W. P. Carey (WPC) 10-K 11 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 04, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-13779
Entity Registrant Name	W. P. Carey Inc.
Entity Incorporation, State	MD
Entity Tax Identification Number	45-4549771
Entity Address, Street	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	492-1100
Title of each class	Common Stock, $0.001 Par Value
Trading Symbol(s)	WPC
Name of exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 13.7
Entity Common Stock, Shares Outstanding		190,607,438
Documents Incorporated by Reference	The registrant incorporates by reference its definitive Proxy Statement with respect to its 2022 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of its fiscal year, into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001025378
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Investments in real estate:
Land, buildings and improvements		$ 11,875,407	$ 10,939,619
Net investments in direct financing leases and loans receivable		813,577	736,117
In-place lease intangible assets and other		2,386,000	2,301,174
Above-market rent intangible assets		843,410	881,159
Investments in real estate		15,918,394	14,858,069
Accumulated depreciation and amortization		(2,889,294)	(2,490,087)
Assets held for sale, net		8,269	18,590
Net investments in real estate		13,037,369	12,386,572
Equity method investments		356,637	283,446
Cash and cash equivalents		165,427	248,662
Due from affiliates		1,826	26,257
Other assets, net		1,017,842	851,881
Goodwill		901,529	910,818
Total assets	[1]	15,480,630	14,707,636
Debt:
Senior unsecured notes, net		5,701,913	5,146,192
Unsecured revolving credit facility		410,596	82,281
Unsecured term loans, net		310,583	321,971
Non-recourse mortgages, net		368,524	1,145,554
Debt, net		6,791,616	6,695,998
Accounts payable, accrued expenses and other liabilities		572,846	603,663
Below-market rent and other intangible liabilities, net		183,286	197,248
Deferred income taxes		145,572	145,844
Dividends payable		203,859	186,514
Total liabilities	[1]	7,897,179	7,829,267
Commitments and contingencies (Note 12)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued		0	0
Common stock, $0.001 par value, 450,000,000 shares authorized; 190,013,751 and 175,401,757 shares, respectively, issued and outstanding		190	175
Additional paid-in capital		9,977,686	8,925,365
Distributions in excess of accumulated earnings		(2,224,231)	(1,850,935)
Deferred compensation obligation		49,810	42,014
Accumulated other comprehensive loss		(221,670)	(239,906)
Total stockholders’ equity		7,581,785	6,876,713
Noncontrolling interests		1,666	1,656
Total equity		7,583,451	6,878,369
Total liabilities and equity		$ 15,480,630	$ 14,707,636
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
W. P. Carey stockholders’ equity:
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	450,000,000	450,000,000
Common stock shares, issued (shares)	190,013,751	175,401,757
Common stock shares, outstanding (shares)	190,013,751	175,401,757

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate:
Income from direct financing leases and loans receivable	$ 67,555	$ 74,893	$ 105,112
Investment Management:
Total revenues	1,331,524	1,209,319	1,232,766
Operating Expenses
Depreciation and amortization	475,989	442,935	447,135
General and administrative	81,888	75,950	75,293
Reimbursable tenant costs	62,417	56,409	55,576
Property expenses, excluding reimbursable tenant costs	47,898	44,067	39,545
Stock-based compensation expense	24,881	15,938	18,787
Impairment charges	24,246	35,830	32,539
Operating property expenses	9,848	9,901	38,015
Merger and other expenses	(4,546)	247	101
Reimbursable costs from affiliates	4,035	8,855	16,547
Subadvisor fees	0	1,469	7,579
Total operating expenses	726,656	691,601	731,117
Other Income and Expenses
Interest expense	(196,831)	(210,087)	(233,325)
Gain on sale of real estate, net	40,425	109,370	18,143
Non-operating income	13,860	9,587	22,551
Other gains and (losses)	(12,885)	37,165	8,924
(Losses) earnings from equity method investments	(10,829)	(18,557)	23,229
Loss on change in control of interests	0	0	(8,416)
Total other income and expenses	(166,260)	(72,522)	(168,894)
Income before income taxes	438,608	445,196	332,755
(Provision for) benefit from income taxes	(28,486)	20,759	(26,211)
Net Income	410,122	465,955	306,544
Net income attributable to noncontrolling interests	(134)	(10,596)	(1,301)
Net Income Attributable to W. P. Carey	$ 409,988	$ 455,359	$ 305,243
Basic earnings per share (usd per share)	$ 2.25	$ 2.61	$ 1.78
Diluted earnings per share (usd per share)	$ 2.24	$ 2.60	$ 1.78
Weighted-Average Shares Outstanding
Basic (in shares)	182,486,476	174,504,406	171,001,430
Diluted (in shares)	183,127,098	174,839,428	171,299,414
Real Estate
Real Estate:
Lease revenues	$ 1,177,438	$ 1,080,623	$ 987,984
Lease termination income and other	53,655	11,082	29,547
Gross contract revenue	13,478	11,399	50,220
Investment Management:
Gross contract revenue	13,478	11,399	50,220
Total revenues	1,312,126	1,177,997	1,172,863
Operating Expenses
Depreciation and amortization	475,989	441,948	443,300
General and administrative	81,888	70,127	56,796
Reimbursable tenant costs	62,417	56,409	55,576
Property expenses, excluding reimbursable tenant costs	47,898	44,067	39,545
Stock-based compensation expense	24,881	15,247	13,248
Impairment charges	24,246	35,830	32,539
Operating property expenses	9,848	9,901	38,015
Merger and other expenses	(4,597)	(937)	101
Total operating expenses	722,570	672,592	679,120
Other Income and Expenses
Interest expense	(196,831)	(210,087)	(233,325)
Gain on sale of real estate, net	40,425	109,370	18,143
Non-operating income	13,778	8,970	20,478
Other gains and (losses)	(13,676)	37,104	9,773
(Losses) earnings from equity method investments	(19,649)	(9,017)	2,361
Loss on change in control of interests	0	0	(8,416)
Total other income and expenses	(175,953)	(63,660)	(190,986)
Income before income taxes	413,603	441,745	302,757
(Provision for) benefit from income taxes	(28,703)	18,498	(30,802)
Net Income	384,900	460,243	271,955
Net income attributable to noncontrolling interests	(134)	(731)	110
Net Income Attributable to W. P. Carey	384,766	459,512	272,065
Investment Management
Real Estate:
Gross contract revenue	19,398	31,322	59,903
Investment Management:
Gross contract revenue	19,398	31,322	59,903
Operating Expenses
Depreciation and amortization	0	987	3,835
General and administrative	0	5,823	18,497
Stock-based compensation expense	0	691	5,539
Merger and other expenses	51	1,184	0
Reimbursable costs from affiliates	4,035	8,855	16,547
Subadvisor fees	0	1,469	7,579
Total operating expenses	4,086	19,009	51,997
Other Income and Expenses
Non-operating income	82	617	2,073
Other gains and (losses)	791	61	(849)
(Losses) earnings from equity method investments	8,820	(9,540)	20,868
Total other income and expenses	9,693	(8,862)	22,092
Income before income taxes	25,005	3,451	29,998
(Provision for) benefit from income taxes	217	2,261	4,591
Net Income	25,222	5,712	34,589
Net income attributable to noncontrolling interests	0	(9,865)	(1,411)
Net Income Attributable to W. P. Carey	25,222	(4,153)	33,178
Investment Management | Asset management and other revenue
Real Estate:
Gross contract revenue	15,363	22,467	43,356
Investment Management:
Gross contract revenue	15,363	22,467	43,356
Investment Management | Reimbursable costs from affiliates
Real Estate:
Gross contract revenue	4,035	8,855	16,547
Investment Management:
Gross contract revenue	$ 4,035	$ 8,855	$ 16,547

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Comprehensive Income
Net income	$ 410,122	$ 465,955	$ 306,544
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	(35,736)	47,746	376
Unrealized gain (loss) on derivative instruments	35,305	(31,978)	(1,054)
Unrealized gain on investments	18,688	0	7
Net current period other comprehensive income (loss)	18,257	15,768	(671)
Comprehensive Income	428,379	481,723	305,873
Amounts Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	(134)	(10,596)	(1,301)
Unrealized gain on derivative instruments	(21)	(7)	0
Comprehensive income attributable to noncontrolling interests	(155)	(10,603)	(1,301)
Comprehensive Income Attributable to W. P. Carey	$ 428,224	$ 471,120	$ 304,572

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative-effect adjustment for the adoption of new accounting pronouncement	Total W. P. Carey Stockholders	Total W. P. Carey StockholdersCumulative-effect adjustment for the adoption of new accounting pronouncement	$0.001 Par Value Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated EarningsCumulative-effect adjustment for the adoption of new accounting pronouncement	Deferred Compensation Obligation	Accumulated Other Comprehensive Loss	Noncontrolling interest
Balance - beginning of period at Dec. 31, 2018	$ 6,830,055		$ 6,824,278		$ 165	$ 8,187,335	$ (1,143,992)		$ 35,766	$ (254,996)	$ 5,777
Balance - beginning of period, shares at Dec. 31, 2018					165,279,642
W.P. Carey Stockholders
Shares issued under “at-the-market” offering, net	523,393		523,393		$ 6	523,387
Shares issued under “at-the-market” offering, net, shares					6,672,412
Shares issued upon delivery of vested restricted share awards	(15,765)		(15,765)		$ 1	(15,766)
Shares issued upon delivery of vested restricted share awards, shares					322,831
Shares issued upon purchases under employee share purchase plan	252		252			252
Shares issued upon purchases under employee share purchase plan, shares					3,357
Amortization of stock-based compensation expense	18,787		18,787			18,787
Deferral of vested shares, net	0					(1,445)			1,445
Contributions from noncontrolling interests	849										849
Distributions to noncontrolling interests	(1,683)										(1,683)
Dividends declared	(713,588)		(713,588)			4,985	(718,625)		52
Net income	306,544		305,243				305,243				1,301
Other comprehensive income:
Foreign currency translation adjustments	376		376							376
Unrealized gain (loss) on derivative instruments	(1,054)		(1,054)							(1,054)
Unrealized gain on investments	7		7							7
Balance - end of period at Dec. 31, 2019	$ 6,948,173	$ (14,812)	6,941,929	$ (14,812)	$ 172	8,717,535	(1,557,374)	$ (14,812)	37,263	(255,667)	6,244
Balance - end of period, shares at Dec. 31, 2019					172,278,242
Other comprehensive income:
Accounting Standards Update	Accounting Standards Update 2016-13 [Member]
Shares issued under forward sale agreements, net	$ 199,481		199,481		$ 3	199,478
Shares issued under forward sale agreements, net, shares					2,951,791
Shares issued under “at-the-market” offering, net	60		60			60
Shares issued under “at-the-market” offering, net, shares					2,500
Shares issued upon delivery of vested restricted share awards	(5,372)		(5,372)			(5,372)
Shares issued upon delivery of vested restricted share awards, shares					162,331
Shares issued upon purchases under employee share purchase plan	389		389			389
Shares issued upon purchases under employee share purchase plan, shares					6,893
Amortization of stock-based compensation expense	15,938		15,938			15,938
Deferral of vested shares, net	0					(3,854)			3,854
Distributions to noncontrolling interests	(5,326)										(5,326)
Dividends declared	(732,020)		(732,020)			1,191	(734,108)		897
Redemption of noncontrolling interest	(9,865)										(9,865)
Net income	465,955		455,359				455,359				10,596
Foreign currency translation adjustments	47,746		47,746							47,746
Unrealized gain (loss) on derivative instruments	(31,978)		(31,985)							(31,985)	7
Unrealized gain on investments	0
Balance - end of period at Dec. 31, 2020	$ 6,878,369		6,876,713		$ 175	8,925,365	(1,850,935)		42,014	(239,906)	1,656
Balance - end of period, shares at Dec. 31, 2020	175,401,757				175,401,757
W.P. Carey Stockholders
Shares issued under forward sale agreements, net	$ 697,044		697,044		$ 10	697,034
Shares issued under forward sale agreements, net, shares					9,798,209
Shares issued under “at-the-market” offering, net	340,066		340,066		$ 5	340,061
Shares issued under “at-the-market” offering, net, shares					4,690,073
Shares issued upon delivery of vested restricted share awards	(3,822)		(3,822)			(3,822)
Shares issued upon delivery of vested restricted share awards, shares					119,268
Shares issued upon purchases under employee share purchase plan	305		305			305
Shares issued upon purchases under employee share purchase plan, shares					4,444
Amortization of stock-based compensation expense	24,881		24,881			24,881
Deferral of vested shares, net	0					(7,044)			7,044
Distributions to noncontrolling interests	(145)										(145)
Dividends declared	(781,626)		(781,626)			906	(783,284)		752
Net income	410,122		409,988				409,988				134
Other comprehensive income:
Foreign currency translation adjustments	(35,736)		(35,736)							(35,736)
Unrealized gain (loss) on derivative instruments	35,305		35,284							35,284	21
Unrealized gain on investments	18,688		18,688							18,688
Balance - end of period at Dec. 31, 2021	$ 7,583,451		$ 7,581,785		$ 190	$ 9,977,686	$ (2,224,231)		$ 49,810	$ (221,670)	$ 1,666
Balance - end of period, shares at Dec. 31, 2021	190,013,751				190,013,751

Consolidated Statement of Equit

Consolidated Statement of Equity (Parentheticals) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Distributions declared per share (usd per share)	$ 1.055	$ 4.205	$ 4.172	$ 4.140

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows — Operating Activities
Net income	$ 410,122	$ 465,955	$ 306,544
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	490,722	456,210	460,030
Amortization of rent-related intangibles and deferred rental revenue	56,910	52,736	84,878
Straight-line rent adjustments	(50,565)	(50,299)	(46,260)
Gain on sale of real estate, net	(40,425)	(109,370)	(18,143)
Stock-based compensation expense	24,881	15,938	18,787
Impairment charges	24,246	35,830	32,539
Net realized and unrealized losses (gains) on extinguishment of debt, equity securities, foreign currency transactions, and other	15,505	(55,810)	(466)
Distributions of earnings from equity method investments	15,471	9,419	26,772
Asset management revenue received in shares of Managed REITs	(12,528)	(16,642)	(30,555)
Losses (earnings) from equity method investments	10,829	18,557	(23,229)
Deferred income tax (benefit) expense	(4,703)	(49,076)	9,255
Change in allowance for credit losses	266	22,259	0
Loss on change in control of interests	0	0	8,416
Net changes in other operating assets and liabilities	(14,252)	5,831	(16,491)
Net Cash Provided by Operating Activities	926,479	801,538	812,077
Cash Flows — Investing Activities
Purchases of real estate	(1,306,858)	(656,313)	(717,666)
Investments in direct financing leases and loans receivable	(217,711)	0	0
Proceeds from sales of real estate	163,638	366,532	307,959
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(113,616)	(207,256)	(165,490)
Capital contributions to equity method investments	(107,552)	(4,253)	(2,595)
Proceeds from repayment of short-term loans to affiliates	62,048	51,702	46,637
Funding of short-term loans to affiliates	(41,000)	(26,481)	(36,808)
Other investing activities, net	(19,631)	1,165	(8,882)
Return of capital from equity method investments	13,955	19,483	34,365
Purchases of securities	0	(95,511)	0
Proceeds from repayment of loans receivable	0	11,000	19,707
Net Cash Used in Investing Activities	(1,566,727)	(539,932)	(522,773)
Cash Flows — Financing Activities
Proceeds from Unsecured Revolving Credit Facility	2,000,639	1,019,158	1,336,824
Repayments of Unsecured Revolving Credit Facility	(1,663,869)	(1,137,026)	(1,227,153)
Proceeds from issuance of Senior Unsecured Notes	1,385,059	495,495	870,635
Dividends paid	(764,281)	(726,955)	(704,396)
Prepayments of mortgage principal	(745,124)	(68,501)	(1,028,795)
Proceeds from shares issued under forward sale agreements, net of selling costs	697,044	199,716	0
Redemption of Senior Unsecured Notes	(617,442)	0	0
Proceeds from shares issued under ATM Program, net of selling costs	339,968	158	523,287
Scheduled payments of mortgage principal	(64,290)	(275,746)	(210,414)
Payment of financing costs	(11,295)	(14,205)	(6,716)
Other financing activities, net	4,606	8,917	5,550
Payments for withholding taxes upon delivery of equity-based awards	(3,822)	(5,372)	(15,766)
Distributions paid to noncontrolling interests	(145)	(5,326)	(1,683)
Proceeds from Unsecured Term Loans	0	298,974	0
Contributions from noncontrolling interests	0	0	849
Net Cash Provided by (Used in) Financing Activities	557,048	(210,713)	(457,778)
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(10,629)	9,368	(4,071)
Net (decrease) increase in cash and cash equivalents and restricted cash	(93,829)	60,261	(172,545)
Cash and cash equivalents and restricted cash, beginning of year	311,779	251,518	424,063
Cash and cash equivalents and restricted cash, end of year	$ 217,950	$ 311,779	$ 251,518

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization W. P. Carey Inc. (“W. P. Carey”) is a real estate investment trust (“REIT”) that, together with our consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in the United States and Northern and Western Europe on a long-term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property. Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.” We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. Through our taxable REIT subsidiaries (“TRSs”), we also earn revenue as the advisor to certain non-traded investment programs. We hold all of our real estate assets attributable to our Real Estate segment under the REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs. On 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). At December 31, 2021, we were the advisor to the following entities ( Note 3 ): • Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”), a publicly owned, non-traded REIT that primarily invests in commercial real estate properties; we refer to CPA:18 – Global together with the CWI REITs as the “Managed REITs” (as used throughout this Report, the term “Managed REITs” does not include CWI 1 and CWI 2 after April 13, 2020); and • Carey European Student Housing Fund I, L.P. (“CESH”), a limited partnership formed for the purpose of developing, owning, and operating student housing properties and similar investments in Europe ( Note 3 ); 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 ). On August 31, 2021, CPA:18 – Global reported that its independent directors intended to begin the process of evaluating possible liquidity alternatives for its shareholders, including a transaction involving us or one of our subsidiaries. There can be no assurance that any such liquidity transaction will occur in the near future or at all. Reportable Segments Real Estate — Lease revenues from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United States and Northern and Western Europe, which are leased to companies on a triple-net lease basis. At December 31, 2021, our owned portfolio was comprised of our full or partial ownership interests in 1,304 properties, totaling approximately 156 million square feet (unaudited), substantially all of which were net leased to 352 tenants, with a weighted-average lease term of 10.8 years and an occupancy rate of 98.5%. In addition, at December 31, 2021, our portfolio was comprised of full or partial ownership interests in 20 operating properties, including 19 self-storage properties and one hotel, totaling approximately 1.4 million square feet (unaudited). Investment Management — Through our TRSs, we manage the real estate investment portfolios for the Managed Programs, for which we earn asset management revenue. We may earn incentive revenue and receive other compensation through our advisory agreements with certain of the Managed Programs, including in connection with providing 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. At December 31, 2021, the Managed Programs owned all or a portion of 56 net-leased properties (including certain properties in which we also have an ownership interest), totaling approximately 10.8 million square feet (unaudited), substantially all of which were leased to 50 tenants, with an occupancy rate of approximately 98.3%. The Managed Programs also had interests in 66 operating properties (totaling approximately 5.1 million square feet (unaudited) in the aggregate) and four active build-to-suit projects at the same date.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. All transaction costs incurred during the reporting period were capitalized since our acquisitions were classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. The fair value of real estate is determined (i) by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated market rental rates, and applying a selected capitalization rate. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • market rents, growth factors of rents, and market lease term; • a capitalization rate to be applied to an estimate of market rent at the end of the market lease term; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; and • leasing commissions and tenant improvement allowances. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates; and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets and industry standards. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. When we enter into sale-leaseback transactions with above- or below-market leases, the intangibles will be accounted for as loan receivables or prepaid rent liabilities, respectively. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party valuations conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e., free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party valuations. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. Goodwill acquired in certain business combinations was attributed to the Real Estate segment which comprises one reporting unit. In the event we dispose of a property or an investment that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. Financing Arrangements — In accordance with Accounting Standards Codification (“ASC”) 310, Receivables and ASC 842, Leases , real estate assets acquired through a sale-leaseback transaction are accounted for as a financing arrangement if the investment does not meet the criteria for sale-leaseback accounting. We record such investments within Net investments in direct financing leases and loans receivable on the consolidated balance sheets. Rent payments from these investments are included within Income from direct financing leases and loans receivable on the consolidated statements of income. Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. Direct Financing Leases — This policy was superseded by Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses , which we adopted on January 1, 2020 and which is described below under Credit Losses . Prior to this adoption, we periodically assessed whether there were any indicators that the value of our net investments in direct financing leases may have been impaired. When determining a possible impairment, we considered the collectibility of direct financing lease receivables for which a reserve would have been required if any losses were both probable and reasonably estimable. In addition, we determined whether there had been a permanent decline in the estimate of the residual value of the property. If this review indicated a permanent decline in the fair value of the asset below its carrying value , we recognized an impairment charge. Equity Method Investments — We evaluate our equity method investments on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint-venture agreement. For our investment in CPA:18 – Global, we calculate the estimated fair value of our investment using its most recently published net asset value per share (“NAV”) multiplied by the number of shares owned. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event. Such a triggering event within our Investment Management segment depends on the timing and form of liquidity events for the Managed Programs ( Note 3 ). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. This assessment is used as a basis to determine whether it is necessary to calculate reporting unit fair values. If necessary, we calculate the estimated fair value of the Investment Management reporting unit by utilizing a discounted cash flow analysis methodology and available NAVs. We calculate the estimated fair value of the Real Estate reporting unit by utilizing our market capitalization and the aforementioned fair value of the Investment Management segment. Impairments, if any, will be the difference between the reporting unit’s fair value and carrying amount, not to exceed the carrying amount of goodwill. Credit Losses We adopted ASU 2016-13, Financial Instruments — Credit Losses on January 1, 2020, which replaces the “incurred loss” model with an “expected loss” model, resulting in the earlier recognition of credit losses even if the risk of loss is remote. This standard applies to financial assets measured at amortized cost and certain other instruments, including net investments in direct financing leases and loans receivable. This standard does not apply to receivables arising from operating leases, which are within the scope of Topic 842 . We adopted ASU 2016-13 using the modified retrospective method, under which we recorded a cumulative-effect adjustment as a charge to retained earnings of $14.8 million on January 1, 2020, which is reflected within our consolidated statements of equity. The allowance for credit losses, which is recorded as a reduction to Net investments in direct financing leases and loans receivable on our consolidated balance sheets, is measured on a pool basis by credit ratings ( Note 5 ), using a probability of default method based on the lessees’ respective credit ratings, the expected value of the underlying collateral upon its repossession, and our historical loss experience related to other direct financing leases. Included in our model are factors that incorporate forward-looking information. Allowance for credit losses is included in our consolidated statements of income within Other gains and (losses). Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At December 31, 2021 and 2020, we considered 14 and 12 entities to be VIEs, respectively, of which we consolidated six 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): December 31, 2021 2020 Land, buildings and improvements $ 426,831 $ 423,333 Net investments in direct financing leases and loans receivable 144,103 15,242 In-place lease intangible assets and other 42,884 41,997 Above-market rent intangible assets 26,720 26,720 Accumulated depreciation and amortization (154,413) (137,827) Total assets 500,884 381,953 Non-recourse mortgages, net $ 1,485 $ 3,508 Below-market rent and other intangible liabilities, net 20,568 22,283 Total liabilities 46,302 48,971 At December 31, 2021 and 2020, our eight and seven unconsolidated VIEs included our interests in (i) six and five unconsolidated real estate investments, respectively, which we account for under the equity method of accounting (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), and (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. As of December 31, 2021 and 2020, the net carrying amount of our investments in these entities was $581.3 million and $425.3 million, respectively, and our maximum exposure to loss in these entities was limited to our investments. Leases As a Lessee : Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments consist of increases as a result of the Consumer Price Index (“CPI”) or other comparable indices, taxes, and maintenance costs. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. Below-market ground lease intangible assets and above-market ground lease intangible liabilities are included as a component of ROU assets. See Note 4 for additional disclosures on the presentation of these amounts in our consolidated balance sheets. The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities across domestic and international markets, utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term. As a Lessor : We combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), since both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable expenses are incurred, if the reimbursements are deemed collectible. Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. 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. We currently present Income from direct financing leases and loans receivable on its own line item in the consolidated statements of income. Previously, income from direct financing leases was included within Lease revenues and income from loans receivable was included within Lease termination income and other in the consolidated statements of income. Loans receivable are now included within the retitled line item Net investments in direct financing leases and loans receivable in the consolidated balance sheets. Previously, loans receivable were included within Other assets, net in the consolidated balance sheets. Restricted Cash — Restricted cash primarily consists of security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2021 2020 2019 Cash and cash equivalents $ 165,427 $ 248,662 $ 196,028 Restricted cash 52,523 63,117 55,490 Total cash and cash equivalents and restricted cash $ 217,950 $ 311,779 $ 251,518 Land, Buildings and Improvements — We carry land, buildings, and improvements at cost less accumulated depreciation. We capitalize costs that extend the useful life of properties or increase their value, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. Gain/Loss on Sale — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred. Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Internal-Use Software Development Costs and Cloud Computing Arrangements — We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Cloud computing arrangement costs follow the internal-use software accounting guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized internal-use software development costs are amortized on a straight-line basis over the software’s estimated useful life, which is three . Capitalized implementation costs related to a service contract will be amortized over the term of the hosting arrangement beginning when the component of the hosting arrangement is ready for its intended use. Periodically, we reassess the useful life considering technology, obsolescence, and other factors. Other Assets and Liabilities — We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets, our investment in shares of Lineage Logistics (a cold storage REIT) ( Note 8 ), our investment in shares of Guggenheim Credit Income Fund (“GCIF”) ( Note 8 ), and office lease ROU assets in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, operating lease liabilities, and deferred revenue in Accounts payable, accrued expenses and other liabilities. Revenue Recognition, Real Estate Leased to Others — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. Revenue from contracts under ASC 606, Revenue from Contracts with Customers is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to revenues generated from our hotel operating properties and our Investment Management segment. Revenue from contracts for our Real Estate segment primarily represented hotel operating property revenues of $7.2 million, $5.9 million, and $29.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. Such operating property revenues are primarily comprised of revenues from room rentals and from food and beverage services at our hotel operating properties during those years. We identified a single performance obligation for each distinct service. Performance obligations are typically satisfied at a point in time, at the time of sale, or at the rendering of the service. Fees are generally determined to be fixed. Payment is typically due immediately following the delivery of the service. Revenue from contracts under ASC 606 from our Investment Management segment is discussed in Note 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 collect

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Advisory Agreements and Partnership Agreements with the Managed Programs We currently have advisory agreements with CPA:18 – Global and CESH, pursuant to which we earn fees and are entitled to receive reimbursement for certain fund management expenses. Upon completion of the CWI 1 and CWI 2 Merger on April 13, 2020, as described below, our advisory agreements with CWI 1 and CWI 2 were terminated, and we no longer receive fees, reimbursements, or distributions of Available Cash from CWI 1 and CWI 2. We no longer raise capital for new or existing funds, but we currently expect to continue to manage CPA:18 – Global and CESH and earn various fees (as described below) through the end of their respective life cycles. We have partnership agreements with CPA:18 – Global and CESH, and under the partnership agreement with CPA:18 – Global, we are entitled to receive certain cash distributions from its operating partnership. The following tables present a summary of revenue earned, reimbursable costs, and distributions of Available Cash received/accrued from the Managed Programs and WLT for the periods indicated, included in the consolidated financial statements (in thousands): Years Ended December 31, 2021 2020 2019 Asset management revenue (a) $ 15,363 $ 21,973 $ 39,132 Distributions of Available Cash (b) 7,345 7,225 21,489 Reimbursable costs from affiliates (a) 4,035 8,855 16,547 Interest income on deferred acquisition fees and loans to affiliates (c) 120 369 2,237 Structuring and other advisory revenue (a) — 494 4,224 $ 26,863 $ 38,916 $ 83,629 Years Ended December 31, 2021 2020 2019 CPA:18 – Global $ 22,867 $ 22,200 $ 26,039 CWI 1 — 5,662 30,770 CWI 2 — 4,668 21,584 CESH 3,713 4,723 5,236 WLT (reimbursed transition services) 283 1,663 — $ 26,863 $ 38,916 $ 83,629 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within (Losses) earnings from equity method investments in the consolidated statements of income. (c) 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): December 31, 2021 2020 Reimbursable costs $ 974 $ 1,760 Asset management fees receivable 494 1,054 Accounts receivable 336 305 Current acquisition fees receivable 19 136 Deferred acquisition fees receivable, including accrued interest 3 1,858 Short-term loans to affiliates, including accrued interest — 21,144 $ 1,826 $ 26,257 Performance Obligations and Significant Judgments The fees earned pursuant to our advisory agreements are considered variable consideration. For the agreements that include multiple performance obligations, including asset management and investment structuring services, revenue is allocated to each performance obligation based on estimates of the price that we would charge for each promised service if it were sold on a standalone basis. Judgment is applied in assessing whether there should be a constraint on the amount of fees recognized, such as amounts in excess of certain threshold limits with respect to the contract price or any potential clawback provisions included in certain of our arrangements. We exclude fees subject to such constraints to the extent it is probable that a significant reversal of those amounts will occur. Asset Management Revenue Under the advisory agreements with the Managed Programs, we earn asset management revenue for managing their investment portfolios. The following table presents a summary of our asset management fee arrangements with the remaining Managed Programs: Managed Program Rate Payable Description CPA:18 – Global 0.5% – 1.5% In shares of its Class A common stock and/or cash, at the option of CPA:18 – Global; payable 50% in cash and 50% in shares of its Class A common stock for 2019 and for January 1, 2020 to March 31, 2020; payable in shares of its Class A common stock effective as of April 1, 2020 Rate depends on the type of investment and is based on the average market or average equity value, as applicable CESH 1.0% In cash Based on gross assets at fair value For CWI 1 and CWI 2 (prior to the closing of the CWI 1 and CWI 2 Merger on April 13, 2020), we earned asset management fees of 0.5% and 0.55%, respectively, of the average market values of their respective investment portfolios, paid in shares of their common stock and Class A common stock, respectively. We were required to pay 20% and 25% of such fees to the subadvisors of CWI 1 and CWI 2, respectively. The performance obligation for asset management services is satisfied over time as services are rendered. The time-based output method is used to measure progress over time, as this is representative of the transfer of the services. We are compensated for our services on a monthly or quarterly basis. However, these services represent a series of distinct daily services under ASC 606, Revenue from Contracts with Customers . Accordingly, we satisfy the performance obligation and resolve the variability associated with our fees on a daily basis. We apply the practical expedient and, as a result, do not disclose variable consideration attributable to wholly or partially unsatisfied performance obligations as of the end of the reporting period. In providing asset management services, we are reimbursed for certain costs. Direct reimbursement of these costs does not represent a separate performance obligation. Payment for asset management services is typically due on the first business day following the month of the delivery of the service. Structuring and Other Advisory Revenue Under the terms of the advisory agreements with the Managed Programs, we 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. For CWI 1 and CWI 2 (prior to the closing of the CWI 1 and CWI 2 Merger on April 13, 2020), we were entitled to fees for structuring investments and loan refinancings. We were required to pay 20% and 25% of such fees to the subadvisors of CWI 1 and CWI 2, respectively. The performance obligation for investment structuring services is satisfied at a point in time upon the closing of an investment acquisition, when there is an enforceable right to payment, and control (as well as the risks and rewards) has been transferred. Determining when control transfers requires management to make judgments that affect the timing of revenue recognized. Payment is due either on the day of acquisition (current portion) or deferred, as described above ( Note 5 ). We do not believe the deferral of the fees represents a significant financing component. Reimbursable Costs from Affiliates The existing Managed Programs reimburse us in cash for certain personnel and overhead costs that we incur on their behalf. For CPA:18 – Global, such costs (excluding those related to our legal transactions group, our senior management, and our investments team) are charged to CPA:18 – Global based on the average of the trailing 12-month aggregate reported revenues of the Managed Programs and us, and personnel costs are capped at 1.0% of CPA:18 – Global’s pro rata lease revenues for 2021, 2020, and 2019; for the legal transactions group, costs are charged according to a fee schedule. For the CWI REITs, the reimbursements were based on actual expenses incurred, excluding those related to our senior management, and allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter. Reimbursements from the CWI REITs ceased following the closing of the CWI 1 and CWI 2 Merger on April 13, 2020; after that date, we began recording reimbursements from WLT pursuant to a transition services agreement (described 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 partnerships of CPA:18 – Global, payable quarterly in arrears. After completion of the CWI 1 and CWI 2 Merger on April 13, 2020, we no longer receive distributions of Available Cash from CWI 1 and CWI 2. Prior to the closing of the CWI 1 and CWI 2 Merger, we were required to pay 20% and 25% of such distributions to the subadvisors of CWI 1 and CWI 2, respectively. Back-End Fees and Interests in the Managed Programs Under our advisory agreements with certain of the Managed Programs, we may also receive compensation in connection with providing liquidity events for their stockholders. 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. On August 31, 2021, CPA:18 – Global reported that its independent directors intended to begin the process of evaluating possible liquidity alternatives for its shareholders, including a transaction involving us or one of our subsidiaries. The timing and form of any liquidity event is at the discretion of the special committee composed of CPA:18 – Global’s independent directors. Therefore, there can be no assurance as to whether or when any back-end fees or interests will be realized. Back-end fees and interests related to the CWI 1 and CWI 2 Merger are described below. Other Transactions with Affiliates CWI 1 and CWI 2 Merger On October 22, 2019, CWI 1 and CWI 2 announced that they had entered into a definitive merger agreement under which the two companies intended to merge in an all-stock transaction, with CWI 2 as the surviving entity. The CWI 1 and CWI 2 Merger was approved by the stockholders of CWI 1 and CWI 2 on April 8, 2020 and closed on April 13, 2020. Subsequently, CWI 2 was renamed WLT, as described in Note 1 . In connection with the CWI 1 and CWI 2 Merger, we entered into an internalization agreement and a transition services agreement. Immediately following the closing of the CWI 1 and CWI 2 Merger, (i) the advisory agreements with each of CWI 1 and CWI 2 and each of their respective operating partnerships terminated, (ii) the subadvisory agreements with the subadvisors for CWI 1 and CWI 2 were terminated, (iii) pursuant to the internalization agreement, two of our representatives were appointed to the board of directors of WLT (however both representatives resigned from the board of directors of WLT on April 29, 2020), and (iv) we provided certain transition services at cost to WLT, pursuant to a transition services agreement. On October 13, 2021, all services provided under the transition services agreement were terminated. In accordance with the merger agreement, at the effective time of the CWI 1 and CWI 2 Merger, each issued and outstanding share of CWI 1’s common stock (or fraction thereof), was converted into the right to receive 0.9106 shares (the “exchange ratio”) of CWI 2 Class A common stock. As a result, we exchanged 6,074,046 shares of CWI 1 common stock for 5,531,025 shares of CWI 2 Class A common stock. Pursuant to the internalization agreement, the operating partnerships of each of CWI 1 and CWI 2 redeemed the special general partner interests that we previously held, for which we received 1,300,000 shares of CWI 2 preferred stock with a liquidation preference of $50.00 per share and 2,840,549 shares in CWI 2 Class A common stock (which was a non-cash investing activity). In connection with this redemption, we recognized a non-cash net gain on sale of $33.0 million, which was included within (Losses) earnings from equity method investments in the consolidated statements of income for the year ended December 31, 2020. This net gain on sale was recorded based on: • a fair value of $46.3 million for the 1,300,000 shares of CWI 2 preferred stock that we received ( Note 8 ); • a fair value of $11.6 million for the 2,840,549 shares in CWI 2 common stock that we received ( Note 7 ); • a gain recognized on the redemption of the noncontrolling interest in the special general partner interests previously held by the respective subadvisors for CWI 1 and CWI 2 of $9.9 million (which is included within Net income attributable to noncontrolling interests in our consolidated statements of income and Redemption of noncontrolling interest in our consolidated statements of equity); • an allocation of $34.3 million of goodwill within our Investment Management segment in accordance with ASC 350, Intangibles — goodwill and other , since the WLT management internalization resulted in a sale of a portion of our Investment Management business (the allocation of goodwill was based on the relative fair value of the portion of the Investment Management business sold) ( Note 6 ); and • the carrying value of our previously held equity investments in the operating partnerships of CWI 1 and CWI 2 ( Note 7 ), which totaled $0.5 million on the date of the merger. We accounted for our investment in shares of WLT (formerly CWI 2) preferred stock as available-for-sale debt securities, which is included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 3 because we primarily used a discounted cash flow valuation model that incorporates unobservable inputs to determine its fair value. In January 2022, WLT redeemed in full our 1,300,000 shares of its preferred stock for gross proceeds of $65.0 million (based on the liquidation preference of $50.00 per share, as described above) ( Note 17 ). Since this redemption was based on market conditions that existed as of December 31, 2021, during the year ended December 31, 2021, we recognized an unrealized gain on our investment in preferred shares of WLT of $18.7 million, which was recognized within Other comprehensive income (loss) in the consolidated financial statements. The fair value of our investment in preferred shares of WLT approximated its carrying value, which was $65.0 million and $46.3 million as of December 31, 2021 and 2020, respectively ( Note 8 ). Prior to the closing of the CWI 1 and CWI 2 Merger, we owned 3,836,669 shares of CWI 2 Class A common stock. Following the closing of the CWI 1 and CWI 2 Merger, execution of the internalization agreement, and CWI 2 being renamed WLT, we own 12,208,243 shares of WLT common stock, which we account for as an equity method investment. We follow the hypothetical liquidation at book value (“HLBV”) model and recognize within equity income our proportionate share of WLT’s earnings based on our ownership of common stock of WLT, after giving effect to preferred dividends owed by WLT. We record our investment in shares of common stock of WLT on a one quarter lag. Our investment in shares of common stock of WLT, which is included in Equity method investments in the consolidated financial statements (as an equity method investment in real estate), had a carrying value of $33.4 million and $44.2 million as of December 31, 2021 and 2020, respectively ( Note 7 ). Loans to Affiliates From time to time, our Board has approved the making of secured and unsecured loans or lines of credit from us to certain of the Managed Programs, at our sole discretion, generally for the purpose of facilitating acquisitions or for working capital purposes. The principal outstanding balance on our line of credit to CPA:18 – Global was $21.1 million as of December 31, 2020. CPA:18 – Global repaid the principal outstanding in full during the year ended December 31, 2021. In the fourth quarter of 2021, the maturity date of this line of credit was extended from March 31, 2022 to March 31, 2023. In January 2022, we loaned $13.0 million to CPA:18 – Global. CPA:17 Merger On October 31, 2018, Corporate Property Associates 17 – Global Incorporated (“CPA:17 – Global”), a former affiliate, merged with and into one of our wholly owned subsidiaries (the “CPA:17 Merger”), which we accounted for as a business combination under the acquisition method of accounting. The purchase price was allocated to the assets acquired and liabilities assumed, based upon their preliminary fair values at October 31, 2018. We identified certain measurement period adjustments during the third quarter of 2019 that impacted the provisional accounting (resulting in a $15.8 million increase in Goodwill ( Note 6 )). As a result, during 2019, we recorded a loss on change in control of interests of $8.4 million on the purchase of the remaining interest in a real estate investment from CPA:17 – Global in the CPA:17 Merger ( Note 5 ). Other At December 31, 2021, we owned interests in ten jointly owned investments in real estate (including our investment in shares of common stock of WLT, as described above), with the remaining interests held by affiliates or third parties. We account for 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	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Land, Buildings and Improvements and Assets Held for Sale	Land, Buildings and Improvements and Assets Held for Sale Land, Buildings and Improvements — Operating Leases Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands): December 31, 2021 2020 Land $ 2,151,327 $ 2,012,688 Buildings and improvements 9,525,858 8,724,064 Real estate under construction 114,549 119,391 Less: Accumulated depreciation (1,448,020) (1,206,912) $ 10,343,714 $ 9,649,231 During 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 7.7% to $1.1326 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 $244.1 million from December 31, 2020 to December 31, 2021. In connection with changes in lease classifications due to extensions of the underlying leases, we reclassified seven properties with an aggregate carrying value of $76.9 million from Net investments in direct financing leases and loans receivable to Land, buildings and improvements subject to operating leases during 2021 ( Note 5 ). Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $286.4 million, $258.9 million, and $229.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. During 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 2021 and removed the corresponding liability from Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets. Acquisitions of Real Estate During 2021 During 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 (a) Grove City, Ohio, and Anderson, South Carolina 2 2/2/2021 Warehouse $ 19,129 Various, New Jersey and Pennsylvania (b) 10 2/11/2021 Retail; Office 55,115 Central Valley, California (c) 4 2/11/2021 Warehouse; Land 75,008 Various, France (d) (e) 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 (d) (e) 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 (f) 6 9/1/2021 Land 17,396 Rogers, Minnesota 1 9/9/2021 Warehouse 26,531 Chattanooga, Tennessee 2 10/19/2021 Industrial 40,728 Mankato, Minnesota 1 11/12/2021 Warehouse 17,665 Various, Denmark (e) 11 12/7/2021 Retail 46,129 Lawrence, Kansas 1 12/9/2021 Industrial 25,728 Various, Poland (d) (e) 7 12/15/2021 Retail 74,345 Cary, Illinois 1 12/28/2021 Industrial 44,399 Various, Netherlands (e) 5 12/29/2021 Retail 51,636 Various, New Jersey and Pennsylvania (g) 5 Various Outdoor Advertising 3,989 73 $ 1,307,150 __________ (a) This table excludes the sale-leasebacks classified as loans receivable completed during 2021 ( Note 5 ). (b) This acquisition is comprised of seven retail facilities and three office facilities. (c) This acquisition is comprised of two warehouse facilities and two parcels of land. (d) We also recorded estimated deferred tax liabilities of (i) $8.8 million on the investment in France, (ii) $3.6 million on the investment in the United Kingdom, and (iii) $0.7 million on the investment in Poland, with corresponding increases to the asset values, due to temporary tax and GAAP differences established in connection with the acquisitions. (e) Amount reflects the applicable exchange rate on the date of transaction. (f) This acquisition is compromised of the land under buildings we already own. (g) We entered into an agreement to fund loans for certain outdoor advertising infrastructure. At the end of the loan term, we will acquire the properties. In accordance with ASC 810, Consolidation , we determined that these loans would be consolidated. The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 190,968 Buildings and improvements 946,908 Intangibles: In-place lease (weighted-average expected life of 20.7 years) 198,869 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) $ 1,307,150 Acquisitions of Real Estate During 2020 — We entered into 14 investments, which were deemed to be real estate asset acquisitions, at a total cost of $661.4 million, including land of $105.4 million, buildings of $449.4 million, and net lease intangibles of $106.6 million. Acquisitions of Real Estate During 2019 — We entered into 23 investments, which were deemed to be real estate asset acquisitions, at a total cost of $737.5 million, including land of $86.3 million, buildings of $523.3 million, net lease intangibles of $134.9 million, a prepaid rent liability of $6.1 million, a debt premium of $0.8 million (related to the non-recourse mortgage loan assumed in connection with an acquisition), and net other liabilities assumed of $0.1 million. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. Real Estate Under Construction During 2021, we capitalized real estate under construction totaling $83.3 million. The number of construction projects in progress with balances included in real estate under construction was six and five as of December 31, 2021 and 2020, respectively. Aggregate unfunded commitments totaled approximately $55.3 million and $81.8 million as of December 31, 2021 and 2020, respectively. During 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. During 2020, we completed five construction projects, at a total cost of $171.2 million. During 2019, we completed seven construction projects, at a total cost of $122.5 million. During 2021, we committed to fund six build-to-suit or expansion projects totaling $63.5 million (based on the exchange rate of the euro at December 31, 2021, as applicable). We currently expect to complete the projects in 2022 and 2023. Capitalized interest incurred during construction was $2.5 million, $2.9 million, and $2.5 million for the years ended December 31, 2021, 2020, and 2019 respectively, which reduces Interest expense in the consolidated statements of income. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. Dispositions of Properties During 2021, we sold 16 properties, which were classified as Land, buildings and improvements subject to operating leases. As a result, the carrying value of our Land, buildings and improvements subject to operating leases decreased by $62.6 million from December 31, 2020 to December 31, 2021. Lease Termination Income and Other 2021 — For the year ended December 31, 2021, lease termination income and other on our consolidated statements of income included: (i) lease termination income of $41.0 million received from a tenant; (ii) other lease-related settlements totaling $9.8 million ; and (iii) income from a parking garage attached to one of our net-leased properties totaling $1.9 million. 2020 — For the year ended December 31, 2020, lease termination income and other on our consolidated statements of income included: (i) lease-related settlements totaling $7.9 million and (ii) income from a parking garage attached to one of our net-leased properties totaling $2.3 million. 2019 — For the year ended December 31, 2019, lease termination income and other on our consolidated statements of income included: (i) lease-related settlements totaling $24.1 million and (ii) income from a parking garage attached to one of our net-leased properties totaling $3.5 million ( 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): Years Ended December 31, 2021 2020 2019 Lease income — fixed $ 1,066,250 $ 981,430 $ 898,111 Lease income — variable (a) 111,188 99,193 89,873 Total operating lease income $ 1,177,438 $ 1,080,623 $ 987,984 __________ (a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. Scheduled Future Lease Payments to be Received Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable operating leases at December 31, 2021 are as follows (in thousands): Years Ending December 31, Total 2022 $ 1,140,093 2023 1,116,058 2024 1,058,713 2025 997,909 2026 946,077 Thereafter 8,154,484 Total $ 13,413,334 See Note 5 for scheduled future lease payments to be received under non-cancelable direct financing leases. Lease Cost Lease costs for operating leases are included in (i) General and administrative expenses (office leases), (ii) Property expenses, excluding reimbursable tenant costs (land leases), and (iii) Reimbursable tenant costs (land leases) in the consolidated statements of income. Certain information related to the total lease cost for operating leases is as follows (in thousands): Years Ended December 31, 2021 2020 2019 Fixed lease cost $ 16,426 $ 17,616 $ 14,503 Variable lease cost 1,149 1,089 1,186 Total lease cost $ 17,575 $ 18,705 $ 15,689 During the years ended December 31, 2021, 2020, and 2019, we received sublease income totaling approximately $5.1 million, $5.5 million, and $5.4 million, respectively, which is included in Lease revenues in the consolidated statements of income. Other Information Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): December 31, Location on Consolidated Balance Sheets 2021 2020 Operating ROU assets — land leases In-place lease intangible assets and other $ 106,095 $ 119,590 Operating ROU assets — office leases Other assets, net 59,902 61,137 Total operating ROU assets $ 165,997 $ 180,727 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 146,437 $ 151,466 Weighted-average remaining lease term — operating leases 26.1 years 29.2 years Weighted-average discount rate — operating leases 6.8 % 7.1 % Number of land lease arrangements 66 68 Number of office space arrangements (a) 4 7 Lease term range (excluding extension options not reasonably certain of being exercised) <1 – 100 years <1 – 100 years __________ (a) The leases for our former office spaces in New York expired on January 31, 2021. Cash paid for operating lease liabilities included in Net cash provided by operating activities totaled $13.9 million, $15.5 million, and $14.6 million for the years ended December 31, 2021, 2020, and 2019, respectively. There are no land or office direct financing leases for which we are the lessee, therefore there are no related ROU assets or lease liabilities. Undiscounted Cash Flows A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2021 is as follows (in thousands): Years Ending December 31, Total 2022 $ 14,230 2023 14,246 2024 13,137 2025 13,092 2026 13,034 Thereafter 275,259 Total lease payments 342,998 Less: amount of lease payments representing interest (196,561) Present value of future lease payments/lease obligations $ 146,437 Land, Buildings and Improvements — Operating Properties At both December 31, 2021 and 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): December 31, 2021 2020 Land $ 10,452 $ 10,452 Buildings and improvements 73,221 73,024 Less: Accumulated depreciation (16,750) (14,004) $ 66,923 $ 69,472 Depreciation expense on our buildings and improvements attributable to operating properties was $2.7 million, $2.8 million, and $6.9 million for the years ended December 31, 2021, 2020, and 2019, respectively. For the year ended December 31, 2021, Operating property revenues totaling $13.5 million were comprised of $11.2 million in lease revenues and $2.3 million in other income (such as food and beverage revenue) from ten consolidated self-storage properties and one consolidated hotel. For the year ended December 31, 2020, Operating property revenues totaling $11.4 million were comprised of $9.5 million in lease revenues and $1.9 million in other income from ten consolidated self-storage properties and two consolidated hotels. For the year ended December 31, 2019, Operating property revenues totaling $50.2 million were comprised of $39.5 million in lease revenues and $10.7 million in other income from 37 consolidated self-storage properties and two consolidated hotels. We derive self-storage revenue primarily from rents received from customers who rent storage space under month-to-month leases for personal or business use. We derive hotel revenue primarily from room rentals, as well as food, beverage, and other services. Assets Held for Sale, Net Below is a summary of our properties held for sale (in thousands): December 31, 2021 2020 Land, buildings and improvements $ 10,628 $ 14,051 In-place lease intangible assets and other — 12,754 Above-market rent intangible assets — 518 Accumulated depreciation and amortization (2,359) (8,733) Assets held for sale, net $ 8,269 $ 18,590 At December 31, 2021, we had two properties classified as Assets held for sale, net, with an aggregate carrying value of $8.3 million. These properties were sold in January and February 2022 ( Note 17 ). At December 31, 2020 we had four properties classified as Assets held for sale, net, with an aggregated carrying value of $18.6 million. These properties were sold in 2021.

