operating Expenses
Depreciation and amortization	115,657	108,351	340,327	332,022
General and administrative	19,750	19,399	62,297	57,616
Impairment charges	16,301	0	16,301	19,420
Reimbursable tenant costs	15,092	15,728	45,942	42,699
Property expenses, excluding reimbursable tenant costs	13,734	11,923	36,432	33,649
Stock-based compensation expense	4,361	4,564	18,790	10,143
Operating property expenses	3,001	1,594	6,961	8,205
Reimbursable costs from affiliates	1,041	1,276	3,050	7,717
Merger and other expenses	(908)	(596)	(3,983)	665
Subadvisor fees	0	0	0	1,469
Total operating expenses	188,029	162,239	526,117	513,605
Other Income and Expenses
Other gains and (losses)	49,219	44,648	15,576	39,092
Interest expense	(48,731)	(52,537)	(149,623)	(157,259)
Earnings (losses) from equity method investments	5,735	1,720	(4,154)	(10,087)
Gain on sale of real estate, net	1,702	20,933	30,914	32,684
Non-operating income	1,283	465	10,704	10,445
Total other income and expenses	9,208	15,229	(96,583)	(85,125)
Income before income taxes	146,933	155,409	333,944	303,218
(Provision for) benefit from income taxes	(8,347)	(5,975)	(23,434)	28,122
Net Income	138,586	149,434	310,510	331,340
Net income attributable to noncontrolling interests	(39)	(37)	(84)	(10,553)
Net Income Attributable to W. P. Carey	$ 138,547	$ 149,397	$ 310,426	$ 320,787
Basic earnings per share (usd per share)	$ 0.75	$ 0.85	$ 1.72	$ 1.84
Diluted earnings per share (usd per share)	$ 0.74	$ 0.85	$ 1.71	$ 1.84
Weighted-Average Shares Outstanding
Basic (in shares)	185,422,639	174,974,185	180,753,115	173,879,068
Diluted (in shares)	186,012,478	175,261,812	181,323,128	174,144,038
Real Estate
Real Estate:
Lease revenues	$ 314,194	$ 293,856	$ 921,269	$ 856,269
Gross contract revenue	4,050	1,974	9,474	9,368
Lease termination income and other	2,597	1,565	11,059	9,991
Investment Management:
Gross contract revenue	4,050	1,974	9,474	9,368
Revenues	320,841	297,395	941,802	875,628
Operating Expenses
Depreciation and amortization	115,657	108,351	340,327	331,035
General and administrative	19,750	19,399	62,297	51,793
Impairment charges	16,301	0	16,301	19,420
Reimbursable tenant costs	15,092	15,728	45,942	42,699
Property expenses, excluding reimbursable tenant costs	13,734	11,923	36,432	33,649
Stock-based compensation expense	4,361	4,564	18,790	9,452
Operating property expenses	3,001	1,594	6,961	8,205
Merger and other expenses	(908)	(1,016)	(3,998)	(213)
Total operating expenses	186,988	160,543	523,052	496,040
Other Income and Expenses
Other gains and (losses)	48,172	44,115	13,455	38,579
Interest expense	(48,731)	(52,537)	(149,623)	(157,259)
Earnings (losses) from equity method investments	2,445	631	(10,528)	2,407
Gain on sale of real estate, net	1,702	20,933	30,914	32,684
Non-operating income	1,283	662	10,620	10,364
Total other income and expenses	4,871	13,804	(105,162)	(73,225)
Income before income taxes	138,724	150,656	313,588	306,363
(Provision for) benefit from income taxes	(7,827)	(3,636)	(23,372)	24,047
Net Income	130,897	147,020	290,216	330,410
Net income attributable to noncontrolling interests	(39)	(37)	(84)	(688)
Net Income Attributable to W. P. Carey	130,858	146,983	290,132	329,722
Investment Management
Real Estate:
Gross contract revenue	4,913	5,024	14,842	26,320
Investment Management:
Gross contract revenue	4,913	5,024	14,842	26,320
Operating Expenses
Depreciation and amortization	0	0	0	987
General and administrative	0	0	0	5,823
Stock-based compensation expense	0	0	0	691
Reimbursable costs from affiliates	1,041	1,276	3,050	7,717
Merger and other expenses	0	420	15	878
Subadvisor fees	0	0	0	1,469
Total operating expenses	1,041	1,696	3,065	17,565
Other Income and Expenses
Other gains and (losses)	1,047	533	2,121	513
Earnings (losses) from equity method investments	3,290	1,089	6,374	(12,494)
Non-operating income	0	(197)	84	81
Total other income and expenses	4,337	1,425	8,579	(11,900)
Income before income taxes	8,209	4,753	20,356	(3,145)
(Provision for) benefit from income taxes	(520)	(2,339)	(62)	4,075
Net Income	7,689	2,414	20,294	930
Net income attributable to noncontrolling interests	0	0	0	(9,865)
Net Income Attributable to W. P. Carey	7,689	2,414	20,294	(8,935)
Investment Management | Asset management and other revenue
Real Estate:
Gross contract revenue	3,872	3,748	11,792	18,603
Investment Management:
Gross contract revenue	3,872	3,748	11,792	18,603
Investment Management | Reimbursable costs from affiliates
Real Estate:
Gross contract revenue	1,041	1,276	3,050	7,717
Investment Management:
Gross contract revenue	$ 1,041	$ 1,276	$ 3,050	$ 7,717

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income	$ 138,586	$ 149,434	$ 310,510	$ 331,340
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	(20,400)	34,170	(28,329)	(4,183)
Unrealized gain (loss) on derivative instruments	13,114	(16,674)	31,010	(13,267)
Other Comprehensive (Loss) Income	(7,286)	17,496	2,681	(17,450)
Comprehensive Income	131,300	166,930	313,191	313,890
Amounts Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	(39)	(37)	(84)	(10,553)
Unrealized gain on derivative instruments	0	(7)	(21)	(7)
Comprehensive income attributable to noncontrolling interests	(39)	(44)	(105)	(10,560)
Comprehensive Income Attributable to W. P. Carey	$ 131,261	$ 166,886	$ 313,086	$ 303,330

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Cumulative effect of Adoption	Total W.P. Carey Stockholders	Total W.P. Carey StockholdersCumulative effect of Adoption	$0.001 Par Value Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated EarningsCumulative effect of Adoption	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 under forward sale agreements, net	199,481		199,481		$ 3	199,478
Shares issued under forward sale agreements, net, shares					2,951,791
Shares issued upon delivery of vested restricted share awards	(5,272)		(5,272)		$ 0	(5,272)
Shares issued upon delivery of vested restricted share awards, shares					160,653
Shares issued upon purchases under employee share purchase plan	299		299			299
Shares issued upon purchases under employee share purchase plan, shares					5,472
Delivery (deferral) of vested shares ,net						(3,854)			3,854
Amortization of stock-based compensation expense	10,143		10,143			10,143
Distributions to noncontrolling interests	(5,280)										(5,280)
Dividends declared	(547,388)		(547,388)			1,191	(549,476)		897
Redemption of noncontrolling interest	(9,865)										(9,865)
Net Income	331,340		320,787				320,787				10,553
Other comprehensive income (loss):
Foreign currency translation adjustments	(4,183)		(4,183)							(4,183)
Unrealized gain (loss) on derivative instruments	(13,267)		(13,274)							(13,274)	7
Ending equity balance at Sep. 30, 2020	6,889,369		6,887,710		$ 175	8,919,520	(1,800,875)		42,014	(273,124)	1,659
Ending equity balance, shares at Sep. 30, 2020					175,396,158
Beginning equity balance at Jun. 30, 2020	6,802,455		6,800,791		$ 174	8,815,108	(1,765,892)		42,014	(290,613)	1,664
Beginning equity balance, shares at Jun. 30, 2020					173,890,427
W.P. Carey Stockholders
Shares issued under forward sale agreements, net	99,849		99,849		$ 1	99,848
Shares issued under forward sale agreements, net, shares					1,488,291
Shares issued upon delivery of vested restricted share awards, shares					17,440
Amortization of stock-based compensation expense	4,564		4,564			4,564
Distributions to noncontrolling interests	(49)										(49)
Dividends declared	(184,380)		(184,380)				(184,380)
Net Income	149,434		149,397				149,397				37
Other comprehensive income (loss):
Foreign currency translation adjustments	34,170		34,170							34,170
Unrealized gain (loss) on derivative instruments	(16,674)		(16,681)							(16,681)	7
Ending equity balance at Sep. 30, 2020	6,889,369		6,887,710		$ 175	8,919,520	(1,800,875)		42,014	(273,124)	1,659
Ending equity balance, shares at Sep. 30, 2020					175,396,158
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 forward sale agreements, net	$ 457,200		457,200		$ 7	457,193
Shares issued under forward sale agreements, net, shares					6,535,709
Shares issued under ATM Program, net	302,623		302,623		$ 4	302,619
Shares issued under ATM Program, net, shares					4,225,624
Shares issued upon delivery of vested restricted share awards	(3,779)		(3,779)			(3,779)
Shares issued upon delivery of vested restricted share awards, shares					119,268
Shares issued upon purchases under employee share purchase plan	176		176			176
Shares issued upon purchases under employee share purchase plan, shares					2,597
Delivery (deferral) of vested shares ,net						(7,044)			7,044
Amortization of stock-based compensation expense	18,790		18,790			18,790
Distributions to noncontrolling interests	(104)										(104)
Dividends declared	(579,769)		(579,769)			906	(581,427)		752
Net Income	310,510		310,426				310,426				84
Other comprehensive income (loss):
Foreign currency translation adjustments	(28,329)		(28,329)							(28,329)
Unrealized gain (loss) on derivative instruments	31,010		30,989							30,989	21
Ending equity balance at Sep. 30, 2021	$ 7,386,697		7,385,040		$ 186	9,694,226	(2,121,936)		49,810	(237,246)	1,657
Ending equity balance, shares at Sep. 30, 2021	186,284,955				186,284,955
Beginning equity balance at Jun. 30, 2021	$ 7,300,767		7,299,101		$ 184	9,542,171	(2,063,109)		49,815	(229,960)	1,666
Beginning equity balance, shares at Jun. 30, 2021					184,253,151
W.P. Carey Stockholders
Shares issued under forward sale agreements, net	147,693		147,693		$ 2	147,691
Shares issued under forward sale agreements, net, shares					2,012,500
Shares issued upon delivery of vested restricted share awards	(2)		(2)			(2)
Shares issued upon delivery of vested restricted share awards, shares					19,304
Delivery (deferral) of vested shares ,net						5			(5)
Amortization of stock-based compensation expense	4,361		4,361			4,361
Distributions to noncontrolling interests	(48)										(48)
Dividends declared	(197,374)		(197,374)				(197,374)
Net Income	138,586		138,547				138,547				39
Other comprehensive income (loss):
Foreign currency translation adjustments	(20,400)		(20,400)							(20,400)
Unrealized gain (loss) on derivative instruments	13,114		13,114							13,114
Ending equity balance at Sep. 30, 2021	$ 7,386,697		$ 7,385,040		$ 186	$ 9,694,226	$ (2,121,936)		$ 49,810	$ (237,246)	$ 1,657
Ending equity balance, shares at Sep. 30, 2021	186,284,955				186,284,955

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.052	$ 1.044	$ 3.150	$ 3.126

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows — Operating Activities
Net Income	$ 310,510	$ 331,340
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	351,503	341,801
Amortization of rent-related intangibles and deferred rental revenue	41,346	40,291
Straight-line rent adjustments	(34,034)	(39,365)
Gain on sale of real estate, net	(30,914)	(32,684)
Stock-based compensation expense	18,790	10,143
Impairment charges	16,301	19,420
Asset management revenue received in shares of Managed REITs	(9,452)	(13,585)
Distributions of earnings from equity method investments	8,816	7,286
Change in allowance for credit losses	(6,737)	10,313
Net realized and unrealized gains on extinguishment of debt, equity securities, foreign currency transactions, and other	(5,992)	(46,035)
Losses from equity method investments	4,154	10,087
Deferred income tax benefit	(3,012)	(47,414)
Net changes in other operating assets and liabilities	(35,883)	(35,014)
Net Cash Provided by Operating Activities	625,396	556,584
Cash Flows — Investing Activities
Purchases of real estate	(1,004,433)	(350,120)
Proceeds from sales of real estate	126,697	167,974
Capital contributions to equity method investments	(97,380)	(595)
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(87,955)	(169,503)
Proceeds from repayment of short-term loans to affiliates	62,048	51,702
Funding of short-term loans to affiliates	(41,000)	(5,433)
Other investing activities, net	(22,854)	4,602
Return of capital from equity method investments	11,611	12,522
Proceeds from repayment of loans receivable	0	11,000
Net Cash Used in Investing Activities	(1,053,266)	(277,851)
Cash Flows — Financing Activities
Proceeds from Unsecured Revolving Credit Facility	1,360,312	777,867
Repayments of Unsecured Revolving Credit Facility	(1,179,552)	(790,760)
Proceeds from issuance of Senior Unsecured Notes	1,038,391	0
Redemption of Senior Unsecured Notes	(617,442)	0
Dividends paid	(567,240)	(542,857)
Proceeds from shares issued under forward sale agreements, net of selling costs	457,227	199,716
Prepayments of mortgage principal	(427,492)	0
Proceeds from shares issued under ATM Program, net of selling costs	302,506	0
Scheduled payments of mortgage principal	(51,013)	(241,332)
Payment of financing costs	(8,201)	(9,998)
Payments for withholding taxes upon delivery of equity-based awards	(3,779)	(5,272)
Other financing activities, net	2,252	7,542
Distributions paid to noncontrolling interests	(104)	(5,280)
Proceeds from Unsecured Term Loans	0	298,974
Net Cash Provided by (Used in) Financing Activities	305,865	(311,400)
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	(7,852)	3,918
Net decrease in cash and cash equivalents and restricted cash	(129,857)	(28,749)
Cash and cash equivalents and restricted cash, beginning of period	311,779	251,518
Cash and cash equivalents and restricted cash, end of period	$ 181,922	$ 222,769

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 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 (which was terminated on October 13, 2021). As a result, at September 30, 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 September 30, 2021, our owned portfolio was comprised of our full or partial ownership interests in 1,264 properties, totaling approximately 152 million square feet, substantially all of which were net leased to 358 tenants, with a weighted-average lease term of 10.6 years and an occupancy rate of 98.4%. In addition, at September 30, 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 a liquidity event 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	9 Months Ended
	Sep. 30, 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 presentation 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 September 30, 2021 and December 31, 2020, we considered 12 entities to be VIEs, of which we consolidated four and five, respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands): September 30, 2021 December 31, 2020 Land, buildings and improvements $ 423,333 $ 423,333 Net investments in direct financing leases — 15,242 In-place lease intangible assets and other 41,968 41,997 Above-market rent intangible assets 26,720 26,720 Accumulated depreciation and amortization (150,266) (137,827) Total assets 354,493 381,953 Non-recourse mortgages, net $ 1,585 $ 3,508 Below-market rent and other intangible liabilities, net 20,997 22,283 Total liabilities 45,527 48,971 At September 30, 2021 and December 31, 2020, our eight and seven unconsolidated VIEs, respectively, included our interests in six and five unconsolidated real estate investments, respectively, which we account for under the equity method of accounting, and two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities. As of September 30, 2021, and December 31, 2020, the net carrying amount of our investments in these entities was $584.8 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 hotel operating property revenues of $2.4 million and $0.6 million for the three months ended September 30, 2021 and 2020, respectively, and $4.9 million and $5.3 million for the nine months ended September 30, 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. Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 129,686 $ 248,662 Restricted cash (a) 52,236 63,117 Total cash and cash equivalents and restricted cash $ 181,922 $ 311,779 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. On January 7, 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the transition. We have evaluated our contracts that are referenced to London Interbank Offered Rate (“LIBOR”) or other reference rates expected to be discontinued and we expect to account for any necessary modifications with a replacement reference rate using the expedients and exceptions provided for in ASU 2020-04 and ASU 2021-01. We are evaluating the impact these standards may have on our financial statements.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Asset management revenue (a) (b) $ 3,872 $ 3,748 $ 11,792 $ 18,109 Distributions of Available Cash (c) 1,623 1,168 4,949 5,113 Reimbursable costs from affiliates (a) 1,041 1,276 3,050 7,717 Interest income on deferred acquisition fees and loans to affiliates (d) 57 — 121 360 Structuring and other advisory revenue (a) (b) — — — 494 $ 6,593 $ 6,192 $ 19,912 $ 31,793 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 CPA:18 – Global $ 5,608 $ 4,865 $ 16,578 $ 16,327 CWI 1 — — — 5,662 CWI 2 — — — 4,668 CESH 909 983 3,054 3,663 WLT (reimbursed transition services) 76 344 280 1,473 $ 6,593 $ 6,192 $ 19,912 $ 31,793 __________ (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 Earnings (losses) from equity method investments 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): September 30, 2021 December 31, 2020 Reimbursable costs $ 1,083 $ 1,760 Asset management fees receivable 712 1,054 Accounts receivable 98 305 Current acquisition fees receivable 95 136 Deferred acquisition fees receivable, including accrued interest 4 1,858 Short-term loans to affiliates, including accrued interest — 21,144 $ 1,992 $ 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 may 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. 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. On October 13, 2021, all services provided under the transition services agreement were terminated. 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. 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. For CPA:18 – Global, the timing and form of any liquidity event is at the discretion of its board of directors. Therefore, there can be no assurance as to whether or when any back-end fees or interests will be realized. 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. On October 13, 2021, all services provided under the transition services agreement were terminated. Pursuant to the internalization agreement, the operating partnerships of each of CWI 1 and CWI 2 redeemed the special general partner interests that we previously held, for which we received common stock and preferred stock of WLT (which was a non-cash investing activity), as disclosed in Note 7 and Note 8 , respectively. In connection with this redemption, we recognized a non-cash net gain on sale of $33.0 million, which was included within Earnings (losses) from equity method investments in the consolidated statements of income for the nine months ended September 30, 2020. This net gain on sale included a gain recognized on the redemption of the noncontrolling interest in the special general partner interests previously held by the respective subadvisors for CWI 1 and CWI 2 of $9.9 million (which is included within Net income attributable to noncontrolling interests in our consolidated statements of income and Redemption of noncontrolling interest in our consolidated statements of equity). Loans to Affiliates From time to time, our board of directors 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 nine months ended September 30, 2021. Other At September 30, 2021, we owned interests in ten 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 nine 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	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Land $ 2,122,213 $ 2,012,688 Buildings and improvements 9,348,418 8,724,064 Real estate under construction 90,547 119,391 Less: Accumulated depreciation (1,382,006) (1,206,912) $ 10,179,172 $ 9,649,231 During the nine months ended September 30, 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 5.6% to $1.1579 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 $182.0 million from December 31, 2020 to September 30, 2021. In connection with changes in lease classifications due to modifications of the underlying leases, we reclassified two properties with an aggregate carrying value of $28.8 million from Net investments in direct financing leases to Land, buildings and improvements during the nine months ended September 30, 2021 ( Note 5 ). Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $70.8 million and $64.9 million for the three months ended September 30, 2021 and 2020, respectively, and $207.2 million and $192.9 million for the nine months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 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 nine months ended September 30, 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 nine months ended September 30, 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 Various, France (c) (d) 3 4/1/2021 Retail 119,341 Searcy, Arkansas 1 4/14/2021 Industrial 14,038 Detroit, Michigan 1 4/27/2021 Warehouse 52,810 Solihull, United Kingdom (c) (d) 1 5/4/2021 Warehouse 194,954 New Rochelle, New York 1 5/5/2021 Student Housing (Net Lease) 26,109 Groveport, Ohio 1 5/5/2021 Industrial 27,133 Dakota, Illinois 1 5/12/2021 Industrial 65,043 San Jose, California 1 5/13/2021 Industrial 51,949 Opelika, Alabama 1 6/7/2021 Warehouse 48,897 Niles and Elk Grove Village, Illinois; and Guelph, Canada 3 6/9/2021 Warehouse 42,829 Rome, New York 1 6/10/2021 Warehouse 44,781 St. Louis, Missouri 1 8/2/2021 Office 7,924 Frankfort, Indiana 1 8/26/2021 Warehouse 113,544 Various, United States (e) 6 9/1/2021 Hospitality 17,396 Rogers, Minnesota 1 9/9/2021 Warehouse 26,531 40 $ 1,002,531 __________ (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. (c) We also recorded estimated deferred tax liabilities of (i) $8.8 million on the France investment and (ii) $3.6 million on the United Kingdom investment, with corresponding increases to the asset values, due to tax and GAAP temporary differences established in connection with the acquisitions. (d) Amount reflects the applicable exchange rate on the date of transaction. (e) This acquisition is comprised of the land under buildings that we already own. The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 150,093 Buildings and improvements 728,528 Intangibles: In-place lease (weighted-average expected life of 21.2 years) 153,505 Below-market rent (weighted-average expected life of 11.1 years) (9,995) Right-of-use assets: Land lease right-of-use assets 5,979 Above-market ground lease intangibles, net (4,155) Prepaid rent liabilities (15,445) Operating lease liabilities (5,979) $ 1,002,531 As of September 30, 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 nine months ended September 30, 2021, we capitalized real estate under construction totaling $59.3 million. The number of construction projects in progress with balances included in real estate under construction was two and five as of September 30, 2021 and December 31, 2020, respectively. Aggregate unfunded commitments totaled approximately $41.1 million and $81.8 million as of September 30, 2021 and December 31, 2020, respectively. During the nine months ended September 30, 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 San Donato Milanese, Italy (a) Renovation 1 6/30/2021 Retail; Office 7,244 Whitehall, Pennsylvania Redevelopment 1 8/18/2021 Warehouse 25,769 4 $ 88,160 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. As of September 30, 2021, we committed to fund a build-to-suit project for a research center in Wageningen, the Netherlands, for an aggregate amount of $29.1 million (based on the exchange rate of the euro at September 30, 2021). We currently expect to complete the project in the second quarter of 2022. Capitalized interest incurred during construction was $0.6 million and $0.8 million for the three months ended September 30, 2021 and 2020, respectively, and $1.9 million and $2.1 million for the nine months ended September 30, 2021 and 2020, respectively, which reduces Interest expense in the consolidated statements of income. Dispositions of Properties During the nine months ended September 30, 2021, we sold nine properties, which were classified as Land, buildings and improvements subject to operating leases. As a result, the carrying value of our Land, buildings and improvements subject to operating leases decreased by $37.2 million from December 31, 2020 to September 30, 2021. Lease Termination Income and Other 2021 — For the three and nine months ended September 30, 2021, lease termination income and other on our consolidated statements of income included: (i) interest income of $1.2 million and $3.0 million, respectively, from our loans receivable ( Note 5 ); (ii) lease-related settlements totaling $0.8 million and $6.1 million, respectively ; and (iii) income from a parking garage attached to one of our net-leased properties totaling $0.5 million and $1.4 million, respectively. 2020 — For the three and nine months ended September 30, 2020, lease termination income and other on our consolidated statements of income included: (i) lease-related settlements totaling $0.9 million and $6.6 million, respectively; (ii) income from a parking garage attached to one of our net-leased properties totaling $0.5 million and $1.7 million, respectively; and (iii) interest income from our loans receivable totaling $1.0 million during the nine months ended September 30, 2020 ( Note 5 ). Leases Operating Lease Income Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease income — fixed $ 271,360 $ 249,356 $ 790,391 $ 725,321 Lease income — variable (a) 27,255 26,871 81,953 74,424 Total operating lease income (b) $ 298,615 $ 276,227 $ 872,344 $ 799,745 __________ (a) Includes (i) rent increases based on changes in the U.S. Consumer Price Index and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes $15.6 million and $17.6 million for the three months ended September 30, 2021 and 2020, respectively, and $48.9 million and $56.5 million for nine months ended September 30, 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 September 30, 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): September 30, 2021 December 31, 2020 Land $ 10,452 $ 10,452 Buildings and improvements 73,221 73,024 Less: Accumulated depreciation (16,065) (14,004) $ 67,608 $ 69,472 Depreciation expense on our buildings and improvements attributable to operating properties was $0.7 million for both the three months ended September 30, 2021 and 2020, and $2.1 million for both the nine months ended September 30, 2021 and 2020. Assets Held for Sale, Net Below is a summary of our properties held for sale (in thousands): September 30, 2021 December 31, 2020 Land, buildings and improvements $ 12,993 $ 14,051 In-place lease intangible assets and other, net 1,454 12,754 Above-market rent intangible assets 394 518 Accumulated depreciation and amortization (3,169) (8,733) Assets held for sale, net $ 11,672 $ 18,590 At September 30, 2021, we had three properties classified as Assets held for sale, net, with an aggregate carrying value of $11.7 million. At December 31, 2020, we had four properties classified as Assets held for sale, net, with an aggregate carrying value of $18.6 million. All of these properties were sold in 2021.

Finance Receivables

Finance Receivables	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Lease payments receivable $ 434,089 $ 527,691 Unguaranteed residual value 598,661 677,722 1,032,750 1,205,413 Less: unearned income (389,223) (476,365) Less: allowance for credit losses (a) (10,337) (17,074) $ 633,190 $ 711,974 __________ (a) During the nine months ended September 30, 2021 and 2020, we recorded a net reversal of allowance for credit losses of $6.7 million and a net allowance for credit losses of $6.1 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 $15.6 million and $17.6 million for the three months ended September 30, 2021 and 2020, respectively, and $48.9 million and $56.5 million for the nine months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021, we sold four properties accounted for as direct financing leases that had an aggregate net carrying value of $35.8 million. During the nine months ended September 30, 2021, we reclassified two properties with an aggregate carrying value of $28.8 million from Net investments in direct financing leases to Land, buildings and improvements subject to operating leases in connection with changes in lease classifications due to modifications of the underlying leases. During the nine months ended September 30, 2021, the U.S. dollar strengthened against the euro, resulting in a $18.0 million decrease in the carrying value of Net investments in direct financing leases from December 31, 2020 to September 30, 2021. Loans Receivable At both September 30, 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 previous 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 $1.2 million for the three months ended September 30, 2021, and $3.0 million and $1.0 million for the nine months ended September 30, 2021 and 2020, respectively. We did not recognize income from our loans receivable during the three months ended September 30, 2020, since such income was deemed uncollectible as a result of the COVID-19 pandemic. Credit Quality of Finance Receivables We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. At both September 30, 2021 and December 31, 2020, other than uncollected income from our loans receivable (as noted above), no material balances of our finance receivables were past due. Other than the lease modifications noted under Net Investments in Direct Financing Leases above, there were no material modifications of finance receivables during the nine months ended September 30, 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 1 – 3 17 18 $ 514,709 $ 587,103 4 10 9 165,554 141,944 5 — 2 — 36,737 $ 680,263 $ 765,784