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Finance Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in direct financing leases and loans receivable (net of allowance for credit losses), and deferred acquisition fees. Operating leases are not included in finance receivables. See Note 2 and Note 4 for information on ROU operating lease assets recognized in our consolidated balance sheets. Finance Receivables Investments in direct financing leases and loans receivable are summarized as follows (in thousands): Maturity Date December 31, 2021 2020 Net investments in direct financing leases (a) N/A $ 572,205 $ 711,974 Sale-leaseback transactions accounted for as loans receivable (b) 2038 - 2052 217,229 — Secured loans receivable (a) 2022 - 2025 24,143 24,143 $ 813,577 $ 736,117 __________ (a) Amounts are net of allowance for credit losses, as disclosed below. (b) These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases . Such investments were completed during the year ended December 31, 2021 and are described in the table below under Loans Receivable . Maturity dates reflect the current lease maturity dates. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2021 2020 Lease payments receivable $ 414,002 $ 527,691 Unguaranteed residual value 545,896 677,722 959,898 1,205,413 Less: unearned income (370,353) (476,365) Less: allowance for credit losses (a) (17,340) (17,074) $ 572,205 $ 711,974 __________ (a) During the years ended December 31, 2021 and 2020, we recorded a net allowance for credit losses of $0.3 million and $9.7 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. 2021 — Income from direct financing leases, which is included in Income from direct financing leases and loans receivable in the consolidated financial statements, was $63.2 million for the year ended December 31, 2021. During the year ended December 31, 2021, we sold four properties accounted for as direct financing leases that had an aggregate net carrying value of $35.8 million. During the year ended December 31, 2021, we reclassified seven properties with a carrying value of $76.9 million from Net investments in direct financing leases and loans receivable to Land, buildings and improvements subject to operating leases in connection with changes in lease classifications due to extensions of the underlying leases ( Note 4 ). During the year ended December 31, 2021, the U.S. dollar strengthened against the euro, resulting in an $23.2 million decrease in the carrying value of Net investments in direct financing leases and loans receivable from December 31, 2020 to December 31, 2021. 2020 — Income from direct financing leases, which is included in Income from direct financing leases and loans receivable in the consolidated financial statements, was $73.9 million for the year ended December 31, 2020. 2019 — Income from direct financing leases, which was included in Income from direct financing leases and loans receivable in the consolidated financial statements, was $98.4 million for the year ended December 31, 2019. During the third quarter of 2019, we identified measurement period adjustments that impacted the provisional accounting for an investment classified as net investments in direct financing leases, which was acquired in the CPA:17 Merger on October 31, 2018 ( Note 3 ). Prior to the CPA:17 Merger, we already had a joint interest in this investment and accounted for it under the equity method (subsequent to the CPA:17 Merger, we consolidated this wholly owned investment). As such, the CPA:17 Merger purchase price allocated to this investment decreased by approximately $21.0 million. In addition, we recorded a loss on change in control of interests of $8.4 million during the third quarter of 2019, reflecting adjustments to the difference between our carrying value and the preliminary estimated fair value of this former equity interest on October 31, 2018. We also recorded impairment charges totaling $25.8 million on this investment during the third quarter of 2019 ( Note 8 ). Scheduled Future Lease Payments to be Received Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable direct financing leases at December 31, 2021 are as follows (in thousands): Years Ending December 31, Total 2022 $ 57,056 2023 55,840 2024 52,535 2025 45,808 2026 44,347 Thereafter 158,416 Total $ 414,002 See Note 4 for scheduled future lease payments to be received under non-cancelable operating leases. Loans Receivable During 2021, we entered into the following sale-leasebacks, which were deemed to be loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Investment Various, Germany and Czech Republic 4 12/20/2021 Industrial $ 29,166 Various, Netherlands 9 12/29/2021 Retail 43,731 Santa Rosa, California; Pocatello, Idaho; and White City, Oregon 3 12/29/2021 Industrial 144,103 16 $ 217,000 Dollar amounts are based on the exchange rates of the foreign currencies on the dates of activity, as applicable. At both December 31, 2021 and 2020, we had two secured 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 Net investments in direct financing leases and loans receivable 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 Income from direct financing leases and loans receivable in the consolidated financial statements, and totaled $4.3 million, $1.0 million, and $6.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. We did not recognize income from our secured loans receivable during the second, third, or fourth quarters of 2020, since such income was deemed uncollectible as a result of the COVID-19 pandemic ( Note 2 ). Credit Quality of Finance Receivables We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. At both December 31, 2021 and 2020, other than uncollected income from our secured loans receivable (as noted above), no material balances of our finance receivables were past due. Other than the lease extensions noted under Net Investments in Direct Financing Leases above, there were no material modifications of finance receivables during the year ended December 31, 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 ( Note 3 ) and allowance for credit losses, is as follows (dollars in thousands): Number of Tenants / Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2021 2020 2021 2020 1 – 3 17 18 $ 703,280 $ 587,103 4 9 9 140,230 141,944 5 — 2 — 36,737 $ 843,510 $ 765,784

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2021
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles We have recorded net lease, internal-use software development, and trade name intangibles that are being amortized over periods ranging from three years to 48 years. In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development and trade name intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements. In connection with certain business combinations, we recorded goodwill as a result of consideration exceeding the fair values of the assets acquired and liabilities assumed ( Note 2 ). The goodwill was attributed to our Real Estate reporting unit as it relates to the real estate assets we acquired in such business combinations. The following table presents a reconciliation of our goodwill (in thousands): Real Estate Investment Management Total Balance at January 1, 2019 $ 857,337 $ 63,607 $ 920,944 CPA:17 Merger measurement period adjustments ( Note 3 ) 15,802 — 15,802 Foreign currency translation adjustments (2,058) — (2,058) Balance at December 31, 2019 871,081 63,607 934,688 Foreign currency translation adjustments 10,403 — 10,403 Allocation of goodwill based on portion of Investment Management business sold ( Note 3 ) — (34,273) (34,273) Balance at December 31, 2020 881,484 29,334 910,818 Foreign currency translation adjustments (9,289) — (9,289) Balance at December 31, 2021 $ 872,195 $ 29,334 $ 901,529 Current accounting guidance requires that we test for the recoverability of goodwill at the reporting unit level. The test for recoverability must be conducted at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. We performed our annual test for impairment in October 2021 for goodwill recorded in both segments and found no impairment indicated. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2021 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 $ 19,553 $ (18,682) $ 871 $ 19,204 $ (15,711) $ 3,493 Trade name 3,975 (3,581) 394 3,975 (2,786) 1,189 23,528 (22,263) 1,265 23,179 (18,497) 4,682 Lease Intangibles: In-place lease 2,279,905 (934,663) 1,345,242 2,181,584 (828,219) 1,353,365 Above-market rent 843,410 (489,861) 353,549 881,159 (440,952) 440,207 3,123,315 (1,424,524) 1,698,791 3,062,743 (1,269,171) 1,793,572 Indefinite-Lived Goodwill Goodwill 901,529 — 901,529 910,818 — 910,818 Total intangible assets $ 4,048,372 $ (1,446,787) $ 2,601,585 $ 3,996,740 $ (1,287,668) $ 2,709,072 Finite-Lived Intangible Liabilities Below-market rent $ (272,483) $ 105,908 $ (166,575) $ (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 $ (289,194) $ 105,908 $ (183,286) $ (287,441) $ 90,193 $ (197,248) During 2021, the U.S. dollar strengthened against the euro, resulting in an decrease of $43.9 million in the carrying value of our net intangible assets from December 31, 2020 to December 31, 2021. Net amortization of intangibles, including the effect of foreign currency translation, was $236.6 million, $226.2 million, and $272.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development, trade name, and in-place lease intangibles is included in Depreciation and amortization. Based on the intangible assets and liabilities recorded at December 31, 2021, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Decrease in Lease Revenues Increase to Amortization Total 2022 $ 41,856 $ 157,727 $ 199,583 2023 34,771 146,690 181,461 2024 33,241 132,148 165,389 2025 28,451 122,199 150,650 2026 24,617 110,791 135,408 Thereafter 24,038 676,952 700,990 Total $ 186,974 $ 1,346,507 $ 1,533,481

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 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 Shares Owned at Carrying Amount of Investment at December 31, December 31, Fund 2021 2020 2021 2020 CPA:18 – Global (a) 5.578 % 4.569 % $ 60,836 $ 51,949 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CESH (b) 2.430 % 2.430 % 3,689 4,399 $ 64,734 $ 56,557 __________ (a) During 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 years ended December 31, 2021, 2020, and 2019 of $3.5 million, $2.6 million, and $3.3 million, respectively. We received distributions from our investment in the CPA:18 – Global operating partnership during the years ended December 31, 2021, 2020, and 2019 of $7.3 million, $7.2 million, and $8.1 million, respectively ( Note 3 ). CWI 1 — We received distributions from this investment during the years ended December 31, 2020 (through April 13, 2020, the date of the CWI 1 and CWI 2 Merger ( Note 3 )) and 2019 of $0.8 million and $2.7 million, respectively. We received distributions from our investment in the CWI 1 operating partnership during the year ended December 31, 2019 of $7.1 million ( Note 3 ). We did not receive such a distribution during 2020 (through April 13, 2020), as a result of the adverse effect of the COVID-19 pandemic on the operations of CWI 1. CWI 2 — We received distributions from this investment during the years ended December 31, 2020 (through April 13, 2020, the date of the CWI 1 and CWI 2 Merger ( Note 3 )) and 2019 of $0.5 million and $1.6 million, respectively. We received distributions from our investment in the CWI 2 operating partnership during the year ended December 31, 2019 of $6.3 million ( Note 3 ). We did not receive such a distribution during 2020 (through April 13, 2020), as a result of the adverse effect of the COVID-19 pandemic on the operations of CWI 2. CESH — We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP. We record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of December 31, 2021 is based on the estimated fair value of our investment as of September 30, 2021. We received distributions from this investment during the year ended December 31, 2021 of $1.3 million. We did not receive distributions from this investment during the years ended December 31, 2020 or 2019. At December 31, 2021 and 2020, the aggregate unamortized basis differences on our equity method investments in the Managed Programs were $23.3 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. Investments in unconsolidated investments are required to be evaluated periodically for impairment. We periodically compare an investment’s carrying value to its estimated fair value and recognize an impairment charge to the extent that the carrying value exceeds fair value and such decline is determined to be other than temporary. Operating results of our unconsolidated real estate investments are included in the Real Estate segment. The following table sets forth our ownership interests in our equity method investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Ownership Interest at Carrying Value at December 31, Lessee Co-owner December 31, 2021 2021 2020 Las Vegas Retail Complex (a) Third Party N/A $ 104,114 $ — Johnson Self Storage Third Party 90% 67,573 68,979 Kesko Senukai (b) Third Party 70% 41,955 46,443 WLT (c) WLT 5% 33,392 44,182 Harmon Retail Corner (d) Third Party 15% 24,435 23,815 State Farm Mutual Automobile Insurance Co. (e) CPA:18 – Global 50% 7,129 15,475 Apply Sørco AS (f) CPA:18 – Global 49% 5,909 7,156 Bank Pekao (b) (g) CPA:18 – Global 50% 4,460 17,850 Fortenova Grupa d.d. (b) (h) CPA:18 – Global 20% 2,936 2,989 $ 291,903 $ 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 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 years ended December 31, 2021 and 2020, we recognized losses of $10.8 million and $5.0 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. At December 31, 2021 and 2020, we also owned an investment in preferred shares of WLT ( Note 3 ), which is included in Other assets, net in the consolidated financial statements ( Note 8 ) and was fully redeemed in January 2022 ( Note 17 ). (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 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. (g) We recognized our $13.2 million proportionate share of an impairment charge recorded on this investment during 2021, which was reflected within (Losses) earnings from equity method investments in our consolidated statements of income. The estimated fair value of the investment declined due to notice of non-renewal of the lease by the current tenant at the international office facility owned by the investment (lease expiration is in May 2023). The fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the residual capitalization rate (range of 6.75% to 7.75%) and estimated market rents (range of $17 to $18 per square foot). (h) In October 2021, one of the properties in this investment was sold for $14.1 million, net of selling costs (our proportionate share was $2.8 million), and a net gain on sale of $2.0 million was recognized (our proportionate share was $0.4 million). We received aggregate distributions of $18.6 million, $17.8 million, and $17.0 million from our other unconsolidated real estate investments for the years ended December 31, 2021, 2020, and 2019, respectively. At December 31, 2021 and 2020, the aggregate unamortized basis differences on our unconsolidated real estate investments were $7.9 million and $16.1 million, respectively. This decrease was primarily due to an other-than-temporary impairment charge that we recognized on an equity method investment in real estate during the year ended December 31, 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 $224.9 million for a retail complex in Las Vegas, Nevada, at an interest rate of 6.0% and term of 36 months. Through December 31, 2021, we funded $103.7 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 (i.e., 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 . Interest income from this investment was $3.0 million for the year ended December 31, 2021, which was recognized within (Losses) earnings from equity method investments in our consolidated statements of income.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs. Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of foreign currency collars, interest rate swaps, interest rate caps, and stock warrants ( Note 9 ). The valuation of our derivative instruments (excluding stock warrants) is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The stock warrants were measured at fair value using valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market. Equity 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. During the years ended December 31, 2021, 2020, and 2019, we recognized non-cash unrealized gains on our investment in shares of Lineage Logistics totaling $76.3 million, $48.3 million, and $32.9 million, respectively, due to secondary market transactions at a higher price per share, which was recorded within Other gains and (losses) in the consolidated financial statements. In addition, during the year ended December 31, 2021, we received a cash dividend of $6.4 million from our investment in shares of Lineage Logistics, which was recorded within Non-operating income in the consolidated financial statements. See Note 14 for further discussion of the impact of Lineage Logistics’s conversion to a REIT during the first quarter of 2020. In addition, in October 2020, we purchased additional shares of Lineage Logistics for $95.5 million. The fair value of this investment was $366.3 million and $290.0 million at December 31, 2021 and 2020, respectively. Investment in Shares of GCIF — We account for our investment in shares of GCIF, which is included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 2 because we used a quoted price from an inactive market to determine its fair value. During the year ended December 31, 2021, we received liquidating distributions from our investment in shares of GCIF totaling $1.5 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). During the year ended December 31, 2021, we redeemed a portion of our investment in shares of GCIF for approximately $0.8 million and recognized a net loss of $0.1 million, which was included within Other gains and (losses) in the consolidated statements of income. In addition, during the years ended December 31, 2021, 2020, and 2019, we received distributions from our investment in shares of GCIF totaling less than $0.1 million, $0.6 million, and $2.0 million, respectively, which were recorded within Non-operating income in the consolidated financial statements. During the year ended December 31, 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 $4.3 million and $6.1 million at December 31, 2021 and 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 December 31, 2020. In January 2022, WLT redeemed in full our 1,300,000 shares of its preferred stock for gross proceeds of $65.0 million (based on the liquidation preference of $50.00 per share), as described in Note 3 and Note 17 . Since this redemption was based on market conditions that existed as of December 31, 2021, during the year ended December 31, 2021, we recognized an unrealized gain on our investment in preferred shares of WLT of $18.7 million, which was recognized within Other comprehensive income (loss) in the consolidated financial statements. During the year ended December 31, 2021, we received cash dividends of $4.9 million 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 $65.0 million and $46.3 million as of December 31, 2021 and 2020, respectively. We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the years ended December 31, 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): December 31, 2021 December 31, 2020 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 5,701,913 $ 5,984,228 $ 5,146,192 $ 5,639,586 Non-recourse mortgages, net (a) (b) (d) 3 368,524 369,841 1,145,554 1,148,551 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $28.7 million and $23.9 million at December 31, 2021 and 2020, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.1 million and $0.4 million at December 31, 2021 and 2020, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $29.2 million and $22.6 million at December 31, 2021 and 2020, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $0.8 million and $4.5 million at December 31, 2021 and 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 December 31, 2021 and 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. Our impairment policies are described in Note 2 . The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Years Ended December 31, 2021 2020 2019 Fair Value Impairment Fair Value Impairment Fair Value Impairment Impairment Charges Land, buildings and improvements and intangibles $ 29,494 $ 24,246 $ 31,350 $ 35,830 $ 1,012 $ 1,345 Equity method investments 8,175 6,830 55,245 55,387 — — Net investments in direct financing leases — — — — 33,115 31,194 $ 31,076 $ 91,217 $ 32,539 Impairment charges, and their related triggering events and fair value measurements, recognized during 2021, 2020, and 2019 were as follows: Land, Buildings and Improvements and Intangibles 2021 — During the year ended December 31, 2021, we recognized impairment charges totaling $24.2 million on two properties in order to reduce the carrying values of the properties to their estimated fair values, as follows: • $16.3 million on a property 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); and • $7.9 million on a property due to a lease termination and resulting vacancy; the fair value measurement for the property was based on the sales prices for comparable properties. 2020 — During the year ended December 31, 2020, we recognized impairment charges totaling $35.8 million on six properties in order to reduce the carrying values of the properties to their estimated fair values, as follows: • $16.0 million on two properties leased to the same tenant, due to potential property vacancies; the fair value measurements for the properties were determined using a direct capitalization rate analysis based on the probability of vacancy versus the tenant continuing in the lease; the capitalization rate for the various scenarios ranged from 6% to 11%; • $12.6 million on an international property due to a tenant bankruptcy; the fair value measurement for the property was determined by using a probability-weighted approach of lease restructure and vacancy scenarios; • $3.4 million on an international property based on its estimated selling price; the property was sold in September 2020; • $2.8 million on an international property due to a lease expiration and resulting vacancy; the fair value measurement for the property approximated its estimated selling price; and • $1.0 million on a property based on its estimated selling price; the property was sold in September 2021. 2019 — During the year ended December 31, 2019, we recognized an impairment charge of $1.3 million on a property in order to reduce the carrying value of the property to its estimated fair value. The fair value measurement for this property approximated its estimated selling price, and this property was sold in February 2020. Equity Method Investments The other-than-temporary impairment charges described below are reflected within (Losses) earnings from equity method investments in our consolidated statements of income. 2021 — During the year ended December 31, 2021, we recognized an other-than-temporary impairment charge of $6.8 million on a jointly owned real estate investment to reduce the carrying value of our investment to its estimated fair value, which declined due to changes in expected cash flows 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%). 2020 — During the year ended December 31, 2020, we recognized other-than-temporary impairment charges of $27.8 million and $19.3 million on our equity 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 COVID-19 pandemic, which had an adverse effect on the operations of CWI 1 and CWI 2. The fair value measurements were estimated based on implied asset value changes and changes in market capitalizations for publicly traded lodging REITs, all of which was obtained from third-party market data. During the year ended December 31, 2020, we recognized an other-than-temporary impairment charge of $8.3 million on a jointly owned real estate investment to reduce the carrying value of our investment to its estimated fair value, which declined due to an uncertain probability of lease renewal with the tenant at the international office facility owned by the investment (lease expiration is in May 2023). The fair value measurement was determined by relying on an estimate of the fair market value of the property and the related mortgage loan, both provided by a third party. Net Investments in Direct Financing Leases 2019 — During the year ended December 31, 2019, we recognized impairment charges totaling $31.2 million on five properties accounted for as Net investments in direct financing leases, primarily due to a lease restructuring, based on the cash flows expected to be derived from the underlying assets (discounted at the rate implicit in the lease), in accordance with ASC 310, Receivables .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 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 When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, and we may be granted common stock warrants by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include a counterparty to a hedging arrangement defaulting on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income (loss) into earnings (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged net investment is either sold or substantially liquidated. All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2021 and 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 Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Foreign currency collars Other assets, net $ 19,484 $ 3,489 $ — $ — Interest rate caps Other assets, net 1 — — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,311) (15,122) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (908) (5,859) 19,485 3,489 (2,219) (20,981) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 4,600 5,800 — — 4,600 5,800 — — Total derivatives $ 24,085 $ 9,289 $ (2,219) $ (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 (Loss) Income (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 2019 Foreign currency collars $ 29,805 $ (24,818) $ 5,997 Interest rate swaps 4,198 (1,553) (1,666) Interest rate caps 6 6 219 Foreign currency forward contracts — (5,272) (4,253) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars — 9 10 Foreign currency forward contracts — — 7 Total $ 34,009 $ (31,628) $ 314 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2021 2020 2019 Interest rate swaps and caps (c) Interest expense $ (932) $ (1,818) $ (2,256) Foreign currency collars Non-operating income 854 4,956 5,759 Foreign currency forward contracts Non-operating income — 5,716 9,582 Total $ (78) $ 8,854 $ 13,085 __________ (a) Excludes net gains of $1.3 million, net losses of $0.3 million, and net losses of $1.4 million recognized on unconsolidated jointly owned investments for the years ended December 31, 2021, 2020, and 2019, respectively. (b) The changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss). (c) Amount for the year ended December 31, 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 income (loss) related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of December 31, 2021, we estimate that an additional $0.5 million and $7.6 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 Years Ended December 31, 2021 2020 2019 Foreign currency collars Non-operating income $ 1,503 $ (2,477) $ 184 Stock warrants Other gains and (losses) (1,200) 800 (500) Interest rate swaps Other gains and (losses) — 106 (118) Foreign currency forward contracts Non-operating income — (43) 575 Interest rate swaps Interest expense — — 265 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 1,592 2,132 (941) Interest rate caps Interest expense — — (220) Foreign currency forward contracts Other gains and (losses) — — (132) Foreign currency collars Other gains and (losses) — — 7 Total $ 1,895 $ 518 $ (880) See below for information on our purposes for entering into derivative instruments. Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt financing on a fixed-rate basis. However, from time to time, we or our investment partners have obtained, and may in the future obtain, variable-rate, non-recourse mortgage loans and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 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 47,199 EUR $ (761) Interest rate swap 1 16,343 USD (147) Interest rate cap 1 10,764 EUR 1 $ (907) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at December 31, 2021, as applicable. Foreign Currency Collars We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling, the Norwegian krone, and certain other currencies. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency collars have maturities of 62 months or less. The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2021 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2021 Designated as Cash Flow Hedging Instruments Foreign currency collars 88 323,300 EUR $ 17,762 Foreign currency collars 91 56,180 GBP 411 $ 18,173 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2021. At December 31, 2021, our total credit exposure and the maximum exposure to any single counterparty was $18.4 million and $4.9 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 December 31, 2021, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $2.2 million and $25.1 million at December 31, 2021 and 2020, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2021 or 2020, we could have been required to settle our obligations under these agreements at their aggregate termination value of $2.3 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 income (loss) as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro, Japanese yen, and British pound sterling borrowings under our Senior Unsecured Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $255.9 million, $(280.4) million, and $33.4 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Senior Unsecured Credit Facility On February 20, 2020, we entered into the Fourth Amended and Restated Credit Facility, which has capacity of approximately $2.1 billion, comprised of (i) a $1.8 billion unsecured revolving credit facility for our working capital needs, acquisitions, and other general corporate purposes (our “Unsecured Revolving Credit Facility”), (ii) a £150.0 million term loan (our “Term Loan”), and (iii) a €96.5 million delayed draw term loan (our “Delayed Draw Term Loan”). We refer to our Term Loan and Delayed Draw Term Loan collectively as the “Unsecured Term Loans” and the entire facility collectively as our “Senior Unsecured Credit Facility.” In December 2021, the Senior Unsecured Credit Facility was amended to transition certain LIBOR-based rates that were discontinued after December 31, 2021 to successor alternative reference rates. The updated reference rates are included in the Senior Unsecured Credit Facility table below. As of December 31, 2021, this reference rate transition impacted only 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 December 31, 2021 and 2020, we have drawn down our Unsecured Term Loans in full. At December 31, 2021, our Unsecured Revolving Credit Facility had available capacity of approximately $1.4 billion (net of amounts reserved for standby letters of credit totaling $1.2 million). We incur an annual facility fee of 0.20% of the total commitment on our Unsecured Revolving Credit Facility, which is included within Interest expense in our consolidated statements of income. The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Interest Rate at December 31, 2021 (a) Maturity Date at December 31, 2021 Principal Outstanding Balance at Senior Unsecured Credit Facility 2021 2020 Unsecured Term Loans: Term Loan — borrowing in British pounds sterling (b) (c) (d) SONIA + 0.9826% 2/20/2025 $ 202,183 $ 204,737 Delayed Draw Term Loan — borrowing in euros (e) EURIBOR + 0.95% 2/20/2025 109,296 118,415 311,479 323,152 Unsecured Revolving Credit Facility: Borrowing in euros (e) EURIBOR + 0.85% 2/20/2025 205,001 58,901 Borrowing in British pounds sterling (c) (d) SONIA + 0.8826% 2/20/2025 184,660 — Borrowing in Japanese yen (f) TIBOR + 0.85% 2/20/2025 20,935 23,380 410,596 82,281 $ 722,075 $ 405,433 __________ (a) The applicable interest rate at December 31, 2021 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2. (b) Balance excludes unamortized discount of $0.9 million and $1.2 million at December 31, 2021 and 2020, respectively. (c) SONIA means Sterling Overnight Index Average. (d) Interest rate includes both a spread adjustment to the base rate (in connection with the reference rate transition discussed in Note 2 ) and a credit spread. (e) EURIBOR means Euro Interbank Offered Rate. (f) TIBOR means Tokyo 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 $5.8 billion at December 31, 2021 (the “Senior Unsecured Notes”). On February 25, 2021, we completed an underwritten public offering of $425.0 million of 2.250% Senior Notes due 2033, at a price of 98.722% of par value. These 2.250% Senior Notes due 2033 have a 12.1-year On March 8, 2021, we completed an underwritten public offering of €525.0 million of 0.950% Senior Notes due 2030, at a price of 99.335% of par value, issued by our wholly owned finance subsidiary, WPC Eurobond B.V., and fully and unconditionally guaranteed by us. These 0.950% Senior Notes due 2030 have a 9.2-year 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 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 20 to 35 basis points. The following table presents a summary of our Senior Unsecured Notes outstanding at December 31, 2021 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at December 31, Senior Unsecured Notes, net (a) Issue Date 2021 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 566,300 613,550 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 566,300 613,550 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 566,300 613,550 1.350% Senior Notes due 2028 9/19/2019 € 500,000 1.350 % 4/15/2028 566,300 613,550 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 594,615 — 2.400% Senior Notes due 2031 10/14/2020 $ 500,000 2.400 % 2/1/2031 500,000 500,000 2.450% Senior Notes due 2032 10/15/2021 $ 350,000 2.450 % 2/1/2032 350,000 — 2.250% Senior Notes due 2033 2/25/2021 $ 425,000 2.250 % 4/1/2033 425,000 — $ 5,759,815 $ 5,192,750 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $28.7 million and $23.8 million, and unamortized discount totaling $29.2 million and $22.5 million at December 31, 2021 and 2020, respectively. In connection with the offering of the 2.250% Senior Notes due 2033 in February 2021, the 0.950% Senior Notes due 2030 in March 2021, and the 2.450% Senior Notes due 2032 in October 2021, we incurred financing costs totaling $11.3 million during the year ended December 31, 2021, which are included in the Senior Unsecured Notes, net in the consolidated financial statements and are being amortized to Interest expense over the term of their respective Senior Notes. Covenants The Credit Agreement, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. The Credit Agreement also contains various customary affirmative and negative covenants applicable to us and our subsidiaries, subject to materiality and other qualifications, baskets, and exceptions as outlined in the Credit Agreement. We were in compliance with all of these covenants at December 31, 2021. We may make unlimited Restricted Payments (as defined in the Credit Agreement), as long as no non-payment default or financial covenant default has occurred before, or would on a pro forma basis occur as a result of, the Restricted Payment. In addition, we may make Restricted Payments in an amount required to (i) maintain our REIT status and (ii) as a result of that status, not pay federal or state income or excise tax, as long as the loans under the Credit Agreement have not been accelerated and no bankruptcy or event of default has occurred. Obligations under the Unsecured Revolving Credit Facility may be declared immediately due and payable upon the occurrence of certain events of default as defined in the Credit Agreement, including failure to pay any principal when due and payable, failure to pay interest within five business days after becoming due, failure to comply with any covenant, representation or condition of any loan document, any change of control, cross-defaults, and certain other events as set forth in the Credit Agreement, with grace periods in some cases. Non-Recourse Mortgages Non-recourse mortgages consist of mortgage notes payable, which are collateralized by the assignment of real estate properties. For a list of our encumbered properties, please see Schedule III — Real Estate and Accumulated Depreciation . At December 31, 2021, the weighted-average interest rates for our fixed-rate and variable-rate non-recourse mortgage notes payable were 4.8% and 2.0%, respectively, with maturity dates ranging from June 2022 to September 2031. Repayments During 2021 During the year ended December 31, 2021, we (i) prepaid non-recourse mortgage loans totaling $745.1 million, and (ii) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $32.7 million. We recognized an aggregate net loss on extinguishment of debt of $47.2 million on these repayments, primarily comprised of prepayment penalties totaling $45.2 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 4.8%. Repayments During 2020 During the year ended December 31, 2020, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $225.9 million and (ii) prepaid non-recourse mortgage loans totaling $68.5 million. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 5.1%. Amounts are based on the exchange rate of the related foreign currency as of the date of repayment, as applicable. Interest Paid For the years ended December 31, 2021, 2020, and 2019, interest paid was $190.8 million, $190.6 million, and $208.4 million, respectively. Foreign Currency Exchange Rate Impact During the year ended December 31, 2021, the U.S. dollar strengthened against the euro, resulting in an aggregate decrease of $274.8 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 December 31, 2021. Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2021 are as follows (in thousands): Years Ending December 31, Total (a) 2022 $ 45,787 2023 190,921 2024 1,105,454 2025 1,231,816 2026 948,371 Thereafter through 2033 3,328,988 Total principal payments 6,851,337 Unamortized discount, net (b) (30,911) Unamortized deferred financing costs (28,810) Total $ 6,791,616 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2021. (b) Represents the unamortized discount on the Senior Unsecured Notes of $29.2 million in aggregate, unamortized discount, net, of $0.8 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, and unamortized discount of $0.9 million on the Term Loan.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2021, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity	Equity Common Stock Dividends paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. Our dividends per share are summarized as follows: Dividends Paid During the Years Ended December 31, 2021 2020 2019 Ordinary income $ 3.3300 $ 3.3112 $ 3.1939 Return of capital 0.5407 — 0.9194 Capital gains 0.3253 0.8528 0.0187 Total dividends paid (a) $ 4.1960 $ 4.1640 $ 4.1320 __________ (a) A portion of dividends paid during 2019 has been applied to 2018 for income tax purposes. During the fourth quarter of 2021, our Board declared a quarterly dividend of $1.055 per share, which was paid on January 14, 2022 to stockholders of record as of December 31, 2021. Earnings Per Share U nder current authoritative guidance for determining earnings per share, all nonvested share-based payment awards that contain non-forfeitable rights to dividends are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. We apply the two-class method of computing earnings per share because during prior years, certain of our nonvested RSUs contained rights to receive non-forfeitable dividend equivalents or dividends. The calculation of earnings per share below excludes the income attributable to the nonvested participating RSUs from the numerator and such nonvested shares in the denominator. The following table summarizes basic and diluted earnings (dollars in thousands) : Years Ended December 31, 2021 2020 2019 Net income attributable to W. P. Carey $ 409,988 $ 455,359 $ 305,243 Net income attributable to nonvested participating RSUs — — (77) Net income – basic and diluted $ 409,988 $ 455,359 $ 305,166 Weighted-average shares outstanding – basic 182,486,476 174,504,406 171,001,430 Effect of dilutive securities 640,622 335,022 297,984 Weighted-average shares outstanding – diluted 183,127,098 174,839,428 171,299,414 For the years ended December 31, 2021, 2020, and 2019, there were no potentially dilutive securities excluded from the computation of diluted earnings per share. At-The-Market Equity Offering Program On August 9, 2019, we filed a prospectus supplement with the SEC, pursuant to which we may offer and sell shares of our common stock from time to time, up to an aggregate gross sales price of $750.0 million, through a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks. The related equity sales agreement contemplates that, in addition to issuing shares of our common stock through or to the banks acting as sales agents or as principal for their own accounts, we may also enter into separate forward sale agreements with participating banks or their affiliates acting as forward purchasers. Effective as of that date, we terminated a prior ATM Program that was established on February 27, 2019. Previously, on February 27, 2019, we also terminated an earlier ATM Program that was established on March 1, 2017. During the year ended December 31, 2021, we issued 4,690,073 shares of our common stock under our current ATM Program at a weighted-average price of $73.42 per share for net proceeds of $340.0 million. During the year ended December 31, 2020, we issued 2,500 shares of our common stock under our current ATM Program at a weighted-average price of $72.05 per share for net proceeds of $0.2 million. During the year ended December 31, 2019, we issued 6,672,412 shares of our common stock under our current and former ATM Programs at a weighted-average price of $79.70 per share for net proceeds of $523.3 million. As of December 31, 2021, $272.1 million remained available for issuance under our current ATM Program. See Note 1 7 , Subsequent Events for issuances under our current ATM Program subsequent to December 31, 2021 and through the date of this Report. Forward Equity Offering 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 December 31, 2021 June 2020 Equity Forwards (c) 6/17/2020 5,462,500 $ 70.00 $ 382,375 — June 2021 Equity Forwards (c) 6/7/2021 6,037,500 75.30 454,624 — August 2021 Equity Forwards 8/9/2021 5,175,000 78.00 403,650 3,925,000 3,925,000 __________ (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 year ended December 31, 2021. The following table sets forth certain information regarding the settlement of our Equity Forwards during the periods presented (dollars in thousands): Years Ended December 31, 2021 2020 Shares of common stock delivered 9,798,209 2,951,791 Net proceeds $ 697,044 $ 199,716 Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Balance at January 1, 2019 $ 14,102 $ (269,091) $ (7) $ (254,996) Other comprehensive income before reclassifications 12,031 376 7 12,414 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (15,341) — — (15,341) Interest expense 2,256 — — 2,256 Total (13,085) — — (13,085) Net current period other comprehensive loss (1,054) 376 7 (671) Balance at December 31, 2019 13,048 (268,715) — (255,667) Other comprehensive income before reclassifications (23,124) 47,746 — 24,622 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (10,672) — — (10,672) Interest expense 1,818 — — 1,818 Total (8,854) — — (8,854) Net current period other comprehensive income (31,978) 47,746 — 15,768 Net current period other comprehensive income attributable to noncontrolling interests (7) — — (7) Balance at December 31, 2020 (18,937) (220,969) — (239,906) Other comprehensive income before reclassifications 35,227 (35,736) 18,688 18,179 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 932 — — 932 Non-operating income (854) — — (854) Total 78 — — 78 Net current period other comprehensive income 35,305 (35,736) 18,688 18,257 Net current period other comprehensive income attributable to noncontrolling interests (21) — — (21) Balance at December 31, 2021 $ 16,347 $ (256,705) $ 18,688 $ (221,670) See Note 9 for additional information on our derivatives activity recognized within Other comprehensive income (loss) for the periods presented.

Stock-Based Compensation and Ot

Stock-Based Compensation and Other Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based and Other Compensation	Stock-Based and Other Compensation Stock-Based Compensation At December 31, 2021, we maintained several stock-based compensation plans as described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $24.9 million, $15.9 million, and $18.8 million for the years ended December 31, 2021, 2020, and 2019, respectively, which was included in Stock-based compensation expense in the consolidated financial statements. The tax benefit recognized by us related to these awards totaled $0.8 million, $4.7 million, and $5.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. The tax benefits for the years ended December 31, 2021, 2020, and 2019 were reflected as a deferred tax benefit within (Provision for) benefit from income taxes in the consolidated financial statements. 2017 Share Incentive Plan We maintain the 2017 Share Incentive Plan, which authorizes the issuance of up to 4,000,000 shares of our common stock. The 2017 Share Incentive Plan provides for the grant of various stock- and cash-based awards, including (i) share options, (ii) RSUs, (iii) PSUs, (iv) RSAs, and (v) dividend equivalent rights. At December 31, 2021, 2,638,367 shares remained available for issuance under the 2017 Share Incentive Plan, which is more fully described in the 2019 Annual Report. Employee Share Purchase Plan We sponsor an employee share purchase plan (“ESPP”) pursuant to which eligible employees may contribute up to 10% of compensation, subject to certain limits, to purchase our common stock semi-annually at a price equal to 90% of the fair market value at certain plan defined dates. Compensation expense under this plan for each of the years ended December 31, 2021, 2020, and 2019 was less than $0.1 million. Cash received from purchases under the ESPP during the years ended December 31, 2021, 2020, and 2019 was $0.3 million, $0.4 million, and $0.3 million, respectively. Restricted and Conditional Awards Nonvested RSAs, RSUs, and PSUs at December 31, 2021 and changes during the years ended December 31, 2021 , 2020, and 2019 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Nonvested at January 1, 2019 277,002 $ 62.41 331,216 $ 78.82 Granted 163,447 72.86 84,006 92.16 Vested (a) (152,364) 62.11 (403,701) 74.04 Forfeited (4,108) 68.10 (2,829) 75.81 Adjustment (b) — — 322,550 77.69 Nonvested at December 31, 2019 283,977 68.51 331,242 80.90 Granted 146,162 81.02 90,518 104.65 Vested (a) (163,607) 69.62 (156,838) 80.42 Forfeited (5,555) 71.69 (6,715) 88.94 Adjustment (b) — — 3,806 62.07 Nonvested at December 31, 2020 260,977 74.75 262,013 88.99 Granted (c) 194,940 66.40 134,290 86.19 Vested (a) (137,267) 71.99 (151,678) 76.04 Forfeited (11,656) 60.98 (16,463) 93.91 Adjustment (b) — — 170,093 71.17 Nonvested at December 31, 2021 (d) 306,994 $ 71.21 398,255 $ 86.86 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2021, 2020, and 2019 was $21.4 million, $24.0 million, and $39.4 million, respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2021 and 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. (b) Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest. (c) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the year ended December 31, 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. (d) At December 31, 2021, total unrecognized compensation expense related to these awards was approximately $25.5 million, with an aggregate weighted-average remaining term of 1.7 years. At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest (based upon the extent to which we have met and expect to meet the performance goals) and where appropriate, revise our estimate and associated expense. We do not revise the associated expense on PSUs expected to vest based on market performance. Upon vesting, the RSUs and PSUs may be converted into shares of our common stock. Both the RSUs and PSUs carry dividend equivalent rights. Dividend equivalent rights on RSUs issued under the predecessor employee plan are paid in cash on a quarterly basis, whereas dividend equivalent rights on RSUs issued under the 2017 Share Incentive Plan are accrued and paid in cash only when the underlying shares vest, which is generally on an annual basis. Dividend equivalents on PSUs accrue during the performance period and are converted into additional shares of common stock at the conclusion of the performance period to the extent the PSUs vest. Dividend equivalent rights are accounted for as a reduction to retained earnings to the extent that the awards are expected to vest. Profit-Sharing Plan We sponsor a qualified profit-sharing plan and trust that generally permits all employees, as defined by the plan, to make pre-tax contributions into the plan. We are under no obligation to contribute to the plan and the amount of any contribution is determined by and at the discretion of our Board. In December 2021, 2020, and 2019, our Board determined that the contribution to the plan for each of those respective years would be 10% of an eligible participant’s cash compensation, up to the legal maximum allowable in each of those years of $29,000 for 2021, $28,500 for 2020, and $28,000 for 2019. For the years ended December 31, 2021, 2020, and 2019, amounts expensed for contributions to the trust were $2.2 million, $1.9 million, and $2.1 million, respectively, which were included in General and administrative expenses in the consolidated financial statements. The profit-sharing plan is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Provision The components of our provision for (benefit from) income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2021 2020 2019 Federal Current $ (405) $ (1,118) $ 407 Deferred (a) 17 (33,040) 9,579 (388) (34,158) 9,986 State and Local Current 3,008 3,284 (3,814) Deferred (a) (30) (7,756) (376) 2,978 (4,472) (4,190) Foreign Current 30,599 26,137 20,363 Deferred (4,703) (8,266) 52 25,896 17,871 20,415 Total Provision for (Benefit from) Income Taxes $ 28,486 $ (20,759) $ 26,211 A reconciliation of effective income tax for the periods presented is as follows (in thousands): Years Ended December 31, 2021 2020 2019 Pre-tax income (loss) attributable to taxable subsidiaries (b) (c) $ 37,861 $ (56,789) $ 74,754 Federal provision at statutory tax rate (21%) $ 7,951 $ (11,926) $ 15,698 Change in valuation allowance 13,178 13,946 11,041 Non-deductible expense 3,148 6,303 5,313 State and local taxes, net of federal benefit 2,713 2,336 4,062 Windfall tax benefit (1,375) (2,132) (5,183) Rate differential (d) (232) (632) (6,820) Non-taxable income — (2) 103 Revocation of TRS Status (a) — (37,249) — Tax expense related to allocation of goodwill based on portion of Investment Management business sold ( Note 3 ) — 7,203 — Other 3,103 1,394 1,997 Total provision for (benefit from) income taxes $ 28,486 $ (20,759) $ 26,211 __________ (a) Amount for the year ended December 31, 2020 includes an aggregate deferred tax benefit of $37.2 million as a result of the release of a deferred tax liability relating to our investment in shares of Lineage Logistics ( Note 8 ), which converted to a REIT during the year and is therefore no longer subject to federal and state income taxes (b) Pre-tax loss attributable to taxable subsidiaries for 2020 was primarily driven by: (i) a portion of the other-than-temporary impairment charges totaling $47.1 million recognized on our equity method investments in CWI 1 and CWI 2 ( Note 8 ), (ii) the allocation of $34.3 million of goodwill within our Investment Management segment as a result of the WLT management internalization ( Note 3 ), and (iii) an impairment charge of $12.6 million recognized on an international property ( Note 8 ). (c) Pre-tax income attributable to taxable subsidiaries for 2019 includes unrealized gains on our investment in shares of Lineage Logistics totaling $32.9 million (prior to its REIT conversion in 2020, as described below) ( Note 8 ). (d) Amount for the year ended December 31, 2019 includes a current tax benefit of approximately $6.3 million due to a change in tax position for state and local taxes. Benefit from income taxes for the year ended December 31, 2020 includes a deferred tax benefit of $6.3 million as a result of the other-than-temporary impairment charges that we recognized on our equity method investments in CWI 1 and CWI 2 during the year ( Note 8 ). In light of the COVID-19 outbreak during the first quarter of 2020, we continue to monitor domestic and international tax considerations and the potential impact on our consolidated financial statements. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (U.S. federal legislation enacted on March 27, 2020 in response to the COVID-19 pandemic) provides that net operating losses incurred in 2018, 2019, or 2020 may be carried back to offset taxable income earned during the five-year period prior to the year in which the net operating loss was incurred. As a result, we recognized a $4.7 million current tax benefit during the year ended December 31, 2020 by carrying back certain net operating losses, which is included in Benefit from income taxes disclosed in the tables above. Deferred Income Taxes Deferred income taxes at December 31, 2021 and 2020 consist of the following (in thousands): December 31, 2021 2020 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 55,147 $ 49,869 Basis differences — foreign investments 52,705 43,089 Unearned and deferred compensation 15,895 9,753 Lease liabilities (a) 14,752 14,144 Other 374 — Total deferred tax assets 138,873 116,855 Valuation allowance (108,812) (86,069) Net deferred tax assets 30,061 30,786 Deferred Tax Liabilities Basis differences — foreign investments (145,524) (145,838) ROU assets (a) (12,637) (12,618) Basis differences — equity investees (1,195) (2,364) Deferred revenue — (97) Other — (632) Total deferred tax liabilities (159,356) (161,549) Net Deferred Tax Liability $ (129,295) $ (130,763) __________ (a) Balances represent our basis differences for our office leases on domestic taxable subsidiaries. Basis differences on our foreign ground leases are included within the line item Basis differences — foreign investments. Our deferred tax assets and liabilities are primarily the result of temporary differences related to the following: • Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, we assume the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets; • Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets, as well as unearned and deferred compensation; • Basis differences in equity investments represents fees earned in shares recognized under GAAP into income and deferred for U.S. taxes based upon a share vesting schedule; and • Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions, that may be realized in future periods if the respective subsidiary generates sufficient taxable income. Certain net operating losses and interest carryforwards were subject to limitations as a result of the CPA:17 Merger, and thus could not be applied to reduce future income tax liabilities. As of December 31, 2021, U.S. federal and state net operating loss carryforwards were $21.0 million and $12.7 million, respectively, which will begin to expire in 2033. As of December 31, 2021, net operating loss carryforwards in foreign jurisdictions were $84.2 million, which will begin to expire in 2022. The net deferred tax liability in the table above is comprised of deferred tax asset balances, net of certain deferred tax liabilities and valuation allowances, of $16.3 million and $15.1 million at December 31, 2021 and 2020, respectively, which are included in Other assets, net in the consolidated balance sheets, and other deferred tax liability balances of $145.6 million and $145.8 million at December 31, 2021 and 2020, respectively, which are included in Deferred income taxes in the consolidated balance sheets. Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2021 2020 Beginning balance $ 6,312 $ 5,756 Decrease due to lapse in statute of limitations (508) (783) Foreign currency translation adjustments (451) 515 Addition based on tax positions related to the current year 326 591 Addition based on tax positions related to the prior year 315 233 Ending balance $ 5,994 $ 6,312 At December 31, 2021 and 2020, we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. These unrecognized tax benefits are recorded as liabilities within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2021 and 2020, we had approximately $2.1 million and $1.7 million, respectively, of accrued interest related to uncertain tax positions. Income Taxes Paid Income taxes paid were $44.3 million, $43.5 million, and $35.3 million for the years ended December 31, 2021, 2020, and 2019, respectively. Real Estate Operations We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business primarily in North America and Europe, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state, local, and foreign jurisdictions. Investment Management Operations We conduct our investment management services in our Investment Management segment through TRSs. Our use of TRSs enables us to engage in certain businesses while complying with the REIT qualification requirements and also allows us to retain income generated by these businesses for reinvestment without the requirement to distribute those earnings. Certain of our inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation. Periodically, shares in the Managed REITs that are payable to our TRSs in consideration of services rendered are distributed from TRSs to us. Tax authorities in the relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2016 through 2020 or any ongoing audits remain open to adjustment in the major tax jurisdictions.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions We have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may decide to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. All property dispositions are recorded within our Real Estate segment and are also discussed in Note 4 and Note 5 . 2021 — During the year ended December 31, 2021, we sold 24 properties for total proceeds, net of selling costs, of $163.6 million, and recognized a net gain on these sales totaling $40.4 million (inclusive of income taxes totaling $4.7 million recognized upon sale). 2020 — During the year ended December 31, 2020, we sold 22 properties for total proceeds, net of selling costs, of $366.5 million (inclusive of $4.7 million attributable to a noncontrolling interest), and recognized a net gain on these sales totaling $109.4 million (inclusive of income taxes totaling $3.0 million recognized upon sale and $0.6 million attributable to a noncontrolling interest). Disposition activity included the sale of one of our two hotel operating properties in January 2020 for total proceeds, net of selling costs, of $103.5 million (inclusive of $4.7 million attributable to a noncontrolling interest). 2019 — During the year ended December 31, 2019, we sold 14 properties for total proceeds, net of selling costs, of $308.0 million and recognized a net gain on these sales totaling $10.9 million (inclusive of income taxes totaling $1.2 million recognized upon sale). In June 2019, a loan receivable was repaid in full to us for $9.3 million, which resulted in a net loss of $0.1 million. In October 2019, we transferred ownership of six properties and the related non-recourse mortgage loan, which had an aggregate asset carrying value of $42.3 million and a mortgage carrying value of $43.4 million (including a $13.8 million discount on the mortgage loan), respectively, on the date of transfer, to the mortgage lender, resulting in a net gain of $8.3 million (outstanding principal balance was $56.4 million and we wrote off $5.6 million of accrued interest payable). In addition, in December 2019, we transferred ownership of a property and the related non-recourse mortgage loan, which had an aggregate asset carrying value of $10.4 million and a mortgage carrying value of $8.2 million (including a $0.5 million discount on the mortgage loan), respectively, on the date of transfer, to the mortgage lender, resulting in a net loss of $1.0 million (outstanding principal balance was $8.7 million and we wrote off $0.9 million of accrued interest payable).