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 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 $6.8 million during the nine months ended September 30, 2021 due to foreign currency translation adjustments, from $881.5 million as of December 31, 2020 to $874.6 million as of September 30, 2021. Goodwill within our Investment Management segment was $29.3 million as of September 30, 2021, unchanged from December 31, 2020. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): September 30, 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 $ 19,577 $ (17,912) $ 1,665 $ 19,204 $ (15,711) $ 3,493 Trade name 3,975 (3,382) 593 3,975 (2,786) 1,189 23,552 (21,294) 2,258 23,179 (18,497) 4,682 Lease Intangibles: In-place lease 2,276,549 (914,496) 1,362,053 2,181,584 (828,219) 1,353,365 Above-market rent 859,386 (480,780) 378,606 881,159 (440,952) 440,207 3,135,935 (1,395,276) 1,740,659 3,062,743 (1,269,171) 1,793,572 Indefinite-Lived Goodwill Goodwill 903,976 — 903,976 910,818 — 910,818 Total intangible assets $ 4,063,463 $ (1,416,570) $ 2,646,893 $ 3,996,740 $ (1,287,668) $ 2,709,072 Finite-Lived Intangible Liabilities Below-market rent $ (276,134) $ 101,717 $ (174,417) $ (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 $ (292,845) $ 101,717 $ (191,128) $ (287,441) $ 90,193 $ (197,248) During the nine months ended September 30, 2021, the U.S. dollar strengthened against the euro, resulting in a decrease of $33.4 million in the carrying value of our net intangible assets from December 31, 2020 to September 30, 2021. Net amortization of intangibles, including the effect of foreign currency translation, was $55.2 million and $54.5 million for the three months ended September 30, 2021 and 2020, respectively, and $166.9 million and $171.8 million for the nine months ended September 30, 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 Method Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments 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. In general, 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. 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 CPA:18 – Global (a) 5.265 % 4.569 % $ 60,296 $ 51,949 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CESH (b) 2.430 % 2.430 % 4,936 4,399 $ 65,441 $ 56,557 __________ (a) During the nine months ended September 30, 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 — We received distributions from this investment during the nine months ended September 30, 2021 and 2020 of $1.4 million and $2.2 million, respectively. We received distributions from our investment in the CPA:18 – Global operating partnership during the nine months ended September 30, 2021 and 2020 of $4.9 million and $5.1 million, respectively ( Note 3 ). CWI 1 — We received distributions from this investment during the nine months ended September 30, 2020 of $0.8 million. CWI 2 — We received distributions from this investment during the nine months ended September 30, 2020 of $0.5 million. CESH — We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP. We record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of September 30, 2021 is based on the estimated fair value of our investment as of June 30, 2021. We received distributions from this investment during the nine months ended September 30, 2021 of $1.3 million. We did not receive a distribution from this investment during the nine months ended September 30, 2020. At September 30, 2021 and December 31, 2020, the aggregate unamortized basis differences on our equity method investments in the Managed Programs were $22.2 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 method investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Carrying Value at Lessee/Fund/Description Co-owner Ownership Interest September 30, 2021 December 31, 2020 Las Vegas Retail Complex (a) Third Party N/A $ 93,997 $ — Johnson Self Storage Third Party 90% 67,807 68,979 Kesko Senukai (b) Third Party 70% 42,044 46,443 WLT (c) WLT 5% 34,319 44,182 Harmon Retail Corner (d) Third Party 15% 24,358 23,815 Bank Pekao (b) CPA:18 – Global 50% 17,558 17,850 State Farm Mutual Automobile Insurance Co. (e) CPA:18 – Global 50% 7,484 15,475 Apply Sørco AS (f) CPA:18 – Global 49% 5,940 7,156 Fortenova Grupa d.d. (b) CPA:18 – Global 20% 2,887 2,989 $ 296,394 $ 226,889 __________ (a) See “Las Vegas Retail Complex” below for discussion of this equity method investment in real estate. (b) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (c) 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 ). For the three and nine months ended September 30, 2021, we recognized losses of $1.4 million and $9.9 million, respectively, from our equity method investment in WLT (due to the adverse impact of the COVID-19 pandemic on its operations), which was recognized within Earnings (losses) from equity method investments in our consolidated statements of income. (d) 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. (e) We recognized an other-than-temporary impairment charge of $6.8 million on this investment during the nine months ended September 30, 2021, as described in Note 8 . (f) The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone. We received aggregate distributions of $14.1 million and $11.2 million from our other unconsolidated real estate investments for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021 and December 31, 2020, the aggregate unamortized basis differences on our unconsolidated real estate investments were $8.7 million and $16.1 million, respectively. This decrease was primarily due to the other-than-temporary impairment charge that we recognized on an equity method investment in real estate during the nine months ended September 30, 2021, as described above and in Note 8 . Las Vegas Retail Complex On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $224.3 million for a retail complex in Las Vegas, Nevada, at an interest rate of 6.0% and term of 36 months. Through September 30, 2021, we funded $93.5 million, with the remaining amount expected to be funded over the 15 to 22 months following closing. We hold a purchase option for two net-leased units at the complex upon its completion, as well as an equity purchase option to acquire a 47.5% equity interest in the partnership that owns the borrower. As of the agreement date, we did not deem the exercise of the purchase options to be reasonably certain. In accordance with ASC 810, Consolidation , we determined that this loan will not be consolidated, but due to the characteristics of the arrangement (including our participation in expected residual profits), the risks and rewards of the agreement are similar to those associated with an investment in real estate rather than a loan. Therefore, the loan will be treated as an implied investment in real estate (as an equity method investment in real estate) for accounting purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 Method Investment in CESH — We have elected to account for our investment in CESH, which is included in Equity method investments 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. We recognized non-cash unrealized gains on our investment in shares of Lineage Logistics totaling $52.9 million and $76.3 million during the three and nine months ended September 30, 2021, respectively, and $48.8 million during both the three and nine months ended September 30, 2020, due to a secondary market transaction at a higher price per share, which were recorded within Other gains and (losses) in the consolidated financial statements. In addition, during the nine months ended September 30, 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 $366.3 million and $290.0 million at September 30, 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 nine months ended September 30, 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. During the nine months ended September 30, 2021, we received liquidating distributions from our investment in shares of GCIF totaling $1.4 million, which reduced the cost basis of our investment (in March 2021, GCIF announced its intention to liquidate and to distribute substantially all of its assets). In addition, during the nine months ended September 30, 2021 and 2020, we received distributions from our investment in shares of GCIF totaling less than $0.1 million and $0.5 million, respectively, which were recorded within Non-operating income in the consolidated financial statements. During the nine months ended September 30, 2021, we recognized unrealized gains on our investment in shares of GCIF totaling $0.6 million, which was recognized within Other gains and (losses) in the consolidated financial statements. The fair value of our investment in shares of GCIF was $4.4 million and $6.1 million at September 30, 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% as of September 30, 2021. During the three and nine months ended September 30, 2021, we received cash dividends of $0.8 million and $4.1 million, respectively, from our investment in preferred shares of WLT, which was recorded within Non-operating income in the consolidated financial statements. The fair value of our investment in preferred shares of WLT was $46.3 million as of both September 30, 2021 and December 31, 2020. We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the nine months ended September 30, 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): September 30, 2021 December 31, 2020 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 5,419,419 $ 5,766,633 $ 5,146,192 $ 5,639,586 Non-recourse mortgages, net (a) (b) (d) 3 688,430 690,310 1,145,554 1,148,551 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $27.0 million and $23.9 million at September 30, 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 September 30, 2021 and December 31, 2020, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $27.2 million and $22.6 million at September 30, 2021 and December 31, 2020, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $3.1 million and $4.5 million at September 30, 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 September 30, 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 September 30, 2021 2020 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Land, buildings and improvements and intangibles $ 13,912 $ 16,301 $ — $ — $ 16,301 $ — Nine Months Ended September 30, 2021 2020 Fair Value Impairment Fair Value Impairment Impairment Charges Land, buildings and improvements and intangibles $ 13,912 $ 16,301 $ 12,148 $ 19,420 Equity method investments 8,175 6,830 37,396 47,112 $ 23,131 $ 66,532 Impairment charges, and their related triggering events and fair value measurements, recognized during the three and nine months ended September 30, 2021 and 2020 were as follows: 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 and nine months ended September 30, 2021, we recognized an impairment charge of $16.3 million on a property in order to reduce the carrying value of the property to its estimated fair value, due to the existing tenant’s non-renewal of its lease expiring in 2022. The fair value measurement was determined by estimating discounted cash flows using four significant unobservable inputs, which were the cash flow discount rate (range of 7.00% to 9.00%), terminal capitalization rate (range of 6.00% to 7.00%), estimated market rents (range of $10 to $11 per square foot), and estimated capital expenditures ($100 per square foot). During the nine months ended September 30, 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 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 6.25% to 11.00%. 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 approximated its estimated selling price; it was sold in September 2020. Equity Method Investments The other-than-temporary impairment charges described below are reflected within Earnings (losses) from equity method investments in our consolidated statements of income. During the nine months ended September 30, 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 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 were the cash flow discount rate (5.75%), residual discount rate (7.50%), and residual capitalization rate (6.75%). During the nine months ended September 30, 2020, we recognized other-than-temporary impairment charges of $27.8 million and $19.3 million on our equity method 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.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Foreign currency collars Other assets, net $ 16,345 $ 3,489 $ — $ — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,683) (15,122) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,295) (5,859) 16,345 3,489 (2,978) (20,981) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 5,300 5,800 — — 5,300 5,800 — — Total derivatives $ 21,645 $ 9,289 $ (2,978) $ (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 September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2021 2020 2021 2020 Foreign currency collars $ 12,666 $ (17,029) $ 26,294 $ (5,524) Interest rate swaps 203 312 3,851 (2,047) Interest rate caps 1 4 5 5 Foreign currency forward contracts — — — (5,272) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars — (16) — 9 Total $ 12,870 $ (16,729) $ 30,150 $ (12,829) Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest rate swaps and caps (c) Interest expense $ (196) $ (548) $ (720) $ (1,254) Foreign currency collars Non-operating income 14 1,664 (553) 4,565 Foreign currency forward contracts Non-operating income — — — 5,716 Total $ (182) $ 1,116 $ (1,273) $ 9,027 __________ (a) Excludes net gains of $0.2 million and less than $0.1 million recognized on unconsolidated jointly owned investments for the three months ended September 30, 2021 and 2020, respectively, and net gains of $0.9 million and net losses of $0.4 million for the nine months ended September 30, 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 (loss) income. (c) Amount for the nine months ended September 30, 2021 excludes other comprehensive income totaling $3.1 million that was released 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 (loss) income related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive (loss) income related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of September 30, 2021, we estimate that an additional $0.7 million and $5.5 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Foreign currency collars Non-operating income $ 357 $ (1,368) $ 516 $ (937) Interest rate swaps Interest expense — 11 — 41 Stock warrants Other gains and (losses) — — (500) (1,300) Foreign currency forward contracts Non-operating income — — — (43) Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 223 627 1,354 1,491 Total $ 580 $ (730) $ 1,370 $ (748) See below for information on our purposes for entering into derivative instruments. Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt financing on a fixed-rate basis. However, from time to time, we or our investment partners have obtained, and may in the future obtain, variable-rate, non-recourse mortgage loans and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding at September 30, 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 47,506 EUR $ (1,020) Interest rate swaps 2 21,895 USD (275) Interest rate cap 1 10,842 EUR — $ (1,295) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at September 30, 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 September 30, 2021 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at September 30, 2021 Designated as Cash Flow Hedging Instruments Foreign currency collars 94 335,500 EUR $ 13,854 Foreign currency collars 96 58,300 GBP 808 $ 14,662 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of September 30, 2021. At September 30, 2021, our total credit exposure and the maximum exposure to any single counterparty was $14.9 million and $3.9 million, respectively. Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At September 30, 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 $3.0 million and $25.1 million at September 30, 2021 and December 31, 2020, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at September 30, 2021 or December 31, 2020, we could have been required to settle our obligations under these agreements at their aggregate termination value of $3.0 million and $25.6 million, respectively. Net Investment Hedges Borrowings under our Senior Unsecured Notes, Unsecured Revolving Credit Facility, and Unsecured Term Loans (all as defined in Note 10 ) denominated in euro, British pounds sterling, or Japanese yen are designated as, and are effective as, economic hedges of our net investments in foreign entities. Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro, 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 (loss) income as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $92.6 million and $(140.5) million for the three months ended September 30, 2021 and 2020, respectively, and $190.5 million and $(118.5) million for the nine months ended September 30, 2021 and 2020, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020, we have drawn down our Unsecured Term Loans in full. At September 30, 2021, our Unsecured Revolving Credit Facility had available capacity of approximately $1.5 billion (net of amounts reserved for standby letters of credit totaling $18.8 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 September 30, 2021 (a) Maturity Date at September 30, 2021 Principal Outstanding Balance at Senior Unsecured Credit Facility September 30, 2021 December 31, 2020 Unsecured Term Loans: Term Loan — borrowing in British pounds sterling (b) GBP LIBOR + 0.95% 2/20/2025 $ 201,835 $ 204,737 Delayed Draw Term Loan — borrowing in euros (c) EURIBOR + 0.95% 2/20/2025 111,737 118,415 313,572 323,152 Unsecured Revolving Credit Facility: Borrowing in British pounds sterling GBP LIBOR + 0.85% 2/20/2025 192,416 — Borrowing in euros (c) EURIBOR + 0.85% 2/20/2025 40,527 58,901 Borrowing in Japanese yen JPY LIBOR + 0.85% 2/20/2025 21,520 23,380 254,463 82,281 $ 568,035 $ 405,433 __________ (a) The applicable interest rate at September 30, 2021 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2. (b) Balance excludes unamortized discount of $1.0 million and $1.2 million at September 30, 2021 and December 31, 2020, respectively. (c) EURIBOR means Euro Interbank Offered Rate. Senior Unsecured Notes As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding of $5.5 billion at September 30, 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 September 30, 2021 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date September 30, 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 578,950 613,550 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 578,950 613,550 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 578,950 613,550 1.350% Senior Notes due 2028 9/19/2019 € 500,000 1.350 % 4/15/2028 578,950 613,550 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 607,898 — 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 — $ 5,473,698 $ 5,192,750 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $27.0 million and $23.8 million, and unamortized discount totaling $27.2 million and $22.5 million, at September 30, 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 nine months ended September 30, 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. On October 15, 2021, we completed an underwritten public offering of $350.0 million of 2.450% Senior Notes due 2032, at a price of 99.048% of par value, in our inaugural green bond offering. These 2.450% Senior Notes due 2032 have a 10.3-year Note 16 ). 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 nine months ended September 30, 2021). We were in compliance with all of these covenants at September 30, 2021. Non-Recourse Mortgages At September 30, 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 March 2022 to September 2031. Repayments During the nine months ended September 30, 2021, we (i) prepaid non-recourse mortgage loans totaling $427.5 million, and (ii) repaid non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $27.5 million. We recognized an aggregate net loss on extinguishment of debt of $32.0 million on these repayments, primarily comprised of prepayment penalties totaling $32.1 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 primarily using proceeds from the issuance of the $425.0 million of 2.250% Senior Notes due 2033. Foreign Currency Exchange Rate Impact During the nine months ended September 30, 2021, the U.S. dollar strengthened against the euro, resulting in an aggregate decrease of $205.0 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2020 to September 30, 2021. Scheduled Debt Principal Payments Scheduled debt principal payments as of September 30, 2021 are as follows (in thousands): Years Ending December 31, Total (a) 2021 (remainder) $ 5,704 2022 311,752 2023 201,156 2024 1,120,399 2025 1,112,036 Thereafter through 2031 3,982,399 Total principal payments 6,733,446 Unamortized discount, net (b) (31,330) Unamortized deferred financing costs (27,199) Total $ 6,674,917 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at September 30, 2021. (b) Represents the unamortized discount on the Senior Unsecured Notes of $27.2 million in aggregate, unamortized discount, net, of $3.1 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, and unamortized discount of $1.0 million on the Term Loan.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesAt September 30, 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2021. We recorded stock-based compensation expense of $4.4 million and $4.6 million during the three months ended September 30, 2021 and 2020, respectively, and $18.8 million and $10.1 million during the nine months ended September 30, 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 September 30, 2021 and changes during the nine months ended September 30, 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) 191,940 67.44 134,290 86.19 Vested (b) (136,120) 72.60 (151,678) 76.04 Forfeited (9,883) 71.92 (16,463) 93.91 Adjustment (c) — — 161,125 75.13 Nonvested at September 30, 2021 (d) 306,914 $ 71.22 389,287 $ 87.33 __________ (a) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the nine months ended September 30, 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 nine months ended September 30, 2021 was $21.4 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At September 30, 2021 and December 31, 2020, we had an obligation to issue 1,104,020 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 September 30, 2021 to reflect the number of shares expected to be issued when the PSUs vest. (d) At September 30, 2021, total unrecognized compensation expense related to these awards was approximately $30.9 million, with an aggregate weighted-average remaining term of 1.9 years. Earnings Per Share The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income — basic and diluted $ 138,547 $ 149,397 $ 310,426 $ 320,787 Weighted-average shares outstanding — basic 185,422,639 174,974,185 180,753,115 173,879,068 Effect of dilutive securities 589,839 287,627 570,013 264,970 Weighted-average shares outstanding — diluted 186,012,478 175,261,812 181,323,128 174,144,038 For the three and nine months ended September 30, 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 nine months ended September 30, 2021, we issued 4,225,624 shares of our common stock under our ATM Program at a weighted-average price of $72.50 per share, for net proceeds of $302.5 million. During the three months ended September 30, 2021, as well as the three and nine months ended September 30, 2020, we did not issue any shares of our common stock under our ATM Program. Proceeds from issuances of common stock under our ATM Program during the nine months ended September 30, 2021 were used primarily to pay down a portion of the amounts then outstanding under our Unsecured Revolving Credit Facility and for general corporate purposes. As of September 30, 2021, $310.1 million remained available for issuance under our ATM Program. Forward Equity Offerings From time to time, we have entered into underwriting agreements and forward sale agreements with syndicates of banks acting as underwriters, forward sellers, and/or forward purchasers in connection with public offerings of our common stock. At the closing of these transactions, the offered shares were borrowed from third parties by the banks acting as forward purchasers and sold to the underwriters for distribution at the respective gross offering prices. As a result of this forward construct, we did not receive any proceeds from the sale of shares at the closing of each offering, but rather at later settlement dates. We have determined that the forward sale agreements meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. We refer to our three forward equity offerings presented below as the June 2020 Equity Forwards, June 2021 Equity Forwards, and August 2021 Equity Forwards (collectively, the “Equity Forwards”) (gross offering proceeds at closing in thousands): Agreement Date (a) Shares Offered (b) Gross Offering Price Gross Offering Proceeds at Closing Outstanding Shares as of September 30, 2021 June 2020 Equity Forwards (c) 6/17/2020 5,462,500 $ 70.00 $ 382,375 — June 2021 Equity Forwards 6/7/2021 6,037,500 75.30 454,624 2,012,500 August 2021 Equity Forwards 8/9/2021 5,175,000 78.00 403,650 5,175,000 7,187,500 __________ (a) We expect to settle the Equity Forwards in full within 18 months of the respective agreement dates via physical delivery of the outstanding shares of common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the Equity Forwards, subject to certain conditions. (b) Includes 712,500, 787,500, and 675,000 shares of common stock purchased by certain underwriters in connection with the June 2020 Equity Forwards, June 2021 Equity Forwards, and August 2021 Equity Forwards, respectively, upon the exercise of 30-day options to purchase additional shares. (c) All remaining outstanding shares were settled during the three months ended June 30, 2021. The following table sets forth certain information regarding the settlement of our Equity Forwards during the periods presented (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Shares of common stock delivered 2,012,500 1,488,291 6,535,709 2,951,791 Net proceeds $ 147,363 $ 99,829 $ 457,227 $ 199,716 Net proceeds from the settlement of our Equity Forwards were primarily used to pay down a portion of the amounts then outstanding under our Unsecured Revolving Credit Facility and for general corporate purposes. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended September 30, 2021 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (1,062) $ (228,898) $ (229,960) Other comprehensive loss before reclassifications 12,932 (20,400) (7,468) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 196 — 196 Non-operating income (14) — (14) Total 182 — 182 Net current period other comprehensive loss 13,114 (20,400) (7,286) Ending balance $ 12,052 $ (249,298) $ (237,246) Three Months Ended September 30, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 16,455 $ (307,068) $ (290,613) Other comprehensive income before reclassifications (15,558) 34,170 18,612 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (1,664) — (1,664) Interest expense 548 — 548 Total (1,116) — (1,116) Net current period other comprehensive income (16,674) 34,170 17,496 Net current period other comprehensive income attributable to noncontrolling interests (7) — (7) Ending balance $ (226) $ (272,898) $ (273,124) Nine Months Ended September 30, 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 29,737 (28,329) 1,408 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 720 — 720 Non-operating income 553 — 553 Total 1,273 — 1,273 Net current period other comprehensive income 31,010 (28,329) 2,681 Net current period other comprehensive income attributable to noncontrolling interests (21) — (21) Ending balance $ 12,052 $ (249,298) $ (237,246) Nine Months Ended September 30, 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 (4,240) (4,183) (8,423) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (10,281) — (10,281) Interest expense 1,254 — 1,254 Total (9,027) — (9,027) Net current period other comprehensive loss (13,267) (4,183) (17,450) Net current period other comprehensive income attributable to noncontrolling interests (7) — (7) Ending balance $ (226) $ (272,898) $ (273,124) See Note 9 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented. Dividends Declared During the third quarter of 2021, our Board declared a quarterly dividend of $1.052 per share, which was paid on October 15, 2021 to stockholders of record as of September 30, 2021. During the nine months ended September 30, 2021, we declared dividends totaling $3.150 per share.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 2021 and 2020. Current income tax expense was $9.0 million and $8.9 million for the three months ended September 30, 2021 and 2020, respectively, and $26.5 million and $19.3 million for the nine months ended September 30, 2021 and 2020, respectively. 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 $4.7 million current tax benefit during the nine months ended September 30, 2020 by carrying back certain net operating losses, which is included within current tax expense described above. 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 $0.7 million and $2.9 million for the three months ended September 30, 2021 and 2020, respectively, and $3.0 million and $47.4 million for the nine months ended September 30, 2021 and 2020, respectively. Benefit from income taxes for the nine months ended September 30, 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 method investments in CWI 1 and CWI 2 during the period ( Note 8 ).

Property Dispositions

Property Dispositions	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021, we sold five and 17 properties, respectively, for total proceeds, net of selling costs, of $28.3 million and $126.7 million, respectively, and recognized a net gain on these sales totaling $1.7 million and $30.9 million, respectively (inclusive of income taxes totaling $3.8 million recognized upon sale during the nine months ended September 30, 2021). 2020 — During the three and nine months ended September 30, 2020, we sold four and eight properties, respectively, for total proceeds, net of selling costs, of $62.9 million and $168.0 million (inclusive of $4.7 million attributable to a noncontrolling interest), respectively, and recognized a net gain on these sales totaling $20.9 million and $32.7 million (inclusive of $0.6 million attributable to a noncontrolling interest), respectively (inclusive of income taxes totaling $3.1 million and $3.0 million, respectively, recognized upon sale). Disposition activity included the sale of one of our two hotel operating properties in January 2020 for total proceeds, net of selling costs, of $103.5 million (inclusive of $4.7 million attributable to a noncontrolling interest).

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues Lease revenues $ 314,194 $ 293,856 $ 921,269 $ 856,269 Operating property revenues (a) 4,050 1,974 9,474 9,368 Lease termination income and other 2,597 1,565 11,059 9,991 320,841 297,395 941,802 875,628 Operating Expenses Depreciation and amortization (b) 115,657 108,351 340,327 331,035 General and administrative (b) 19,750 19,399 62,297 51,793 Impairment charges 16,301 — 16,301 19,420 Reimbursable tenant costs 15,092 15,728 45,942 42,699 Property expenses, excluding reimbursable tenant costs 13,734 11,923 36,432 33,649 Stock-based compensation expense (b) 4,361 4,564 18,790 9,452 Operating property expenses 3,001 1,594 6,961 8,205 Merger and other expenses (908) (1,016) (3,998) (213) 186,988 160,543 523,052 496,040 Other Income and Expenses Interest expense (48,731) (52,537) (149,623) (157,259) Other gains and (losses) 48,172 44,115 13,455 38,579 Earnings (losses) from equity method investments in real estate 2,445 631 (10,528) 2,407 Gain on sale of real estate, net 1,702 20,933 30,914 32,684 Non-operating income 1,283 662 10,620 10,364 4,871 13,804 (105,162) (73,225) Income before income taxes 138,724 150,656 313,588 306,363 (Provision for) benefit from income taxes (7,827) (3,636) (23,372) 24,047 Net Income from Real Estate 130,897 147,020 290,216 330,410 Net income attributable to noncontrolling interests (39) (37) (84) (688) Net Income from Real Estate Attributable to W. P. Carey $ 130,858 $ 146,983 $ 290,132 $ 329,722 Investment Management Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues Asset management and other revenue $ 3,872 $ 3,748 $ 11,792 $ 18,603 Reimbursable costs from affiliates 1,041 1,276 3,050 7,717 4,913 5,024 14,842 26,320 Operating Expenses Reimbursable costs from affiliates 1,041 1,276 3,050 7,717 Merger and other expenses — 420 15 878 General and administrative (b) — — — 5,823 Subadvisor fees — — — 1,469 Depreciation and amortization (b) — — — 987 Stock-based compensation expense (b) — — — 691 1,041 1,696 3,065 17,565 Other Income and Expenses Earnings (losses) from equity method investments in the Managed Programs 3,290 1,089 6,374 (12,494) Other gains and (losses) 1,047 533 2,121 513 Non-operating (loss) income — (197) 84 81 4,337 1,425 8,579 (11,900) Income (loss) before income taxes 8,209 4,753 20,356 (3,145) (Provision for) benefit from income taxes (520) (2,339) (62) 4,075 Net Income from Investment Management 7,689 2,414 20,294 930 Net income attributable to noncontrolling interests — — — (9,865) Net Income (Loss) from Investment Management Attributable to W. P. Carey $ 7,689 $ 2,414 $ 20,294 $ (8,935) Total Company Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues $ 325,754 $ 302,419 $ 956,644 $ 901,948 Operating expenses 188,029 162,239 526,117 513,605 Other income and (expenses) 9,208 15,229 (96,583) (85,125) (Provision for) benefit from income taxes (8,347) (5,975) (23,434) 28,122 Net income attributable to noncontrolling interests (39) (37) (84) (10,553) Net income attributable to W. P. Carey $ 138,547 $ 149,397 $ 310,426 $ 320,787 Total Assets at September 30, 2021 December 31, 2020 Real Estate $ 14,999,355 $ 14,582,015 Investment Management 135,779 125,621 Total Company $ 15,135,134 $ 14,707,636 __________ (a) Operating property revenues from our hotels include (i) $2.4 million and $0.6 million for the three months ended September 30, 2021 and 2020, respectively, and $4.9 million and $3.4 million for the nine months ended September 30, 2021 and 2020, respectively, generated from a hotel in Bloomington, Minnesota (revenues reflect the impact of the COVID-19 pandemic on the hotel’s operations), and (ii) $1.9 million for the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Issuance of Senior Unsecured Notes On October 15, 2021, we completed an underwritten public offering of $350.0 million of 2.450% Senior Notes due 2032, at a price of 99.048% of par value, in our inaugural green bond offering. These 2.450% Senior Notes due 2032 have a 10.3-year Acquisition In October 2021, we completed the acquisition of two manufacturing facilities in Chattanooga, Tennessee, for $40.7 million. Mortgage Loan Repayments In October 2021, we prepaid or repaid at maturity six non-recourse mortgage loans for $297.6 million with a weighted-average interest rate of 4.4%. Dividend from our Investment in Preferred Shares of WLT In October 2021, we received a $0.8 million quarterly cash dividend from our investment in preferred shares of WLT.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020, we considered 12 entities to be VIEs, of which we consolidated four and five, respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands): September 30, 2021 December 31, 2020 Land, buildings and improvements $ 423,333 $ 423,333 Net investments in direct financing leases — 15,242 In-place lease intangible assets and other 41,968 41,997 Above-market rent intangible assets 26,720 26,720 Accumulated depreciation and amortization (150,266) (137,827) Total assets 354,493 381,953 Non-recourse mortgages, net $ 1,585 $ 3,508 Below-market rent and other intangible liabilities, net 20,997 22,283 Total liabilities 45,527 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.
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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. On January 7, 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the transition. We have evaluated our contracts that are referenced to London Interbank Offered Rate (“LIBOR”) or other reference rates expected to be discontinued and we expect to account for any necessary modifications with a replacement reference rate using the expedients and exceptions provided for in ASU 2020-04 and ASU 2021-01. We are evaluating the impact these standards may have on our financial statements.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Land, buildings and improvements $ 423,333 $ 423,333 Net investments in direct financing leases — 15,242 In-place lease intangible assets and other 41,968 41,997 Above-market rent intangible assets 26,720 26,720 Accumulated depreciation and amortization (150,266) (137,827) Total assets 354,493 381,953 Non-recourse mortgages, net $ 1,585 $ 3,508 Below-market rent and other intangible liabilities, net 20,997 22,283 Total liabilities 45,527 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): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 129,686 $ 248,662 Restricted cash (a) 52,236 63,117 Total cash and cash equivalents and restricted cash $ 181,922 $ 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): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 129,686 $ 248,662 Restricted cash (a) 52,236 63,117 Total cash and cash equivalents and restricted cash $ 181,922 $ 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Asset management revenue (a) (b) $ 3,872 $ 3,748 $ 11,792 $ 18,109 Distributions of Available Cash (c) 1,623 1,168 4,949 5,113 Reimbursable costs from affiliates (a) 1,041 1,276 3,050 7,717 Interest income on deferred acquisition fees and loans to affiliates (d) 57 — 121 360 Structuring and other advisory revenue (a) (b) — — — 494 $ 6,593 $ 6,192 $ 19,912 $ 31,793 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 CPA:18 – Global $ 5,608 $ 4,865 $ 16,578 $ 16,327 CWI 1 — — — 5,662 CWI 2 — — — 4,668 CESH 909 983 3,054 3,663 WLT (reimbursed transition services) 76 344 280 1,473 $ 6,593 $ 6,192 $ 19,912 $ 31,793 __________ (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 Earnings (losses) from equity method investments 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): September 30, 2021 December 31, 2020 Reimbursable costs $ 1,083 $ 1,760 Asset management fees receivable 712 1,054 Accounts receivable 98 305 Current acquisition fees receivable 95 136 Deferred acquisition fees receivable, including accrued interest 4 1,858 Short-term loans to affiliates, including accrued interest — 21,144 $ 1,992 $ 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)	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Land $ 2,122,213 $ 2,012,688 Buildings and improvements 9,348,418 8,724,064 Real estate under construction 90,547 119,391 Less: Accumulated depreciation (1,382,006) (1,206,912) $ 10,179,172 $ 9,649,231 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 150,093 Buildings and improvements 728,528 Intangibles: In-place lease (weighted-average expected life of 21.2 years) 153,505 Below-market rent (weighted-average expected life of 11.1 years) (9,995) Right-of-use assets: Land lease right-of-use assets 5,979 Above-market ground lease intangibles, net (4,155) Prepaid rent liabilities (15,445) Operating lease liabilities (5,979) $ 1,002,531 September 30, 2021 December 31, 2020 Land $ 10,452 $ 10,452 Buildings and improvements 73,221 73,024 Less: Accumulated depreciation (16,065) (14,004) $ 67,608 $ 69,472
Schedule of real estate acquired	During the nine months ended September 30, 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 Various, France (c) (d) 3 4/1/2021 Retail 119,341 Searcy, Arkansas 1 4/14/2021 Industrial 14,038 Detroit, Michigan 1 4/27/2021 Warehouse 52,810 Solihull, United Kingdom (c) (d) 1 5/4/2021 Warehouse 194,954 New Rochelle, New York 1 5/5/2021 Student Housing (Net Lease) 26,109 Groveport, Ohio 1 5/5/2021 Industrial 27,133 Dakota, Illinois 1 5/12/2021 Industrial 65,043 San Jose, California 1 5/13/2021 Industrial 51,949 Opelika, Alabama 1 6/7/2021 Warehouse 48,897 Niles and Elk Grove Village, Illinois; and Guelph, Canada 3 6/9/2021 Warehouse 42,829 Rome, New York 1 6/10/2021 Warehouse 44,781 St. Louis, Missouri 1 8/2/2021 Office 7,924 Frankfort, Indiana 1 8/26/2021 Warehouse 113,544 Various, United States (e) 6 9/1/2021 Hospitality 17,396 Rogers, Minnesota 1 9/9/2021 Warehouse 26,531 40 $ 1,002,531 __________ (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. (c) We also recorded estimated deferred tax liabilities of (i) $8.8 million on the France investment and (ii) $3.6 million on the United Kingdom investment, with corresponding increases to the asset values, due to tax and GAAP temporary differences established in connection with the acquisitions. (d) Amount reflects the applicable exchange rate on the date of transaction. (e) This acquisition is comprised of the land under buildings that we already own.
Schedule of real estate under construction	During the nine months ended September 30, 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 San Donato Milanese, Italy (a) Renovation 1 6/30/2021 Retail; Office 7,244 Whitehall, Pennsylvania Redevelopment 1 8/18/2021 Warehouse 25,769 4 $ 88,160 __________ (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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease income — fixed $ 271,360 $ 249,356 $ 790,391 $ 725,321 Lease income — variable (a) 27,255 26,871 81,953 74,424 Total operating lease income (b) $ 298,615 $ 276,227 $ 872,344 $ 799,745 __________ (a) Includes (i) rent increases based on changes in the U.S. Consumer Price Index and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes $15.6 million and $17.6 million for the three months ended September 30, 2021 and 2020, respectively, and $48.9 million and $56.5 million for nine months ended September 30, 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): September 30, 2021 December 31, 2020 Land, buildings and improvements $ 12,993 $ 14,051 In-place lease intangible assets and other, net 1,454 12,754 Above-market rent intangible assets 394 518 Accumulated depreciation and amortization (3,169) (8,733) Assets held for sale, net $ 11,672 $ 18,590

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Lease payments receivable $ 434,089 $ 527,691 Unguaranteed residual value 598,661 677,722 1,032,750 1,205,413 Less: unearned income (389,223) (476,365) Less: allowance for credit losses (a) (10,337) (17,074) $ 633,190 $ 711,974 __________ (a) During the nine months ended September 30, 2021 and 2020, we recorded a net reversal of allowance for credit losses of $6.7 million and a net allowance for credit losses of $6.1 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 1 – 3 17 18 $ 514,709 $ 587,103 4 10 9 165,554 141,944 5 — 2 — 36,737 $ 680,263 $ 765,784

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 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 $ 19,577 $ (17,912) $ 1,665 $ 19,204 $ (15,711) $ 3,493 Trade name 3,975 (3,382) 593 3,975 (2,786) 1,189 23,552 (21,294) 2,258 23,179 (18,497) 4,682 Lease Intangibles: In-place lease 2,276,549 (914,496) 1,362,053 2,181,584 (828,219) 1,353,365 Above-market rent 859,386 (480,780) 378,606 881,159 (440,952) 440,207 3,135,935 (1,395,276) 1,740,659 3,062,743 (1,269,171) 1,793,572 Indefinite-Lived Goodwill Goodwill 903,976 — 903,976 910,818 — 910,818 Total intangible assets $ 4,063,463 $ (1,416,570) $ 2,646,893 $ 3,996,740 $ (1,287,668) $ 2,709,072 Finite-Lived Intangible Liabilities Below-market rent $ (276,134) $ 101,717 $ (174,417) $ (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 $ (292,845) $ 101,717 $ (191,128) $ (287,441) $ 90,193 $ (197,248)

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity method investments	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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 CPA:18 – Global (a) 5.265 % 4.569 % $ 60,296 $ 51,949 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CESH (b) 2.430 % 2.430 % 4,936 4,399 $ 65,441 $ 56,557 __________ (a) During the nine months ended September 30, 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 method investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Carrying Value at Lessee/Fund/Description Co-owner Ownership Interest September 30, 2021 December 31, 2020 Las Vegas Retail Complex (a) Third Party N/A $ 93,997 $ — Johnson Self Storage Third Party 90% 67,807 68,979 Kesko Senukai (b) Third Party 70% 42,044 46,443 WLT (c) WLT 5% 34,319 44,182 Harmon Retail Corner (d) Third Party 15% 24,358 23,815 Bank Pekao (b) CPA:18 – Global 50% 17,558 17,850 State Farm Mutual Automobile Insurance Co. (e) CPA:18 – Global 50% 7,484 15,475 Apply Sørco AS (f) CPA:18 – Global 49% 5,940 7,156 Fortenova Grupa d.d. (b) CPA:18 – Global 20% 2,887 2,989 $ 296,394 $ 226,889 __________ (a) See “Las Vegas Retail Complex” below for discussion of this equity method investment in real estate. (b) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (c) 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 ). For the three and nine months ended September 30, 2021, we recognized losses of $1.4 million and $9.9 million, respectively, from our equity method investment in WLT (due to the adverse impact of the COVID-19 pandemic on its operations), which was recognized within Earnings (losses) from equity method investments in our consolidated statements of income. (d) 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. (e) We recognized an other-than-temporary impairment charge of $6.8 million on this investment during the nine months ended September 30, 2021, as described in Note 8 . (f) 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)	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 5,419,419 $ 5,766,633 $ 5,146,192 $ 5,639,586 Non-recourse mortgages, net (a) (b) (d) 3 688,430 690,310 1,145,554 1,148,551 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $27.0 million and $23.9 million at September 30, 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 September 30, 2021 and December 31, 2020, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $27.2 million and $22.6 million at September 30, 2021 and December 31, 2020, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $3.1 million and $4.5 million at September 30, 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 September 30, 2021 2020 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Land, buildings and improvements and intangibles $ 13,912 $ 16,301 $ — $ — $ 16,301 $ — Nine Months Ended September 30, 2021 2020 Fair Value Impairment Fair Value Impairment Impairment Charges Land, buildings and improvements and intangibles $ 13,912 $ 16,301 $ 12,148 $ 19,420 Equity method investments 8,175 6,830 37,396 47,112 $ 23,131 $ 66,532