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We evaluate our results from operations by our two major business segments: Real Estate and Investment Management ( Note 1 ). The following tables present a summary of comparative results and assets for these business segments (in thousands): Real Estate Years Ended December 31, 2021 2020 2019 Revenues Lease revenues $ 1,177,438 $ 1,080,623 $ 987,984 Income from direct financing leases and loans receivable 67,555 74,893 105,112 Lease termination income and other 53,655 11,082 29,547 Operating property revenues (a) 13,478 11,399 50,220 1,312,126 1,177,997 1,172,863 Operating Expenses Depreciation and amortization (b) 475,989 441,948 443,300 General and administrative (b) 81,888 70,127 56,796 Reimbursable tenant costs 62,417 56,409 55,576 Property expenses, excluding reimbursable tenant costs 47,898 44,067 39,545 Stock-based compensation expense (b) 24,881 15,247 13,248 Impairment charges 24,246 35,830 32,539 Operating property expenses 9,848 9,901 38,015 Merger and other expenses (4,597) (937) 101 722,570 672,592 679,120 Other Income and Expenses Interest expense (196,831) (210,087) (233,325) Gain on sale of real estate, net 40,425 109,370 18,143 (Losses) earnings from equity method investments in real estate (19,649) (9,017) 2,361 Non-operating income 13,778 8,970 20,478 Other gains and (losses) (13,676) 37,104 9,773 Loss on change in control of interests — — (8,416) (175,953) (63,660) (190,986) Income before income taxes 413,603 441,745 302,757 (Provision for) benefit from income taxes (28,703) 18,498 (30,802) Net Income from Real Estate 384,900 460,243 271,955 Net (income) loss attributable to noncontrolling interests (134) (731) 110 Net Income from Real Estate Attributable to W. P. Carey $ 384,766 $ 459,512 $ 272,065 Investment Management Years Ended December 31, 2021 2020 2019 Revenues Asset management revenue $ 15,363 $ 22,467 $ 43,356 Reimbursable costs from affiliates 4,035 8,855 16,547 19,398 31,322 59,903 Operating Expenses Reimbursable costs from affiliates 4,035 8,855 16,547 Merger and other expenses 51 1,184 — General and administrative (b) — 5,823 18,497 Subadvisor fees — 1,469 7,579 Depreciation and amortization (b) — 987 3,835 Stock-based compensation expense (b) — 691 5,539 4,086 19,009 51,997 Other Income and Expenses Earnings (losses) from equity method investments in the Managed Programs 8,820 (9,540) 20,868 Other gains and (losses) 791 61 (849) Non-operating income 82 617 2,073 9,693 (8,862) 22,092 Income before income taxes 25,005 3,451 29,998 Benefit from income taxes 217 2,261 4,591 Net Income from Investment Management 25,222 5,712 34,589 Net income attributable to noncontrolling interests — (9,865) (1,411) Net Income (Loss) from Investment Management Attributable to W. P. Carey $ 25,222 $ (4,153) $ 33,178 Total Company Years Ended December 31, 2021 2020 2019 Revenues $ 1,331,524 $ 1,209,319 $ 1,232,766 Operating expenses 726,656 691,601 731,117 Other income and expenses (166,260) (72,522) (168,894) (Provision for) benefit from income taxes (28,486) 20,759 (26,211) Net income attributable to noncontrolling interests (134) (10,596) (1,301) Net income attributable to W. P. Carey $ 409,988 $ 455,359 $ 305,243 Total Assets at December 31, 2021 2020 Real Estate $ 15,344,703 $ 14,582,015 Investment Management 135,927 125,621 Total Company $ 15,480,630 $ 14,707,636 __________ (a) Operating property revenues from our hotels include (i) $7.2 million, $4.0 million, and $15.0 million for the years ended December 31, 2021, 2020, and 2019, 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 and $14.4 million for the years ended December 31, 2020 and 2019, respectively, generated from a hotel in Miami, Florida, which was sold in January 2020 ( Note 15 ). (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. Our portfolio is comprised of domestic and international investments. At December 31, 2021, our international investments within our Real Estate segment were comprised of investments in Germany, Spain, the Netherlands, Poland, the United Kingdom, Italy, France, Croatia, Denmark, Canada, Finland, Mexico, Norway, Hungary, Portugal, Lithuania, the Czech Republic, Sweden, Slovakia, Austria, Japan, Latvia, and Estonia. We sold our only remaining investment in Belgium during 2021. No tenant or international country individually comprised at least 10% of our total lease revenues for the years ended December 31, 2021, 2020, or 2019, or at least 10% of our total long-lived assets at December 31, 2021 or 2020. Revenues and assets within our Investment Management segment are entirely domestic. The following tables present the geographic information for our Real Estate segment (in thousands): Years Ended December 31, 2021 2020 2019 Revenues Domestic $ 860,961 $ 756,763 $ 783,828 International 451,165 421,234 389,035 Total $ 1,312,126 $ 1,177,997 $ 1,172,863 December 31, 2021 2020 Long-lived Assets (a) Domestic $ 8,170,448 $ 7,589,805 International 4,866,921 4,796,767 Total $ 13,037,369 $ 12,386,572 Equity Investments in Real Estate Domestic $ 236,643 $ 152,451 International 55,260 74,438 Total $ 291,903 $ 226,889 __________ (a) Consists of Net investments in real estate. In 2021, we reclassified loans receivable to be included within Net investments in real estate ( Note 2 ). As a result, Net investments in real estate as of December 31, 2020 has been revised to conform to the current period presentation.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisitions In January and February 2022, we completed two acquisitions totaling approximately $166.3 million (based on the exchange rate of the euro on the date of acquisition, as applicable). Dispositions In January and February 2022, we sold two domestic properties for gross proceeds totaling $19.3 million. These properties were classified as held for sale as of December 31, 2021 ( Note 4 ). Dividend from and Redemption of our Investment in Preferred Shares of WLT In January 2022, we received a $0.9 million cash dividend from our investment in preferred shares of WLT ( Note 8 ). In addition, in January 2022, our investment in 1,300,000 preferred shares of WLT was redeemed in full, for gross proceeds of $65.0 million (based on a liquidation preference of $50.00 per share, as described in Note 3 ). Issuances Under our ATM Program In January 2022, we issued 593,060 shares of our common stock under our current ATM Program at a weighted-average price of $81.29 per share for net proceeds of approximately $47 million. As of the date of this Report, approximately $223.9 million remained available for issuance under our current ATM Program ( Note 12 ). Dividend from our Investment in Shares of Lineage Logistics In February 2022, we received a cash dividend of $4.3 million from our investment in shares of Lineage Logistics ( Note 8 ). CESH Distribution In January 2022, we received a distribution from our investment in CESH of $1.2 million ( N o te 7 ).

Schedule II - Valuation And Qua

Schedule II - Valuation And Qualifying Accounts	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	W. P. CAREY INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2021, 2020, and 2019 (in thousands) Description Balance at Other Additions Deductions Balance at Year Ended December 31, 2021 Valuation reserve for deferred tax assets $ 86,069 $ 40,895 $ (18,152) $ 108,812 Year Ended December 31, 2020 Valuation reserve for deferred tax assets $ 73,643 $ 31,470 $ (19,044) $ 86,069 Year Ended December 31, 2019 Valuation reserve for deferred tax assets $ 54,499 $ 22,384 $ (3,240) $ 73,643

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III- Real Estate and Accumulated Depreciation	W. P. CAREY INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2021 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Land, Buildings and Improvements Subject to Operating Leases Industrial facilities in Erlanger, KY $ — $ 1,526 $ 21,427 $ 2,966 $ (84) $ 1,526 $ 24,309 $ 25,835 $ 14,823 1979; 1987 Jan. 1998 40 yrs. Industrial facilities in Thurmont, MD and Farmington, NY — 729 5,903 — — 729 5,903 6,632 3,026 1964; 1983 Jan. 1998 15 yrs. Warehouse facilities in Anchorage, AK and Commerce, CA — 4,905 11,898 — 12 4,905 11,910 16,815 6,994 1948; 1975 Jan. 1998 40 yrs. Industrial facility in Toledo, OH — 224 2,408 — — 224 2,408 2,632 1,906 1966 Jan. 1998 40 yrs. Industrial facility in Goshen, IN — 239 940 — — 239 940 1,179 557 1973 Jan. 1998 40 yrs. Office facility in Raleigh, NC — 1,638 2,844 187 (2,554) 828 1,287 2,115 1,027 1983 Jan. 1998 20 yrs. Office facility in King of Prussia, PA — 1,219 6,283 1,295 — 1,219 7,578 8,797 4,430 1968 Jan. 1998 40 yrs. Industrial facility in Pinconning, MI — 32 1,692 — — 32 1,692 1,724 1,015 1948 Jan. 1998 40 yrs. Industrial facilities in Sylmar, CA — 2,052 5,322 — (1,889) 1,494 3,991 5,485 2,406 1962; 1979 Jan. 1998 40 yrs. Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas — 9,382 — 238 14,696 9,025 15,291 24,316 8,644 Various Jan. 1998 15 yrs. Industrial facility in Glendora, CA — 1,135 — — 1,942 1,152 1,925 3,077 577 1950 Jan. 1998 10 yrs. Warehouse facility in Doraville, GA — 3,288 9,864 17,079 (11,410) 3,288 15,533 18,821 2,285 2016 Jan. 1998 40 yrs. Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX — 3,490 72,497 3,513 (15,608) 288 63,604 63,892 22,296 1989; 1999 Jan. 1998 40 yrs. Land in Irving and Houston, TX — 9,795 — — — 9,795 — 9,795 — N/A Jan. 1998 N/A Industrial facility in Chandler, AZ — 5,035 18,957 8,373 516 5,035 27,846 32,881 15,946 1989 Jan. 1998 40 yrs. Office facility in Bridgeton, MO — 842 4,762 2,523 (196) 842 7,089 7,931 4,039 1972 Jan. 1998 40 yrs. Retail facility in Waterford Township, MI — 1,039 4,788 236 (2,297) 494 3,272 3,766 1,428 1972 Jan. 1998 35 yrs. Warehouse facility in Memphis, TN — 1,882 3,973 294 (3,892) 328 1,929 2,257 1,483 1969 Jan. 1998 15 yrs. Industrial facility in Romulus, MI — 454 6,411 525 — 454 6,936 7,390 2,071 1970 Jan. 1998 10 yrs. Retail facility in Bellevue, WA — 4,125 11,812 393 (123) 4,371 11,836 16,207 6,874 1994 Apr. 1998 40 yrs. Office facility in Rio Rancho, NM — 1,190 9,353 5,866 (238) 2,287 13,884 16,171 7,136 1999 Jul. 1998 40 yrs. Office facility in Moorestown, NJ — 351 5,981 1,667 1 351 7,649 8,000 4,682 1964 Feb. 1999 40 yrs. Industrial facilities in Lenexa, KS and Winston-Salem, NC — 1,860 12,539 3,075 (1,135) 1,725 14,614 16,339 7,746 1968; 1980 Sep. 2002 40 yrs. Office facilities in Playa Vista and Venice, CA 20,058 2,032 10,152 52,817 1 5,889 59,113 65,002 18,865 1991; 1999 Sep. 2004; Sep. 2012 40 yrs. Warehouse facility in Greenfield, IN — 2,807 10,335 223 (8,383) 967 4,015 4,982 2,144 1995 Sep. 2004 40 yrs. Retail facility in Hot Springs, AR — 850 2,939 2 (2,614) — 1,177 1,177 510 1985 Sep. 2004 40 yrs. Warehouse facilities in Apopka, FL — 362 10,855 1,195 (155) 337 11,920 12,257 4,628 1969 Sep. 2004 40 yrs. Land in San Leandro, CA — 1,532 — — — 1,532 — 1,532 — N/A Dec. 2006 N/A SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Fitness facility in Austin, TX — 1,725 5,168 — — 1,725 5,168 6,893 2,735 1995 Dec. 2006 29 yrs. Retail facility in Wroclaw, Poland — 3,600 10,306 — (3,664) 2,832 7,410 10,242 2,576 2007 Dec. 2007 40 yrs. Office facility in Fort Worth, TX — 4,600 37,580 186 — 4,600 37,766 42,366 11,240 2003 Feb. 2010 40 yrs. Warehouse facility in Mallorca, Spain — 11,109 12,636 — (1,230) 10,514 12,001 22,515 3,472 2008 Jun. 2010 40 yrs. Net-lease hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA — 32,680 198,999 — — 32,680 198,999 231,679 50,737 1989; 1990 Sep. 2012 34 - 37 yrs. Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH — 4,403 20,298 — (3,870) 2,589 18,242 20,831 5,276 1968; 1975; 1995 Sep. 2012; Jan. 2014 30 yrs. Office facility in Irvine, CA — 4,173 — — 13,766 4,173 13,766 17,939 224 1981 Sep. 2012 31 yrs. Industrial facility in Alpharetta, GA — 2,198 6,349 1,247 — 2,198 7,596 9,794 2,383 1997 Sep. 2012 30 yrs. Office facility in Clinton, NJ 13,360 2,866 34,834 — (16,301) 2,866 18,533 21,399 10,570 1987 Sep. 2012 30 yrs. Office facilities in St. Petersburg, FL — 3,280 24,627 3,288 — 3,280 27,915 31,195 8,089 1996; 1999 Sep. 2012 30 yrs. Movie theater in Baton Rouge, LA — 4,168 5,724 3,200 — 4,168 8,924 13,092 2,700 2003 Sep. 2012 30 yrs. Industrial and office facility in San Diego, CA — 7,804 16,729 5,415 (832) 7,804 21,312 29,116 6,778 2002 Sep. 2012 30 yrs. Industrial facility in Richmond, CA — 895 1,953 — — 895 1,953 2,848 604 1999 Sep. 2012 30 yrs. Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX — 16,386 84,668 8,737 — 16,386 93,405 109,791 26,470 Various Sep. 2012 30 yrs. Industrial facilities in Rocky Mount, NC and Lewisville, TX — 2,163 17,715 609 (8,389) 1,132 10,966 12,098 3,341 1948; 1989 Sep. 2012 30 yrs. Industrial facilities in Chattanooga, TN — 558 5,923 — — 558 5,923 6,481 1,810 1974; 1989 Sep. 2012 30 yrs. Industrial facility in Mooresville, NC — 756 9,775 — — 756 9,775 10,531 2,979 1997 Sep. 2012 30 yrs. Industrial facility in McCalla, AL — 960 14,472 42,662 (254) 2,076 55,764 57,840 10,959 2004 Sep. 2012 31 yrs. Office facility in Lower Makefield Township, PA — 1,726 12,781 4,378 — 1,726 17,159 18,885 4,847 2002 Sep. 2012 30 yrs. Industrial facility in Fort Smith, AZ — 1,063 6,159 — — 1,063 6,159 7,222 1,857 1982 Sep. 2012 30 yrs. Retail facilities in Greenwood, IN and Buffalo, NY 3,035 — 19,990 — — — 19,990 19,990 5,963 2000; 2003 Sep. 2012 30 - 31 yrs. Industrial facilities in Bowling Green, KY and Jackson, TN — 1,492 8,182 600 — 1,492 8,782 10,274 2,481 1989; 1995 Sep. 2012 31 yrs. Education facilities in Rancho Cucamonga, CA and Exton, PA — 14,006 33,683 9,428 (20,142) 6,638 30,337 36,975 6,893 2004 Sep. 2012 31 - 32 yrs. Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA — 6,559 19,078 3,285 — 6,559 22,363 28,922 5,859 Various Sep. 2012 31 yrs. Industrial and warehouse facility in Mesquite, TX — 2,702 13,029 — — 2,702 13,029 15,731 85 1972 Sep. 2012 31 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Initial Cost to Company Description Encumbrances Land Buildings Land Buildings Total Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY — 6,080 23,424 — — 6,080 23,424 29,504 6,931 1990; 1994; 2000 Sep. 2012 31 yrs. Fitness facilities in Memphis TN and Bedford, TX — 4,877 4,258 5,215 1,156 3,023 12,483 15,506 4,557 1990; 1995 Sep. 2012 31 yrs. Warehouse facilities in Oceanside, CA and Concordville, PA 1,487 3,333 8,270 — — 3,333 8,270 11,603 2,454 1989; 1996 Sep. 2012 31 yrs. Net-lease self-storage facilities located throughout the United States — 74,551 319,186 — (50) 74,501 319,186 393,687 93,694 Various Sep. 2012 31 yrs. Warehouse facility in La Vista, NE 17,740 4,196 23,148 — — 4,196 23,148 27,344 6,403 2005 Sep. 2012 33 yrs. Office facility in Pleasanton, CA — 3,675 7,468 — — 3,675 7,468 11,143 2,186 2000 Sep. 2012 31 yrs. Office facility in San Marcos, TX — 440 688 — — 440 688 1,128 201 2000 Sep. 2012 31 yrs. Office facility in Chicago, IL — 2,169 19,010 83 (72) 2,169 19,021 21,190 5,522 1910 Sep. 2012 31 yrs. Industrial facilities in Hollywood and Orlando, FL — 3,639 1,269 — — 3,639 1,269 4,908 369 1996 Sep. 2012 31 yrs. Warehouse facility in Golden, CO — 808 4,304 77 — 808 4,381 5,189 1,399 1998 Sep. 2012 30 yrs. Industrial facility in Texarkana, TX — 1,755 4,493 — (2,783) 216 3,249 3,465 944 1997 Sep. 2012 31 yrs. Industrial facility in South Jordan, UT — 2,183 11,340 1,642 — 2,183 12,982 15,165 3,656 1995 Sep. 2012 31 yrs. Warehouse facility in Ennis, TX — 478 4,087 145 (145) 478 4,087 4,565 1,187 1989 Sep. 2012 31 yrs. Office facility in Paris, France — 23,387 43,450 703 (7,980) 20,597 38,963 59,560 10,876 1975 Sep. 2012 32 yrs. Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland — 26,564 72,866 — (11,902) 23,354 64,174 87,528 24,959 Various Sep. 2012 23 - 34 yrs. Industrial facilities in Danbury, CT and Bedford, MA — 3,519 16,329 — — 3,519 16,329 19,848 5,061 1965; 1980 Sep. 2012 29 yrs. Industrial facility in Brownwood, TX — 722 6,268 — — 722 6,268 6,990 1,254 1964 Sep. 2012 15 yrs. Industrial facility in Rochester, MN — 809 14,236 — — 809 14,236 15,045 208 1997 Sep. 2012 31 yrs. Industrial and office facility in Tampere, Finland — 2,309 37,153 — (5,177) 1,981 32,304 34,285 8,857 2012 Jun. 2013 40 yrs. Office facility in Quincy, MA — 2,316 21,537 127 — 2,316 21,664 23,980 5,031 1989 Jun. 2013 40 yrs. Office facility in Salford, United Kingdom — — 30,012 — (4,152) — 25,860 25,860 5,505 1997 Sep. 2013 40 yrs. Office facility in Lone Tree, CO — 4,761 28,864 3,381 — 4,761 32,245 37,006 7,769 2001 Nov. 2013 40 yrs. Office facility in Mönchengladbach, Germany 30,302 2,154 6,917 50,626 (1,254) 2,175 56,268 58,443 8,627 2015 Dec. 2013 40 yrs. Fitness facility in Houston, TX — 2,430 2,270 — — 2,430 2,270 4,700 802 1995 Jan. 2014 23 yrs. Fitness facility in St. Charles, MO — 1,966 1,368 1,352 — 1,966 2,720 4,686 962 1987 Jan. 2014 27 yrs. Office facility in Scottsdale, AZ — 22,300 42,329 — — 22,300 42,329 64,629 1,788 1977 Jan. 2014 34 yrs. Industrial facility in Aurora, CO — 737 2,609 — — 737 2,609 3,346 654 1985 Jan. 2014 32 yrs. Warehouse facility in Burlington, NJ — 3,989 6,213 377 — 3,989 6,590 10,579 2,058 1999 Jan. 2014 26 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Cost Capitalized (a) Increase (b) Gross Amount at which (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Initial Cost to Company Description Encumbrances Land Buildings Land Buildings Total Industrial facility in Albuquerque, NM — 2,467 3,476 606 — 2,467 4,082 6,549 1,223 1993 Jan. 2014 27 yrs. Industrial facility in North Salt Lake, UT — 10,601 17,626 — (16,936) 4,388 6,903 11,291 2,088 1981 Jan. 2014 26 yrs. Industrial facility in Lexington, NC — 2,185 12,058 — (2,519) 494 11,230 11,724 3,203 2003 Jan. 2014 28 yrs. Land in Welcome, NC — 980 11,230 — (11,724) 486 — 486 — N/A Jan. 2014 N/A Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD — 4,005 44,192 — — 4,005 44,192 48,197 14,677 1911; 1967; 1982 Jan. 2014 24 yrs. Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN — 8,451 25,457 — 298 8,451 25,755 34,206 7,099 1978; 1979; 1986 Jan. 2014 17 - 34 yrs. Retail facility in Torrance, CA — 8,412 12,241 1,839 (76) 8,335 14,081 22,416 4,584 1973 Jan. 2014 25 yrs. Office facility in Houston, TX — 6,578 424 560 — 6,578 984 7,562 547 1978 Jan. 2014 27 yrs. Land in Doncaster, United Kingdom — 4,257 4,248 — (8,103) 402 — 402 — N/A Jan. 2014 N/A Warehouse facility in Norwich, CT — 3,885 21,342 — 2 3,885 21,344 25,229 5,981 1960 Jan. 2014 28 yrs. Warehouse facility in Norwich, CT — 1,437 9,669 — — 1,437 9,669 11,106 2,710 2005 Jan. 2014 28 yrs. Warehouse facility in Whitehall, PA — 7,435 9,093 26,529 (9,545) 6,983 26,529 33,512 240 2021 Jan. 2014 40 yrs. Retail facility in York, PA — 3,776 10,092 — (6,413) 527 6,928 7,455 1,625 2005 Jan. 2014 34 yrs. Industrial facility in Pittsburgh, PA — 1,151 10,938 — — 1,151 10,938 12,089 3,498 1991 Jan. 2014 25 yrs. Warehouse facilities in Atlanta, GA and Elkwood, VA — 5,356 4,121 — (2,104) 4,284 3,089 7,373 878 1975 Jan. 2014 28 yrs. Warehouse facility in Harrisburg, NC — 1,753 5,840 781 (111) 1,642 6,621 8,263 1,796 2000 Jan. 2014 26 yrs. Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO 2,209 4,306 7,235 — 3 4,306 7,238 11,544 1,894 1978; 1987 Jan. 2014 30 yrs. Industrial facility in Cynthiana, KY 1,130 1,274 3,505 525 (107) 1,274 3,923 5,197 1,107 1967 Jan. 2014 31 yrs. Industrial facilities in Albemarle and Old Fort, NC and Holmesville, OH — 5,507 18,653 — — 5,507 18,653 24,160 145 1955; 1966; 1970 Jan. 2014 32 yrs. Industrial facility in Columbia, SC — 2,843 11,886 — — 2,843 11,886 14,729 4,166 1962 Jan. 2014 23 yrs. Movie theater in Midlothian, VA — 2,824 16,618 — — 2,824 16,618 19,442 1,742 2000 Jan. 2014 40 yrs. Net-lease student housing facility in Laramie, WY — 1,966 18,896 — — 1,966 18,896 20,862 5,383 2007 Jan. 2014 33 yrs. Warehouse facilities in Mendota, IL; Toppenish, WA; and Plover, WI — 1,444 21,208 — (623) 1,382 20,647 22,029 7,291 1996 Jan. 2014 23 yrs. Office facility in Sunnyvale, CA — 9,297 24,086 — (14,792) 7,306 11,285 18,591 11,285 1981 Jan. 2014 31 yrs. Industrial facilities in Hampton, NH — 8,990 7,362 — — 8,990 7,362 16,352 1,921 1976 Jan. 2014 30 yrs. Industrial facilities located throughout France — 36,306 5,212 337 6,367 26,219 22,003 48,222 2,444 Various Jan. 2014 23 yrs. Retail facility in Fairfax, VA — 3,402 16,353 — — 3,402 16,353 19,755 4,916 1998 Jan. 2014 26 yrs. Retail facility in Lombard, IL — 5,087 8,578 — — 5,087 8,578 13,665 2,578 1999 Jan. 2014 26 yrs. Warehouse facility in Plainfield, IN — 1,578 29,415 706 — 1,578 30,121 31,699 7,710 1997 Jan. 2014 30 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Retail facility in Kennesaw, GA — 2,849 6,180 5,530 (76) 2,773 11,710 14,483 3,369 1999 Jan. 2014 26 yrs. Retail facility in Leawood, KS — 1,487 13,417 — — 1,487 13,417 14,904 4,033 1997 Jan. 2014 26 yrs. Office facility in Tolland, CT — 1,817 5,709 — 11 1,817 5,720 7,537 1,651 1968 Jan. 2014 28 yrs. Warehouse facilities in Lincolnton, NC and Mauldin, SC — 1,962 9,247 — — 1,962 9,247 11,209 2,607 1988; 1996 Jan. 2014 28 yrs. Retail facilities located throughout Germany — 81,109 153,927 10,510 (135,774) 27,939 81,833 109,772 21,202 Various Jan. 2014 Various Office facility in Southfield, MI — 1,726 4,856 89 — 1,726 4,945 6,671 1,264 1985 Jan. 2014 31 yrs. Office facility in The Woodlands, TX — 3,204 24,997 — — 3,204 24,997 28,201 6,282 1997 Jan. 2014 32 yrs. Warehouse facilities in Valdosta, GA and Johnson City, TN — 1,080 14,998 1,841 — 1,080 16,839 17,919 4,726 1978; 1998 Jan. 2014 27 yrs. Industrial facility in Amherst, NY 6,273 674 7,971 — — 674 7,971 8,645 2,815 1984 Jan. 2014 23 yrs. Industrial and warehouse facilities in Westfield, MA — 1,922 9,755 7,435 9 1,922 17,199 19,121 5,051 1954; 1997 Jan. 2014 28 yrs. Warehouse facility in Kotka, Finland — — 8,546 — (6,971) — 1,575 1,575 1,295 2001 Jan. 2014 23 yrs. Office facility in Bloomington, MN — 2,942 7,155 — — 2,942 7,155 10,097 1,999 1988 Jan. 2014 28 yrs. Warehouse facility in Gorinchem, Netherlands 2,750 1,143 5,648 — (1,141) 951 4,699 5,650 1,313 1995 Jan. 2014 28 yrs. Retail facility in Cresskill, NJ — 2,366 5,482 — 19 2,366 5,501 7,867 1,398 1975 Jan. 2014 31 yrs. Retail facility in Livingston, NJ — 2,932 2,001 — 14 2,932 2,015 4,947 587 1966 Jan. 2014 27 yrs. Retail facility in Montclair, NJ — 1,905 1,403 — 6 1,905 1,409 3,314 410 1950 Jan. 2014 27 yrs. Retail facility in Morristown, NJ — 3,258 8,352 — 26 3,258 8,378 11,636 2,441 1973 Jan. 2014 27 yrs. Retail facility in Summit, NJ — 1,228 1,465 — 8 1,228 1,473 2,701 429 1950 Jan. 2014 27 yrs. Industrial facilities in Georgetown, TX and Woodland, WA — 965 4,113 — — 965 4,113 5,078 965 1998; 2001 Jan. 2014 33 - 35 yrs. Education facilities in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX — 5,365 7,845 — 5 5,365 7,850 13,215 2,233 Various Jan. 2014 28 yrs. Industrial facility in Salisbury, NC — 1,499 8,185 — — 1,499 8,185 9,684 2,335 2000 Jan. 2014 28 yrs. Industrial facility in Twinsburg, OH and office facility in Plymouth, MI — 2,831 10,565 386 (2,244) 2,501 9,037 11,538 2,553 1991; 1995 Jan. 2014 27 yrs. Industrial facility in Cambridge, Canada — 1,849 7,371 — (1,110) 1,626 6,484 8,110 1,643 2001 Jan. 2014 31 yrs. Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN — 2,962 17,832 — — 2,962 17,832 20,794 4,517 Various Jan. 2014 31 yrs. Industrial facility in Ramos Arizpe, Mexico — 1,059 2,886 — — 1,059 2,886 3,945 729 2000 Jan. 2014 31 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Industrial facilities in Salt Lake City, UT — 2,783 3,773 — — 2,783 3,773 6,556 955 1983; 2002 Jan. 2014 31 - 33 yrs. Net-lease student housing facility in Blairsville, PA — 1,631 23,163 — — 1,631 23,163 24,794 6,385 2005 Jan. 2014 33 yrs. Education facility in Mooresville, NC 966 1,795 15,955 — — 1,795 15,955 17,750 501 2002 Jan. 2014 33 yrs. Warehouse facilities in Atlanta, Doraville, and Rockmart, GA — 6,488 77,192 — — 6,488 77,192 83,680 21,418 1959; 1962; 1991 Jan. 2014 23 - 33 yrs. Warehouse facility in Muskogee, OK — 554 4,353 — (3,437) 158 1,312 1,470 317 1992 Jan. 2014 33 yrs. Industrial facility in Richmond, MO — 2,211 8,505 747 — 2,211 9,252 11,463 2,584 1996 Jan. 2014 28 yrs. Industrial facility in Tuusula, Finland — 6,173 10,321 — (2,769) 5,137 8,588 13,725 2,666 1975 Jan. 2014 26 yrs. Office facility in Turku, Finland — 5,343 34,106 1,320 (6,662) 4,445 29,662 34,107 8,091 1981 Jan. 2014 28 yrs. Industrial facility in Turku, Finland — 1,105 10,243 — (1,890) 920 8,538 9,458 2,437 1981 Jan. 2014 28 yrs. Industrial facility in Baraboo, WI — 917 10,663 1,403 — 917 12,066 12,983 6,509 1988 Jan. 2014 13 yrs. Warehouse facility in Phoenix, AZ — 6,747 21,352 380 — 6,747 21,732 28,479 6,211 1996 Jan. 2014 28 yrs. Land in Calgary, Canada — 3,721 — — (448) 3,273 — 3,273 — N/A Jan. 2014 N/A Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX 1,024 955 4,779 — — 955 4,779 5,734 1,220 1950; 1986; 1996 Jan. 2014 31 yrs. Industrial facility in Buffalo Grove, IL 3,523 1,492 12,233 — — 1,492 12,233 13,725 3,132 1996 Jan. 2014 31 yrs. Industrial facilities in West Jordan, UT and Tacoma, WA; office facility in Eugene, OR; and warehouse facility in Perris, CA — 8,989 5,435 — 8 8,989 5,443 14,432 1,534 Various Jan. 2014 28 yrs. Office facility in Carlsbad, CA — 3,230 5,492 — — 3,230 5,492 8,722 1,843 1999 Jan. 2014 24 yrs. Movie theater in Pensacola, FL — 1,746 — — 5,181 1,746 5,181 6,927 206 2001 Jan. 2014 33 yrs. Movie theater in Port St. Lucie, FL — 4,654 2,576 — — 4,654 2,576 7,230 746 2000 Jan. 2014 27 yrs. Industrial facility in Nurieux-Volognat, France — 121 5,328 — (814) 100 4,535 4,635 1,110 2000 Jan. 2014 32 yrs. Industrial facility in Monheim, Germany — 2,500 5,727 — (196) 2,445 5,586 8,031 49 1992 Jan. 2014 32 yrs. Warehouse facility in Suwanee, GA — 2,330 8,406 — — 2,330 8,406 10,736 1,967 1995 Jan. 2014 34 yrs. Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS — 1,878 8,579 3,128 (89) 1,878 11,618 13,496 2,992 1954; 1975; 1984 Jan. 2014 24 yrs. Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI — 1,403 11,098 — — 1,403 11,098 12,501 5,407 1996 Jan. 2014 16 yrs. Industrial facility in Mesa, AZ — 2,888 4,282 — — 2,888 4,282 7,170 1,244 1991 Jan. 2014 27 yrs. Industrial facility in North Amityville, NY — 3,486 11,413 — — 3,486 11,413 14,899 3,474 1981 Jan. 2014 26 yrs. Industrial facility in Fort Collins, CO — 821 7,236 — — 821 7,236 8,057 1,745 1993 Jan. 2014 33 yrs. Warehouse facility in Elk Grove Village, IL — 4,037 7,865 — — 4,037 7,865 11,902 784 1980 Jan. 2014 22 yrs. Office facility in Washington, MI — 4,085 7,496 — — 4,085 7,496 11,581 1,812 1990 Jan. 2014 33 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Office facility in Houston, TX — 522 7,448 227 — 522 7,675 8,197 2,315 1999 Jan. 2014 27 yrs. Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX — 4,049 13,021 — 133 4,049 13,154 17,203 5,578 Various Jan. 2014 12 - 22 yrs. Education facility in Sacramento, CA 24,452 — 13,715 — — — 13,715 13,715 3,249 2005 Jan. 2014 34 yrs. Industrial facility in Sankt Ingbert, Germany — 2,226 17,460 — 814 2,318 18,182 20,500 904 1960 Jan. 2014 34 yrs. Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX — 5,138 8,387 — 43 5,138 8,430 13,568 2,408 1969; 1974; 1984 Jan. 2014 27 yrs. Office facility in Tinton Falls, NJ — 1,958 7,993 725 — 1,958 8,718 10,676 2,171 2001 Jan. 2014 31 yrs. Industrial facility in Woodland, WA — 707 1,562 — — 707 1,562 2,269 351 2009 Jan. 2014 35 yrs. Warehouse facilities in Gyál and Herceghalom, Hungary — 14,601 21,915 — (6,133) 12,148 18,235 30,383 7,070 2002; 2004 Jan. 2014 21 yrs. Industrial facility in Windsor, CT — 453 637 3,422 (83) 453 3,976 4,429 569 1999 Jan. 2014 33 yrs. Industrial facility in Aurora, CO — 574 3,999 — — 574 3,999 4,573 807 2012 Jan. 2014 40 yrs. Office facility in Chandler, AZ — 5,318 27,551 105 — 5,318 27,656 32,974 6,221 2000 Mar. 2014 40 yrs. Warehouse facility in University Park, IL — 7,962 32,756 221 — 7,962 32,977 40,939 7,187 2008 May 2014 40 yrs. Office facility in Stavanger, Norway — 10,296 91,744 — (30,175) 7,321 64,544 71,865 12,102 1975 Aug. 2014 40 yrs. Laboratory facility in Westborough, MA — 3,409 37,914 53,065 — 3,409 90,979 94,388 10,458 1992 Aug. 2014 40 yrs. Office facility in Andover, MA — 3,980 45,120 323 — 3,980 45,443 49,423 8,723 2013 Oct. 2014 40 yrs. Office facility in Newport, United Kingdom — — 22,587 — (3,654) — 18,933 18,933 3,460 2014 Oct. 2014 40 yrs. Industrial facility in Lewisburg, OH — 1,627 13,721 — — 1,627 13,721 15,348 2,757 2014 Nov. 2014 40 yrs. Industrial facility in Opole, Poland — 2,151 21,438 — (2,102) 1,960 19,527 21,487 4,035 2014 Dec. 2014 38 yrs. Office facilities located throughout Spain — 51,778 257,624 10 (22,516) 50,911 235,985 286,896 43,111 Various Dec. 2014 Various Retail facilities located throughout the United Kingdom — 66,319 230,113 277 (43,800) 56,372 196,537 252,909 45,277 Various Jan. 2015 20 - 40 yrs. Warehouse facility in Rotterdam, Netherlands — — 33,935 20,767 232 — 54,934 54,934 7,608 2014 Feb. 2015 40 yrs. Retail facility in Bad Fischau, Austria — 2,855 18,829 — 1,108 3,001 19,791 22,792 3,888 1998 Apr. 2015 40 yrs. Industrial facility in Oskarshamn, Sweden — 3,090 18,262 — (1,860) 2,821 16,671 19,492 2,997 2015 Jun. 2015 40 yrs. Office facility in Sunderland, United Kingdom — 2,912 30,140 — (4,464) 2,518 26,070 28,588 4,843 2007 Aug. 2015 40 yrs. Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria — 9,449 15,838 — 440 9,613 16,114 25,727 3,176 2008; 2010 Aug. 2015 40 yrs. Net-lease hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX — — 49,190 17,396 — 17,396 49,190 66,586 9,001 1988; 1989; 1990 Oct. 2015 38 - 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands — 5,698 38,130 79 2,391 6,008 40,290 46,298 7,668 Various Nov. 2015 30 - 40 yrs. Office facility in Irvine, CA — 7,626 16,137 — — 7,626 16,137 23,763 2,552 1977 Dec. 2015 40 yrs. Education facility in Windermere, FL — 5,090 34,721 15,333 — 5,090 50,054 55,144 10,183 1998 Apr. 2016 38 yrs. Industrial facilities located throughout the United States — 66,845 87,575 65,400 (56,517) 49,680 113,623 163,303 24,613 Various Apr. 2016 Various Industrial facilities in North Dumfries and Ottawa, Canada — 17,155 10,665 — (17,990) 6,097 3,733 9,830 1,637 1967; 1974 Apr. 2016 28 yrs. Education facilities in Coconut Creek, FL and Houston, TX — 15,550 83,862 63,830 — 15,550 147,692 163,242 22,173 1979; 1984 May 2016 37 - 40 yrs. Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN — 3,585 17,254 — — 3,585 17,254 20,839 2,517 1969; 1987; 2000 Nov. 2016 35 - 36 yrs. Industrial facilities in Brampton, Toronto, and Vaughan, Canada — 28,759 13,998 — — 28,759 13,998 42,757 2,433 Various Nov. 2016 28 - 35 yrs. Industrial facilities in Queretaro and San Juan del Rio, Mexico — 5,152 12,614 — — 5,152 12,614 17,766 1,785 Various Dec. 2016 28 - 40 yrs. Industrial facility in Chicago, IL — 2,222 2,655 3,511 — 2,222 6,166 8,388 1,393 1985 Jun. 2017 30 yrs. Industrial facility in Zawiercie, Poland — 395 102 10,378 (316) 383 10,176 10,559 939 2018 Aug. 2017 40 yrs. Office facility in Roseville, MN — 2,560 16,025 141 — 2,560 16,166 18,726 1,872 2001 Nov. 2017 40 yrs. Industrial facility in Radomsko, Poland — 1,718 59 14,454 (501) 1,670 14,060 15,730 1,172 2018 Nov. 2017 40 yrs. Warehouse facility in Sellersburg, IN — 1,016 3,838 — — 1,016 3,838 4,854 514 2000 Feb. 2018 36 yrs. Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI — 5,512 61,230 — — 5,465 61,277 66,742 7,161 1995; 2004 Mar. 2018 36 - 40 yrs. Office and warehouse facilities located throughout Denmark — 20,304 185,481 — (4,177) 19,892 181,716 201,608 20,077 Various Jun. 2018 25 - 41 yrs. Retail facilities located throughout the Netherlands — 38,475 117,127 — (4,236) 37,428 113,938 151,366 14,011 Various Jul. 2018 26 - 30 yrs. Industrial facility in Oostburg, WI — 786 6,589 — — 786 6,589 7,375 1,023 2002 Jul. 2018 35 yrs. Warehouse facility in Kampen, Netherlands — 3,251 12,858 126 (363) 3,177 12,695 15,872 1,765 1976 Jul. 2018 26 yrs. Warehouse facility in Azambuja, Portugal — 13,527 35,631 28,067 (2,159) 13,235 61,831 75,066 5,284 1994 Sep. 2018 28 yrs. Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands — 2,582 18,731 11,338 (142) 2,569 29,940 32,509 2,689 Various Oct. 2018 27 - 37 yrs. Office and warehouse facilities in Bad Wünnenberg and Soest, Germany — 2,916 39,687 — (251) 2,898 39,454 42,352 3,351 1982; 1986 Oct. 2018 40 yrs. Industrial facility in Norfolk, NE — 802 3,686 — — 802 3,686 4,488 396 1975 Oct. 2018 40 yrs. Education facility in Chicago, IL — 7,720 17,266 — (7,945) 5,113 11,928 17,041 1,459 1912 Oct. 2018 40 yrs. Fitness facilities in Phoenix, AZ and Columbia, MD — 18,286 33,030 — — 18,286 33,030 51,316 2,778 2006 Oct. 2018 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Retail facility in Gorzow, Poland — 1,736 8,298 — (59) 1,726 8,249 9,975 752 2008 Oct. 2018 40 yrs. Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX 9,349 6,460 49,462 — — 6,460 49,462 55,922 4,504 Various Oct. 2018 40 yrs. Industrial facility in Glendale Heights, IL — 4,237 45,484 — — 4,237 45,484 49,721 1,822 1991 Oct. 2018 38 yrs. Industrial facilities in Mayodan, Sanford, and Stoneville, NC — 3,505 20,913 — — 3,505 20,913 24,418 1,438 1992; 1997; 1998 Oct. 2018 29 yrs. Warehouse facility in Dillon, SC — 3,424 43,114 — — 3,424 43,114 46,538 3,926 2001 Oct. 2018 40 yrs. Office facility in Birmingham, United Kingdom — 7,383 7,687 — 650 7,702 8,018 15,720 667 2009 Oct. 2018 40 yrs. Retail facilities located throughout Spain — 17,626 44,501 — (365) 17,523 44,239 61,762 3,795 Various Oct. 2018 40 yrs. Warehouse facility in Gadki, Poland — 1,376 6,137 — (44) 1,368 6,101 7,469 529 2011 Oct. 2018 40 yrs. Office facility in The Woodlands, TX — 1,697 52,289 — — 1,697 52,289 53,986 4,243 2009 Oct. 2018 40 yrs. Office facility in Hoffman Estates, IL — 5,550 14,214 — — 5,550 14,214 19,764 1,196 2009 Oct. 2018 40 yrs. Warehouse facility in Zagreb, Croatia — 15,789 33,287 — (288) 15,696 33,092 48,788 4,167 2001 Oct. 2018 26 yrs. Industrial facilities in Middleburg Heights and Union Township, OH 4,333 1,295 13,384 — — 1,295 13,384 14,679 1,115 1990; 1997 Oct. 2018 40 yrs. Retail facility in Las Vegas, NV — — 79,720 — — — 79,720 79,720 6,325 2012 Oct. 2018 40 yrs. Industrial facilities located in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Holly Hill and Safety Harbor, FL; Rockmart, GA; Durham, NC; Columbia, SC; Ooltewah, TN; and Dallas, TX — 20,517 14,135 — 30,060 22,585 42,127 64,712 2,353 Various Oct. 2018 40 yrs. Warehouse facility in Bowling Green, KY — 2,652 51,915 — — 2,652 51,915 54,567 4,849 2011 Oct. 2018 40 yrs. Warehouse facilities in Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton United Kingdom — 6,791 2,315 — 393 7,084 2,415 9,499 225 Various Oct. 2018 40 yrs. Industrial facility in Evansville, IN — 180 22,095 — — 180 22,095 22,275 1,795 2009 Oct. 2018 40 yrs. Office facilities in Tampa, FL — 3,889 49,843 759 — 3,889 50,602 54,491 4,178 1985; 2000 Oct. 2018 40 yrs. Warehouse facility in Elorrio, Spain — 7,858 12,728 — (120) 7,812 12,654 20,466 1,213 1996 Oct. 2018 40 yrs. Industrial and office facilities in Elberton, GA — 879 2,014 — — 879 2,014 2,893 230 1997; 2002 Oct. 2018 40 yrs. Office facility in Tres Cantos, Spain 53,571 24,344 39,646 — (377) 24,200 39,413 63,613 3,397 2002 Oct. 2018 40 yrs. Office facility in Hartland, WI 2,430 1,454 6,406 — — 1,454 6,406 7,860 572 2001 Oct. 2018 40 yrs. Retail facilities in Dugo Selo, Kutina, Samobor, Spansko, and Zagreb, Croatia — 5,549 12,408 1,625 6,572 6,767 19,387 26,154 2,229 2000; 2002; 2003 Oct. 2018 26 yrs. Office and warehouse facilities located throughout the United States — 42,793 193,666 — — 42,793 193,666 236,459 17,037 Various Oct. 2018 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Warehouse facilities in Breda, Elst, Gieten, Raalte, and Woerden, Netherlands — 37,755 91,666 — (761) 37,533 91,127 128,660 7,605 Various Oct. 2018 40 yrs. Warehouse facilities in Oxnard and Watsonville, CA — 22,453 78,814 — — 22,453 78,814 101,267 6,608 1975; 1994; 2002 Oct. 2018 40 yrs. Retail facilities located throughout Italy — 75,492 138,280 7,242 (2,107) 75,048 143,859 218,907 12,495 Va