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Foreign currency collars Other assets, net $ 16,345 $ 3,489 $ — $ — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,683) (15,122) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,295) (5,859) 16,345 3,489 (2,978) (20,981) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 5,300 5,800 — — 5,300 5,800 — — Total derivatives $ 21,645 $ 9,289 $ (2,978) $ (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 September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2021 2020 2021 2020 Foreign currency collars $ 12,666 $ (17,029) $ 26,294 $ (5,524) Interest rate swaps 203 312 3,851 (2,047) Interest rate caps 1 4 5 5 Foreign currency forward contracts — — — (5,272) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars — (16) — 9 Total $ 12,870 $ (16,729) $ 30,150 $ (12,829) Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest rate swaps and caps (c) Interest expense $ (196) $ (548) $ (720) $ (1,254) Foreign currency collars Non-operating income 14 1,664 (553) 4,565 Foreign currency forward contracts Non-operating income — — — 5,716 Total $ (182) $ 1,116 $ (1,273) $ 9,027 __________ (a) Excludes net gains of $0.2 million and less than $0.1 million recognized on unconsolidated jointly owned investments for the three months ended September 30, 2021 and 2020, respectively, and net gains of $0.9 million and net losses of $0.4 million for the nine months ended September 30, 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 (loss) income. (c) Amount for the nine months ended September 30, 2021 excludes other comprehensive income totaling $3.1 million that was released 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Foreign currency collars Non-operating income $ 357 $ (1,368) $ 516 $ (937) Interest rate swaps Interest expense — 11 — 41 Stock warrants Other gains and (losses) — — (500) (1,300) Foreign currency forward contracts Non-operating income — — — (43) Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 223 627 1,354 1,491 Total $ 580 $ (730) $ 1,370 $ (748)
Schedule of derivative instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at September 30, 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 47,506 EUR $ (1,020) Interest rate swaps 2 21,895 USD (275) Interest rate cap 1 10,842 EUR — $ (1,295) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at September 30, 2021, as applicable. The following table presents the foreign currency collars that we had outstanding at September 30, 2021 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at September 30, 2021 Designated as Cash Flow Hedging Instruments Foreign currency collars 94 335,500 EUR $ 13,854 Foreign currency collars 96 58,300 GBP 808 $ 14,662

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 (a) Maturity Date at September 30, 2021 Principal Outstanding Balance at Senior Unsecured Credit Facility September 30, 2021 December 31, 2020 Unsecured Term Loans: Term Loan — borrowing in British pounds sterling (b) GBP LIBOR + 0.95% 2/20/2025 $ 201,835 $ 204,737 Delayed Draw Term Loan — borrowing in euros (c) EURIBOR + 0.95% 2/20/2025 111,737 118,415 313,572 323,152 Unsecured Revolving Credit Facility: Borrowing in British pounds sterling GBP LIBOR + 0.85% 2/20/2025 192,416 — Borrowing in euros (c) EURIBOR + 0.85% 2/20/2025 40,527 58,901 Borrowing in Japanese yen JPY LIBOR + 0.85% 2/20/2025 21,520 23,380 254,463 82,281 $ 568,035 $ 405,433 __________ (a) The applicable interest rate at September 30, 2021 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2. (b) Balance excludes unamortized discount of $1.0 million and $1.2 million at September 30, 2021 and December 31, 2020, respectively. (c) EURIBOR means Euro Interbank Offered Rate.
Schedule of senior unsecured notes	The following table presents a summary of our Senior Unsecured Notes outstanding at September 30, 2021 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date September 30, 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 578,950 613,550 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 578,950 613,550 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 578,950 613,550 1.350% Senior Notes due 2028 9/19/2019 € 500,000 1.350 % 4/15/2028 578,950 613,550 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 607,898 — 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 — $ 5,473,698 $ 5,192,750 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $27.0 million and $23.8 million, and unamortized discount totaling $27.2 million and $22.5 million, at September 30, 2021 and December 31, 2020, respectively.
Scheduled debt principal payments	Scheduled debt principal payments as of September 30, 2021 are as follows (in thousands): Years Ending December 31, Total (a) 2021 (remainder) $ 5,704 2022 311,752 2023 201,156 2024 1,120,399 2025 1,112,036 Thereafter through 2031 3,982,399 Total principal payments 6,733,446 Unamortized discount, net (b) (31,330) Unamortized deferred financing costs (27,199) Total $ 6,674,917 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at September 30, 2021. (b) Represents the unamortized discount on the Senior Unsecured Notes of $27.2 million in aggregate, unamortized discount, net, of $3.1 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, and unamortized discount of $1.0 million on the Term Loan.

Stock-Based Compensation and _2

Stock-Based Compensation and Equity (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and changes during the nine months ended September 30, 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) 191,940 67.44 134,290 86.19 Vested (b) (136,120) 72.60 (151,678) 76.04 Forfeited (9,883) 71.92 (16,463) 93.91 Adjustment (c) — — 161,125 75.13 Nonvested at September 30, 2021 (d) 306,914 $ 71.22 389,287 $ 87.33 __________ (a) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the nine months ended September 30, 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 nine months ended September 30, 2021 was $21.4 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At September 30, 2021 and December 31, 2020, we had an obligation to issue 1,104,020 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 September 30, 2021 to reflect the number of shares expected to be issued when the PSUs vest. (d) At September 30, 2021, total unrecognized compensation expense related to these awards was approximately $30.9 million, with an aggregate weighted-average remaining term of 1.9 years.
Schedule of earnings per share reconciliation	The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income — basic and diluted $ 138,547 $ 149,397 $ 310,426 $ 320,787 Weighted-average shares outstanding — basic 185,422,639 174,974,185 180,753,115 173,879,068 Effect of dilutive securities 589,839 287,627 570,013 264,970 Weighted-average shares outstanding — diluted 186,012,478 175,261,812 181,323,128 174,144,038
Schedule of Stockholders Equity	We refer to our three forward equity offerings presented below as the June 2020 Equity Forwards, June 2021 Equity Forwards, and August 2021 Equity Forwards (collectively, the “Equity Forwards”) (gross offering proceeds at closing in thousands): Agreement Date (a) Shares Offered (b) Gross Offering Price Gross Offering Proceeds at Closing Outstanding Shares as of September 30, 2021 June 2020 Equity Forwards (c) 6/17/2020 5,462,500 $ 70.00 $ 382,375 — June 2021 Equity Forwards 6/7/2021 6,037,500 75.30 454,624 2,012,500 August 2021 Equity Forwards 8/9/2021 5,175,000 78.00 403,650 5,175,000 7,187,500 __________ (a) We expect to settle the Equity Forwards in full within 18 months of the respective agreement dates via physical delivery of the outstanding shares of common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the Equity Forwards, subject to certain conditions. (b) Includes 712,500, 787,500, and 675,000 shares of common stock purchased by certain underwriters in connection with the June 2020 Equity Forwards, June 2021 Equity Forwards, and August 2021 Equity Forwards, respectively, upon the exercise of 30-day options to purchase additional shares. (c) All remaining outstanding shares were settled during the three months ended June 30, 2021. The following table sets forth certain information regarding the settlement of our Equity Forwards during the periods presented (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Shares of common stock delivered 2,012,500 1,488,291 6,535,709 2,951,791 Net proceeds $ 147,363 $ 99,829 $ 457,227 $ 199,716
Reclassification out of accumulated other comprehensive income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended September 30, 2021 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (1,062) $ (228,898) $ (229,960) Other comprehensive loss before reclassifications 12,932 (20,400) (7,468) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 196 — 196 Non-operating income (14) — (14) Total 182 — 182 Net current period other comprehensive loss 13,114 (20,400) (7,286) Ending balance $ 12,052 $ (249,298) $ (237,246) Three Months Ended September 30, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 16,455 $ (307,068) $ (290,613) Other comprehensive income before reclassifications (15,558) 34,170 18,612 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (1,664) — (1,664) Interest expense 548 — 548 Total (1,116) — (1,116) Net current period other comprehensive income (16,674) 34,170 17,496 Net current period other comprehensive income attributable to noncontrolling interests (7) — (7) Ending balance $ (226) $ (272,898) $ (273,124) Nine Months Ended September 30, 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 29,737 (28,329) 1,408 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 720 — 720 Non-operating income 553 — 553 Total 1,273 — 1,273 Net current period other comprehensive income 31,010 (28,329) 2,681 Net current period other comprehensive income attributable to noncontrolling interests (21) — (21) Ending balance $ 12,052 $ (249,298) $ (237,246) Nine Months Ended September 30, 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 (4,240) (4,183) (8,423) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (10,281) — (10,281) Interest expense 1,254 — 1,254 Total (9,027) — (9,027) Net current period other comprehensive loss (13,267) (4,183) (17,450) Net current period other comprehensive income attributable to noncontrolling interests (7) — (7) Ending balance $ (226) $ (272,898) $ (273,124)

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues Lease revenues $ 314,194 $ 293,856 $ 921,269 $ 856,269 Operating property revenues (a) 4,050 1,974 9,474 9,368 Lease termination income and other 2,597 1,565 11,059 9,991 320,841 297,395 941,802 875,628 Operating Expenses Depreciation and amortization (b) 115,657 108,351 340,327 331,035 General and administrative (b) 19,750 19,399 62,297 51,793 Impairment charges 16,301 — 16,301 19,420 Reimbursable tenant costs 15,092 15,728 45,942 42,699 Property expenses, excluding reimbursable tenant costs 13,734 11,923 36,432 33,649 Stock-based compensation expense (b) 4,361 4,564 18,790 9,452 Operating property expenses 3,001 1,594 6,961 8,205 Merger and other expenses (908) (1,016) (3,998) (213) 186,988 160,543 523,052 496,040 Other Income and Expenses Interest expense (48,731) (52,537) (149,623) (157,259) Other gains and (losses) 48,172 44,115 13,455 38,579 Earnings (losses) from equity method investments in real estate 2,445 631 (10,528) 2,407 Gain on sale of real estate, net 1,702 20,933 30,914 32,684 Non-operating income 1,283 662 10,620 10,364 4,871 13,804 (105,162) (73,225) Income before income taxes 138,724 150,656 313,588 306,363 (Provision for) benefit from income taxes (7,827) (3,636) (23,372) 24,047 Net Income from Real Estate 130,897 147,020 290,216 330,410 Net income attributable to noncontrolling interests (39) (37) (84) (688) Net Income from Real Estate Attributable to W. P. Carey $ 130,858 $ 146,983 $ 290,132 $ 329,722 Investment Management Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues Asset management and other revenue $ 3,872 $ 3,748 $ 11,792 $ 18,603 Reimbursable costs from affiliates 1,041 1,276 3,050 7,717 4,913 5,024 14,842 26,320 Operating Expenses Reimbursable costs from affiliates 1,041 1,276 3,050 7,717 Merger and other expenses — 420 15 878 General and administrative (b) — — — 5,823 Subadvisor fees — — — 1,469 Depreciation and amortization (b) — — — 987 Stock-based compensation expense (b) — — — 691 1,041 1,696 3,065 17,565 Other Income and Expenses Earnings (losses) from equity method investments in the Managed Programs 3,290 1,089 6,374 (12,494) Other gains and (losses) 1,047 533 2,121 513 Non-operating (loss) income — (197) 84 81 4,337 1,425 8,579 (11,900) Income (loss) before income taxes 8,209 4,753 20,356 (3,145) (Provision for) benefit from income taxes (520) (2,339) (62) 4,075 Net Income from Investment Management 7,689 2,414 20,294 930 Net income attributable to noncontrolling interests — — — (9,865) Net Income (Loss) from Investment Management Attributable to W. P. Carey $ 7,689 $ 2,414 $ 20,294 $ (8,935) Total Company Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues $ 325,754 $ 302,419 $ 956,644 $ 901,948 Operating expenses 188,029 162,239 526,117 513,605 Other income and (expenses) 9,208 15,229 (96,583) (85,125) (Provision for) benefit from income taxes (8,347) (5,975) (23,434) 28,122 Net income attributable to noncontrolling interests (39) (37) (84) (10,553) Net income attributable to W. P. Carey $ 138,547 $ 149,397 $ 310,426 $ 320,787 __________ (a) Operating property revenues from our hotels include (i) $2.4 million and $0.6 million for the three months ended September 30, 2021 and 2020, respectively, and $4.9 million and $3.4 million for the nine months ended September 30, 2021 and 2020, respectively, generated from a hotel in Bloomington, Minnesota (revenues reflect the impact of the COVID-19 pandemic on the hotel’s operations), and (ii) $1.9 million for the nine months ended September 30, 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 September 30, 2021 December 31, 2020 Real Estate $ 14,999,355 $ 14,582,015 Investment Management 135,779 125,621 Total Company $ 15,135,134 $ 14,707,636

Business and Organization - Nar

Business and Organization - Narratives (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2021ft²propertytenant	Jan. 31, 2020property
Real Estate
Additional disclosures
Number of real estate properties (property)	1,264
Square footage of real estate properties | ft²	152
Number of tenants (tenant) | tenant	358
Lease term (years)	10 years 7 months 6 days
Occupancy rate	98.40%
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	66
Occupancy rate	98.80%
Investment Management | Affiliated Entity | Managed Programs | Built-to-suit
Additional disclosures
Number of real estate properties (property)	4
Investment Management | Operating properties | Affiliated Entity | Managed Programs
Additional disclosures
Number of real estate properties (property)	66
Square footage of real estate properties | ft²	5.1
Investment Management | Net- lease properties | Affiliated Entity | Managed Programs
Additional disclosures
Number of real estate properties (property)	58
Square footage of real estate properties | ft²	11.3

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)variable_interest_entityvie	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)variable_interest_entityvie	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)variable_interest_entity
Basis of Consolidation
Variable interest entities, count | variable_interest_entity	12		12		12
Variable interest entities consolidated, count	4		4		5
Variable interest entities unconsolidated, count | variable_interest_entity	8		8		7
Equity method investments in real estate	$ 361,835		$ 361,835		$ 283,446
Real Estate
Basis of Consolidation
Gross contract revenue	4,050	$ 1,974	9,474	$ 9,368
Real Estate | Hotel
Basis of Consolidation
Gross contract revenue	2,400	$ 600	4,900	$ 5,300
Variable Interest Entity
Basis of Consolidation
Equity method investments in real estate	$ 584,800		$ 584,800		$ 425,300
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count | variable_interest_entity	2		2		2
Real Estate
Basis of Consolidation
Variable interest entities unconsolidated, count | variable_interest_entity	6		6		5
Equity method investments in real estate	$ 296,394		$ 296,394		$ 226,889

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Assets
Land, buildings and improvements		$ 11,644,851	$ 10,939,619
Net investments in direct financing leases		633,190	711,974
In-place lease intangible assets and other		2,384,575	2,301,174
Above-market rent intangible assets		859,386	881,159
Accumulated depreciation and amortization		(2,793,347)	(2,490,087)
Total assets	[1]	15,135,134	14,707,636
Liabilities
Non-recourse mortgages, net		688,430	1,145,554
Below-market rent and other intangible liabilities, net		191,128	197,248
Total liabilities	[1]	7,748,437	7,829,267
Variable Interest Entity
Assets
Land, buildings and improvements		423,333	423,333
Net investments in direct financing leases		0	15,242
In-place lease intangible assets and other		41,968	41,997
Above-market rent intangible assets		26,720	26,720
Accumulated depreciation and amortization		(150,266)	(137,827)
Total assets		354,493	381,953
Liabilities
Non-recourse mortgages, net		1,585	3,508
Below-market rent and other intangible liabilities, net		20,997	22,283
Total liabilities		$ 45,527	$ 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	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 129,686	$ 248,662
Restricted cash	52,236	63,117
Total cash and cash equivalents and restricted cash	$ 181,922	$ 311,779	$ 222,769	$ 251,518

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2021investment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Advisory Agreements with REIT
Percentage of available cash distribution to advisor		10.00%
Other Transactions with Affiliates
Jointly owned investments | investment		10
Jointly owned investment, accounted for under the equity method investments | investment		9
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
Affiliated Entity | CWI 2
Other Transactions with Affiliates
Gain (loss) on sale of equity investments	$ 33		$ 33
Affiliated Entity | CWI 1 and CWI 2
Other Transactions with Affiliates
Gain (loss) on sale of equity investments			$ 9.9

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction
Distributions of Available Cash	$ 1,623	$ 1,168	$ 4,949	$ 5,113
Interest income on deferred acquisition fees and loans to affiliates	57	0	121	360
Revenue from related parties	6,593	6,192	19,912	31,793
Asset management and other revenue
Related Party Transaction
Gross contract revenue	3,872	3,748	11,792	18,109
Reimbursable costs from affiliates
Related Party Transaction
Gross contract revenue	1,041	1,276	3,050	7,717
Structuring and other advisory revenue
Related Party Transaction
Gross contract revenue	$ 0	$ 0	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction
Revenue from related parties	$ 6,593	$ 6,192	$ 19,912	$ 31,793
CPA:18 – Global
Related Party Transaction
Revenue from related parties	5,608	4,865	16,578	16,327
CWI 1
Related Party Transaction
Revenue from related parties	0	0	0	5,662
CWI 2
Related Party Transaction
Revenue from related parties	0	0	0	4,668
CESH
Related Party Transaction
Revenue from related parties	909	983	3,054	3,663
WLT
Related Party Transaction
Revenue from related parties	$ 76	$ 344	$ 280	$ 1,473

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Due from affiliates
Reimbursable costs	$ 1,083	$ 1,760
Asset management fees receivable	712	1,054
Accounts receivable	98	305
Current acquisition fees receivable	95	136
Deferred acquisition fees receivable, including accrued interest	4	1,858
Short-term loans to affiliates, including accrued interest	0	21,144
Due from affiliates	$ 1,992	$ 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	9 Months Ended
	Mar. 31, 2020	Sep. 30, 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				9 Months Ended
	Jan. 31, 2020property	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)property$ / €	Mar. 31, 2021property	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)property$ / €	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)property$ / €
Real Estate Properties
Increase (decrease) in value of balance sheet item due to foreign currency translation			$ (20,400)		$ 34,170	$ (28,329)	$ (4,183)
Net investments in direct financing leases			633,190			633,190		$ 711,974
Land, buildings and improvements			11,644,851			11,644,851		10,939,619
Payment to acquire real estate						1,004,433	350,120
Investments in real estate
Capitalized construction cost						$ 59,300
Construction projects completed (property) | property				5		2
Unfunded commitment			41,100			$ 41,100		81,800
Capitalized interest			600		800	1,900	2,100
Lease payments			800		900	6,100	6,600
Sales-type lease interest income on lease receivable			1,200			3,000	1,000
Interest income from direct financing leases			15,600		17,600	48,900	56,500
Assets held for sale, net			$ 11,672			$ 11,672		$ 18,590
Real Estate
Real Estate Properties
Number of real estate properties (property) | property			1,264			1,264
Investments in real estate
Other income			$ 500		$ 500	$ 1,400	$ 1,700
Asset held for sale, not in discontinued operations
Real Estate Properties
Number of real estate properties (property) | property			3			3		4
Investments in real estate
Assets held for sale, net			$ 11,700			$ 11,700		$ 18,600
Properties disposed of by sale
Investments in real estate
Number of properties sold (property) | property			5		4	17	8
Construction in progress
Real Estate Properties
Number of real estate properties (property) | property			4			4
Construction in progress | Research Center In Wageningen, Netherlands
Investments in real estate
Funding commitment			$ 29,100			$ 29,100
Land, buildings and improvements
Investments in real estate
Assets held for sale, net			$ 12,993			$ 12,993		14,051
Land, buildings and improvements | Properties disposed of by sale
Investments in real estate
Number of properties sold (property) | property						9
Decrease in carrying value of real estate						$ (37,200)
Operating Lease
Real Estate Properties
Increase (decrease) in value of balance sheet item due to foreign currency translation						$ (182,000)
Number of real estate properties (property) | property			40			40
Depreciation			$ 70,800		$ 64,900	$ 207,200	$ 192,900
Payment to acquire real estate						1,002,531
Operating Lease | Land
Real Estate Properties
Payment to acquire real estate						150,093
Operating Lease | Building
Real Estate Properties
Payment to acquire real estate						728,528
Operating real estate
Real Estate Properties
Depreciation			700		$ 2,100	700	$ 2,100
Net property subject to operating lease			$ 10,179,172			$ 10,179,172		$ 9,649,231
Hotel | Real Estate
Real Estate Properties
Number of real estate properties (property) | property	2		1			1
Hotel | Properties disposed of by sale | Real Estate
Investments in real estate
Number of properties sold (property) | property	1
Self-storage | Operating real estate
Real Estate Properties
Number of real estate properties (property) | property			10			10		10
Hotel | Operating real estate
Real Estate Properties
Number of real estate properties (property) | property			1			1		1
Adjustments
Real Estate Properties
Net investments in direct financing leases			$ (28,800)			$ (28,800)
Land, buildings and improvements			28,800			28,800
Adjustments | Operating real estate
Real Estate Properties
Net property subject to operating lease			$ (5,000)			$ (5,000)
Forecast | Operating Lease | Food Production Facility In Lawrence, Kansas
Real Estate Properties
Payment to acquire real estate		$ 27,300
Direct financing lease
Investments in real estate
Number of properties sold (property) | property						4
Direct financing lease | Adjustments
Real Estate Properties
Number of real estate properties (property) | property			2			2
EUR
Real Estate Properties
Increase (decrease) in exchange rate						(5.60%)
Foreign currency exchange rate | $ / €			1.1579			1.1579		1.2271

Land, Buildings and Improveme_4

Land, Buildings and Improvements and Assets Held for Sale - Assets Subject To Operating Leases (Details) - Operating real estate - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (1,382,006)	$ (1,206,912)
Net property subject to operating lease	10,179,172	9,649,231
Land
Real Estate Investment Property At Cost
Gross property subject to operating lease	2,122,213	2,012,688
Buildings and improvements
Real Estate Investment Property At Cost
Gross property subject to operating lease	9,348,418	8,724,064
Real estate under construction
Real Estate Investment Property At Cost
Gross property subject to operating lease	$ 90,547	$ 119,391

Land, Buildings and Improveme_5

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

Sep. 09, 2021USD ($)property

Sep. 01, 2021USD ($)property

Aug. 26, 2021USD ($)property

Aug. 02, 2021USD ($)property

Jun. 10, 2021USD ($)property

Jun. 09, 2021USD ($)property

Jun. 07, 2021USD ($)property

May 13, 2021USD ($)property

May 12, 2021USD ($)property

May 05, 2021USD ($)property

May 04, 2021USD ($)property

Apr. 27, 2021USD ($)property

Apr. 14, 2021USD ($)property

Apr. 01, 2021USD ($)property

Feb. 11, 2021USD ($)property

Feb. 02, 2021USD ($)property

Sep. 30, 2021USD ($)property

Sep. 30, 2020USD ($)

Property, Plant and Equipment

Payment to acquire real estate

$ 1,004,433

$ 350,120

Operating Lease

Property, Plant and Equipment

Number of properties (property) | property

40

Payment to acquire real estate

$ 1,002,531

Operating Lease | Land

Property, Plant and Equipment

Payment to acquire real estate

150,093

Operating Lease | Building

Property, Plant and Equipment

Payment to acquire real estate

728,528

Operating Lease | Below-market rent

Property, Plant and Equipment

Payment to acquire real estate

$ 9,995

Finite lived intangible assets useful life (in years)

11 years 1 month 6 days

Operating Lease | Prepaid rent liability

Property, Plant and Equipment

Payment to acquire real estate

$ 15,445

Operating Lease | Right t of use liability

Property, Plant and Equipment

Payment to acquire real estate

5,979

Operating Lease | In-place lease

Property, Plant and Equipment

Payment to acquire real estate

$ 153,505

Finite lived intangible assets useful life (in years)

21 years 2 months 12 days

Operating Lease | Land lease right-of-use asset | Land

Property, Plant and Equipment

Payment to acquire real estate

$ 5,979

Operating Lease | Above-market rent intangible assets

Property, Plant and Equipment

Payment to acquire real estate

$ 4,155

Operating Lease | Grove City, Ohio, and Anderson, South Carolina

Property, Plant and Equipment

Number of properties (property) | property

2

Payment to acquire real estate

$ 19,129

Operating Lease | Various, New Jersey and Pennsylvania

Property, Plant and Equipment

Number of properties (property) | property

10

Payment to acquire real estate

$ 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

Payment to acquire real estate

$ 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

Operating Lease | Various, France

Property, Plant and Equipment

Number of properties (property) | property

3

Payment to acquire real estate

$ 119,341

Deferred tax liability

$ 8,800

Operating Lease | Searcy, Arkansas

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 14,038

Operating Lease | Detroit, Michigan

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 52,810

Operating Lease | Solihull, United Kingdom

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 194,954

Deferred tax liability

$ 3,600

Operating Lease | New Rochelle, New York

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 26,109

Operating Lease | Groveport, Ohio

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 27,133

Operating Lease | Dakota, Illinois

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 65,043

Operating Lease | San Jose, California

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 51,949

Operating Lease | Opelika, Alabama

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 48,897

Operating Lease | Niles and Elk Grove Village, Illinois; and Guelph, Canada

Property, Plant and Equipment

Number of properties (property) | property

3

Payment to acquire real estate

$ 42,829

Operating Lease | Rome, New York

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 44,781

Operating Lease | St. Louis, Missouri

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 7,924

Operating Lease | Frankfort, Indiana

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 113,544

Operating Lease | Various, United States (e)

Property, Plant and Equipment

Number of properties (property) | property

6

Payment to acquire real estate

$ 17,396

Operating Lease | Rogers, Minnesota

Property, Plant and Equipment

Number of properties (property) | property

1

Payment to acquire real estate

$ 26,531

Land, Buildings and Improveme_6

Land, Buildings and Improvements and Assets Held for Sale - Real Estate Under Construction (Details) - Construction in progress $ in Thousands	Aug. 18, 2021USD ($)property	Jun. 30, 2021USD ($)property	Feb. 04, 2021USD ($)property	Jan. 15, 2021USD ($)property	Sep. 30, 2021USD ($)property
Property, Plant and Equipment
Number of properties (property) | property					4
Total Capitalized Costs | $					$ 88,160
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
San Donato Milanese, Italy
Property, Plant and Equipment
Number of properties (property) | property		1
Total Capitalized Costs | $		$ 7,244
Whitehall, Pennsylvania
Property, Plant and Equipment
Number of properties (property) | property	1
Total Capitalized Costs | $	$ 25,769

Land, Buildings and Improveme_7

Land, Buildings and Improvements and Assets Held for Sale - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Lease, Lease Income [Abstract]
Lease income — fixed	$ 271,360	$ 249,356	$ 790,391	$ 725,321
Lease income – variable	27,255	26,871	81,953	74,424
Total operating lease income	$ 298,615	$ 276,227	$ 872,344	$ 799,745

Land, Buildings and Improveme_8

Land, Buildings and Improvements and Assets Held for Sale - Operating Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate Properties
Less: Accumulated depreciation	$ (2,793,347)	$ (2,490,087)
Investments in real estate	15,522,002	14,833,926
Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Land	10,452	10,452
Buildings and improvements	73,221	73,024
Less: Accumulated depreciation	(16,065)	(14,004)
Investments in real estate	$ 67,608	$ 69,472

Land, Buildings and Improveme_9

Land, Buildings and Improvements and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate Properties
Assets held for sale, net	$ 11,672	$ 18,590
In-place lease intangible assets and other, net
Real Estate Properties
Assets held for sale, net	1,454	12,754
Above-market rent intangible assets
Real Estate Properties
Assets held for sale, net	394	518
Land, buildings and improvements
Real Estate Properties
Assets held for sale, net	12,993	14,051
Accumulated depreciation and amortization
Real Estate Properties
Assets held for sale, net	$ 3,169	$ 8,733

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Lease payments receivable	$ 434,089	$ 527,691
Unguaranteed residual value	598,661	677,722
Net investment in finance leases, excluding unearned income	1,032,750	1,205,413
Less: unearned income	(389,223)	(476,365)
Less: allowance for credit losses	(10,337)	(17,074)
Net receivables (difference between undiscounted cash flows and discounted cash flows)	$ 633,190	$ 711,974

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)loanproperty	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)propertyloan	Sep. 30, 2020USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)loan
Finance Receivables
Allowance for credit loss			$ (6,737)	$ 10,313
Interest income from direct financing leases	$ 15,600	$ 17,600	48,900	56,500
Net investments in direct financing leases	633,190		633,190			$ 711,974
Land, buildings and improvements	11,644,851		11,644,851			$ 10,939,619
Increase (decrease) in value of balance sheet item due to foreign currency translation	$ (20,400)	$ 34,170	$ (28,329)	(4,183)
Number of loans receivable (loans) | loan	2		2			2
Loans receivable	$ 24,100		$ 24,100			$ 24,100
Loans receivable, allowance for credit losses	12,600		12,600			12,600
Interest receivable					$ 3,700	$ 3,700
Interest income from loans receivables	1,200		3,000	1,000
Adjustments
Finance Receivables
Net investments in direct financing leases	(28,800)		(28,800)
Land, buildings and improvements	$ 28,800		28,800
Direct financing lease
Finance Receivables
Increase (decrease) in value of balance sheet item due to foreign currency translation			$ (18,000)
Direct financing lease
Finance Receivables
Number of properties sold (property) | property			4
Decrease in direct financing lease related to sales			$ 35,800
Direct financing lease | Adjustments
Finance Receivables
Number of real estate properties (property) | property	2		2
Net investments in direct financing lease
Finance Receivables
Allowance for credit loss			$ (6,700)	$ 6,100

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Sep. 30, 2021USD ($)tenant	Dec. 31, 2020USD ($)tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 680,263	$ 765,784
Internally Assigned Grade1-3
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	17	18
Net investments in direct financing leases	$ 514,709	$ 587,103
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	10	9
Net investments in direct financing leases	$ 165,554	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets, Net
Goodwill	$ 903,976		$ 903,976		$ 910,818
Increase (decrease) in value of balance sheet item due to foreign currency translation	(20,400)	$ 34,170	(28,329)	$ (4,183)
Amortization of intangible assets	55,200	$ 54,500	166,900	$ 171,800
Real Estate
Finite-Lived Intangible Assets, Net
Foreign currency translation adjustments			(6,800)
Goodwill	$ 874,600		874,600		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			$ (33,400)
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	Sep. 30, 2021	Dec. 31, 2020
Amortizable Intangible Assets
Accumulated Amortization	$ (1,416,570)	$ (1,287,668)
Indefinite Lived Intangible Assets Including Goodwill
Total intangible assets, gross	4,063,463	3,996,740
Total intangible assets, net	2,646,893	2,709,072
Amortizable Intangible Liabilities
Less: accumulated amortization	101,717	90,193
Indefinite Lived Intangible Liabilities
Total intangible liabilities, gross	(292,845)	(287,441)
Total intangible liabilities, net	(191,128)	(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	(276,134)	(270,730)
Less: accumulated amortization	101,717	90,193
Net amortizable intangible liabilities	(174,417)	(180,537)
Goodwill
Indefinite Lived Intangible Assets Including Goodwill
Indefinite-lived intangible assets	903,976	910,818
Contracts including internal software development costs
Amortizable Intangible Assets
Gross Carrying Amount	23,552	23,179
Accumulated Amortization	(21,294)	(18,497)
Net Carrying Amount	2,258	4,682
Internal-use software development costs
Amortizable Intangible Assets
Gross Carrying Amount	19,577	19,204
Accumulated Amortization	(17,912)	(15,711)
Net Carrying Amount	1,665	3,493
Trade name
Amortizable Intangible Assets
Gross Carrying Amount	3,975	3,975
Accumulated Amortization	(3,382)	(2,786)
Net Carrying Amount	593	1,189
Lease intangibles
Amortizable Intangible Assets
Gross Carrying Amount	3,135,935	3,062,743
Accumulated Amortization	(1,395,276)	(1,269,171)
Net Carrying Amount	1,740,659	1,793,572
In-place lease
Amortizable Intangible Assets
Gross Carrying Amount	2,276,549	2,181,584
Accumulated Amortization	(914,496)	(828,219)
Net Carrying Amount	1,362,053	1,353,365
Above-market rent
Amortizable Intangible Assets
Gross Carrying Amount	859,386	881,159
Accumulated Amortization	(480,780)	(440,952)
Net Carrying Amount	$ 378,606	$ 440,207

Equity Method Investments - Sum

Equity Method Investments - Summary of Investments in Managed Programs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments in Programs
Equity method investments in real estate	$ 361,835	$ 283,446
Affiliated Entity | Managed Programs
Investments in Programs
Equity method investments in real estate	$ 65,441	$ 56,557
Affiliated Entity | CPA:18 – Global
Investments in Programs
Equity method investment, ownership percentage	5.265%	4.569%
Equity method investments in real estate	$ 60,296	$ 51,949
Affiliated Entity | CPA:18 – Global operating partnership
Investments in Programs
Equity method investment, ownership percentage	0.034%	0.034%
Equity method investments in real estate	$ 209	$ 209
Affiliated Entity | CESH
Investments in Programs
Equity method investment, ownership percentage	2.43%	2.43%
Equity method investments in real estate	$ 4,936	$ 4,399