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2021 (dollars in thousands) Interest Rate Final Maturity Date Carrying Amount Description Financing agreement — retail facility 7.5 % Mar. 2025 $ 12,893 Financing agreement — observation wheel 7.5 % Mar. 2022 11,250 $ 24,143 Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2021 2020 2019 Beginning balance $ 24,143 $ 47,737 $ 57,737 Allowance for credit losses ( Note 5 ) — (12,594) — Repayments — (11,000) (10,000) Ending balance $ 24,143 $ 24,143 $ 47,737

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. All transaction costs incurred during the reporting period were capitalized since our acquisitions were classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. The fair value of real estate is determined (i) by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated market rental rates, and applying a selected capitalization rate. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • market rents, growth factors of rents, and market lease term; • a capitalization rate to be applied to an estimate of market rent at the end of the market lease term; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; and • leasing commissions and tenant improvement allowances. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates; and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets and industry standards. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. When we enter into sale-leaseback transactions with above- or below-market leases, the intangibles will be accounted for as loan receivables or prepaid rent liabilities, respectively. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party valuations conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e., free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party valuations. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. Goodwill acquired in certain business combinations was attributed to the Real Estate segment which comprises one reporting unit. In the event we dispose of a property or an investment that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. Financing Arrangements — In accordance with Accounting Standards Codification (“ASC”) 310, Receivables and ASC 842, Leases , real estate assets acquired through a sale-leaseback transaction are accounted for as a financing arrangement if the investment does not meet the criteria for sale-leaseback accounting. We record such investments within Net investments in direct financing leases and loans receivable on the consolidated balance sheets. Rent payments from these investments are included within Income from direct financing leases and loans receivable on the consolidated statements of income.
Impairment	Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. Direct Financing Leases — This policy was superseded by Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses , which we adopted on January 1, 2020 and which is described below under Credit Losses . Prior to this adoption, we periodically assessed whether there were any indicators that the value of our net investments in direct financing leases may have been impaired. When determining a possible impairment, we considered the collectibility of direct financing lease receivables for which a reserve would have been required if any losses were both probable and reasonably estimable. In addition, we determined whether there had been a permanent decline in the estimate of the residual value of the property. If this review indicated a permanent decline in the fair value of the asset below its carrying value , we recognized an impairment charge. Equity Method Investments — We evaluate our equity method investments on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint-venture agreement. For our investment in CPA:18 – Global, we calculate the estimated fair value of our investment using its most recently published net asset value per share (“NAV”) multiplied by the number of shares owned. For our equity investments in real estate, we
Goodwill	Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event. Such a triggering event within our Investment Management segment depends on the timing and form of liquidity events for the Managed Programs ( Note 3 ). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. This assessment is used as a basis to determine whether it is necessary to calculate reporting unit fair values. If necessary, we calculate the estimated fair value of the Investment Management reporting unit by utilizing a discounted cash flow analysis methodology and available NAVs. We calculate the estimated fair value of the Real Estate reporting unit by utilizing our market capitalization and the aforementioned fair value of the Investment Management segment. Impairments, if any, will be the difference between the reporting unit’s fair value and carrying amount, not to exceed the carrying amount of goodwill.
Credit Losses	Credit Losses We adopted ASU 2016-13, Financial Instruments — Credit Losses on January 1, 2020, which replaces the “incurred loss” model with an “expected loss” model, resulting in the earlier recognition of credit losses even if the risk of loss is remote. This standard applies to financial assets measured at amortized cost and certain other instruments, including net investments in direct financing leases and loans receivable. This standard does not apply to receivables arising from operating leases, which are within the scope of Topic 842 . We adopted ASU 2016-13 using the modified retrospective method, under which we recorded a cumulative-effect adjustment as a charge to retained earnings of $14.8 million on January 1, 2020, which is reflected within our consolidated statements of equity. The allowance for credit losses, which is recorded as a reduction to Net investments in direct financing leases and loans receivable on our consolidated balance sheets, is measured on a pool basis by credit ratings ( Note 5 ), using a probability of default method based on the lessees’ respective credit ratings, the expected value of the underlying collateral upon its repossession, and our historical loss experience related to other direct financing leases. Included in our model are factors that incorporate forward-looking information. Allowance for credit losses is included in our consolidated statements of income within Other gains and (losses).
Basis of Consolidation	Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At December 31, 2021 and 2020, we considered 14 and 12 entities to be VIEs, respectively, of which we consolidated six 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): December 31, 2021 2020 Land, buildings and improvements $ 426,831 $ 423,333 Net investments in direct financing leases and loans receivable 144,103 15,242 In-place lease intangible assets and other 42,884 41,997 Above-market rent intangible assets 26,720 26,720 Accumulated depreciation and amortization (154,413) (137,827) Total assets 500,884 381,953 Non-recourse mortgages, net $ 1,485 $ 3,508 Below-market rent and other intangible liabilities, net 20,568 22,283 Total liabilities 46,302 48,971 At December 31, 2021 and 2020, our eight and seven unconsolidated VIEs included our interests in (i) six and five unconsolidated real estate investments, respectively, which we account for under the equity method of accounting (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), and (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. As of December 31, 2021 and 2020, the net carrying amount of our investments in these entities was $581.3 million and $425.3 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.
Lessee	Leases As a Lessee : Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments consist of increases as a result of the Consumer Price Index (“CPI”) or other comparable indices, taxes, and maintenance costs. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. Below-market ground lease intangible assets and above-market ground lease intangible liabilities are included as a component of ROU assets. See Note 4 for additional disclosures on the presentation of these amounts in our consolidated balance sheets. The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities across domestic and international markets, utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term.
Lessor	As a Lessor : We combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), since both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable expenses are incurred, if the reimbursements are deemed collectible.
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. We currently present Income from direct financing leases and loans receivable on its own line item in the consolidated statements of income. Previously, income from direct financing leases was included within Lease revenues and income from loans receivable was included within Lease termination income and other in the consolidated statements of income. Loans receivable are now included within the retitled line item Net investments in direct financing leases and loans receivable in the consolidated balance sheets. Previously, loans receivable were included within Other assets, net in the consolidated balance sheets.
Restricted Cash	Restricted Cash — Restricted cash primarily consists of security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes.
Land, Building and Improvements	Land, Buildings and Improvements — We carry land, buildings, and improvements at cost less accumulated depreciation. We capitalize costs that extend the useful life of properties or increase their value, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred.
Gain/Loss on Sale	Gain/Loss on Sale — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred.
Cash and Cash Equivalents	Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Internal-Use Software Development Costs and Cloud Computing Arrangements	Internal-Use Software Development Costs and Cloud Computing Arrangements — We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Cloud computing arrangement costs follow the internal-use software accounting guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized internal-use software development costs are amortized on a straight-line basis over the software’s estimated useful life, which is three
Other Assets and Liabilities	Other Assets and Liabilities — We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets, our investment in shares of Lineage Logistics (a cold storage REIT) ( Note 8 ), our investment in shares of Guggenheim Credit Income Fund (“GCIF”) ( Note 8 ), and office lease ROU assets in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, operating lease liabilities, and deferred revenue in Accounts payable, accrued expenses and other liabilities.
Revenue Recognition	Revenue Recognition, Real Estate Leased to Others — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. Revenue from contracts under ASC 606, Revenue from Contracts with Customers is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to revenues generated from our hotel operating properties and our Investment Management segment. Revenue from contracts for our Real Estate segment primarily represented hotel operating property revenues of $7.2 million, $5.9 million, and $29.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. Such operating property revenues are primarily comprised of revenues from room rentals and from food and beverage services at our hotel operating properties during those years. We identified a single performance obligation for each distinct service. Performance obligations are typically satisfied at a point in time, at the time of sale, or at the rendering of the service. Fees are generally determined to be fixed. Payment is typically due immediately following the delivery of the service. Revenue from contracts under ASC 606 from our Investment Management segment is discussed in Note 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. Revenue Recognition, Investment Management Operations — We earn structuring revenue and asset management revenue in connection with providing services to the Managed Programs. We earn structuring revenue for services we provide in connection with the analysis, negotiation, and structuring of transactions, including acquisitions and dispositions and the placement of mortgage financing obtained by the Managed Programs. We earn asset management revenue from property management, leasing, and advisory services performed. In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties. We may also earn termination revenue in connection with a liquidity event and/or the termination of the advisory agreements for the Managed REITs. The Managed Programs reimburse us for certain personnel and overhead costs that we incur on their behalf. We record reimbursement income as the expenses are incurred, subject to limitations imposed by the advisory agreements.
Asset Retirement Obligations	Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred or at the point of acquisition of an asset with an assumed asset retirement obligation, and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.
Depreciation	Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment. We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life.
Stock-based Compensation	Stock-Based Compensation — We have granted restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) to certain employees, independent directors, and nonemployees. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments, which includes awards granted to certain nonemployees. We recognize these compensation costs for only those shares expected to vest on a straight-line basis over the requisite service or performance period of the award. We include stock-based compensation within Additional paid-in capital in the consolidated statements of equity and Stock-based compensation expense in the consolidated statements of income.
Foreign Currency Translation and Transaction Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, Canada, and Japan, and the primary functional currencies for those investments are the euro, the British pound sterling, the Canadian dollar, and the Japanese yen. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the average exchange rate during the month in which the transaction occurs. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income (within Gain on sale of real estate, net, in the consolidated statements of income) when we have substantially exited from all investments in the related currency. A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of intercompany debt that is short-term or has scheduled principal payments, are included in the determination of net income (within Other gains and (losses) in the statements of income). The translation impact of foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities involved in the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity.
Derivative Instruments	Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income (loss) into earnings (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis.
General and Administrative Expenses	Segment Allocation Changes — Beginning with the second quarter of 2020, general and administrative expenses attributed to our Investment Management segment are comprised of the incremental costs of providing services to the Managed Programs, which are fully reimbursed by those funds (resulting in no net expense for us). All other general and administrative expenses are attributed to our Real Estate segment. Previously, general and administrative expenses were allocated based on time incurred by our personnel for the Real Estate and Investment Management segments. In addition, beginning with the second quarter of 2020, stock-based compensation expense and corporate depreciation and amortization expense are fully recognized within our Real Estate segment. In light of the termination of the advisory agreements with CWI 1 and CWI 2 in connection with the WLT management internalization ( Note 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 ).
Income Taxes	Income Taxes — We conduct business in various states and municipalities primarily within North America and Europe, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. We derive most of our REIT income from our real estate operations under our Real Estate segment. Our domestic real estate operations are generally not subject to federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state and local taxes, as applicable. We conduct our Investment Management operations primarily through TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business. These operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes as described in Note 14 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our
Earnings Per Share	Earnings Per Share — Basic earnings per share is calculated by dividing net income available to common stockholders, as adjusted for unallocated earnings attributable to the nonvested RSUs by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflects potentially dilutive securities (RSAs, RSUs, PSUs, and shares available for issuance under our Equity Forwards) using the treasury stock method, except when the effect would be anti-dilutive.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. 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 contracts that reference London Interbank Offered Rate (“LIBOR”) or other discontinued reference rates and accounted for the necessary modifications with a replacement reference rate using the expedients and exceptions provided for in ASU 2020-04 and ASU 2021-01. As of December 31, 2021, this reference rate transition impacted only our Senior Unsecured Credit Facility, as described in Note 10 . In December 2021, the Senior Unsecured Credit Facility was amended to transition to certain replacement reference rates. The adoption of these standards did not have a material impact on our consolidated financial statements.
Goodwill and Intangible Assets, Intangible Assets	We have recorded net lease, internal-use software development, and trade name intangibles that are being amortized over periods ranging from three years to 48 years. In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development and trade name intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development, trade name, and in-place lease intangibles is included in Depreciation and amortization.
Fair Value Measurement	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands): December 31, 2021 2020 Land, buildings and improvements $ 426,831 $ 423,333 Net investments in direct financing leases and loans receivable 144,103 15,242 In-place lease intangible assets and other 42,884 41,997 Above-market rent intangible assets 26,720 26,720 Accumulated depreciation and amortization (154,413) (137,827) Total assets 500,884 381,953 Non-recourse mortgages, net $ 1,485 $ 3,508 Below-market rent and other intangible liabilities, net 20,568 22,283 Total liabilities 46,302 48,971
Schedule of Restricted Cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2021 2020 2019 Cash and cash equivalents $ 165,427 $ 248,662 $ 196,028 Restricted cash 52,523 63,117 55,490 Total cash and cash equivalents and restricted cash $ 217,950 $ 311,779 $ 251,518
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2021 2020 2019 Cash and cash equivalents $ 165,427 $ 248,662 $ 196,028 Restricted cash 52,523 63,117 55,490 Total cash and cash equivalents and restricted cash $ 217,950 $ 311,779 $ 251,518

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of related party transactions	The following tables present a summary of revenue earned, reimbursable costs, and distributions of Available Cash received/accrued from the Managed Programs and WLT for the periods indicated, included in the consolidated financial statements (in thousands): Years Ended December 31, 2021 2020 2019 Asset management revenue (a) $ 15,363 $ 21,973 $ 39,132 Distributions of Available Cash (b) 7,345 7,225 21,489 Reimbursable costs from affiliates (a) 4,035 8,855 16,547 Interest income on deferred acquisition fees and loans to affiliates (c) 120 369 2,237 Structuring and other advisory revenue (a) — 494 4,224 $ 26,863 $ 38,916 $ 83,629 Years Ended December 31, 2021 2020 2019 CPA:18 – Global $ 22,867 $ 22,200 $ 26,039 CWI 1 — 5,662 30,770 CWI 2 — 4,668 21,584 CESH 3,713 4,723 5,236 WLT (reimbursed transition services) 283 1,663 — $ 26,863 $ 38,916 $ 83,629 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within (Losses) earnings from equity method investments in the consolidated statements of income. (c) 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): December 31, 2021 2020 Reimbursable costs $ 974 $ 1,760 Asset management fees receivable 494 1,054 Accounts receivable 336 305 Current acquisition fees receivable 19 136 Deferred acquisition fees receivable, including accrued interest 3 1,858 Short-term loans to affiliates, including accrued interest — 21,144 $ 1,826 $ 26,257
Schedule of related party fees	Asset Management Revenue Under the advisory agreements with the Managed Programs, we earn asset management revenue for managing their investment portfolios. The following table presents a summary of our asset management fee arrangements with the remaining Managed Programs: Managed Program Rate Payable Description CPA:18 – Global 0.5% – 1.5% In shares of its Class A common stock and/or cash, at the option of CPA:18 – Global; payable 50% in cash and 50% in shares of its Class A common stock for 2019 and for January 1, 2020 to March 31, 2020; payable in shares of its Class A common stock effective as of April 1, 2020 Rate depends on the type of investment and is based on the average market or average equity value, as applicable CESH 1.0% In cash Based on gross assets at fair value

Land, Buildings and Improveme_2

Land, Buildings and Improvements and Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2021 2020 Land $ 2,151,327 $ 2,012,688 Buildings and improvements 9,525,858 8,724,064 Real estate under construction 114,549 119,391 Less: Accumulated depreciation (1,448,020) (1,206,912) $ 10,343,714 $ 9,649,231 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 190,968 Buildings and improvements 946,908 Intangibles: In-place lease (weighted-average expected life of 20.7 years) 198,869 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) $ 1,307,150 December 31, 2021 2020 Land $ 10,452 $ 10,452 Buildings and improvements 73,221 73,024 Less: Accumulated depreciation (16,750) (14,004) $ 66,923 $ 69,472
Schedule of real estate acquired	During 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 (a) Grove City, Ohio, and Anderson, South Carolina 2 2/2/2021 Warehouse $ 19,129 Various, New Jersey and Pennsylvania (b) 10 2/11/2021 Retail; Office 55,115 Central Valley, California (c) 4 2/11/2021 Warehouse; Land 75,008 Various, France (d) (e) 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 (d) (e) 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 (f) 6 9/1/2021 Land 17,396 Rogers, Minnesota 1 9/9/2021 Warehouse 26,531 Chattanooga, Tennessee 2 10/19/2021 Industrial 40,728 Mankato, Minnesota 1 11/12/2021 Warehouse 17,665 Various, Denmark (e) 11 12/7/2021 Retail 46,129 Lawrence, Kansas 1 12/9/2021 Industrial 25,728 Various, Poland (d) (e) 7 12/15/2021 Retail 74,345 Cary, Illinois 1 12/28/2021 Industrial 44,399 Various, Netherlands (e) 5 12/29/2021 Retail 51,636 Various, New Jersey and Pennsylvania (g) 5 Various Outdoor Advertising 3,989 73 $ 1,307,150 __________ (a) This table excludes the sale-leasebacks classified as loans receivable completed during 2021 ( Note 5 ). (b) This acquisition is comprised of seven retail facilities and three office facilities. (c) This acquisition is comprised of two warehouse facilities and two parcels of land. (d) We also recorded estimated deferred tax liabilities of (i) $8.8 million on the investment in France, (ii) $3.6 million on the investment in the United Kingdom, and (iii) $0.7 million on the investment in Poland, with corresponding increases to the asset values, due to temporary tax and GAAP differences established in connection with the acquisitions. (e) Amount reflects the applicable exchange rate on the date of transaction. (f) This acquisition is compromised of the land under buildings we already own. (g) We entered into an agreement to fund loans for certain outdoor advertising infrastructure. At the end of the loan term, we will acquire the properties. In accordance with ASC 810, Consolidation , we determined that these loans would be consolidated.
Schedule of real estate under construction	During 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): Years Ended December 31, 2021 2020 2019 Lease income — fixed $ 1,066,250 $ 981,430 $ 898,111 Lease income — variable (a) 111,188 99,193 89,873 Total operating lease income $ 1,177,438 $ 1,080,623 $ 987,984 __________ (a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.
Scheduled future minimum lease payments to be received	Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable operating leases at December 31, 2021 are as follows (in thousands): Years Ending December 31, Total 2022 $ 1,140,093 2023 1,116,058 2024 1,058,713 2025 997,909 2026 946,077 Thereafter 8,154,484 Total $ 13,413,334
Schedule of lease cost	Lease Cost Lease costs for operating leases are included in (i) General and administrative expenses (office leases), (ii) Property expenses, excluding reimbursable tenant costs (land leases), and (iii) Reimbursable tenant costs (land leases) in the consolidated statements of income. Certain information related to the total lease cost for operating leases is as follows (in thousands): Years Ended December 31, 2021 2020 2019 Fixed lease cost $ 16,426 $ 17,616 $ 14,503 Variable lease cost 1,149 1,089 1,186 Total lease cost $ 17,575 $ 18,705 $ 15,689
Supplemental balance sheet information	Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): December 31, Location on Consolidated Balance Sheets 2021 2020 Operating ROU assets — land leases In-place lease intangible assets and other $ 106,095 $ 119,590 Operating ROU assets — office leases Other assets, net 59,902 61,137 Total operating ROU assets $ 165,997 $ 180,727 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 146,437 $ 151,466 Weighted-average remaining lease term — operating leases 26.1 years 29.2 years Weighted-average discount rate — operating leases 6.8 % 7.1 % Number of land lease arrangements 66 68 Number of office space arrangements (a) 4 7 Lease term range (excluding extension options not reasonably certain of being exercised) <1 – 100 years <1 – 100 years __________ (a) The leases for our former office spaces in New York expired on January 31, 2021.
Undiscounted cash flows - operating lease	A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2021 is as follows (in thousands): Years Ending December 31, Total 2022 $ 14,230 2023 14,246 2024 13,137 2025 13,092 2026 13,034 Thereafter 275,259 Total lease payments 342,998 Less: amount of lease payments representing interest (196,561) Present value of future lease payments/lease obligations $ 146,437
Disclosure of long lived assets held-for-sale	Below is a summary of our properties held for sale (in thousands): December 31, 2021 2020 Land, buildings and improvements $ 10,628 $ 14,051 In-place lease intangible assets and other — 12,754 Above-market rent intangible assets — 518 Accumulated depreciation and amortization (2,359) (8,733) Assets held for sale, net $ 8,269 $ 18,590

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of capital leases net investment In direct financing leases	Finance Receivables Investments in direct financing leases and loans receivable are summarized as follows (in thousands): Maturity Date December 31, 2021 2020 Net investments in direct financing leases (a) N/A $ 572,205 $ 711,974 Sale-leaseback transactions accounted for as loans receivable (b) 2038 - 2052 217,229 — Secured loans receivable (a) 2022 - 2025 24,143 24,143 $ 813,577 $ 736,117 __________ (a) Amounts are net of allowance for credit losses, as disclosed below. (b) These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases . Such investments were completed during the year ended December 31, 2021 and are described in the table below under Loans Receivable . Maturity dates reflect the current lease maturity dates. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2021 2020 Lease payments receivable $ 414,002 $ 527,691 Unguaranteed residual value 545,896 677,722 959,898 1,205,413 Less: unearned income (370,353) (476,365) Less: allowance for credit losses (a) (17,340) (17,074) $ 572,205 $ 711,974 __________ (a) During the years ended December 31, 2021 and 2020, we recorded a net allowance for credit losses of $0.3 million and $9.7 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.
Scheduled future lease payments to be received	Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable direct financing leases at December 31, 2021 are as follows (in thousands): Years Ending December 31, Total 2022 $ 57,056 2023 55,840 2024 52,535 2025 45,808 2026 44,347 Thereafter 158,416 Total $ 414,002 See Note 4 for scheduled future lease payments to be received under non-cancelable operating leases.
Schedule of sales-leaseback transactions	During 2021, we entered into the following sale-leasebacks, which were deemed to be loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Investment Various, Germany and Czech Republic 4 12/20/2021 Industrial $ 29,166 Various, Netherlands 9 12/29/2021 Retail 43,731 Santa Rosa, California; Pocatello, Idaho; and White City, Oregon 3 12/29/2021 Industrial 144,103 16 $ 217,000
Schedule of Financing Receivable Credit Quality Indicators superscript information	A summary of our finance receivables by internal credit quality rating, excluding our deferred acquisition fees receivable ( Note 3 ) and allowance for credit losses, is as follows (dollars in thousands): Number of Tenants / Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2021 2020 2021 2020 1 – 3 17 18 $ 703,280 $ 587,103 4 9 9 140,230 141,944 5 — 2 — 36,737 $ 843,510 $ 765,784

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Schedule of goodwill	The following table presents a reconciliation of our goodwill (in thousands): Real Estate Investment Management Total Balance at January 1, 2019 $ 857,337 $ 63,607 $ 920,944 CPA:17 Merger measurement period adjustments ( Note 3 ) 15,802 — 15,802 Foreign currency translation adjustments (2,058) — (2,058) Balance at December 31, 2019 871,081 63,607 934,688 Foreign currency translation adjustments 10,403 — 10,403 Allocation of goodwill based on portion of Investment Management business sold ( Note 3 ) — (34,273) (34,273) Balance at December 31, 2020 881,484 29,334 910,818 Foreign currency translation adjustments (9,289) — (9,289) Balance at December 31, 2021 $ 872,195 $ 29,334 $ 901,529
Schedule of intangible assets and goodwill	Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2021 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 $ 19,553 $ (18,682) $ 871 $ 19,204 $ (15,711) $ 3,493 Trade name 3,975 (3,581) 394 3,975 (2,786) 1,189 23,528 (22,263) 1,265 23,179 (18,497) 4,682 Lease Intangibles: In-place lease 2,279,905 (934,663) 1,345,242 2,181,584 (828,219) 1,353,365 Above-market rent 843,410 (489,861) 353,549 881,159 (440,952) 440,207 3,123,315 (1,424,524) 1,698,791 3,062,743 (1,269,171) 1,793,572 Indefinite-Lived Goodwill Goodwill 901,529 — 901,529 910,818 — 910,818 Total intangible assets $ 4,048,372 $ (1,446,787) $ 2,601,585 $ 3,996,740 $ (1,287,668) $ 2,709,072 Finite-Lived Intangible Liabilities Below-market rent $ (272,483) $ 105,908 $ (166,575) $ (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 $ (289,194) $ 105,908 $ (183,286) $ (287,441) $ 90,193 $ (197,248)
Schedule Of finite lived intangible assets future amortization expense	Based on the intangible assets and liabilities recorded at December 31, 2021, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Decrease in Lease Revenues Increase to Amortization Total 2022 $ 41,856 $ 157,727 $ 199,583 2023 34,771 146,690 181,461 2024 33,241 132,148 165,389 2025 28,451 122,199 150,650 2026 24,617 110,791 135,408 Thereafter 24,038 676,952 700,990 Total $ 186,974 $ 1,346,507 $ 1,533,481

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 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 Shares Owned at Carrying Amount of Investment at December 31, December 31, Fund 2021 2020 2021 2020 CPA:18 – Global (a) 5.578 % 4.569 % $ 60,836 $ 51,949 CPA:18 – Global operating partnership 0.034 % 0.034 % 209 209 CESH (b) 2.430 % 2.430 % 3,689 4,399 $ 64,734 $ 56,557 __________ (a) During 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): Ownership Interest at Carrying Value at December 31, Lessee Co-owner December 31, 2021 2021 2020 Las Vegas Retail Complex (a) Third Party N/A $ 104,114 $ — Johnson Self Storage Third Party 90% 67,573 68,979 Kesko Senukai (b) Third Party 70% 41,955 46,443 WLT (c) WLT 5% 33,392 44,182 Harmon Retail Corner (d) Third Party 15% 24,435 23,815 State Farm Mutual Automobile Insurance Co. (e) CPA:18 – Global 50% 7,129 15,475 Apply Sørco AS (f) CPA:18 – Global 49% 5,909 7,156 Bank Pekao (b) (g) CPA:18 – Global 50% 4,460 17,850 Fortenova Grupa d.d. (b) (h) CPA:18 – Global 20% 2,936 2,989 $ 291,903 $ 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 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 years ended December 31, 2021 and 2020, we recognized losses of $10.8 million and $5.0 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. At December 31, 2021 and 2020, we also owned an investment in preferred shares of WLT ( Note 3 ), which is included in Other assets, net in the consolidated financial statements ( Note 8 ) and was fully redeemed in January 2022 ( Note 17 ). (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 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. (g) We recognized our $13.2 million proportionate share of an impairment charge recorded on this investment during 2021, which was reflected within (Losses) earnings from equity method investments in our consolidated statements of income. The estimated fair value of the investment declined due to notice of non-renewal of the lease by the current tenant at the international office facility owned by the investment (lease expiration is in May 2023). The fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the residual capitalization rate (range of 6.75% to 7.75%) and estimated market rents (range of $17 to $18 per square foot). (h) In October 2021, one of the properties in this investment was sold for $14.1 million, net of selling costs (our proportionate share was $2.8 million), and a net gain on sale of $2.0 million was recognized (our proportionate share was $0.4 million).

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of other financial instruments in carrying values and fair values	Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2021 December 31, 2020 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 $ 5,701,913 $ 5,984,228 $ 5,146,192 $ 5,639,586 Non-recourse mortgages, net (a) (b) (d) 3 368,524 369,841 1,145,554 1,148,551 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $28.7 million and $23.9 million at December 31, 2021 and 2020, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.1 million and $0.4 million at December 31, 2021 and 2020, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $29.2 million and $22.6 million at December 31, 2021 and 2020, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $0.8 million and $4.5 million at December 31, 2021 and 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 table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands): Years Ended December 31, 2021 2020 2019 Fair Value Impairment Fair Value Impairment Fair Value Impairment Impairment Charges Land, buildings and improvements and intangibles $ 29,494 $ 24,246 $ 31,350 $ 35,830 $ 1,012 $ 1,345 Equity method investments 8,175 6,830 55,245 55,387 — — Net investments in direct financing leases — — — — 33,115 31,194 $ 31,076 $ 91,217 $ 32,539

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments in statement of financial position, fair value	The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Foreign currency collars Other assets, net $ 19,484 $ 3,489 $ — $ — Interest rate caps Other assets, net 1 — — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,311) (15,122) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (908) (5,859) 19,485 3,489 (2,219) (20,981) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 4,600 5,800 — — 4,600 5,800 — — Total derivatives $ 24,085 $ 9,289 $ (2,219) $ (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 (Loss) Income (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 2019 Foreign currency collars $ 29,805 $ (24,818) $ 5,997 Interest rate swaps 4,198 (1,553) (1,666) Interest rate caps 6 6 219 Foreign currency forward contracts — (5,272) (4,253) Derivatives in Net Investment Hedging Relationships (b) Foreign currency collars — 9 10 Foreign currency forward contracts — — 7 Total $ 34,009 $ (31,628) $ 314 Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2021 2020 2019 Interest rate swaps and caps (c) Interest expense $ (932) $ (1,818) $ (2,256) Foreign currency collars Non-operating income 854 4,956 5,759 Foreign currency forward contracts Non-operating income — 5,716 9,582 Total $ (78) $ 8,854 $ 13,085 __________ (a) Excludes net gains of $1.3 million, net losses of $0.3 million, and net losses of $1.4 million recognized on unconsolidated jointly owned investments for the years ended December 31, 2021, 2020, and 2019, respectively. (b) The changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss). (c) Amount for the year ended December 31, 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 Years Ended December 31, 2021 2020 2019 Foreign currency collars Non-operating income $ 1,503 $ (2,477) $ 184 Stock warrants Other gains and (losses) (1,200) 800 (500) Interest rate swaps Other gains and (losses) — 106 (118) Foreign currency forward contracts Non-operating income — (43) 575 Interest rate swaps Interest expense — — 265 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 1,592 2,132 (941) Interest rate caps Interest expense — — (220) Foreign currency forward contracts Other gains and (losses) — — (132) Foreign currency collars Other gains and (losses) — — 7 Total $ 1,895 $ 518 $ (880)
Schedule of derivative instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2021 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at (a) Designated as Cash Flow Hedging Instruments Interest rate swaps 2 47,199 EUR $ (761) Interest rate swap 1 16,343 USD (147) Interest rate cap 1 10,764 EUR 1 $ (907) __________ (a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at December 31, 2021, as applicable. The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2021 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2021 Designated as Cash Flow Hedging Instruments Foreign currency collars 88 323,300 EUR $ 17,762 Foreign currency collars 91 56,180 GBP 411 $ 18,173

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of senior unsecured credit facilities	The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Interest Rate at December 31, 2021 (a) Maturity Date at December 31, 2021 Principal Outstanding Balance at Senior Unsecured Credit Facility 2021 2020 Unsecured Term Loans: Term Loan — borrowing in British pounds sterling (b) (c) (d) SONIA + 0.9826% 2/20/2025 $ 202,183 $ 204,737 Delayed Draw Term Loan — borrowing in euros (e) EURIBOR + 0.95% 2/20/2025 109,296 118,415 311,479 323,152 Unsecured Revolving Credit Facility: Borrowing in euros (e) EURIBOR + 0.85% 2/20/2025 205,001 58,901 Borrowing in British pounds sterling (c) (d) SONIA + 0.8826% 2/20/2025 184,660 — Borrowing in Japanese yen (f) TIBOR + 0.85% 2/20/2025 20,935 23,380 410,596 82,281 $ 722,075 $ 405,433 __________ (a) The applicable interest rate at December 31, 2021 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2. (b) Balance excludes unamortized discount of $0.9 million and $1.2 million at December 31, 2021 and 2020, respectively. (c) SONIA means Sterling Overnight Index Average. (d) Interest rate includes both a spread adjustment to the base rate (in connection with the reference rate transition discussed in Note 2 ) and a credit spread. (e) EURIBOR means Euro Interbank Offered Rate. (f) TIBOR means Tokyo Interbank Offered Rate.
Schedule of senior unsecured notes	The following table presents a summary of our Senior Unsecured Notes outstanding at December 31, 2021 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at December 31, Senior Unsecured Notes, net (a) Issue Date 2021 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 566,300 613,550 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 566,300 613,550 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 566,300 613,550 1.350% Senior Notes due 2028 9/19/2019 € 500,000 1.350 % 4/15/2028 566,300 613,550 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 594,615 — 2.400% Senior Notes due 2031 10/14/2020 $ 500,000 2.400 % 2/1/2031 500,000 500,000 2.450% Senior Notes due 2032 10/15/2021 $ 350,000 2.450 % 2/1/2032 350,000 — 2.250% Senior Notes due 2033 2/25/2021 $ 425,000 2.250 % 4/1/2033 425,000 — $ 5,759,815 $ 5,192,750 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $28.7 million and $23.8 million, and unamortized discount totaling $29.2 million and $22.5 million at December 31, 2021 and 2020, respectively.
Scheduled debt principal payments	Scheduled debt principal payments as of December 31, 2021 are as follows (in thousands): Years Ending December 31, Total (a) 2022 $ 45,787 2023 190,921 2024 1,105,454 2025 1,231,816 2026 948,371 Thereafter through 2033 3,328,988 Total principal payments 6,851,337 Unamortized discount, net (b) (30,911) Unamortized deferred financing costs (28,810) Total $ 6,791,616 __________ (a) Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2021. (b) Represents the unamortized discount on the Senior Unsecured Notes of $29.2 million in aggregate, unamortized discount, net, of $0.8 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, and unamortized discount of $0.9 million on the Term Loan.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of distributions paid per share for tax	Our dividends per share are summarized as follows: Dividends Paid During the Years Ended December 31, 2021 2020 2019 Ordinary income $ 3.3300 $ 3.3112 $ 3.1939 Return of capital 0.5407 — 0.9194 Capital gains 0.3253 0.8528 0.0187 Total dividends paid (a) $ 4.1960 $ 4.1640 $ 4.1320 __________ (a) A portion of dividends paid during 2019 has been applied to 2018 for income tax purposes.
Earnings per share reconciliation	The following table summarizes basic and diluted earnings (dollars in thousands): Years Ended December 31, 2021 2020 2019 Net income attributable to W. P. Carey $ 409,988 $ 455,359 $ 305,243 Net income attributable to nonvested participating RSUs — — (77) Net income – basic and diluted $ 409,988 $ 455,359 $ 305,166 Weighted-average shares outstanding – basic 182,486,476 174,504,406 171,001,430 Effect of dilutive securities 640,622 335,022 297,984 Weighted-average shares outstanding – diluted 183,127,098 174,839,428 171,299,414
Reclassification out of accumulated other comprehensive income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Gains and (Losses) on Investments Total Balance at January 1, 2019 $ 14,102 $ (269,091) $ (7) $ (254,996) Other comprehensive income before reclassifications 12,031 376 7 12,414 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (15,341) — — (15,341) Interest expense 2,256 — — 2,256 Total (13,085) — — (13,085) Net current period other comprehensive loss (1,054) 376 7 (671) Balance at December 31, 2019 13,048 (268,715) — (255,667) Other comprehensive income before reclassifications (23,124) 47,746 — 24,622 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (10,672) — — (10,672) Interest expense 1,818 — — 1,818 Total (8,854) — — (8,854) Net current period other comprehensive income (31,978) 47,746 — 15,768 Net current period other comprehensive income attributable to noncontrolling interests (7) — — (7) Balance at December 31, 2020 (18,937) (220,969) — (239,906) Other comprehensive income before reclassifications 35,227 (35,736) 18,688 18,179 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 932 — — 932 Non-operating income (854) — — (854) Total 78 — — 78 Net current period other comprehensive income 35,305 (35,736) 18,688 18,257 Net current period other comprehensive income attributable to noncontrolling interests (21) — — (21) Balance at December 31, 2021 $ 16,347 $ (256,705) $ 18,688 $ (221,670)
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 December 31, 2021 June 2020 Equity Forwards (c) 6/17/2020 5,462,500 $ 70.00 $ 382,375 — June 2021 Equity Forwards (c) 6/7/2021 6,037,500 75.30 454,624 — August 2021 Equity Forwards 8/9/2021 5,175,000 78.00 403,650 3,925,000 3,925,000 __________ (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 year ended December 31, 2021. The following table sets forth certain information regarding the settlement of our Equity Forwards during the periods presented (dollars in thousands): Years Ended December 31, 2021 2020 Shares of common stock delivered 9,798,209 2,951,791 Net proceeds $ 697,044 $ 199,716

Stock-Based and Other Compensat

Stock-Based and Other Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of restricted and conditional award activity	Nonvested RSAs, RSUs, and PSUs at December 31, 2021 and changes during the years ended December 31, 2021 , 2020, and 2019 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Nonvested at January 1, 2019 277,002 $ 62.41 331,216 $ 78.82 Granted 163,447 72.86 84,006 92.16 Vested (a) (152,364) 62.11 (403,701) 74.04 Forfeited (4,108) 68.10 (2,829) 75.81 Adjustment (b) — — 322,550 77.69 Nonvested at December 31, 2019 283,977 68.51 331,242 80.90 Granted 146,162 81.02 90,518 104.65 Vested (a) (163,607) 69.62 (156,838) 80.42 Forfeited (5,555) 71.69 (6,715) 88.94 Adjustment (b) — — 3,806 62.07 Nonvested at December 31, 2020 260,977 74.75 262,013 88.99 Granted (c) 194,940 66.40 134,290 86.19 Vested (a) (137,267) 71.99 (151,678) 76.04 Forfeited (11,656) 60.98 (16,463) 93.91 Adjustment (b) — — 170,093 71.17 Nonvested at December 31, 2021 (d) 306,994 $ 71.21 398,255 $ 86.86 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2021, 2020, and 2019 was $21.4 million, $24.0 million, and $39.4 million, respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2021 and 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. (b) Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest. (c) The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the year ended December 31, 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. (d) At December 31, 2021, total unrecognized compensation expense related to these awards was approximately $25.5 million, with an aggregate weighted-average remaining term of 1.7 years.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of components of income tax expense (benefit)	The components of our provision for (benefit from) income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2021 2020 2019 Federal Current $ (405) $ (1,118) $ 407 Deferred (a) 17 (33,040) 9,579 (388) (34,158) 9,986 State and Local Current 3,008 3,284 (3,814) Deferred (a) (30) (7,756) (376) 2,978 (4,472) (4,190) Foreign Current 30,599 26,137 20,363 Deferred (4,703) (8,266) 52 25,896 17,871 20,415 Total Provision for (Benefit from) Income Taxes $ 28,486 $ (20,759) $ 26,211
Schedule of effective income tax rate reconciliation	A reconciliation of effective income tax for the periods presented is as follows (in thousands): Years Ended December 31, 2021 2020 2019 Pre-tax income (loss) attributable to taxable subsidiaries (b) (c) $ 37,861 $ (56,789) $ 74,754 Federal provision at statutory tax rate (21%) $ 7,951 $ (11,926) $ 15,698 Change in valuation allowance 13,178 13,946 11,041 Non-deductible expense 3,148 6,303 5,313 State and local taxes, net of federal benefit 2,713 2,336 4,062 Windfall tax benefit (1,375) (2,132) (5,183) Rate differential (d) (232) (632) (6,820) Non-taxable income — (2) 103 Revocation of TRS Status (a) — (37,249) — Tax expense related to allocation of goodwill based on portion of Investment Management business sold ( Note 3 ) — 7,203 — Other 3,103 1,394 1,997 Total provision for (benefit from) income taxes $ 28,486 $ (20,759) $ 26,211 __________ (a) Amount for the year ended December 31, 2020 includes an aggregate deferred tax benefit of $37.2 million as a result of the release of a deferred tax liability relating to our investment in shares of Lineage Logistics ( Note 8 ), which converted to a REIT during the year and is therefore no longer subject to federal and state income taxes (b) Pre-tax loss attributable to taxable subsidiaries for 2020 was primarily driven by: (i) a portion of the other-than-temporary impairment charges totaling $47.1 million recognized on our equity method investments in CWI 1 and CWI 2 ( Note 8 ), (ii) the allocation of $34.3 million of goodwill within our Investment Management segment as a result of the WLT management internalization ( Note 3 ), and (iii) an impairment charge of $12.6 million recognized on an international property ( Note 8 ). (c) Pre-tax income attributable to taxable subsidiaries for 2019 includes unrealized gains on our investment in shares of Lineage Logistics totaling $32.9 million (prior to its REIT conversion in 2020, as described below) ( Note 8 ). (d) Amount for the year ended December 31, 2019 includes a current tax benefit of approximately $6.3 million due to a change in tax position for state and local taxes.
Schedule of deferred tax assets and liabilities	Deferred income taxes at December 31, 2021 and 2020 consist of the following (in thousands): December 31, 2021 2020 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 55,147 $ 49,869 Basis differences — foreign investments 52,705 43,089 Unearned and deferred compensation 15,895 9,753 Lease liabilities (a) 14,752 14,144 Other 374 — Total deferred tax assets 138,873 116,855 Valuation allowance (108,812) (86,069) Net deferred tax assets 30,061 30,786 Deferred Tax Liabilities Basis differences — foreign investments (145,524) (145,838) ROU assets (a) (12,637) (12,618) Basis differences — equity investees (1,195) (2,364) Deferred revenue — (97) Other — (632) Total deferred tax liabilities (159,356) (161,549) Net Deferred Tax Liability $ (129,295) $ (130,763) __________ (a) Balances represent our basis differences for our office leases on domestic taxable subsidiaries. Basis differences on our foreign ground leases are included within the line item Basis differences — foreign investments.
Unrecognized tax benefits	The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2021 2020 Beginning balance $ 6,312 $ 5,756 Decrease due to lapse in statute of limitations (508) (783) Foreign currency translation adjustments (451) 515 Addition based on tax positions related to the current year 326 591 Addition based on tax positions related to the prior year 315 233 Ending balance $ 5,994 $ 6,312

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Reconciliation of operating profit (loss) from segments to consolidated	The following tables present a summary of comparative results and assets for these business segments (in thousands): Real Estate Years Ended December 31, 2021 2020 2019 Revenues Lease revenues $ 1,177,438 $ 1,080,623 $ 987,984 Income from direct financing leases and loans receivable 67,555 74,893 105,112 Lease termination income and other 53,655 11,082 29,547 Operating property revenues (a) 13,478 11,399 50,220 1,312,126 1,177,997 1,172,863 Operating Expenses Depreciation and amortization (b) 475,989 441,948 443,300 General and administrative (b) 81,888 70,127 56,796 Reimbursable tenant costs 62,417 56,409 55,576 Property expenses, excluding reimbursable tenant costs 47,898 44,067 39,545 Stock-based compensation expense (b) 24,881 15,247 13,248 Impairment charges 24,246 35,830 32,539 Operating property expenses 9,848 9,901 38,015 Merger and other expenses (4,597) (937) 101 722,570 672,592 679,120 Other Income and Expenses Interest expense (196,831) (210,087) (233,325) Gain on sale of real estate, net 40,425 109,370 18,143 (Losses) earnings from equity method investments in real estate (19,649) (9,017) 2,361 Non-operating income 13,778 8,970 20,478 Other gains and (losses) (13,676) 37,104 9,773 Loss on change in control of interests — — (8,416) (175,953) (63,660) (190,986) Income before income taxes 413,603 441,745 302,757 (Provision for) benefit from income taxes (28,703) 18,498 (30,802) Net Income from Real Estate 384,900 460,243 271,955 Net (income) loss attributable to noncontrolling interests (134) (731) 110 Net Income from Real Estate Attributable to W. P. Carey $ 384,766 $ 459,512 $ 272,065 Investment Management Years Ended December 31, 2021 2020 2019 Revenues Asset management revenue $ 15,363 $ 22,467 $ 43,356 Reimbursable costs from affiliates 4,035 8,855 16,547 19,398 31,322 59,903 Operating Expenses Reimbursable costs from affiliates 4,035 8,855 16,547 Merger and other expenses 51 1,184 — General and administrative (b) — 5,823 18,497 Subadvisor fees — 1,469 7,579 Depreciation and amortization (b) — 987 3,835 Stock-based compensation expense (b) — 691 5,539 4,086 19,009 51,997 Other Income and Expenses Earnings (losses) from equity method investments in the Managed Programs 8,820 (9,540) 20,868 Other gains and (losses) 791 61 (849) Non-operating income 82 617 2,073 9,693 (8,862) 22,092 Income before income taxes 25,005 3,451 29,998 Benefit from income taxes 217 2,261 4,591 Net Income from Investment Management 25,222 5,712 34,589 Net income attributable to noncontrolling interests — (9,865) (1,411) Net Income (Loss) from Investment Management Attributable to W. P. Carey $ 25,222 $ (4,153) $ 33,178 Total Company Years Ended December 31, 2021 2020 2019 Revenues $ 1,331,524 $ 1,209,319 $ 1,232,766 Operating expenses 726,656 691,601 731,117 Other income and expenses (166,260) (72,522) (168,894) (Provision for) benefit from income taxes (28,486) 20,759 (26,211) Net income attributable to noncontrolling interests (134) (10,596) (1,301) Net income attributable to W. P. Carey $ 409,988 $ 455,359 $ 305,243 (a) Operating property revenues from our hotels include (i) $7.2 million, $4.0 million, and $15.0 million for the years ended December 31, 2021, 2020, and 2019, 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 and $14.4 million for the years ended December 31, 2020 and 2019, respectively, generated from a hotel in Miami, Florida, which was sold in January 2020 ( Note 15 ). (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. Years Ended December 31, 2021 2020 2019 Revenues Domestic $ 860,961 $ 756,763 $ 783,828 International 451,165 421,234 389,035 Total $ 1,312,126 $ 1,177,997 $ 1,172,863
Reconciliation of assets from segment to consolidated	Total Assets at December 31, 2021 2020 Real Estate $ 15,344,703 $ 14,582,015 Investment Management 135,927 125,621 Total Company $ 15,480,630 $ 14,707,636 December 31, 2021 2020 Long-lived Assets (a) Domestic $ 8,170,448 $ 7,589,805 International 4,866,921 4,796,767 Total $ 13,037,369 $ 12,386,572 Equity Investments in Real Estate Domestic $ 236,643 $ 152,451 International 55,260 74,438 Total $ 291,903 $ 226,889 __________ (a) Consists of Net investments in real estate. In 2021, we reclassified loans receivable to be included within Net investments in real estate ( Note 2 ). As a result, Net investments in real estate as of December 31, 2020 has been revised to conform to the current period presentation.

Business and Organization - Nar

Business and Organization - Narratives (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2021ft²propertytenant	Dec. 31, 2020property
Real Estate Properties
Number of real estate properties (property)	16
Real Estate
Real Estate Properties
Number of real estate properties (property)	1,304
Square footage of real estate properties | ft²	156
Number of tenants (tenant) | tenant	352
Operating lease term (in years)	10 years 9 months 18 days
Occupancy rate	98.50%
Real Estate | Operating Properties
Real Estate Properties
Number of real estate properties (property)	20
Square footage of real estate properties | ft²	1.4
Real Estate | Self Storage
Real Estate Properties
Number of real estate properties (property)	19
Real Estate | Hotel
Real Estate Properties
Number of real estate properties (property)	1	2
Investment Management | Operating Properties | Affiliated Entity | Managed Programs
Real Estate Properties
Number of real estate properties (property)	66
Square footage of real estate properties | ft²	5.1
Investment Management | Operating Properties | Affiliated Entity | Managed Programs | Built to suit
Real Estate Properties
Number of real estate properties (property)	4
Investment Management | Net-lease properties | Affiliated Entity | Managed Programs
Real Estate Properties
Number of real estate properties (property)	56
Square footage of real estate properties | ft²	10.8
Number of tenants (tenant) | tenant	50
Occupancy rate	98.30%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)viereporting_unit	Dec. 31, 2020USD ($)vie	Dec. 31, 2019USD ($)	Jan. 01, 2020USD ($)
Basis of Consolidation
Distributions in excess of accumulated earnings	$ 2,224,231	$ 1,850,935
Variable interest entities, count | vie	14	12
Variable interest entities consolidated, count | vie	6	5
Variable interest entities unconsolidated, count | vie	8	7
Equity Investments in Real Estate	$ 356,637	$ 283,446
Real Estate
Basis of Consolidation
Number of reporting units (reporting units) | reporting_unit	1
Equity Investments in Real Estate	$ 291,903	226,889
Gross contract revenue	13,478	11,399	$ 50,220
Real Estate | Hotel
Basis of Consolidation
Gross contract revenue	$ 7,200	5,900	$ 29,400
Internal-use software development costs | Minimum
Basis of Consolidation
Property, plant and equipment, useful life	3 years
Internal-use software development costs | Maximum
Basis of Consolidation
Property, plant and equipment, useful life	7 years
Building and Building Improvements | Maximum
Basis of Consolidation
Property, plant and equipment, useful life	40 years
Furniture and Fixtures | Maximum
Basis of Consolidation
Property, plant and equipment, useful life	40 years
Equipment | Maximum
Basis of Consolidation
Property, plant and equipment, useful life	40 years
Variable Interest Entity
Basis of Consolidation
Equity Investments in Real Estate	$ 581,300	$ 425,300
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	2	2
Real Estate
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	6	5
Equity Investments in Real Estate	$ 291,903	$ 226,889
Cumulative-effect adjustment for the adoption of new accounting pronouncement
Basis of Consolidation
Distributions in excess of accumulated earnings				$ (14,800)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Assets
Land, buildings and improvements		$ 11,875,407	$ 10,939,619
Net investments in direct financing leases and loans receivable		813,577	736,117
In-place lease intangible assets and other		2,386,000	2,301,174
Above-market rent intangible assets		843,410	881,159
Accumulated depreciation and amortization		(2,889,294)	(2,490,087)
Total assets	[1]	15,480,630	14,707,636
Liabilities
Non-recourse mortgages, net		368,524	1,145,554
Below-market rent and other intangible liabilities, net		183,286	197,248
Total liabilities	[1]	7,897,179	7,829,267
Variable Interest Entity
Assets
Land, buildings and improvements		426,831	423,333
Net investments in direct financing leases and loans receivable		144,103	15,242
In-place lease intangible assets and other		42,884	41,997
Above-market rent intangible assets		26,720	26,720
Accumulated depreciation and amortization		(154,413)	(137,827)
Total assets		500,884	381,953
Liabilities
Non-recourse mortgages, net		1,485	3,508
Below-market rent and other intangible liabilities, net		20,568	22,283
Total liabilities		$ 46,302	$ 48,971
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 165,427	$ 248,662	$ 196,028
Restricted cash	52,523	63,117	55,490
Total cash and cash equivalents and restricted cash	$ 217,950	$ 311,779	$ 251,518	$ 424,063

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details) $ / shares in Units, $ in Thousands	Apr. 13, 2020USD ($)$ / sharesshares	Jan. 31, 2022USD ($)$ / sharesshares	Apr. 12, 2020shares	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)investmentshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor					10.00%
Other Transactions with Affiliates
Preferred stock, shares issued (shares) | shares					0	0
Common stock shares, issued (shares) | shares					190,013,751	175,401,757
Equity Investments in Real Estate					$ 356,637	$ 283,446
Unrealized gain on investments					$ 18,688	0	$ 7
CPA:17 Merger measurement period adjustments (Note 3)							15,802
Number of jointly owned investments | investment					10
Jointly owned investment, accounted for under the equity method investments | investment					9
Due from affiliates					$ 1,826	$ 26,257
CWI 2 Class A Common Stock
Other Transactions with Affiliates
Class of warrant or right, number of securities called by warrants or rights (in shares) | shares			0.9106
Investment Management
Other Transactions with Affiliates
CPA:17 Merger measurement period adjustments (Note 3)							$ 0
WLT
Other Transactions with Affiliates
Shares owned (shares) | shares	5,531,025
CWI 1
Other Transactions with Affiliates
Shares owned (shares) | shares			6,074,046
WLT | Investment Management
Other Transactions with Affiliates
Disposition of goodwill	$ 34,300
WLT | Subsequent Event
Other Transactions with Affiliates
Preferred stock, shares issued (shares) | shares		1,300,000
Affiliated Entity | CWI 1
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor			20.00%
Affiliated Entity | CWI 2
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor			25.00%
Affiliated Entity | CPA:18 – Global | Maximum
Distributions Of Available Cash and Deferred Revenue Earned
Personnel and overhead reimbursement, percentage				1.00%	1.00%	1.00%	1.00%
Affiliated Entity | Market value of equity investment | CWI 1
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of asset management fees earned, percentage			0.50%
Affiliated Entity | Market value of equity investment | CWI 2
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of asset management fees earned, percentage			0.55%
Affiliated Entity | Aggregate cost of investment | CPA:18 – Global
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of acquisition fees earned (structuring revenue percentage)					4.50%
Affiliated Entity | Aggregate cost of investment | CESH
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of acquisition fees earned (structuring revenue percentage)					2.00%
Affiliated Entity | CESH
Other Transactions with Affiliates
Equity Investments in Real Estate					$ 3,689	$ 4,399
Jointly owned investments | CPA 17
Other Transactions with Affiliates
CPA:17 Merger measurement period adjustments (Note 3)				$ 15,800
Loss on change in control of interests							$ (8,400)
Preferred stock | WLT | Level 3
Other Transactions with Affiliates
Equity method investment fair value					65,000	46,300
$0.001 Par Value Common Stock | WLT | Level 3
Other Transactions with Affiliates
Equity method investment fair value						11,600
$0.001 Par Value Common Stock | Affiliated Entity | WLT
Other Transactions with Affiliates
Shares owned (shares) | shares	12,208,243
Equity Investments in Real Estate					33,400	44,200
Affiliated Entity | CWI 1 And CWI 2
Other Transactions with Affiliates
Gain on sale of equity method investment	$ 9,900
Equity Investments in Real Estate	$ 500
Affiliated Entity | CPA:18 – Global
Other Transactions with Affiliates
Due from affiliates						21,100
Affiliated Entity | CPA:18 – Global | Subsequent Event
Other Transactions with Affiliates
Loans to related party		$ 13,000
Affiliated Entity | WLT
Other Transactions with Affiliates
Unrealized gain on investments					18,700
Affiliated Entity | WLT | Subsequent Event
Other Transactions with Affiliates
Preferred stock, shares issued (shares) | shares		1,300,000
Preferred stock liquidation preference (usd per share) | $ / shares		$ 50
Affiliated Entity | Preferred stock | WLT
Other Transactions with Affiliates
Equity method investment fair value					65,000	$ 46,300
Affiliated Entity | Class A | CWI 2
Other Transactions with Affiliates
Shares owned (shares) | shares			3,836,669
CWI 2 | Affiliated Entity
Other Transactions with Affiliates
Preferred stock, shares issued (shares) | shares	1,300,000
Preferred stock liquidation preference (usd per share) | $ / shares	$ 50
Common stock shares, issued (shares) | shares	2,840,549
Gain on sale of equity method investment					$ 33,000

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction
Distributions of Available Cash	$ 7,345	$ 7,225	$ 21,489
Interest income on deferred acquisition fees and loans to affiliates	120	369	2,237
Total deferred revenue earned	26,863	38,916	83,629
Asset management and other revenue
Related Party Transaction
Gross contract revenue	15,363	21,973	39,132
Reimbursable costs from affiliates
Related Party Transaction
Gross contract revenue	4,035	8,855	16,547
Structuring and other advisory revenue
Related Party Transaction
Gross contract revenue	$ 0	$ 494	$ 4,224

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction
Revenue from related parties	$ 26,863	$ 38,916	$ 83,629
CPA:18 – Global
Related Party Transaction
Revenue from related parties	22,867	22,200	26,039
CWI 1
Related Party Transaction
Revenue from related parties	0	5,662	30,770
CWI 2
Related Party Transaction
Revenue from related parties	0	4,668	21,584
CESH
Related Party Transaction
Revenue from related parties	3,713	4,723	5,236
WLT
Related Party Transaction
Revenue from related parties	$ 283	$ 1,663	$ 0

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Due from affiliates
Reimbursable costs	$ 974	$ 1,760
Asset management fees receivable	494	1,054
Accounts receivable	336	305
Current acquisition fees receivable	19	136
Deferred acquisition fees receivable, including accrued interest	3	1,858
Short-term loans to affiliates, including accrued interest	0	21,144
Due from affiliates	$ 1,826	$ 26,257

Agreements and Transactions w_7

Agreements and Transactions with Related Parties - Asset Management, Structuring and Other Revenue (Details) - Affiliated Entity	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021
CPA:18 – Global | Average Equity Value
Related Party Transaction
Asset management fees receivable in cash, percentage	50.00%
CPA:18 – Global | Class A | Average Equity Value
Related Party Transaction
Asset management fees receivable in shares, percentage		50.00%
CPA:18 – Global | Class A | Average Equity Value | Minimum
Related Party Transaction
Percentage of asset management fees earned, percentage		0.50%
CPA:18 – Global | Class A | Average Equity Value | Maximum
Related Party Transaction
Percentage of asset management fees earned, percentage		1.50%
CESH | Gross asset fair value
Related Party Transaction
Percentage of asset management fees earned, percentage		1.00%

Land, Buildings and Improveme_3

Land, Buildings and Improvements and Assets Held for Sale - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)propertyinvestment$ / €	Dec. 31, 2020USD ($)propertyinvestment$ / €	Dec. 31, 2019USD ($)propertyinvestment
Real Estate Properties
Increase in value of balance sheet item due to foreign currency translation	$ (35,736)	$ 47,746	$ 376
Number of real estate properties (property) | property	16
Net investments in direct financing leases	$ 572,205	711,974
Land, buildings and improvements	11,875,407	10,939,619
Investments in real estate
Purchases of real estate	1,306,858	$ 656,313	717,666
Funds capitalized for construction in progress	$ 83,300
Construction projects in progress | property	6	5
Unfunded commitment	$ 55,300	$ 81,800
Capitalized interest	2,500	2,900	2,500
Lease termination income	41,000
End Lease related settlement	9,800	7,900	24,100
Sublease Income	5,100	5,500	5,400
Cash paid for operating lease liabilities	13,900	15,500	$ 14,600
Assets held for sale, net	$ 8,269	$ 18,590
Discontinued operations, disposed of by sale
Investments in real estate
Number of properties sold (property) | property	24	22	14
Discontinued Operations, Held-for-sale
Real Estate Properties
Number of real estate properties (property) | property	2	4
Investments in real estate
Assets held for sale, net	$ 8,300	$ 18,600
Net investments in direct financing leases
Investments in real estate
Number of properties sold (property) | property	4
Real Estate
Real Estate Properties
Number of real estate properties (property) | property	1,304
Investments in real estate
Other income	$ 1,900	2,300	$ 3,500
Gross contract revenue	13,478	11,399	50,220
Real Estate | Occupancy
Investments in real estate
Gross contract revenue	11,200	9,500	39,500
Real Estate | Food and beverage
Investments in real estate
Gross contract revenue	2,300	1,900	10,700
Adjustment
Real Estate Properties
Net investments in direct financing leases	(76,900)
Land, buildings and improvements	$ 76,900
Adjustment | Net investments in direct financing leases
Real Estate Properties
Number of real estate properties (property) | property	7
Land
Investments in real estate
Purchases of real estate		105,400	86,300
Building
Investments in real estate
Purchases of real estate		449,400	523,300
Net lease intangible
Investments in real estate
Purchases of real estate		$ 106,600	134,900
Prepaid rent
Investments in real estate
Purchases of real estate			6,100
Debt premium
Investments in real estate
Purchases of real estate			800
Other liabilities
Investments in real estate
Purchases of real estate			$ 100
Construction in progress
Real Estate Properties
Number of real estate properties (property) | property	4
Investments in real estate
Construction projects completed (property) | investment	6	5	7
Total capitalized costs	$ 88,160	$ 171,200	$ 122,500
Land, buildings and improvements and intangibles
Investments in real estate
Assets held for sale, net	$ 10,628	$ 14,051
Land, buildings and improvements and intangibles | Discontinued operations, disposed of by sale
Investments in real estate
Number of properties sold (property) | property	16
Other real estate, period increase (decrease)	$ (62,600)
Operating lease
Real Estate Properties
Increase in value of balance sheet item due to foreign currency translation	$ (244,100)
Number of real estate properties (property) | property	73	14	23
Depreciation	$ 286,400	$ 258,900	$ 229,000
Investments in real estate
Purchases of real estate	1,307,150	661,400	737,500
Operating lease | Land
Investments in real estate
Purchases of real estate	190,968
Operating lease | Building
Investments in real estate
Purchases of real estate	946,908
Operating real estate
Real Estate Properties
Depreciation	2,700	2,800	$ 6,900
Net property subject to operating lease	10,343,714	$ 9,649,231
Operating real estate | Adjustment
Real Estate Properties
Net property subject to operating lease	$ (5,000)
Operating real estate | Self Storage
Real Estate Properties
Number of real estate properties (property) | property	10	10
Operating real estate | Hotel
Real Estate Properties
Number of real estate properties (property) | property	1	1
Hotel | Real Estate
Real Estate Properties
Number of real estate properties (property) | property	1	2
Hotel | Real Estate | Discontinued operations, disposed of by sale
Real Estate Properties
Number of real estate properties (property) | property		1
Consolidated properties | Self Storage
Real Estate Properties
Number of real estate properties (property) | property	10	10	37
Consolidated properties | Hotel
Real Estate Properties
Number of real estate properties (property) | property	1	2	2
EUR
Real Estate Properties
(Decrease) increase in exchange rate	(7.70%)
Foreign currency exchange rate | $ / €	1.2271	1.1326
EUR | Construction in progress
Investments in real estate
Commitments	$ 63,500

Land, Buildings and Improveme_4

Land, Buildings and Improvements and Assets Held for Sale - Property Plant and Equipment (Details) - Operating real estate - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (1,448,020)	$ (1,206,912)
Net property subject to operating lease	10,343,714	9,649,231
Land
Real Estate Investment Property At Cost
Gross property subject to operating lease	2,151,327	2,012,688
Building and Building Improvements
Real Estate Investment Property At Cost
Gross property subject to operating lease	9,525,858	8,724,064
Asset under Construction
Real Estate Investment Property At Cost
Gross property subject to operating lease	$ 114,549	$ 119,391

Land, Buildings and Improveme_5

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

Dec. 29, 2021USD ($)investment

Dec. 15, 2021USD ($)investment

Dec. 07, 2021USD ($)investment

Nov. 12, 2021USD ($)investment

Oct. 19, 2021USD ($)investment

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

Dec. 31, 2021USD ($)property

Dec. 31, 2020USD ($)property

Dec. 31, 2019USD ($)property

Property, Plant and Equipment

Number of properties (property) | property

16

Total Capitalized Costs (a)

$ 1,306,858

$ 656,313

$ 717,666

Land

Property, Plant and Equipment

Total Capitalized Costs (a)

105,400

86,300

Building

Property, Plant and Equipment

Total Capitalized Costs (a)

$ 449,400

$ 523,300

Below-market rent

Property, Plant and Equipment

Finite lived intangible assets useful life (in years)

11 years 1 month 6 days

In-place lease

Property, Plant and Equipment

Finite lived intangible assets useful life (in years)

20 years 8 months 12 days

Operating lease

Property, Plant and Equipment

Number of properties (property) | property

73

14

23

Total Capitalized Costs (a)

$ 1,307,150

$ 661,400

$ 737,500

Operating lease | Land

Property, Plant and Equipment

Total Capitalized Costs (a)

190,968

Operating lease | Building

Property, Plant and Equipment

Total Capitalized Costs (a)

946,908

Operating lease | Below-market rent

Property, Plant and Equipment

Total Capitalized Costs (a)

9,995

Operating lease | Prepaid rent liabilities

Property, Plant and Equipment

Total Capitalized Costs (a)

15,445

Operating lease | Operating lease liabilities

Property, Plant and Equipment

Total Capitalized Costs (a)

5,979

Operating lease | In-place lease

Property, Plant and Equipment

Total Capitalized Costs (a)

198,869

Operating lease | Land lease right-of-use assets | Land

Property, Plant and Equipment

Total Capitalized Costs (a)

5,979

Operating lease | Above-market rent intangible assets

Property, Plant and Equipment

Total Capitalized Costs (a)

$ 4,155

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

Property, Plant and Equipment

Number of properties (property) | property

2

Total Capitalized Costs (a)

$ 19,129

Operating lease | Various, New Jersey and Pennsylvania

Property, Plant and Equipment

Number of properties (property) | property

10

Total Capitalized Costs (a)

$ 55,115

Operating lease | Various, New Jersey and Pennsylvania | Retail Site

Property, Plant and Equipment

Number of properties (property) | property

7

Operating lease | Various, New Jersey and Pennsylvania | Office

Property, Plant and Equipment

Number of properties (property) | property

3

Operating lease | Central Valley, California

Property, Plant and Equipment

Number of properties (property) | property

4

Total Capitalized Costs (a)

$ 75,008

Operating lease | Central Valley, California | Warehouse

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

Total Capitalized Costs (a)

$ 119,341

Deferred tax liability

8,800

Operating lease | Searcy, Arkansas

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 14,038

Operating lease | Detroit, Michigan

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 52,810

Operating lease | Solihull, United Kingdom

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 194,954

Deferred tax liability

$ 3,600

Operating lease | New Rochelle, New York

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 26,109

Operating lease | Groveport, Ohio

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 27,133

Operating lease | Dakota, Illinois

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 65,043

Operating lease | San Jose, California

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 51,949

Operating lease | Opelika, Alabama

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 48,897

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

Property, Plant and Equipment

Number of properties (property) | property

3

Total Capitalized Costs (a)

$ 42,829

Operating lease | Rome, New York

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 44,781

Operating lease | St. Louis, Missouri

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 7,924

Operating lease | Frankfort, Indiana

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 113,544

Operating lease | Various, United States

Property, Plant and Equipment

Number of properties (property) | property

6

Total Capitalized Costs (a)

$ 17,396

Operating lease | Rogers, Minnesota

Property, Plant and Equipment

Number of properties (property) | property

1

Total Capitalized Costs (a)

$ 26,531

Operating lease | Chattanooga, Tennessee

Property, Plant and Equipment

Number of properties (property) | investment

2

Total Capitalized Costs (a)

$ 40,728

Operating lease | Mankato, Minnesota

Property, Plant and Equipment

Number of properties (property) | investment

1

Total Capitalized Costs (a)

$ 17,665

Operating lease | Various, Denmark (e)

Property, Plant and Equipment

Number of properties (property) | investment

11

Total Capitalized Costs (a)

$ 46,129

Operating lease | Lawrence, Kansas

Property, Plant and Equipment

Number of properties (property) | investment

1

Total Capitalized Costs (a)

$ 25,728

Operating lease | Various, Poland (d) (e)

Property, Plant and Equipment

Number of properties (property) | investment

7

Total Capitalized Costs (a)

$ 74,345

Deferred tax liability

$ 700

Operating lease | Cary, Illinois

Property, Plant and Equipment

Number of properties (property) | investment

1

Total Capitalized Costs (a)

$ 44,399

Operating lease | Various, Netherlands (e)

Property, Plant and Equipment

Number of properties (property) | investment

5

Total Capitalized Costs (a)

$ 51,636

Operating lease | Various, New Jersey and Pennsylvania (g)

Property, Plant and Equipment

Number of properties (property) | investment

5

Total Capitalized Costs (a)

$ 3,989

Land, Buildings and Improveme_6

Land, Buildings and Improvements and Assets Held for Sale - Real Estate Under Construction (Details) $ in Thousands	Aug. 18, 2021USD ($)property	Jun. 30, 2021USD ($)property	Feb. 04, 2021USD ($)property	Jan. 15, 2021USD ($)property	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Property, Plant and Equipment
Number of properties (property)					16
Construction in progress
Property, Plant and Equipment
Number of properties (property)					4
Total capitalized costs | $					$ 88,160	$ 171,200	$ 122,500
Mason, Ohio | Construction in progress
Property, Plant and Equipment
Number of properties (property)				1
Total capitalized costs | $				$ 2,428
Industrial facility in Langen, Germany | Construction in progress
Property, Plant and Equipment
Number of properties (property)			1
Total capitalized costs | $			$ 52,719
San Donato Milanese, Italy | Construction in progress
Property, Plant and Equipment
Number of properties (property)		1
Total capitalized costs | $		$ 7,244
Whitehall, Pennsylvania | Construction in progress
Property, Plant and Equipment
Number of properties (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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Lease income — fixed	$ 1,066,250	$ 981,430	$ 898,111
Lease income — variable	111,188	99,193	89,873
Total operating lease income	$ 1,177,438	$ 1,080,623	$ 987,984

Land, Buildings and Improveme_8

Land, Buildings and Improvements and Assets Held for Sale - Schedule of Future Minimum Lease Payments to be Received (Details) $ in Thousands	Dec. 31, 2021USD ($)
Scheduled Future Lease Payments to be Received
2022	$ 1,140,093
2023	1,116,058
2024	1,058,713
2025	997,909
2026	946,077
Thereafter	8,154,484
Total	$ 13,413,334

Land, Buildings and Improveme_9

Land, Buildings and Improvements and Assets Held for Sale - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Fixed lease cost	$ 16,426	$ 17,616	$ 14,503
Variable lease cost	1,149	1,089	1,186
Total lease cost	$ 17,575	$ 18,705	$ 15,689

Land, Buildings and Improvem_10

Land, Buildings and Improvements and Assets Held for Sale - Supplemental Balance Sheet Information (Details) $ in Thousands	Dec. 31, 2021USD ($)lease	Dec. 31, 2020USD ($)lease
Lessee, Lease, Description
Total operating ROU assets	$ 165,997	$ 180,727
Operating lease liability	$ 146,437	$ 151,466
Weighted-average remaining lease term — operating leases	26 years 1 month 6 days	29 years 2 months 12 days
Weighted-average discount rate — operating leases (percent)	6.80%	7.10%
Operating Lease, Liability, Statement of Financial Position	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Minimum
Lessee, Lease, Description
Operating lease contract term	1 year	1 year
Maximum
Lessee, Lease, Description
Operating lease contract term	100 years	100 years
Land
Lessee, Lease, Description
Total operating ROU assets	$ 106,095	$ 119,590
Operating lease right of use asset, (lease) | lease	66	68
Operating Lease, Right-of-Use Asset, Statement of Financial Position	In-place lease intangible assets and other	In-place lease intangible assets and other
Building
Lessee, Lease, Description
Total operating ROU assets	$ 59,902	$ 61,137
Operating lease right of use asset, (lease) | lease	4	7
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other assets, net	Other assets, net

Land, Buildings and Improvem_11

Land, Buildings and Improvements and Assets Held for Sale - Undiscounted Cash Flows - Operating Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due
2022	$ 14,230
2023	14,246
2024	13,137
2025	13,092
2026	13,034
Thereafter	275,259
Total lease payments	342,998
Less: amount of lease payments representing interest	(196,561)
Present value of future lease payments/lease obligations	$ 146,437	$ 151,466

Land, Buildings and Improvem_12

Land, Buildings and Improvements and Assets Held for Sale - Operating Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Less: Accumulated depreciation	$ (2,889,294)	$ (2,490,087)
Investments in real estate	15,918,394	14,858,069
Land, Buildings and Improvements — Operating Leases
Property, Plant and Equipment
Land	10,452	10,452
Buildings and improvements	73,221	73,024
Less: Accumulated depreciation	(16,750)	(14,004)
Investments in real estate	$ 66,923	$ 69,472

Land, Buildings and Improvem_13

Land, Buildings and Improvements and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long Lived Assets Held-for-sale
Assets held for sale, net	$ 8,269	$ 18,590
In-place lease
Long Lived Assets Held-for-sale
Assets held for sale, net	0	12,754
Above-market rent
Long Lived Assets Held-for-sale
Assets held for sale, net	0	518
Land, buildings and improvements and intangibles
Long Lived Assets Held-for-sale
Assets held for sale, net	10,628	14,051
Accumulated depreciation and amortization
Long Lived Assets Held-for-sale
Assets held for sale, net	$ 2,359	$ 8,733

Finance Receivables - Direct Fi

Finance Receivables - Direct Financing Leases and Loans Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2020
Receivables [Abstract]
Net investments in direct financing leases	$ 572,205		$ 711,974
Sale-leaseback transactions accounted for as loans receivable	217,229	$ 217,000	0
Secured loans receivable	24,143		24,143
Net investment In lease and loans receivable	$ 813,577		$ 736,117

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Lease payments receivable	$ 414,002	$ 527,691
Unguaranteed residual value	545,896	677,722
Gross minimum lease payments receivable	959,898	1,205,413
Less: unearned income	(370,353)	(476,365)
Less: allowance for credit losses	(17,340)	(17,074)
Net investments in direct financing leases	$ 572,205	$ 711,974

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2021USD ($)loanproperty	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Mar. 31, 2021USD ($)
Finance Receivables
Allowance for credit loss		$ 266	$ 22,259	$ 0
Income from direct financing leases and loans receivable		$ 63,200	73,900	98,400
Number of real estate properties (property) | property		16
Net investments in direct financing leases		$ 572,205	711,974
Land, buildings and improvements		11,875,407	10,939,619
Increase in value of balance sheet item due to foreign currency translation		(35,736)	47,746	376
Impairment charges	$ 25,800	$ 24,246	$ 35,830	32,539
Number of loan receivables (loans) | loan		2	2
Loans receivable, sales type lease		$ 24,100	$ 24,100
Loans receivable, allowance for credit losses		(12,600)	(12,600)
Unrecognized interest receivable					$ 3,700
Interest income from loans receivable		4,300	1,000	$ 6,200
Financing Receivable
Finance Receivables
Allowance for credit loss		300	$ 9,700
CPA 17
Finance Receivables
Measurement period adjustments, decrease to direct financing leases	21,000
Measurement period adjustment, decrease to change in control of interest	$ (8,400)
Adjustment
Finance Receivables
Net investments in direct financing leases		(76,900)
Land, buildings and improvements		$ 76,900
Net investments in direct financing leases
Finance Receivables
Number of properties sold (property) | property		4
Decrease in direct financing lease		$ 35,800
Net investments in direct financing leases | Adjustment
Finance Receivables
Number of real estate properties (property) | property		7
Net investments in direct financing leases
Finance Receivables
Increase in value of balance sheet item due to foreign currency translation		$ (23,200)

Finance Receivables - Scheduled

Finance Receivables - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2021USD ($)
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity
2022	$ 57,056
2023	55,840
2024	52,535
2025	45,808
2026	44,347
Thereafter	158,416
Total	$ 414,002

Finance Receivables - Sale-leas

Finance Receivables - Sale-leasebacks (Details) $ in Thousands	Dec. 31, 2021USD ($)property	Dec. 29, 2021USD ($)property	Dec. 20, 2021USD ($)property	Dec. 31, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable
Number of properties (property) | property	16
Sale-leaseback transactions accounted for as loans receivable | $	$ 217,229	$ 217,000		$ 0
Various, Germany and Czech Republic
Accounts, Notes, Loans and Financing Receivable
Number of properties (property) | property			4
Sale-leaseback transactions accounted for as loans receivable | $			$ 29,166
Various, Netherlands
Accounts, Notes, Loans and Financing Receivable
Number of properties (property) | property		9
Sale-leaseback transactions accounted for as loans receivable | $		$ 43,731
Santa Rosa, California; Pocatello, Idaho; and White City, Oregon
Accounts, Notes, Loans and Financing Receivable
Number of properties (property) | property		3
Sale-leaseback transactions accounted for as loans receivable | $		$ 144,103

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2021USD ($)tenant	Dec. 31, 2020USD ($)tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 843,510	$ 765,784
Internally Assigned Grade1 thru 3
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	17	18
Net investments in direct financing leases	$ 703,280	$ 587,103
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants (tenant) | tenant	9	9
Net investments in direct financing leases	$ 140,230	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net
Increase in value of balance sheet item due to foreign currency translation	$ (35,736)	$ 47,746	$ 376
Amortization of intangible assets	236,600	$ 226,200	$ 272,000
Net intangible assets
Finite-Lived Intangible Assets, Net
Increase in value of balance sheet item due to foreign currency translation	$ (43,900)
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 - Goodwill Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill
Balance - beginning of period	$ 910,818	$ 934,688	$ 920,944
CPA:17 Merger measurement period adjustments (Note 3)			15,802
Foreign currency translation adjustments		10,403
Foreign currency translation adjustments	(9,289)	(34,273)	(2,058)
Balance - end of period	901,529	910,818	934,688
Real Estate
Goodwill
Balance - beginning of period	881,484	871,081	857,337
CPA:17 Merger measurement period adjustments (Note 3)			15,802
Foreign currency translation adjustments		10,403
Foreign currency translation adjustments	(9,289)	0	(2,058)
Balance - end of period	872,195	881,484	871,081
Investment Management
Goodwill
Balance - beginning of period	29,334	63,607	63,607
CPA:17 Merger measurement period adjustments (Note 3)			0
Foreign currency translation adjustments		0
Foreign currency translation adjustments	0	(34,273)	0
Balance - end of period	$ 29,334	$ 29,334	$ 63,607

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets
Less: accumulated amortization	$ (1,446,787)	$ (1,287,668)
Indefinite-Lived Goodwill
Total intangible assets, gross	4,048,372	3,996,740
Total intangible assets, net	2,601,585	2,709,072
Finite-Lived Intangible Liabilities
Less: accumulated amortization	105,908	90,193
Indefinite-Lived Intangible Liabilities
Total intangible liabilities, gross	(289,194)	(287,441)
Total intangible liabilities, net	(183,286)	(197,248)
Below-market purchase option
Indefinite-Lived Intangible Liabilities
Indefinite-lived intangible liabilities	(16,711)	(16,711)
Below-market rent
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(272,483)	(270,730)
Less: accumulated amortization	105,908	90,193
Net amortizable intangible liabilities	(166,575)	(180,537)
Goodwill
Indefinite-Lived Goodwill
Indefinite-lived intangible assets	901,529	910,818
Contracts including internal software development costs
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	23,528	23,179
Less: accumulated amortization	(22,263)	(18,497)
Amortizable intangible assets	1,265	4,682
Internal-use software development costs
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	19,553	19,204
Less: accumulated amortization	(18,682)	(15,711)
Amortizable intangible assets	871	3,493
Trade name
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	3,975	3,975
Less: accumulated amortization	(3,581)	(2,786)
Amortizable intangible assets	394	1,189
Lease intangibles
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	3,123,315	3,062,743
Less: accumulated amortization	(1,424,524)	(1,269,171)
Amortizable intangible assets	1,698,791	1,793,572
In-place lease
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	2,279,905	2,181,584
Less: accumulated amortization	(934,663)	(828,219)
Amortizable intangible assets	1,345,242	1,353,365
Above-market rent
Finite-Lived Intangible Assets
Finite lived intangible assets, gross	843,410	881,159
Less: accumulated amortization	(489,861)	(440,952)
Amortizable intangible assets	$ 353,549	$ 440,207

Goodwill and Other Intangible_5

Goodwill and Other Intangibles - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2021USD ($)
Net
2022	$ 199,583
2023	181,461
2024	165,389
2025	150,650
2026	135,408
Thereafter	700,990
Total	1,533,481
Net Decrease in Lease Revenues
Net
2022	41,856
2023	34,771
2024	33,241
2025	28,451
2026	24,617
Thereafter	24,038
Total	186,974
Increase to Amortization
Net
2022	157,727
2023	146,690
2024	132,148
2025	122,199
2026	110,791
Thereafter	676,952
Total	$ 1,346,507

Equity Method Investments - Sum

Equity Method Investments - Summary of Investments in Managed Programs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments in Programs
Equity Investments in Real Estate	$ 356,637	$ 283,446
Affiliated Entity | Managed Programs
Investments in Programs
Equity Investments in Real Estate	$ 64,734	$ 56,557
Affiliated Entity | CPA:18 – Global
Investments in Programs
Equity method investment, ownership percentage (percent)	5.578%	4.569%
Equity Investments in Real Estate	$ 60,836	$ 51,949
Affiliated Entity | CPA:18 – Global operating partnership
Investments in Programs
Equity method investment, ownership percentage (percent)	0.034%	0.034%
Equity Investments in Real Estate	$ 209	$ 209
Affiliated Entity | CESH
Investments in Programs
Equity method investment, ownership percentage (percent)	2.43%	2.43%
Equity Investments in Real Estate	$ 3,689	$ 4,399

Equity Method Investments - Nar

Equity Method Investments - Narratives (Details)	Jun. 10, 2021USD ($)unit	Oct. 31, 2021USD ($)property	Dec. 31, 2021USD ($)$ / ft²	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Apr. 13, 2020shares
Investments in REITs
Distributions of earnings from equity method investments			$ 15,471,000	$ 9,419,000	$ 26,772,000
(Losses) earnings from equity method investments			(10,829,000)	(18,557,000)	23,229,000
Proceeds from sales of real estate			163,638,000	366,532,000	307,959,000
Gain on sale of real estate, net			40,425,000	109,370,000	18,143,000
Equity Investments in Real Estate			356,637,000	283,446,000
Equity method investments
Investments in REITs
Interest income			3,000,000
WLT
Investments in REITs
Shares owned (shares) | shares						5,531,025
Fortenova Grupa d.d. (formerly Konzum d.d.)
Investments in REITs
Number of properties sold (property) | property		1
Proceeds from sales of real estate		$ 14,100,000
Gain on sale of real estate, net		2,000,000
Real Estate
Investments in REITs
Equity Investments in Real Estate			291,903,000	226,889,000
Real Estate | Unconsolidated Properties
Investments in REITs
Distributions of earnings from equity method investments			18,600,000	17,800,000	17,000,000
Aggregate unamortized basis difference on equity investments			7,900,000	16,100,000
State Farm Mutual Automobile Insurance Co. (e) | Real Estate | CPA:18 – Global | Affiliated Entity
Investments in REITs
Other-than-temporary impairment charges			6,800,000
Equity Investments in Real Estate			7,129,000	15,475,000
Bank Pekao | Real Estate | CPA:18 – Global
Investments in REITs
Other-than-temporary impairment charges				8,300,000
Bank Pekao | Real Estate | CPA:18 – Global | Affiliated Entity
Investments in REITs
Impairment Charges			(13,200,000)
Equity Investments in Real Estate			$ 4,460,000	17,850,000
Bank Pekao | Real Estate | CPA:18 – Global | Affiliated Entity | Minimum
Investments in REITs
Market rent (usd per sqft) | $ / ft²			17
Bank Pekao | Real Estate | CPA:18 – Global | Affiliated Entity | Minimum | Measurement Input, Residual Capitalization Rate
Investments in REITs
Equity measurement input (percent)			0.0675
Bank Pekao | Real Estate | CPA:18 – Global | Affiliated Entity | Maximum
Investments in REITs
Market rent (usd per sqft) | $ / ft²			18
Bank Pekao | Real Estate | CPA:18 – Global | Affiliated Entity | Maximum | Measurement Input, Residual Capitalization Rate
Investments in REITs
Equity measurement input (percent)			0.0775
Fortenova Grupa d.d. (formerly Konzum d.d.) | Real Estate | CPA:18 – Global | Affiliated Entity
Investments in REITs
Proceeds from sales of real estate		2,800,000
Gain on sale of real estate, net		$ 400,000
Equity Investments in Real Estate			$ 2,936,000	2,989,000
Retail Complex In Las Vegas, Nevada | Real Estate | Third Party
Investments in REITs
Equity Investments in Real Estate			104,114,000	0
Retail Complex In Las Vegas, Nevada | Real Estate | Third Party | Construction Commitment | Affiliated Entity
Investments in REITs
Commitments	$ 224,900,000
Debt instrument stated interest rate (percentage)	6.00%
Debt instrument term	36 months
Equity Investments in Real Estate	$ 103,700,000
Number of Units in Real Estate Property | unit	2
Equity Purchase Option Percentage	47.50%
Retail Complex In Las Vegas, Nevada | Real Estate | Third Party | Construction Commitment | Affiliated Entity | Minimum
Investments in REITs
Funding Term	15 months
Retail Complex In Las Vegas, Nevada | Real Estate | Third Party | Construction Commitment | Affiliated Entity | Maximum
Investments in REITs
Funding Term	22 months
Affiliated Entity | Common stock | WLT
Investments in REITs
Shares owned (shares) | shares						12,208,243
Equity Investments in Real Estate			33,400,000	44,200,000
Affiliated Entity | CPA:18 – Global
Investments in REITs
Distributions of earnings from equity method investments			3,500,000	2,600,000	3,300,000
Equity Investments in Real Estate			60,836,000	51,949,000
Affiliated Entity | CPA:18 – Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments			7,300,000	7,200,000	8,100,000
Equity Investments in Real Estate			209,000	209,000
Affiliated Entity | CWI 1
Investments in REITs
Distributions of earnings from equity method investments				800,000	2,700,000
Affiliated Entity | CWI operating partnership
Investments in REITs
Distributions of earnings from equity method investments					7,100,000
Affiliated Entity | CWI 2
Investments in REITs
Distributions of earnings from equity method investments				500,000	1,600,000
Affiliated Entity | CWI 2 operating partnership
Investments in REITs
Distributions of earnings from equity method investments					6,300,000
Affiliated Entity | CESH
Investments in REITs
Distributions of earnings from equity method investments			1,300,000	0	$ 0
Equity Investments in Real Estate			3,689,000	4,399,000
Affiliated Entity | Managed Programs
Investments in REITs
Aggregate unamortized basis difference on equity investments			23,300,000	18,800,000
Equity Investments in Real Estate			64,734,000	56,557,000
Affiliated Entity | WLT
Investments in REITs
(Losses) earnings from equity method investments			$ (10,800,000)	$ (5,000,000)

Equity Method Investments - Equ

Equity Method Investments - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments in Programs
Equity Investments in Real Estate	$ 356,637	$ 283,446
Real Estate
Investments in Programs
Equity Investments in Real Estate	291,903	226,889
Real Estate | Third Party | Retail Complex In Las Vegas, Nevada
Investments in Programs
Equity Investments in Real Estate	$ 104,114	0
Real Estate | Third Party | Johnson Self Storage
Investments in Programs
Equity method investment, ownership percentage (percent)	90.00%
Equity Investments in Real Estate	$ 67,573	68,979
Real Estate | Third Party | Kesko Senukai
Investments in Programs
Equity method investment, ownership percentage (percent)	70.00%
Equity Investments in Real Estate	$ 41,955	46,443
Real Estate | Third Party | Harmon Retail Corner
Investments in Programs
Equity method investment, ownership percentage (percent)	15.00%
Equity Investments in Real Estate	$ 24,435	23,815
Real Estate | WLT | WLT | Affiliated Entity
Investments in Programs
Equity method investment, ownership percentage (percent)	5.00%
Equity Investments in Real Estate	$ 33,392	44,182
Real Estate | CPA:18 – Global | State Farm Mutual Automobile Insurance Co. (e) | Affiliated Entity
Investments in Programs
Equity method investment, ownership percentage (percent)	50.00%
Equity Investments in Real Estate	$ 7,129	15,475
Real Estate | CPA:18 – Global | Apply Sørco AS | Affiliated Entity
Investments in Programs
Equity method investment, ownership percentage (percent)	49.00%
Equity Investments in Real Estate	$ 5,909	7,156
Real Estate | CPA:18 – Global | Bank Pekao | Affiliated Entity
Investments in Programs
Equity method investment, ownership percentage (percent)	50.00%
Equity Investments in Real Estate	$ 4,460	17,850
Real Estate | CPA:18 – Global | Fortenova Grupa d.d. (formerly Konzum d.d.) | Affiliated Entity
Investments in Programs
Equity method investment, ownership percentage (percent)	20.00%
Equity Investments in Real Estate	$ 2,936	$ 2,989