Equity Investments in the Manag

Equity Investments in the Managed Programs and Real Estate - Narratives (Details)	Jun. 10, 2021USD ($)unit	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Apr. 13, 2020shares
Equity investments
Total equity in earnings (losses) of equity method investments		$ 5,735,000	$ 1,720,000	$ (4,154,000)	$ (10,087,000)
Distributions of earnings from equity method investments				8,816,000	7,286,000
Other-than-temporary impairment charges				6,800,000
Equity method investments in real estate		361,835,000		361,835,000		$ 283,446,000
Equity method investments
Equity investments
Investment income		1,400,000		1,600,000
Real Estate
Equity investments
Equity method investments in real estate		296,394,000		296,394,000		226,889,000
Real Estate | Unconsolidated Real Estate Investment
Equity investments
Distributions of earnings from equity method investments				14,100,000	11,200,000
Aggregate unamortized basis difference on equity investments		8,700,000		8,700,000		16,100,000
Affiliated Entity | WLT
Equity investments
Total equity in earnings (losses) of equity method investments		(1,400,000)		(9,900,000)
Affiliated Entity | CPA:18 – Global
Equity investments
Distributions of earnings from equity method investments				1,400,000	2,200,000
Equity method investments in real estate		60,296,000		60,296,000		51,949,000
Affiliated Entity | CPA:18 – Global operating partnership
Equity investments
Distributions of earnings from equity method investments				4,900,000	5,100,000
Equity method investments in real estate		209,000		209,000		209,000
Affiliated Entity | CWI 1
Equity investments
Distributions of earnings from equity method investments					800,000
Affiliated Entity | CWI 2
Equity investments
Distributions of earnings from equity method investments					500,000
Affiliated Entity | CESH
Equity investments
Distributions of earnings from equity method investments				1,300,000	$ 0
Equity method investments in real estate		4,936,000		4,936,000		4,399,000
Affiliated Entity | Managed Programs
Equity investments
Aggregate unamortized basis difference on equity investments		22,200,000		22,200,000		18,800,000
Equity method investments in real estate		65,441,000		65,441,000		56,557,000
Affiliated Entity | Common Stock | WLT
Equity investments
Shares owned (shares) | shares							12,208,243
Affiliated Entity | State Farm Mutual Automobile Insurance Co. | Real Estate | CPA:18 – Global
Equity investments
Equity method investments in real estate		7,484,000		7,484,000		15,475,000
Affiliated Entity | Las Vegas Retail Complex | Real Estate | Third Party
Equity investments
Equity method investments in real estate		$ 93,997,000		$ 93,997,000		$ 0
Affiliated Entity | Las Vegas Retail Complex | Real Estate | Third Party | Construction Commitment
Equity investments
Funding commitment	$ 224,300,000
Stated interest rate (percentage)	6.00%
Debt instrument term (months)	36 months
Equity method investments in real estate	$ 93,500,000
Number of units (units) | unit	2
Equity purchase option	47.50%
Affiliated Entity | Las Vegas Retail Complex | Real Estate | Third Party | Construction Commitment | Minimum
Equity investments
Funding term (months)	15 months
Affiliated Entity | Las Vegas Retail Complex | Real Estate | Third Party | Construction Commitment | Maximum
Equity investments
Funding term (months)	22 months

Equity Method Investments - Equ

Equity Method Investments - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments in Programs
Equity method investments in real estate	$ 361,835	$ 283,446
Real Estate
Investments in Programs
Equity method investments in real estate	296,394	226,889
Real Estate | Third Party | Affiliated Entity | Las Vegas Retail Complex
Investments in Programs
Equity method investments in real estate	$ 93,997	0
Real Estate | Third Party | Affiliated Entity | Johnson Self Storage
Investments in Programs
Equity method investment, ownership percentage	90.00%
Equity method investments in real estate	$ 67,807	68,979
Real Estate | Third Party | Affiliated Entity | Kesko Senukai
Investments in Programs
Equity method investment, ownership percentage	70.00%
Equity method investments in real estate	$ 42,044	46,443
Real Estate | Third Party | Affiliated Entity | Harmon Retail Corner
Investments in Programs
Equity method investment, ownership percentage	15.00%
Equity method investments in real estate	$ 24,358	23,815
Real Estate | WLT | WLT
Investments in Programs
Equity method investment, ownership percentage	5.00%
Equity method investments in real estate	$ 34,319	44,182
Real Estate | CPA:18 – Global | Bank Pekao S.A.
Investments in Programs
Equity method investment, ownership percentage	50.00%
Equity method investments in real estate	$ 17,558	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 method investments in real estate	$ 7,484	15,475
Real Estate | CPA:18 – Global | Affiliated Entity | Apply Sorco AS
Investments in Programs
Equity method investment, ownership percentage	49.00%
Equity method investments in real estate	$ 5,940	7,156
Real Estate | CPA:18 – Global | Affiliated Entity | Fortenova Grupa d.d.
Investments in Programs
Equity method investment, ownership percentage	20.00%
Equity method investments in real estate	$ 2,887	$ 2,989

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)$ / ft²	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)$ / ft²	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)
Fair Value Inputs, Assets
Proceeds from the redemption of investment in shares			$ 11,611	$ 12,522
Total equity in earnings (losses) of equity method investments	$ 5,735	$ 1,720	(4,154)	(10,087)
Equity method investments in real estate	361,835		361,835		$ 283,446
Unamortized deferred financing costs	27,199		27,199
Unamortized discount	31,330		31,330
Other-than-temporary impairment charges			6,800
GCIF
Fair Value Inputs, Assets
Unrealized investments gain (loss)			600
Proceeds from the redemption of investment in shares			800
Loss on redemption of shares			100
Proceeds from liquidation distribution			1,400
Total equity in earnings (losses) of equity method investments			100	500
Equity method investments in real estate	4,400		4,400		6,100
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs	16,301	0	23,131	66,532
Level 3 | Carrying Value | Non-recourse mortgage, net
Fair Value Inputs, Assets
Unamortized deferred financing costs	200		200		400
Unamortized discount	$ 3,100		3,100		4,500
Level 3 | Equity method investments | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs			6,830	47,112
Other-than-temporary impairment charges			$ 6,800
Level 3 | Equity method investments | Cashflow discount rate | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Measurement input	0.0575		0.0575
Level 3 | Equity method investments | Residual discount rate | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Measurement input	0.0750		0.0750
Level 3 | Equity method investments | Residual capitalization rate | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Measurement input	0.0675		0.0675
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Recognized impairment costs	$ 16,301	$ 0	$ 16,301	19,420
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties
Fair Value Inputs, Assets
Recognized impairment costs	$ 16,300		$ 16,300	$ 16,000
Capital expenditure | $ / ft²	100		100
Number of properties (property) | property		2		2
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Minimum
Fair Value Inputs, Assets
Market rent | $ / ft²	10		10
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Maximum
Fair Value Inputs, Assets
Market rent | $ / ft²	11		11
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 | Cashflow discount rate | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Minimum
Fair Value Inputs, Assets
Measurement input	0.0700		0.0700
Level 3 | Land, buildings and improvements and intangibles | Cashflow discount rate | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Maximum
Fair Value Inputs, Assets
Measurement input	0.0900		0.0900
Level 3 | Land, buildings and improvements and intangibles | Terminal capitalization rate | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Minimum
Fair Value Inputs, Assets
Measurement input	0.0600		0.0600
Level 3 | Land, buildings and improvements and intangibles | Terminal capitalization rate | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Maximum
Fair Value Inputs, Assets
Measurement input	0.0700		0.0700
Level 3 | Land, buildings and improvements and intangibles | Cap rate | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Minimum
Fair Value Inputs, Assets
Capitalization rate for the various scenarios		0.0625		0.0625
Level 3 | Land, buildings and improvements and intangibles | Cap rate | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Maximum
Fair Value Inputs, Assets
Capitalization rate for the various scenarios		0.1100		0.1100
Level 2 | Carrying Value | Unsecured senior notes
Fair Value Inputs, Assets
Unamortized deferred financing costs	$ 27,000		$ 27,000		23,900
Unamortized discount	27,200		27,200		22,600
Lineage Logistics | Level 3
Fair Value Inputs, Assets
Unrealized investments gain (loss)	52,900	$ 48,800	76,300	$ 48,800
Dividend income			6,400
Fair value of investments	366,300		366,300		290,000
WLT | Affiliated Entity
Fair Value Inputs, Assets
Total equity in earnings (losses) of equity method investments	(1,400)		(9,900)
WLT | Level 3
Fair Value Inputs, Assets
Dividend income	800		4,100
CWI 1 | Level 3 | Equity method investments | Fair Value, Measurements, Nonrecurring | Affiliated Entity
Fair Value Inputs, Assets
Recognized impairment costs				27,800
CWI 2 | Level 3 | Equity method investments | 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		$ 46,300		$ 46,300
Preferred Stock | WLT | Level 3 | Cashflow discount rate
Fair Value Inputs, Assets
Measurement input	0.15		0.15

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Level 2 | Carrying Value | Senior Unsecured Notes, net
Liabilities:
Debt instrument, fair value	$ 5,419,419	$ 5,146,192
Level 2 | Fair Value | Senior Unsecured Notes, net
Liabilities:
Debt instrument, fair value	5,766,633	5,639,586
Level 3 | Carrying Value | Non-recourse mortgage, net
Liabilities:
Debt instrument, fair value	688,430	1,145,554
Level 3 | Fair Value | Non-recourse mortgage, net
Liabilities:
Debt instrument, fair value	$ 690,310	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impairment Charges	$ 16,301	$ 0	$ 23,131	$ 66,532
Land, buildings and improvements and intangibles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value Measurements	13,912	0	13,912	12,148
Impairment Charges	$ 16,301	$ 0	16,301	19,420
Equity method investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value Measurements			8,175	37,396
Impairment Charges			$ 6,830	$ 47,112

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Summary of Derivative Instruments
Net collateral posted for derivatives	$ 0		$ 0		$ 0
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	12,870,000	$ (16,729,000)	$ 30,150,000	$ (12,829,000)
Derivative, remaining maturity			62 months
Total credit exposure on derivatives	14,900,000		$ 14,900,000
Derivatives, net liability position	3,000,000		3,000,000		25,100,000
Aggregate termination value for immediate settlement	3,000,000		3,000,000		$ 25,600,000
Other comprehensive income foreign currency gain (loss)	92,600,000	(140,500,000)	190,500,000	(118,500,000)
Individual Counterparty
Summary of Derivative Instruments
Total credit exposure on derivatives	3,900,000		3,900,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			700,000
Other gains
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			(5,500,000)
Designated as Cash Flow Hedging Instruments
Summary of Derivative Instruments
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	(182,000)	1,116,000	(1,273,000)	9,027,000
Interest rate swaps | Designated as Cash Flow Hedging Instruments
Summary of Derivative Instruments
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	203,000	312,000	3,851,000	(2,047,000)
Interest rate swaps | Designated as Cash Flow Hedging Instruments | Interest expense
Summary of Derivative Instruments
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)			3,100,000
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)	$ 200,000	$ 100,000	$ 900,000	$ (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	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value
Derivative assets, fair value	$ 21,645	$ 9,289
Liability derivatives, fair value	(2,978)	(20,981)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	16,345	3,489
Liability derivatives, fair value	(2,978)	(20,981)
Derivatives Designated as Hedging Instruments | Foreign currency collars | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	16,345	3,489
Derivatives Designated as Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(1,683)	(15,122)
Derivatives Designated as Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(1,295)	(5,859)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	5,300	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	$ 5,300	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ 12,870	$ (16,729)	$ 30,150	$ (12,829)
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)	12,666	(17,029)	26,294	(5,524)
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)	203	312	3,851	(2,047)
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)	1	4	5	5
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	0	0	(5,272)
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	$ (16)	$ 0	$ 9

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 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)	$ (182)	$ 1,116	$ (1,273)	$ 9,027
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)	(196)	(548)	(720)	(1,254)
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)	14	1,664	(553)	4,565
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	$ 0	$ 0	$ 5,716

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Amount of Gain (Loss) on Derivatives Recognized in Income
Total	$ 580	$ (730)	$ 1,370	$ (748)
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	357	(1,368)	516	(937)
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	11	0	41
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	0	(500)	(1,300)
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	0	0	(43)
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	$ 223	$ 627	$ 1,354	$ 1,491

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	Sep. 30, 2021EUR (€)derivative	Sep. 30, 2021USD ($)derivative
Derivative Disclosure
Fair value		$ (1,295)
Interest rate swaps | EUR
Derivative Disclosure
Number of Instruments | derivative	2	2
Notional Amount | €	€ 47,506
Fair value		$ (1,020)
Interest rate swaps | USD
Derivative Disclosure
Number of Instruments | derivative	2	2
Notional Amount		$ 21,895
Fair value		$ (275)
Interest rate caps | EUR
Derivative Disclosure
Number of Instruments | derivative	1	1
Notional Amount | €	€ 10,842
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	Sep. 30, 2021EUR (€)derivative	Sep. 30, 2021USD ($)derivative	Sep. 30, 2021GBP (£)derivative
Derivative Disclosure
Fair value, foreign currency derivatives		$ 14,662
Foreign currency collars | EUR
Derivative Disclosure
Number of Instruments | derivative	94	94	94
Notional Amount | €	€ 335,500
Fair value, foreign currency derivatives		$ 13,854
Foreign currency collars | GBP
Derivative Disclosure
Number of Instruments | derivative	96	96	96
Notional Amount | £			£ 58,300
Fair value, foreign currency derivatives		$ 808

Debt - Narratives (Details)

Debt - Narratives (Details)	Oct. 15, 2021USD ($)	Mar. 08, 2021EUR (€)	Feb. 25, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021EUR (€)	Dec. 31, 2020USD ($)	Feb. 20, 2020USD ($)	Feb. 20, 2020GBP (£)	Feb. 20, 2020EUR (€)
Senior Unsecured Credit Facility
Maximum borrowing capacity				$ 2,750,000,000		$ 2,750,000,000				$ 2,100,000,000
Prepayments of mortgage principal						427,492,000	$ 0
Financing cost				$ 27,199,000		$ 27,199,000
Non Recourse Mortgage
Weighted average interest rate (in percentage)				4.10%		4.10%		4.10%
Repayments of non recourse mortgage loan						$ 51,013,000	241,332,000
Increase (decrease) in value of balance sheet item due to foreign currency translation				$ (20,400,000)	$ 34,170,000	(28,329,000)	$ (4,183,000)
Unamortized discount				31,330,000		31,330,000
Merged Entities
Non Recourse Mortgage
Unamortized discount				$ 3,100,000		$ 3,100,000
Fixed interest rate
Non Recourse Mortgage
Weighted average interest rate (in percentage)				4.70%		4.70%		4.70%
Variable interest rate
Non Recourse Mortgage
Weighted average interest rate (in percentage)				2.10%		2.10%		2.10%
Unsecured senior notes
Senior Unsecured Credit Facility
Principal Amount				$ 5,500,000,000		$ 5,500,000,000
Financing cost				27,000,000		27,000,000			$ 23,800,000
Non Recourse Mortgage
Unamortized discount				27,200,000		27,200,000			22,500,000
Unsecured senior notes | 2.250% Senior Notes due 2033
Senior Unsecured Credit Facility
Principal Amount			$ 425,000,000	$ 425,000,000		$ 425,000,000
Stated interest rate (percentage)			2.25%	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%		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
Financing cost				$ 8,200,000		8,200,000
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%		2.00%
Unsecured senior notes | 2.45% Senior Note due 2032 | Subsequent Event
Senior Unsecured Credit Facility
Principal Amount	$ 350,000,000
Stated interest rate (percentage)	2.45%
Price of par value (percentage)	99.048%
Debt instrument term (years)	10 years 3 months 18 days
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
Prepayments of mortgage principal						$ 427,500,000
Loss on extinguishment of debt						$ 32,000,000
Non Recourse Mortgage
Weighted average interest rate (in percentage)				5.10%		5.10%		5.10%
Repayments of non recourse mortgage loan						$ 27,500,000
Loss on extinguishment of debt						32,000,000
Debt extinguishment cost						32,100,000
Increase (decrease) in value of balance sheet item due to foreign currency translation						(205,000,000)
Unsecured Revolving Credit Facility
Senior Unsecured Credit Facility
Line of credit facility, available				$ 1,500,000,000		$ 1,500,000,000
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				1,000,000		$ 1,000,000			$ 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				$ 18,800,000		$ 18,800,000