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Jan. 31, 2022USD ($)$ / shares	Oct. 30, 2020USD ($)	Dec. 31, 2021USD ($)property$ / ft²	Sep. 30, 2019USD ($)	Dec. 31, 2021USD ($)property$ / ft²	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Apr. 13, 2020$ / shares
Fair Value Measurement Inputs and Valuation Techniques
Purchases of securities					$ 0	$ 95,511	$ 0
Proceeds from the redemption of investment in shares					13,955	19,483	34,365
Total equity in earnings (losses) of equity method investments					(10,829)	(18,557)	23,229
Equity Investments in Real Estate			$ 356,637		356,637	283,446
Unrealized gain on investments					18,688	0	7
Unamortized deferred financing costs			28,810		28,810
Unamortized discount			$ 30,911		$ 30,911
Number of real estate properties (property) | property			16		16
Impairment charges on properties				$ 25,800	$ 24,246	35,830	32,539
Real Estate
Fair Value Measurement Inputs and Valuation Techniques
Equity Investments in Real Estate			$ 291,903		291,903	226,889
Bankrupt tenants property
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges on properties						12,600
Vacant properties
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges on properties					7,900	2,800
Affiliated Entity | CWI 2
Fair Value Measurement Inputs and Valuation Techniques
Preferred stock liquidation preference (usd per share) | $ / shares								$ 50
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges					31,076	91,217	32,539
Level 3 | Fair Value, Measurements, Nonrecurring | Impaired properties
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges						1,000
Level 3 | Carrying Value | Secured Debt
Fair Value Measurement Inputs and Valuation Techniques
Unamortized deferred financing costs			100		100	400
Unamortized discount			$ 800		800	4,500
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges					$ 24,246	$ 35,830	1,345
Number of real estate properties (property) | property			2		2	6
Other-than-temporary impairment charges						$ 1,300
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges					$ 16,300	$ 16,000
Number of real estate properties (property) | property						2
Capital expenditure (usd per sqft) | $ / ft²			100		100
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Market rent (usd per sqft) | $ / ft²			10		10
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Market rent (usd per sqft) | $ / ft²			11		11
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Capitalization rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)						0.06
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Capitalization rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)						0.11
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Measurement Input, Cashflow Discount Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)			0.0700		0.0700
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Measurement Input, Cashflow Discount Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)			0.0900		0.0900
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Measurement Input, Terminal Capitalization Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)			0.0600		0.0600
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Potentially vacant properties | Measurement Input, Terminal Capitalization Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)			0.0700		0.0700
Level 3 | Land, buildings and improvements and intangibles | Fair Value, Measurements, Nonrecurring | Impaired properties
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges						$ 3,400
Level 3 | Equity method investments | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges					$ 6,830	55,387	0
Level 3 | Equity method investments | Fair Value, Measurements, Nonrecurring | Measurement Input, Cashflow Discount Rate
Fair Value Measurement Inputs and Valuation Techniques
Equity measurement input (percent)			0.0575		0.0575
Level 3 | Equity method investments | Fair Value, Measurements, Nonrecurring | Measurement Input, Residual Discount Rate
Fair Value Measurement Inputs and Valuation Techniques
Equity measurement input (percent)			0.0750		0.0750
Level 3 | Equity method investments | Fair Value, Measurements, Nonrecurring | Measurement Input, Residual Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques
Equity measurement input (percent)			0.0675		0.0675
Level 3 | Net investments in direct financing leases | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges					$ 0	0	$ 31,194
Number of real estate properties (property) | property							5
Level 2 | Carrying Value | Senior Unsecured Notes
Fair Value Measurement Inputs and Valuation Techniques
Unamortized deferred financing costs			$ 28,700		28,700	23,900
Unamortized discount			29,200		29,200	22,600
Investment in Lineage Logisitics
Fair Value Measurement Inputs and Valuation Techniques
Net Investment Income					6,400		$ 32,900
Investment in Lineage Logisitics | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Unrealized gain (loss) on investment					76,300	48,300	32,900
Purchases of securities		$ 95,500
Fair value of investments			366,300		366,300	290,000
GCIF
Fair Value Measurement Inputs and Valuation Techniques
Unrealized gain (loss) on investment					600
Proceeds from the redemption of investment in shares					800
Loss on investments					(100)
Proceeds from liquidation distribution					(1,500)
Total equity in earnings (losses) of equity method investments					100	600	$ 2,000
Equity Investments in Real Estate			4,300		4,300	6,100
WLT (reimbursed transition services) | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Total equity in earnings (losses) of equity method investments					(10,800)	(5,000)
WLT (reimbursed transition services) | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Unrealized gain on investments					18,700
WLT (reimbursed transition services) | Affiliated Entity | Subsequent Event
Fair Value Measurement Inputs and Valuation Techniques
Preferred stock liquidation preference (usd per share) | $ / shares	$ 50
Proceeds from the sales of investment in preferred shares	$ 65,000
WLT (reimbursed transition services) | Affiliated Entity | Preferred stock
Fair Value Measurement Inputs and Valuation Techniques
Equity method investment fair value			65,000		65,000	46,300
WLT (reimbursed transition services) | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Net Investment Income			4,900
WLT (reimbursed transition services) | Level 3 | Preferred stock
Fair Value Measurement Inputs and Valuation Techniques
Equity method investment fair value			$ 65,000		$ 65,000	46,300
WLT (reimbursed transition services) | Level 3 | Discount rate | Preferred stock
Fair Value Measurement Inputs and Valuation Techniques
Equity measurement input (percent)			0.15		0.15
CWI 1 | Level 3 | Equity method investments | Fair Value, Measurements, Nonrecurring | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges						27,800
CWI 2 | Level 3 | Equity method investments | Fair Value, Measurements, Nonrecurring | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges						19,300
Bank Pekao | Real Estate | CPA:18 – Global
Fair Value Measurement Inputs and Valuation Techniques
Other-than-temporary impairment charges						8,300
Bank Pekao | Affiliated Entity | Real Estate | CPA:18 – Global
Fair Value Measurement Inputs and Valuation Techniques
Equity Investments in Real Estate			$ 4,460		$ 4,460	17,850
Total impairment charges					$ 13,200
Bank Pekao | Affiliated Entity | Real Estate | CPA:18 – Global | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Market rent (usd per sqft) | $ / ft²			17		17
Bank Pekao | Affiliated Entity | Real Estate | CPA:18 – Global | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Market rent (usd per sqft) | $ / ft²			18		18
Bank Pekao | Affiliated Entity | Measurement Input, Residual Capitalization Rate | Real Estate | CPA:18 – Global | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Equity measurement input (percent)			0.0675		0.0675
Bank Pekao | Affiliated Entity | Measurement Input, Residual Capitalization Rate | Real Estate | CPA:18 – Global | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Equity measurement input (percent)			0.0775		0.0775
State Farm Mutual Automobile Insurance Co. (e) | Affiliated Entity | Real Estate | CPA:18 – Global
Fair Value Measurement Inputs and Valuation Techniques
Equity Investments in Real Estate			$ 7,129		$ 7,129	$ 15,475
Other-than-temporary impairment charges					$ 6,800

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value | Level 2 | Senior Unsecured Notes
Liabilities:
Non-recourse debt	$ 5,701,913	$ 5,146,192
Carrying Value | Level 3 | Secured Debt
Liabilities:
Non-recourse debt	368,524	1,145,554
Fair Value | Level 2 | Senior Unsecured Notes
Liabilities:
Non-recourse debt	5,984,228	5,639,586
Fair Value | Level 3 | Secured Debt
Liabilities:
Non-recourse debt	$ 369,841	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Impairment Disclosure
Impairment Charges	$ 31,076	$ 91,217	$ 32,539
Land, buildings and improvements and intangibles
Impairment Disclosure
Fair Value Measurements	29,494	31,350	1,012
Impairment Charges	24,246	35,830	1,345
Equity method investments
Impairment Disclosure
Fair Value Measurements	8,175	55,245	0
Impairment Charges	6,830	55,387	0
Net investments in direct financing leases
Impairment Disclosure
Fair Value Measurements	0	0	33,115
Impairment Charges	$ 0	$ 0	$ 31,194

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of Derivative Instruments
Cash collateral	$ 0	$ 0
Net (losses) gains recognized in other comprehensive income	34,009,000	(31,628,000)	$ 314,000
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income	$ (78,000)	8,854,000	13,085,000
Derivative, remaining maturity	62 months
Maximum exposure on derivatives	$ 18,400,000
Derivatives, net liability position	2,200,000	25,100,000
Aggregate termination value for immediate settlement	2,300,000	25,600,000
Other comprehensive income foreign currency gain (loss)	255,900,000	(280,400,000)	33,400,000
Individual Counterparty
Summary of Derivative Instruments
Maximum exposure on derivatives	4,900,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	500,000
Other Income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	(7,600,000)
Designated as Cash Flow Hedging Instruments | Interest rate swaps
Summary of Derivative Instruments
Net (losses) gains recognized in other comprehensive income	4,198,000	(1,553,000)	(1,666,000)
Designated as Cash Flow Hedging Instruments | Interest expense | Interest rate swaps
Summary of Derivative Instruments
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income	3,100,000
Equity method investments | Designated as Cash Flow Hedging Instruments
Summary of Derivative Instruments
Net (losses) gains recognized in other comprehensive income	$ 1,300,000	$ (300,000)	$ (1,400,000)

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value
Derivative assets, fair value	$ 24,085	$ 9,289
Liability derivatives, fair value	(2,219)	(20,981)
Designated as Cash Flow Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	19,485	3,489
Liability derivatives, fair value	(2,219)	(20,981)
Designated as Cash Flow Hedging Instruments | Foreign currency collars | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	19,484	3,489
Designated as Cash Flow Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(1,311)	(15,122)
Designated as Cash Flow Hedging Instruments | Interest rate caps | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	1	0
Designated as Cash Flow Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(908)	(5,859)
Derivatives Not in Cash Flow Hedging Relationships
Derivatives, Fair Value
Derivative assets, fair value	4,600	5,800
Liability derivatives, fair value	0	0
Derivatives Not in Cash Flow Hedging Relationships | Stock warrants | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	$ 4,600	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	$ 34,009	$ (31,628)	$ 314
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	29,805	(24,818)	5,997
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	4,198	(1,553)	(1,666)
Derivatives in Cash Flow Hedging Relationships | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	6	6	219
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	0	(5,272)	(4,253)
Derivatives in Net Investment Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	0	9	10
Derivatives in Net Investment Hedging Relationships | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	$ 0	$ 0	$ 7

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income	$ (78)	$ 8,854	$ 13,085
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps and caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income	(932)	(1,818)	(2,256)
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | Non-operating income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income	854	4,956	5,759
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts | Non-operating income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income	$ 0	$ 5,716	$ 9,582

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amount of Gain (Loss) on Derivatives Recognized in Income
Total	$ 1,895	$ 518	$ (880)
Derivatives Not in Cash Flow Hedging Relationships | Foreign currency collars | Non-operating income
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	1,503	(2,477)	184
Derivatives Not in Cash Flow Hedging Relationships | Stock warrants | Non-operating income
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(1,200)	800	(500)
Derivatives Not in Cash Flow Hedging Relationships | Interest rate swaps | Non-operating income
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	106	(118)
Derivatives Not in Cash Flow Hedging Relationships | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	0	265
Derivatives Not in Cash Flow Hedging Relationships | 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	(43)	575
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | Non-operating income
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	0	0	7
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	1,592	2,132	(941)
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts | Non-operating income
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	0	0	(132)
Derivatives in Cash Flow Hedging Relationships | Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	$ 0	$ 0	$ (220)

Risk Management and Use of De_8

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) € in Thousands, $ in Thousands	Dec. 31, 2021EUR (€)derivative	Dec. 31, 2021USD ($)derivative
Derivative Disclosure
Fair value		$ (907)
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swaps | EUR
Derivative Disclosure
Number of Instruments | derivative	2	2
Notional Amount | €	€ 47,199
Fair value		$ (761)
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swaps | USD
Derivative Disclosure
Number of Instruments | derivative	1	1
Notional Amount		$ 16,343
Fair value		$ (147)
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate cap | EUR
Derivative Disclosure
Number of Instruments | derivative	1	1
Notional Amount | €	€ 10,764
Fair value		$ 1

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, £ in Thousands, $ in Thousands	Dec. 31, 2021EUR (€)derivative	Dec. 31, 2021USD ($)derivative	Dec. 31, 2021GBP (£)derivative
Derivative Disclosure
Fair value, foreign currency derivatives		$ 18,173
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR
Derivative Disclosure
Number of Instruments | derivative	88	88	88
Notional Amount | €	€ 323,300
Fair value, foreign currency derivatives		$ 17,762
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | GBP
Derivative Disclosure
Number of Instruments | derivative	91	91	91
Notional Amount | £			£ 56,180
Fair value, foreign currency derivatives		$ 411

Debt - Narratives (Details)

Debt - Narratives (Details)	Oct. 15, 2021USD ($)	Mar. 08, 2021EUR (€)	Feb. 25, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021EUR (€)	Feb. 20, 2020USD ($)	Feb. 20, 2020GBP (£)	Feb. 20, 2020EUR (€)
Senior Unsecured Notes
Maximum borrowing capacity				$ 2,750,000,000				$ 2,100,000,000
Prepayments of mortgage principal				745,124,000	$ 68,501,000	$ 1,028,795,000
Financing cost				28,810,000
Non Recourse Debt
Scheduled payments of mortgage principal				64,290,000	275,746,000	210,414,000
Interest paid				190,800,000	190,600,000	208,400,000
Increase in value of balance sheet item due to foreign currency translation				(35,736,000)	47,746,000	$ 376,000
Unamortized discount				(30,911,000)
Merged Entities
Non Recourse Debt
Unamortized discount				$ (800,000)
Fixed interest rate
Non Recourse Debt
Debt instrument weighted average interest rate (percent)				4.80%			4.80%
Variable interest rate
Non Recourse Debt
Debt instrument weighted average interest rate (percent)				2.00%			2.00%
Senior Unsecured Notes
Senior Unsecured Notes
Principal Amount				$ 5,800,000,000
Financing cost				28,700,000	23,800,000
Non Recourse Debt
Unamortized discount				$ (29,200,000)	(22,500,000)
Senior Unsecured Notes | Minimum | Government Bond Yield
Senior Unsecured Notes
Variable interest rate (percentage)				0.20%
Senior Unsecured Notes | Maximum | Government Bond Yield
Senior Unsecured Notes
Variable interest rate (percentage)				0.35%
Senior Unsecured Notes | 3.850% Senior Notes due 2029
Senior Unsecured Notes
Principal Amount | €							€ 325,000,000
Debt instrument stated interest rate (percentage)				3.85%			3.85%
Senior Unsecured Notes | 1.350% Senior Notes due 2028
Senior Unsecured Notes
Principal Amount | €							€ 500,000,000
Debt instrument stated interest rate (percentage)				1.35%			1.35%
Financing cost				$ 11,300,000
Senior Unsecured Notes | 2.400% Senior Notes due 2031
Senior Unsecured Notes
Principal Amount | €							€ 500,000,000
Debt instrument stated interest rate (percentage)				2.40%			2.40%
Senior Unsecured Notes | 2.250% Senior Notes due 2033
Senior Unsecured Notes
Principal Amount			$ 425,000,000	$ 425,000,000
Debt instrument stated interest rate (percentage)			2.25%	2.25%			2.25%
Undiscounted rate			98.722%
Debt instrument term			12 years 1 month 6 days
Senior Unsecured Notes | 0.950% Senior Notes due 2030
Senior Unsecured Notes
Principal Amount | €		€ 525,000,000					€ 525,000,000
Debt instrument stated interest rate (percentage)		0.95%		0.95%			0.95%
Undiscounted rate		99.335%
Debt instrument term		9 years 2 months 12 days
Redemption premium				$ 26,200,000
Loss on extinguishment of debt				$ 28,200,000
Senior Unsecured Notes | 2.450% Senior Notes due 2032
Senior Unsecured Notes
Principal Amount	$ 350,000,000						€ 350,000,000
Debt instrument stated interest rate (percentage)	2.45%			2.45%			2.45%
Undiscounted rate	99.048%
Debt instrument term	10 years 3 months 18 days
Non-Recourse Debt
Senior Unsecured Notes
Prepayments of mortgage principal			$ 427,500,000	$ 745,100,000	$ 68,500,000
Loss on extinguishment of debt				$ 47,200,000
Non Recourse Debt
Debt instrument weighted average interest rate (percent)				4.80%	5.10%		4.80%
Debt prepayment cost				$ 45,200,000
Scheduled payments of mortgage principal				32,700,000	$ 225,900,000
Increase in value of balance sheet item due to foreign currency translation				(274,800,000)
Unsecured Revolving Credit Facility:
Senior Unsecured Notes
Line of credit facility, available				$ 1,400,000,000
Debt instrument borrowing capacity fee (percentage)				0.20%
Unsecured Revolving Credit Facility: | USD
Senior Unsecured Notes
Maximum borrowing capacity								$ 1,800,000,000
Unsecured Term Loans: | GBP
Senior Unsecured Notes
Maximum borrowing capacity | £									£ 150,000,000
Non Recourse Debt
Unamortized discount				$ (900,000)	$ (1,200,000)
Unsecured Term Loans: | EUR
Senior Unsecured Notes
Maximum borrowing capacity | €										€ 96,500,000
Standby Letters of Credit
Senior Unsecured Notes
Line of credit facility, available				$ 1,200,000

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Senior Unsecured Credit Facility
Debt outstanding	$ 722,075	$ 405,433
Unamortized discount (premium)	30,911
Unsecured Term Loans:
Senior Unsecured Credit Facility
Debt outstanding	311,479	323,152
Unsecured Term Loans: | GBP
Senior Unsecured Credit Facility
Debt outstanding	202,183	204,737
Unamortized discount (premium)	$ 900	1,200
Unsecured Term Loans: | GBP | SONIA
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.9826%
Unsecured Term Loans: | EUR
Senior Unsecured Credit Facility
Debt outstanding	$ 109,296	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	$ 410,596	82,281
Unsecured Revolving Credit Facility: | GBP
Senior Unsecured Credit Facility
Debt outstanding	$ 184,660	0
Unsecured Revolving Credit Facility: | GBP | SONIA
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.8826%
Unsecured Revolving Credit Facility: | EUR
Senior Unsecured Credit Facility
Debt outstanding	$ 205,001	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	$ 20,935	$ 23,380
Unsecured Revolving Credit Facility: | JPY | TONA
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.85%

Debt - Summary of Senior Unse_2

Debt - Summary of Senior Unsecured Notes (Details)	Dec. 31, 2021USD ($)	Dec. 31, 2021EUR (€)	Oct. 15, 2021USD ($)	Mar. 08, 2021EUR (€)	Feb. 25, 2021USD ($)	Dec. 31, 2020USD ($)
Senior Unsecured Notes
Principal outstanding	$ 5,701,913,000					$ 5,146,192,000
Unamortized deferred financing costs	28,810,000
Unamortized discount (premium)	30,911,000
Senior Unsecured Notes
Senior Unsecured Notes
Principal Amount	5,800,000,000
Principal outstanding	5,759,815,000					5,192,750,000
Unamortized deferred financing costs	28,700,000					23,800,000
Unamortized discount (premium)	$ 29,200,000					22,500,000
Senior Unsecured Notes | 2.0% Senior Notes due 2023
Senior Unsecured Notes
Coupon Rate	2.00%	2.00%
Principal Amount | €		€ 500,000,000
Principal outstanding	$ 0					613,550,000
Senior Unsecured Notes | 4.6% Senior Notes due 2024
Senior Unsecured Notes
Coupon Rate	4.60%	4.60%
Principal Amount | €		€ 500,000,000
Principal outstanding	$ 500,000,000					500,000,000
Senior Unsecured Notes | 2.25% Senior Notes due 2024
Senior Unsecured Notes
Coupon Rate	2.25%	2.25%
Principal Amount | €		€ 500,000,000
Principal outstanding	$ 566,300,000					613,550,000
Senior Unsecured Notes | 4.0% Senior Notes due 2025
Senior Unsecured Notes
Coupon Rate	4.00%	4.00%
Principal Amount | €		€ 450,000,000
Principal outstanding	$ 450,000,000					450,000,000
Senior Unsecured Notes | 2.250% Senior Notes due 2026
Senior Unsecured Notes
Coupon Rate	2.25%	2.25%
Principal Amount | €		€ 500,000,000
Principal outstanding	$ 566,300,000					613,550,000
Senior Unsecured Notes | 4.25% Senior Notes due 2026
Senior Unsecured Notes
Coupon Rate	4.25%	4.25%
Principal Amount | €		€ 350,000,000
Principal outstanding	$ 350,000,000					350,000,000
Senior Unsecured Notes | 2.125% Senior Notes due 2027
Senior Unsecured Notes
Coupon Rate	2.125%	2.125%
Principal Amount | €		€ 500,000,000
Principal outstanding	$ 566,300,000					613,550,000
Senior Unsecured Notes | 1.350% Senior Notes due 2028
Senior Unsecured Notes
Coupon Rate	1.35%	1.35%
Principal Amount | €		€ 500,000,000
Principal outstanding	$ 566,300,000					613,550,000
Unamortized deferred financing costs	$ 11,300,000
Senior Unsecured Notes | 3.850% Senior Notes due 2029
Senior Unsecured Notes
Coupon Rate	3.85%	3.85%
Principal Amount | €		€ 325,000,000
Principal outstanding	$ 325,000,000					325,000,000
Senior Unsecured Notes | 0.950% Senior Notes due 2030
Senior Unsecured Notes
Coupon Rate	0.95%	0.95%		0.95%
Principal Amount | €		€ 525,000,000		€ 525,000,000
Principal outstanding	$ 594,615,000					0
Senior Unsecured Notes | 2.400% Senior Notes due 2031
Senior Unsecured Notes
Coupon Rate	2.40%	2.40%
Principal Amount | €		€ 500,000,000
Principal outstanding	$ 500,000,000					500,000,000
Senior Unsecured Notes | 2.450% Senior Notes due 2032
Senior Unsecured Notes
Coupon Rate	2.45%	2.45%	2.45%
Principal Amount		€ 350,000,000	$ 350,000,000
Principal outstanding	$ 350,000,000					0
Senior Unsecured Notes | 2.250% Senior Notes due 2033
Senior Unsecured Notes
Coupon Rate	2.25%	2.25%			2.25%
Principal Amount	$ 425,000,000				$ 425,000,000
Principal outstanding	$ 425,000,000					$ 0

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Long-term Debt, by Maturity
2022	$ 45,787
2023	190,921
2024	1,105,454
2025	1,231,816
2026	948,371
Thereafter through 2033	3,328,988
Total principal payments	6,851,337
Unamortized discount, net	(30,911)
Unamortized deferred financing costs	(28,810)
Total	$ 6,791,616

Equity - Distributions (Details

Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends Payable
Total distributions paid (usd per share)	$ 4.1960	$ 4.1640	$ 4.1320
Ordinary income
Dividends Payable
Total distributions paid (usd per share)	3.3300	3.3112	3.1939
Return of capital
Dividends Payable
Total distributions paid (usd per share)	0.5407	0	0.9194
Capital gains
Dividends Payable
Total distributions paid (usd per share)	$ 0.3253	$ 0.8528	$ 0.0187

Equity - Narratives (Details)

Equity - Narratives (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 09, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Distributions declared per share (usd per share)	$ 1.055	$ 4.205	$ 4.172	$ 4.140
Potentially dilutive securities excluded from computation of diluted earning per share (share)		0	0	0
Proceeds from the issuance of common stock		$ 340,066,000	$ 60,000	$ 523,393,000
$0.001 Par Value Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from the issuance of common stock		$ 5,000		$ 6,000
Shares issued under ATM Program, net, shares		4,690,073	2,500	6,672,412
ATM
Share-based Compensation Arrangement by Share-based Payment Award
Common stock maximum offering, value	$ 272,100,000	$ 272,100,000			$ 750,000,000
ATM | $0.001 Par Value Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from the issuance of common stock		$ 340,000,000	$ 200,000	$ 523,300,000
Shares issued under ATM Program, net, shares		4,690,073	2,500	6,672,412
Weighted average share price, usd per share		$ 73.42	$ 72.05	$ 79.70
Underwriting Agreement | $0.001 Par Value Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from the issuance of common stock		$ 697,044,000	$ 199,716,000
Shares issued under ATM Program, net, shares		9,798,209	2,951,791

Equity - Basic and Diluted Earn

Equity - Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Net income attributable to W. P. Carey	$ 409,988	$ 455,359	$ 305,243
Net income attributable to nonvested participating RSUs	0	0	(77)
Net income – basic and diluted	409,988	455,359	305,166
Net income – basic and diluted	$ 409,988	$ 455,359	$ 305,166
Weighted-average shares outstanding – basic (shares)	182,486,476	174,504,406	171,001,430
Effect of dilutive securities (shares)	640,622	335,022	297,984
Weighted-average shares outstanding – diluted (shares)	183,127,098	174,839,428	171,299,414

Equity - Forward Equity Offerin

Equity - Forward Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 09, 2021	Jun. 07, 2021	Jun. 17, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (shares)				450,000,000	450,000,000
Proceeds from shares issued under forward sale agreements, net of selling costs				$ 697,044	$ 199,716	$ 0
Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award
Remaining shares authorized for distribution (shares)				3,925,000
Underwriting Agreement | June 2020 Equity Forwards
Share-based Compensation Arrangement by Share-based Payment Award
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 (c)
Share-based Compensation Arrangement by Share-based Payment Award
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)				0
Share purchase option (shares)		787,500
Underwriting Agreement | August 2021 Equity Forwards
Share-based Compensation Arrangement by Share-based Payment Award
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)				3,925,000
Share purchase option (shares)	675,000

Equity - Settlement of Equity F

Equity - Settlement of Equity Forwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under “at-the-market” offering, net	$ 340,066	$ 60	$ 523,393
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ATM Program, net, shares	4,690,073	2,500	6,672,412
Shares issued under “at-the-market” offering, net	$ 5		$ 6
Common stock | Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ATM Program, net, shares	9,798,209	2,951,791
Shares issued under “at-the-market” offering, net	$ 697,044	$ 199,716

Equity - Reclassifications Out

Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	$ 6,878,369	$ 6,948,173	$ 6,830,055
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	(13,860)	(9,587)	(22,551)
Interest expense	196,831	210,087	233,325
Net current period other comprehensive income (loss)	18,257	15,768	(671)
Balance - end of period	7,583,451	6,878,369	6,948,173
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	18,179	24,622	12,414
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	78	(8,854)	(13,085)
Net current period other comprehensive income (loss)	18,257	15,768	(671)
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	(854)	(10,672)	(15,341)
Interest expense	932	1,818	2,256
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	35,227	(23,124)	12,031
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	78	(8,854)	(13,085)
Net current period other comprehensive income (loss)	35,305	(31,978)	(1,054)
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	(854)	(10,672)	(15,341)
Interest expense	932	1,818	2,256
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	(35,736)	47,746	376
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	0	0	0
Net current period other comprehensive income (loss)	(35,736)	47,746	376
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	0	0	0
Interest expense	0	0	0
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	18,688	0	7
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	0	0	0
Net current period other comprehensive income (loss)	18,688	0	7
Gains and (Losses) on Investments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	0	0	0
Interest expense	0	0	0
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	(239,906)	(255,667)	(254,996)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(221,670)	(239,906)	(255,667)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	(18,937)	13,048	14,102
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	16,347	(18,937)	13,048
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	(220,969)	(268,715)	(269,091)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(256,705)	(220,969)	(268,715)
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	0	0	(7)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	18,688	0	$ 0
Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest	(21)	(7)
Gains and (Losses) on Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest	(21)	(7)
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest	0	0
Gains and (Losses) on Investments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest	$ 0	$ 0

Stock-Based and Other Compens_2

Stock-Based and Other Compensation - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 24,881,000	$ 15,938,000	$ 18,787,000
Employee service share-based compensation, tax benefit from compensation expense	800,000	4,700,000	5,100,000
Options vested during the period, aggregate intrinsic value	21,400,000	24,000,000	39,400,000
Deferred compensation obligation	$ 49,810,000	42,014,000
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award
Maximum percentage of annual contribution allowed by employees	10.00%
Maximum annual contribution per employee, amount	$ 29,000	28,500	28,000
Profit sharing expense	$ 2,200,000	1,900,000	2,100,000
2017 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized for grant (shares)	4,000,000
Shares available for grant (shares)	2,638,367
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 100,000	100,000	100,000
Share-based compensation arrangement by share-based payment award, maximum employee contribution rate	10.00%
Share based compensation, effective share purchase price for participant	90.00%
Proceeds from stock plans	$ 300,000	$ 400,000	$ 300,000
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock options required to be issued (shares)	1,104,020	986,859
Deferred compensation obligation	$ 49,800,000	$ 42,000,000
Fair value assumptions expected dividend rate	0.00%
Unrecognized stock based compensation expense	$ 25,500,000
Weighted-average remaining term	1 year 8 months 12 days
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate	0.20%
Fair value assumptions expected volatility rate	36.70%
PSUs Awarded
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
PSUs Awarded | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	0
PSUs Awarded | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	3
PSUs Awarded | 2017 Share Incentive Plan | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.33%
PSUs Awarded | 2017 Share Incentive Plan | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.33%
PSUs Awarded | 2017 Share Incentive Plan | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.33%
RSA and RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award
Share grant conversion rate	1

Stock-Based and Other Compens_3

Stock-Based and Other Compensation - Rollforward of Nonvested RSAs, RSUs, and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RSA and RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested, beginning balance - shares	260,977	283,977	277,002
Granted - shares	194,940	146,162	163,447
Vested - shares	(137,267)	(163,607)	(152,364)
Forfeited - shares	(11,656)	(5,555)	(4,108)
Adjustments - shares	0	0	0
Nonvested, ending balance - shares	306,994	260,977	283,977
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 74.75	$ 68.51	$ 62.41
Granted, weighted average grant date fair value (in dollars per share)	66.40	81.02	72.86
Vested, weighted average grant date fair value (in dollars per share)	71.99	69.62	62.11
Forfeited, weighted average grant date fair value (in dollars per share)	60.98	71.69	68.10
Adjustments, weighted average grant date fair value (in dollars per share)	0	0	0
Nonvested, weighted average grant date fair value (in dollars per share)	$ 71.21	$ 74.75	$ 68.51
PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested, beginning balance - shares	262,013	331,242	331,216
Granted - shares	134,290	90,518	84,006
Vested - shares	(151,678)	(156,838)	(403,701)
Forfeited - shares	(16,463)	(6,715)	(2,829)
Adjustments - shares	170,093	3,806	322,550
Nonvested, ending balance - shares	398,255	262,013	331,242
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 88.99	$ 80.90	$ 78.82
Granted, weighted average grant date fair value (in dollars per share)	86.19	104.65	92.16
Vested, weighted average grant date fair value (in dollars per share)	76.04	80.42	74.04
Forfeited, weighted average grant date fair value (in dollars per share)	93.91	88.94	75.81
Adjustments, weighted average grant date fair value (in dollars per share)	71.17	62.07	77.69
Nonvested, weighted average grant date fair value (in dollars per share)	$ 86.86	$ 88.99	$ 80.90

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal
Current	$ (405)	$ (1,118)	$ 407
Deferred	17	(33,040)	9,579
Federal income taxes	(388)	(34,158)	9,986
State and Local
Current	3,008	3,284	(3,814)
Deferred	(30)	(7,756)	(376)
State and local taxes	2,978	(4,472)	(4,190)
Foreign
Current	30,599	26,137	20,363
Deferred	(4,703)	(8,266)	52
Foreign income taxes	25,896	17,871	20,415
Total provision for (benefit from) income taxes	$ 28,486	$ (20,759)	$ 26,211

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount
Pre-tax income (loss) attributable to taxable subsidiaries	$ 37,861	$ (56,789)	$ 74,754
Federal provision at statutory tax rate (21%)	7,951	(11,926)	15,698
Change in valuation allowance	13,178	13,946	11,041
Non-deductible expense	3,148	6,303	5,313
State and local taxes, net of federal benefit	2,713	2,336	4,062
Windfall tax benefit	(1,375)	(2,132)	(5,183)
Rate differential	(232)	(632)	(6,820)
Non-taxable income	0	(2)	103
Revocation of TRS Status	0	(37,249)	0
Tax expense related to allocation of goodwill based on portion of Investment Management business sold	0	7,203	0
Other	3,103	1,394	1,997
Total provision for (benefit from) income taxes	$ 28,486	$ (20,759)	$ 26,211

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	Apr. 13, 2020	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency
Deferred income tax benefit			$ 4,703	$ 49,076	$ (9,255)
Impairment charges		$ 25,800	24,246	35,830	32,539
Net operating loss carry forward, foreign			84,200
Deferred income taxes			145,572	145,844
Accrued interest related to uncertain tax positions			2,100	1,700
Income taxes paid			44,300	43,500	35,300
Bankrupt tenants property
Income Tax Contingency
Impairment charges				12,600
CWI 1 And CWI 2
Income Tax Contingency
Other-than-temporary impairment charges				47,100
CWI 1 And CWI 2 | Affiliated Entity
Income Tax Contingency
Deferred income tax benefit				6,300
WLT | Investment Management
Income Tax Contingency
Disposition of goodwill	$ 34,300
Investment in Lineage Logisitics
Income Tax Contingency
Net Investment Income			6,400		32,900
Investment in Lineage Logisitics | Level 3
Income Tax Contingency
Unrealized gain (loss) on investment			76,300	48,300	32,900
Investment in Lineage Logisitics | CWI REITs
Income Tax Contingency
Deferred income tax benefit				37,200
Other assets, net
Income Tax Contingency
Deferred income taxes			16,300	15,100
Federal
Income Tax Contingency
Net operating loss carry forward			21,000
State and local
Income Tax Contingency
Net operating loss carry forward			$ 12,700
Adjustment
Income Tax Contingency
Current income tax expense (benefit)				$ (4,700)	$ (6,300)

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets
Net operating loss and other tax credit carryforwards	$ 55,147	$ 49,869
Basis differences — foreign investments	52,705	43,089
Unearned and deferred compensation	15,895	9,753
Lease liability	14,752	14,144
Other	374	0
Total deferred tax assets	138,873	116,855
Valuation allowance	(108,812)	(86,069)
Net deferred tax assets	30,061	30,786
Deferred Tax Liabilities
Basis differences — foreign investments	(145,524)	(145,838)
Right of use asset	(12,637)	(12,618)
Basis differences — equity investees	(1,195)	(2,364)
Deferred revenue	0	(97)
Other	0	(632)
Total deferred tax liabilities	(159,356)	(161,549)
Net Deferred Tax Liability	$ (129,295)	$ (130,763)

Income Taxes - Rollforward of U

Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits
Beginning balance	$ 6,312	$ 5,756
Decrease due to lapse in statute of limitations	(508)	(783)
Foreign currency translation adjustments	(451)
Foreign currency translation adjustments		515
Addition based on tax positions related to the current year	326	591
Addition based on tax positions related to the prior year	315	233
Ending balance	$ 5,994	$ 6,312

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Jan. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 31, 2019USD ($)property	Jun. 30, 2019USD ($)	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate					$ 163,638	$ 366,532	$ 307,959
Number of real estate properties (property) | property					16
Gain (loss) from collection of loan receivable				$ (100)
Proceeds from repayment of loans receivable				$ 9,300	$ 0	11,000	$ 19,707
Investments in real estate					15,918,394	14,858,069
Non-recourse mortgages, net					$ 368,524	$ 1,145,554
Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property					1,304
Hotel | Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property					1	2
Discontinued operations, disposed of by sale
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property					24	22	14
Proceeds from sales of real estate	$ 103,500				$ 163,600	$ 366,500	$ 308,000
Gain (loss) on sale of real estate, net of tax					40,400	109,400	10,900
Gain on sales of real estate, applicable tax					$ 4,700	$ 3,000	1,200
Discontinued operations, disposed of by sale | Hotel | Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property						1
Discontinued operations, disposed of by sale | Noncontrolling interest
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate	$ 4,700
Gain (loss) on sale of real estate, net of tax						$ 600
Disposal by means other than sales | Six Properties Transferred
Discontinued Operation Additional Disclosures
Number of real estate properties (property) | property			6
Investments in real estate			$ 42,300
Mortgage carrying value			43,400
Write off of unamortized debt discount			13,800
Gain (loss) on disposal of property			8,300
Non-recourse mortgages, net			56,400
Write-off of accrued interest on debt			$ 5,600
Disposal by means other than sales | Property Transferred In December 2019
Discontinued Operation Additional Disclosures
Investments in real estate		$ 10,400					10,400
Mortgage carrying value		8,200					8,200
Write off of unamortized debt discount		500
Gain (loss) on disposal of property		(1,000)
Non-recourse mortgages, net		8,700					$ 8,700
Write-off of accrued interest on debt		$ 900

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information
Number of business segments | segment	2
Real Estate
Segment Reporting Information
Gross contract revenue	$ 13,478	$ 11,399	$ 50,220
Real Estate | Hotel in Bloomington, MN
Segment Reporting Information
Gross contract revenue	$ 7,200	4,000	15,000
Real Estate | Miami, FL
Segment Reporting Information
Gross contract revenue		$ 1,900	$ 14,400

Segment Reporting - Income From

Segment Reporting - Income From Owned Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Income from direct financing leases and loans receivable		$ 67,555	$ 74,893	$ 105,112
Total revenues		1,331,524	1,209,319	1,232,766
Operating Expenses
Depreciation and amortization		475,989	442,935	447,135
General and administrative		81,888	75,950	75,293
Reimbursable tenant costs		62,417	56,409	55,576
Property expenses, excluding reimbursable tenant costs		47,898	44,067	39,545
Stock-based compensation expense		24,881	15,938	18,787
Impairment charges	$ 25,800	24,246	35,830	32,539
Operating property expenses		9,848	9,901	38,015
Merger and other expenses		(4,546)	247	101
Total operating expenses		726,656	691,601	731,117
Other Income and Expenses
Interest expense		(196,831)	(210,087)	(233,325)
Gain on sale of real estate, net		40,425	109,370	18,143
(Losses) earnings from equity method investments		(10,829)	(18,557)	23,229
Non-operating income		13,860	9,587	22,551
Other gains and (losses)		(12,885)	37,165	8,924
Loss on change in control of interests		0	0	(8,416)
Total other income and expenses		(166,260)	(72,522)	(168,894)
Income before income taxes		438,608	445,196	332,755
(Provision for) benefit from income taxes		(28,486)	20,759	(26,211)
Net Income		410,122	465,955	306,544
Net income attributable to noncontrolling interests		(134)	(10,596)	(1,301)
Net Income Attributable to W. P. Carey		409,988	455,359	305,243
Real Estate
Revenues
Lease revenues		1,177,438	1,080,623	987,984
Lease termination income and other		53,655	11,082	29,547
Operating property revenues		13,478	11,399	50,220
Total revenues		1,312,126	1,177,997	1,172,863
Operating Expenses
Depreciation and amortization		475,989	441,948	443,300
General and administrative		81,888	70,127	56,796
Reimbursable tenant costs		62,417	56,409	55,576
Property expenses, excluding reimbursable tenant costs		47,898	44,067	39,545
Stock-based compensation expense		24,881	15,247	13,248
Impairment charges		24,246	35,830	32,539
Operating property expenses		9,848	9,901	38,015
Merger and other expenses		(4,597)	(937)	101
Total operating expenses		722,570	672,592	679,120
Other Income and Expenses
Interest expense		(196,831)	(210,087)	(233,325)
Gain on sale of real estate, net		40,425	109,370	18,143
(Losses) earnings from equity method investments		(19,649)	(9,017)	2,361
Non-operating income		13,778	8,970	20,478
Other gains and (losses)		(13,676)	37,104	9,773
Loss on change in control of interests		0	0	(8,416)
Total other income and expenses		(175,953)	(63,660)	(190,986)
Income before income taxes		413,603	441,745	302,757
(Provision for) benefit from income taxes		(28,703)	18,498	(30,802)
Net Income		384,900	460,243	271,955
Net income attributable to noncontrolling interests		(134)	(731)	110
Net Income Attributable to W. P. Carey		$ 384,766	$ 459,512	$ 272,065

Segment Reporting - Income Fr_2

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Expenses
Reimbursable costs from affiliates	$ 4,035	$ 8,855	$ 16,547
Merger and other expenses	(4,546)	247	101
General and administrative	81,888	75,950	75,293
Subadvisor fees	0	1,469	7,579
Depreciation and amortization	475,989	442,935	447,135
Stock-based compensation expense	24,881	15,938	18,787
Total operating expenses	726,656	691,601	731,117
Other Income and Expenses
Total equity in earnings (losses) of equity method investments	(10,829)	(18,557)	23,229
Other gains and (losses)	(12,885)	37,165	8,924
Non-operating income	13,860	9,587	22,551
Total other income and expenses	(166,260)	(72,522)	(168,894)
Income before income taxes	438,608	445,196	332,755
(Provision for) benefit from income taxes	(28,486)	20,759	(26,211)
Net Income	410,122	465,955	306,544
Net income attributable to noncontrolling interests	(134)	(10,596)	(1,301)
Net Income Attributable to W. P. Carey	409,988	455,359	305,243
Investment Management
Investment Management:
Gross contract revenue	19,398	31,322	59,903
Operating Expenses
Reimbursable costs from affiliates	4,035	8,855	16,547
Merger and other expenses	51	1,184	0
General and administrative	0	5,823	18,497
Subadvisor fees	0	1,469	7,579
Depreciation and amortization	0	987	3,835
Stock-based compensation expense	0	691	5,539
Total operating expenses	4,086	19,009	51,997
Other Income and Expenses
Total equity in earnings (losses) of equity method investments	8,820	(9,540)	20,868
Other gains and (losses)	791	61	(849)
Non-operating income	82	617	2,073
Total other income and expenses	9,693	(8,862)	22,092
Income before income taxes	25,005	3,451	29,998
(Provision for) benefit from income taxes	217	2,261	4,591
Net Income	25,222	5,712	34,589
Net income attributable to noncontrolling interests	0	(9,865)	(1,411)
Net Income Attributable to W. P. Carey	25,222	(4,153)	33,178
Investment Management | Asset management and other revenue
Investment Management:
Gross contract revenue	15,363	22,467	43,356
Investment Management | Reimbursable costs from affiliates
Investment Management:
Gross contract revenue	$ 4,035	$ 8,855	$ 16,547

Segment Reporting - Total Compa

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Revenues	$ 1,331,524	$ 1,209,319	$ 1,232,766
Operating expenses	726,656	691,601	731,117
Other income and expenses	(166,260)	(72,522)	(168,894)
(Provision for) benefit from income taxes	(28,486)	20,759	(26,211)
Net income attributable to noncontrolling interests	(134)	(10,596)	(1,301)
Net income attributable to W. P. Carey	$ 409,988	$ 455,359	$ 305,243

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Assets
Total assets	[1]	$ 15,480,630	$ 14,707,636
Equity Investments in Real Estate		356,637	283,446
Real Estate
Assets
Total assets		15,344,703	14,582,015
Long-lived assets		13,037,369	12,386,572
Equity Investments in Real Estate		291,903	226,889
Real Estate | Domestic
Assets
Long-lived assets		8,170,448	7,589,805
Equity Investments in Real Estate		236,643	152,451
Real Estate | International
Assets
Long-lived assets		4,866,921	4,796,767
Equity Investments in Real Estate		55,260	74,438
Investment Management
Assets
Total assets		$ 135,927	$ 125,621
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Segment Reporting - Income by G

Segment Reporting - Income by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information Profit Loss
Revenues	$ 1,331,524	$ 1,209,319	$ 1,232,766
Real Estate
Segment Reporting Information Profit Loss
Revenues	1,312,126	1,177,997	1,172,863
Real Estate | Domestic
Segment Reporting Information Profit Loss
Revenues	860,961	756,763	783,828
Real Estate | International
Segment Reporting Information Profit Loss
Revenues	$ 451,165	$ 421,234	$ 389,035

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended			12 Months Ended
	Feb. 11, 2022USD ($)investment	Jan. 31, 2022USD ($)$ / sharesshares	Jan. 31, 2020USD ($)	Dec. 31, 2021USD ($)propertyshares	Dec. 31, 2020USD ($)propertyshares	Dec. 31, 2019USD ($)property	Feb. 28, 2022investment	Aug. 09, 2019USD ($)
Subsequent Events
Number of properties (property) | property				16
Purchases of real estate				$ 1,306,858,000	$ 656,313,000	$ 717,666,000
Proceeds from sales of real estate				$ 163,638,000	$ 366,532,000	307,959,000
Preferred stock, shares issued (shares) | shares				0	0
Distribution from our investment				$ 15,471,000	$ 9,419,000	$ 26,772,000
ATM
Subsequent Events
Common stock maximum offering, value				$ 272,100,000				$ 750,000,000
Discontinued operations, disposed of by sale
Subsequent Events
Number of properties sold (property) | property				24	22	14
Proceeds from sales of real estate			$ 103,500,000	$ 163,600,000	$ 366,500,000	$ 308,000,000
Subsequent Event | Forecast
Subsequent Events
Number of properties (property) | investment							2
Purchases of real estate	$ 166,300,000
Subsequent Event | ATM
Subsequent Events
Issued (in shares) | shares		593,060
Sale of stock, price | $ / shares		$ 81.29
Net proceeds		$ 47,000,000
Common stock maximum offering, value	223,900,000
Subsequent Event | WLT
Subsequent Events
Investment income, dividend		$ 900,000
Preferred stock, shares issued (shares) | shares		1,300,000
Subsequent Event | WLT | Affiliated Entity
Subsequent Events
Preferred stock, shares issued (shares) | shares		1,300,000
Proceeds from the sales of investment in preferred shares		$ 65,000,000
Preferred stock liquidation preference (usd per share) | $ / shares		$ 50
Subsequent Event | CESH
Subsequent Events
Distribution from our investment		$ 1,200,000
Subsequent Event | Investment in Lineage Logisitics
Subsequent Events
Investment income, dividend	$ 4,300,000
Subsequent Event | Discontinued operations, disposed of by sale | Domestic Properties Member | Forecast
Subsequent Events
Number of properties sold (property) | investment	2
Proceeds from sales of real estate	$ 19,300,000

Schedule II - Valuation And Q_2

Schedule II - Valuation And Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 86,069	$ 73,643	$ 54,499
Other Additions	40,895	31,470	22,384
Deductions	(18,152)	(19,044)	(3,240)
Balance at End of Year	$ 108,812	$ 86,069	$ 73,643

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2020
SEC Schedule III, Real Estate and Accumulated Depreciation
Accumulated amortization (finite lived intangible assets)	$ 1,446,787		$ 1,287,668
Accumulated amortization (intangible liabilities)	105,908		90,193
Sale-leaseback transactions accounted for as loans receivable	217,229	$ 217,000	0
Secured loans receivable	24,143		24,143
Assets held for sale, net	8,269		18,590
Real estate under construction	114,500
Federal income taxes	13,900,000
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite-lived intangible liabilities, gross	289,200
Accumulated amortization (intangible liabilities)	105,900
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite lived intangible assets, gross	3,123,315		3,062,743
Accumulated amortization (finite lived intangible assets)	$ 1,424,524		$ 1,269,171

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Gross Amount at which Carried at Close of Period
Less: allowance for credit losses	$ (17,340,000)	$ (17,074,000)
Land, Buildings and Improvements Subject to Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	349,800,000
Initial Cost to Company
Land	2,303,743,000
Buildings	9,077,373,000
Cost Capitalized Subsequent to Acquisition	844,244,000
Increase (Decrease) in Net Investments	(548,175,000)
Gross Amount at which Carried at Close of Period
Land	2,151,327,000
Buildings	9,525,858,000
Total	11,677,185,000	10,736,752,000	$ 9,703,504,000	$ 8,717,612,000
Accumulated Depreciation	1,448,020,000	1,206,912,000	950,452,000	724,550,000
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Erlanger, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,526,000
Buildings	21,427,000
Cost Capitalized Subsequent to Acquisition	2,966,000
Increase (Decrease) in Net Investments	(84,000)
Gross Amount at which Carried at Close of Period
Land	1,526,000
Buildings	24,309,000
Total	25,835,000
Accumulated Depreciation	$ 14,823,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Thurmont, MD and Farmington, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	729,000
Buildings	5,903,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	729,000
Buildings	5,903,000
Total	6,632,000
Accumulated Depreciation	$ 3,026,000
Life on which Depreciation in Latest Statement of  Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Anchorage, AK and Commerce, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,905,000
Buildings	11,898,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	12,000
Gross Amount at which Carried at Close of Period
Land	4,905,000
Buildings	11,910,000
Total	16,815,000
Accumulated Depreciation	$ 6,994,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Toledo, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	224,000
Buildings	2,408,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	224,000
Buildings	2,408,000
Total	2,632,000
Accumulated Depreciation	$ 1,906,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Goshen, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	239,000
Buildings	940,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	239,000
Buildings	940,000
Total	1,179,000
Accumulated Depreciation	$ 557,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Raleigh, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,638,000
Buildings	2,844,000
Cost Capitalized Subsequent to Acquisition	187,000
Increase (Decrease) in Net Investments	(2,554,000)
Gross Amount at which Carried at Close of Period
Land	828,000
Buildings	1,287,000
Total	2,115,000
Accumulated Depreciation	$ 1,027,000
Life on which Depreciation in Latest Statement of  Income is Computed	20 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in King of Prussia, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,219,000
Buildings	6,283,000
Cost Capitalized Subsequent to Acquisition	1,295,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,219,000
Buildings	7,578,000
Total	8,797,000
Accumulated Depreciation	$ 4,430,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Pinconning, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	32,000
Buildings	1,692,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	32,000
Buildings	1,692,000
Total	1,724,000
Accumulated Depreciation	$ 1,015,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Sylmar, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,052,000
Buildings	5,322,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,889,000)
Gross Amount at which Carried at Close of Period
Land	1,494,000
Buildings	3,991,000
Total	5,485,000
Accumulated Depreciation	$ 2,406,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,382,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	238,000
Increase (Decrease) in Net Investments	14,696,000
Gross Amount at which Carried at Close of Period
Land	9,025,000
Buildings	15,291,000
Total	24,316,000
Accumulated Depreciation	$ 8,644,000
Life on which Depreciation in Latest Statement of  Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Glendora, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,135,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,942,000
Gross Amount at which Carried at Close of Period
Land	1,152,000
Buildings	1,925,000
Total	3,077,000
Accumulated Depreciation	$ 577,000
Life on which Depreciation in Latest Statement of  Income is Computed	10 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Doraville, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,288,000
Buildings	9,864,000
Cost Capitalized Subsequent to Acquisition	17,079,000
Increase (Decrease) in Net Investments	(11,410,000)
Gross Amount at which Carried at Close of Period
Land	3,288,000
Buildings	15,533,000
Total	18,821,000
Accumulated Depreciation	$ 2,285,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,490,000
Buildings	72,497,000
Cost Capitalized Subsequent to Acquisition	3,513,000
Increase (Decrease) in Net Investments	(15,608,000)
Gross Amount at which Carried at Close of Period
Land	288,000
Buildings	63,604,000
Total	63,892,000
Accumulated Depreciation	$ 22,296,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Irving and Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,795,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,795,000
Buildings	0
Total	9,795,000
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chandler, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,035,000
Buildings	18,957,000
Cost Capitalized Subsequent to Acquisition	8,373,000
Increase (Decrease) in Net Investments	516,000
Gross Amount at which Carried at Close of Period
Land	5,035,000
Buildings	27,846,000
Total	32,881,000
Accumulated Depreciation	$ 15,946,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Bridgeton, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	842,000
Buildings	4,762,000
Cost Capitalized Subsequent to Acquisition	2,523,000
Increase (Decrease) in Net Investments	(196,000)
Gross Amount at which Carried at Close of Period
Land	842,000
Buildings	7,089,000
Total	7,931,000
Accumulated Depreciation	$ 4,039,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Waterford Township, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,039,000
Buildings	4,788,000
Cost Capitalized Subsequent to Acquisition	236,000
Increase (Decrease) in Net Investments	(2,297,000)
Gross Amount at which Carried at Close of Period
Land	494,000
Buildings	3,272,000
Total	3,766,000
Accumulated Depreciation	$ 1,428,000
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Memphis, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,882,000
Buildings	3,973,000
Cost Capitalized Subsequent to Acquisition	294,000
Increase (Decrease) in Net Investments	(3,892,000)
Gross Amount at which Carried at Close of Period
Land	328,000
Buildings	1,929,000
Total	2,257,000
Accumulated Depreciation	$ 1,483,000
Life on which Depreciation in Latest Statement of  Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Romulus, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	454,000
Buildings	6,411,000
Cost Capitalized Subsequent to Acquisition	525,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454,000
Buildings	6,936,000
Total	7,390,000
Accumulated Depreciation	$ 2,071,000
Life on which Depreciation in Latest Statement of  Income is Computed	10 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Bellevue, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,125,000
Buildings	11,812,000
Cost Capitalized Subsequent to Acquisition	393,000
Increase (Decrease) in Net Investments	(123,000)
Gross Amount at which Carried at Close of Period
Land	4,371,000
Buildings	11,836,000
Total	16,207,000
Accumulated Depreciation	$ 6,874,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Rio Rancho, NM
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,190,000
Buildings	9,353,000
Cost Capitalized Subsequent to Acquisition	5,866,000
Increase (Decrease) in Net Investments	(238,000)
Gross Amount at which Carried at Close of Period
Land	2,287,000
Buildings	13,884,000
Total	16,171,000
Accumulated Depreciation	$ 7,136,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Moorestown, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	351,000
Buildings	5,981,000
Cost Capitalized Subsequent to Acquisition	1,667,000
Increase (Decrease) in Net Investments	1,000
Gross Amount at which Carried at Close of Period
Land	351,000
Buildings	7,649,000
Total	8,000,000
Accumulated Depreciation	$ 4,682,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Lenexa, KS and Winston-Salem, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,860,000
Buildings	12,539,000
Cost Capitalized Subsequent to Acquisition	3,075,000
Increase (Decrease) in Net Investments	(1,135,000)
Gross Amount at which Carried at Close of Period
Land	1,725,000
Buildings	14,614,000
Total	16,339,000
Accumulated Depreciation	$ 7,746,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in Playa Vista and Venice, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 20,058,000
Initial Cost to Company
Land	2,032,000
Buildings	10,152,000
Cost Capitalized Subsequent to Acquisition	52,817,000
Increase (Decrease) in Net Investments	1,000
Gross Amount at which Carried at Close of Period
Land	5,889,000
Buildings	59,113,000
Total	65,002,000
Accumulated Depreciation	$ 18,865,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Greenfield, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,807,000
Buildings	10,335,000
Cost Capitalized Subsequent to Acquisition	223,000
Increase (Decrease) in Net Investments	(8,383,000)
Gross Amount at which Carried at Close of Period
Land	967,000
Buildings	4,015,000
Total	4,982,000
Accumulated Depreciation	$ 2,144,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Hot Springs, AR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	850,000
Buildings	2,939,000
Cost Capitalized Subsequent to Acquisition	2,000
Increase (Decrease) in Net Investments	(2,614,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	1,177,000
Total	1,177,000
Accumulated Depreciation	$ 510,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Apopka, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	362,000
Buildings	10,855,000
Cost Capitalized Subsequent to Acquisition	1,195,000
Increase (Decrease) in Net Investments	(155,000)
Gross Amount at which Carried at Close of Period
Land	337,000
Buildings	11,920,000
Total	12,257,000
Accumulated Depreciation	$ 4,628,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in San Leandro, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,532,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,532,000
Buildings	0
Total	1,532,000
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Fitness facility in Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,725,000
Buildings	5,168,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,725,000
Buildings	5,168,000
Total	6,893,000
Accumulated Depreciation	$ 2,735,000
Life on which Depreciation in Latest Statement of  Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Wroclaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,600,000
Buildings	10,306,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,664,000)
Gross Amount at which Carried at Close of Period
Land	2,832,000
Buildings	7,410,000
Total	10,242,000
Accumulated Depreciation	$ 2,576,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,600,000
Buildings	37,580,000
Cost Capitalized Subsequent to Acquisition	186,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,600,000
Buildings	37,766,000
Total	42,366,000
Accumulated Depreciation	$ 11,240,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Mallorca, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	11,109,000
Buildings	12,636,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,230,000)
Gross Amount at which Carried at Close of Period
Land	10,514,000
Buildings	12,001,000
Total	22,515,000
Accumulated Depreciation	$ 3,472,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	32,680,000
Buildings	198,999,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	32,680,000
Buildings	198,999,000
Total	231,679,000
Accumulated Depreciation	$ 50,737,000
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,403,000
Buildings	20,298,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,870,000)
Gross Amount at which Carried at Close of Period
Land	2,589,000
Buildings	18,242,000
Total	20,831,000
Accumulated Depreciation	$ 5,276,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Irvine, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,173,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	13,766,000
Gross Amount at which Carried at Close of Period
Land	4,173,000
Buildings	13,766,000
Total	17,939,000
Accumulated Depreciation	$ 224,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Alpharetta, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,198,000
Buildings	6,349,000
Cost Capitalized Subsequent to Acquisition	1,247,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,198,000
Buildings	7,596,000
Total	9,794,000
Accumulated Depreciation	$ 2,383,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Clinton, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,360,000
Initial Cost to Company
Land	2,866,000
Buildings	34,834,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(16,301,000)
Gross Amount at which Carried at Close of Period
Land	2,866,000
Buildings	18,533,000
Total	21,399,000
Accumulated Depreciation	$ 10,570,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in St. Petersburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,280,000
Buildings	24,627,000
Cost Capitalized Subsequent to Acquisition	3,288,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,280,000
Buildings	27,915,000
Total	31,195,000
Accumulated Depreciation	$ 8,089,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Baton Rouge, LA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,168,000
Buildings	5,724,000
Cost Capitalized Subsequent to Acquisition	3,200,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,168,000
Buildings	8,924,000
Total	13,092,000
Accumulated Depreciation	$ 2,700,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facility in San Diego, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,804,000
Buildings	16,729,000
Cost Capitalized Subsequent to Acquisition	5,415,000
Increase (Decrease) in Net Investments	(832,000)
Gross Amount at which Carried at Close of Period
Land	7,804,000
Buildings	21,312,000
Total	29,116,000
Accumulated Depreciation	$ 6,778,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Richmond, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	895,000
Buildings	1,953,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	895,000
Buildings	1,953,000
Total	2,848,000
Accumulated Depreciation	$ 604,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	16,386,000
Buildings	84,668,000
Cost Capitalized Subsequent to Acquisition	8,737,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	16,386,000
Buildings	93,405,000
Total	109,791,000
Accumulated Depreciation	$ 26,470,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Rocky Mount, NC and Lewisville, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,163,000
Buildings	17,715,000
Cost Capitalized Subsequent to Acquisition	609,000
Increase (Decrease) in Net Investments	(8,389,000)
Gross Amount at which Carried at Close of Period
Land	1,132,000
Buildings	10,966,000
Total	12,098,000
Accumulated Depreciation	$ 3,341,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chattanooga, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	558,000
Buildings	5,923,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	558,000
Buildings	5,923,000
Total	6,481,000
Accumulated Depreciation	$ 1,810,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Mooresville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	756,000
Buildings	9,775,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	756,000
Buildings	9,775,000
Total	10,531,000
Accumulated Depreciation	$ 2,979,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in McCalla, AL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	960,000
Buildings	14,472,000
Cost Capitalized Subsequent to Acquisition	42,662,000
Increase (Decrease) in Net Investments	(254,000)
Gross Amount at which Carried at Close of Period
Land	2,076,000
Buildings	55,764,000
Total	57,840,000
Accumulated Depreciation	$ 10,959,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Lower Makefield Township, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,726,000
Buildings	12,781,000
Cost Capitalized Subsequent to Acquisition	4,378,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,726,000
Buildings	17,159,000
Total	18,885,000
Accumulated Depreciation	$ 4,847,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Fort Smith, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,063,000
Buildings	6,159,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,063,000
Buildings	6,159,000
Total	7,222,000
Accumulated Depreciation	$ 1,857,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Greenwood, IN and Buffalo, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,035,000
Initial Cost to Company
Land	0
Buildings	19,990,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	19,990,000
Total	19,990,000
Accumulated Depreciation	$ 5,963,000
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Greenwood, IN and Buffalo, NY | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Greenwood, IN and Buffalo, NY | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Bowling Green, KY and Jackson, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,492,000
Buildings	8,182,000
Cost Capitalized Subsequent to Acquisition	600,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,492,000
Buildings	8,782,000
Total	10,274,000
Accumulated Depreciation	$ 2,481,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Rancho Cucamonga, CA and Exton, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	14,006,000
Buildings	33,683,000
Cost Capitalized Subsequent to Acquisition	9,428,000
Increase (Decrease) in Net Investments	(20,142,000)
Gross Amount at which Carried at Close of Period
Land	6,638,000
Buildings	30,337,000
Total	36,975,000
Accumulated Depreciation	$ 6,893,000
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Rancho Cucamonga, CA and Exton, PA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Rancho Cucamonga, CA and Exton, PA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,559,000
Buildings	19,078,000
Cost Capitalized Subsequent to Acquisition	3,285,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,559,000
Buildings	22,363,000
Total	28,922,000
Accumulated Depreciation	$ 5,859,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and warehouse facility in Mesquite, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,702,000
Buildings	13,029,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,702,000
Buildings	13,029,000
Total	15,731,000
Accumulated Depreciation	$ 85,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,080,000
Buildings	23,424,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,080,000
Buildings	23,424,000
Total	29,504,000
Accumulated Depreciation	$ 6,931,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facilities in Memphis TN and Bedford, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,877,000
Buildings	4,258,000
Cost Capitalized Subsequent to Acquisition	5,215,000
Increase (Decrease) in Net Investments	1,156,000
Gross Amount at which Carried at Close of Period
Land	3,023,000
Buildings	12,483,000
Total	15,506,000
Accumulated Depreciation	$ 4,557,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Oceanside, CA and Concordville, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,487,000
Initial Cost to Company
Land	3,333,000
Buildings	8,270,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,333,000
Buildings	8,270,000
Total	11,603,000
Accumulated Depreciation	$ 2,454,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facilities located throughout the United States
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	74,551,000
Buildings	319,186,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(50,000)
Gross Amount at which Carried at Close of Period
Land	74,501,000
Buildings	319,186,000
Total	393,687,000
Accumulated Depreciation	$ 93,694,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in La Vista, NE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,740,000
Initial Cost to Company
Land	4,196,000
Buildings	23,148,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,196,000
Buildings	23,148,000
Total	27,344,000
Accumulated Depreciation	$ 6,403,000
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Pleasanton, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,675,000
Buildings	7,468,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,675,000
Buildings	7,468,000
Total	11,143,000
Accumulated Depreciation	$ 2,186,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in San Marcos, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	440,000
Buildings	688,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	440,000
Buildings	688,000
Total	1,128,000
Accumulated Depreciation	$ 201,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,169,000
Buildings	19,010,000
Cost Capitalized Subsequent to Acquisition	83,000
Increase (Decrease) in Net Investments	(72,000)
Gross Amount at which Carried at Close of Period
Land	2,169,000
Buildings	19,021,000
Total	21,190,000
Accumulated Depreciation	$ 5,522,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Hollywood and Orlando, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,639,000
Buildings	1,269,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,639,000
Buildings	1,269,000
Total	4,908,000
Accumulated Depreciation	$ 369,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Golden, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	808,000
Buildings	4,304,000
Cost Capitalized Subsequent to Acquisition	77,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	808,000
Buildings	4,381,000
Total	5,189,000
Accumulated Depreciation	$ 1,399,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Texarkana, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,755,000
Buildings	4,493,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,783,000)
Gross Amount at which Carried at Close of Period
Land	216,000
Buildings	3,249,000
Total	3,465,000
Accumulated Depreciation	$ 944,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in South Jordan, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,183,000
Buildings	11,340,000
Cost Capitalized Subsequent to Acquisition	1,642,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,183,000
Buildings	12,982,000
Total	15,165,000
Accumulated Depreciation	$ 3,656,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Ennis, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	478,000
Buildings	4,087,000
Cost Capitalized Subsequent to Acquisition	145,000
Increase (Decrease) in Net Investments	(145,000)
Gross Amount at which Carried at Close of Period
Land	478,000
Buildings	4,087,000
Total	4,565,000
Accumulated Depreciation	$ 1,187,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Paris, France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	23,387,000
Buildings	43,450,000
Cost Capitalized Subsequent to Acquisition	703,000
Increase (Decrease) in Net Investments	(7,980,000)
Gross Amount at which Carried at Close of Period
Land	20,597,000
Buildings	38,963,000
Total	59,560,000
Accumulated Depreciation	$ 10,876,000
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	26,564,000
Buildings	72,866,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(11,902,000)
Gross Amount at which Carried at Close of Period
Land	23,354,000
Buildings	64,174,000
Total	87,528,000
Accumulated Depreciation	$ 24,959,000
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Danbury, CT and Bedford, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,519,000
Buildings	16,329,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,519,000
Buildings	16,329,000
Total	19,848,000
Accumulated Depreciation	$ 5,061,000
Life on which Depreciation in Latest Statement of  Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Brownwood, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	722,000
Buildings	6,268,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	722,000
Buildings	6,268,000
Total	6,990,000
Accumulated Depreciation	$ 1,254,000
Life on which Depreciation in Latest Statement of  Income is Computed	15 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Rochester, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	809,000
Buildings	14,236,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	809,000
Buildings	14,236,000
Total	15,045,000
Accumulated Depreciation	$ 208,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facility in Tampere, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,309,000
Buildings	37,153,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(5,177,000)
Gross Amount at which Carried at Close of Period
Land	1,981,000
Buildings	32,304,000
Total	34,285,000
Accumulated Depreciation	$ 8,857,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Quincy, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,316,000
Buildings	21,537,000
Cost Capitalized Subsequent to Acquisition	127,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,316,000
Buildings	21,664,000
Total	23,980,000
Accumulated Depreciation	$ 5,031,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Salford, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	30,012,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,152,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	25,860,000
Total	25,860,000
Accumulated Depreciation	$ 5,505,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Lone Tree, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,761,000
Buildings	28,864,000
Cost Capitalized Subsequent to Acquisition	3,381,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,761,000
Buildings	32,245,000
Total	37,006,000
Accumulated Depreciation	$ 7,769,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Mönchengladbach, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 30,302,000
Initial Cost to Company
Land	2,154,000
Buildings	6,917,000
Cost Capitalized Subsequent to Acquisition	50,626,000
Increase (Decrease) in Net Investments	(1,254,000)
Gross Amount at which Carried at Close of Period
Land	2,175,000
Buildings	56,268,000
Total	58,443,000
Accumulated Depreciation	$ 8,627,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,430,000
Buildings	2,270,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,430,000
Buildings	2,270,000
Total	4,700,000
Accumulated Depreciation	$ 802,000
Life on which Depreciation in Latest Statement of  Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facility in St. Charles, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,966,000
Buildings	1,368,000
Cost Capitalized Subsequent to Acquisition	1,352,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,966,000
Buildings	2,720,000
Total	4,686,000
Accumulated Depreciation	$ 962,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Scottsdale, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	22,300,000
Buildings	42,329,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,300,000
Buildings	42,329,000
Total	64,629,000
Accumulated Depreciation	$ 1,788,000
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Aurora, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	737,000
Buildings	2,609,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	737,000
Buildings	2,609,000
Total	3,346,000
Accumulated Depreciation	$ 654,000
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Burlington, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,989,000
Buildings	6,213,000
Cost Capitalized Subsequent to Acquisition	377,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,989,000
Buildings	6,590,000
Total	10,579,000
Accumulated Depreciation	$ 2,058,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Albuquerque, NM
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,467,000
Buildings	3,476,000
Cost Capitalized Subsequent to Acquisition	606,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,467,000
Buildings	4,082,000
Total	6,549,000
Accumulated Depreciation	$ 1,223,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in North Salt Lake, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,601,000
Buildings	17,626,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(16,936,000)
Gross Amount at which Carried at Close of Period
Land	4,388,000
Buildings	6,903,000
Total	11,291,000
Accumulated Depreciation	$ 2,088,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Lexington, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,185,000
Buildings	12,058,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,519,000)
Gross Amount at which Carried at Close of Period
Land	494,000
Buildings	11,230,000
Total	11,724,000
Accumulated Depreciation	$ 3,203,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Welcome, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	980,000
Buildings	11,230,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(11,724,000)
Gross Amount at which Carried at Close of Period
Land	486,000
Buildings	0
Total	486,000
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,005,000
Buildings	44,192,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,005,000
Buildings	44,192,000
Total	48,197,000
Accumulated Depreciation	$ 14,677,000
Life on which Depreciation in Latest Statement of  Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,451,000
Buildings	25,457,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	298,000
Gross Amount at which Carried at Close of Period
Land	8,451,000
Buildings	25,755,000
Total	34,206,000
Accumulated Depreciation	$ 7,099,000
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	17 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Torrance, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,412,000
Buildings	12,241,000
Cost Capitalized Subsequent to Acquisition	1,839,000
Increase (Decrease) in Net Investments	(76,000)
Gross Amount at which Carried at Close of Period
Land	8,335,000
Buildings	14,081,000
Total	22,416,000
Accumulated Depreciation	$ 4,584,000
Life on which Depreciation in Latest Statement of  Income is Computed	25 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,578,000
Buildings	424,000
Cost Capitalized Subsequent to Acquisition	560,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,578,000
Buildings	984,000
Total	7,562,000
Accumulated Depreciation	$ 547,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Doncaster, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,257,000
Buildings	4,248,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(8,103,000)
Gross Amount at which Carried at Close of Period
Land	402,000
Buildings	0
Total	402,000
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Norwich, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,885,000
Buildings	21,342,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,000
Gross Amount at which Carried at Close of Period
Land	3,885,000
Buildings	21,344,000
Total	25,229,000
Accumulated Depreciation	$ 5,981,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Norwich, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,437,000
Buildings	9,669,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,437,000
Buildings	9,669,000
Total	11,106,000
Accumulated Depreciation	$ 2,710,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Whitehall, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,435,000
Buildings	9,093,000
Cost Capitalized Subsequent to Acquisition	26,529,000
Increase (Decrease) in Net Investments	(9,545,000)
Gross Amount at which Carried at Close of Period
Land	6,983,000
Buildings	26,529,000
Total	33,512,000
Accumulated Depreciation	$ 240,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in York, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,776,000
Buildings	10,092,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,413,000)
Gross Amount at which Carried at Close of Period
Land	527,000
Buildings	6,928,000
Total	7,455,000
Accumulated Depreciation	$ 1,625,000
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Pittsburgh, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,151,000
Buildings	10,938,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,151,000
Buildings	10,938,000
Total	12,089,000
Accumulated Depreciation	$ 3,498,000
Life on which Depreciation in Latest Statement of  Income is Computed	25 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, GA and Elkwood, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,356,000
Buildings	4,121,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,104,000)
Gross Amount at which Carried at Close of Period
Land	4,284,000
Buildings	3,089,000
Total	7,373,000
Accumulated Depreciation	$ 878,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Harrisburg, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,753,000
Buildings	5,840,000
Cost Capitalized Subsequent to Acquisition	781,000
Increase (Decrease) in Net Investments	(111,000)
Gross Amount at which Carried at Close of Period
Land	1,642,000
Buildings	6,621,000
Total	8,263,000
Accumulated Depreciation	$ 1,796,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,209,000
Initial Cost to Company
Land	4,306,000
Buildings	7,235,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3,000
Gross Amount at which Carried at Close of Period
Land	4,306,000
Buildings	7,238,000
Total	11,544,000
Accumulated Depreciation	$ 1,894,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Cynthiana, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,130,000
Initial Cost to Company
Land	1,274,000
Buildings	3,505,000
Cost Capitalized Subsequent to Acquisition	525,000
Increase (Decrease) in Net Investments	(107,000)
Gross Amount at which Carried at Close of Period
Land	1,274,000
Buildings	3,923,000
Total	5,197,000
Accumulated Depreciation	$ 1,107,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Albemarle and Old Fort, NC and Holmesville, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,507,000
Buildings	18,653,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,507,000
Buildings	18,653,000
Total	24,160,000
Accumulated Depreciation	$ 145,000
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,843,000
Buildings	11,886,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,843,000
Buildings	11,886,000
Total	14,729,000
Accumulated Depreciation	$ 4,166,000
Life on which Depreciation in Latest Statement of  Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Midlothian, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,824,000
Buildings	16,618,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,824,000
Buildings	16,618,000
Total	19,442,000
Accumulated Depreciation	$ 1,742,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease student housing facility in Laramie, WY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,966,000
Buildings	18,896,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,966,000
Buildings	18,896,000
Total	20,862,000
Accumulated Depreciation	$ 5,383,000
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Mendota, IL; Toppenish, WA; and Plover, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,444,000
Buildings	21,208,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(623,000)
Gross Amount at which Carried at Close of Period
Land	1,382,000
Buildings	20,647,000
Total	22,029,000
Accumulated Depreciation	$ 7,291,000
Life on which Depreciation in Latest Statement of  Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Sunnyvale, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,297,000
Buildings	24,086,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(14,792,000)
Gross Amount at which Carried at Close of Period
Land	7,306,000
Buildings	11,285,000
Total	18,591,000
Accumulated Depreciation	$ 11,285,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Hampton, NH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,990,000
Buildings	7,362,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,990,000
Buildings	7,362,000
Total	16,352,000
Accumulated Depreciation	$ 1,921,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities located throughout France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	36,306,000
Buildings	5,212,000
Cost Capitalized Subsequent to Acquisition	337,000
Increase (Decrease) in Net Investments	6,367,000
Gross Amount at which Carried at Close of Period
Land	26,219,000
Buildings	22,003,000
Total	48,222,000
Accumulated Depreciation	$ 2,444,000
Life on which Depreciation in Latest Statement of  Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Fairfax, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,402,000
Buildings	16,353,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,402,000
Buildings	16,353,000
Total	19,755,000
Accumulated Depreciation	$ 4,916,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Lombard, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,087,000
Buildings	8,578,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,087,000
Buildings	8,578,000
Total	13,665,000
Accumulated Depreciation	$ 2,578,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Plainfield, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,578,000
Buildings	29,415,000
Cost Capitalized Subsequent to Acquisition	706,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,578,000
Buildings	30,121,000
Total	31,699,000
Accumulated Depreciation	$ 7,710,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Kennesaw, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,849,000
Buildings	6,180,000
Cost Capitalized Subsequent to Acquisition	5,530,000
Increase (Decrease) in Net Investments	(76,000)
Gross Amount at which Carried at Close of Period
Land	2,773,000
Buildings	11,710,000
Total	14,483,000
Accumulated Depreciation	$ 3,369,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Leawood, KS
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,487,000
Buildings	13,417,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,487,000
Buildings	13,417,000
Total	14,904,000
Accumulated Depreciation	$ 4,033,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tolland, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,817,000
Buildings	5,709,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	11,000
Gross Amount at which Carried at Close of Period
Land	1,817,000
Buildings	5,720,000
Total	7,537,000
Accumulated Depreciation	$ 1,651,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Lincolnton, NC and Mauldin, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,962,000
Buildings	9,247,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,962,000
Buildings	9,247,000
Total	11,209,000
Accumulated Depreciation	$ 2,607,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	81,109,000
Buildings	153,927,000
Cost Capitalized Subsequent to Acquisition	10,510,000
Increase (Decrease) in Net Investments	(135,774,000)
Gross Amount at which Carried at Close of Period
Land	27,939,000
Buildings	81,833,000
Total	109,772,000
Accumulated Depreciation	21,202,000
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,726,000
Buildings	4,856,000
Cost Capitalized Subsequent to Acquisition	89,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,726,000
Buildings	4,945,000
Total	6,671,000
Accumulated Depreciation	$ 1,264,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in The Woodlands, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,204,000
Buildings	24,997,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,204,000
Buildings	24,997,000
Total	28,201,000
Accumulated Depreciation	$ 6,282,000
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Valdosta, GA and Johnson City, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,080,000
Buildings	14,998,000
Cost Capitalized Subsequent to Acquisition	1,841,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,080,000
Buildings	16,839,000
Total	17,919,000
Accumulated Depreciation	$ 4,726,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Amherst, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,273,000
Initial Cost to Company
Land	674,000
Buildings	7,971,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	674,000
Buildings	7,971,000
Total	8,645,000
Accumulated Depreciation	$ 2,815,000
Life on which Depreciation in Latest Statement of  Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and warehouse facilities in Westfield, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,922,000
Buildings	9,755,000
Cost Capitalized Subsequent to Acquisition	7,435,000
Increase (Decrease) in Net Investments	9,000
Gross Amount at which Carried at Close of Period
Land	1,922,000
Buildings	17,199,000
Total	19,121,000
Accumulated Depreciation	$ 5,051,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Kotka, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	8,546,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,971,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	1,575,000
Total	1,575,000
Accumulated Depreciation	$ 1,295,000
Life on which Depreciation in Latest Statement of  Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Bloomington, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,942,000
Buildings	7,155,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,942,000
Buildings	7,155,000
Total	10,097,000
Accumulated Depreciation	$ 1,999,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Gorinchem, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,750,000
Initial Cost to Company
Land	1,143,000
Buildings	5,648,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,141,000)
Gross Amount at which Carried at Close of Period
Land	951,000
Buildings	4,699,000
Total	5,650,000
Accumulated Depreciation	$ 1,313,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Cresskill, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,366,000
Buildings	5,482,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	19,000
Gross Amount at which Carried at Close of Period
Land	2,366,000
Buildings	5,501,000
Total	7,867,000
Accumulated Depreciation	$ 1,398,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Livingston, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,932,000
Buildings	2,001,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	14,000
Gross Amount at which Carried at Close of Period
Land	2,932,000
Buildings	2,015,000
Total	4,947,000
Accumulated Depreciation	$ 587,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Montclair, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,905,000
Buildings	1,403,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	6,000
Gross Amount at which Carried at Close of Period
Land	1,905,000
Buildings	1,409,000
Total	3,314,000
Accumulated Depreciation	$ 410,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Morristown, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,258,000
Buildings	8,352,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	26,000
Gross Amount at which Carried at Close of Period
Land	3,258,000
Buildings	8,378,000
Total	11,636,000
Accumulated Depreciation	$ 2,441,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Summit, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,228,000
Buildings	1,465,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	8,000
Gross Amount at which Carried at Close of Period
Land	1,228,000
Buildings	1,473,000
Total	2,701,000
Accumulated Depreciation	$ 429,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Georgetown, TX and Woodland, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	965,000
Buildings	4,113,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	965,000
Buildings	4,113,000
Total	5,078,000
Accumulated Depreciation	$ 965,000
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Georgetown, TX and Woodland, WA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Georgetown, TX and Woodland, WA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,365,000
Buildings	7,845,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	5,000
Gross Amount at which Carried at Close of Period
Land	5,365,000
Buildings	7,850,000
Total	13,215,000
Accumulated Depreciation	$ 2,233,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Salisbury, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,499,000
Buildings	8,185,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,499,000
Buildings	8,185,000
Total	9,684,000
Accumulated Depreciation	$ 2,335,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Twinsburg, OH and office facility in Plymouth, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,831,000
Buildings	10,565,000
Cost Capitalized Subsequent to Acquisition	386,000
Increase (Decrease) in Net Investments	(2,244,000)
Gross Amount at which Carried at Close of Period
Land	2,501,000
Buildings	9,037,000
Total	11,538,000
Accumulated Depreciation	$ 2,553,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Cambridge, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,849,000
Buildings	7,371,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,110,000)
Gross Amount at which Carried at Close of Period
Land	1,626,000
Buildings	6,484,000
Total	8,110,000
Accumulated Depreciation	$ 1,643,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,962,000
Buildings	17,832,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,962,000
Buildings	17,832,000
Total	20,794,000
Accumulated Depreciation	$ 4,517,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Ramos Arizpe, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,059,000
Buildings	2,886,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,059,000
Buildings	2,886,000
Total	3,945,000
Accumulated Depreciation	$ 729,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Salt Lake City, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,783,000
Buildings	3,773,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,783,000
Buildings	3,773,000
Total	6,556,000
Accumulated Depreciation	$ 955,000
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Salt Lake City, UT | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Salt Lake City, UT | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease student housing facility in Blairsville, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,631,000
Buildings	23,163,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,631,000
Buildings	23,163,000
Total	24,794,000
Accumulated Depreciation	$ 6,385,000
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Mooresville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 966,000
Initial Cost to Company
Land	1,795,000
Buildings	15,955,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,795,000
Buildings	15,955,000
Total	17,750,000
Accumulated Depreciation	$ 501,000
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, Doraville, and Rockmart, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,488,000
Buildings	77,192,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,488,000
Buildings	77,192,000
Total	83,680,000
Accumulated Depreciation	$ 21,418,000
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	23 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Atlanta, Doraville, and Rockmart, GA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Muskogee, OK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	554,000
Buildings	4,353,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,437,000)
Gross Amount at which Carried at Close of Period
Land	158,000
Buildings	1,312,000
Total	1,470,000
Accumulated Depreciation	$ 317,000
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Richmond, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,211,000
Buildings	8,505,000
Cost Capitalized Subsequent to Acquisition	747,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,211,000
Buildings	9,252,000
Total	11,463,000
Accumulated Depreciation	$ 2,584,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Tuusula, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,173,000
Buildings	10,321,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,769,000)
Gross Amount at which Carried at Close of Period
Land	5,137,000
Buildings	8,588,000
Total	13,725,000
Accumulated Depreciation	$ 2,666,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Turku, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,343,000
Buildings	34,106,000
Cost Capitalized Subsequent to Acquisition	1,320,000
Increase (Decrease) in Net Investments	(6,662,000)
Gross Amount at which Carried at Close of Period
Land	4,445,000
Buildings	29,662,000
Total	34,107,000
Accumulated Depreciation	$ 8,091,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Turku, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,105,000
Buildings	10,243,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,890,000)
Gross Amount at which Carried at Close of Period
Land	920,000
Buildings	8,538,000
Total	9,458,000
Accumulated Depreciation	$ 2,437,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Baraboo, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	917,000
Buildings	10,663,000
Cost Capitalized Subsequent to Acquisition	1,403,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	917,000
Buildings	12,066,000
Total	12,983,000
Accumulated Depreciation	$ 6,509,000
Life on which Depreciation in Latest Statement of  Income is Computed	13 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Phoenix, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,747,000
Buildings	21,352,000
Cost Capitalized Subsequent to Acquisition	380,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,747,000
Buildings	21,732,000
Total	28,479,000
Accumulated Depreciation	$ 6,211,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Calgary, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,721,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(448,000)
Gross Amount at which Carried at Close of Period
Land	3,273,000
Buildings	0
Total	3,273,000
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,024,000
Initial Cost to Company
Land	955,000
Buildings	4,779,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	955,000
Buildings	4,779,000
Total	5,734,000
Accumulated Depreciation	$ 1,220,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Buffalo Grove, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,523,000
Initial Cost to Company
Land	1,492,000
Buildings	12,233,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,492,000
Buildings	12,233,000
Total	13,725,000
Accumulated Depreciation	$ 3,132,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in West Jordan, UT and Tacoma, WA; office facility in Eugene, OR; and warehouse facility in Perris, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,989,000
Buildings	5,435,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	8,000
Gross Amount at which Carried at Close of Period
Land	8,989,000
Buildings	5,443,000
Total	14,432,000
Accumulated Depreciation	$ 1,534,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Carlsbad, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,230,000
Buildings	5,492,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,230,000
Buildings	5,492,000
Total	8,722,000
Accumulated Depreciation	$ 1,843,000
Life on which Depreciation in Latest Statement of  Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Pensacola, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,746,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	5,181,000
Gross Amount at which Carried at Close of Period
Land	1,746,000
Buildings	5,181,000
Total	6,927,000
Accumulated Depreciation	$ 206,000
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Movie theater in Port St. Lucie, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,654,000
Buildings	2,576,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,654,000
Buildings	2,576,000
Total	7,230,000
Accumulated Depreciation	$ 746,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Nurieux-Volognat, France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	121,000
Buildings	5,328,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(814,000)
Gross Amount at which Carried at Close of Period
Land	100,000
Buildings	4,535,000
Total	4,635,000
Accumulated Depreciation	$ 1,110,000
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Monheim, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,500,000
Buildings	5,727,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(196,000)
Gross Amount at which Carried at Close of Period
Land	2,445,000
Buildings	5,586,000
Total	8,031,000
Accumulated Depreciation	$ 49,000
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Suwanee, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,330,000
Buildings	8,406,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,330,000
Buildings	8,406,000
Total	10,736,000
Accumulated Depreciation	$ 1,967,000
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,878,000
Buildings	8,579,000
Cost Capitalized Subsequent to Acquisition	3,128,000
Increase (Decrease) in Net Investments	(89,000)
Gross Amount at which Carried at Close of Period
Land	1,878,000
Buildings	11,618,000
Total	13,496,000
Accumulated Depreciation	$ 2,992,000
Life on which Depreciation in Latest Statement of  Income is Computed	24 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,403,000
Buildings	11,098,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,403,000
Buildings	11,098,000
Total	12,501,000
Accumulated Depreciation	$ 5,407,000
Life on which Depreciation in Latest Statement of  Income is Computed	16 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Mesa, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,888,000
Buildings	4,282,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,888,000
Buildings	4,282,000
Total	7,170,000
Accumulated Depreciation	$ 1,244,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in North Amityville, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,486,000
Buildings	11,413,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,486,000
Buildings	11,413,000
Total	14,899,000
Accumulated Depreciation	$ 3,474,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Fort Collins, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	821,000
Buildings	7,236,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	821,000
Buildings	7,236,000
Total	8,057,000
Accumulated Depreciation	$ 1,745,000
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Elk Grove Village, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,037,000
Buildings	7,865,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,037,000
Buildings	7,865,000
Total	11,902,000
Accumulated Depreciation	$ 784,000
Life on which Depreciation in Latest Statement of  Income is Computed	22 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Washington, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,085,000
Buildings	7,496,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,085,000
Buildings	7,496,000
Total	11,581,000
Accumulated Depreciation	$ 1,812,000
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	522,000
Buildings	7,448,000
Cost Capitalized Subsequent to Acquisition	227,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	522,000
Buildings	7,675,000
Total	8,197,000
Accumulated Depreciation	$ 2,315,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,049,000
Buildings	13,021,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	133,000
Gross Amount at which Carried at Close of Period
Land	4,049,000
Buildings	13,154,000
Total	17,203,000
Accumulated Depreciation	$ 5,578,000
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	12 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	22 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Sacramento, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 24,452,000
Initial Cost to Company
Land	0
Buildings	13,715,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	13,715,000
Total	13,715,000
Accumulated Depreciation	$ 3,249,000
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Sankt Ingbert, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,226,000
Buildings	17,460,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	814,000
Gross Amount at which Carried at Close of Period
Land	2,318,000
Buildings	18,182,000
Total	20,500,000
Accumulated Depreciation	$ 904,000
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,138,000
Buildings	8,387,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	43,000
Gross Amount at which Carried at Close of Period
Land	5,138,000
Buildings	8,430,000
Total	13,568,000
Accumulated Depreciation	$ 2,408,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tinton Falls, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,958,000
Buildings	7,993,000
Cost Capitalized Subsequent to Acquisition	725,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,958,000
Buildings	8,718,000
Total	10,676,000
Accumulated Depreciation	$ 2,171,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Woodland, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	707,000
Buildings	1,562,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	707,000
Buildings	1,562,000
Total	2,269,000
Accumulated Depreciation	$ 351,000
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Gyál and Herceghalom, Hungary
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	14,601,000
Buildings	21,915,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,133,000)
Gross Amount at which Carried at Close of Period
Land	12,148,000
Buildings	18,235,000
Total	30,383,000
Accumulated Depreciation	$ 7,070,000
Life on which Depreciation in Latest Statement of  Income is Computed	21 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Windsor, CT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	453,000
Buildings	637,000
Cost Capitalized Subsequent to Acquisition	3,422,000
Increase (Decrease) in Net Investments	(83,000)
Gross Amount at which Carried at Close of Period
Land	453,000
Buildings	3,976,000
Total	4,429,000
Accumulated Depreciation	$ 569,000
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Aurora, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	574,000
Buildings	3,999,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	574,000
Buildings	3,999,000
Total	4,573,000
Accumulated Depreciation	$ 807,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Chandler, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,318,000
Buildings	27,551,000
Cost Capitalized Subsequent to Acquisition	105,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,318,000
Buildings	27,656,000
Total	32,974,000
Accumulated Depreciation	$ 6,221,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in University Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,962,000
Buildings	32,756,000
Cost Capitalized Subsequent to Acquisition	221,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,962,000
Buildings	32,977,000
Total	40,939,000
Accumulated Depreciation	$ 7,187,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Stavanger, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,296,000
Buildings	91,744,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(30,175,000)
Gross Amount at which Carried at Close of Period
Land	7,321,000
Buildings	64,544,000
Total	71,865,000
Accumulated Depreciation	$ 12,102,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Laboratory facility in Westborough, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,409,000
Buildings	37,914,000
Cost Capitalized Subsequent to Acquisition	53,065,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,409,000
Buildings	90,979,000
Total	94,388,000
Accumulated Depreciation	$ 10,458,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Andover, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,980,000
Buildings	45,120,000
Cost Capitalized Subsequent to Acquisition	323,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,980,000
Buildings	45,443,000
Total	49,423,000
Accumulated Depreciation	$ 8,723,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Newport, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	22,587,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,654,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	18,933,000
Total	18,933,000
Accumulated Depreciation	$ 3,460,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Lewisburg, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,627,000
Buildings	13,721,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,627,000
Buildings	13,721,000
Total	15,348,000
Accumulated Depreciation	$ 2,757,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Opole, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,151,000
Buildings	21,438,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,102,000)
Gross Amount at which Carried at Close of Period
Land	1,960,000
Buildings	19,527,000
Total	21,487,000
Accumulated Depreciation	$ 4,035,000
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities located throughout Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	51,778,000
Buildings	257,624,000
Cost Capitalized Subsequent to Acquisition	10,000
Increase (Decrease) in Net Investments	(22,516,000)
Gross Amount at which Carried at Close of Period
Land	50,911,000
Buildings	235,985,000
Total	286,896,000
Accumulated Depreciation	43,111,000
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	66,319,000
Buildings	230,113,000
Cost Capitalized Subsequent to Acquisition	277,000
Increase (Decrease) in Net Investments	(43,800,000)
Gross Amount at which Carried at Close of Period
Land	56,372,000
Buildings	196,537,000
Total	252,909,000
Accumulated Depreciation	$ 45,277,000
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	20 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	33,935,000
Cost Capitalized Subsequent to Acquisition	20,767,000
Increase (Decrease) in Net Investments	232,000
Gross Amount at which Carried at Close of Period
Land	0
Buildings	54,934,000
Total	54,934,000
Accumulated Depreciation	$ 7,608,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Bad Fischau, Austria
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,855,000
Buildings	18,829,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,108,000
Gross Amount at which Carried at Close of Period
Land	3,001,000
Buildings	19,791,000
Total	22,792,000
Accumulated Depreciation	$ 3,888,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Oskarshamn, Sweden
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,090,000
Buildings	18,262,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,860,000)
Gross Amount at which Carried at Close of Period
Land	2,821,000
Buildings	16,671,000
Total	19,492,000
Accumulated Depreciation	$ 2,997,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Sunderland, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,912,000
Buildings	30,140,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,464,000)
Gross Amount at which Carried at Close of Period
Land	2,518,000
Buildings	26,070,000
Total	28,588,000
Accumulated Depreciation	$ 4,843,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,449,000
Buildings	15,838,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	440,000
Gross Amount at which Carried at Close of Period
Land	9,613,000
Buildings	16,114,000
Total	25,727,000
Accumulated Depreciation	$ 3,176,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	49,190,000
Cost Capitalized Subsequent to Acquisition	17,396,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	17,396,000
Buildings	49,190,000
Total	66,586,000
Accumulated Depreciation	$ 9,001,000
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,698,000
Buildings	38,130,000
Cost Capitalized Subsequent to Acquisition	79,000
Increase (Decrease) in Net Investments	2,391,000
Gross Amount at which Carried at Close of Period
Land	6,008,000
Buildings	40,290,000
Total	46,298,000
Accumulated Depreciation	$ 7,668,000
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Irvine, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,626,000
Buildings	16,137,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,626,000
Buildings	16,137,000
Total	23,763,000
Accumulated Depreciation	$ 2,552,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Windermere, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,090,000
Buildings	34,721,000
Cost Capitalized Subsequent to Acquisition	15,333,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,090,000
Buildings	50,054,000
Total	55,144,000
Accumulated Depreciation	$ 10,183,000
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities located throughout the United States
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	66,845,000
Buildings	87,575,000
Cost Capitalized Subsequent to Acquisition	65,400,000
Increase (Decrease) in Net Investments	(56,517,000)
Gross Amount at which Carried at Close of Period
Land	49,680,000
Buildings	113,623,000
Total	163,303,000
Accumulated Depreciation	24,613,000
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in North Dumfries and Ottawa, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	17,155,000
Buildings	10,665,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(17,990,000)
Gross Amount at which Carried at Close of Period
Land	6,097,000
Buildings	3,733,000
Total	9,830,000
Accumulated Depreciation	$ 1,637,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Coconut Creek, FL and Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	15,550,000
Buildings	83,862,000
Cost Capitalized Subsequent to Acquisition	63,830,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	15,550,000
Buildings	147,692,000
Total	163,242,000
Accumulated Depreciation	$ 22,173,000
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Coconut Creek, FL and Houston, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Coconut Creek, FL and Houston, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,585,000
Buildings	17,254,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,585,000
Buildings	17,254,000
Total	20,839,000
Accumulated Depreciation	$ 2,517,000
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	36 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Brampton, Toronto, and Vaughan, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	28,759,000
Buildings	13,998,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	28,759,000
Buildings	13,998,000
Total	42,757,000
Accumulated Depreciation	$ 2,433,000
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Brampton, Toronto, and Vaughan, Canada | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Brampton, Toronto, and Vaughan, Canada | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Queretaro and San Juan del Rio, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,152,000
Buildings	12,614,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,152,000
Buildings	12,614,000
Total	17,766,000
Accumulated Depreciation	$ 1,785,000
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Queretaro and San Juan del Rio, Mexico | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Queretaro and San Juan del Rio, Mexico | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,222,000
Buildings	2,655,000
Cost Capitalized Subsequent to Acquisition	3,511,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,222,000
Buildings	6,166,000
Total	8,388,000
Accumulated Depreciation	$ 1,393,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Zawiercie, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	395,000
Buildings	102,000
Cost Capitalized Subsequent to Acquisition	10,378,000
Increase (Decrease) in Net Investments	(316,000)
Gross Amount at which Carried at Close of Period
Land	383,000
Buildings	10,176,000
Total	10,559,000
Accumulated Depreciation	$ 939,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Roseville, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,560,000
Buildings	16,025,000
Cost Capitalized Subsequent to Acquisition	141,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,560,000
Buildings	16,166,000
Total	18,726,000
Accumulated Depreciation	$ 1,872,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Radomsko, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,718,000
Buildings	59,000
Cost Capitalized Subsequent to Acquisition	14,454,000
Increase (Decrease) in Net Investments	(501,000)
Gross Amount at which Carried at Close of Period
Land	1,670,000
Buildings	14,060,000
Total	15,730,000
Accumulated Depreciation	$ 1,172,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Sellersburg, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,016,000
Buildings	3,838,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,016,000
Buildings	3,838,000
Total	4,854,000
Accumulated Depreciation	$ 514,000
Life on which Depreciation in Latest Statement of  Income is Computed	36 years
Land, Buildings and Improvements Subject to Operating Leases | Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,512,000
Buildings	61,230,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,465,000
Buildings	61,277,000
Total	66,742,000
Accumulated Depreciation	$ 7,161,000
Land, Buildings and Improvements Subject to Operating Leases | Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	36 years
Land, Buildings and Improvements Subject to Operating Leases | Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities located throughout Denmark
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	20,304,000
Buildings	185,481,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,177,000)
Gross Amount at which Carried at Close of Period
Land	19,892,000
Buildings	181,716,000
Total	201,608,000
Accumulated Depreciation	$ 20,077,000
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities located throughout Denmark | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	25 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities located throughout Denmark | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	41 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	38,475,000
Buildings	117,127,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,236,000)
Gross Amount at which Carried at Close of Period
Land	37,428,000
Buildings	113,938,000
Total	151,366,000
Accumulated Depreciation	$ 14,011,000
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the Netherlands | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout the Netherlands | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Oostburg, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	786,000
Buildings	6,589,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	786,000
Buildings	6,589,000
Total	7,375,000
Accumulated Depreciation	$ 1,023,000
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Kampen, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,251,000
Buildings	12,858,000
Cost Capitalized Subsequent to Acquisition	126,000
Increase (Decrease) in Net Investments	(363,000)
Gross Amount at which Carried at Close of Period
Land	3,177,000
Buildings	12,695,000
Total	15,872,000
Accumulated Depreciation	$ 1,765,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Azambuja, Portugal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	13,527,000
Buildings	35,631,000
Cost Capitalized Subsequent to Acquisition	28,067,000
Increase (Decrease) in Net Investments	(2,159,000)
Gross Amount at which Carried at Close of Period
Land	13,235,000
Buildings	61,831,000
Total	75,066,000
Accumulated Depreciation	$ 5,284,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,582,000
Buildings	18,731,000
Cost Capitalized Subsequent to Acquisition	11,338,000
Increase (Decrease) in Net Investments	(142,000)
Gross Amount at which Carried at Close of Period
Land	2,569,000
Buildings	29,940,000
Total	32,509,000
Accumulated Depreciation	$ 2,689,000
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities in Bad Wünnenberg and Soest, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,916,000
Buildings	39,687,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(251,000)
Gross Amount at which Carried at Close of Period
Land	2,898,000
Buildings	39,454,000
Total	42,352,000
Accumulated Depreciation	$ 3,351,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Norfolk, NE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	802,000
Buildings	3,686,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	802,000
Buildings	3,686,000
Total	4,488,000
Accumulated Depreciation	$ 396,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,720,000
Buildings	17,266,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(7,945,000)
Gross Amount at which Carried at Close of Period
Land	5,113,000
Buildings	11,928,000
Total	17,041,000
Accumulated Depreciation	$ 1,459,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Fitness facilities in Phoenix, AZ and Columbia, MD
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	18,286,000
Buildings	33,030,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	18,286,000
Buildings	33,030,000
Total	51,316,000
Accumulated Depreciation	$ 2,778,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Gorzow, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,736,000
Buildings	8,298,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(59,000)
Gross Amount at which Carried at Close of Period
Land	1,726,000
Buildings	8,249,000
Total	9,975,000
Accumulated Depreciation	$ 752,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,349,000
Initial Cost to Company
Land	6,460,000
Buildings	49,462,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,460,000
Buildings	49,462,000
Total	55,922,000
Accumulated Depreciation	$ 4,504,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Glendale Heights, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,237,000
Buildings	45,484,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,237,000
Buildings	45,484,000
Total	49,721,000
Accumulated Depreciation	$ 1,822,000
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Mayodan, Sanford, and Stoneville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,505,000
Buildings	20,913,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,505,000
Buildings	20,913,000
Total	24,418,000
Accumulated Depreciation	$ 1,438,000
Life on which Depreciation in Latest Statement of  Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Dillon, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,424,000
Buildings	43,114,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,424,000
Buildings	43,114,000
Total	46,538,000
Accumulated Depreciation	$ 3,926,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Birmingham, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,383,000
Buildings	7,687,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	650,000
Gross Amount at which Carried at Close of Period
Land	7,702,000
Buildings	8,018,000
Total	15,720,000
Accumulated Depreciation	$ 667,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	17,626,000
Buildings	44,501,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(365,000)
Gross Amount at which Carried at Close of Period
Land	17,523,000
Buildings	44,239,000
Total	61,762,000
Accumulated Depreciation	$ 3,795,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Gadki, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,376,000
Buildings	6,137,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(44,000)
Gross Amount at which Carried at Close of Period
Land	1,368,000
Buildings	6,101,000
Total	7,469,000
Accumulated Depreciation	$ 529,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in The Woodlands, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,697,000
Buildings	52,289,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,697,000
Buildings	52,289,000
Total	53,986,000
Accumulated Depreciation	$ 4,243,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Hoffman Estates, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,550,000
Buildings	14,214,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,550,000
Buildings	14,214,000
Total	19,764,000
Accumulated Depreciation	$ 1,196,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	15,789,000
Buildings	33,287,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(288,000)
Gross Amount at which Carried at Close of Period
Land	15,696,000
Buildings	33,092,000
Total	48,788,000
Accumulated Depreciation	$ 4,167,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Middleburg Heights and Union Township, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,333,000
Initial Cost to Company
Land	1,295,000
Buildings	13,384,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,295,000
Buildings	13,384,000
Total	14,679,000
Accumulated Depreciation	$ 1,115,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	79,720,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	79,720,000
Total	79,720,000
Accumulated Depreciation	$ 6,325,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities located in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Holly Hill and Safety Harbor, FL; Rockmart, GA; Durham, NC; Columbia, SC; Ooltewah, TN; and Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	20,517,000
Buildings	14,135,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	30,060,000
Gross Amount at which Carried at Close of Period
Land	22,585,000
Buildings	42,127,000
Total	64,712,000
Accumulated Depreciation	$ 2,353,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Bowling Green, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,652,000
Buildings	51,915,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,652,000
Buildings	51,915,000
Total	54,567,000
Accumulated Depreciation	$ 4,849,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,791,000
Buildings	2,315,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	393,000
Gross Amount at which Carried at Close of Period
Land	7,084,000
Buildings	2,415,000
Total	9,499,000
Accumulated Depreciation	$ 225,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Evansville, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	180,000
Buildings	22,095,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	180,000
Buildings	22,095,000
Total	22,275,000
Accumulated Depreciation	$ 1,795,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in Tampa, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,889,000
Buildings	49,843,000
Cost Capitalized Subsequent to Acquisition	759,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,889,000
Buildings	50,602,000
Total	54,491,000
Accumulated Depreciation	$ 4,178,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Elorrio, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,858,000
Buildings	12,728,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(120,000)
Gross Amount at which Carried at Close of Period
Land	7,812,000
Buildings	12,654,000
Total	20,466,000
Accumulated Depreciation	$ 1,213,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial and office facilities in Elberton, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	879,000
Buildings	2,014,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	879,000
Buildings	2,014,000
Total	2,893,000
Accumulated Depreciation	$ 230,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tres Cantos, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 53,571,000
Initial Cost to Company
Land	24,344,000
Buildings	39,646,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(377,000)
Gross Amount at which Carried at Close of Period
Land	24,200,000
Buildings	39,413,000
Total	63,613,000
Accumulated Depreciation	$ 3,397,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Hartland, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,430,000
Initial Cost to Company
Land	1,454,000
Buildings	6,406,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,454,000
Buildings	6,406,000
Total	7,860,000
Accumulated Depreciation	$ 572,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Dugo Selo, Kutina, Samobor, Spansko, and Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,549,000
Buildings	12,408,000
Cost Capitalized Subsequent to Acquisition	1,625,000
Increase (Decrease) in Net Investments	6,572,000
Gross Amount at which Carried at Close of Period
Land	6,767,000
Buildings	19,387,000
Total	26,154,000
Accumulated Depreciation	$ 2,229,000
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facilities located throughout the United States
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	42,793,000
Buildings	193,666,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	42,793,000
Buildings	193,666,000
Total	236,459,000
Accumulated Depreciation	$ 17,037,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Breda, Elst, Gieten, Raalte, and Woerden, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	37,755,000
Buildings	91,666,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(761,000)
Gross Amount at which Carried at Close of Period
Land	37,533,000
Buildings	91,127,000
Total	128,660,000
Accumulated Depreciation	$ 7,605,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Oxnard and Watsonville, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	22,453,000
Buildings	78,814,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,453,000
Buildings	78,814,000
Total	101,267,000
Accumulated Depreciation	$ 6,608,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Italy
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	75,492,000
Buildings	138,280,000
Cost Capitalized Subsequent to Acquisition	7,242,000
Increase (Decrease) in Net Investments	(2,107,000)
Gross Amount at which Carried at Close of Period
Land	75,048,000
Buildings	143,859,000
Total	218,907,000
Accumulated Depreciation	$ 12,495,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Hudson, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,405,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,405,000
Buildings	0
Total	2,405,000
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,136,000
Buildings	2,344,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,136,000
Buildings	2,344,000
Total	4,480,000
Accumulated Depreciation	$ 229,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Martinsville, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,082,000
Buildings	8,108,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,082,000
Buildings	8,108,000
Total	9,190,000
Accumulated Depreciation	$ 722,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,887,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,887,000
Buildings	0
Total	9,887,000
Accumulated Depreciation	0
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Fraser, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,346,000
Buildings	9,551,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,346,000
Buildings	9,551,000
Total	10,897,000
Accumulated Depreciation	$ 824,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facilities located throughout the United States
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	19,583,000
Buildings	108,971,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	19,583,000
Buildings	108,971,000
Total	128,554,000
Accumulated Depreciation	$ 9,785,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Middleburg Heights, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	542,000
Buildings	2,507,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	542,000
Buildings	2,507,000
Total	3,049,000
Accumulated Depreciation	$ 209,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	691,000
Buildings	6,295,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	691,000
Buildings	6,295,000
Total	6,986,000
Accumulated Depreciation	$ 578,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Delnice, Pozega, and Sesvete, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,519,000
Buildings	9,930,000
Cost Capitalized Subsequent to Acquisition	1,291,000
Increase (Decrease) in Net Investments	(251,000)
Gross Amount at which Carried at Close of Period
Land	5,486,000
Buildings	11,003,000
Total	16,489,000
Accumulated Depreciation	$ 1,360,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in Eagan and Virginia, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	16,302,000
Buildings	91,239,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(722,000)
Gross Amount at which Carried at Close of Period
Land	15,954,000
Buildings	90,865,000
Total	106,819,000
Accumulated Depreciation	$ 7,988,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Orlando, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,262,000
Buildings	25,134,000
Cost Capitalized Subsequent to Acquisition	430,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,371,000
Buildings	25,455,000
Total	31,826,000
Accumulated Depreciation	$ 2,046,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Avon, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,447,000
Buildings	5,564,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,447,000
Buildings	5,564,000
Total	7,011,000
Accumulated Depreciation	$ 503,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Chimelow, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,158,000
Buildings	28,032,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(201,000)
Gross Amount at which Carried at Close of Period
Land	6,122,000
Buildings	27,867,000
Total	33,989,000
Accumulated Depreciation	$ 2,420,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Fayetteville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,839,000
Buildings	4,654,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,839,000
Buildings	4,654,000
Total	6,493,000
Accumulated Depreciation	$ 545,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Huntsville, AL; Bentonville, AR; Bossier City, LA; Lee's Summit, MO; Fayetteville, TN, and Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	19,529,000
Buildings	42,318,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	19,529,000
Buildings	42,318,000
Total	61,847,000
Accumulated Depreciation	$ 3,718,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Montgomery, AL and Savannah, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,061,000
Initial Cost to Company
Land	5,508,000
Buildings	12,032,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,508,000
Buildings	12,032,000
Total	17,540,000
Accumulated Depreciation	$ 1,045,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facilities in St. Louis, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,297,000
Buildings	5,362,000
Cost Capitalized Subsequent to Acquisition	7,951,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,836,000
Buildings	12,774,000
Total	14,610,000
Accumulated Depreciation	$ 1,041,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office and warehouse facility in Zary, PL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,062,000
Buildings	10,034,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(71,000)
Gross Amount at which Carried at Close of Period
Land	2,050,000
Buildings	9,975,000
Total	12,025,000
Accumulated Depreciation	$ 888,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in San Antonio, TX and Sterling, VA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,198,000
Buildings	23,981,000
Cost Capitalized Subsequent to Acquisition	78,727,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,228,000
Buildings	98,678,000
Total	105,906,000
Accumulated Depreciation	$ 4,792,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Elk Grove Village, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,511,000
Buildings	10,766,000
Cost Capitalized Subsequent to Acquisition	2,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,511,000
Buildings	10,768,000
Total	16,279,000
Accumulated Depreciation	$ 914,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Portage, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,052,000
Initial Cost to Company
Land	3,450,000
Buildings	7,797,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,450,000
Buildings	7,797,000
Total	11,247,000
Accumulated Depreciation	$ 746,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Warrenville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,662,000
Buildings	23,711,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,662,000
Buildings	23,711,000
Total	27,373,000
Accumulated Depreciation	$ 1,987,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Saitama Prefecture, Japan
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	13,507,000
Buildings	25,301,000
Cost Capitalized Subsequent to Acquisition	5,778,000
Increase (Decrease) in Net Investments	(6,369,000)
Gross Amount at which Carried at Close of Period
Land	12,641,000
Buildings	25,576,000
Total	38,217,000
Accumulated Depreciation	$ 1,995,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,977,000
Buildings	16,168,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,977,000
Buildings	16,168,000
Total	19,145,000
Accumulated Depreciation	$ 1,316,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	23,161,000
Buildings	104,266,000
Cost Capitalized Subsequent to Acquisition	919,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	23,161,000
Buildings	105,185,000
Total	128,346,000
Accumulated Depreciation	$ 8,465,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,000,000
Buildings	13,002,000
Cost Capitalized Subsequent to Acquisition	1,415,000
Increase (Decrease) in Net Investments	(4,722,000)
Gross Amount at which Carried at Close of Period
Land	7,757,000
Buildings	10,938,000
Total	18,695,000
Accumulated Depreciation	$ 1,214,000
Life on which Depreciation in Latest Statement of  Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Croatia | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Northbrook, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	493,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	493,000
Total	493,000
Accumulated Depreciation	$ 156,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Education facilities in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	18,510,000
Buildings	163,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(11,855,000)
Gross Amount at which Carried at Close of Period
Land	6,744,000
Buildings	74,000
Total	6,818,000
Accumulated Depreciation	$ 33,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Dillon, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,516,000
Buildings	44,933,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,516,000
Buildings	44,933,000
Total	48,449,000
Accumulated Depreciation	$ 4,061,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facilities in New York City, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	29,223,000
Buildings	77,202,000
Cost Capitalized Subsequent to Acquisition	414,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	29,223,000
Buildings	77,616,000
Total	106,839,000
Accumulated Depreciation	$ 6,203,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Hilo, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	769,000
Buildings	12,869,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	769,000
Buildings	12,869,000
Total	13,638,000
Accumulated Depreciation	$ 1,034,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Clearwater, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,247,000
Buildings	5,733,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,247,000
Buildings	5,733,000
Total	6,980,000
Accumulated Depreciation	$ 525,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Gadki, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,422,000
Buildings	47,727,000
Cost Capitalized Subsequent to Acquisition	57,000
Increase (Decrease) in Net Investments	(341,000)
Gross Amount at which Carried at Close of Period
Land	10,361,000
Buildings	47,504,000
Total	57,865,000
Accumulated Depreciation	$ 4,183,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Orlando, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,070,000
Buildings	8,686,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,070,000
Buildings	8,686,000
Total	9,756,000
Accumulated Depreciation	$ 749,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Lewisville, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,485,000
Buildings	11,263,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,485,000
Buildings	11,263,000
Total	14,748,000
Accumulated Depreciation	$ 955,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Wageningen, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,227,000
Buildings	18,793,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	142,000
Gross Amount at which Carried at Close of Period
Land	5,197,000
Buildings	18,965,000
Total	24,162,000
Accumulated Depreciation	$ 1,645,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Haibach, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,920,000
Initial Cost to Company
Land	1,767,000
Buildings	12,229,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(6,885,000)
Gross Amount at which Carried at Close of Period
Land	850,000
Buildings	6,261,000
Total	7,111,000
Accumulated Depreciation	$ 893,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Palm Coast, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,994,000
Buildings	4,982,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,994,000
Buildings	4,982,000
Total	6,976,000
Accumulated Depreciation	$ 536,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Auburn Hills, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,910,000
Buildings	6,773,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,910,000
Buildings	6,773,000
Total	8,683,000
Accumulated Depreciation	$ 586,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease self-storage facility in Holiday, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,730,000
Buildings	4,213,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,730,000
Buildings	4,213,000
Total	5,943,000
Accumulated Depreciation	$ 441,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tempe, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,661,000
Initial Cost to Company
Land	0
Buildings	19,533,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	19,533,000
Total	19,533,000
Accumulated Depreciation	$ 1,635,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Tucson, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,448,000
Buildings	17,353,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,448,000
Buildings	17,353,000
Total	19,801,000
Accumulated Depreciation	$ 1,472,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Drunen, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,316,000
Buildings	9,370,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(68,000)
Gross Amount at which Carried at Close of Period
Land	2,303,000
Buildings	9,315,000
Total	11,618,000
Accumulated Depreciation	$ 787,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility New Concord, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,306,000
Initial Cost to Company
Land	958,000
Buildings	2,309,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	958,000
Buildings	2,309,000
Total	3,267,000
Accumulated Depreciation	$ 238,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Krakow, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,381,000
Buildings	6,212,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(50,000)
Gross Amount at which Carried at Close of Period
Land	2,367,000
Buildings	6,176,000
Total	8,543,000
Accumulated Depreciation	$ 526,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Gelsenkirchen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,215,000
Initial Cost to Company
Land	2,178,000
Buildings	17,097,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(113,000)
Gross Amount at which Carried at Close of Period
Land	2,165,000
Buildings	16,997,000
Total	19,162,000
Accumulated Depreciation	$ 1,432,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Mszczonow and Tomaszow Mazowiecki, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,782,000
Buildings	53,575,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(367,000)
Gross Amount at which Carried at Close of Period
Land	8,730,000
Buildings	53,260,000
Total	61,990,000
Accumulated Depreciation	$ 4,862,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,871,000
Buildings	26,353,000
Cost Capitalized Subsequent to Acquisition	456,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,871,000
Buildings	26,809,000
Total	29,680,000
Accumulated Depreciation	$ 2,245,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in San Antonio, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,094,000
Buildings	16,624,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,094,000
Buildings	16,624,000
Total	19,718,000
Accumulated Depreciation	$ 1,419,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Sered, Slovakia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,428,000
Buildings	28,005,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(185,000)
Gross Amount at which Carried at Close of Period
Land	3,408,000
Buildings	27,840,000
Total	31,248,000
Accumulated Depreciation	$ 2,369,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Tuchomerice, Czech Republic
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,864,000
Buildings	27,006,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(205,000)
Gross Amount at which Carried at Close of Period
Land	7,818,000
Buildings	26,847,000
Total	34,665,000
Accumulated Depreciation	$ 2,255,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 34,427,000
Initial Cost to Company
Land	0
Buildings	44,990,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(265,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	44,725,000
Total	44,725,000
Accumulated Depreciation	$ 3,664,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Kaunas, Lithuania
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 37,507,000
Initial Cost to Company
Land	10,199,000
Buildings	47,391,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(339,000)
Gross Amount at which Carried at Close of Period
Land	10,139,000
Buildings	47,112,000
Total	57,251,000
Accumulated Depreciation	$ 4,053,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease student housing facility in Jacksonville, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 11,686,000
Initial Cost to Company
Land	906,000
Buildings	17,020,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	906,000
Buildings	17,020,000
Total	17,926,000
Accumulated Depreciation	$ 1,394,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	791,000
Buildings	1,990,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	791,000
Buildings	1,990,000
Total	2,781,000
Accumulated Depreciation	$ 178,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Oak Creek, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,858,000
Buildings	11,055,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,858,000
Buildings	11,055,000
Total	13,913,000
Accumulated Depreciation	$ 995,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,868,000
Buildings	37,571,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,868,000
Buildings	37,571,000
Total	40,439,000
Accumulated Depreciation	$ 3,440,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Perrysburg, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	806,000
Buildings	11,922,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	806,000
Buildings	11,922,000
Total	12,728,000
Accumulated Depreciation	$ 1,127,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Dillon, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	620,000
Buildings	46,319,000
Cost Capitalized Subsequent to Acquisition	434,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	620,000
Buildings	46,753,000
Total	47,373,000
Accumulated Depreciation	$ 3,253,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Zabia Wola, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 15,973,000
Initial Cost to Company
Land	4,742,000
Buildings	23,270,000
Cost Capitalized Subsequent to Acquisition	5,636,000
Increase (Decrease) in Net Investments	(166,000)
Gross Amount at which Carried at Close of Period
Land	4,715,000
Buildings	28,767,000
Total	33,482,000
Accumulated Depreciation	$ 2,388,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Buffalo Grove, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,224,000
Buildings	6,583,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,224,000
Buildings	6,583,000
Total	8,807,000
Accumulated Depreciation	$ 569,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in McHenry, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,794,000
Buildings	21,141,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,794,000
Buildings	21,141,000
Total	26,935,000
Accumulated Depreciation	$ 2,665,000
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in McHenry, IL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in McHenry, IL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chicago, Cortland, Forest View, Morton Grove, and Northbrook, IL and Madison and Monona, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	23,267,000
Buildings	9,166,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	23,267,000
Buildings	9,166,000
Total	32,433,000
Accumulated Depreciation	$ 1,091,000
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chicago, Cortland, Forest View, Morton Grove, and Northbrook, IL and Madison and Monona, WI | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chicago, Cortland, Forest View, Morton Grove, and Northbrook, IL and Madison and Monona, WI | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Kilgore, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,002,000
Buildings	36,334,000
Cost Capitalized Subsequent to Acquisition	14,096,000
Increase (Decrease) in Net Investments	(6,000)
Gross Amount at which Carried at Close of Period
Land	3,002,000
Buildings	50,424,000
Total	53,426,000
Accumulated Depreciation	$ 4,023,000
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in San Luis Potosi, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,787,000
Buildings	12,945,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,787,000
Buildings	12,945,000
Total	15,732,000
Accumulated Depreciation	$ 1,149,000
Life on which Depreciation in Latest Statement of  Income is Computed	39 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Legnica, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	995,000
Buildings	9,787,000
Cost Capitalized Subsequent to Acquisition	6,007,000
Increase (Decrease) in Net Investments	(116,000)
Gross Amount at which Carried at Close of Period
Land	988,000
Buildings	15,685,000
Total	16,673,000
Accumulated Depreciation	$ 1,510,000
Life on which Depreciation in Latest Statement of  Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Meru, France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,231,000
Buildings	14,731,000
Cost Capitalized Subsequent to Acquisition	8,000
Increase (Decrease) in Net Investments	(85,000)
Gross Amount at which Carried at Close of Period
Land	4,212,000
Buildings	14,673,000
Total	18,885,000
Accumulated Depreciation	$ 1,669,000
Life on which Depreciation in Latest Statement of  Income is Computed	29 years
Land, Buildings and Improvements Subject to Operating Leases | Education facility in Portland, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,396,000
Buildings	23,258,000
Cost Capitalized Subsequent to Acquisition	4,218,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,396,000
Buildings	27,476,000
Total	29,872,000
Accumulated Depreciation	$ 2,401,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Morrisville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,374,000
Buildings	30,140,000
Cost Capitalized Subsequent to Acquisition	2,172,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,374,000
Buildings	32,312,000
Total	34,686,000
Accumulated Depreciation	$ 2,476,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Inwood, WV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,265,000
Buildings	36,692,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,265,000
Buildings	36,692,000
Total	39,957,000
Accumulated Depreciation	$ 2,804,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Hurricane, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,914,000
Buildings	37,279,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,914,000
Buildings	37,279,000
Total	39,193,000
Accumulated Depreciation	$ 2,694,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Bensenville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,640,000
Buildings	4,948,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	300,000
Gross Amount at which Carried at Close of Period
Land	8,940,000
Buildings	4,948,000
Total	13,888,000
Accumulated Depreciation	$ 574,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Katowice, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	764,000
Cost Capitalized Subsequent to Acquisition	15,163,000
Increase (Decrease) in Net Investments	471,000
Gross Amount at which Carried at Close of Period
Land	0
Buildings	16,398,000
Total	16,398,000
Accumulated Depreciation	$ 859,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Westerville, OH and North Wales, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,545,000
Buildings	6,508,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,545,000
Buildings	6,508,000
Total	8,053,000
Accumulated Depreciation	$ 564,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Fargo, ND; Norristown, PA; and Atlanta, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,616,000
Buildings	5,589,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,616,000
Buildings	5,589,000
Total	7,205,000
Accumulated Depreciation	$ 590,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chihuahua and Juarez, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,426,000
Buildings	7,286,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,426,000
Buildings	7,286,000
Total	10,712,000
Accumulated Depreciation	$ 696,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Statesville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,683,000
Buildings	13,827,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,683,000
Buildings	13,827,000
Total	15,510,000
Accumulated Depreciation	$ 1,072,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Searcy, AR and Conestoga, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,290,000
Buildings	51,410,000
Cost Capitalized Subsequent to Acquisition	11,027,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,678,000
Buildings	62,049,000
Total	66,727,000
Accumulated Depreciation	$ 4,273,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Hartford and Milwaukee, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,471,000
Buildings	21,293,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,471,000
Buildings	21,293,000
Total	22,764,000
Accumulated Depreciation	$ 1,565,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Brockville and Prescott, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,025,000
Buildings	9,519,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,025,000
Buildings	9,519,000
Total	11,544,000
Accumulated Depreciation	$ 702,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Dordrecht, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,233,000
Buildings	10,954,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	428,000
Gross Amount at which Carried at Close of Period
Land	3,335,000
Buildings	11,280,000
Total	14,615,000
Accumulated Depreciation	$ 655,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in York, PA and Lexington, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,155,000
Buildings	22,930,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,155,000
Buildings	22,930,000
Total	27,085,000
Accumulated Depreciation	$ 1,799,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Queretaro, Mexico
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,851,000
Buildings	12,748,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,000)
Gross Amount at which Carried at Close of Period
Land	2,851,000
Buildings	12,745,000
Total	15,596,000
Accumulated Depreciation	$ 903,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Dearborn, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,431,000
Buildings	5,402,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,431,000
Buildings	5,402,000
Total	6,833,000
Accumulated Depreciation	$ 393,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Houston, TX and Metairie, LA and office facilities in Houston, TX and Mason, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,130,000
Buildings	24,981,000
Cost Capitalized Subsequent to Acquisition	2,145,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,130,000
Buildings	27,126,000
Total	33,256,000
Accumulated Depreciation	$ 1,649,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Pardubice, Czech Republic
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,694,000
Buildings	8,793,000
Cost Capitalized Subsequent to Acquisition	436,000
Increase (Decrease) in Net Investments	276,000
Gross Amount at which Carried at Close of Period
Land	1,741,000
Buildings	9,458,000
Total	11,199,000
Accumulated Depreciation	$ 534,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Brabrand, Denmark and Arlandastad, Sweden
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,499,000
Buildings	27,899,000
Cost Capitalized Subsequent to Acquisition	42,000
Increase (Decrease) in Net Investments	1,503,000
Gross Amount at which Carried at Close of Period
Land	6,803,000
Buildings	29,140,000
Total	35,943,000
Accumulated Depreciation	$ 1,691,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facility in Hamburg, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,520,000
Buildings	34,167,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,520,000
Buildings	34,167,000
Total	38,687,000
Accumulated Depreciation	$ 1,996,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Charlotte, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,481,000
Buildings	82,936,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,481,000
Buildings	82,936,000
Total	89,417,000
Accumulated Depreciation	$ 4,782,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Buffalo Grove, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,287,000
Buildings	10,167,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,287,000
Buildings	10,167,000
Total	13,454,000
Accumulated Depreciation	$ 802,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Hvidovre, Denmark
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,931,000
Buildings	4,243,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	100,000
Gross Amount at which Carried at Close of Period
Land	1,971,000
Buildings	4,303,000
Total	6,274,000
Accumulated Depreciation	$ 311,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Huddersfield, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,659,000
Buildings	29,752,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	799,000
Gross Amount at which Carried at Close of Period
Land	8,839,000
Buildings	30,371,000
Total	39,210,000
Accumulated Depreciation	$ 1,612,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Newark, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	21,869,000
Buildings	74,777,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,521,000
Gross Amount at which Carried at Close of Period
Land	22,439,000
Buildings	76,728,000
Total	99,167,000
Accumulated Depreciation	$ 3,810,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Langen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	14,160,000
Buildings	7,694,000
Cost Capitalized Subsequent to Acquisition	32,169,000
Increase (Decrease) in Net Investments	(3,028,000)
Gross Amount at which Carried at Close of Period
Land	13,232,000
Buildings	37,763,000
Total	50,995,000
Accumulated Depreciation	$ 856,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Aurora, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,914,000
Buildings	21,459,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(5,000,000)
Gross Amount at which Carried at Close of Period
Land	2,914,000
Buildings	16,459,000
Total	19,373,000
Accumulated Depreciation	$ 797,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Vojens, Denmark
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,031,000
Buildings	8,784,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	293,000
Gross Amount at which Carried at Close of Period
Land	1,062,000
Buildings	9,046,000
Total	10,108,000
Accumulated Depreciation	$ 434,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office facility in Kitzingen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,812,000
Buildings	41,125,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(526,000)
Gross Amount at which Carried at Close of Period
Land	4,758,000
Buildings	40,653,000
Total	45,411,000
Accumulated Depreciation	$ 1,844,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Knoxville, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,455,000
Buildings	47,446,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,455,000
Buildings	47,446,000
Total	49,901,000
Accumulated Depreciation	$ 1,802,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Bluffton and Plymouth, IN; and Lawrence, KS
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	674,000
Buildings	33,519,000
Cost Capitalized Subsequent to Acquisition	20,542,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,064,000
Buildings	53,671,000
Total	54,735,000
Accumulated Depreciation	$ 1,099,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Huntley, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,260,000
Buildings	26,617,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,260,000
Buildings	26,617,000
Total	31,877,000
Accumulated Depreciation	$ 835,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Winter Haven, FL; Belvedere, IL; and Fayetteville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,232,000
Buildings	31,745,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,232,000
Buildings	31,745,000
Total	39,977,000
Accumulated Depreciation	$ 969,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities located throughout Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	34,216,000
Buildings	57,151,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,906,000)
Gross Amount at which Carried at Close of Period
Land	33,128,000
Buildings	55,333,000
Total	88,461,000
Accumulated Depreciation	$ 1,621,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Little Canada, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,384,000
Buildings	23,422,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,384,000
Buildings	23,422,000
Total	26,806,000
Accumulated Depreciation	$ 686,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Hurricane, UT
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,154,000
Buildings	22,893,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,154,000
Buildings	22,893,000
Total	28,047,000
Accumulated Depreciation	$ 610,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Bethlehem, PA and Waco, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,673,000
Buildings	19,111,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,673,000
Buildings	19,111,000
Total	23,784,000
Accumulated Depreciation	$ 507,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in St. Charles, MO and Green Bay, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,966,000
Buildings	20,055,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,966,000
Buildings	20,055,000
Total	23,021,000
Accumulated Depreciation	$ 521,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Pleasanton, KS; Savage, MN; Grove City, OH; and Mahanoy City, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	7,717,000
Buildings	21,569,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,717,000
Buildings	21,569,000
Total	29,286,000
Accumulated Depreciation	$ 539,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Outdoor advertising in Fort Washington, Huntington Valley, and West Chester, PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	492,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	492,000
Total	492,000
Accumulated Depreciation	$ 11,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Grove City, OH and Anderson, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,415,000
Buildings	15,151,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,415,000
Buildings	15,151,000
Total	16,566,000
Accumulated Depreciation	$ 346,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Office and retail facilities in NJ and PA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	17,537,000
Buildings	25,987,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	17,537,000
Buildings	25,987,000
Total	43,524,000
Accumulated Depreciation	$ 577,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Land and warehouse facilities in CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,513,000
Buildings	45,669,000
Cost Capitalized Subsequent to Acquisition	6,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	8,516,000
Buildings	45,672,000
Total	54,188,000
Accumulated Depreciation	$ 1,017,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in France
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	15,954,000
Buildings	104,578,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,310,000)
Gross Amount at which Carried at Close of Period
Land	15,384,000
Buildings	100,838,000
Total	116,222,000
Accumulated Depreciation	$ 1,899,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Detroit, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,625,000
Buildings	47,743,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,625,000
Buildings	47,743,000
Total	51,368,000
Accumulated Depreciation	$ 814,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Solihull, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	42,137,000
Buildings	123,315,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,479,000)
Gross Amount at which Carried at Close of Period
Land	40,996,000
Buildings	119,977,000
Total	160,973,000
Accumulated Depreciation	$ 1,989,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Net-lease student housing facility in New Rochelle, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,617,000
Buildings	21,590,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,617,000
Buildings	21,590,000
Total	25,207,000
Accumulated Depreciation	$ 356,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Groveport, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	26,639,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	26,639,000
Total	26,639,000
Accumulated Depreciation	$ 440,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Dakota, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,970,000
Buildings	50,369,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,970,000
Buildings	50,369,000
Total	52,339,000
Accumulated Depreciation	$ 807,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in San Jose, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	12,808,000
Buildings	31,714,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	12,808,000
Buildings	31,714,000
Total	44,522,000
Accumulated Depreciation	$ 506,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Opelika, AL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,115,000
Buildings	39,980,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,115,000
Buildings	39,980,000
Total	42,095,000
Accumulated Depreciation	$ 570,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facilities in Elk Grove Village and Niles, IL; and Guelph, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	12,932,000
Buildings	25,096,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	12,932,000
Buildings	25,096,000
Total	38,028,000
Accumulated Depreciation	$ 354,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Rome, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,480,000
Buildings	47,781,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,480,000
Buildings	47,781,000
Total	49,261,000
Accumulated Depreciation	$ 671,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Frankfort, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,423,000
Buildings	95,915,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,423,000
Buildings	95,915,000
Total	101,338,000
Accumulated Depreciation	$ 841,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Rogers, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,871,000
Buildings	20,959,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,871,000
Buildings	20,959,000
Total	22,830,000
Accumulated Depreciation	$ 164,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facilities in Chattanooga, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,859,000
Buildings	29,302,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,859,000
Buildings	29,302,000
Total	34,161,000
Accumulated Depreciation	$ 149,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Warehouse facility in Mankato, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,979,000
Buildings	11,619,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,979,000
Buildings	11,619,000
Total	14,598,000
Accumulated Depreciation	$ 40,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Denmark
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,695,000
Buildings	38,428,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	255,000
Gross Amount at which Carried at Close of Period
Land	2,711,000
Buildings	38,667,000
Total	41,378,000
Accumulated Depreciation	$ 66,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	15,110,000
Buildings	47,511,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	356,000
Gross Amount at which Carried at Close of Period
Land	15,196,000
Buildings	47,781,000
Total	62,977,000
Accumulated Depreciation	$ 56,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Industrial facility in Cary, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,568,000
Buildings	31,977,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,568,000
Buildings	31,977,000
Total	36,545,000
Accumulated Depreciation	$ 9,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Retail facilities in the Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	9,342,000
Buildings	32,770,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	86,000
Gross Amount at which Carried at Close of Period
Land	9,361,000
Buildings	32,837,000
Total	42,198,000
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Outdoor advertising in Pennsauken, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,025,000
Buildings	397,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,025,000
Buildings	397,000
Total	1,422,000
Accumulated Depreciation	$ 0
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Bloomington, MN
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Land, Buildings and Improvements Subject to Operating Leases | Loves Park, IL
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Cherry Valley, IL
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Rockford, IL
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Rockford, IL
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Rockford, IL
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Peoria, IL
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | East Peoria, IL
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Loves Park, IL
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Winder, GA
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Land, Buildings and Improvements Subject to Operating Leases | Winder, GA
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,724,000
Initial Cost to Company
Land	84,291,000
Buildings	595,014,000
Cost Capitalized Subsequent to Acquisition	5,582,000
Increase (Decrease) in Net Investments	(112,682,000)
Gross Amount at which Carried at Close of Period
Total	572,205,000
Less: allowance for credit losses	(17,340,000)
Direct Financing Method | Industrial facilities in Irving and Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	27,599,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,168,000)
Gross Amount at which Carried at Close of Period
Total	23,431,000
Direct Financing Method | Retail facility in Freehold, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,986,000
Initial Cost to Company
Land	0
Buildings	17,067,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(379,000)
Gross Amount at which Carried at Close of Period
Total	16,688,000
Direct Financing Method | Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,326,000
Initial Cost to Company
Land	2,089,000
Buildings	14,211,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,338,000)
Gross Amount at which Carried at Close of Period
Total	14,962,000
Direct Financing Method | Retail facilities located throughout Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	28,734,000
Buildings	145,854,000
Cost Capitalized Subsequent to Acquisition	5,582,000
Increase (Decrease) in Net Investments	(57,048,000)
Gross Amount at which Carried at Close of Period
Total	123,122,000
Direct Financing Method | Warehouse facility in Brierley Hill, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	2,147,000
Buildings	12,357,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,175,000)
Gross Amount at which Carried at Close of Period
Total	13,329,000
Direct Financing Method | Retail facilities in El Paso and Fabens, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,777,000
Buildings	17,823,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(85,000)
Gross Amount at which Carried at Close of Period
Total	22,515,000
Direct Financing Method | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,190,000
Buildings	10,010,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	40,000
Gross Amount at which Carried at Close of Period
Total	13,240,000
Direct Financing Method | Industrial facility in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	11,548,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(532,000)
Gross Amount at which Carried at Close of Period
Total	11,016,000
Direct Financing Method | Retail facility in Gronau, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	281,000
Buildings	4,401,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(786,000)
Gross Amount at which Carried at Close of Period
Total	3,896,000
Direct Financing Method | Industrial and warehouse facility in Newbridge, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	9,515,000
Initial Cost to Company
Land	6,851,000
Buildings	22,868,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(7,560,000)
Gross Amount at which Carried at Close of Period
Total	22,159,000
Direct Financing Method | Industrial facility in Mount Carmel, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	135,000
Buildings	3,265,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(247,000)
Gross Amount at which Carried at Close of Period
Total	3,153,000
Direct Financing Method | Retail facility in Vantaa, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,291,000
Buildings	15,522,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,496,000)
Gross Amount at which Carried at Close of Period
Total	17,317,000
Direct Financing Method | Retail facility in Linköping, Sweden
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,484,000
Buildings	9,402,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,073,000)
Gross Amount at which Carried at Close of Period
Total	7,813,000
Direct Financing Method | Industrial facility in Calgary, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	7,076,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(850,000)
Gross Amount at which Carried at Close of Period
Total	6,226,000
Direct Financing Method | Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	5,780,000
Buildings	40,860,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(561,000)
Gross Amount at which Carried at Close of Period
Total	46,079,000
Direct Financing Method | Industrial facility in Göppingen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	10,717,000
Buildings	60,120,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(16,093,000)
Gross Amount at which Carried at Close of Period
Total	54,744,000
Direct Financing Method | Industrial and office facility in Nagold, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,553,000
Buildings	17,675,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(131,000)
Gross Amount at which Carried at Close of Period
Total	22,097,000
Direct Financing Method | Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,062,000
Buildings	23,087,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	951,000
Gross Amount at which Carried at Close of Period
Total	25,100,000
Direct Financing Method | Warehouse facility in Gieten, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	15,258,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(138,000)
Gross Amount at which Carried at Close of Period
Total	15,120,000
Direct Financing Method | Warehouse facility in Oxnard, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	10,960,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(995,000)
Gross Amount at which Carried at Close of Period
Total	9,965,000
Direct Financing Method | Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	4,454,000
Buildings	87,030,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,496,000
Gross Amount at which Carried at Close of Period
Total	93,980,000
Direct Financing Method | Industrial facility in Countryside, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	563,000
Buildings	1,457,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	34,000
Gross Amount at which Carried at Close of Period
Total	2,054,000
Direct Financing Method | Industrial facility in Clarksville, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	3,225,000
Initial Cost to Company
Land	1,680,000
Buildings	10,180,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(82,000)
Gross Amount at which Carried at Close of Period
Total	11,778,000
Direct Financing Method | Industrial facility in Bluffton, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,672,000
Initial Cost to Company
Land	503,000
Buildings	3,407,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(32,000)
Gross Amount at which Carried at Close of Period
Total	3,878,000
Direct Financing Method | Warehouse facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	5,977,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(94,000)
Gross Amount at which Carried at Close of Period
Total	5,883,000
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	10,389,000
Buildings	63,218,000
Personal Property	3,622,000
Cost Capitalized Subsequent to Acquisition	6,691,000
Increase (Decrease) in Net Investments	(247,000)
Gross Amount at which Carried at Close of Period
Land	10,452,000
Buildings	65,700,000
Personal Property	7,521,000
Total	83,673,000	83,476,000	83,083,000	466,050,000
Accumulated Depreciation	16,750,000	$ 14,004,000	$ 11,241,000	$ 10,234,000
Operating Real Estate | Bloomington, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	3,810,000
Buildings	29,126,000
Personal Property	3,622,000
Cost Capitalized Subsequent to Acquisition	6,182,000
Increase (Decrease) in Net Investments	(247,000)
Gross Amount at which Carried at Close of Period
Land	3,874,000
Buildings	31,199,000
Personal Property	7,420,000
Total	42,493,000
Accumulated Depreciation	12,899,000
Operating Real Estate | Loves Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,412,000
Buildings	4,853,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	35,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,412,000
Buildings	4,862,000
Personal Property	26,000
Total	6,300,000
Accumulated Depreciation	588,000
Operating Real Estate | Cherry Valley, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	1,339,000
Buildings	4,160,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	3,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,339,000
Buildings	4,160,000
Personal Property	3,000
Total	5,502,000
Accumulated Depreciation	486,000
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	695,000
Buildings	3,873,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	26,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	695,000
Buildings	3,890,000
Personal Property	9,000
Total	4,594,000
Accumulated Depreciation	413,000
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	87,000
Buildings	785,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	87,000
Buildings	785,000
Personal Property	0
Total	872,000
Accumulated Depreciation	75,000
Operating Real Estate | Rockford, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	454,000
Buildings	4,724,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	12,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454,000
Buildings	4,733,000
Personal Property	3,000
Total	5,190,000
Accumulated Depreciation	414,000
Operating Real Estate | Peoria, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	444,000
Buildings	4,944,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	238,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	443,000
Buildings	5,164,000
Personal Property	19,000
Total	5,626,000
Accumulated Depreciation	625,000
Operating Real Estate | East Peoria, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	268,000
Buildings	3,290,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	92,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	268,000
Buildings	3,374,000
Personal Property	8,000
Total	3,650,000
Accumulated Depreciation	397,000
Operating Real Estate | Loves Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	721,000
Buildings	2,973,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	17,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	721,000
Buildings	2,990,000
Personal Property	0
Total	3,711,000
Accumulated Depreciation	325,000
Operating Real Estate | Winder, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	338,000
Buildings	1,310,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	65,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	338,000
Buildings	1,353,000
Personal Property	22,000
Total	1,713,000
Accumulated Depreciation	161,000
Operating Real Estate | Winder, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	821,000
Buildings	3,180,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	21,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	821,000
Buildings	3,190,000
Personal Property	11,000
Total	4,022,000
Accumulated Depreciation	$ 367,000