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Credit Facility (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Senior Unsecured Credit Facility
Debt outstanding	$ 568,035	$ 405,433
Unamortized discount	31,330
Unsecured Term Loans:
Senior Unsecured Credit Facility
Debt outstanding	313,572	323,152
Unsecured Term Loans: | GBP
Senior Unsecured Credit Facility
Debt outstanding	201,835	204,737
Unamortized discount	$ 1,000	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	$ 111,737	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	$ 254,463	82,281
Unsecured Revolving Credit Facility: | GBP
Senior Unsecured Credit Facility
Debt outstanding	$ 192,416	0
Unsecured Revolving Credit Facility: | GBP | GBP LIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.85%
Unsecured Revolving Credit Facility: | EUR
Senior Unsecured Credit Facility
Debt outstanding	$ 40,527	58,901
Unsecured Revolving Credit Facility: | EUR | EURIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.85%
Unsecured Revolving Credit Facility: | JPY
Senior Unsecured Credit Facility
Debt outstanding	$ 21,520	$ 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)	Sep. 30, 2021USD ($)	Sep. 30, 2021EUR (€)	Mar. 08, 2021EUR (€)	Feb. 25, 2021USD ($)	Dec. 31, 2020USD ($)
Senior Unsecured Notes
Senior unsecured notes, net	$ 5,419,419,000				$ 5,146,192,000
Unamortized deferred financing costs	27,199,000
Unamortized discount, net	31,330,000
Unsecured senior notes
Senior Unsecured Notes
Principal Amount	5,500,000,000
Senior unsecured notes, net	5,473,698,000				5,192,750,000
Unamortized deferred financing costs	27,000,000				23,800,000
Unamortized discount, net	$ 27,200,000				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	$ 578,950,000				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	$ 578,950,000				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	$ 578,950,000				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	$ 578,950,000				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	$ 607,898,000				0
Unamortized deferred financing costs	$ 8,200,000
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	Sep. 30, 2021USD ($)
Long-term Debt, by Maturity
2021 (remainder)	$ 5,704
2022	311,752
2023	201,156
2024	1,120,399
2025	1,112,036
Thereafter through 2031	3,982,399
Total principal payments	6,733,446
Unamortized discount, net	(31,330)
Unamortized deferred financing costs	(27,199)
Total	$ 6,674,917

Stock-Based Compensation and _3

Stock-Based Compensation and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 4,400	$ 4,600	$ 18,790	$ 10,143
Fair value of vested stock			21,400
Deferred compensation obligation	$ 49,810		$ 49,810		$ 42,014
Potentially dilutive securities excluded from computation of diluted earning per share (share)	0	0	0	0
Shares issued under ATM Program, net			$ 302,623
Distributions Declared
Dividends declared (in dollars per share)	$ 1.052	$ 1.044	$ 3.150	$ 3.126
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued (shares)			4,225,624
Shares issued under ATM Program, net			$ 4
ATM Program
Share-based Compensation Arrangement by Share-based Payment Award
Common stock maximum offering value	$ 310,100		$ 310,100
ATM Program | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued (shares)		0	4,225,624	0
Weighted average share price (usd per share)			$ 72.50
Shares issued under ATM Program, net			$ 302,500
Underwriting Agreement | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued (shares)	2,012,500	1,488,291	6,535,709	2,951,791
Shares issued under ATM Program, net	$ 147,363	$ 99,829	$ 457,227	$ 199,716
RSA and RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award
Conversion rate (shares)	1		1
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
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)	1,104,020		1,104,020		986,859
Deferred compensation obligation	$ 49,800		$ 49,800		$ 42,000
Unrecognized stock based compensation expense	$ 30,900		$ 30,900
Weighted-average remaining term (in years)			1 year 10 months 24 days
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate (percent)			0.20%
Fair value assumptions expected volatility rate (percent)			36.70%

Stock-Based Compensation and _4

Stock-Based Compensation and Equity - Restricted and Conditional Awards (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
RSA and RSU Awards
Shares
Nonvested, beginning balance - shares | shares	260,977
Granted - shares | shares	191,940
Vested - shares | shares	(136,120)
Forfeited - shares | shares	(9,883)
Adjustments - shares | shares	0
Nonvested, ending balance - shares | shares	306,914
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	67.44
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	72.60
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	71.92
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	$ 71.22
PSU Awards
Shares
Nonvested, beginning balance - shares | shares	262,013
Granted - shares | shares	134,290
Vested - shares | shares	(151,678)
Forfeited - shares | shares	(16,463)
Adjustments - shares | shares	161,125
Nonvested, ending balance - shares | shares	389,287
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	93.91
Adjustments, weighted average grant date fair value (in dollars per share) | $ / shares	75.13
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 87.33

Stock-Based Compensation and _5

Stock-Based Compensation and Equity - Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share Reconciliation
Net income — basic and diluted	$ 138,547	$ 149,397	$ 310,426	$ 320,787
Weighted-average shares outstanding – basic (shares)	185,422,639	174,974,185	180,753,115	173,879,068
Effect of dilutive securities (shares)	589,839	287,627	570,013	264,970
Weighted-average shares outstanding – diluted (shares)	186,012,478	175,261,812	181,323,128	174,144,038

Stock-Based Compensation and _6

Stock-Based Compensation and Equity - Forward Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 09, 2021	Jun. 07, 2021	Jun. 17, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (shares)				450,000,000		450,000,000
Proceeds from shares issued under forward sale agreements, net of selling costs				$ 457,227	$ 199,716
Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining shares authorized for distribution (shares)				7,187,500
Underwriting Agreement | June 2020 Equity Forwards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (shares)			5,462,500
Gross offering price (usd per share)			$ 70
Proceeds from shares issued under forward sale agreements, net of selling costs			$ 382,375
Remaining shares authorized for distribution (shares)				0
Share purchase option (shares)			712,500
Underwriting Agreement | June 2021 Equity Forwards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (shares)		6,037,500
Gross offering price (usd per share)		$ 75.30
Proceeds from shares issued under forward sale agreements, net of selling costs		$ 454,624
Remaining shares authorized for distribution (shares)				2,012,500
Share purchase option (shares)		787,500
Underwriting Agreement | August 2021 Equity Forwards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (shares)	5,175,000
Gross offering price (usd per share)	$ 78
Proceeds from shares issued under forward sale agreements, net of selling costs	$ 403,650
Remaining shares authorized for distribution (shares)				5,175,000
Share purchase option (shares)	675,000

Stock-Based Compensation and _7

Stock-Based Compensation and Equity - Settlement of Equity Forwards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net proceeds			$ 302,623
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ATM Program, net, shares			4,225,624
Net proceeds			$ 4
Common Stock | Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ATM Program, net, shares	2,012,500	1,488,291	6,535,709	2,951,791
Net proceeds	$ 147,363	$ 99,829	$ 457,227	$ 199,716

Stock-Based Compensation and _8

Stock-Based Compensation and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	$ 7,300,767	$ 6,802,455	$ 6,878,369	$ 6,948,173
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense	48,731	52,537	149,623	157,259
Non-operating income	(1,283)	(465)	(10,704)	(10,445)
Other Comprehensive (Loss) Income	(7,286)	17,496	2,681	(17,450)
Ending equity balance	7,386,697	6,889,369	7,386,697	6,889,369
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(229,960)	(290,613)	(239,906)	(255,667)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(237,246)	(273,124)	(237,246)	(273,124)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(1,062)	16,455	(18,937)	13,048
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	12,052	(226)	12,052	(226)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(228,898)	(307,068)	(220,969)	(268,715)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(249,298)	(272,898)	(249,298)	(272,898)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	(7,468)	18,612	1,408	(8,423)
Amounts reclassified from accumulated other comprehensive loss to:
Total	182	(1,116)	1,273	(9,027)
Other Comprehensive (Loss) Income	(7,286)	17,496	2,681	(17,450)
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense	196	548	720	1,254
Non-operating income	(14)	(1,664)	553	(10,281)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	12,932	(15,558)	29,737	(4,240)
Amounts reclassified from accumulated other comprehensive loss to:
Total	182	(1,116)	1,273	(9,027)
Other Comprehensive (Loss) Income	13,114	(16,674)	31,010	(13,267)
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense	196	548	720	1,254
Non-operating income	(14)	(1,664)	553	(10,281)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	(20,400)	34,170	(28,329)	(4,183)
Amounts reclassified from accumulated other comprehensive loss to:
Total	0	0	0	0
Other Comprehensive (Loss) Income	(20,400)	34,170	(28,329)	(4,183)
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense	0	0	0	0
Non-operating income	0	$ 0	0	0
Gains and (Losses) on Derivative Instruments
Amounts reclassified from accumulated other comprehensive loss to:
Net current period other comprehensive income attributable to noncontrolling interests	(7)		(21)	(7)
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive loss to:
Net current period other comprehensive income attributable to noncontrolling interests	0		0	0
AOCI Attributable to Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive loss to:
Net current period other comprehensive income attributable to noncontrolling interests	$ (7)		$ (21)	$ (7)

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Taxes
Current income tax expense (benefit)	$ 9,000	$ 8,900	$ 26,500	$ 19,300
Net operating loss carryforward recognized				4,700
Deferred income tax expense (benefit)	$ (700)	$ (2,900)	(3,012)	(47,414)
Affiliated Entity | CWI REITs
Income Taxes
Deferred income tax expense (benefit)			$ (6,500)
Investment in a Cold Storage Operator
Income Taxes
Deferred income tax expense (benefit)				$ (37,200)

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2020USD ($)property	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property
Discontinued Operation Additional Disclosures
Proceeds from the sales of real estate				$ 126,697	$ 167,974
Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property		1,264		1,264
Hotel | Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property	2	1		1
Properties disposed of by sale
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property		5	4	17	8
Proceeds from the sales of real estate	$ 103,500	$ 28,300	$ 62,900	$ 126,700	$ 168,000
Gain (loss) on sale of real estate, net of tax		$ 1,700	20,900	30,900	32,700
Gain on sales of investments, tax			$ (3,100)	$ 3,800	(3,000)
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 the sales of real estate	$ 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		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)
Segment Reporting Information
Number of business segments | segment			2
Real Estate
Segment Reporting Information
Gross contract revenue	$ 4,050	$ 1,974	$ 9,474	$ 9,368
Real Estate | Hotel in Bloomington, Minnesota
Segment Reporting Information
Gross contract revenue	$ 2,400	$ 600	$ 4,900	3,400
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Revenues	$ 325,754	$ 302,419	$ 956,644	$ 901,948
Operating Expenses
Depreciation and amortization	115,657	108,351	340,327	332,022
General and administrative	19,750	19,399	62,297	57,616
Impairment charges	16,301	0	16,301	19,420
Reimbursable tenant costs	15,092	15,728	45,942	42,699
Property expenses, excluding reimbursable tenant costs	13,734	11,923	36,432	33,649
Stock-based compensation expense	4,361	4,564	18,790	10,143
Operating property expenses	3,001	1,594	6,961	8,205
Merger and other expenses	(908)	(596)	(3,983)	665
Total operating expenses	188,029	162,239	526,117	513,605
Other Income and Expenses
Interest expense	(48,731)	(52,537)	(149,623)	(157,259)
Other gains and (losses)	49,219	44,648	15,576	39,092
Earnings (losses) from equity method investments	5,735	1,720	(4,154)	(10,087)
Gain on sale of real estate, net	1,702	20,933	30,914	32,684
Non-operating income	1,283	465	10,704	10,445
Total other income and expenses	9,208	15,229	(96,583)	(85,125)
Income before income taxes	146,933	155,409	333,944	303,218
(Provision for) benefit from income taxes	(8,347)	(5,975)	(23,434)	28,122
Net Income	138,586	149,434	310,510	331,340
Net income attributable to noncontrolling interests	(39)	(37)	(84)	(10,553)
Net Income Attributable to W. P. Carey	138,547	149,397	310,426	320,787
Real Estate
Revenues
Lease revenues	314,194	293,856	921,269	856,269
Operating property revenues	4,050	1,974	9,474	9,368
Lease termination income and other	2,597	1,565	11,059	9,991
Revenues	320,841	297,395	941,802	875,628
Operating Expenses
Depreciation and amortization	115,657	108,351	340,327	331,035
General and administrative	19,750	19,399	62,297	51,793
Impairment charges	16,301	0	16,301	19,420
Reimbursable tenant costs	15,092	15,728	45,942	42,699
Property expenses, excluding reimbursable tenant costs	13,734	11,923	36,432	33,649
Stock-based compensation expense	4,361	4,564	18,790	9,452
Operating property expenses	3,001	1,594	6,961	8,205
Merger and other expenses	(908)	(1,016)	(3,998)	(213)
Total operating expenses	186,988	160,543	523,052	496,040
Other Income and Expenses
Interest expense	(48,731)	(52,537)	(149,623)	(157,259)
Other gains and (losses)	48,172	44,115	13,455	38,579
Earnings (losses) from equity method investments	2,445	631	(10,528)	2,407
Gain on sale of real estate, net	1,702	20,933	30,914	32,684
Non-operating income	1,283	662	10,620	10,364
Total other income and expenses	4,871	13,804	(105,162)	(73,225)
Income before income taxes	138,724	150,656	313,588	306,363
(Provision for) benefit from income taxes	(7,827)	(3,636)	(23,372)	24,047
Net Income	130,897	147,020	290,216	330,410
Net income attributable to noncontrolling interests	(39)	(37)	(84)	(688)
Net Income Attributable to W. P. Carey	$ 130,858	$ 146,983	$ 290,132	$ 329,722

Segment Reporting - Income Fr_2

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Expenses
Reimbursable costs from affiliates	$ 1,041	$ 1,276	$ 3,050	$ 7,717
Merger and other expenses	(908)	(596)	(3,983)	665
General and administrative	19,750	19,399	62,297	57,616
Subadvisor fees	0	0	0	1,469
Depreciation and amortization	115,657	108,351	340,327	332,022
Stock-based compensation expense	4,361	4,564	18,790	10,143
Total operating expenses	188,029	162,239	526,117	513,605
Other Income and Expenses
Earnings (losses) from equity method investments	5,735	1,720	(4,154)	(10,087)
Other gains and (losses)	49,219	44,648	15,576	39,092
Non-operating income	1,283	465	10,704	10,445
Total other income and expenses	9,208	15,229	(96,583)	(85,125)
Income before income taxes	146,933	155,409	333,944	303,218
(Provision for) benefit from income taxes	(8,347)	(5,975)	(23,434)	28,122
Net Income	138,586	149,434	310,510	331,340
Net income attributable to noncontrolling interests	(39)	(37)	(84)	(10,553)
Investment Management
Revenues
Gross contract revenue	4,913	5,024	14,842	26,320
Operating Expenses
Reimbursable costs from affiliates	1,041	1,276	3,050	7,717
Merger and other expenses	0	420	15	878
General and administrative	0	0	0	5,823
Subadvisor fees	0	0	0	1,469
Depreciation and amortization	0	0	0	987
Stock-based compensation expense	0	0	0	691
Total operating expenses	1,041	1,696	3,065	17,565
Other Income and Expenses
Earnings (losses) from equity method investments	3,290	1,089	6,374	(12,494)
Other gains and (losses)	1,047	533	2,121	513
Non-operating income	0	(197)	84	81
Total other income and expenses	4,337	1,425	8,579	(11,900)
Income before income taxes	8,209	4,753	20,356	(3,145)
(Provision for) benefit from income taxes	(520)	(2,339)	(62)	4,075
Net Income	7,689	2,414	20,294	930
Net income attributable to noncontrolling interests	0	0	0	(9,865)
Investment Management | Asset management and other revenue
Revenues
Gross contract revenue	3,872	3,748	11,792	18,603
Investment Management | Reimbursable costs from affiliates
Revenues
Gross contract revenue	$ 1,041	$ 1,276	$ 3,050	$ 7,717

Segment Reporting - Total Compa

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information Profit Loss
Revenues	$ 325,754	$ 302,419	$ 956,644	$ 901,948
Operating expenses	188,029	162,239	526,117	513,605
Other income and (expenses)	9,208	15,229	(96,583)	(85,125)
(Provision for) benefit from income taxes	(8,347)	(5,975)	(23,434)	28,122
Net income attributable to noncontrolling interests	(39)	(37)	(84)	(10,553)
Net Income (Loss) from Investment Management Attributable to W. P. Carey	$ 138,547	$ 149,397	$ 310,426	$ 320,787

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Assets
Total assets	[1]	$ 15,135,134	$ 14,707,636
Real Estate
Assets
Total assets		14,999,355	14,582,015
Investment Management
Assets
Total assets		$ 135,779	$ 125,621
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 15, 2021USD ($)	Oct. 29, 2021USD ($)loanproperty	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Subsequent Event
Payment to acquire real estate			$ 1,004,433,000	$ 350,120,000
Repayments of secured debt			51,013,000	$ 241,332,000
Unsecured senior notes
Subsequent Event
Principal Amount			$ 5,500,000,000
Subsequent Event | WLT
Subsequent Event
Dividend income		$ 800,000
Subsequent Event | Manufacturing Facilities In Chattanooga, Tennessee
Subsequent Event
Number of real estate properties (property) | property		2
Payment to acquire real estate		$ 40,700,000
Subsequent Event | Mortgages
Subsequent Event
Stated interest rate (percentage)		4.40%
Number of loans (loan) | loan		6
Repayments of secured debt		$ 297,600,000
Subsequent Event | 2.45% Senior Note due 2032 | Unsecured senior notes
Subsequent Event
Principal Amount	$ 350,000,000
Stated interest rate (percentage)	2.45%
Price of par value (percentage)	99.048%
Debt instrument term (years)	10 years 3 months 18 days

Uncategorized Items - wpc-20210

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]