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Land, Buildings and Improvements Subject to Operating Leases
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 10,736,752	$ 9,703,504	$ 8,717,612
Acquisitions	1,144,757	555,032	610,381
Foreign currency translation adjustment	(267,018)	290,559	(37,032)
Reclassification from real estate under construction	86,179	176,211	122,519
Dispositions	(80,129)	(167,671)	(90,488)
Reclassification from direct financing leases	76,929	183,789	76,934
Impairment charges	(24,246)	(26,343)	(1,345)
Capital improvements	14,589	35,722	18,860
Reclassification to assets held for sale	(10,628)	(14,051)	0
Reclassification from operating properties	0	0	291,750
CPA:17 Merger measurement period adjustments	0	0	(5,687)
Ending balance	11,677,185	10,736,752	9,703,504
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	1,206,912	950,452	724,550
Depreciation expense	286,347	259,337	232,927
Foreign currency translation adjustment	(25,298)	24,764	(916)
Dispositions	(17,582)	(24,786)	(6,109)
Reclassification to assets held for sale	(2,359)	(2,855)	0
Ending balance	1,448,020	1,206,912	950,452
Operating Real Estate
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	83,476	83,083	466,050
Reclassification from real estate under construction	0	0	1,008
Capital improvements	197	393	1,853
Reclassification to assets held for sale	0	0	(94,078)
Reclassification from operating properties	0	0	291,750
Ending balance	83,673	83,476	83,083
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	14,004	11,241	10,234
Depreciation expense	2,746	2,763	2,553
Reclassification to assets held for sale	0	0	(1,546)
Ending balance	$ 16,750	$ 14,004	$ 11,241

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 24,143	$ 24,143	$ 47,737	$ 57,737
Financing agreement — retail facility
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	7.50%
Mortgage loans on real estate	$ 12,893
Financing agreement — observation wheel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	7.50%
Mortgage loans on real estate	$ 11,250

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate
Beginning balance	$ 24,143	$ 47,737	$ 57,737
Allowance for credit losses	0	(12,594)	0
Repayments	0	(11,000)	(10,000)
Ending balance	$ 24,143	$ 24,143	$ 47,737